Attached files
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| 8-K - FORM 8-K - NEVADA POWER CO | form8-k.htm |
| EX-99.2 - EXHIBIT 99.2 - NEVADA POWER CO | exhibit99-2.htm |
EXHIBIT 99.1
EBITDA represents net income (loss) before interest, taxes, depreciation and amortization. EBITDA is presented here because NV Energy, Inc. (the “Company”) considers it a supplemental measure of its performance and believes debt-holders frequently use EBITDA to analyze operating performance and debt service capacity. EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for analysis of our operating results as reported under GAAP. Some of these limitations are:
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EBITDA does not reflect cash expenditures, or future requirements for capital expenditures, or contractual commitments;
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EBITDA does not reflect changes in, or cash requirements for, working capital needs;
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EBITDA does not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on debts;
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Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA does not reflect any cash requirements for such replacements; and
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Other companies in this industry may calculate EBITDA differently than we do, which will limit its usefulness as a comparative measure.
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Because of these limitations, the Company’s management relies primarily on our GAAP results as a measure of the Company’s performance and uses EBITDA on a supplemental basis.
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RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
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(Dollars in thousands)
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NV Energy, Inc.
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EBITDA
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Three Months ended March 31,
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Year Ended December 31,
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2011
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2010
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2010
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2009
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2008
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Net Income (Loss)
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$ | 2,330 | $ | (1,721 | ) | $ | 226,984 | $ | 182,936 | $ | 208,887 | |||||||||
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Interest expense (net of AFUDC(1) - debt)
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77,343 | 80,064 | 333,010 | 334,314 | 300,857 | |||||||||||||||
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Income tax expense (benefit)
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(725 | ) | 1,256 | 113,764 | 75,451 | 95,354 | ||||||||||||||
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Depreciation and amortization
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83,102 | 80,948 | 333,059 | 321,921 | 260,608 | |||||||||||||||
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EBITDA
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$ | 162,050 | $ | 160,547 | $ | 1,006,817 | $ | 914,622 | $ | 865,706 | ||||||||||
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EBITDA/Interest expense
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2.10 | x | 2.01 | x | 3.02 | x | 2.74 | x | 2.88 | x | ||||||||||
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Total Debt/EBITDA
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32.47 | x | 34.60 | x | 5.24 | x | 5.95 | x | 6.09 | x | ||||||||||
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NV Energy, Inc.
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Interest expense (net of AFUDC(1) - debt)
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$ | 77,343 | $ | 80,064 | $ | 333,010 | $ | 334,314 | $ | 300,857 | ||||||||||
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Long-term debt
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$ | 4,905,822 | $ | 5,546,626 | $ | 4,924,109 | $ | 5,303,357 | $ | 5,266,982 | ||||||||||
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Current maturities of long-term debt
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355,847 | 7,785 | 355,929 | 134,474 | 9,291 | |||||||||||||||
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Total Debt
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$ | 5,261,669 | $ | 5,554,411 | $ | 5,280,038 | $ | 5,437,831 | $ | 5,276,273 | ||||||||||
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(1) Allowance for funds used during construction.
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1
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Nevada Power Company
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EBITDA
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Three Months ended March 31,
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Year Ended December 31,
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2011
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2010
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2010
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2009
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2008
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Net Income (Loss)
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$ | (9,020 | ) | $ | (12,326 | ) | $ | 185,943 | $ | 134,284 | $ | 151,431 | ||||||||
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Interest expense (net of AFUDC(1) - debt)
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52,033 | 53,356 | 214,367 | 226,252 | 186,822 | |||||||||||||||
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Income tax expense (benefit)
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(4,933 | ) | (4,119 | ) | 91,757 | 61,652 | 71,382 | |||||||||||||
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Depreciation and amortization
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57,673 | 55,101 | 226,252 | 215,873 | 171,080 | |||||||||||||||
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EBITDA
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$ | 95,753 | $ | 92,012 | $ | 718,319 | $ | 638,061 | $ | 580,715 | ||||||||||
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EBITDA/Interest expense
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1.84 | x | 1.72 | x | 3.35 | x | 2.82 | x | 3.11 | x | ||||||||||
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Total Debt/EBITDA
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37.33 | x | 41.16 | x | 4.98 | x | 5.73 | x | 5.84 | x | ||||||||||
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Nevada Power Company
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Interest expense (net of AFUDC(1) - debt)
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$ | 52,033 | $ | 53,356 | $ | 214,367 | $ | 226,252 | $ | 186,822 | ||||||||||
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Long-term debt
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$ | 3,218,908 | $ | 3,779,120 | $ | 3,221,833 | $ | 3,535,440 | $ | 3,385,106 | ||||||||||
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Current maturities of long-term debt
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355,847 | 7,785 | 355,929 | 119,474 | 8,691 | |||||||||||||||
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Total Debt
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$ | 3,574,755 | $ | 3,786,905 | $ | 3,577,762 | $ | 3,654,914 | $ | 3,393,797 | ||||||||||
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(1) Allowance for funds used during construction.
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Sierra Pacific Power Company
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EBITDA
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Three Months ended March 31,
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Year Ended December 31,
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2011
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2010
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2010
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2009
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2008
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Net Income
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$ | 16,576 | $ | 17,120 | $ | 72,375 | $ | 73,085 | $ | 90,582 | ||||||||||
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Interest expense (net of AFUDC(1) - debt)
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16,946 | 17,045 | 68,514 | 69,413 | 72,712 | |||||||||||||||
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Income tax expense
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8,318 | 7,676 | 40,404 | 31,225 | 37,603 | |||||||||||||||
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Depreciation and amortization
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25,429 | 25,847 | 106,807 | 106,048 | 89,528 | |||||||||||||||
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EBITDA
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$ | 67,269 | $ | 67,688 | $ | 288,100 | $ | 279,771 | $ | 290,425 | ||||||||||
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EBITDA/Interest expense
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3.97 | x | 3.97 | x | 4.20 | x | 4.03 | x | 3.99 | x | ||||||||||
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Total Debt/EBITDA
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17.55 | x | 18.94 | x | 4.15 | x | 4.64 | x | 4.81 | x | ||||||||||
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Sierra Pacific Power Company
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Interest expense (net of AFUDC(1) - debt)
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$ | 16,946 | $ | 17,045 | $ | 68,514 | $ | 69,413 | $ | 72,712 | ||||||||||
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Long-term debt
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$ | 1,180,413 | $ | 1,281,863 | $ | 1,195,775 | $ | 1,282,225 | $ | 1,395,987 | ||||||||||
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Current maturities of long-term debt
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- | - | - | 15,000 | 600 | |||||||||||||||
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Total Debt
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$ | 1,180,413 | $ | 1,281,863 | $ | 1,195,775 | $ | 1,297,225 | $ | 1,396,587 | ||||||||||
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(1) Allowance for funds used during construction.
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