How to interpret NMC energy usage log

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We have an SMX2200 with an AP9631 NMC2 card. The NMC provides an "Energy Usage Log" that reports energy usage in kWh for the preceding 10 7-day periods. The associated help page gives an example that implies the energy usage reported is the usage of the load (net of the UPS usage). Is there a source that confirms the reported usage is of the load only and not the usage of the UPS and the load together.

If the usage is of the load only, would dividing the load usage by the Output Efficiency percentage shown on the NMC's UPS status report page provide an accurate reflection of the total consumption of the load and the UPS together?

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