8-KEarnings & Results

SOUTHERN CO 8-K Report, Financial Results (Feb 18, 2021)

Filed February 18, 2021For Securities:SOSOJESOJFSOJCSOJDSOMN

Summary

Southern Company (SO) filed an 8-K on February 18, 2021, to report its financial results for the fourth quarter and full year ended December 31, 2020. The filing primarily consists of a press release and supporting financial information, furnished as exhibits. Investors should note that the company is providing both Generally Accepted Accounting Principles (GAAP) and non-GAAP financial measures. The non-GAAP measures exclude specific items such as charges related to plants under construction, acquisition/disposition impacts, impairment charges, earnings from the Wholesale Gas Services business, and debt extinguishment costs for 2020. Southern Company asserts that these adjusted figures offer a more insightful view of ongoing business operations and are used by management for performance evaluation. The company is presenting detailed segment information for its key subsidiaries, including Alabama Power Company, Georgia Power Company, Mississippi Power Company, Southern Power Company, and Southern Company Gas. Investors are encouraged to review the provided exhibits for a comprehensive understanding of the company's performance, including reconciliations between GAAP and non-GAAP figures, as these non-GAAP measures are not intended to replace GAAP-based reporting.

Key Highlights

  • 1Southern Company released its Q4 and Full Year 2020 financial results on February 18, 2021.
  • 2The 8-K filing includes a press release and supplementary financial information as exhibits.
  • 3The company is providing both GAAP and non-GAAP earnings and EPS figures.
  • 4Non-GAAP metrics exclude items such as costs related to plants under construction, acquisition/disposition impacts, impairments, and Wholesale Gas Services earnings.
  • 52020 non-GAAP results also exclude costs associated with debt extinguishment.
  • 6Southern Company believes non-GAAP measures provide a better view of ongoing business performance.
  • 7Segment information for key subsidiaries like Alabama Power, Georgia Power, and Southern Company Gas is included in the exhibits.

Frequently Asked Questions

The main purpose of this 8-K filing is to report Southern Company's financial results for the three-month and twelve-month periods ended December 31, 2020. It includes a press release and other financial exhibits that detail the company's performance.

Southern Company's non-GAAP financial measures exclude charges related to plants under construction, acquisition and disposition impacts, impairment charges, earnings from the Wholesale Gas Services business, and, for 2020, costs related to the extinguishment of debt. The company provides reconciliations between GAAP and non-GAAP figures in the exhibits.

Southern Company presents non-GAAP financial measures because management believes they are useful to investors and provide additional information to evaluate the performance of the company's ongoing business activities. Management also uses these non-GAAP measures to assess performance.

Detailed business segment information for Alabama Power Company, Georgia Power Company, Mississippi Power Company, Southern Power Company, and Southern Company Gas is available within the exhibits attached to this 8-K filing, specifically Exhibits 99.01 through 99.07.