Edison International · NYSE:EIX
Edison International — FY2018 Earnings Presentation
13 slides from Edison International's earnings presentation, Feb 28, 2019
Slide 1: Fourth Quarter and Full Year 2018 Financial Results
Exhibit 99.3 Fourth Quarter and Full Year 2018 Financial Results February 28, 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: SCE Wildfire-Related Charge Summary
SCE Wildfire-Related Charge Summary ($ millions) For the year ended December 31, 2018, the income statements include the estimated losses (established at the lower end of the reasonably estimated range of expected losses), net of expected recoveries from insurance and FERC customers, related to the
Slide 4: Fourth Quarter Earnings Summary
Fourth Quarter Earnings Summary Q4 Q4 Variance Key SCE EPS Drivers3 2018 2017 Revenue4,5,6 Basic Earnings Per Share (EPS)1 $ (0.06) - CPUC revenue (0.04) SCE $ (4.38) $ (0.33) $ (4.05) - FERC and other operating revenue (0.02) EIX Parent & Other (0.11) (1.34) 1.23 Higher O&M (0.03) Higher depreciati
Slide 5: Full Year 2018 Earnings Summary
Full Year 2018 Earnings Summary 2018 2017 Variance Key SCE EPS Drivers3 4,5,6 Basic Earnings Per Share (EPS)1 Revenue $ (0.02) - CPUC revenue (0.02) SCE (0.95) $ 3.10 $ (4.05) Higher O&M (0.13) EIX Parent & Other (0.45) (1.37) 0.92 Higher depreciation (0.01) Higher net financing costs (0.12) Discont
Slide 6: SCE Capital Expenditure Forecast
SCE Capital Expenditure Forecast ($ billions) Traditional Capital Spending: Distribution Transmission Generation $9.2 Billion 2019-2020 Capital Program Grid Modernization Capital Spending: • Capital expenditure forecast incorporates GRC, FERC and Grid Modernization 1 non-GRC CPUC spending $4.7 GRC
Slide 7: SCE Rate Base Forecast – Request Level
SCE Rate Base Forecast – Request Level ($ billions) 3-year CAGR of 9.8% Traditional Grid Modernization CPUC $34.7 • Rate base based on request levels from $31.8 2018 GRC Tax Reform February Update $29.1 FERC $26.2 • FERC rate base, including Construction Work in Progress (CWIP), is approximately 19%
Slide 8: 2019 Financial Assumptions
2019 Financial Assumptions ($ billions) SCE Capital Expenditures SCE Weighted Average Rate Base Distribution $3.6 Traditional $31.1 Transmission 0.7 Grid Mod 0.7 Generation 0.2 2019 Request $31.8 2019 Plan $4.5 • Based on 2019 budgeted expenditures at SCE • FERC comprises about 20% of total rate bas
Slide 9: Appendix
Appendix February 28, 2019 Energy for What's Ahead 8
Slide 10: Earnings Non-GAAP Reconciliations
Earnings Non-GAAP Reconciliations ($ millions) Reconciliation of EIX GAAP Earnings to EIX Core Earnings Q4 Q4 Earnings Attributable to Edison International 2018 2017 2018 2017 SCE ($1,429) ($109) ($310) $1,012 EIX Parent & Other (35) (436) (147) (447) Discontinued operations1 34 — 34 — Basic Earning
Slide 11: SCE Annual Results of Operations
SCE Annual Results of Operations ($ millions) • Earning activities – revenue authorized by CPUC and FERC to provide reasonable cost recovery and return on investment • Cost-recovery activities – CPUC- and FERC-authorized balancing accounts to recover specific project or program costs, subject to rea
Slide 12: 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 2018 2017 Basic EPS ($1.30) $1.73 Non-Core Items SCE Wildfire-related claims, net of recoverie
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