Edison International · NYSE:EIX
Edison International — FY2017 Earnings Presentation
15 slides from Edison International's earnings presentation, Feb 22, 2018
Slide 1: Fourth Quarter and Full Year 2017 Financial Results
February 22, 2018 Fourth Quarter and Full Year 2017 Financial Results
Slide 2: Forward-looking statements
February 22, 2018 1 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 statements.
Slide 3: Fourth Quarter Earnings Summary
February 22, 2018 2 Q4 2017 Q4 2016 Variance Basic Earnings Per Share (EPS)1,2 SCE $(0.33) $1.01 $(1.34) EIX Parent & Other (1.34) (0.04) (1.30) Discontinued Operations 0.04 (0.04) Basic EPS $(1.67) $1.01 $(2.68) Less: Non-Core Items SCE3 $(1.48) $ $(1.48) EIX Parent & Other3 (1.29) (1.29) Dis
Slide 4: Full Year 2017 Earnings Summary
February 22, 2018 3 2017 2016 Variance Basic Earnings Per Share (EPS)1 SCE $3.10 $4.22 $(1.12) EIX Parent & Other (1.37) (0.23) (1.14) Discontinued Operations 0.03 (0.03) Basic EPS $1.73 $4.02 $(2.29) Less: Non-Core Items SCE2 $(1.48) $ $(1.48) EIX Parent & Other2 (1.29) 0.02 (1.31) Discontinued
Slide 5: SCE Capital Expenditure Forecast
February 22, 2018 4 SCE Capital Expenditure Forecast 1. Includes 2018 – 2020 capital expenditures of $105 million for Mobile Home Park, $49 million for Energy Storage, $10 million for Transportation Electrification, and $4 million for Charge Ready 2. 2017 and 2018 capital expenditures related to gri
Slide 6: SCE Rate Base Forecast – Request Level
February 22, 2018 5 SCE Rate Base Forecast – Request Level CPUC • Rate base based on request levels from 2018 GRC Tax Reform February Update FERC • FERC rate base, including Construction Work in Progress (CWIP), is approximately 19% of SCE’s rate base by 2020 • Reflects latest capital forecast and I
Slide 7: SCE Rate Base Forecast Updates
February 22, 2018 6 SCE Rate Base Forecast Updates ($ billions) *Note: Numbers may not foot due to rounding. Incentive CWIP Approval at FERC for Mesa, Alberhill and Eldorado-Lugo-Mohave accelerates the inclusion of capital spend into FERC rate base. Previously projects would have accrued AFUDC until
Slide 8: SCE Large Transmission Projects
February 22, 2018 7 SCE Large Transmission Projects 1. CPUC approved 2. Morongo Transmission holds an option to invest up to $400 million, or half of the estimated cost of the transmission facilities only, at the in-service date. If the option is exercised, SCE’s rate base would be offset by that am
Slide 9: 2018 Financial Assumptions
February 22, 2018 8 2018 Financial Assumptions ($ billions) SCE Capital Expenditures SCE Authorized Cost of Capital Other Items CPUC Return on Equity 10.3% CPUC Capital Structure 48% equity 43% debt 9% preferred FERC Return on Equity 11.5% with incentives (subject to refund pending FERC decision) EI
Slide 10: 2018 General Rate Case
February 22, 2018 9 • 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 and other poten
Slide 11: Appendix
February 22, 2018 10 Appendix
Slide 12: SCE Annual Results of Operations
February 22, 2018 11 $11,830 4,527 2,737 1,998 351 — — 9,613 2,217 (541) 79 1,755 256 1,499 123 $1,376 — $1,376 $5,326 4,527 798 — — — — 5,325 1 (1) — — — — — $— $6,504 — 1,939 1,998 351 — — 4,288 2,216 (540) 79 1,755 256 1,499 123 $1,376 $12,254 4,873 2,671 2,032 372 716 (8) 10,656 1,598 (589) 97 1
Slide 13: Earnings Non-GAAP Reconciliations
February 22, 2018 12 Earnings Non-GAAP Reconciliations (*) 2016 Income Statement was updated to reflect the implementation of the accounting standard for share-based payments effective January 2016 1. Includes impairment and other charges of $716 million ($448 million after-tax) related to the Revis
Slide 14: EIX Core EPS Non-GAAP Reconciliations
February 22, 2018 13 EIX Core EPS Non-GAAP Reconciliations Basic EPS Non-Core Items SCE Write down, impairment and other charges Re-measurement of deferred taxes Insurance recoveries Edison International Parent and Other Re-measurement of deferred taxes Edison Capital sale of affordable housing port
Slide 15: Use of Non-GAAP Financial Measures
February 22, 2018 14 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 a