Business Context and Reporting Period
This Form 8-K, filed on April 13, 2020, reports the results of operations for the three months ended March 31, 2020. The filing covers PNM Resources, Inc., Public Service Company of New Mexico, and Texas-New Mexico Power Company (collectively, the "Company"). The report incorporates a press release (Exhibit 99.1) detailing the financial performance for the first quarter of 2020.
Key Financial Metrics
The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. It references a press release containing these figures but does not list them within the body of this 8-K document. The Company utilizes non-GAAP financial measures, including "ongoing earnings" and "ongoing diluted earnings per share," to evaluate operations. These measures exclude net unrealized mark-to-market gains/losses on economic hedges, changes in unrealized gains/losses on investment securities, pension expenses related to disposed gas distribution businesses, and certain non-recurring items.
Material Changes
The filing does not explicitly detail material changes in financial metrics compared to the prior comparable period within the text provided. It notes that the press release incorporated by reference contains the results of operations for the period.
Guidance, Outlook, and Risks
The Company provides "ongoing earnings guidance" to reflect management's expectations of financial performance. This guidance is a non-GAAP measure and is not intended to represent an expectation of net earnings as defined by GAAP. Management states it is generally unable to estimate the impact of reconciling items between forecasted GAAP earnings and ongoing earnings guidance without unreasonable effort. Reconciling items may include revenues and expenses from transactions outside normal business operations, mark-to-market adjustments, and specific pension expenses. The filing includes a limitation stating that the information is furnished and not "filed" for purposes of Section 18 of the Securities Exchange Act of 1934.
Investor Verification Checklist
- Review Exhibit 99.1 (Press Release dated April 13, 2020) for specific revenue, earnings, and cash flow figures for the quarter ended March 31, 2020.
- Verify the reconciliation between GAAP net earnings and the non-GAAP "ongoing earnings" metrics presented in the press release.
- Assess the impact of excluded items such as mark-to-market gains/losses on economic hedges and pension expenses related to disposed businesses.
- Confirm the Company's ongoing earnings guidance for the current fiscal year as detailed in the referenced press release.