Investor Presentation - September 2021
Forward-looking statements and use of non-GAAP measures
This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Our forward-looking
statements in this presentation speak only as of today, and we assume no duty to update them. Forward-looking statements are typically identified by words
such as, but not limited to: "estimates," "expects," "anticipates," "intends," "targets," "plans," "forecasts,” and similar expressions. Although our forward-
looking statements are based on reasonable assumptions, various uncertainties and risk factors may cause future performance or results to be different than
those anticipated. More complete descriptions and listings of these uncertainties and risk factors can be found in our annual (Form 10-K) and quarterly (Form
10-Q) filings with the Securities and Exchange Commission.
This presentation also includes "net economic earnings," "net economic earnings per share," "contribution margin," and "adjusted EBITDA," which are non-
GAAP measures used internally by management when evaluating the Company's performance and results of operations. Net economic earnings exclude from
net income the after-tax impacts of fair-value accounting and timing adjustments associated with energy-related transactions, the impacts of acquisition,
divestiture, and restructuring activities and the largely non-cash impacts of impairments and other non-recurring or unusual items such as certain regulatory,
legislative, or GAAP standard-setting actions. The fair value and timing adjustments, which primarily impact the Gas Marketing segment, include net
unrealized gains and losses on energy-related derivatives resulting from the current changes in fair value of financial and physical transactions prior to their
completion and settlement, lower of cost or market inventory adjustments, and realized gains and losses on economic hedges prior to the sale of the physical
commodity. Management believes that excluding these items provides a useful representation of the economic impact of actual settled transactions and overall
results of ongoing operations. Contribution margin is defined as operating revenues less natural gas costs and gross receipts tax expense, which are directly
passed on to customers and collected through revenues. Adjusted EBITDA is earnings before impairments, Missouri regulatory adjustment, interest, income
taxes, depreciation and amortization. Management believes adjusted EBITDA provides a helpful additional measure of core results. These internal non-GAAP
operating metrics should not be considered as an alternative to, or more meaningful than, GAAP measures such as operating income, net income or earnings
per share. Reconciliations of net income to net economic earnings and of contribution margin to operating income are contained in our SEC filings and in the
Appendix to this presentation. Reconciliation of adjusted EBITDA to net income is also contained in the Appendix.
Note: Years shown in this presentation are fiscal years ended September 30.
Investor Relations contact:
Scott W. Dudley Jr.
Managing Director, Investor Relations
314-342-0878 | [email protected]
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