Slide 1: Second Quarter 2018 Financial Results
Second Quarter 2018 Financial Results July 26, 2018
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 state
Slide 3: Second Quarter Earnings Summary
Second Quarter Earnings Summary Q2 Q2 Key SCE EPS Drivers2 Variance 2018 2017 Revenue3,4 $0.07 Basic Earnings Per Share (EPS)1 - CPUC revenue 0.05 SCE $0.91 $0.94 $(0.03) - FERC revenue 0.02 EIX Parent & Other (0.06) (0.09) 0.03 Higher O&M (0.08) Discontinued Operations Lower depreciation 0.03
Slide 4: Year to Date Earnings Summary
Year to Date Earnings Summary YTD YTD Variance Key SCE EPS Drivers3 2018 2017 Revenue4,5 $0.07 Basic Earnings Per Share (EPS)1 - CPUC revenue 0.03 SCE $1.79 $2.01 $(0.22) - FERC and other operating revenue 0.04 EIX Parent & Other (0.27) (0.05) (0.22) Higher O&M (0.18) Discontinued Operations L
Slide 5: SCE Capital Expenditure Forecast
SCE Capital Expenditure Forecast ($ billions) $13.7 Billion 2018-2020 Capital Program Traditional Capital Spending: • Capital expenditure forecast incorporates GRC, FERC and non- Distribution1 Transmission Generation GRC CPUC spending Grid Modernization Capital Spending: Grid Modernization 2 GRC d
Slide 6: SCE Rate Base Forecast – Request Level
SCE Rate Base Forecast – Request Level ($ billions) 3-year CAGR of 9.7% Traditional Grid Modernization CPUC $34.6 • Rate base based on request levels from $31.8 2018 GRC Tax Reform February Update $29.1 FERC $26.2 • FERC rate base, including Construction Work in Progress (CWIP), is approximately 19%
Slide 7: 2018 Financial Assumptions
2018 Financial Assumptions ($ billions) SCE Capital Expenditures SCE Weighted Average Rate Base Distribution $3.4 Traditional $28.8 Transmission 0.6 Grid Mod 0.3 Generation 0.2 2018 Request $29.1 2018 Plan $4.2 • Based on 2018 budgeted expenditures at SCE • FERC comprises about 20% of total rate bas
Slide 8: Appendix
Appendix July 26, 2018 Energy for What's Ahead* 7
Slide 9: Earnings Non-GAAP Reconciliations
Earnings Non-GAAP Reconciliations ($ millions) Reconciliation of EIX GAAP Earnings to EIX Core Earnings Q2 Q2 YTD YTD Earnings Attributable to Edison International 2018 2017 2018 2017 SCE $297 $307 $583 $656 EIX Parent & Other (21) (29) (89) (16) Basic Earnings $276 $278 $494 $640 Non-Core Items SCE
Slide 10: EIX Core EPS Non-GAAP Reconciliations
EIX Core EPS Non-GAAP Reconciliations Reconciliation of Edison International Basic Earnings Per Share to Edison International Core Earnings Per Share Earnings Per Share Attributable to Edison International 2015 2016 2017 CAGR Basic EPS 3.13 $4.02 $1.73 (26%) Non-Core Items SCE Write down, impairment
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