First Quarter 2022 GAAP earnings per share of $0.22; Core EPS of $1.07
Through the end of the first quarter, SCE has deployed over 3,200 miles of covered conductor, nearly double the miles installed at the same time last year
Revises best estimate of expected losses for 2017/2018 Wildfire/Mudslide Events, resulting in net after-tax charge of $281 million; Anticipates cost recovery filing by late 2023
Affirms 2022 EPS guidance of $4.40–4.70 and long-term EPS growth rate target of 5–7%
ROSEMEAD, Calif.--(BUSINESS WIRE)--Edison International (NYSE: EIX) today reported first quarter 2022 net income of $84 million, or $0.22 per share, compared to net income of $259 million, or $0.68 per share, in the first quarter of 2021. As adjusted, first quarter 2022 core earnings were $407 million, or $1.07 per share, compared to core earnings of $301 million, or $0.79 per share, in the first quarter of 2021.
Southern California Edison’s (SCE) first quarter 2022 core earnings per share (EPS) increased year-over-year primarily due to the adoption of the 2021 General Rate Case final decision in the third quarter of 2021, partially offset by interest expense from increased borrowings.
Edison International Parent and Other's first quarter 2022 loss per share increased year-over-year primarily due to higher preferred dividends.
SCE's non-core loss during the quarter was primarily attributable to a charge recorded for 2017/2018 Wildfire/Mudslide Events claims and expenses, net of expected recoveries from FERC customers. This charge is described further below.
“SCE continues to make solid progress in substantially improving its wildfire risk profile,” said Pedro J. Pizarro, president and CEO of Edison International. “The cornerstone of SCE’s grid hardening measures is the wildfire covered conductor program. Over the past year the utility nearly doubled its miles of installed covered conductor. SCE will continue to drive this valuable program forward and by year-end expects 40% of its overhead distribution lines in high fire risk areas will be covered.”
Pizarro added, “We strongly believe Edison International is the best investment vehicle to participate in California’s clean energy transition. SCE’s approach to wildfire mitigation has shown positive results over the last three wildfire seasons and the utility is expeditiously hardening the grid every day, to the benefit of both customers and investors. As an electric-only, wires-focused utility, SCE’s ongoing investment in the grid will enable an electric-led future.”
Edison International uses core earnings, which is a non-GAAP financial measure that adjusts for significant discrete items that management does not consider representative of ongoing earnings. Edison International management believes that core earnings provide more meaningful comparisons of performance from period to period. Please see the attached tables for a reconciliation of core earnings to basic GAAP earnings.
Revision to Best Estimate of Losses for 2017/2018 Wildfire/Mudslide Events
EIX and SCE revised the estimated losses for the 2017/2018 Wildfire Mudslide Events higher by $416 million as a result of management's first quarter 2022 review, including a review of large damage claims presented by a small number of plaintiffs and new lawsuits filed in the Woolsey Fire litigation. As a result, Edison International and SCE also recorded expected recoveries through FERC electric rates of $26 million against the charge, and the resulting net charge to earnings was $390 million ($281 million after-tax).
Anticipated Timing of Cost Recovery Applications
As previously disclosed, SCE will seek rate recovery at the CPUC of prudently-incurred, actual losses realized in connection with the 2017/2018 Wildfire/Mudslide Events. Based on EIX's and SCE's current best estimate of expected losses, SCE currently expects to seek CPUC-jurisdictional rate recovery of approximately $5.2 billion by filing multiple future applications with the CPUC. SCE currently anticipates filing the first application for cost recovery by late 2023.
2022 Earnings Guidance
The company affirmed its earnings guidance range for 2022 as summarized in the following chart. See the presentation accompanying the company’s conference call for further information and assumptions.
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
2022 Earnings Guidance |
|
2022 Earnings Guidance |
||||||||||
|
|
as of February 24, 2022 |
|
as of May 3, 2022 |
||||||||||
|
|
Low |
|
High |
|
Low |
|
High |
||||||
EIX Basic EPS |
|
$ |
4.40 |
|
$ |
4.70 |
|
$ |
3.55 |
|
|
$ |
3.85 |
|
Less: Non-core Items* |
|
|
– |
|
|
– |
|
|
(0.85 |
) |
|
|
(0.85 |
) |
EIX Core EPS |
|
$ |
4.40 |
|
$ |
4.70 |
|
$ |
4.40 |
|
|
$ |
4.70 |
|
|
* There were ($323) million, or ($0.85) per share of non-core items recorded for the three months ended March 31, 2022, calculated based on an assumed weighted average share count for 2022. Basic EIX EPS guidance only incorporates non-core items to March 31, 2022.
First Quarter 2022 Earnings Conference Call and Webcast Details
When: |
|
Tuesday, May 3, 2022, 1:30 p.m. (Pacific Time) |
Telephone Numbers: |
|
1-888-673-9780 (US) and 1-312-470-0178 (Int'l) - Passcode: Edison |
Telephone Replay: |
|
1-866-357-4207 (US) and 1-203-369-0123 (Int’l) - Passcode: 9461 |
|
|
Telephone replay available through May 18, 2022 at 6:00 p.m. (Pacific Time) |
Webcast: |
|
|
Edison International has posted its earnings conference call prepared remarks by the CEO and CFO, the teleconference presentation, and Form 10-Q to the company's investor relations website. These materials are available at www.edisoninvestor.com.
About Edison International
Edison International (NYSE: EIX) is one of the nation’s largest electric utility holding companies, providing clean and reliable energy and energy services through its independent companies. Headquartered in Rosemead, California, Edison International is the parent company of Southern California Edison Company, a utility that delivers electricity to 15 million people across Southern, Central and Coastal California. Edison International is also the parent company of Edison Energy, a global energy advisory company delivering comprehensive, data-driven energy solutions to commercial and industrial users to meet their cost, sustainability and risk goals.
Use of Non-GAAP Financial Measures
Edison International’s earnings are prepared in accordance with generally accepted accounting principles used in the United States and represent the company’s earnings as reported to the Securities and Exchange Commission. Our management uses core earnings and core earnings per share (EPS) internally for financial planning and for analysis of performance of Edison International and Southern California Edison. We also use core earnings and core EPS when communicating with analysts and investors regarding our earnings results to facilitate comparisons of the Company’s performance from period to period. Financial measures referred to as net income, basic EPS, core earnings, or core EPS also apply to the description of earnings or earnings per share.
Core earnings and core EPS are non-GAAP financial measures and may not be comparable to those of other companies. Core earnings and core EPS are defined as basic earnings and basic EPS excluding income or loss from discontinued operations and income or loss from significant discrete items that management does not consider representative of ongoing earnings. Basic earnings and losses refer to net income or losses attributable to Edison International shareholders. Core earnings are reconciled to basic earnings in the attached tables. The impact of participating securities (vested awards that earn dividend equivalents that may participate in undistributed earnings with common stock) for the principal operating subsidiary is not material to the principal operating subsidiary’s EPS and is therefore reflected in the results of the Edison International holding company, which is included in Edison International Parent and Other.
Safe Harbor Statement
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 forward-looking statements reflect our current expectations; however, such statements involve risks and uncertainties. Actual results could differ materially from current expectations. These forward-looking statements represent our expectations only as of the date of this presentation, and Edison International assumes no duty to update them to reflect new information, events or circumstances. Important factors that could cause different results include, but are not limited to the:
Additional information about risks and uncertainties, including more detail about the factors described in this report, is contained throughout this report and in the 2021 Form 10-K, including the "Risk Factors" section. Readers are urged to read this entire report, including information incorporated by reference, as well as the 2021 Form 10-K, and carefully consider the risks, uncertainties, and other factors that affect Edison International's and SCE's businesses. Edison International and SCE post or provide direct links (i) to certain SCE and other parties' regulatory filings and documents with the CPUC and the FERC and certain agency rulings and notices in open proceedings in a section titled "SCE Regulatory Highlights," (ii) to certain documents and information related to Southern California wildfires which may be of interest to investors in a section titled "Southern California Wildfires," and (iii) to presentations, documents and other information that may be of interest to investors in a section titled "Presentations and Updates" at www.edisoninvestor.com in order to publicly disseminate such information.
These forward-looking statements represent our expectations only as of the date of this news release, and Edison International assumes no duty to update them to reflect new information, events or circumstances. Readers should review future reports filed by Edison International and SCE with the SEC.
First Quarter Reconciliation of Basic Earnings Per Share to Core Earnings Per Share
|
|
Three months ended |
|
|
|
|||||||
|
|
March 31, |
|
|
|
|||||||
|
|
2022 |
|
2021 |
|
Change |
||||||
Earnings (loss) per share attributable to Edison International |
|
|
|
|
|
|
|
|
|
|||
SCE |
|
$ |
0.38 |
|
|
$ |
0.78 |
|
|
$ |
(0.40 |
) |
Edison International Parent and Other |
|
|
(0.16 |
) |
|
|
(0.10 |
) |
|
|
(0.06 |
) |
Edison International |
|
|
0.22 |
|
|
|
0.68 |
|
|
|
(0.46 |
) |
Less: Non-core items |
|
|
|
|
|
|
|
|
|
|||
SCE |
|
|
(0.85 |
) |
|
|
(0.11 |
) |
|
|
(0.74 |
) |
Edison International Parent and Other |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total non-core items |
|
|
(0.85 |
) |
|
|
(0.11 |
) |
|
|
(0.74 |
) |
Core earnings (losses) |
|
|
|
|
|
|
|
|
|
|||
SCE |
|
|
1.23 |
|
|
|
0.89 |
|
|
|
0.34 |
|
Edison International Parent and Other |
|
|
(0.16 |
) |
|
|
(0.10 |
) |
|
|
(0.06 |
) |
Edison International |
|
$ |
1.07 |
|
|
$ |
0.79 |
|
|
$ |
0.28 |
|
Note: Diluted earnings were $0.22 and $0.68 per share for the three months ended March 31, 2022 and 2021. |
||||||||||||
First Quarter Reconciliation of Basic Earnings Per Share to Core Earnings (in millions)
|
|
Three months ended |
|
|
|
|||||||
|
|
March 31, |
|
|
|
|||||||
(in millions) |
|
2022 |
|
2021 |
|
Change |
||||||
Net income (loss) attributable to Edison International |
|
|
|
|
|
|
|
|
|
|||
SCE |
|
$ |
147 |
|
|
$ |
296 |
|
|
$ |
(149 |
) |
Edison International Parent and Other |
|
|
(63 |
) |
|
|
(37 |
) |
|
|
(26 |
) |
Edison International |
|
|
84 |
|
|
|
259 |
|
|
|
(175 |
) |
Less: Non-core items |
|
|
|
|
|
|
|
|
|
|||
SCE1,2 |
|
|
(323 |
) |
|
|
(42 |
) |
|
|
(281 |
) |
Edison International Parent and Other |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total non-core items |
|
|
(323 |
) |
|
|
(42 |
) |
|
|
(281 |
) |
Core earnings (losses) |
|
|
|
|
|
|
|
|
|
|||
SCE |
|
|
470 |
|
|
|
338 |
|
|
|
132 |
|
Edison International Parent and Other |
|
|
(63 |
) |
|
|
(37 |
) |
|
|
(26 |
) |
Edison International |
|
$ |
407 |
|
|
$ |
301 |
|
|
$ |
106 |
|
1 |
Includes amortization of SCE’s Wildfire Insurance Fund expenses of $53 million ($38 million after-tax) in the first quarter of both 2022 and 2021. | |
2 |
Includes charges of $396 million ($285 million after-tax) recorded in first quarter of 2022 and $5 million ($4 million after-tax) in the first quarter of 2021 for 2017/2018 Wildfire/Mudslide Events claims and expenses, net of recoveries. | |
|
|
|
|
|
|
|
||
Consolidated Statements of Income |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
|
Three months ended |
||||||
|
|
March 31, |
||||||
(in millions, except per-share amounts) |
|
2022 |
|
2021 |
||||
Total operating revenue |
|
$ |
3,968 |
|
|
$ |
2,960 |
|
Purchased power and fuel |
|
|
1,037 |
|
|
|
1,013 |
|
Operation and maintenance |
|
|
1,487 |
|
|
|
841 |
|
Wildfire-related claims, net of insurance recoveries |
|
|
425 |
|
|
|
3 |
|
Wildfire Insurance Fund expense |
|
|
53 |
|
|
|
53 |
|
Depreciation and amortization |
|
|
583 |
|
|
|
525 |
|
Property and other taxes |
|
|
126 |
|
|
|
126 |
|
Other operating income |
|
|
(2 |
) |
|
|
— |
|
Total operating expenses |
|
|
3,709 |
|
|
|
2,561 |
|
Operating income |
|
|
259 |
|
|
|
399 |
|
Interest expense |
|
|
(246 |
) |
|
|
(217 |
) |
Other income |
|
|
68 |
|
|
|
72 |
|
Income before income taxes |
|
|
81 |
|
|
|
254 |
|
Income tax benefit |
|
|
(55 |
) |
|
|
(36 |
) |
Net income |
|
|
136 |
|
|
|
290 |
|
Preference stock dividend requirements of SCE |
|
|
26 |
|
|
|
27 |
|
Preferred stock dividend requirement of Edison International |
|
|
26 |
|
|
|
4 |
|
Net income attributable to Edison International common shareholders |
|
$ |
84 |
|
|
$ |
259 |
|
Basic earnings per share: |
|
|
|
|
|
|
||
Weighted average shares of common stock outstanding |
|
|
381 |
|
|
|
379 |
|
Basic earnings per common share attributable to Edison International common shareholders |
|
$ |
0.22 |
|
|
$ |
0.68 |
|
Diluted earnings per share: |
|
|
|
|
|
|
||
Weighted average shares of common stock outstanding, including effect of dilutive securities |
|
|
382 |
|
|
|
380 |
|
Diluted earnings per common share attributable to Edison International common shareholders |
|
$ |
0.22 |
|
|
$ |
0.68 |
|
|
|
|
|
|
|
|
Consolidated Balance Sheets |
|
Edison International |
||||
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
||
(in millions) |
|
2022 |
|
2021 |
||
ASSETS |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
231 |
|
$ |
390 |
Receivables, less allowances of $255 and $193 for uncollectible accounts at respective dates |
|
|
1,312 |
|
|
1,398 |
Accrued unbilled revenue |
|
|
743 |
|
|
794 |
Inventory |
|
|
434 |
|
|
420 |
Prepaid expenses |
|
|
258 |
|
|
258 |
Regulatory assets |
|
|
1,961 |
|
|
1,778 |
Wildfire Insurance Fund contributions |
|
|
204 |
|
|
204 |
Other current assets |
|
|
130 |
|
|
249 |
Total current assets |
|
|
5,273 |
|
|
5,491 |
Nuclear decommissioning trusts |
|
|
4,527 |
|
|
4,870 |
Marketable securities |
|
|
10 |
|
|
12 |
Other investments |
|
|
44 |
|
|
39 |
Total investments |
|
|
4,581 |
|
|
4,921 |
Utility property, plant and equipment, less accumulated depreciation and amortization of $11,650 and $11,407 at respective dates |
|
|
50,793 |
|
|
50,497 |
Nonutility property, plant and equipment, less accumulated depreciation of $103 and $98 at respective dates |
|
|
207 |
|
|
203 |
Total property, plant and equipment |
|
|
51,000 |
|
|
50,700 |
Receivables, less allowances of $99 and $116 uncollectible accounts at respective dates |
|
|
66 |
|
|
122 |
Regulatory assets (includes $849 and $325 related to Variable Interest Entities "VIEs" at respective dates) |
|
|
8,008 |
|
|
7,660 |
Wildfire Insurance Fund contributions |
|
|
2,309 |
|
|
2,359 |
Operating lease right-of-use assets |
|
|
1,849 |
|
|
1,932 |
Long-term insurance receivable |
|
|
171 |
|
|
75 |
Other long-term assets |
|
|
1,463 |
|
|
1,485 |
Total long-term assets |
|
|
13,866 |
|
|
13,633 |
|
|
|
|
|
|
|
Total assets |
|
$ |
74,720 |
|
$ |
74,745 |
|
|
|
|
|
|
|
||
Consolidated Balance Sheets |
|
Edison International |
||||||
|
|
|
|
|
|
|
||
|
|
March 31, |
|
December 31, |
||||
(in millions, except share amounts) |
|
2022 |
|
2021 |
||||
LIABILITIES AND EQUITY |
|
|
|
|
|
|
||
Short-term debt |
|
$ |
2,049 |
|
|
$ |
2,354 |
|
Current portion of long-term debt |
|
|
1,117 |
|
|
|
1,077 |
|
Accounts payable |
|
|
1,973 |
|
|
|
2,002 |
|
Wildfire-related claims |
|
|
137 |
|
|
|
131 |
|
Customer deposits |
|
|
190 |
|
|
|
193 |
|
Regulatory liabilities |
|
|
701 |
|
|
|
603 |
|
Current portion of operating lease liabilities |
|
|
594 |
|
|
|
582 |
|
Other current liabilities |
|
|
1,581 |
|
|
|
1,667 |
|
Total current liabilities |
|
|
8,342 |
|
|
|
8,609 |
|
Long-term debt (Includes $837 and $314 related to VIEs at respective dates) |
|
|
24,967 |
|
|
|
24,170 |
|
Deferred income taxes and credits |
|
|
5,780 |
|
|
|
5,740 |
|
Pensions and benefits |
|
|
488 |
|
|
|
496 |
|
Asset retirement obligations |
|
|
2,839 |
|
|
|
2,772 |
|
Regulatory liabilities |
|
|
8,867 |
|
|
|
8,981 |
|
Operating lease liabilities |
|
|
1,255 |
|
|
|
1,350 |
|
Wildfire-related claims |
|
|
1,531 |
|
|
|
1,733 |
|
Other deferred credits and other long-term liabilities |
|
|
3,019 |
|
|
|
3,105 |
|
Total deferred credits and other liabilities |
|
|
23,779 |
|
|
|
24,177 |
|
Total liabilities |
|
|
57,088 |
|
|
|
56,956 |
|
Commitments and contingencies |
|
|
|
|
|
|
||
Preferred stock (50,000,000 shares authorized; 1,250,000 shares of Series A and 750,000 shares of Series B issued and outstanding at respective dates) |
|
|
1,977 |
|
|
|
1,977 |
|
Common stock, no par value (800,000,000 shares authorized; 380,901,110 and 380,378,145 shares issued and outstanding at respective dates) |
|
|
6,090 |
|
|
|
6,071 |
|
Accumulated other comprehensive loss |
|
|
(52 |
) |
|
|
(54 |
) |
Retained earnings |
|
|
7,716 |
|
|
|
7,894 |
|
Total Edison International's shareholders' equity |
|
|
15,731 |
|
|
|
15,888 |
|
Noncontrolling interests – preference stock of SCE |
|
|
1,901 |
|
|
|
1,901 |
|
Total equity |
|
|
17,632 |
|
|
|
17,789 |
|
|
|
|
|
|
|
|
||
Total liabilities and equity |
|
$ |
74,720 |
|
|
$ |
74,745 |
|
|
|
|
|
|
|
|
||
Consolidated Statements of Cash Flows |
|
Edison International |
||||||
|
|
|
|
|
|
|
||
|
|
Three months ended March 31, |
||||||
(in millions) |
|
2022 |
|
2021 |
||||
Cash flows from operating activities: |
|
|
|
|
|
|
||
Net income |
|
$ |
136 |
|
|
$ |
290 |
|
Adjustments to reconcile to net cash provided by operating activities: |
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
624 |
|
|
|
542 |
|
Allowance for equity during construction |
|
|
(30 |
) |
|
|
(35 |
) |
Deferred income taxes |
|
|
(55 |
) |
|
|
(37 |
) |
Wildfire Insurance Fund amortization expense |
|
|
53 |
|
|
|
53 |
|
Other |
|
|
11 |
|
|
|
11 |
|
Nuclear decommissioning trusts |
|
|
(34 |
) |
|
|
(52 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
||
Receivables |
|
|
130 |
|
|
|
15 |
|
Inventory |
|
|
(14 |
) |
|
|
(12 |
) |
Accounts payable |
|
|
(84 |
) |
|
|
(151 |
) |
Tax receivables and payables |
|
|
54 |
|
|
|
178 |
|
Other current assets and liabilities |
|
|
5 |
|
|
|
(168 |
) |
Regulatory assets and liabilities, net |
|
|
259 |
|
|
|
(70 |
) |
Wildfire-related insurance receivable |
|
|
(96 |
) |
|
|
105 |
|
Wildfire-related claims |
|
|
(196 |
) |
|
|
(618 |
) |
Other noncurrent assets and liabilities |
|
|
29 |
|
|
|
21 |
|
Net cash provided by operating activities |
|
|
792 |
|
|
|
72 |
|
Cash flows from financing activities: |
|
|
|
|
|
|
||
Long-term debt issued, plus premium and net of discount and issuance costs of $20 and $15 for the respective periods |
|
|
1,713 |
|
|
|
1,223 |
|
Long-term debt repaid |
|
|
(365 |
) |
|
|
(490 |
) |
Short-term debt issued |
|
|
— |
|
|
|
305 |
|
Short-term debt repaid |
|
|
(518 |
) |
|
|
(327 |
) |
Common stock issued |
|
|
4 |
|
|
|
15 |
|
Preferred stock issued, net |
|
|
— |
|
|
|
1,237 |
|
Commercial paper repayments, net of borrowing |
|
|
(306 |
) |
|
|
(180 |
) |
Dividends and distribution to noncontrolling interests |
|
|
(32 |
) |
|
|
(32 |
) |
Common stock dividends paid |
|
|
(262 |
) |
|
|
(247 |
) |
Preferred stock dividends paid |
|
|
(46 |
) |
|
|
— |
|
Other |
|
|
17 |
|
|
|
7 |
|
Net cash provided by financing activities |
|
|
205 |
|
|
|
1,511 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
||
Capital expenditures |
|
|
(1,207 |
) |
|
|
(1,358 |
) |
Proceeds from sale of nuclear decommissioning trust investments |
|
|
867 |
|
|
|
1,270 |
|
Purchases of nuclear decommissioning trust investments |
|
|
(833 |
) |
|
|
(1,218 |
) |
Other |
|
|
16 |
|
|
|
24 |
|
Net cash used in investing activities |
|
|
(1,157 |
) |
|
|
(1,282 |
) |
Net (decrease) increase in cash, cash equivalents and restricted cash |
|
|
(160 |
) |
|
|
301 |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
|
394 |
|
|
|
89 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
234 |
|
|
$ |
390 |
|
Прибыль на акцию по ОПБУ за первый квартал 2022 года составила $0,22; Базовая прибыль на акцию составила $1,07
К концу первого квартала SCE развернула более 3200 миль крытого проводника, что почти вдвое превышает количество миль, установленных в то же время в прошлом году
Пересматривает наилучшую оценку ожидаемых убытков от лесных пожаров/оползней 2017/2018 годов, в результате чего чистые расходы после уплаты налогов составят 281 миллион долларов США; Ожидается, что подача заявления о возмещении расходов состоится к концу 2023 года
Подтверждает прогноз EPS на 2022 год в размере $4,40–4,70 и долгосрочный целевой показатель роста EPS на уровне 5-7%
ROSEMEAD, Калифорния.--(BUSINESS WIRE)--Edison International (NYSE: EIX) сегодня сообщила о чистой прибыли за первый квартал 2022 года в размере 84 миллионов долларов, или 0,22 доллара на акцию, по сравнению с чистой прибылью в размере 259 миллионов долларов, или 0,68 доллара на акцию, в первом квартале 2021 года. С учетом поправок базовая прибыль за первый квартал 2022 года составила 407 миллионов долларов, или 1,07 доллара на акцию, по сравнению с базовой прибылью в размере 301 миллиона долларов, или 0,79 доллара на акцию, в первом квартале 2021 года.
Базовая прибыль Southern California Edison (SCE) за первый квартал 2022 года на акцию (EPS) увеличилась в годовом исчислении в основном из-за принятия окончательного решения по общей ставке 2021 года в третьем квартале 2021 года, частично компенсированного процентными расходами от увеличения заимствований.
Убыток материнской компании Edison International и других компаний за первый квартал 2022 года на акцию увеличился в годовом исчислении в основном из-за более высоких дивидендов по привилегированным акциям.
Непрофильные убытки SCE в течение квартала были в основном связаны с расходами, зарегистрированными в связи с претензиями и расходами в связи с лесными пожарами/оползнями в 2017/2018 годах, за вычетом ожидаемого возмещения от клиентов FERC. Это обвинение описано далее ниже.
“SCE продолжает добиваться значительного прогресса в существенном улучшении своего профиля риска лесных пожаров”, - сказал Педро Дж. Писарро, президент и главный исполнительный директор Edison International. “Краеугольным камнем мер по укреплению электросетей SCE является программа защиты от лесных пожаров. За последний год коммунальное предприятие почти удвоило количество миль установленного крытого проводника. SCE продолжит продвигать эту ценную программу вперед, и к концу года ожидает, что 40% ее воздушных распределительных линий в зонах повышенной пожарной опасности будут охвачены ”.
Писарро добавил: “Мы твердо верим, что Edison International - лучший инвестиционный инструмент для участия в переходе Калифорнии на экологически чистую энергетику. Подход SCE к смягчению последствий лесных пожаров показал положительные результаты за последние три сезона лесных пожаров, и коммунальное предприятие каждый день оперативно укрепляет электросеть на благо как клиентов, так и инвесторов. Как компания, работающая только на электричестве и ориентированная на провода, постоянные инвестиции SCE в сеть обеспечат будущее, основанное на электричестве”.
Edison International использует базовую прибыль, которая является финансовым показателем, не относящимся к GAAP, который корректируется на существенные отдельные статьи, которые руководство не считает репрезентативными для текущей прибыли. Руководство Edison International считает, что базовая прибыль обеспечивает более значимые сравнения показателей от периода к периоду. Пожалуйста, ознакомьтесь с прилагаемыми таблицами для сверки базовой прибыли с базовой прибылью по ОПБУ.
Пересмотр Наилучшей оценки потерь за 2017/2018 годы в результате лесных пожаров/оползней
EIX и SCE пересмотрели оценочные убытки от лесных пожаров и оползней 2017/2018 годов, увеличив их на 416 миллионов долларов в результате обзора руководства за первый квартал 2022 года, включая рассмотрение претензий о крупном ущербе, поданных небольшим числом истцов, и новых исков, поданных в рамках судебного разбирательства по делу о пожаре в Вулси. В результате Edison International и SCE также зафиксировали ожидаемое возмещение за счет тарифов FERC electric в размере 26 миллионов долларов США против начислений, и в результате чистые расходы на прибыль составили 390 миллионов долларов (281 миллион долларов после уплаты налогов).
Ожидаемые сроки подачи Заявок на возмещение расходов
Как сообщалось ранее, SCE будет добиваться возмещения по ставке CPUC разумно понесенных фактических убытков, понесенных в связи с Лесными пожарами/оползнями 2017/2018 годов. Основываясь на текущей наилучшей оценке ожидаемых убытков EIX и SCE, SCE в настоящее время рассчитывает добиться возмещения по ставке, предусмотренной юрисдикцией CPUC, в размере примерно 5,2 миллиарда долларов путем подачи нескольких будущих заявок в CPUC. В настоящее время SCE планирует подать первую заявку на возмещение затрат к концу 2023 года.
Прогноз по доходам на 2022 год
Компания подтвердила свой прогнозный диапазон прибыли на 2022 год, как показано на следующей диаграмме. Дополнительную информацию и предположения см. в презентации, сопровождающей телефонную конференцию компании.
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
2022 Earnings Guidance |
|
2022 Earnings Guidance |
||||||||||
|
|
as of February 24, 2022 |
|
as of May 3, 2022 |
||||||||||
|
|
Low |
|
High |
|
Low |
|
High |
||||||
EIX Basic EPS |
|
$ |
4.40 |
|
$ |
4.70 |
|
$ |
3.55 |
|
|
$ |
3.85 |
|
Less: Non-core Items* |
|
|
– |
|
|
– |
|
|
(0.85 |
) |
|
|
(0.85 |
) |
EIX Core EPS |
|
$ |
4.40 |
|
$ |
4.70 |
|
$ |
4.40 |
|
|
$ |
4.70 |
|
|
* За три месяца, закончившихся 31 марта 2022 года, было зарегистрировано (323) миллиона долларов, или (0,85 доллара США) на акцию непрофильных статей, рассчитанных на основе предполагаемого средневзвешенного количества акций на 2022 год. Базовое руководство по EIX EPS включает только непрофильные статьи до 31 марта 2022 года.
Информация о доходах за Первый квартал 2022 года Конференц-связь и веб-трансляция
When: |
|
Tuesday, May 3, 2022, 1:30 p.m. (Pacific Time) |
Telephone Numbers: |
|
1-888-673-9780 (US) and 1-312-470-0178 (Int'l) - Passcode: Edison |
Telephone Replay: |
|
1-866-357-4207 (US) and 1-203-369-0123 (Int’l) - Passcode: 9461 |
|
|
Telephone replay available through May 18, 2022 at 6:00 p.m. (Pacific Time) |
Webcast: |
|
|
Edison International разместил на веб-сайте компании по связям с инвесторами подготовленные замечания генерального директора и финансового директора о доходах, презентацию телеконференции и форму 10-Q. Эти материалы доступны по адресу www.edisoninvestor.com .
Об Edison International
Edison International (NYSE: EIX) - одна из крупнейших в стране электроэнергетических холдинговых компаний, предоставляющая чистую и надежную энергию и энергетические услуги через свои независимые компании. Edison International со штаб-квартирой в Роузмиде, штат Калифорния, является материнской компанией Southern California Edison Company, коммунальной компании, которая поставляет электроэнергию 15 миллионам человек по всей Южной, Центральной и прибрежной Калифорнии. Edison International также является материнской компанией Edison Energy, глобальной энергетической консалтинговой компании, предоставляющей комплексные энергетические решения, основанные на данных, коммерческим и промышленным пользователям для достижения их целей в области затрат, устойчивости и рисков.
Использование финансовых показателей, не относящихся к ОПБУ
Прибыль Edison International подготовлена в соответствии с общепринятыми принципами бухгалтерского учета, используемыми в Соединенных Штатах, и представляет собой прибыль компании, о которой сообщается Комиссии по ценным бумагам и биржам. Наше руководство использует базовую прибыль и базовую прибыль на акцию (EPS) для внутреннего финансового планирования и анализа эффективности Edison International и Southern California Edison. Мы также используем базовую прибыль и базовую прибыль на акцию при общении с аналитиками и инвесторами относительно результатов нашей прибыли, чтобы облегчить сравнение результатов деятельности Компании от периода к периоду. Финансовые показатели, называемые чистой прибылью, базовой прибылью на акцию, базовой прибылью или базовой прибылью на акцию, также применяются к описанию прибыли или прибыли на акцию.
Базовая прибыль и базовая прибыль на акцию являются финансовыми показателями, не относящимися к GAAP, и могут быть несопоставимы с показателями других компаний. Базовая прибыль и базовая прибыль на АКЦИЮ определяются как базовая прибыль и базовая прибыль на акцию без учета дохода или убытка от прекращенной деятельности и дохода или убытка от значительных отдельных статей, которые руководство не считает репрезентативными для текущей прибыли. Базовая прибыль и убытки относятся к чистой прибыли или убыткам, относящимся к акционерам Edison International. Основные доходы сверяются с базовыми доходами в прилагаемых таблицах. Влияние участвующих ценных бумаг (привилегированных вознаграждений, которые приносят эквиваленты дивидендов, которые могут участвовать в нераспределенной прибыли с обыкновенными акциями) для основной операционной дочерней компании не является существенным для EPS основной операционной дочерней компании и, следовательно, отражается в результатах холдинговой компании Edison International, которая включена в Материнскую компанию Edison International и Прочее.
Заявление о безопасной гавани
Заявления, содержащиеся в этой презентации о будущих результатах деятельности, включая, помимо прочего, операционные результаты, капитальные затраты, рост базовой ставки, дивидендную политику, финансовые перспективы и другие заявления, которые не являются чисто историческими, являются прогнозными заявлениями. Эти прогнозные заявления отражают наши текущие ожидания; однако такие заявления сопряжены с рисками и неопределенностями. Фактические результаты могут существенно отличаться от текущих ожиданий. Эти прогнозные заявления отражают наши ожидания только на дату настоящей презентации, и Edison International не берет на себя никаких обязательств по их обновлению, чтобы отразить новую информацию, события или обстоятельства. Важные факторы, которые могут привести к различным результатам, включают, но не ограничиваются ими::
Дополнительная информация о рисках и неопределенностях, включая более подробную информацию о факторах, описанных в настоящем отчете, содержится во всем этом отчете и в Форме 10-K 2021 года, включая раздел "Факторы риска". Читателям настоятельно рекомендуется прочитать весь этот отчет, включая информацию, включенную в качестве ссылки, а также форму 10-K 2021 года, и внимательно рассмотреть риски, неопределенности и другие факторы, которые влияют на бизнес Edison International и SCE. Edison International и SCE размещают или предоставляют прямые ссылки (i) на определенные нормативные документы и документы SCE и других сторон в CPUC и FERC, а также на некоторые постановления и уведомления агентства в рамках открытого разбирательства в разделе, озаглавленном "Основные моменты регулирования SCE", (ii) на определенные документы и информацию, связанные с лесными пожарами в Южной Калифорнии которые могут представлять интерес для инвесторов в разделе, озаглавленном "Лесные пожары в Южной Калифорнии", и (iii) к презентациям, документам и другой информации, которые могут представлять интерес для инвесторов, в разделе, озаглавленном "Презентации и обновления" на www.edisoninvestor.com в целях публичного распространения такой информации.
Эти прогнозные заявления отражают наши ожидания только на дату настоящего выпуска новостей, и Edison International не берет на себя никаких обязательств по их обновлению, чтобы отразить новую информацию, события или обстоятельства. Читателям следует ознакомиться с будущими отчетами, поданными Edison International и SCE в SEC.
Сверка Базовой прибыли на акцию с Базовой прибылью на акцию за первый квартал
|
|
Three months ended |
|
|
|
|||||||
|
|
March 31, |
|
|
|
|||||||
|
|
2022 |
|
2021 |
|
Change |
||||||
Earnings (loss) per share attributable to Edison International |
|
|
|
|
|
|
|
|
|
|||
SCE |
|
$ |
0.38 |
|
|
$ |
0.78 |
|
|
$ |
(0.40 |
) |
Edison International Parent and Other |
|
|
(0.16 |
) |
|
|
(0.10 |
) |
|
|
(0.06 |
) |
Edison International |
|
|
0.22 |
|
|
|
0.68 |
|
|
|
(0.46 |
) |
Less: Non-core items |
|
|
|
|
|
|
|
|
|
|||
SCE |
|
|
(0.85 |
) |
|
|
(0.11 |
) |
|
|
(0.74 |
) |
Edison International Parent and Other |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total non-core items |
|
|
(0.85 |
) |
|
|
(0.11 |
) |
|
|
(0.74 |
) |
Core earnings (losses) |
|
|
|
|
|
|
|
|
|
|||
SCE |
|
|
1.23 |
|
|
|
0.89 |
|
|
|
0.34 |
|
Edison International Parent and Other |
|
|
(0.16 |
) |
|
|
(0.10 |
) |
|
|
(0.06 |
) |
Edison International |
|
$ |
1.07 |
|
|
$ |
0.79 |
|
|
$ |
0.28 |
|
Note: Diluted earnings were $0.22 and $0.68 per share for the three months ended March 31, 2022 and 2021. |
||||||||||||
Сверка базовой прибыли на акцию с базовой прибылью за первый квартал (в миллионах)
|
|
Three months ended |
|
|
|
|||||||
|
|
March 31, |
|
|
|
|||||||
(in millions) |
|
2022 |
|
2021 |
|
Change |
||||||
Net income (loss) attributable to Edison International |
|
|
|
|
|
|
|
|
|
|||
SCE |
|
$ |
147 |
|
|
$ |
296 |
|
|
$ |
(149 |
) |
Edison International Parent and Other |
|
|
(63 |
) |
|
|
(37 |
) |
|
|
(26 |
) |
Edison International |
|
|
84 |
|
|
|
259 |
|
|
|
(175 |
) |
Less: Non-core items |
|
|
|
|
|
|
|
|
|
|||
SCE1,2 |
|
|
(323 |
) |
|
|
(42 |
) |
|
|
(281 |
) |
Edison International Parent and Other |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total non-core items |
|
|
(323 |
) |
|
|
(42 |
) |
|
|
(281 |
) |
Core earnings (losses) |
|
|
|
|
|
|
|
|
|
|||
SCE |
|
|
470 |
|
|
|
338 |
|
|
|
132 |
|
Edison International Parent and Other |
|
|
(63 |
) |
|
|
(37 |
) |
|
|
(26 |
) |
Edison International |
|
$ |
407 |
|
|
$ |
301 |
|
|
$ |
106 |
|
1 |
Includes amortization of SCE’s Wildfire Insurance Fund expenses of $53 million ($38 million after-tax) in the first quarter of both 2022 and 2021. | |
2 |
Includes charges of $396 million ($285 million after-tax) recorded in first quarter of 2022 and $5 million ($4 million after-tax) in the first quarter of 2021 for 2017/2018 Wildfire/Mudslide Events claims and expenses, net of recoveries. | |
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Consolidated Statements of Income |
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Three months ended |
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March 31, |
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(in millions, except per-share amounts) |
|
2022 |
|
2021 |
||||
Total operating revenue |
|
$ |
3,968 |
|
|
$ |
2,960 |
|
Purchased power and fuel |
|
|
1,037 |
|
|
|
1,013 |
|
Operation and maintenance |
|
|
1,487 |
|
|
|
841 |
|
Wildfire-related claims, net of insurance recoveries |
|
|
425 |
|
|
|
3 |
|
Wildfire Insurance Fund expense |
|
|
53 |
|
|
|
53 |
|
Depreciation and amortization |
|
|
583 |
|
|
|
525 |
|
Property and other taxes |
|
|
126 |
|
|
|
126 |
|
Other operating income |
|
|
(2 |
) |
|
|
— |
|
Total operating expenses |
|
|
3,709 |
|
|
|
2,561 |
|
Operating income |
|
|
259 |
|
|
|
399 |
|
Interest expense |
|
|
(246 |
) |
|
|
(217 |
) |
Other income |
|
|
68 |
|
|
|
72 |
|
Income before income taxes |
|
|
81 |
|
|
|
254 |
|
Income tax benefit |
|
|
(55 |
) |
|
|
(36 |
) |
Net income |
|
|
136 |
|
|
|
290 |
|
Preference stock dividend requirements of SCE |
|
|
26 |
|
|
|
27 |
|
Preferred stock dividend requirement of Edison International |
|
|
26 |
|
|
|
4 |
|
Net income attributable to Edison International common shareholders |
|
$ |
84 |
|
|
$ |
259 |
|
Basic earnings per share: |
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|
|
|
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Weighted average shares of common stock outstanding |
|
|
381 |
|
|
|
379 |
|
Basic earnings per common share attributable to Edison International common shareholders |
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$ |
0.22 |
|
|
$ |
0.68 |
|
Diluted earnings per share: |
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|
|
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|
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Weighted average shares of common stock outstanding, including effect of dilutive securities |
|
|
382 |
|
|
|
380 |
|
Diluted earnings per common share attributable to Edison International common shareholders |
|
$ |
0.22 |
|
|
$ |
0.68 |
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Consolidated Balance Sheets |
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Edison International |
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March 31, |
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December 31, |
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(in millions) |
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2022 |
|
2021 |
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ASSETS |
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Cash and cash equivalents |
|
$ |
231 |
|
$ |
390 |
Receivables, less allowances of $255 and $193 for uncollectible accounts at respective dates |
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|
1,312 |
|
|
1,398 |
Accrued unbilled revenue |
|
|
743 |
|
|
794 |
Inventory |
|
|
434 |
|
|
420 |
Prepaid expenses |
|
|
258 |
|
|
258 |
Regulatory assets |
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|
1,961 |
|
|
1,778 |
Wildfire Insurance Fund contributions |
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|
204 |
|
|
204 |
Other current assets |
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|
130 |
|
|
249 |
Total current assets |
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|
5,273 |
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|
5,491 |
Nuclear decommissioning trusts |
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|
4,527 |
|
|
4,870 |
Marketable securities |
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|
10 |
|
|
12 |
Other investments |
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|
44 |
|
|
39 |
Total investments |
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|
4,581 |
|
|
4,921 |
Utility property, plant and equipment, less accumulated depreciation and amortization of $11,650 and $11,407 at respective dates |
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|
50,793 |
|
|
50,497 |
Nonutility property, plant and equipment, less accumulated depreciation of $103 and $98 at respective dates |
|
|
207 |
|
|
203 |
Total property, plant and equipment |
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|
51,000 |
|
|
50,700 |
Receivables, less allowances of $99 and $116 uncollectible accounts at respective dates |
|
|
66 |
|
|
122 |
Regulatory assets (includes $849 and $325 related to Variable Interest Entities "VIEs" at respective dates) |
|
|
8,008 |
|
|
7,660 |
Wildfire Insurance Fund contributions |
|
|
2,309 |
|
|
2,359 |
Operating lease right-of-use assets |
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|
1,849 |
|
|
1,932 |
Long-term insurance receivable |
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|
171 |
|
|
75 |
Other long-term assets |
|
|
1,463 |
|
|
1,485 |
Total long-term assets |
|
|
13,866 |
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|
13,633 |
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Total assets |
|
$ |
74,720 |
|
$ |
74,745 |
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Consolidated Balance Sheets |
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Edison International |
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March 31, |
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December 31, |
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(in millions, except share amounts) |
|
2022 |
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2021 |
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LIABILITIES AND EQUITY |
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Short-term debt |
|
$ |
2,049 |
|
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$ |
2,354 |
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Current portion of long-term debt |
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|
1,117 |
|
|
|
1,077 |
|
Accounts payable |
|
|
1,973 |
|
|
|
2,002 |
|
Wildfire-related claims |
|
|
137 |
|
|
|
131 |
|
Customer deposits |
|
|
190 |
|
|
|
193 |
|
Regulatory liabilities |
|
|
701 |
|
|
|
603 |
|
Current portion of operating lease liabilities |
|
|
594 |
|
|
|
582 |
|
Other current liabilities |
|
|
1,581 |
|
|
|
1,667 |
|
Total current liabilities |
|
|
8,342 |
|
|
|
8,609 |
|
Long-term debt (Includes $837 and $314 related to VIEs at respective dates) |
|
|
24,967 |
|
|
|
24,170 |
|
Deferred income taxes and credits |
|
|
5,780 |
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|
|
5,740 |
|
Pensions and benefits |
|
|
488 |
|
|
|
496 |
|
Asset retirement obligations |
|
|
2,839 |
|
|
|
2,772 |
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Regulatory liabilities |
|
|
8,867 |
|
|
|
8,981 |
|
Operating lease liabilities |
|
|
1,255 |
|
|
|
1,350 |
|
Wildfire-related claims |
|
|
1,531 |
|
|
|
1,733 |
|
Other deferred credits and other long-term liabilities |
|
|
3,019 |
|
|
|
3,105 |
|
Total deferred credits and other liabilities |
|
|
23,779 |
|
|
|
24,177 |
|
Total liabilities |
|
|
57,088 |
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|
|
56,956 |
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Commitments and contingencies |
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Preferred stock (50,000,000 shares authorized; 1,250,000 shares of Series A and 750,000 shares of Series B issued and outstanding at respective dates) |
|
|
1,977 |
|
|
|
1,977 |
|
Common stock, no par value (800,000,000 shares authorized; 380,901,110 and 380,378,145 shares issued and outstanding at respective dates) |
|
|
6,090 |
|
|
|
6,071 |
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Accumulated other comprehensive loss |
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|
(52 |
) |
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|
(54 |
) |
Retained earnings |
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|
7,716 |
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|
|
7,894 |
|
Total Edison International's shareholders' equity |
|
|
15,731 |
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|
|
15,888 |
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Noncontrolling interests – preference stock of SCE |
|
|
1,901 |
|
|
|
1,901 |
|
Total equity |
|
|
17,632 |
|
|
|
17,789 |
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|
|
|
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Total liabilities and equity |
|
$ |
74,720 |
|
|
$ |
74,745 |
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|
|
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Consolidated Statements of Cash Flows |
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Edison International |
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Three months ended March 31, |
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(in millions) |
|
2022 |
|
2021 |
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Cash flows from operating activities: |
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|
|
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Net income |
|
$ |
136 |
|
|
$ |
290 |
|
Adjustments to reconcile to net cash provided by operating activities: |
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|
|
|
|
|
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Depreciation and amortization |
|
|
624 |
|
|
|
542 |
|
Allowance for equity during construction |
|
|
(30 |
) |
|
|
(35 |
) |
Deferred income taxes |
|
|
(55 |
) |
|
|
(37 |
) |
Wildfire Insurance Fund amortization expense |
|
|
53 |
|
|
|
53 |
|
Other |
|
|
11 |
|
|
|
11 |
|
Nuclear decommissioning trusts |
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|
(34 |
) |
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|
(52 |
) |
Changes in operating assets and liabilities: |
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|
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Receivables |
|
|
130 |
|
|
|
15 |
|
Inventory |
|
|
(14 |
) |
|
|
(12 |
) |
Accounts payable |
|
|
(84 |
) |
|
|
(151 |
) |
Tax receivables and payables |
|
|
54 |
|
|
|
178 |
|
Other current assets and liabilities |
|
|
5 |
|
|
|
(168 |
) |
Regulatory assets and liabilities, net |
|
|
259 |
|
|
|
(70 |
) |
Wildfire-related insurance receivable |
|
|
(96 |
) |
|
|
105 |
|
Wildfire-related claims |
|
|
(196 |
) |
|
|
(618 |
) |
Other noncurrent assets and liabilities |
|
|
29 |
|
|
|
21 |
|
Net cash provided by operating activities |
|
|
792 |
|
|
|
72 |
|
Cash flows from financing activities: |
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Long-term debt issued, plus premium and net of discount and issuance costs of $20 and $15 for the respective periods |
|
|
1,713 |
|
|
|
1,223 |
|
Long-term debt repaid |
|
|
(365 |
) |
|
|
(490 |
) |
Short-term debt issued |
|
|
— |
|
|
|
305 |
|
Short-term debt repaid |
|
|
(518 |
) |
|
|
(327 |
) |
Common stock issued |
|
|
4 |
|
|
|
15 |
|
Preferred stock issued, net |
|
|
— |
|
|
|
1,237 |
|
Commercial paper repayments, net of borrowing |
|
|
(306 |
) |
|
|
(180 |
) |
Dividends and distribution to noncontrolling interests |
|
|
(32 |
) |
|
|
(32 |
) |
Common stock dividends paid |
|
|
(262 |
) |
|
|
(247 |
) |
Preferred stock dividends paid |
|
|
(46 |
) |
|
|
— |
|
Other |
|
|
17 |
|
|
|
7 |
|
Net cash provided by financing activities |
|
|
205 |
|
|
|
1,511 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
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Capital expenditures |
|
|
(1,207 |
) |
|
|
(1,358 |
) |
Proceeds from sale of nuclear decommissioning trust investments |
|
|
867 |
|
|
|
1,270 |
|
Purchases of nuclear decommissioning trust investments |
|
|
(833 |
) |
|
|
(1,218 |
) |
Other |
|
|
16 |
|
|
|
24 |
|
Net cash used in investing activities |
|
|
(1,157 |
) |
|
|
(1,282 |
) |
Net (decrease) increase in cash, cash equivalents and restricted cash |
|
|
(160 |
) |
|
|
301 |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
|
394 |
|
|
|
89 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
234 |
|
|
$ |
390 |
|