EX-99.2 14 p73819exv99w2.htm EX-99.2 exv99w2
 

EXHIBIT 99.2
ARIZONA PUBLIC SERVICE COMPANY
NON-GAAP FINANCIAL MEASURE RECONCILIATION — OPERATING INCOME
(GAAP MEASURE) TO GROSS MARGIN (NON-GAAP FINANCIAL MEASURE)
(in thousands)
                                 
    THREE MONTHS ENDED        
    MARCH 31,     Increase (Decrease)  
    2007     2006     Pretax     After Tax  
Reconciliation of Gross Margin
                                
Operating income (closest GAAP measure)
   $ 40,589     $ 25,044     $ 15,545     $ 9,445  
Plus:
                                
Operations and maintenance
     165,934       173,353       (7,419 )     (4,508 )
Depreciation and amortization
     87,876       86,311       1,565       951  
Income taxes
     3,143       (3,029 )     6,172       3,750  
Other taxes
     34,522       35,548       (1,026 )     (623 )
 
                        
Gross Margin
   $ 332,064     $ 317,227     $ 14,837     $ 9,015