Edison International · NYSE:EIX
Edison International — FY2020 Earnings Presentation
14 slides from Edison International's earnings presentation, Feb 25, 2021
Slide 1: Fourth Quarter and Full-Year 2020 Financial Results
Fourth Quarter and Full-Year 2020 Financial Results February 25, 2021
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: SCE's execution of its wildfire mitigation strategy has reduced risk of wildfires
SCE’s execution of its wildfire mitigation strategy has reduced risk of wildfires associated with utility infrastructure Sectionalizing 2020 Completed 2020 Completed Completed/Target Since 2018 Devices Completed/Target Since 2018 199,000/105,000 190% 584,300 49/45 109% 100 assets inspected completed
Slide 4: Fourth Quarter Earnings Summary
Fourth Quarter Earnings Summary Q4 Q4 2020 2019 Variance Key SCE EPS Drivers2 Higher revenue $ 0.16 Basic Earnings Per Share (EPS) CPUC revenue - GRC escalation 0.22 CPUC revenue - Balancing account and other (0.11) SCE $ 1.25 $ 0.54 $ 0.71 FERC revenue 0.05 EIX Parent & Other 0.14 (0.14) 0.28 Lower
Slide 5: SCE has strong rate base growth driven by significant electric infrastructure investment opportunities
SCE has strong rate base growth driven by significant electric infrastructure investment opportunities SCE forecasts deploying significant capital in …resulting in strong rate base growth over 2021–2023… two rate case cycles Capital Expenditures, $ in Billions Rate Base2,3, $ in Billions ~$16 billio
Slide 6: GRC track 1: Represents rate base CAGR of 7.6% over two rate case periods
GRC track 1: Represents rate base CAGR of 7.6% over two rate case periods1 SCE’s request would result in 2018–2023 rate SCE requests 2021 revenue requirement base growth of 7.6% increase of ~$1.3 billion4 Rate Base CAGR, 2018–2023 2021 GRC Revenue Requirement, $ in Billions 7.6% 7.6 6.9 6.7 6.4% 202
Slide 7: Recent CPUC approvals improve cash flow; pending decisions will generate additional cash
Recent CPUC approvals improve cash flow; pending decisions will generate additional cash $ in Millions Application Approval/ Request1 Additional Information GRC track 2 settlement 391 Settlement approved unmodified; $401 million of approved in Jan. 2021 O&M and reasonableness of $302 million of ca
Slide 8: Appendix
Appendix
Slide 9: Full-Year 2020 Earnings Summary
Full-Year 2020 Earnings Summary 2020 2019 Variance Key SCE EPS Drivers2 Test Year 2018 GRC true-up in 20193 $ (0.20) Basic Earnings Per Share (EPS) Higher revenue 1.19 CPUC revenue - GRC Escalation 0.93 SCE $ 2.17 $ 4.15 $ (1.98) CPUC revenue - Balancing account and other 0.15 EIX Parent & Other (0.
Slide 10: 2017/2018 Wildfire/Mudslide Events Update
2017/2018 Wildfire/Mudslide Events Update Remaining expected potential losses Resolved approximately 2/3rds of best estimate $ in Billions Settlement progress as a proportion of best estimate Best estimate of potential losses 6.2 Resolved Settlement progress: claims Remaining 34% alleged and Local P
Slide 11: SCE's 2021 General Rate Case will be approved in four tracks over 2021–2023
SCE’s 2021 General Rate Case will be approved in four tracks over 2021–2023 Estimated timeline for 2021 General Rate Case tracks and milestones1 Opening CPUC SCE Intervenor SCE & Reply Proposed Testimony Testimony Rebuttal Briefs Decision Track 1: 2021–2023 GRC Pending Revenue Requirement Tr
Slide 12: Earnings Non-GAAP Reconciliations
Earnings Non-GAAP Reconciliations Reconciliation of EIX GAAP Earnings to EIX Core Earnings Earnings (Losses) Attributable to Edison International, $ in Millions Q4 Q4 2020 2019 2020 2019 SCE $ 474 $ 194 $ 810 $ 1,409 EIX Parent & Other 52 (51) (71) (125) Basic Earnings $ 526 $ 143 $ 739 $ 1,284 Non-
Slide 13: EIX Core EPS Non-GAAP Reconciliations
EIX Core EPS Non-GAAP Reconciliations Reconciliation of EIX Basic Earnings Per Share to EIX Core Earnings Per Share EPS Attributable to Edison International Q4 Q4 2020 2019 2020 2019 Basic EPS $ 1.39 $ 0.40 $ 1.98 $ 3.78 Non-Core Items SCE 2017/2018 Wildfire/Mudslide Events claims and expenses, net
Slide 14: 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 (losses) internally for financial planning and for analysis of performance. Core earnings (losses) are