GAAP Reconciliation

11

CMS ENERGY CORPORATION

Reconciliation of GAAP EPS to Non-GAAP Adjusted EPS by Segment

(Unaudited)

In Millions, Except Per Share Amounts

Three Months Ended

Nine Months Ended

9/30/21

9/30/20

9/30/21

9/30/20

Electric Utility

Reported net income per share available to common stockholders

$

0.67

$

0.79

$

1.74

$

1.62

Reconciling items:

Other exclusions from adjusted earnings

-

0.01

-

0.03

Tax impact

-

(*)

-

(0.01)

Voluntary separation program

-

*

-

0.03

Tax impact

-

(*)

-

(0.01)

Adjusted income per share - non-GAAP

$

0.67

0.80

1.74

1.66

Gas Utility

Reported net income (loss) per share available to common stockholders

$

(0.03)

$

0.02

$

0.72

$

0.57

Reconciling items:

Other exclusions from adjusted earnings

-

*

-

*

Tax impact

-

(*)

-

(*)

Voluntary separation program

-

*

-

0.01

Tax impact

-

(*)

-

(*)

Adjusted income (loss) per share - non-GAAP

$

(0.03)

$

0.02

$

0.72

$

0.58

Enterprises

Reported net income per share available to common stockholders

$

0.03

$

0.04

$

0.09

$

0.12

Reconciling items:

Other exclusions from adjusted earnings

(*)

(*)

(*)

*

Tax impact

*

*

*

(*)

Tax reform

-

-

-

(0.01)

Voluntary separation program

-

*

-

*

Tax impact

-

(*)

-

(*)

Adjusted income per share - non-GAAP

$

0.03

$

0.04

$

0.09

$

0.11

Corporate Interest and Other

Reported net loss per share available to common stockholders

$

(0.13)

$

(0.13)

$

(0.37)

$

(0.34)

Reconciling items:

Other exclusions from adjusted earnings

-

(*)

(*)

(*)

Tax impact

-

*

*

*

Tax reform

-

-

-

(0.02)

Adjusted loss per share - non-GAAP

$

(0.13)

$

(0.13)

$

(0.37)

$

(0.36)

Discontinued Operations

Reported net income per share available to common stockholders

$

0.10

$

0.04

$

0.28

$

0.12

Reconciling items:

Disposal of discontinued operations loss

0.01

-

0.03

-

Tax impact

(*)

-

(0.01)

-

Adjusted income per share - non-GAAP

$

0.11

$

0.04

$

0.30

$

0.12

Total Operations

Reported net income per share available to common stockholders

$

0.64

$

0.76

$

2.46

$

2.09

Reconciling items:

Disposal of discontinued operations loss

0.01

-

0.03

-

Tax impact

(*)

-

(0.01)

-

Discontinued operations income

(0.14)

(0.05)

(0.39)

(0.15)

Tax impact

0.03

0.01

0.09

0.03

Other exclusions from adjusted earnings

(*)

0.01

(*)

0.03

Tax impact

*

(*)

*

(0.01)

Tax reform

-

-

-

(0.03)

Voluntary separation program

-

*

-

0.04

Tax impact

-

(*)

-

(0.01)

Adjusted income from continuing operations per share - non-GAAP

$

0.54

$

0.73

$

2.18

$

1.99

Average Common Shares Outstanding - Diluted

289.6

286.9

289.4

286.3

2

* Less than $0.01 per share.

CMS ENERGY CORPORATION

Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income

by Quarter (Unaudited)

In Millions, Except Per Share Amounts

2021

1Q

2Q

3Q

Net Income Available to Common Stockholders

$

349

$

176

$

186

Reconciling items:

-

-

-

Electric utility and gas utility

Tax impact

-

-

-

Enterprises

(1)

*

(*)

Tax impact

*

(*)

*

Corporate interest and other

-

(*)

-

Tax impact

-

*

-

Disposal of discontinued operations loss

-

5

3

Tax impact

-

(1)

(1)

Discontinued operations income

(43)

(30)

(42)

Tax impact

9

8

10

Adjusted Income from Continuing Operations - Non-GAAP

$

314

$

158

$

156

Average Common Shares Outstanding - Diluted

289.1

289.4

289.6

Diluted Earnings Per Average Common Share

$

1.21

$

0.61

$

0.64

Reconciling items:

-

-

Electric utility and gas utility

-

Tax impact

-

-

-

Enterprises

(*)

*

(*)

Tax impact

*

(*)

*

Corporate interest and other

-

(*)

-

Tax impact

-

*

-

Disposal of discontinued operations loss

-

0.02

0.01

Tax impact

-

(0.01)

(*)

Discontinued operations income

(0.15)

(0.10)

(0.14)

Tax impact

0.03

0.03

0.03

Adjusted Income from Continuing Operations Per Average Common Share - Non-GAAP

$

1.09

$

0.55

$

0.54

In Millions, Except Per Share Amounts

2020

1Q

2Q

3Q

4Q

Net Income Available to Common Stockholders

$

243

$

136

$

218

$

158

Reconciling items:

4

4

2

Electric utility and gas utility

15

Tax impact

(4)

(1)

(1)

(1)

Enterprises

1

(*)

*

(*)

Tax impact

(4)

*

(*)

*

Corporate interest and other

(2)

*

(*)

*

Tax impact

(4)

(*)

*

(*)

Discontinued operations income

(17)

(11)

(16)

(32)

Tax impact

3

3

4

8

Adjusted Income from Continuing Operations - Non-GAAP

$

231

$

131

$

209

$

135

Average Common Shares Outstanding - Diluted

285.2

286.5

286.9

286.9

Diluted Earnings Per Average Common Share

$

0.85

$

0.48

$

0.76

$

0.55

Reconciling items:

0.02

0.01

0.01

Electric utility and gas utility

0.05

Tax impact

(0.01)

(0.01)

(*)

(*)

Enterprises

*

(*)

*

(*)

Tax impact

(0.01)

*

(*)

*

Corporate interest and other

(*)

*

(*)

*

Tax impact

(0.02)

(*)

*

(*)

Discontinued operations income

(0.06)

(0.04)

(0.05)

(0.11)

Tax impact

0.01

0.01

0.01

0.03

3

Adjusted Income from Continuing Operations Per Average Common Share - Non-GAAP

$

0.81

$

0.46

$

0.73

$

0.48

* Less than $0.5 million or $0.01 per share.

CMS ENERGY CORPORATION

Reconciliation of GAAP to Non-GAAP Adjusted Income from Continuing Operations

(Unaudited)

In Millions, Except Per Share Amounts

Three Months Ended

Nine Months Ended

9/30/21

9/30/20

9/30/21

9/30/20

Net Income Available to Common Stockholders

$

186

$

218

$

711

$

597

Reconciling items:

Disposal of discontinued operations (gain) loss

3

-

8

-

Tax impact

(1)

-

(2)

-

Discontinued operations income

(42)

(16)

(115)

(44)

Tax impact

10

4

27

10

Other exclusions from adjusted earnings**

(*)

4

(1)

11

Tax impact

*

(1)

*

(2)

Tax reform

-

-

-

(9)

Voluntary separation program

-

*

-

11

Tax impact

-

(*)

-

(3)

Adjusted income from continuing operations - non-GAAP

$

156

$

209

$

628

$

571

Average Common Shares Outstanding

Basic

289.1

285.6

288.9

284.8

Diluted

289.6

286.9

289.4

286.3

Basic Earnings Per Average Common Share

Reported net income per average common share

$

0.64

$

0.76

$

2.46

$

2.10

Reconciling items:

Disposal of discontinued operations (gain) loss

0.01

-

0.03

-

Tax impact

(*)

-

(0.01)

-

Discontinued operations income

(0.14)

(0.05)

(0.39)

(0.15)

Tax impact

0.03

0.01

0.09

0.03

Other exclusions from adjusted earnings**

(*)

0.01

(*)

0.03

Tax impact

*

(*)

*

(0.01)

Tax reform

-

-

-

(0.03)

Voluntary separation program

-

*

-

0.04

Tax impact

-

(*)

-

(0.01)

Adjusted income from continuing operations per average common share - non-GAAP

$

0.54

$

0.73

$

2.18

$

2.00

Diluted Earnings Per Average Common Share

Reported net income per average common share

$

0.64

$

0.76

$

2.46

$

2.09

Reconciling items:

Disposal of discontinued operations (gain) loss

0.01

-

0.03

-

Tax impact

(*)

-

(0.01)

-

Discontinued operations income

(0.14)

(0.05)

(0.39)

(0.15)

Tax impact

0.03

0.01

0.09

0.03

Other exclusions from adjusted earnings**

(*)

0.01

(*)

0.03

Tax impact

*

(*)

*

(0.01)

Tax reform

-

-

-

(0.03)

Voluntary separation program

-

*

-

0.04

Tax impact

-

(*)

-

(0.01)

Adjusted income from continuing operations per average common share - non-GAAP

$

0.54

$

0.73

$

2.18

$

1.99

* Less than $0.5 million or $0.01 per share.

4

** Includes restructuring costs and unrealized gains or losses, recognized in net income, from mark-to-market adjustments related to CMS Enterprises' interest expense.

CMS ENERGY CORPORATION

Reconciliation of GAAP to Non-GAAP Adjusted Income from Continuing Operations

(Unaudited)

In Millions, Except Per Share Amounts

Three Months Ended

Nine Months Ended

Income Available to Common Stockholders

9/30/21

9/30/20

9/30/21

9/30/20

$

156

$

206

$

629

$

563

Reported income from continuing operations available to common stockholders

Reconciling items:

(*)

4

(1)

11

Other exclusions from adjusted earnings**

Tax impact

*

(1)

*

(2)

Tax reform

-

-

-

(9)

Voluntary separation program

-

*

-

11

Tax impact

-

(*)

-

(3)

Adjusted income from continuing operations - non-GAAP

$

156

$

209

$

628

$

571

Average Common Shares Outstanding

288.9

284.8

Basic

289.1

285.6

Diluted

289.6

286.9

289.4

286.3

Basic Earnings Per Average Common Share

Reported income from continuing operations per average common share

$

0.54

$

0.72

$

2.18

$

1.98

available to common stockholders

Reconciling items:

(*)

0.03

Other exclusions from adjusted earnings**

(*)

0.01

Tax impact

*

(*)

*

(0.01)

Tax reform

-

-

-

(0.03)

Voluntary separation program

-

*

-

0.04

Tax impact

-

(*)

-

(0.01)

Adjusted income from continuing operations per average common share - non-GAAP

$

0.54

$

0.73

$

2.18

$

2.00

Diluted Earnings Per Average Common Share

Reported income from continuing operations per average common share

$

0.54

$

0.72

$

2.18

$

1.97

available to common stockholders

Reconciling items:

(*)

0.01

(*)

0.03

Other exclusions from adjusted earnings**

Tax impact

*

(*)

*

(0.01)

Tax reform

-

-

-

(0.03)

Voluntary separation program

-

*

-

0.04

Tax impact

-

(*)

-

(0.01)

Adjusted income from continuing operations per average common share - non-GAAP

$

0.54

$

0.73

$

2.18

$

1.99

* Less than $0.5 million or $0.01 per share.

5

** Includes restructuring costs and unrealized gains or losses, from mark-to-market adjustments, recognized in net income, related to CMS Enterprises' interest expense.

This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

  • Original document
  • Permalink

Disclaimer

Consumers Energy Co. published this content on 28 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 October 2021 12:12:07 UTC.