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EX-99.1 - EX-99.1 - ONCOR ELECTRIC DELIVERY CO LLC | d74961exv99w1.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (date of earliest event reported) August 3, 2010
ONCOR ELECTRIC DELIVERY COMPANY LLC
(Exact name of registrant as specified in its charter)
DELAWARE (State or other jurisdiction of incorporation) |
333-100240 (Commission Number) |
75-2967830 File (I.R.S. Employer Identification No.) |
1601 Bryan Street, Dallas, Texas 75201
(Address of principal executive offices, including zip code)
Registrants telephone number, including Area Code (214) 486-2000
(Address of principal executive offices, including zip code)
Registrants telephone number, including Area Code (214) 486-2000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrants under any of the following provisions (see General Instruction
A.2. below):
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
ITEM 2.02. | RESULTS OF OPERATIONS AND FINANCIAL CONDITION. |
On August 3, 2010, Oncor Electric Delivery Company LLC (the Company) distributed a slide
presentation entitled 2010 Second Quarter Investor Call relating to the conference call
discussing its financial results for the quarter ended June 30, 2010. The slide presentation is
furnished herewith as Exhibit 99.1.
Within the slide presentation furnished herewith, the Company makes reference to certain financial
measures that are not prepared in accordance with accounting principles generally accepted in the
United States (GAAP). Specifically, the Company makes reference to EBITDA, a non-GAAP financial
measure. EBITDA is defined as income from continuing operations before interest expense and related
charges and provision for/in lieu of income tax plus depreciation and amortization and special
items. The Company believes that EBITDA represents an important internal measure of performance
and is providing such non-GAAP financial measure with the belief that it will assist the investment
community in properly assessing the underlying performance of the Company on a year-over-year
basis. The Company does not intend for EBITDA to be an alternative to net income as a measure of
operating performance or an alternative to cash flows from operating activities as a measure of
liquidity or an alternative to any other measure of financial performance presented in accordance
with GAAP. Because not all companies use identical calculations, the Companys presentation of
EBITDA may not be comparable to similarly titled measures of other companies. In addition, the
Company makes reference to EBITDA, net income, operating revenues, cash provided by operating
activities, total debt and interest expense, in each case excluding the effects of Oncor Electric
Delivery Transition Bond Company LLC (BondCo) and purchase accounting (including an impairment of
goodwill) resulting from the merger transaction of Energy Future Holdings Corp., the indirect
majority owner of the Company. The Company believes that excluding the effects of BondCo and
purchase accounting provides investors an important ability to assess the performance of the
Company because BondCo was organized for the limited purpose of issuing securitization (transition)
bonds to recover generation-related regulatory asset stranded costs and other qualified costs and
the effects of purchase accounting result in non-cash impacts that do not relate to operational
performance.
With respect to the non-GAAP financial measures presented in the slide presentation, the Company
has complied with the provisions of the rules of Regulation G and Item 2.02 of Form 8-K under the
Securities Exchange Act of 1934, including providing a reconciliation of each non-GAAP financial
measure discussed above to the most directly comparable GAAP measure. Such reconciliations are
included in the slide presentation.
ITEM 9.01. | FINANCIAL STATEMENTS AND EXHIBITS. |
(d) Exhibits.
Exhibit No. | Description | |||
99.1 | Slide presentation distributed by the Company on August 3, 2010. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
ONCOR ELECTRIC DELIVERY COMPANY LLC |
||||
By: | /s/ Richard C. Hays | |||
Name: | Richard C. Hays | |||
Dated: August 3, 2010 | Title: | Controller | ||
EXHIBIT INDEX
Exhibit No. | Description | |||
99.1 | Slide presentation distributed by the Company on August 3, 2010. |