PNM Resources ("the Company") uses EBITDA and ongoing EBITDA (Earnings Before Interest Charges, Income Taxes, Depreciation and Amortization) to evaluate the operations of the Company and, in some cases, to establish goals for management and employees. While the Company believes these financial measures are appropriate and useful for investors, they are not measures presented in accordance with generally accepted accounting principles in the U.S. (GAAP). The Company does not intend for these measures to represent net earnings as defined by GAAP. Furthermore, the Company's calculations of these measures as presented may or may not be comparable to similarly titled measures used by other companies.
The Company views EBITDA and ongoing EBITDA as an earnings measure and, therefore, the most directly comparable GAAP measure is net earnings, as reported in the consolidated statement of earnings (and the segment footnote, when reporting by segment) of the Company's financial filings.
View quarterly reconciliations of Ongoing EBITDA to GAAP.
For a discussion of forecasted Ongoing EBITDA Guidance, please see Ongoing Earnings Guidance and Other Financial Guidance Measures.