EXHIBIT 99.1
w | EBITDA does not reflect cash expenditures, or future requirements for capital expenditures, or contractual commitments; | ||
w | EBITDA does not reflect changes in, or cash requirements for, working capital needs; | ||
w | EBITDA does not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on debts; | ||
w | 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 | ||
w | Other companies in this industry may calculate EBITDA differently than we do, which will limit its usefulness as a comparative measure. |
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.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES | ||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Sierra Pacific Resources | ||||||||||||||||||||||||
EBITDA | ||||||||||||||||||||||||
Six Months ended June 30, | Year ended December 31, | LTM June 30, | ||||||||||||||||||||||
2007 | 2006 | 2006 | 2005 | 2004 | 2007 | |||||||||||||||||||
Net Income Applicable to Common Stock | $ | 41,361 | $ | 29,078 | $ | 277,451 | $ | 82,237 | $ | 28,571 | $ | 289,734 | ||||||||||||
Interest Charges | 140,286 | 150,887 | 311,088 | 284,927 | 307,546 | 300,487 | ||||||||||||||||||
Income taxes | 22,547 | 15,349 | 145,605 | 43,118 | 18,050 | 152,803 | ||||||||||||||||||
Depreciation and Amortization | 115,911 | 114,083 | 228,875 | 214,662 | 205,922 | 230,703 | ||||||||||||||||||
EBITDA | $ | 320,105 | $ | 309,397 | $ | 963,019 | $ | 624,944 | $ | 560,089 | $ | 973,727 | ||||||||||||
EBITDA/Interest Expense | 3.10x | 2.19x | 1.82x | 3.24x | ||||||||||||||||||||
Debt/EBITDA | 4.16x | 6.20x | 7.30x | 4.52x | ||||||||||||||||||||
Sierra Pacific Resources | ||||||||||||||||||||||||
Net interest expense | $ | 140,286 | $ | 150,887 | $ | 311,088 | $ | 284,927 | $ | 307,546 | $ | 300,487 | ||||||||||||
Long-Term Debt | $ | 4,291,833 | $ | 4,403,714 | $ | 4,001,542 | $ | 3,817,122 | $ | 4,081,281 | $ | 4,291,833 | ||||||||||||
Current maturities of long term debt | 109,092 | 28,640 | 8,348 | 58,909 | 8,491 | 109,092 | ||||||||||||||||||
Total Debt | $ | 4,400,925 | $ | 4,432,354 | $ | 4,009,890 | $ | 3,876,031 | $ | 4,089,772 | $ | 4,400,925 | ||||||||||||
Nevada Power Company | ||||||||||||||||||||||||
EBITDA | ||||||||||||||||||||||||
Six Months ended June 30, | Year ended December 31, | LTM June 30, | ||||||||||||||||||||||
2007 | 2006 | 2006 | 2005 | 2004 | 2007 | |||||||||||||||||||
Net Income | $ | 28,186 | $ | 25,160 | $ | 224,540 | $ | 132,734 | $ | 104,312 | $ | 227,566 | ||||||||||||
Interest Charges | 88,260 | 88,149 | 176,612 | 134,657 | 137,388 | 176,723 | ||||||||||||||||||
Income taxes | 14,573 | 12,814 | 117,510 | 63,995 | 56,572 | 119,269 | ||||||||||||||||||
Depreciation and Amortization | 74,594 | 69,121 | 141,585 | 124,098 | 118,841 | 147,058 | ||||||||||||||||||
EBITDA | $ | 205,613 | $ | 195,244 | $ | 660,247 | $ | 455,484 | $ | 417,113 | $ | 670,616 | ||||||||||||
EBITDA/Interest Expense | 3.74x | 3.38x | 3.04x | 3.79x | ||||||||||||||||||||
Debt/EBITDA | 3.61x | 4.88x | 5.47x | 3.97x | ||||||||||||||||||||
Nevada Power Company | ||||||||||||||||||||||||
Net interest expense | $ | 88,260 | $ | 88,149 | $ | 176,612 | $ | 134,657 | $ | 137,388 | $ | 176,723 | ||||||||||||
Long-Term Debt | $ | 2,655,630 | $ | 2,670,057 | $ | 2,380,139 | $ | 2,214,063 | $ | 2,275,690 | $ | 2,655,630 | ||||||||||||
Current maturities of long term debt | 7,449 | 6,240 | 5,948 | 6,509 | 6,091 | 7,449 | ||||||||||||||||||
Total Debt | $ | 2,663,079 | $ | 2,676,297 | $ | 2,386,087 | $ | 2,220,572 | $ | 2,281,781 | $ | 2,663,079 | ||||||||||||
Sierra Pacific Power Company 0; | ||||||||||||||||||||||||
EBITDA | ||||||||||||||||||||||||
Six Months ended June 30, | Year ended December 31, | LTM June 30, | ||||||||||||||||||||||
2007 | 2006 | 2006 | 2005 | 2004 | 2007 | |||||||||||||||||||
Net Income | $ | 31,976 | $ | 22,271 | $ | 57,709 | $ | 52,074 | $ | 18,577 | $ | 67,414 | ||||||||||||
Interest Charges | 30,237 | 36,240 | 71,506 | 69,067 | 62,831 | 65,503 | ||||||||||||||||||
Income Taxes | 13,539 | 11,749 | 27,829 | 28,379 | 325 | 29,619 | ||||||||||||||||||
Depreciation and Amortization | 41,317 | 44,962 | 87,279 | 90,569 | 86,806 | 83,634 | ||||||||||||||||||
EBITDA | $ | 117,069 | $ | 115,222 | $ | 244,323 | $ | 240,089 | $ | 168,539 | $ | 246,170 | ||||||||||||
EBITDA/Interest Expense | 3.42x | 3.48x | 2.68x | 3.76x | ||||||||||||||||||||
Debt/EBITDA | 4.39x | 4.14x | 5.91x | 4.82x | ||||||||||||||||||||
Sierra Pacific Power Company | ||||||||||||||||||||||||
Net interest expense | $ | 30,237 | $ | 36,240 | $ | 71,506 | $ | 69,067 | $ | 62,831 | $ | 65,503 | ||||||||||||
Long-Term Debt | $ | 1,085,764 | $ | 1,072,566 | $ | 1,070,858 | $ | 941,804 | 994,309 | $ | 1,085,764 | |||||||||||||
Current maturities of long term debt | 101,643 | 22,400 | 2,400 | 52,400 | 2,400 | 101,643 | ||||||||||||||||||
Total Debt | $ | 1,187,407 | $ | 1,094,966 | $ | 1,073,258 | $ | 994,204 | $ | 996,709 | $ | 1,187,407 | ||||||||||||