Edison International Reports Second-Quarter 2024 Results
-
Second-quarter 2024 GAAP EPS of
$1.14 $1.23 -
SCE reaches another milestone in hardening distribution lines in high fire risk areas:
84% of planned hardening complete - 2025 GRC proceeding on track. Additionally, SCE has reached partial settlements with intervenors
-
Reaffirms 2024 core EPS guidance of
$4.75 -$5.05 -
Reiterates long-term core EPS growth rate targets of
5% -7% for 2021-2025 and5% -7% for 2025-2028
Southern California Edison’s second-quarter 2024 core earnings per share (EPS) increased year over year, primarily due to higher revenue authorized in Track 4 of SCE’s 2021 General Rate Case, an increase in the authorized rate of return resulting from the cost of capital adjustment mechanism, and recognition of previously unrecognized return on rate base related to wildfire restoration efforts. This was partially offset by higher interest expense.
Edison International Parent and Other’s second-quarter 2024 core loss per share was in line with the same period in the prior year.
"With a strong start to the first half of the year, we are confident in reaffirming our 2024 core EPS guidance of
Pizarro added, “SCE’s latest 10-year load growth forecast calls for
Edison International uses core earnings internally for financial planning and analysis of performance. Core earnings are also used when communicating with investors and analysts regarding Edison International’s earnings results to facilitate comparisons of the company’s performance from period to period. Please see the attached tables to reconcile core earnings to basic GAAP earnings.
Share Repurchase Program
On June 26, 2024, the Edison International Board of Directors authorized a stock repurchase program effective July 29, 2024, for repurchase of up to
The timing and the amount of any repurchased common stock will be determined by Edison International's management based on their evaluation of market conditions and other factors. The repurchase program may be executed through various methods, including open market purchases, privately negotiated transactions, and other transactions in accordance with applicable securities laws. Any repurchased shares of common stock will be retired. The repurchase program does not obligate the company to acquire any particular amount of common stock, and it may be suspended or discontinued at any time in its discretion.
2024 Earnings Guidance
The company reaffirmed its earnings guidance range for 2024 as summarized in the following chart. See the presentation accompanying the company’s conference call for further information and assumptions.
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
2024 Earnings Guidance |
|
2024 Earnings Guidance |
||||||||||||||
|
|
as of Apr. 30, 2024 |
|
as of July 25, 2024 |
||||||||||||||
|
|
Low |
|
High |
|
Low |
|
High |
||||||||||
EIX Basic EPS |
|
$ |
3.59 |
|
|
$ |
3.89 |
|
|
$ |
3.49 |
|
|
$ |
3.79 |
|
||
Less: Non-core Items* |
|
|
(1.16 |
) |
|
|
(1.16 |
) |
|
|
(1.26 |
) |
|
|
(1.26 |
) |
||
EIX Core EPS |
|
$ |
4.75 |
|
|
$ |
5.05 |
|
|
$ |
4.75 |
|
|
$ |
5.05 |
|
||
* There were |
||||||||||||||||||
Second-Quarter 2024 Earnings Conference Call and Webcast Details
|
|
|
When: |
Thursday, July 25, 1:30-2:30 p.m. (PDT) |
|
Telephone Numbers: |
1-888-673-9780 ( |
|
Telephone Replay: |
|
1-866-405-7293 ( |
Telephone replay available through Aug. 7 at 6 p.m. (PDT) |
||
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 edisoninvestor.com.
About Edison International
Edison International (NYSE: EIX) is one of the nation’s largest electric utility holding companies, focused on providing clean and reliable energy and energy services through its independent companies. Headquartered in
Appendix
Use of Non-GAAP Financial Measures
Edison International’s earnings are prepared in accordance with generally accepted accounting principles used in
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:
- ability of SCE to recover its costs through regulated rates, timely or at all, including uninsured wildfire-related and debris flow-related costs (including amounts paid for self-insured retention and co-insurance), costs incurred to mitigate the risk of utility equipment causing future wildfires, and increased costs due to supply chain constraints, inflation and rising interest rates;
- impact of affordability of customer rates on SCE's ability to execute its strategy, including the impact of affordability on the regulatory approval of operations and maintenance expenses, and proposed capital investment projects;
- ability of SCE to implement its operational and strategic plans, including its Wildfire Mitigation Plan and capital program;
- risks of regulatory or legislative restrictions that would limit SCE's ability to implement operational measures to mitigate wildfire risk, including Public Safety Power Shutoff (“PSPS”) and fast curve settings, when conditions warrant or would otherwise limit SCE's operational practices relative to wildfire risk mitigation;
- ability of SCE to obtain safety certifications from the Office of Energy Infrastructure Safety of the California Natural Resources Agency (“OEIS”);
-
risk that California Assembly Bill 1054 (“AB 1054”) does not effectively mitigate the significant exposure faced by
California investor-owned utilities related to liability for damages arising from catastrophic wildfires where utility facilities are alleged to be a substantial cause, including the longevity of the Wildfire Insurance Fund and the California Public Utilities Commission (“CPUC”) interpretation of and actions under AB 1054, including its interpretation of the prudency standard clarified by AB 1054; - risks associated with the operation of electrical facilities, including worker and public safety issues, the risk of utility assets causing or contributing to wildfires, failure, availability, efficiency, and output of equipment and facilities, and availability and cost of spare parts;
- physical security of Edison International’s and SCE’s critical assets and personnel and the cybersecurity of Edison International’s and SCE’s critical information technology systems for grid control, and business, employee and customer data;
- ability of Edison International and SCE to effectively attract, manage, develop and retain a skilled workforce, including its contract workers;
- decisions and other actions by the CPUC, the Federal Energy Regulatory Commission, and the United States Nuclear Regulatory Commission and other governmental authorities, including decisions and actions related to nationwide or statewide crisis, determinations of authorized rates of return or return on equity, the recoverability of wildfire-related and debris flow-related costs, issuance of SCE's wildfire safety certification, wildfire mitigation efforts, approval and implementation of electrification programs, and delays in executive, regulatory and legislative actions;
- potential for penalties or disallowances for non-compliance with applicable laws and regulations, including fines, penalties and disallowances related to wildfires where SCE's equipment is alleged to be associated with ignition;
- extreme weather-related incidents (including events caused, or exacerbated, by climate change, such as wildfires, debris flows, flooding, droughts, high wind events and extreme heat events) and other natural disasters (such as earthquakes), which could cause, among other things, public safety issues, property damage, rotating outages and other operational issues (such as issues due to damaged infrastructure), PSPS activations and unanticipated costs;
- cost and availability of labor, equipment and materials, including as a result of supply chain constraints and inflation;
- ability of Edison International or SCE to borrow funds and access bank and capital markets on reasonable terms;
- risks associated with the decommissioning of San Onofre, including those related to worker and public safety, public opposition, permitting, governmental approvals, on-site storage of spent nuclear fuel and other radioactive material, delays, contractual disputes, and cost overruns;
- risks associated with cost allocation resulting in higher rates for utility bundled service customers because of possible customer bypass or departure for other electricity providers such as Community Choice Aggregators (“CCA,” which are cities, counties, and certain other public agencies with the authority to generate and/or purchase electricity for their local residents and businesses) and Electric Service Providers (entities that offer electric power and ancillary services to retail customers, other than electrical corporations (like SCE) and CCAs);
- risks inherent in SCE’s capital investment program, including those related to project site identification, public opposition, environmental mitigation, construction, permitting, contractor performance, changes in the California Independent System Operator’s transmission plans, and governmental approvals; and
- actions by credit rating agencies to downgrade Edison International or SCE’s credit ratings or to place those ratings on negative watch or negative outlook.
Additional information about risks and uncertainties is contained in Edison International and SCE’s most recent combined Annual Report on Form 10-K for the year ended December 31, 2023, and subsequent Quarterly Report(s) on Form 10-Q filed with the Securities and Exchange commission, including the "Risk Factors" sections. Readers are urged to read this entire release as well as the most recent Form 10-K and Form 10-Q (including information incorporated by reference), 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
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.
Second Quarter Reconciliation of Basic Earnings Per Share to Core Earnings Per Share |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Three months ended |
|
|
|
|
Six months ended |
|
|
|
||||||||||||||
|
|
June 30, |
|
|
|
|
June 30, |
|
|
|
||||||||||||||
|
|
2024 |
|
|
2023 |
|
|
Change |
|
2024 |
|
|
2023 |
|
|
Change |
||||||||
Earnings (loss) per share available to Edison International |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
SCE |
|
$ |
1.36 |
|
|
$ |
1.09 |
|
|
$ |
0.27 |
|
|
$ |
1.52 |
|
|
$ |
2.06 |
|
|
$ |
(0.54 |
) |
Edison International Parent and Other |
|
|
(0.22 |
) |
|
|
(0.17 |
) |
|
|
(0.05 |
) |
|
|
(0.41 |
) |
|
|
(0.33 |
) |
|
|
(0.08 |
) |
Edison International |
|
|
1.14 |
|
|
|
0.92 |
|
|
|
0.22 |
|
|
|
1.11 |
|
|
|
1.73 |
|
|
|
(0.62 |
) |
Less: Non-core items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
SCE |
|
|
(0.09 |
) |
|
|
(0.14 |
) |
|
|
0.05 |
|
|
|
(1.26 |
) |
|
|
(0.46 |
) |
|
|
(0.80 |
) |
Edison International Parent and Other |
|
|
— |
|
|
|
0.05 |
|
|
|
(0.05 |
) |
|
|
— |
|
|
|
0.09 |
|
|
|
(0.09 |
) |
Total non-core items |
|
|
(0.09 |
) |
|
|
(0.09 |
) |
|
|
— |
|
|
|
(1.26 |
) |
|
|
(0.37 |
) |
|
|
(0.89 |
) |
Core earnings (loss) per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
SCE |
|
|
1.45 |
|
|
|
1.23 |
|
|
|
0.22 |
|
|
|
2.78 |
|
|
|
2.52 |
|
|
|
0.26 |
|
Edison International Parent and Other |
|
|
(0.22 |
) |
|
|
(0.22 |
) |
|
|
0.00 |
|
|
|
(0.41 |
) |
|
|
(0.42 |
) |
|
|
0.01 |
|
Edison International |
|
$ |
1.23 |
|
|
$ |
1.01 |
|
|
$ |
0.22 |
|
|
$ |
2.37 |
|
|
$ |
2.10 |
|
|
$ |
0.27 |
|
Note: Diluted earnings were |
||||||||||||||||||||||||
Second Quarter Reconciliation of Basic Earnings Per Share to Core Earnings (in millions) |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Three months ended |
|
|
|
|
Six months ended |
|
|
|
||||||||||||||
|
|
June 30, |
|
|
|
|
June 30, |
|
|
|
||||||||||||||
(in millions) |
|
2024 |
|
|
2023 |
|
|
Change |
|
2024 |
|
|
2023 |
|
|
Change |
||||||||
Net income (loss) available to Edison International |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
SCE |
|
$ |
523 |
|
|
$ |
420 |
|
|
$ |
103 |
|
|
$ |
588 |
|
|
$ |
790 |
|
|
$ |
(202 |
) |
Edison International Parent and Other |
|
|
(84 |
) |
|
|
(66 |
) |
|
|
(18 |
) |
|
|
(160 |
) |
|
|
(126 |
) |
|
|
(34 |
) |
Edison International |
|
|
439 |
|
|
|
354 |
|
|
|
85 |
|
|
|
428 |
|
|
|
664 |
|
|
|
(236 |
) |
Less: Non-core items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
SCE1,2,3,4,5,6 |
|
|
(36 |
) |
|
|
(51 |
) |
|
|
15 |
|
|
|
(484 |
) |
|
|
(175 |
) |
|
|
(309 |
) |
Edison International Parent and Other7 |
|
|
— |
|
|
|
17 |
|
|
|
(17 |
) |
|
|
(1 |
) |
|
|
35 |
|
|
|
(36 |
) |
Total non-core items |
|
|
(36 |
) |
|
|
(34 |
) |
|
|
(2 |
) |
|
|
(485 |
) |
|
|
(140 |
) |
|
|
(345 |
) |
Core earnings (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
SCE |
|
|
559 |
|
|
|
471 |
|
|
|
88 |
|
|
|
1,072 |
|
|
|
965 |
|
|
|
107 |
|
Edison International Parent and Other |
|
|
(84 |
) |
|
|
(83 |
) |
|
|
(1 |
) |
|
|
(159 |
) |
|
|
(161 |
) |
|
|
2 |
|
Edison International |
|
$ |
475 |
|
|
$ |
388 |
|
|
$ |
87 |
|
|
$ |
913 |
|
|
$ |
804 |
|
|
$ |
109 |
|
| 1 |
Includes charges for 2017/2018 Wildfire/Mudslide Events claims and expenses, net of recoveries of |
|
| 2 |
Includes charges for Other Wildfires claims and related legal expenses, net of expected insurance and regulatory recoveries of |
|
| 3 |
Includes amortization of SCE's Wildfire Insurance Fund expenses of |
|
| 4 |
Includes a charge |
|
| 5 |
Includes an insurance recovery of |
|
| 6 |
Includes a charge related to customer cancellations of certain ECS data services of |
|
| 7 |
Includes expected wildfire claims of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Consolidated Statements of Income |
|
Edison International |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three months ended |
|
Six months ended |
||||||||||||
|
|
June 30, |
|
June 30, |
||||||||||||
(in millions, except per-share amounts) |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Operating revenue |
|
$ |
4,336 |
|
|
$ |
3,964 |
|
|
$ |
8,414 |
|
|
$ |
7,930 |
|
Purchased power and fuel |
|
|
1,234 |
|
|
|
1,147 |
|
|
|
2,242 |
|
|
|
2,465 |
|
Operation and maintenance |
|
|
1,285 |
|
|
|
1,241 |
|
|
|
2,602 |
|
|
|
2,325 |
|
Wildfire-related claims, net of insurance recoveries |
|
|
— |
|
|
|
— |
|
|
|
615 |
|
|
|
96 |
|
Wildfire Insurance Fund expense |
|
|
37 |
|
|
|
53 |
|
|
|
73 |
|
|
|
105 |
|
Depreciation and amortization |
|
|
726 |
|
|
|
650 |
|
|
|
1,428 |
|
|
|
1,306 |
|
Property and other taxes |
|
|
154 |
|
|
|
149 |
|
|
|
309 |
|
|
|
289 |
|
Total operating expenses |
|
|
3,436 |
|
|
|
3,240 |
|
|
|
7,269 |
|
|
|
6,586 |
|
Operating income |
|
|
900 |
|
|
|
724 |
|
|
|
1,145 |
|
|
|
1,344 |
|
Interest expense |
|
|
(480 |
) |
|
|
(392 |
) |
|
|
(924 |
) |
|
|
(753 |
) |
Other income, net |
|
|
148 |
|
|
|
128 |
|
|
|
286 |
|
|
|
247 |
|
Income before income taxes |
|
|
568 |
|
|
|
460 |
|
|
|
507 |
|
|
|
838 |
|
Income tax expense (benefit) |
|
|
59 |
|
|
|
51 |
|
|
|
(54 |
) |
|
|
64 |
|
Net income |
|
|
509 |
|
|
|
409 |
|
|
|
561 |
|
|
|
774 |
|
Less: Net income attributable to noncontrolling interests - preference stock of SCE |
|
|
49 |
|
|
|
29 |
|
|
|
90 |
|
|
|
58 |
|
Preferred stock dividend requirements of Edison International |
|
|
21 |
|
|
|
26 |
|
|
|
43 |
|
|
|
52 |
|
Net income available to Edison International common shareholders |
|
$ |
439 |
|
|
|
354 |
|
|
$ |
428 |
|
|
|
664 |
|
Basic earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average shares of common stock outstanding |
|
|
385 |
|
|
|
383 |
|
|
|
385 |
|
|
|
383 |
|
Basic earnings per common share available to Edison International common shareholders |
|
$ |
1.14 |
|
|
|
0.92 |
|
|
$ |
1.11 |
|
|
$ |
1.73 |
|
Diluted earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average shares of common stock outstanding, including effect of dilutive securities |
|
|
388 |
|
|
|
385 |
|
|
|
387 |
|
|
|
385 |
|
Diluted earnings per common share available to Edison International common shareholders |
|
$ |
1.13 |
|
|
|
0.92 |
|
|
$ |
1.11 |
|
|
$ |
1.73 |
|
|
|
|
|
|
|
|
Consolidated Balance Sheets |
|
Edison International |
||||
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
December 31, |
(in millions) |
|
2024 |
|
2023 |
||
ASSETS |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
465 |
|
$ |
345 |
Receivables, less allowances of |
|
|
2,020 |
|
|
2,016 |
Accrued unbilled revenue |
|
|
1,007 |
|
|
742 |
Inventory |
|
|
534 |
|
|
527 |
Prepaid expenses |
|
|
103 |
|
|
112 |
Regulatory assets |
|
|
3,910 |
|
|
2,524 |
Wildfire Insurance Fund contributions |
|
|
138 |
|
|
204 |
Other current assets |
|
|
335 |
|
|
341 |
Total current assets |
|
|
8,512 |
|
|
6,811 |
Nuclear decommissioning trusts |
|
|
4,292 |
|
|
4,173 |
Other investments |
|
|
71 |
|
|
54 |
Total investments |
|
|
4,363 |
|
|
4,227 |
Utility property, plant and equipment, less accumulated depreciation and amortization of |
|
|
57,144 |
|
|
55,877 |
Nonutility property, plant and equipment, less accumulated depreciation of |
|
|
205 |
|
|
207 |
Total property, plant and equipment |
|
|
57,349 |
|
|
56,084 |
Regulatory assets (include |
|
|
8,658 |
|
|
8,897 |
Wildfire Insurance Fund contributions |
|
|
1,948 |
|
|
1,951 |
Operating lease right-of-use assets |
|
|
1,201 |
|
|
1,221 |
Long-term insurance receivables |
|
|
496 |
|
|
501 |
Other long-term assets |
|
|
2,291 |
|
|
2,066 |
Total long-term assets |
|
|
14,594 |
|
|
14,636 |
|
|
|
|
|
|
|
Total assets |
|
$ |
84,818 |
|
$ |
81,758 |
|
|
|
|
|
|
|
||
Consolidated Balance Sheets |
|
Edison International |
||||||
|
|
|
|
|
|
|
||
|
|
June 30, |
|
|
December 31, |
|||
(in millions, except share amounts) |
|
2024 |
|
|
2023 |
|
||
LIABILITIES AND EQUITY |
|
|
|
|
|
|
||
Short-term debt |
|
$ |
1,505 |
|
|
$ |
1,077 |
|
Current portion of long-term debt |
|
|
1,698 |
|
|
|
2,697 |
|
Accounts payable |
|
|
1,892 |
|
|
|
1,983 |
|
Wildfire-related claims |
|
|
31 |
|
|
|
30 |
|
Customer deposits |
|
|
443 |
|
|
|
390 |
|
Regulatory liabilities |
|
|
1,193 |
|
|
|
763 |
|
Current portion of operating lease liabilities |
|
|
125 |
|
|
|
120 |
|
Other current liabilities |
|
|
1,387 |
|
|
|
1,538 |
|
Total current liabilities |
|
|
8,274 |
|
|
|
8,598 |
|
Long-term debt (include |
|
|
33,099 |
|
|
|
30,316 |
|
Deferred income taxes and credits |
|
|
6,863 |
|
|
|
6,672 |
|
Pensions and benefits |
|
|
406 |
|
|
|
415 |
|
Asset retirement obligations |
|
|
2,668 |
|
|
|
2,666 |
|
Regulatory liabilities |
|
|
9,900 |
|
|
|
9,420 |
|
Operating lease liabilities |
|
|
1,076 |
|
|
|
1,101 |
|
Wildfire-related claims |
|
|
1,219 |
|
|
|
1,368 |
|
Other deferred credits and other long-term liabilities |
|
|
3,445 |
|
|
|
3,258 |
|
Total deferred credits and other liabilities |
|
|
25,577 |
|
|
|
24,900 |
|
Total liabilities |
|
|
66,950 |
|
|
|
63,814 |
|
Preferred stock (50,000,000 shares authorized; 1,159,317 and 1,159,317 shares of Series A and 503,454 and 532,454 shares of Series B issued and outstanding at respective dates) |
|
|
1,645 |
|
|
|
1,673 |
|
Common stock, no par value (800,000,000 shares authorized; 386,099,652 and 383,924,912 shares issued and outstanding at respective dates) |
|
|
6,461 |
|
|
|
6,338 |
|
Accumulated other comprehensive loss |
|
|
(8 |
) |
|
|
(9 |
) |
Retained earnings |
|
|
7,326 |
|
|
|
7,499 |
|
Total Edison International's shareholders' equity |
|
|
15,424 |
|
|
|
15,501 |
|
Noncontrolling interests – preference stock of SCE |
|
|
2,444 |
|
|
|
2,443 |
|
Total equity |
|
|
17,868 |
|
|
|
17,944 |
|
|
|
|
|
|
|
|
||
Total liabilities and equity |
|
$ |
84,818 |
|
|
$ |
81,758 |
|
|
|
|
|
|
|
|
||
Consolidated Statements of Cash Flows |
|
Edison International |
||||||
|
|
|
|
|
|
|
||
|
|
|
||||||
|
|
Six months ended June 30, |
||||||
(in millions) |
|
2024 |
|
|
2023 |
|
||
Cash flows from operating activities: |
|
|
|
|
|
|
||
Net income |
|
$ |
561 |
|
|
$ |
774 |
|
Adjustments to reconcile to net cash provided by operating activities: |
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
1,454 |
|
|
|
1,371 |
|
Allowance for equity during construction |
|
|
(96 |
) |
|
|
(75 |
) |
Deferred income taxes |
|
|
(52 |
) |
|
|
63 |
|
Wildfire Insurance Fund amortization expense |
|
|
73 |
|
|
|
105 |
|
Other |
|
|
21 |
|
|
|
30 |
|
Nuclear decommissioning trusts |
|
|
(41 |
) |
|
|
(60 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
||
Receivables |
|
|
(66 |
) |
|
|
(46 |
) |
Inventory |
|
|
(10 |
) |
|
|
(44 |
) |
Accounts payable |
|
|
101 |
|
|
|
(415 |
) |
Other current assets and liabilities |
|
|
(444 |
) |
|
|
(107 |
) |
Derivative assets and liabilities, net |
|
|
(25 |
) |
|
|
(151 |
) |
Regulatory assets and liabilities, net |
|
|
(106 |
) |
|
|
(366 |
) |
Wildfire-related claims |
|
|
(148 |
) |
|
|
(428 |
) |
Other noncurrent assets and liabilities |
|
|
150 |
|
|
|
61 |
|
Net cash provided by operating activities |
|
|
1,372 |
|
|
|
712 |
|
Cash flows from financing activities: |
|
|
|
|
|
|
||
Long-term debt issued, net of discount and issuance costs of |
|
|
4,216 |
|
|
|
4,133 |
|
Long-term debt repaid |
|
|
(1,725 |
) |
|
|
(1,466 |
) |
Short-term debt issued |
|
|
— |
|
|
|
675 |
|
Short-term debt repaid |
|
|
(396 |
) |
|
|
(1,730 |
) |
Common stock issued |
|
|
12 |
|
|
|
13 |
|
Preferred and preference stock issued, net of issuance cost |
|
|
345 |
|
|
|
— |
|
Preferred or preference stock repurchased or redeemed |
|
|
(378 |
) |
|
|
— |
|
Commercial paper borrowing, net of repayments |
|
|
114 |
|
|
|
198 |
|
Dividends and distribution to noncontrolling interests |
|
|
(88 |
) |
|
|
(58 |
) |
Common stock dividends paid |
|
|
(595 |
) |
|
|
(555 |
) |
Preferred stock dividends paid |
|
|
(45 |
) |
|
|
(52 |
) |
Other |
|
|
105 |
|
|
|
61 |
|
Net cash provided by financing activities |
|
|
1,565 |
|
|
|
1,219 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
||
Capital expenditures |
|
|
(2,700 |
) |
|
|
(2,711 |
) |
Proceeds from sale of nuclear decommissioning trust investments |
|
|
2,477 |
|
|
|
1,967 |
|
Purchases of nuclear decommissioning trust investments |
|
|
(2,455 |
) |
|
|
(1,907 |
) |
Other |
|
|
8 |
|
|
|
1 |
|
Net cash used in investing activities |
|
|
(2,670 |
) |
|
|
(2,650 |
) |
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
267 |
|
|
|
(719 |
) |
Cash, cash equivalents and restricted cash at beginning of period |
|
|
532 |
|
|
|
917 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
799 |
|
|
$ |
198 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240725152018/en/
Investor Relations: Sam Ramraj, (626) 302-2540
Media Relations: (626) 302-2255
News@sce.com
Source: Edison International
