Content analysis
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New words:
attributable, Badger, Center, Dawn, declined, declining, deemed, Gristmill, half, Harvest, Hollow, Iowa, margin, Oak, Saratoga, Ursa, Whitetail, Wood
Removed:
affirmed, exclude, expired, rehear, variance, WUA
Financial report summary
?Management Discussion
- Our earnings for the year ended December 31, 2023 were $260.2 million, compared with $235.0 million for the year ended December 31, 2022. See below for additional information on the $25.2 million increase in earnings.
- The discussion below addresses the contribution of our utility segment to net income. The discussion includes financial information prepared in accordance with GAAP, as well as electric margins and natural gas margins, which are not measures of financial performance under GAAP. Electric margins (electric revenues less fuel and purchased power costs) and natural gas margins (natural gas revenues less cost of natural gas sold) are non-GAAP financial measures because they exclude other operation and maintenance expense, depreciation and amortization, and property and revenue taxes.
- We believe that electric and natural gas margins provide a useful basis for evaluating utility operations since the majority of prudently incurred fuel and purchased power costs, as well as prudently incurred natural gas costs, are passed through to customers in current rates. As a result, management uses electric and natural gas margins internally when assessing the operating performance of our utility segment as these measures exclude the majority of revenue fluctuations caused by changes in these expenses. Similarly, the presentation of electric and natural gas margins herein is intended to provide supplemental information for investors regarding our operating performance.