Edison International · NYSE:EIX
Edison International — Q1 2018 Earnings Presentation
11 slides from Edison International's earnings presentation, May 1, 2018
Slide 1: First Quarter 2018 Financial Results
First Quarter 2018 Financial Results May 1, 2018
Slide 2: Forward-Looking Statements
Forward-Looking Statements Statements contained in this presentation about future performance, including, without limitation, operating results, capital expenditures, rate base growth, dividend policy, financial outlook, and other statements that are not purely historical, are forward- looking state
Slide 3: First Quarter Earnings Summary
First Quarter Earnings Summary Q1 Q1 Variance Key SCE EPS Drivers3 2018 2017 Revenue4 $ Basic Earnings Per Share (EPS)1 - CPUC (0.02) SCE $0.88 $1.07 $(0.19) - FERC revenue 0.02 EIX Parent & Other (0.21) 0.04 (0.25) Higher O&M (0.10) Discontinued Operations Higher net financing costs (0.02)
Slide 4: SCE Capital Expenditure Forecast
SCE Capital Expenditure Forecast ($ billions) $13.7 Billion 2018-2020 Capital Program Traditional Capital Spending: Distribution 1 Transmission Generation • Capital expenditure forecast incorporates GRC, FERC and non- Grid Modernization Capital Spending: GRC CPUC spending Grid Modernization 2 GRC
Slide 5: SCE Rate Base Forecast – Request Level
SCE Rate Base Forecast – Request Level ($ billions) Traditional Grid Modernization 3-year CAGR of 9.7% $34.6 CPUC $31.8 • Rate base based on request levels from $29.1 2018 GRC Tax Reform February Update $26.2 FERC • FERC rate base, including Construction Work in Progress (CWIP), is approximately 19%
Slide 6: 2018 SCE General Rate Case (GRC)
2018 SCE General Rate Case (GRC) • 2018 GRC Application (A. 16-09-001) filed September 1, 2016 • Addresses CPUC jurisdictional revenue requirement for 2018-2020 Includes operating costs and capital investment Excludes CPUC jurisdictional costs such as fuel and purchased power, cost of capital an
Slide 7: 2018 Financial Assumptions
2018 Financial Assumptions ($ billions) SCE Capital Expenditures SCE Weighted Average Rate Base Distribution $3.4 Traditional $28.8 Transmission 0.6 Grid Mod 0.3 Generation 0.2 2018 Request $29.1 2018 Plan $4.2 • Based on 2018 forecasted expenditures at • FERC comprises about 20% of total rate base
Slide 8: Appendix
Appendix Energy for What's Ahead® 7
Slide 9: Earnings Non-GAAP Reconciliations
Earnings Non-GAAP Reconciliations ($ millions) Reconciliation of EIX GAAP Earnings to EIX Core Earnings Q1 Q1 Earnings Attributable to Edison International 2018 2017 SCE $286 $349 EIX Parent & Other (68) 13 Basic Earnings $218 $362 Non-Core Items SCE $ – $ – EIX Parent & Other1,2 (44) – Total Non-Co
Slide 10: EIX Core EPS Non-GAAP Reconciliations
EIX Core EPS Non-GAAP Reconciliations Reconciliation of Edison International Basic Earnings Per Share to Edison International Core Earnings Per Share Earnings Per Share Attributable to Edison International 2015 2016 2017 CAGR Basic EPS 3.13 $4.02 $1.73 (26%) Non-Core Items SCE Write down, impairment
Slide 11: Use of Non-GAAP Financial Measures
Use of Non-GAAP Financial Measures Edison International's earnings are prepared in accordance with generally accepted accounting principles used in the United States. Management uses core earnings internally for financial planning and for analysis of performance. Core earnings are also used when com