Edison International · NYSE:EIX
Edison International — Q3 2019 Earnings Presentation
14 slides from Edison International's earnings presentation, Oct 29, 2019
Slide 1: Third Quarter and Year-to-Date 2019 Financial Results
Third Quarter and Year-to-Date 2019 Financial Results October 29, 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's Pathway 2045 Highlights
SCE’s Pathway 2045 Highlights “Adaptation to climate change must begin in earnest – which SCE is doing in part with our grid hardening, situational awareness and operational changes – but we must act on longer term solutions as well.” – Pedro Pizarro, Edison International CEO • 100% of grid sales wi
Slide 4: Third Quarter Earnings Summary
Third Quarter Earnings Summary Q3 Q3 Key SCE EPS Drivers4 2019 2018 Variance Higher revenue5 $ 0.12 - CPUC revenue (0.02) Basic Earnings Per Share (EPS)1 - 2018 FERC Formula Rate settlement 0.10 SCE $ 1.45 $ 1.64 $ (0.19) - Other FERC revenue 0.04 Higher O&M (0.21) EIX Parent & Other (0.09) (0.07) (
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-up5 $ 0.20 Higher revenue6 0.55 Basic Earnings Per Share (EPS)1 - CPUC revenue 0.32 SCE $ 3.65 $ 3.43 $ 0.22 - 2018 FERC Formula Rate settlement 0.10 - FERC and other operating revenue 0.13 EIX Pare
Slide 6: SCE 2021 General Rate Case Overview
SCE 2021 General Rate Case Overview Filed August 30, 2019, SCE’s 2021 GRC request balances the need to advance California’s ambitious decarbonization policy goals and address emergent wildfire public safety risks, while continuing to provide safe, reliable, and affordable service to customers • 2021
Slide 7: SCE Capital Expenditure Forecast
SCE Capital Expenditure Forecast ($ billions) $23.8 - $25.6 billion capital program Distribution for 2019-2023 Transmission Generation • This capital forecast includes: Wildire mitigation-related spend1 2018 GRC approved CPUC capital spend $5.3 $5.4 $5.3 for 2019-2020 $5.0 2021 GRC requested CPU
Slide 8: SCE Rate Base Forecast
SCE Rate Base Forecast ($ billions) $40.8 $38.2 $36.0 $33.4 $30.7 $28.5 $26.2 Range Case 2017 2018 2019 2020 20211 2022 2023 CAGR Range $30.7 $33.2 $35.3 $36.9 $39.0 6.9% Case2 1. Morongo Transmission holds an option to invest up to $400 million in the West of Devers Transmission Project, or half of
Slide 9: SCE Wildfire Capital Forecast
SCE Wildfire Capital Forecast ($ billions) All Other Wildfire-Related Mitigation $4.2 Billion Capital Request for 2019-20231 Spend 1 • Under AB 1054, ~$1.6 billion of SCE’s fire risk capital Wildfire-Related Mitigation Spend - expenditures per CPUC-approved Wildfire Mitigation Plan AB1054 shall not
Slide 10: 2019 EIX Core Earnings Guidance
2019 EIX Core Earnings Guidance 2019 Core Earnings Per Share Guidance – Key Assumptions Building from SCE Rate Base ($0.33) Total Rate Base $30.7 billion $0.29 $0.41 ($0.24) • FERC comprises ~20% of total $4.68 • Test year • HoldCo $4.80 CPUC 2018 GRC operating • Previously • Financing true-up: and
Slide 11: Appendix
Appendix October 29, 2019 Energy for What's Ahead* 10
Slide 12: 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 $4.83 EIX Parent & Other (0.32) Basic EPS1 $4.41 $4.51 $4.61 Non-Core Items SCE2,3 (0.29) (0
Slide 13: Earnings Non-GAAP Reconciliations
Earnings Non-GAAP Reconciliations ($ millions) Reconciliation of EIX GAAP Earnings to EIX Core Earnings Q3 Q3 YTD YTD Earnings Attributable to Edison International 2019 2018 2019 2018 SCE $503 $536 $1,215 $1,119 EIX Parent & Other (32) (23) (74) (112) Basic Earnings $471 $513 $1,141 $1,007 Non-Core
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 internally for financial planning and for analysis of performance. Core earnings are also used when com