Investor Presentaiton
L
Appendix
Non-GAAP Financial Measures (3 of 3)
65
Use of Non-GAAP Financial Measures - Free Cash Flow - 2011 to 2020
(in millions!
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Total Capital Spending
188.7
322.5
299.1
1,174.0
430.4
287.9
276.4
305.0
316.2
405.8
Less: Infrastructure Programs (DSIP/TSIP)
(15.2)
(18.7)
(47.4)
(52.0)
(51.6)
(47.8)
(37.3)
Less: Investment Growth
(43.9)
(170.5)
(126.6)
(964.2)
(195.9)
(7.5)
(3.9)
(31.3)
(13.7)
(84.8)
Maintenance Capex
Free Cash Flow
129.7
133.2
125.2
157.8
182.9
232.6
235.3
273.7
302.5
321.0
Cash Flow from Operations
233.8
251.2
193.7
250.0
339.8
286.8
322.7
382.0
296.7
352.1
Less: Maintenance Capex
(129.7)
(133.2)
(125.2)
(157.8)
(182.9)
(232.6)
(235.3)
(273.7)
(302.5)
(321.0)
Less: Dividends
(51.9)
(54.2)
(57.7)
(65.0)
(90.1)
(95.8)
(101.3)
(109.2)
(115.1)
(120.4)
Free Cash Flow
52.2
63.7
10.9
27.2
66.9
(41.5)
(13.8)
(0.9)
(120.9)
(89.2)
Use of Non-GAAP Financial Measures - Gross Margin Full Year Thru December 31, 2020
(in millions)
Electric
Gas
Other
Total
Operating Revenues
Cost of Sales
Gross Margin
$ 940.8 $ 257.9 $
$ 236.6 $ 69.6 $
$ 704.2 $
$ 1,198.7
$ 306.2
188.2 $
69
$
892.5
Use of Non-GAAP Financial Measures - Gross Margin Full Year Thru December 31, 2020
(in millions)
Montana South Dakota Nebraska
Eliminations
Total
Operating Revenues
$
Cost of Sales
Gross Margin
$
$
966.0 $ 211.8
216.8 $ 79.4
749.2 $
$ 27.7 $
$ 1,205.4
16.7 $
312.9
132.4
$
10.9
$
$
892.5
The data presented in this presentation includes financial information prepared in accordance with GAAP, as well as other Non-GAAP financial
measures such as Gross Margin (Revenues less Cost of Sales), Free Cash Flows (Cash flows from operations less maintenance capex and dividends)
and Net Debt (Total debt less capital leases), that are considered "Non-GAAP financial measures." Generally, a Non-GAAP financial measure is a
numerical measure of a company's financial performance, financial position or cash flows that exclude (or include) amounts that are included in (or
excluded from) the most directly comparable measure calculated and presented in accordance with GAAP. The presentation of Gross Margin, Free
Cash Flows and Net Debt is intended to supplement investors' understanding of our operating performance. Gross Margin is used by us to determine
whether we are collecting the appropriate amount of energy costs from customers to allow recovery of operating costs. Net Debt is used by our
company to determine whether we are properly levered to our Total Capitalization (Net Debt plus Equity). Our Gross Margin, Free Cash Flows and Net
Debt measures may not be comparable to other companies' similarly labeled measures. Furthermore, these measures are not intended to replace
measures as determined in accordance with GAAP as an indicator of operating performance.
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