Edison International · NYSE:EIX
Edison International — Q1 2018 Earnings Presentation
11 slides from Edison International's earnings presentation, May 1, 2018
Slide 1: First Quarter 2018 Financial Results
First Quarter 2018 Financial Results May 1, 2018 Exhibit 99.3
Slide 2: 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 statements. These forward-lookin
Slide 3: First Quarter Earnings Summary
First Quarter Earnings Summary 2 1. See Earnings Non-GAAP reconciliations and Use of Non-GAAP Financial Measures in Appendix 2. Impact of hypothetical liquidation at book value (HLBV) accounting method and expected loss on sale of SoCore Energy 3. SCE’s 2018 core EPS drivers other than income taxes
Slide 4: SCE Capital Expenditure Forecast
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 $4 million for Charge Ready 2. 2017 and 2018 capital expenditures related to grid modernization are
Slide 5: SCE Rate Base Forecast – Request Level
SCE Rate Base Forecast – Request Level CPUC • Rate base based on request levels from 2018 GRC Tax Reform February Update FERC • FERC rate base, including Construction Work in Progress (CWIP), is approximately 19% of SCE’s rate base by 2020 • Reflects latest capital forecast and Incentive CWIP treatm
Slide 6: 2018 General Rate Case Application
• 2018 GRC Application (A. 16-09-001) filed September 1, 2016 • Addresses CPUC jurisdictional revenue requirement for 2018-2020 Includes operating costs and capital investment Excludes CPUC jurisdictional costs such as fuel and purchased power, cost of capital and other potential SCE capital pro
Slide 7: 2018 Financial Assumptions
2018 Financial Assumptions ($ 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) EIX will provide 2018
Slide 8: Appendix
Appendix 7
Slide 9: Earnings Non-GAAP Reconciliations
Earnings Non-GAAP Reconciliations 8 1. Impairment and other charges of $66 million ($48 million after-tax) in the first quarter of 2018 resulting from Edison International's agreement to sell SoCore Energy to a third party. The net assets of SoCore Energy have been recorded at fair value, less expec
Slide 10: EIX Core EPS Non-GAAP Reconciliations
EIX Core EPS Non-GAAP Reconciliations 9 Reconciliation of Edison International Basic Earnings Per Share to Edison International Core Earnings Per Share Note: See Use of Non-GAAP Financial Measures. Earnings Per Share Attributable to Edison International 2015 2016 2017 CAGR Basic EPS 3.13 $4.02 $1.73
Slide 11: 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