Slide 1: Supplemental Slides 1Q 2021 Results
SUPPLEMENTAL SLIDES 1Q 2021 RESULTS May 5, 2021 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 i
Slide 3: Key Takeaways
KEY TAKEAWAYS • First Quarter 2021 Non-GAAP Diluted Net Operating Earnings Per Share (NOEPS)* of $0.77 ◦ Results reflect increased earnings from annual safety & modernization investments and reflect the profile of our business without Columbia Gas of Massachusetts • 2021 Guidance narrowed and long-t
Slide 4: First Quarter Consolidated Financial Results
FIRST QUARTER CONSOLIDATED FINANCIAL RESULTS GAAP FIRST QUARTER 2021 2020 Change Net Income (Loss) Available to Common Shareholders $281.7 $61.8 $219.9 ($ in Millions) Diluted Earnings (Loss) Per Share $0.72 $0.16 $0.56 NON-GAAP* FIRST QUARTER 2021 2020 Change Net Operating Earnings (Loss) Available
Slide 5: First Quarter Segment Non-GAAP Results
FIRST QUARTER SEGMENT NON-GAAP* RESULTS FIRST QUARTER GAS DISTRIBUTION OPERATIONS ($ Millions) 2021 2020 Change Operating Revenues $ 1,147.3 $ 1,255.8 $ (108.5) Cost of Energy $ 379.0 $ 377.4 $ (1.6) Tracked Operating Expenses $ 66.3 $ 92.6 $ 26.3 Other Operating Expenses $ 328.0 $ 394.2 $ 66.2 Tota
Slide 6: NiSource Debt and Credit Profile
NISOURCE DEBT AND CREDIT PROFILE • Debt level: ~$9.8B as of March 31, 2021 – ~$9.1B of long-term debt ▪ Weighted average maturity ~15 years ▪ Weighted average interest rate of 3.68% • Solid liquidity position – ~$1.9B in net available liquidity as of March 31, 2021* – ~$2.3B of committed facilities
Slide 7: 2021E – 2024E Capital Forecast
2021E – 2024E CAPITAL FORECAST Investment opportunities expected to enhance system safety and reliability while driving shareholder value $3.4 - $3.7B Expected Investment Recovery Period $2.4 - $2.7B Renewables (Rate Case Targeted $1.9 - $2.1B $1.9 - $2.2B Expected Renewable 2H/2023) Generation Grow
Slide 8: 2021 - 2024 Financing Plan
2021 - 2024 FINANCING PLAN* Financing strategy targets long-term Adj. FFO/total debt** of ~14%-15% ($ millions) 2021E 2022E 2023E 2024E Current Financing Plan Planned Annual Safety & Modernization Investments • All financing is included in our long- Equity term growth ATM (At-the-Market) $200 - $300
Slide 9: Gas Distribution Operations
GAS DISTRIBUTION OPERATIONS ◦ Pennsylvania 2020 rate case approved, new rate case filed ◦ Continuing to execute infrastructure modernization designed to enhance system safety, reliability and environmental performance HIGHLIGHT KEY COMPONENTS STATUS Columbia Gas of Kentucky ◦ Supports continued repl
Slide 10: Electric Operations
ELECTRIC OPERATIONS ◦ Commercial and regulatory progress continues on remaining renewable projects ◦ $2.0B of capital investment opportunities expected in 2022 and 2023 ◦ Continued execution of seven-year ~$1.2B electric system modernization program HIGHLIGHT KEY COMPONENTS STATUS 2021 Integrated Re
Slide 11: Safety and Infrastructure Programs
SAFETY AND INFRASTRUCTURE PROGRAMS MODERNIZATION ESTIMATED ANNUAL YEAR-END 2020 AUTHORIZED RECOVERY COMPANY PROGRAM MODERNIZATION RATE BASE PROGRAM ROE MECHANISM INVESTMENTS PROGRAM INVESTMENTS Columbia Gas of OH $3.5B 10.39% ~$10.6B $540M - $560M Tracked Rate Case (Forward Columbia Gas of PA $2.1B
Slide 12: Safety and Infrastructure Investment and Tracker Filing Details
SAFETY AND INFRASTRUCTURE INVESTMENT AND TRACKER FILING DETAILS INCREMENTAL INVESTMENTS RECOVERY COMPANY MECHANISM PERIOD AMOUNT ($M) FILING DATE EFFECTIVE DATE Infrastructure Replacement FY 2019 $234.4 Feb 2020 May 2020 Columbia Gas of Ohio Program (IRP) FY 2020 Feb 2021 May 2021 $212.6 FY 2019 $18
Slide 13: Robust Renewable Investments in Indiana
ROBUST RENEWABLE INVESTMENTS IN INDIANA NIPSCO Project Structure Investment ($M) In Service Status Dunns Bridge I Solar JV: 265 Dunns Bridge II Solar + Storage JV: 435 + 75 Projects in Execution: Indiana Crossroads II Wind PPA: 200 Rosewater Wind JV ~$100 ’20 Complete Cavalry Solar + Storage JV: 200
Slide 14: Environmental, Social & Governance (ESG)
ENVIRONMENTAL, SOCIAL & GOVERNANCE (ESG) Environmental Social Governance • $1.8B-$2.0B of planned • Transformation focused on • Leadership enhancements renewable investments customer safety and reliability support commitment to through 2023 customer service and safety • Economically benefiting • Exp
Slide 15: Appendix
APPENDIX 1Q 2021 RESULTS NiSource | NYSE: NI | nisource.com | 15
Slide 16: Liquidity and Capitalization as of 1Q 2021 ($M)
LIQUIDITY AND CAPITALIZATION AS OF 1Q 2021 ($M) CURRENT LIQUIDITY ACTUAL 3/31/21 MATURITY Revolving Credit Facility $1,850 Feb. 20, 2024 Accounts Receivable Programs* 462 Less: Drawn on Credit Facility — Commercial Paper 520 Accounts Receivable Programs Utilized — L/C's Outstanding Under Credit Faci
Slide 17: Schedule 1 - Reconciliation of Consolidated Net Income Available to Common Shareholders
NiSource Inc. Schedule 1 - Reconciliation of Consolidated Net Income Available to Common Shareholders to Net Operating Earnings Available to Common Shareholders (Non-GAAP) (unaudited) Three Months Ended March 31, (in millions, except per share amounts) 2021 2020 GAAP Net Income Available to Common S
Slide 18: Schedule 2 - Reconciliation by Segment of Operating Income (Loss)
NiSource Inc. Schedule 2 - Reconciliation by Segment of Operating Income (Loss) to Operating Income (Loss) (Non-GAAP) (unaudited) Gas Corporate & Three Months Ended March 31, 2021 (in millions) Distribution Electric Other Total Operating Income (Loss) (GAAP) $ 346.9 $ 87.9 $ (1.6) $ 433.2 Adjustment
Slide 19: Schedule 3 - Reconciliation by Segment of Operating Revenues and Expenses
NiSource Inc. Schedule 3 - Reconciliation by Segment of Operating Revenues and Expenses (GAAP) to Operating Revenues and Expenses (Non-GAAP) (unaudited) Gas Corporate & Three Months Ended March 31, 2021 (in millions) Distribution Electric Other Total Operating Revenues (GAAP) $ 1,138.9 $ 402.7 $ 4.0
Slide 20: Appendix: Equity Units
APPENDIX EQUITY UNITS NiSource | NYSE: NI | nisource.com | 20
Slide 21: Structure Diagram of Equity Unit Structure
STRUCTURE DIAGRAM OF EQUITY UNIT STRUCTURE Step 1: At Inception (T = 0) NiSource receives cash Mandatory proceeds from issuance Forward Equity NiSource receives cash proceeds from offering and Convertible Cash Contract Preferred Stock agrees to issue a variable number of common shares & pay yield on
Slide 22: 2021E – 2024E Financing Strategy
2021E – 2024E FINANCING STRATEGY1 ($ millions) 2021E 2022E 2023E 2024E Current Financing Plan … Planned Annual Safety & Modernization Investments • All financing is included in our long-term growth Equity Reduced to $0 - $150 commitments ATM (At-the-Market) $200 - $300 $200 - $300 $200 - $300 • Refl