Edison International · NYSE:EIX
Edison International — Q2 2017 Earnings Presentation
13 slides from Edison International's earnings presentation, Jul 27, 2017
Slide 1: Second Quarter 2017 Financial Results
July 27, 2017 Second Quarter 2017 Financial Results Exhibit 99.3
Slide 2: Forward-looking statements
July 27, 2017 1 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
Slide 3: Second Quarter Earnings Summary
July 27, 2017 2 Second Quarter Earnings Summary Q2 2017 Q2 2016(*) Variance Basic Earnings Per Share (EPS) SCE $ 0.94 $ 0.98 $ (0.04) EIX Parent & Other (0.09) (0.11) 0.02 Discontinued Operations — (0.01) 0.01 Basic EPS $ 0.85 $ 0.86 $ (0.01) Less: Non-core Items SCE $ — $ — $ — EIX Parent & Other1
Slide 4: Year to Date Earnings Summary
July 27, 2017 3 Year to Date Earnings Summary YTD 2017 YTD 2016(*) Variance Basic Earnings Per Share (EPS) SCE $ 2.01 $ 1.88 $ 0.13 EIX Parent & Other (0.05) (0.16) 0.11 Discontinued Operations — — — Basic EPS $ 1.96 $ 1.72 $ 0.24 Less: Non-core Items SCE $ — $ — $ — EIX Parent & Other1 — 0.01 (0.01
Slide 5: 2017 Core Earnings Per Share Guidance – Building from SCE Rate Base
July 27, 2017 4 $4.05 $4.23(0.19)0.37 SCE 2017 EPS from Rate Base Forecast SCE Variances EIX Parent & Other EIX 2017 Core EPS Midpoint Guidance • O&M, financing and other benefits - $0.34 • Energy efficiency - $0.03 2017 Core Earnings Per Share Guidance – Building from SCE Rate Base • SCE authorized
Slide 6: SCE Capital Expenditure Forecast – Request Level
July 27, 2017 5 SCE Capital Expenditure Forecast – Request Level Note: Forecasted capital spending includes CPUC, FERC and other spending. 2018-2020 CPUC based on 2018 GRC request rebuttal testimony. See Capital Expenditure/Rate Base Detailed Forecast for further information, including potential inv
Slide 7: SCE Rate Base Forecast – Request Level
July 27, 2017 6 SCE Rate Base Forecast – Request Level CPUC • Rate base based on request levels from 2018 GRC Rebuttal Testimony and 2018 positive true-up from authorized to forecast 2017 rate base FERC • FERC rate base is approximately 20% of SCE’s rate base by 2020; includes Construction Work in P
Slide 8: CPUC Cost of Capital Adjustment Mechanism
July 27, 2017 7 3 4 5 6 7 10/1/12 10/1/13 10/1/14 10/1/15 10/1/16 10/1/17 10/1/18 10/1/19 R a t e ( % ) CPUC Cost of Capital CPUC Adjustment Mechanism Moody’s Baa Utility Index Spot Rate Moving Average (10/1/16 – 02/01/2017) = 4.60% 100 basis point +/- Deadband Starting Value – 5.00% Two year settle
Slide 9: Appendix
July 27, 2017 8 Appendix
Slide 10: 2016 Retrospectively Adjusted EPS by Quarter
July 27, 2017 9 2016 Retrospectively Adjusted EPS by Quarter 20161 Q4 Q3 Q2 Q1 Earnings (loss) per share attributable to Edison International Continuing Operations SCE $4.22 $1.01 $1.34 $0.98 $0.90 Edison International Parent & Other (0.23) (0.04) (0.05) (0.11) (0.04) Discontinued Operations 0.03 0.
Slide 11: Earnings Non-GAAP Reconciliations
July 27, 2017 10 Earnings Non-GAAP Reconciliations "Note: See Use of Non-GAAP Financial Measures. Earnings for second quarter and year-to-date 2016 were updated to reflect the implementation of the accounting standard for share- based payments effective January 1, 2016. ($ millions) Reconciliation o
Slide 12: SCE Core EPS Non-GAAP Reconciliations
July 27, 2017 11 SCE Core EPS Non-GAAP Reconciliations Basic EPS Non-Core Items Regulatory and tax items Write down, impairment and other charges Insurance recoveries Less: Total Non-Core Items Core EPS Reconciliation of SCE Basic Earnings Per Share to SCE Core Earnings Per Share 5% 5% $3.33 — — — —
Slide 13: Use of Non-GAAP Financial Measures
July 27, 2017 12 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 a