Edison International · NYSE:EIX
Edison International — Q2 2019 Earnings Presentation
13 slides from Edison International's earnings presentation, Jul 25, 2019
Slide 1: Second Quarter and Year-to-Date 2019 Financial Results
Exhibit 99.3 Second Quarter and Year-to-Date 2019 Financial Results July 25, 2019
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 statem
Slide 3: 2019 Wildfire Legislation Update
2019 Wildfire Legislation Update Summary of Assembly Bill 1054, Assembly Bill 111 and Senate Bill 111 Safety • Creates Wildfire Safety Division1 to provide additional wildfire safety oversight Oversight • Initial safety certification issued by CPUC Executive Director within 30 days of IOU request re
Slide 4: Second Quarter Earnings Summary
Second Quarter Earnings Summary Q2 Q2 Key SCE EPS Drivers3 2019 2018 Variance Test Year 2018 GRC true-up $ 0.20 Basic Earnings Per Share (EPS)1 Higher revenue 0.34 - CPUC revenue 0.28 SCE $ 1.28 $ 0.91 $ 0.37 - FERC and other operating revenue 0.06 EIX Parent & Other (0.08) (0.06) (0.02) Lower O&M 0
Slide 5: Year to Date Earnings Summary
Year to Date Earnings Summary YTD YTD Key SCE EPS Drivers4 2019 2018 Variance Test Year 2018 GRC true-up $ 0.20 Basic Earnings Per Share (EPS)1 Higher revenue 0.43 - CPUC revenue 0.34 SCE $ 2.18 $ 1.79 $ 0.39 - FERC and other operating revenue 0.09 EIX Parent & Other (0.13) (0.27) 0.14 Higher O&M (0
Slide 6: SCE 2018 General Rate Case Decision
SCE 2018 General Rate Case Decision On May 16, 2019, the CPUC issued a final decision which is focused on SCE’s safety and reliability investments in infrastructure replacement and grid modernization, while mitigating customer rate impacts through lower operating costs • 2018 base revenue requiremen
Slide 7: SCE Capital Expenditure Forecast
SCE Capital Expenditure Forecast ($ billions) Long Term Investment Drivers Distribution Wildfire mitigation-related spend Transmission Wildfire mitigation-related spend range Transportation Electrification Generation $4.9 • Approved $356 million ($242 million of capital spending) $4.6 $4.7 medium- a
Slide 8: SCE Rate Base Forecast
SCE Rate Base Forecast ($ billions) $33.4 $30.7 $28.5 2018 2019 2020 Prior Forecast $28.5 $30.7 $33.2 Delta $0.0 $0.0 $0.2 Note: : Weighted-average year basis. FERC based on latest forecast. CPUC excludes the “rate-base offset” adjustment related to the 2015 GRC write off of the regulatory asset for
Slide 9: 2019 EIX Core Earnings Guidance
2019 EIX Core Earnings Guidance 2019 Core Earnings Per Share Guidance – Key Assumptions Building from SCE Rate Base Total Rate Base $30.7 billion $0.20 ($0.33) • FERC comprises ~20% of total $0.41 ($0.18) CPUC $4.62 $4.71 • HoldCo Return on Equity 10.3% • Financing operating • Previously (ROE) and o
Slide 10: Appendix
Appendix July 25, 2019 Energy for What's Ahead 9
Slide 11: Earnings Per Share Non-GAAP Reconciliations
Earnings Per Share Non-GAAP Reconciliations Reconciliation of EIX Basic Earnings Per Share Guidance to EIX Core Earnings Per Share Guidance EPS Attributable to Edison International 2019 Low Midpoint High SCE $4.88 EIX Parent & Other (0.32) Basic EPS1 $4.46 $4.56 $4.66 Non-Core Items SCE2,3 (0.15) (0
Slide 12: Earnings Non-GAAP Reconciliations
Earnings Non-GAAP Reconciliations ($ millions) Reconciliation of EIX GAAP Earnings to EIX Core Earnings Q2 Q2 YTD YTD Earnings Attributable to Edison International 2019 2018 2019 2018 SCE $419 $297 $712 $583 EIX Parent & Other (27) (21) (42) (89) Basic Earnings $392 $276 $670 $494 Non-Core Items SCE
Slide 13: 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