CMS ENERGY CORPORATION To: Investment Community Date: May 3, 2022
From: CMS Energy Investor Relationshttp://www.cmsenergy.com
Subject: CMS Energy First Quarter 2022 Results and Outlook
CMS Energy will hold a webcast to discuss its First Quarter 2022 Results and Outlook on Tuesday, May 3 at 9:00 a.m. (ET).
To participate in the webcast, go to CMS Energy's home page (www.cmsenergy.com), select "Investor Relations", "Events and Presentations", and "CMS Energy First Quarter 2022 Earnings Call" orclick here.
CMS Energy Announces Strong First Quarter Results,
Reaffirms 2022 Adjusted EPS Guidance
JACKSON, Mich., May 3, 2022 - CMS Energy announced today reported earnings per share of $1.21 for the first quarter of 2022, compared to $1.21 per share for the same quarter in 2021. The company's adjusted earnings per share for the first quarter of 2022 were $1.20, compared to $1.09 per share for the same quarter in 2021.
CMS Energy reaffirmed its 2022 adjusted earnings guidance of $2.85 to $2.89* per share (*See below for important information about non-GAAP measures) and reaffirmed long-term adjusted EPS growth of 6 to 8 percent, with continued confidence toward the high end of the adjusted EPS growth range.
"The settlement agreement recently filed for our 2021 Integrated Resource Plan strengthens our financial outlook and serves as a proof point of our plan for net zero carbon emissions by 2040 in our electric business. As one of the first utilities in the country to eliminate coal generation by 2025, we are leading the clean energy transformation," said Garrick Rochow, President and CEO of CMS Energy and Consumers Energy.
CMS Energy (NYSE: CMS) is a Michigan-based energy provider featuring Consumers Energy as its primary business. It also owns and operates independent power generation businesses.
# # #
CMS Energy will hold a webcast to discuss its 2022 first quarter results and provide a business and financial outlook on Tuesday, May 3 at 9:00 a.m. (EDT). To participate in the webcast, go to CMS Energy's homepage(cmsenergy.com) and select "Events and Presentations."
Important information for investors about non-GAAP measures and other disclosures.
This news release contains non-Generally Accepted Accounting Principles (non-GAAP) measures, such as adjusted earnings. All references to net income refer to net income available to common stockholders and references to earnings per share are on a diluted basis. Adjustments could include items such as discontinued operations, asset sales, impairments, restructuring costs, changes in accounting principles, changes in federal tax policy, regulatory items from prior years, unrealized gains or losses from mark-to-market adjustments recognized in net income related toCMS Enterprises' interest expense, or other items. Management views adjusted earnings as a key measure of the company's present operating financial performance and uses adjusted earnings for external communications with analysts and investors. Internally, the company uses adjusted earnings to measure and assess performance. Because the company is not able to estimate the impact of specific line items, which have the potential to significantly impact, favorably or unfavorably, the company's reported earnings in future periods, the company is not providing reported earnings guidance nor is it providing a reconciliation for the comparable future period earnings. The company's adjusted earnings should be considered supplemental information to assist in understanding our business results, rather than as a substitute for the reported earnings.
This news release contains "forward-looking statements." The forward-looking statements are subject to risks and uncertainties that could cause CMS Energy's and Consumers Energy's results to differ materially. All forward-looking statements should be considered in the context of the risk and other factors detailed from time to time in CMS Energy's and Consumers Energy's Securities and Exchange Commission filings.
Investors and others should note that CMS Energy routinely posts important information on its website and considers the Investor Relations section,www.cmsenergy.com/investor-relations,a channel of distribution.
For more information on CMS Energy, please visit our website atcmsenergy.com.
To sign up for emailalert notifications,please visit the Investor Relations section of our website.
Media Contacts: Katie Carey, 517/740-1739
Investment Analyst Contact: Travis Uphaus, 517/817-9241
CMS ENERGY CORPORATION Consolidated Statements of Income
(Unaudited)
In Millions, Except Per Share Amounts
Three Months Ended
3/31/22
3/31/21
ChangeOperating Revenue
Electric utility Gas utility Enterprises
Total operating revenue
Operating Expenses
Fuel for electric generation Purchased and interchange power Purchased power - related parties Cost of gas sold
Maintenance and other operating expenses Depreciation and amortization
General taxes
Total operating expenses
Operating Income (Loss)
Electric utility
Gas utility Enterprises Other
Total operating income
Other Income (Expense)
Interest income
Allowance for equity funds used during construction Income (loss) from equity method investees Nonoperating retirement benefits, net Other income
Other expense
Total other income
Earnings Before Interest, Taxes, and Other Charges
Interest on long-term debt
Interest expense - related parties Other interest expense
Allowance for borrowed funds used during construction Income tax expense
Income From Continuing Operations
Income from discontinued operations, net of tax Net Income
Loss attributable to noncontrolling interests Net Income Attributable to CMS Energy
Preferred stock dividends
Net Income Available to Common Stockholders Reconciling items:
Disposal of discontinued operations gain
Tax impact
Discontinued operations income
Tax impact
Other exclusions from adjusted earnings
Tax impact
Adjusted Net Income - Non-GAAP
Average Common Shares Outstanding
Diluted
Diluted Earnings Per Average Common Share Reconciling items:
Disposal of discontinued operations gain
Tax impact
Discontinued operations income
Tax impact
Other exclusions from adjusted earnings
Tax impact
Adjusted Diluted Earnings Per Average Common Share - Non-GAAP
* Less than $0.5 million or $0.01 per share.
$
1,241 1,042 91 2,374
$
1,134
$ 107
803 239 76 15
2,013 361
167
138 29
455
377 78
17
18 (1)
468
279 189
334
311 23
345
338 7
132
122 10
1,918
1,583 335
222
214 8
240
215 25
(5)
3 (8)
(1)
(2) 1
456
430
26
1
1
-
2 -
1
1
2
(2)
48
1
41
1
7 -
(4)
(2)
(2)
48
44
4
504
474
30
121
3
119
3
2 -
(1)
1
(1)
3
(2) -
39
42 (3)
341
308 33
4
34 (30)
345
342 3
(8)
(7) (1)
353
349 4
2
- 2
$
351
$ 349
$ 2
(5) - (5) 1 - 1
- - (1)
(43) 43 9 (9)
*
* 314
(1)
- -
$ 346
$ 32
289.9
289.1
0.8
$
1.21
$
1.21
$
-
(0.01)
- - (0.15) 0.03
(0.01)
* - - (*) *
* 0.15 (0.03)
(*) *
-
-
$ 1.20
$ 1.09
$ 0.11
CMS ENERGY CORPORATION Summarized Consolidated Balance Sheets
(Unaudited)
Assets
Current assets
Cash and cash equivalents Restricted cash and cash equivalents Other current assets
Total current assets Non-current assets
Plant, property, and equipment
Other non-current assets Total Assets
Liabilities and Equity
Current liabilities (1) Non-current liabilities (1) Capitalization
Debt, finance leases, and other financing (excluding securitization debt) (2)
Debt, finance leases, and other financing (excluding non-recourse and securitization debt)
Non-recourse debt
Total debt, finance leases, and other financing (excluding securitization debt) Preferred stock and securities
Noncontrolling interests Common stockholders' equity
Total capitalization (excluding securitization debt)
Securitization debt (2)
Total Liabilities and Equity
(1) Excludes debt, finance leases, and other financing.
(2)
Includes current and non-current portions.
3/31/22
$
2,459 2,627
22,540 22,352
3,741 3,774
$
28,740
$
12,201 12,200
12,275 12,276
224 224
551 557
6,630 6,407
19,680 198
$
28,740
CMS ENERGY CORPORATION Summarized Consolidated Statements of Cash Flows
(Unaudited)
In Millions
As of
12/31/21
446
$ 452
28 24
1,985 2,151
$
28,753
1,432
$ 1,822
7,430 7,269
74
76
19,464 198
$
28,753
In Millions
Three Months Ended
3/31/22
3/31/21
Beginning of Period Cash and Cash Equivalents, Including Restricted Amounts | $ | 476 | $ | 185 |
Net cash provided by operating activities | 707 | 832 | ||
Net cash used in investing activities | (539) | (283) | ||
Cash flows from operating and investing activities | 168 | 549 | ||
Net cash used in financing activities | (170) | (210) | ||
Total Cash Flows | $ | (2) | $ | 339 |
End of Period Cash and Cash Equivalents, Including Restricted Amounts | $ | 474 | $ | 524 |
CMS ENERGY CORPORATION
Selected Financial Data
(Unaudited)
In Millions
Twelve Months Ended
3/31/22
12/31/21
3/31/21
EBIT - Non-GAAP (1)
Consolidated Consumers Energy
Depreciation and Amortization
Consolidated
Consumers Energy
EBITDA - Non-GAAP (1)
Consolidated Consumers Energy
Dividends and Other Distributions From Subsidiaries
Interest Expense, Net
Consolidated Energy parent Consumers Energy
Book Value Per Share
Common Shares Outstanding - End of Period
Average Common Shares Outstanding
Basic
Diluted
Debt (2)
Energy parent Non-recourse project debt
Consumers Energy (excluding securitization bonds)
Consolidated (excluding securitization bonds) Securitization bonds
Consolidated
Unrestricted Cash and Cash Equivalents
Energy Parent
Consumers Energy CMS Treasury Services Other
$
1,381 1,403
$
1,351
$ 1,423
1,364 1,430
$
1,121 1,084
$
1,114
$ 1,066
1,077 1,040
$
2,502 2,487 1,592
$
2,465
$ 2,489
2,441 2,470
$
$
1,593 $ 716
$
500 182 312
$
500 $ 508
183 184
311 318
In Millions
As of
3/31/22
12/31/21
3/31/21
$
22.85 290.1
$
22.11
$ 19.78
289.8 289.5
289.3 289.9
289.0 288.6 289.5 289.1
$
3,928
$
3,928
$ 4,127
8,273
74
76 81 8,272 7,953
12,275
198
12,276 198
12,161 225
$
12,473
$
12,474
$ 12,386
$
410 12 1 23
$
390 22
$
- 9
19 200
21 13
Consolidated
$
446
$
452
$
222
Consumers Energy
Regulated Common Equity Ratio (13-Month Average)
Electric
Gas
Regulated Rate Base (13-Month Average, in Millions)
Electric (3)
Gas
Regulated Return on Average Common Equity (12-Month Ended)
Electric (3)
43.2% 43.2%
$
13,306 $ 8,002
42.6% 41.6%
42.6% 41.6%
13,354 $ 13,276
7,654 6,931
10.4% 9.9%
10.1% 10.7%
Gas
9.4% 11.6%
(1) EBIT (non-GAAP) equals net income available to common stockholders + income taxes + interest charges + noncontrolling interests + discontinued operations + writedowns + impairments + losses (gains) on asset sales + accounting changes. EBITDA (non-GAAP) equals EBIT + depreciation and amortization.
(2) Includes current maturities, leases and notes payable.
(3) Includes renewables rate base of $1.1 billion in total.
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Disclaimer
CMS Energy Corporation published this content on 03 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 May 2022 03:32:07 UTC.
