APS 2009 Annual Report Download - page 24

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NON-gAAP FINANcIAL INFORmATION
reCOnCiLiatiOn Of net inCOme attriButaBLe
tO COmmOn sharehOLders (GaaP measure)
tO On-GOinG earninGs (nOn-GaaP finanCiaL measure)
(dOLLars in miLLiOns, exCePt Per-share amOunts)
Year ended deCemBer 31, 2009 2008
Millions Per Share Millions Per Share
Net income attributable to common shareholders $ 68 $ 0.67 $ 242 $ 2.40
Adjustments:
Real estate segment 168 1.66 26 0.26
Income tax benets related to prior years — — (30 ) (0.30 )
Severance costs — — 8 0.08
Power plant sale tax resolution — — (8 ) (0.08 )
On-going earnings $ 236 $ 2.33 $ 238 $ 2.36
POWERFUL RELATIONSHIPS 09AR
FORWARd-LOOkINg STATEmENTS
This report contains forward-looking statements based on current expectations. These forward-looking
statements are often identied by words such as “estimate,” “predict,” “may,” “believe,” “plan,”
“expect,” “require,” “intend,” “assume” and similar words. Because actual results may differ materially
from expectations, we caution you not to place undue reliance on these statements. A number of
factors could cause future results to differ materially from historical results, or from outcomes currently
expected or sought by us. A discussion of some of these risks and uncertainties is contained in our
Annual Report on Form 10-K, and is available on our Web site at www.pinnaclewest.com, which you
should review carefully before placing any reliance on our forward-looking statements. We assume
no obligation to update any forward-looking statements, even if our internal estimates change, except
as may be required by applicable law.
In this report, we refer to “on-going earnings,” a non-GAAP nancial measure as dened in accordance
with Securities and Exchange Commission rules. We believe on-going earnings provide investors with
a useful indicator of our results that is comparable among periods because it excludes the effects
of unusual items that may occur on an irregular basis. Investors should note that non-GAAP nancial
measures involve judgments by management, including whether an item is classied as an unusual
item. We use on-going earnings, or similar concepts, to measure our performance internally in reports
for management.