PNM Resources ("the Company") reports its financial information in accordance with generally accepted accounting principles in the United States (GAAP). Additionally, the Company also presents certain financial measures that may be considered "non-GAAP financial measures", including ongoing earnings and ongoing earnings per diluted share (or ongoing diluted earnings per share), ongoing EBITDA, cash earnings, regulated return, and ongoing earnings guidance. While the Company believes these financial measures are appropriate and useful for investors, they are not measures presented in accordance with GAAP. The Company does not intend for these measures, or any piece of these measures, to represent any financial measure 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.

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