Company Page

NOTES:
Consumers Energy (CMS Energy) signed a purchase and sale agreement with Dearborn Industrial Generation, CMS Generation Michigan Power, and CMS Energy Resource Management Company to acquire a trio of Michigan gas-fired plants for $515 million.

REGIONS:

Midwest

Date: 6/30/2023
Type: Acquisition

BUYERS:

Consumers Energy Company

CMS Energy Corp

SELLERS:

New Covert Generating Company LLC

ASSETS:

New Covert Generating Facility

DETAILS:

COST: 810 $MM

VOLUMES: 1176 MW

NOTES:
Consumers Energy (CMS Energy) signed a deal with New Covert Generating Company to acquire their self-named gas plant for $810 million. The New Covert Generating Facility can produce 1,176 MW in power and is located in Van Buren County, Michigan. Closing is targeted for the second quarter of 2023.

Financial Results and Outlook

2020 Results	Amount
Reported EPS	$2.64
Adjusted EPS	$2.67

2021 Updates	Amount
Adjusted EPS Guidance	$2.83 - $2.87*
Annual Dividend	$1.74 (+7%)

CMS ENERGY CORPORATION Consolidated Statements of Income (Unaudited)

	*In Millions, Except Per Share Amounts*
	Three Months Ended				Twelve Months Ended
	12/31/20		12/31/19		12/31/20		12/31/19

Operating revenue	$	1,798	$	1,795	$	6,680	$	6,845

Operating expenses		1,446		1,484		5,318		5,606

Operating Income		352		311		1,362		1,239

Other income (expense)		(15)		28		84		109

Interest charges		140		134		561		519

Income Before Income Taxes		197		205		885		829

Income tax expense		35		37		133		147

Net Income		162		168		752		682

Income (loss) attributable to noncontrolling interests		4		1		(3)		2

Net Income Available to Common Stockholders	$	158	$	167	$	755	$	680


Basic Earnings Per Average Common Share	$	0.55	$	0.59	$	2.65	$	2.40
Diluted Earnings Per Average Common Share		0.55		0.58		2.64		2.39

CMS ENERGY CORPORATION Summarized Consolidated Balance Sheets (Unaudited)

	*In Millions*
	As of
	12/31/20			12/31/19
Assets
Current assets
Cash and cash equivalents		$	168		$	140
Restricted cash and cash equivalents			17			17
Other current assets			2,219			2,174
Total current assets			2,404			2,331
Non-current assets
Plant, property, and equipment			21,039			18,926
Other non-current assets			6,223			5,580
Total Assets		$	29,666		$	26,837

Liabilities and Equity
Current liabilities ⁽¹⁾		$	1,568		$	1,484
Non-current liabilities ⁽¹⁾			6,825			7,051
Capitalization
Debt, finance leases, and other financing (excluding securitization debt) ⁽²⁾
Debt, finance leases, and other financing (excluding non-recourse and securitization debt)			12,083			10,518
Non-recourse debt			2,888			2,478
Total debt, finance leases, and other financing (excluding securitization debt)			14,971			12,996
Noncontrolling interests			581			37
Common stockholders' equity			5,496			5,018
Total capitalization (excluding securitization debt)			21,048			18,051
Securitization debt ⁽²⁾			225			251
Total Liabilities and Equity		$	29,666		$	26,837

⁽¹⁾Excludes debt, finance leases, and other financing.

⁽²⁾Includes current and non-current portions.


CMS ENERGY CORPORATION
Summarized Consolidated Statements of Cash Flows
(Unaudited)

	*In Millions*
	Twelve Months Ended
	12/31/20			12/31/19

Beginning of Period Cash and Cash Equivalents, Including Restricted Amounts		$	157		$	175

Net cash provided by operating activities ⁽³⁾			1,276			1,790
Net cash used in investing activities			(2,867)			(2,816)
Cash flows from operating and investing activities			(1,591)			(1,026)
Net cash provided by financing activities			1,619			1,008

Total Cash Flows		$	28		$	(18)

End of Period Cash and Cash Equivalents, Including Restricted Amounts		$	185		$	157

⁽³⁾Includes the impact of $700 million of pension contributions in 2020.

CMS ENERGY CORPORATION Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income (Unaudited)

		*In Millions, Except Per Share Amounts*
		Three Months Ended				Twelve Months Ended
		12/31/20		12/31/19		12/31/20		12/31/19

Net Income Available to Common Stockholders		$	158	$	167	$	755	$	680
Reconciling items:
Other exclusions from adjusted earnings			2		36		13		37
Tax impact			(1)		(9)		(3)		(9)
Tax reform			-		-		(9)		-
Voluntary separation program			*		-		11		-
Tax impact			(*)		-		(3)		-

Adjusted net income – non-GAAP		$	159	$	194	$	764	$	708

Average Common Shares Outstanding
Basic			285.7		283.0		285.0		283.0
Diluted			286.9		284.8		286.3		284.3

Basic Earnings Per Average Common Share
Reported net income per share		$	0.55	$	0.59	$	2.65	$	2.40
Reconciling items:
Other exclusions from adjusted earnings			0.01		0.13		0.04		0.13
Tax impact			(*)		(0.03)		(0.01)		(0.03)
Tax reform			-		-		(0.03)		-
Voluntary separation program			*		-		0.04		-
Tax impact			(*)		-		(0.01)		-

Adjusted net income per share – non-GAAP		$	0.56	$	0.69	$	2.68	$	2.50

Diluted Earnings Per Average Common Share
Reported net income per share		$	0.55	$	0.58	$	2.64	$	2.39
Reconciling items:
Other exclusions from adjusted earnings			0.01		0.13		0.04		0.13
Tax impact			(*)		(0.03)		(0.01)		(0.03)
Tax reform			-		-		(0.03)		-
Voluntary separation program			*		-		0.04		-
Tax impact			(*)		-		(0.01)		-

Adjusted net income per share – non-GAAP		$	0.56	$	0.68	$	2.67	$	2.49

*	Less than $0.5 million or $0.01 per share.

Management views adjusted (non-Generally Accepted Accounting Principles) earnings as a key measure of the Company's present operating financial performance and uses adjusted earnings for external communications with analysts and investors. Internally, the Company uses adjusted earnings to measure and assess performance. Adjustments could include items such as discontinued operations, asset sales, impairments, restructuring costs, regulatory items from prior years, or other items detailed in these summary financial statements. Adjusted earnings should be considered supplemental information to assist in understanding our business results, rather than as a substitute for reported earnings.

CMS ENERGY CORPORATION Consolidated Statements of Income (Unaudited)

	*In Millions, Except Per Share Amounts*
	Three Months Ended				Nine Months Ended
	9/30/20		9/30/19		9/30/20		9/30/19

Operating revenue	$	1,575	$	1,546	$	4,882	$	5,050

Operating expenses		1,206		1,195		3,872		4,122

Operating Income		369		351		1,010		928

Other income		28		31		99		81

Interest charges		143		133		421		385

Income Before Income Taxes		254		249		688		624

Income tax expense		44		42		98		110

Net Income		210		207		590		514

Income (loss) attributable to noncontrolling interests		(8)		-		(7)		1

Net Income Available to Common Stockholders	$	218	$	207	$	597	$	513


Basic Earnings Per Average Common Share	$	0.76	$	0.73	$	2.10	$	1.81
Diluted Earnings Per Average Common Share		0.76		0.73		2.09		1.81

CMS ENERGY CORPORATION Summarized Consolidated Balance Sheets (Unaudited)

	*In Millions*
	As of
	9/30/20			12/31/19
Assets
Current assets
Cash and cash equivalents		$	519		$	140
Restricted cash and cash equivalents			39			17
Other current assets			1,936			2,174
Total current assets			2,494			2,331
Non-current assets
Plant, property, and equipment			20,630			18,926
Other non-current assets			6,156			5,580
Total Assets		$	29,280		$	26,837

Liabilities and Equity
Current liabilities ⁽¹⁾		$	1,193		$	1,484
Non-current liabilities ⁽¹⁾			7,054			7,051
Capitalization
Debt, finance leases, and other financing (excluding securitization debt) ⁽²⁾
Debt, finance leases, and other financing (excluding non-recourse and securitization debt)			11,968			10,518
Non-recourse debt			2,929			2,478
Total debt, finance leases, and other financing (excluding securitization debt)			14,897			12,996
Noncontrolling interests			578			37
Common stockholders' equity			5,320			5,018
Total capitalization (excluding securitization debt)			20,795			18,051
Securitization debt ⁽²⁾			238			251
Total Liabilities and Equity		$	29,280		$	26,837

⁽¹⁾Excludes debt, finance leases, and other financing.

⁽²⁾Includes current and non-current portions.


CMS ENERGY CORPORATION
Summarized Consolidated Statements of Cash Flows
(Unaudited)

	*In Millions*
	Nine Months Ended
	9/30/20			9/30/19

Beginning of Period Cash and Cash Equivalents, Including Restricted Amounts		$	157		$	175

Net cash provided by operating activities ⁽³⁾			1,144			1,395
Net cash used in investing activities			(2,298)			(2,212)
Cash flows from operating and investing activities			(1,154)			(817)
Net cash provided by financing activities			1,555			1,075

Total Cash Flows		$	401		$	258

End of Period Cash and Cash Equivalents, Including Restricted Amounts		$	558		$	433

⁽³⁾Includes the impact of a $531 million pension contribution in 2020.

CMS ENERGY CORPORATION Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income (Unaudited)

		*In Millions, Except Per Share Amounts*
		Three Months Ended				Nine Months Ended
		9/30/20		9/30/19		9/30/20		9/30/19

Net Income Available to Common Stockholders		$	218	$	207	$	597	$	513
Reconciling items:
Other exclusions from adjusted earnings			4		1		11		1
Tax impact			(1)		(*)		(2)		(*)
Tax reform			-		-		(9)		-
Voluntary separation program			*		-		11		-
Tax impact			(*)		-		(3)		-

Adjusted net income – non-GAAP		$	221	$	208	$	605	$	514

Average Common Shares Outstanding
Basic			285.6		283.0		284.8		282.9
Diluted			286.9		284.6		286.3		284.2

Basic Earnings Per Average Common Share
Reported net income per share		$	0.76	$	0.73	$	2.10	$	1.81
Reconciling items:
Other exclusions from adjusted earnings			0.01		*		0.03		*
Tax impact			(*)		(*)		(0.01)		(*)
Tax reform			-		-		(0.03)		-
Voluntary separation program			*		-		0.04		-
Tax impact			(*)		-		(0.01)		-

Adjusted net income per share – non-GAAP		$	0.77	$	0.73	$	2.12	$	1.81

Diluted Earnings Per Average Common Share
Reported net income per share		$	0.76	$	0.73	$	2.09	$	1.81
Reconciling items:
Other exclusions from adjusted earnings			0.01		*		0.03		*
Tax impact			(*)		(*)		(0.01)		(*)
Tax reform			-		-		(0.03)		-
Voluntary separation program			*		-		0.04		-
Tax impact			(*)		-		(0.01)		-

Adjusted net income per share – non-GAAP		$	0.77	$	0.73	$	2.11	$	1.81

*	Less than $0.5 million or $0.01 per share.

Management views adjusted (non-Generally Accepted Accounting Principles) earnings as a key measure of the Company's present operating financial performance and uses adjusted earnings for external communications with analysts and investors. Internally, the Company uses adjusted earnings to measure and assess performance. Adjustments could include items such as discontinued operations, asset sales, impairments, restructuring costs, regulatory items from prior years, or other items detailed in these summary financial statements. Adjusted earnings should be considered supplemental information to assist in understanding our business results, rather than as a substitute for reported earnings.

CMS ENERGY CORPORATION
Consolidated Statements of Income
(Unaudited)

	*In Millions, Except Per Share Amounts*
	Three Months Ended				Six Months Ended
	6/30/20		6/30/19		6/30/20		6/30/19

Operating revenue	$	1,443	$	1,445	$	3,307	$	3,504

Operating expenses		1,170		1,227		2,666		2,927

Operating Income		273		218		641		577

Other income		32		27		71		50

Interest charges		141		131		278		252

Income Before Income Taxes		164		114		434		375

Income tax expense		27		20		54		68

Net Income		137		94		380		307

Income attributable to noncontrolling interests		1		1		1		1

Net Income Available to Common Stockholders	$	136	$	93	$	379	$	306


Basic Earnings Per Average Common Share	$	0.48	$	0.33	$	1.33	$	1.08
Diluted Earnings Per Average Common Share		0.48		0.33		1.33		1.08

CMS ENERGY CORPORATION
Summarized Consolidated Balance Sheets
(Unaudited)

	*In Millions*
	As of
	6/30/20			12/31/19
Assets
Current assets
Cash and cash equivalents		$	1,587		$	140
Restricted cash and cash equivalents			17			17
Other current assets			1,928			2,174
Total current assets			3,532			2,331
Non-current assets
Plant, property, and equipment			19,436			18,926
Other non-current assets			5,613			5,580
Total Assets		$	28,581		$	26,837

Liabilities and Equity
Current liabilities ⁽¹⁾		$	1,379		$	1,484
Non-current liabilities ⁽¹⁾			6,726			7,051
Capitalization
Debt, finance leases, and other financing (excluding securitization debt) ⁽²⁾
Debt, finance leases, and other financing (excluding non-recourse and securitization debt)			12,381			10,518
Non-recourse debt			2,606			2,478
Total debt, finance leases, and other financing (excluding securitization debt)			14,987			12,996
Noncontrolling interests			37			37
Common stockholders' equity			5,214			5,018
Total capitalization (excluding securitization debt)			20,238			18,051
Securitization debt ⁽²⁾			238			251
Total Liabilities and Equity		$	28,581		$	26,837

⁽¹⁾Excludes debt, finance leases, and other financing.

⁽²⁾Includes current and non-current portions.


CMS ENERGY CORPORATION
Summarized Consolidated Statements of Cash Flows
(Unaudited)

	*In Millions*
	Six Months Ended
	6/30/20			6/30/19

Beginning of Period Cash and Cash Equivalents, Including Restricted Amounts		$	157		$	175

Net cash provided by operating activities ⁽³⁾			796			1,185
Net cash used in investing activities			(1,168)			(1,410)
Cash flows from operating and investing activities			(372)			(225)
Net cash provided by financing activities			1,819			384

Total Cash Flows		$	1,447		$	159

End of Period Cash and Cash Equivalents, Including Restricted Amounts		$	1,604		$	334

⁽³⁾Includes the impact of a $531 million pension contribution in 2020.

CMS ENERGY CORPORATION
Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income
(Unaudited)

		*In Millions, Except Per Share Amounts*
		Three Months Ended				Six Months Ended
		6/30/20		6/30/19		6/30/20		6/30/19

Net Income Available to Common Stockholders		$	136	$	93	$	379	$	306
Reconciling items:
Other exclusions from adjusted earnings			4		*		7		*
Tax impact			(1)		(*)		(1)		(*)
Tax reform			-		-		(9)		-
Voluntary separation program			(*)		-		11		-
Tax impact			*		-		(3)		-

Adjusted net income – non-GAAP		$	139	$	93	$	384	$	306

Average Common Shares Outstanding
Basic			285.5		282.9		284.4		282.9
Diluted			286.5		284.0		285.8		283.8

Basic Earnings Per Average Common Share
Reported net income per share		$	0.48	$	0.33	$	1.33	$	1.08
Reconciling items:
Other exclusions from adjusted earnings			0.02		*		0.03		*
Tax impact			(0.01)		(*)		(0.01)		(*)
Tax reform			-		-		(0.03)		-
Voluntary separation program			(*)		-		0.04		-
Tax impact			*		-		(0.01)		-

Adjusted net income per share – non-GAAP		$	0.49	$	0.33	$	1.35	$	1.08

Diluted Earnings Per Average Common Share
Reported net income per share		$	0.48	$	0.33	$	1.33	$	1.08
Reconciling items:
Other exclusions from adjusted earnings			0.02		*		0.03		*
Tax impact			(0.01)		(*)		(0.01)		(*)
Tax reform			-		-		(0.03)		-
Voluntary separation program			(*)		-		0.04		-
Tax impact			*		-		(0.01)		-

Adjusted net income per share – non-GAAP		$	0.49	$	0.33	$	1.35	$	1.08

*	Less than $0.5 million or $0.01 per share.

Management views adjusted (non-Generally Accepted Accounting Principles) earnings as a key measure of the Company's present operating financial performance and uses adjusted earnings for external communications with analysts and investors. Internally, the Company uses adjusted earnings to measure and assess performance. Adjustments could include items such as discontinued operations, asset sales, impairments, restructuring costs, regulatory items from prior years, or other items detailed in these summary financial statements. Adjusted earnings should be considered supplemental information to assist in understanding our business results, rather than as a substitute for reported earnings.

CMS Energy Corporation
SUMMARIZED CONSOLIDATED STATEMENTS OF INCOME
(In Millions, Except Per Share Amounts)

	Third Quarter		Nine Months
	(Unaudited)		(Unaudited)
	2017	2016	2017	2016

Operating Revenue	$ 1,527	$ 1,587	$ 4,805	$ 4,759

Operating Expenses	1,197	1,212	3,846	3,783

Operating Income	$ 330	$ 375	$ 959	$ 976

Other Income	10	16	33	50

Interest Charges	111	110	328	324

Income before Income Taxes	$ 229	$ 281	$ 664	$ 702

Income Tax Expense	57	95	200	227

Net Income	$ 172	$ 186	$ 464	$ 475

Income Attributable to Noncontrolling Interests	-	-	1	1

Net Income Available to Common Stockholders	$ 172	$ 186	$ 463	$ 474


Income Per Share
Basic	$ 0.61	$ 0.67	$ 1.65	$ 1.71
Diluted	0.61	0.67	1.65	1.70

Financial Results and Outlook

2019 Results	Amount
Reported EPS	$2.39
Adjusted EPS	$2.49

2020 Updates	Amount
Adjusted EPS Guidance	$2.64 - $2.68*
Annual Dividend	$1.63

Financial Results and Outlook

2017 Results	Amount
Reported EPS	$1.64
Adjusted EPS	$2.17
Annual Dividend	$1.33

2018 Updates	Amount
Adjusted EPS Guidance Raised	$2.30 to $2.34*
Annual Dividend	$1.43

CMS Energy Corporation
SUMMARIZED CONSOLIDATED BALANCE SHEETS
(In Millions)

	September 30	December 31
	2017	2016
	(Unaudited)
Assets
Cash and cash equivalents	$ 142	$ 235
Restricted cash and cash equivalents	27	19
Other current assets	1,952	2,026
Total current assets	$ 2,121	$ 2,280
Plant, property, and equipment	16,444	15,715
Other non-current assets	3,555	3,627
Total Assets	$ 22,120	$ 21,622


Liabilities and Equity
Current liabilities ⁽¹⁾	$ 1,051	$ 1,371
Non-current liabilities ⁽¹⁾	6,166	5,927
Capitalization
Debt, capital leases, and financing obligation ⁽²⁾
Debt, capital leases, and financing obligation
(excluding non-recourse and securitization debt)	8,779	8,508
Non-recourse debt	1,237	1,198
Total debt, capital leases, and financing obligation	10,016	9,706
Noncontrolling interests	37	37
Common stockholders' equity	4,535	4,253
Total capitalization	$ 14,588	$ 13,996
Securitization debt ⁽²⁾	315	328
Total Liabilities and Equity	$ 22,120	$ 21,622

⁽¹⁾Excludes debt, capital leases, financing obligation and securitization debt
⁽²⁾Current and long-term


CMS Energy Corporation
SUMMARIZED STATEMENTS OF CASH FLOWS
(In Millions)
	Nine Months
	(Unaudited)
	2017	2016


Beginning of Period Cash and Cash Equivalents (Including Restricted Amounts)	$ 257	$ 288


Cash provided by operating activities	$ 1,199	$ 1,241
Cash used in investing activities	(1,354)	(1,398)
Cash flow from operating and investing activities	$ (155)	$ (157)
Cash provided by financing activities	71	237
Total Cash Flow	$ (84)	$ 80


End of Period Cash and Cash Equivalents (Including Restricted Amounts)	$ 173	$ 368

	CMS Energy Corporation
	SUMMARY OF CONSOLIDATED EARNINGS
	Reconciliations of GAAP Net Income to Non-GAAP Adjusted Net Income
	(In Millions, Except Per Share Amounts)

		Third Quarter		Nine Months
		(Unaudited)		(Unaudited)
		2017	2016	2017	2016

Net Income Available to Common Stockholders		$ 172	$ 186	$ 463	$ 474

Reconciling Items:
	Discontinued Operations (Income) Loss	*	(*)	*	*

	Voluntary Separation Program	-	11	-	11
	Tax Impact	-	(4)	-	(4)

	Restructuring Costs and Other	1	2	3	2
	Tax Impact	(*)	(1)	(1)	(1)

Adjusted Net Income - Non-GAAP Basis		$ 173	$ 194	$ 465	$ 482

	Non-Normal Weather Impacts	10	(48)	82	(9)
	Tax Impact	(4)	18	(32)	3

Adjusted Weather-Normalized Net Income - Non-GAAP Basis		$ 179	$ 164	$ 515	$ 476

Average Number of Common Shares Outstanding
	Basic	281	278	280	278
	Diluted	282	279	281	279

Basic Earnings Per Average Common Share

Net Income Per Share as Reported		$ 0.61	$ 0.67	$ 1.65	$ 1.71

Reconciling Items:
	Discontinued Operations (Income) Loss	*	(*)	*	*

	Voluntary Separation Program	-	0.04	-	0.04
	Tax Impact	-	(0.01)	-	(0.01)

	Restructuring Costs and Other	0.01	*	0.01	*
	Tax Impact	(*)	(*)	(*)	(*)

Adjusted Net Income Per Share - Non-GAAP Basis		$ 0.62	$ 0.70	$ 1.66	$ 1.74

	Non-Normal Weather Impacts	0.03	(0.17)	0.29	(0.03)
	Tax Impact	(0.01)	0.07	(0.11)	0.01

Adjusted Weather-Normalized Net Income Per Share - Non-GAAP Basis		$ 0.64	$ 0.60	$ 1.84	$ 1.72

Diluted Earnings Per Average Common Share

Net Income Per Share as Reported		$ 0.61	$ 0.67	$ 1.65	$ 1.70

Reconciling Items:
	Discontinued Operations (Income) Loss	*	(*)	*	*

	Voluntary Separation Program	-	0.04	-	0.04
	Tax Impact	-	(0.01)	-	(0.01)

	Restructuring Costs and Other	0.01	*	0.01	*
	Tax Impact	(*)	(*)	(*)	(*)

Adjusted Net Income Per Share - Non-GAAP Basis		$ 0.62	$ 0.70	$ 1.66	$ 1.73

	Non-Normal Weather Impacts	0.03	(0.17)	0.29	(0.03)
	Tax Impact	(0.01)	0.07	(0.11)	0.01

Adjusted Weather-Normalized Net Income Per Share - Non-GAAP Basis		$ 0.64	$ 0.60	$ 1.84	$ 1.71

Note:	Management views adjusted (non-Generally Accepted Accounting Principles) earnings as a key measure of the Company's present operating financial performance and uses adjusted earnings for external communications with analysts and investors. Internally, the Company uses adjusted earnings to measure and assess performance. Adjustments could include items such as discontinued operations, asset sales, impairments, restructuring costs, regulatory items from prior years, or other items detailed in these summary financial statements. Adjusted earnings should be considered supplemental information to assist in understanding our business results, rather than as a substitute for reported earnings. Adjusted weather-normalized earnings are provided to show the impact of deviations from normal weather.








* Less than $500 thousand or $0.01 per share.

CMS Energy Corporation SUMMARIZED CONSOLIDATED STATEMENTS OF INCOME (In Millions, Except Per Share Amounts)
	First Quarter
	(Unaudited)
	2017	2016

Operating Revenue	$ 1,829	$ 1,801

Operating Expenses	1,441	1,475

Operating Income	$ 388	$ 326

Other Income	14	18

Interest Charges	107	106

Income before Income Taxes	$ 295	$ 238

Income Tax Expense	96	74

Net Income Available to Common Stockholders	$ 199	$ 164


Income Per Share
Basic	$ 0.71	$ 0.59
Diluted	0.71	0.59

CMS Energy Corporation SUMMARIZED CONSOLIDATED BALANCE SHEETS (In Millions)
	March 31	December 31
	2017	2016
	(Unaudited)
Assets
Cash and cash equivalents	$ 433	$ 235
Restricted cash and cash equivalents	30	19
Other current assets	1,752	2,026
Total current assets	$ 2,215	$ 2,280
Plant, property, and equipment	15,857	15,715
Other non-current assets	3,551	3,627
Total Assets	$ 21,623	$ 21,622


Liabilities and Equity
Current liabilities	$ 1,114	$ 1,371
Non-current liabilities	6,057	5,927
Capitalization
Debt, capital leases, and financing obligation (*)
Debt, capital leases, and financing obligation
(excluding non-recourse and securitization debt)	8,548	8,508
Non-recourse debt	1,169	1,198
Total debt, capital leases, and financing obligation	9,717	9,706
Noncontrolling interests	37	37
Common stockholders' equity	4,370	4,253
Total capitalization	$ 14,124	$ 13,996
Securitization debt	328	328
Total Liabilities and Equity	$ 21,623	$ 21,622

(*) Current and long-term


CMS Energy Corporation
SUMMARIZED STATEMENTS OF CASH FLOWS
(In Millions)
	First Quarter
	(Unaudited)
	2017	2016


Beginning of Period Cash (Including Restricted Amounts)	$ 257	$ 288


Cash provided by operating activities	$ 646	$ 632
Cash used in investing activities	(346)	(444)
Cash flow from operating and investing activities	$ 300	$ 188
Cash used by financing activities	(94)	(270)
Total Cash Flow	$ 206	$ (82)


End of Period Cash (Including Restricted Amounts)	$ 463	$ 206

CMS Energy Corporation SUMMARY OF CONSOLIDATED EARNINGS Reconciliations of GAAP Net Income to Non-GAAP Adjusted Net Income (In Millions, Except Per Share Amounts)
		First Quarter
		(Unaudited)
		2017	2016

Net Income Available to Common Stockholders		$ 199	$ 164

Reconciling Items:
	Discontinued Operations Loss	*	*

	Restructuring Costs and Other	1	*
	Tax Impact	(*)	(*)

Adjusted Net Income - Non-GAAP Basis		$ 200	$ 164


Average Number of Common Shares Outstanding
	Basic	279	277
	Diluted	280	278

Basic Earnings Per Average Common Share

Net Income Per Share as Reported		$ 0.71	$ 0.59

Reconciling Items:
	Discontinued Operations Loss	*	*

	Restructuring Costs and Other	*	*
	Tax Impact	(*)	(*)

Adjusted Net Income - Non-GAAP Basis		$ 0.71	$ 0.59


Diluted Earnings Per Average Common Share

Net Income Per Share as Reported		$ 0.71	$ 0.59

Reconciling Items:
	Discontinued Operations Loss	*	*

	Restructuring Costs and Other	*	*
	Tax Impact	(*)	(*)

Adjusted Net Income - Non-GAAP Basis		$ 0.71	$ 0.59

Media Contacts:	Steve Schooff
	Sempra U.S. Gas & Power
	(877) 855-7887
	www.semprausgp.com

Financial Contact:	Patrick Billings
	Sempra Energy
	(877) 696-2461
	Investor@Sempra.com

2016	$2.54	2011	$6.35
2015	$3.47	2010	$6.96
2014	$4.75	2009	$7.31
2013	$4.62	2008	$8.96
2012	$5.26	2007	$8.16

CMS Energy Corp

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