Edison International · NYSE:EIX
Edison International — Q1 2019 Earnings Presentation
13 slides from Edison International's earnings presentation, Apr 30, 2019
Slide 1: First Quarter 2019 Financial Results
First Quarter 2019 Financial Results April 30, 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: First Quarter Earnings Summary
First Quarter Earnings Summary Q1 Q1 Key SCE EPS Drivers 2019 2018 Variance Revenue $0.08 1 Basic Earnings Per Share (EPS) - CPUC revenue 0.06 SCE $ 0.90 $ 0.88 $ 0.02 - FERC revenue 0.02 Higher O&M (0.18) EIX Parent & Other (0.05) (0.21) 0.16 Higher depreciation (0.04) Basic EPS $ 0.85 $ 0.67 $ 0.1
Slide 4: SCE 2018 General Rate Case Proposed Decision
SCE 2018 General Rate Case Proposed Decision On April 12, 2019, the CPUC issued a proposed decision which is focused on SCE’s safety and reliability investments in infrastructure replacement and grid modernization, while mitigating customer rate impacts through lower operating costs • 2018 revenue r
Slide 5: SCE 2018 General Rate Case Proposed Decision: Key Comment Topics
SCE 2018 General Rate Case Proposed Decision On May 2, 2019, SCE will file opening comments on the 2018 GRC proposed decision (PD). We will discuss the following key topics: Topic PD Proposal • PD seeks to assign the costs (~$114 million) of six service centers to shareholders; these were previously
Slide 6: SCE Capital Expenditure Forecast
SCE Capital Expenditure Forecast ($ billions) Distribution1,2 Wildfire mitigation-related spend Long Term Growth Drivers Transmission Wildfire mitigation-related spend range Generation Transportation Electrification • Recently approved $356 million ($242 million of capital $4.6 spending) medium- and
Slide 7: SCE Rate Base Forecast – GRC Proposed Decision
SCE Rate Base Forecast – GRC Proposed Decision ($ billions) $33.1 $30.7 $28.4 2018 2019 2020 (PD) (PD) (PD) Prior Forecast $29.1 $31.8 $34.7 Delta ($0.7) ($1.1) ($1.6) Note: Weighted-average year basis; based on 2018 GRC proposed decision, subject to change. FERC based on latest forecast and current
Slide 8: 2019 Financial Assumptions
2019 Financial Assumptions ($ billions) SCE Capital Expenditures SCE Weighted Average Rate Base Distribution $3.2 Total $30.7 Transmission 0.7 • FERC comprises about 20% of total rate base in 2019 Generation 0.2 • Based on 2018 GRC proposed decision (subject to change) Wildfire Mitigation 0.4 Total
Slide 9: CPUC and FERC Cost of Capital Summary
CPUC and FERC Cost of Capital Summary CPUC Cost of Capital FERC Rate Case Component % Cost Weighted Cost Breakdown of Return on Equity (ROE) Cost Conventional ROE 10.60% Conventional ROE 11.12% Wildfire Risk ROE 6.00% Wildfire Risk ROE 6.00% Common Equity 52.0% 16.60% 8.63% Requested ROE + 17.12% Lo
Slide 10: 2019 HoldCo Financing Plan
2019 HoldCo Financing Plan ($ billions) 2019 EIX Long-Term Financing Plan Overview • $1.0 billion HoldCo debt to support SCE rate base $2.5 $2.5 growth and HoldCo operating expenses EIX OpEx and Other: $0.2 • $1.5 billion equity program (internal programs and At-The-Market) SCE Capital Proceeds to
Slide 11: Appendix
Appendix April 30, 2019 Energy for What's Ahead” 10
Slide 12: Earnings Non-GAAP Reconciliations
Earnings Non-GAAP Reconciliations ($ millions) Reconciliation of EIX GAAP Earnings to EIX Core Earnings Q1 Q1 Earnings Attributable to Edison International 2019 2018 SCE $293 $286 EIX Parent & Other (15) (68) Basic Earnings $278 $218 Non-Core Items SCE 1 $72 — EIX Parent & Other 2 — (44) Total Non-C
Slide 13: 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