Slide 1: Supplemental Slides 1Q 2022 Results
SUPPLEMENTAL SLIDES 1Q 2022 RESULTS May 4, 2022 NiSource | NYSE: NI | nisource.com |
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Investors and prospective in
Slide 3: Key Takeaways
KEY TAKEAWAYS ◦ 2022 guidance and long-term growth rates reaffirmed ▪ 2022 non-GAAP diluted NOEPS guidance range of $1.42 to $1.48 reaffirmed ▪ Reaffirmed 5-7% 2023 annual non-GAAP NOEPS growth and 7-9% CAGR** from 2021 results to 2024 ▪ Continue to expect 2022 capital expenditures of $2.4 to $2.7B
Slide 4: First Quarter Consolidated Financial Results
FIRST QUARTER CONSOLIDATED FINANCIAL RESULTS GAAP FIRST QUARTER Change 2022 2021 Fav/(Unfav) Net Income (Loss) Available to Common Shareholders $413.0 $281.7 $131.3 ($ in Millions) Diluted Earnings (Loss) Per Share $0.94 $0.72 $0.22 NON-GAAP* FIRST QUARTER Change 2022 2021 Fav/(Unfav) Net Operating
Slide 5: First Quarter Non-GAAP Results
FIRST QUARTER NON-GAAP* RESULTS FIRST QUARTER GAS DISTRIBUTION OPERATIONS ($ Millions) Change 2022 2021 Fav/(Unfav) Operating Revenues $ 1,437.7 $ 1,147.3 $ 290.4 Cost of Energy $ 589.1 $ 379.0 $ (210.1) Tracked Operating Expenses $ 81.0 $ 66.3 $ (14.7) Other Operating Expenses $ 362.8 $ 328.0 $ (34
Slide 6: NiSource Debt and Credit Profile
NISOURCE DEBT AND CREDIT PROFILE ◦ Debt level: ~$9.8B as of March 31, 2022 ▪ ~$9.2B of long-term debt ▪ Weighted average maturity ~14 years ▪ Weighted average interest rate of 3.68% ◦ Solid liquidity position ▪ ~$1.9B in net available liquidity as of March 31, 2022* ▪ ~$2.4B of committed facilities
Slide 7: Capital Forecast (Before Solar Project Delays)
CAPITAL FORECAST (BEFORE SOLAR PROJECT DELAYS) Investment opportunities expected to enhance system safety and reliability while driving shareholder value $3.4 - $3.7B Planned Renewable Generation Investments of ~$2.0B $2.4 - $2.7B Expected delays in solar generation projects is likely to impact annu
Slide 8: Maintaining 2024 EPS Growth Commitment
MAINTAINING 2024 EPS GROWTH COMMITMENT Ensuring customer reliability, rate case flexibility and well-established infrastructure programs are key components Illustrative Capital Investment Plan Adjustments ($B) / 2024 EPS Impacts 1.0 Delayed Renewable Investments • ~$1.0B in-service by 2023 ($0.09 -
Slide 9: 2021 - 2024 Financing Plan
2021 - 2024 FINANCING PLAN* Financing strategy targets long-term Adj. FFO/total debt** of ~14%-15% ($ millions) 2021A 2022E 2023E 2024E Current Financing Plan • All financing is Planned Annual Safety & Modernization Investments included in our long- Equity term growth commitments ATM (At-the-Market)
Slide 10: Gas Distribution Operations
GAS DISTRIBUTION OPERATIONS ◦ Base rate case filed in Virginia ◦ Settlement filed in Indiana Gas Rate Case ◦ Continuing to invest in infrastructure to enhance safety, reliability, customer affordability and sustainability HIGHLIGHT KEY COMPONENTS STATUS • Requested $40.6 million net of SAVE infrastr
Slide 11: Electric Operations
ELECTRIC OPERATIONS ◦ Continuing to evaluate 2021 Integrated Resource Plan Request for Proposals ◦ Filed NIPSCO Electric FMCA tracker request in March HIGHLIGHT KEY COMPONENTS STATUS 2021 Integrated Resource • Michigan City Generation Station retirement between 2026 and 2028 • IRP submitted to IURC
Slide 12: Safety and Infrastructure Programs
SAFETY AND INFRASTRUCTURE PROGRAMS MODERNIZATION ESTIMATED ANNUAL YEAR-END 2021 AUTHORIZED RECOVERY COMPANY PROGRAM MODERNIZATION RATE BASE PROGRAM ROE MECHANISM INVESTMENTS PROGRAM INVESTMENTS Columbia Gas of OH $3.9B 10.39% ~$10.6B $520M - $600M Tracked Rate Case (Forward Columbia Gas of PA $2.4B
Slide 13: Safety and Infrastructure Investment and Tracker Filing Details
SAFETY AND INFRASTRUCTURE INVESTMENT AND TRACKER FILING DETAILS INCREMENTAL INVESTMENTS RECOVERY COMPANY MECHANISM PERIOD AMOUNT ($M) EFFECTIVE DATE Infrastructure Replacement Program FY 2020 $212.6 May 2021 Columbia Gas of Ohio (IRP) FY 2021 May 2022 $232.9 FY 2020 $177.2 Sept 2021 Columbia Gas of
Slide 14: Robust Renewable Investments in Indiana
Robust Renewable INVESTMENTS in Indiana NIPSCO Estimated JV Projects Investment Status In Service ($M) Rosewater Wind ~$100 ’20 Complete Indiana Crossroads Wind ~$300 ’21 Complete Dunns Bridge I Solar JV: 265 Dunns Bridge I Solar ~$240 ’23 Under Construction Dunns Bridge II Solar + Storage JV: 435 +
Slide 15: Environmental, Social & Governance (ESG)
ENVIRONMENTAL, SOCIAL & GOVERNANCE (ESG) Environmental Social Governance ◦ Driving toward 90% reduction* ◦ Transformation focused on ◦ Leadership enhancements in scope 1 greenhouse gas customer safety, reliability and support commitment to emissions by 2030, inclusive affordability customer service
Slide 16: Appendix
APPENDIX 1Q 2022 RESULTS NiSource | NYSE: NI | nisource.com |
Slide 17: Liquidity and Capitalization as of 1Q 2022
LIQUIDITY AND CAPITALIZATION AS OF 1Q 2022 ($M) CURRENT LIQUIDITY ACTUAL 3/31/22 MATURITY Revolving Credit Facility $1,850.0 Feb. 18, 2027 Accounts Receivable Programs* 480.0 Less: Drawn on Credit Facility — Commercial Paper 165.0 Accounts Receivable Programs Utilized 355.0 L/C's Outstanding Under C
Slide 18: Schedule 1 - Reconciliation of Consolidated Net Income
NiSource Inc. Schedule 1 - Reconciliation of Consolidated Net Income (Loss) Available to Common Shareholders to Net Operating Earnings Available to Common Shareholders (Non-GAAP) (unaudited) (1) Represents incremental severance and third-party consulting costs incurred in connection with the NiSourc
Slide 19: Schedule 2 - Reconciliation by Segment
NiSource Inc. Schedule 2 - Reconciliation by Segment of Operating Revenues, Expenses (Benefits), and Income (Loss) (GAAP) to Operating Revenues, Expenses (Benefits), and Income (Loss) (Non-GAAP) (unaudited) See footnote descriptions contained with Schedule 1. NiSource | NYSE: NI | nisource.com | 19