8-KRegulation FDExhibits & Filings

DTE ENERGY CO 8-K Report, Regulation FD Disclosure (Mar 22, 2021)

Filed March 22, 2021For Securities:DTEDTKDTBDTGDTW

Summary

DTE Energy Co. (DTE) filed an 8-K on March 22, 2021, to disclose information that will be presented to investors during meetings on March 23-24, 2021. The primary focus of this disclosure is the company's 2021 operating earnings guidance. Investors should note that DTE Energy will exclude certain items from its reported 2021 results when discussing operating earnings. The company explicitly states that reconciliations to GAAP reported earnings for these exclusions are not provided due to the inability to reliably forecast specific future non-recurring items, mark-to-market adjustments, and discontinued operations, which could significantly impact reported figures. Furthermore, DTE Energy also plans to discuss Adjusted EBITDA in its investor presentations. Similar to operating earnings, a reconciliation of net income to projected full-year 2021 Adjusted EBITDA is not provided. DTE Energy explains that forecasting net income with certainty is not feasible due to potential unpredictable components like impairments, charges, divesture costs, acquisition costs, and changes in accounting principles. The company is unable to estimate the aggregate impact of these items on future reported earnings, thus preventing the provision of a corresponding GAAP equivalent for Adjusted EBITDA. Investors are advised to review the furnished slide presentation (Exhibit 99.1) for further details, which will be available on DTE Energy's website.

Key Highlights

  • 1DTE Energy is providing 2021 operating earnings guidance to investors through an investor presentation on March 23-24, 2021.
  • 2The company will exclude certain items from its 2021 operating earnings guidance, and reconciliations to GAAP reported earnings are not provided.
  • 3Reasons for not providing reconciliations include the inability to reliably forecast future non-recurring items, mark-to-market adjustments, and discontinued operations.
  • 4DTE Energy will also discuss Adjusted EBITDA in investor meetings.
  • 5A reconciliation of net income to projected full-year 2021 Adjusted EBITDA is not provided.
  • 6The company cites the inability to reliably forecast components of net income (e.g., impairments, charges, divestiture/acquisition costs, accounting changes) as the reason for not providing the Adjusted EBITDA reconciliation.
  • 7The slide presentation containing these details is furnished as Exhibit 99.1 and will be available on DTE Energy's website.

Frequently Asked Questions

The main purpose of this 8-K filing is to inform investors about DTE Energy's 2021 operating earnings guidance and its discussion of Adjusted EBITDA during upcoming investor meetings. It serves to provide advance notice of the information that will be shared.

DTE Energy states that reconciliations to GAAP reported earnings for operating earnings and to net income for Adjusted EBITDA are not provided because it is not possible to reliably forecast specific future items. These items, such as non-recurring charges, mark-to-market adjustments, asset impairments, and acquisition/divestiture costs, can fluctuate significantly and have a material impact on reported financial results, making GAAP equivalents unpredictable without unreasonable effort.

More detailed information can be found in the slide presentation furnished as Exhibit 99.1 to this 8-K filing. This presentation will also be available on DTE Energy's website (www.dteenergy.com) starting March 22, 2021.

No, according to General Instruction B.2 of Form 8-K, the information furnished in this Current Report, including Exhibit 99.1, is not considered 'filed' for the purposes of Section 18 of the Securities Exchange Act of 1934, nor is it subject to the liabilities of that section. It is also not incorporated by reference into other SEC filings unless expressly stated.