Edison International Reports Fourth-Quarter and Full-Year 2023 Results
- Strong fourth-quarter and full-year financial performance with increases in core earnings compared to the previous year.
- Southern California Edison (SCE) shows growth in core earnings per share due to revenue escalation and lower operation expenses.
- Edison International Parent and Other segment shows a decrease in core loss per share due to gains on preferred stock repurchases.
- Company reiterates commitment to long-term EPS growth targets and dividend increase of 5.8% for 2023.
- SCE's covered conductor program makes significant progress in reducing Public Safety Power Shutoffs.
- EIX introduces 2024 EPS guidance and declares quarterly dividends for shareholders.
- None.
Insights
An examination of Edison International's reported earnings reveals a robust financial performance for the fourth quarter and the full year of 2023. A key highlight is the year-over-year increase in core earnings per share (EPS), which reflects the company's ability to leverage the escalation mechanism from the 2021 General Rate Case. This mechanism is designed to adjust revenues to account for inflation and other cost changes, thereby providing a stable revenue stream. The reported dividend increase of 5.8% aligns with the company's commitment to shareholder returns and mirrors the confidence in its long-term EPS growth targets of 5%-7%.
Investors should note the guidance provided for 2024 with a projected EPS range of $4.75 to $5.05. This forward-looking statement is significant as it offers a glimpse into the company's expectations regarding its future performance and may influence investor sentiment. The absence of non-core items from the 2024 guidance suggests a focus on the company's core operations and the potential for a more predictable earnings stream. From a financial planning perspective, the consistent core EPS growth and clear guidance can be seen as indicators of financial stability and operational efficiency.
The report indicates that Southern California Edison (SCE), a subsidiary of Edison International, has exceeded its Wildfire Mitigation Plan (WMP) covered conductor deployment target. The installation of more than 5,580 circuit miles of covered conductor is a significant development within the energy sector, as it directly addresses the risk of wildfires caused by utility infrastructure. This proactive approach to enhancing grid resilience not only mitigates the potential for costly fire-related damages but also reduces the likelihood of Public Safety Power Shutoffs, which can have a disruptive impact on both customers and the company's operations.
By investing in such infrastructure improvements, SCE demonstrates a commitment to safety and reliability, which can enhance its reputation and potentially lead to regulatory support. This focus on sustainability and infrastructure could also attract investors who are increasingly sensitive to environmental, social and governance (ESG) factors. The long-term benefits of reduced operational risks and improved public perception are likely to contribute positively to the company's financial health and stock valuation.
Edison International's performance should be contextualized within the broader utility sector, where companies are often evaluated on their ability to provide consistent and predictable returns to investors. The company's reiteration of long-term core EPS growth rate targets suggests a stable outlook, which is particularly appealing in a sector known for its defensive investment characteristics. Additionally, the escalation mechanism in place allows for a degree of protection against inflationary pressures, a factor of increasing importance in today's economic climate.
Furthermore, the company's strategic focus on infrastructure investment, as evidenced by its covered conductor program, aligns with the industry's shift towards modernization and reliability. By staying ahead of regulatory pressures and public safety concerns, Edison International positions itself favorably against competitors. The company's proactive approach may serve as a benchmark within the industry and could influence investor perceptions of the company's management team and their ability to navigate future challenges.
-
Fourth-quarter 2023 GAAP earnings per share of
$0.99 $1.28 -
Full-year 2023 GAAP EPS of
$3.12 $4.76 - SCE exceeds WMP covered conductor target of 1,100 miles; total deployment of more than 5,580 miles
-
EIX introduces 2024 EPS guidance of
$4.75 -$5.05 -
EIX reiterates long-term core EPS growth rate targets of
5% -7% for 2021-2025 and5% -7% for 2025-2028
Southern California Edison’s fourth-quarter 2023 core earnings per share (EPS) increased year over year, primarily due to higher revenue from the escalation mechanism set forth in the 2021 General Rate Case (GRC) final decision and lower operation and maintenance expenses, partially offset by higher interest expense.
Edison International Parent and Other’s fourth-quarter 2023 core loss per share decreased year over year, primarily due to gains on preferred stock repurchases.
“Delivering core EPS above the midpoint of our guidance range demonstrates our ability to successfully manage variability in the business,” said Pedro J. Pizarro, president and CEO of Edison International. “Our 2023 annual dividend increase of
Pizarro added, “SCE’s industry-leading covered conductor program continues to make tremendous progress. In just five years, SCE has installed more than 5,580 circuit miles of covered conductor. When combined with enhanced vegetation management, asset inspections and other programs, this has significantly reduced the need for Public Safety Power Shutoffs.”
Full-Year Earnings
For 2023, Edison International reported net income of
SCE’s full-year core EPS was higher, primarily due to higher revenue from the escalation mechanism set forth in the 2021 GRC final decision and higher interest income on balancing account undercollections, partially offset by higher interest expense.
Edison International Parent and Other’s full-year loss per share increased primarily due to higher interest expense, partially offset by gains on preferred stock repurchases.
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.
2024 Earnings Guidance
The company announced 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.
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2024 Earnings Guidance |
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as of Feb. 22, 2024 |
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Low |
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High |
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EIX Basic EPS |
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$ |
4.75 |
|
$ |
5.05 |
Less: Non-core Items |
|
|
– |
|
|
– |
EIX Core EPS |
|
$ |
4.75 |
|
$ |
5.05 |
Edison International and Southern California Edison Declare Dividends
Today, the board of directors of Edison International declared a quarterly common stock dividend of
Fourth-Quarter and Full-Year 2023 Earnings Conference Call and Webcast Details |
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When: |
Thursday, Feb. 22, 1:30-2:30 p.m. (PST) |
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Telephone Numbers: |
1-888-673-9780 ( |
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Telephone Replay: |
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1-866-363-4001 ( |
Telephone replay available through March 6 at 6 p.m. (PST) |
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Webcast: |
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Edison International has posted its earnings conference call prepared remarks by the CEO and CFO, the teleconference presentation and Form 10-K 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
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, costs incurred as a result of the COVID-19 pandemic, 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 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, including more detail about the factors described in this release, is contained in Edison International and SCE’s 2023 Form 10-K, including the "Risk Factors" sections. Readers are urged to read this entire release including information incorporated by reference, as well as the 2023 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
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.
Fourth Quarter Reconciliation of Basic Earnings Per Share to Core Earnings Per Share |
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Three months ended |
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Year ended |
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December 31, |
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December 31, |
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2023 |
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2022 |
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Change |
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2023 |
|
2022 |
|
Change |
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Earnings (loss) per share attributable to Edison International |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
SCE |
|
$ |
1.16 |
|
|
$ |
1.26 |
|
|
$ |
(0.10 |
) |
|
$ |
3.84 |
|
|
$ |
2.23 |
|
|
$ |
1.61 |
|
Edison International Parent and Other |
|
|
(0.17 |
) |
|
|
(0.17 |
) |
|
|
— |
|
|
|
(0.72 |
) |
|
|
(0.62 |
) |
|
|
(0.10 |
) |
Edison International |
|
|
0.99 |
|
|
|
1.09 |
|
|
|
(0.10 |
) |
|
|
3.12 |
|
|
|
1.61 |
|
|
|
1.51 |
|
Less: Non-core items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
SCE |
|
|
(0.29 |
) |
|
|
(0.10 |
) |
|
|
(0.19 |
) |
|
|
(1.73 |
) |
|
|
(3.10 |
) |
|
|
1.37 |
|
Edison International Parent and Other |
|
|
— |
|
|
|
0.04 |
|
|
|
(0.04 |
) |
|
|
0.09 |
|
|
|
0.08 |
|
|
|
0.01 |
|
Total non-core items |
|
|
(0.29 |
) |
|
|
(0.06 |
) |
|
|
(0.23 |
) |
|
|
(1.64 |
) |
|
|
(3.02 |
) |
|
|
1.38 |
|
Core earnings (loss) per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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SCE |
|
|
1.45 |
|
|
|
1.36 |
|
|
|
0.09 |
|
|
|
5.57 |
|
|
|
5.33 |
|
|
|
0.24 |
|
Edison International Parent and Other |
|
|
(0.17 |
) |
|
|
(0.21 |
) |
|
|
0.04 |
|
|
|
(0.81 |
) |
|
|
(0.70 |
) |
|
|
(0.11 |
) |
Edison International |
|
$ |
1.28 |
|
|
$ |
1.15 |
|
|
$ |
0.13 |
|
|
$ |
4.76 |
|
|
$ |
4.63 |
|
|
$ |
0.13 |
|
Note: Diluted earnings were
Fourth Quarter Reconciliation of Basic Earnings Per Share to Core Earnings (in millions) |
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||||||
|
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Three months ended |
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|
|
|
Year ended |
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December 31, |
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|
|
|
December 31, |
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|
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(in millions) |
|
2023 |
|
2022 |
|
Change |
|
2023 |
|
2022 |
|
Change |
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Net income (loss) attributable to Edison International |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
SCE |
|
$ |
445 |
|
|
$ |
478 |
|
|
$ |
(33 |
) |
|
$ |
1,474 |
|
|
$ |
847 |
|
|
$ |
627 |
|
Edison International Parent and Other |
|
|
(67 |
) |
|
|
(63 |
) |
|
|
(4 |
) |
|
|
(277 |
) |
|
|
(235 |
) |
|
|
(42 |
) |
Edison International |
|
|
378 |
|
|
|
415 |
|
|
|
(37 |
) |
|
|
1,197 |
|
|
|
612 |
|
|
|
585 |
|
Less: Non-core items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
SCE1,2,3,4,5,6,7,8,9,10 |
|
|
(112 |
) |
|
|
(40 |
) |
|
|
(72 |
) |
|
|
(661 |
) |
|
|
(1,182 |
) |
|
|
521 |
|
Edison International Parent and Other11 |
|
|
— |
|
|
|
18 |
|
|
|
(18 |
) |
|
|
33 |
|
|
|
29 |
|
|
|
4 |
|
Total non-core items |
|
|
(112 |
) |
|
|
(22 |
) |
|
|
(90 |
) |
|
|
(628 |
) |
|
|
(1,153 |
) |
|
|
525 |
|
Core earnings (losses) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
SCE |
|
|
557 |
|
|
|
518 |
|
|
|
39 |
|
|
|
2,135 |
|
|
|
2,029 |
|
|
|
106 |
|
Edison International Parent and Other |
|
|
(67 |
) |
|
|
(81 |
) |
|
|
14 |
|
|
|
(310 |
) |
|
|
(264 |
) |
|
|
(46 |
) |
Edison International |
|
$ |
490 |
|
|
$ |
437 |
|
|
$ |
53 |
|
|
$ |
1,825 |
|
|
$ |
1,765 |
|
|
$ |
60 |
|
-
Includes charges for 2017/2018 Wildfire/Mudslide Events claims and expenses, net of recoveries of
$74 million $53 million $11 million $8 million $634 million $457 million $1.2 billion $899 million -
Includes amortization of SCE's Wildfire Insurance Fund expenses of
$54 million $39 million $213 million $153 million $214 million $154 million -
Includes charges for wildfire claims and expenses, net of expected recoveries from FERC customers, related to the Post-2018 Wildfires of
$27 million $19 million $34 million $25 million -
Includes a charge of probable disallowance related to the reasonableness review of recorded San Onofre Units 2 and 3 decommissioning costs in the 2021 NDCTP of
$30 million $21 million -
Includes a charge related to customer cancellations of certain ECS data services of
$17 million $12 million -
Includes an insurance recovery of
$10 million $7 million $23 million $16 million -
Includes a charge of
$81 million $64 million -
Includes impairment charges of
$64 million $46 million $47 million $34 million $17 million $12 million -
Includes a charge related to organizational realignment services of
$14 million $10 million -
Includes a gain of
$10 million $7 million -
Includes net earnings related to customer revenues for an EIS insurance contract offset by expected wildfire claims insured by EIS of
$23 million $18 million $42 million $33 million $36 million $29 million
|
|
|
|
|
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Consolidated Statements of Income |
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Edison International |
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Year ended |
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December 31, |
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(in millions, except per-share amounts) |
|
2023 |
|
2022 |
||||
Operating revenue |
|
$ |
16,338 |
|
|
$ |
17,220 |
|
Purchased power and fuel |
|
|
5,486 |
|
|
|
6,375 |
|
Operation and maintenance |
|
|
4,138 |
|
|
|
4,724 |
|
Wildfire-related claims, net of insurance recoveries |
|
|
667 |
|
|
|
1,313 |
|
Wildfire Insurance Fund expense |
|
|
213 |
|
|
|
214 |
|
Depreciation and amortization |
|
|
2,635 |
|
|
|
2,561 |
|
Property and other taxes |
|
|
571 |
|
|
|
501 |
|
Impairment, net of other operating income |
|
|
1 |
|
|
|
49 |
|
Total operating expenses |
|
|
13,711 |
|
|
|
15,737 |
|
Operating income |
|
|
2,627 |
|
|
|
1,483 |
|
Interest expense |
|
|
(1,612 |
) |
|
|
(1,169 |
) |
Other income, net |
|
|
500 |
|
|
|
348 |
|
Income before income taxes |
|
|
1,515 |
|
|
|
662 |
|
Income tax expense (benefit) |
|
|
108 |
|
|
|
(162 |
) |
Net income |
|
|
1,407 |
|
|
|
824 |
|
Less: Preference stock dividend requirements of SCE |
|
|
123 |
|
|
|
107 |
|
Preferred stock dividend requirements of Edison International |
|
|
87 |
|
|
|
105 |
|
Net income attributable to Edison International common shareholders |
|
$ |
1,197 |
|
|
|
612 |
|
Basic earnings per share: |
|
|
|
|
|
|
||
Weighted average shares of common stock outstanding |
|
|
383 |
|
|
|
381 |
|
Basic earnings per common share attributable to Edison International common shareholders |
|
$ |
3.12 |
|
|
$ |
1.61 |
|
Diluted earnings per share: |
|
|
|
|
|
|
||
Weighted average shares of common stock outstanding, including effect of dilutive securities |
|
|
385 |
|
|
|
383 |
|
Diluted earnings per common share attributable to Edison International common shareholders |
|
$ |
3.11 |
|
|
$ |
1.60 |
|
|
|
|
|
|
|
|
Consolidated Balance Sheets |
|
Edison International |
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|
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|
December 31, |
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(in millions) |
|
2023 |
|
2022 |
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ASSETS |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
345 |
|
$ |
914 |
Receivables, less allowances of |
|
|
2,016 |
|
|
1,695 |
Accrued unbilled revenue |
|
|
742 |
|
|
641 |
Inventory |
|
|
527 |
|
|
474 |
Prepaid expenses |
|
|
112 |
|
|
248 |
Regulatory assets |
|
|
2,524 |
|
|
2,497 |
Wildfire Insurance Fund contributions |
|
|
204 |
|
|
204 |
Other current assets |
|
|
341 |
|
|
397 |
Total current assets |
|
|
6,811 |
|
|
7,070 |
Nuclear decommissioning trusts |
|
|
4,173 |
|
|
3,948 |
Other investments |
|
|
54 |
|
|
55 |
Total investments |
|
|
4,227 |
|
|
4,003 |
Utility property, plant and equipment, less accumulated depreciation and amortization of |
|
|
55,877 |
|
|
53,274 |
Nonutility property, plant and equipment, less accumulated depreciation of |
|
|
207 |
|
|
212 |
Total property, plant and equipment |
|
|
56,084 |
|
|
53,486 |
Regulatory assets (include |
|
|
8,897 |
|
|
8,181 |
Wildfire Insurance Fund contributions |
|
|
1,951 |
|
|
2,155 |
Operating lease right-of-use assets |
|
|
1,221 |
|
|
1,442 |
Long-term insurance receivables |
|
|
501 |
|
|
465 |
Other long-term assets |
|
|
2,066 |
|
|
1,239 |
Total long-term assets |
|
|
14,636 |
|
|
13,482 |
|
|
|
|
|
|
|
Total assets |
|
$ |
81,758 |
|
$ |
78,041 |
|
|
|
|
|
|
|
||
Consolidated Balance Sheets |
|
Edison International |
||||||
|
|
|
|
|
|
|
||
|
|
December 31, |
||||||
(in millions, except share amounts) |
|
2023 |
|
2022 |
||||
LIABILITIES AND EQUITY |
|
|
|
|
|
|
||
Short-term debt |
|
$ |
1,077 |
|
|
$ |
2,015 |
|
Current portion of long-term debt |
|
|
2,697 |
|
|
|
2,614 |
|
Accounts payable |
|
|
1,983 |
|
|
|
2,359 |
|
Wildfire-related claims |
|
|
30 |
|
|
|
121 |
|
Customer deposits |
|
|
177 |
|
|
|
167 |
|
Regulatory liabilities |
|
|
763 |
|
|
|
964 |
|
Current portion of operating lease liabilities |
|
|
120 |
|
|
|
506 |
|
Other current liabilities |
|
|
1,751 |
|
|
|
1,601 |
|
Total current liabilities |
|
|
8,598 |
|
|
|
10,347 |
|
Long-term debt (include |
|
|
30,316 |
|
|
|
27,025 |
|
Deferred income taxes and credits |
|
|
6,672 |
|
|
|
6,149 |
|
Pensions and benefits |
|
|
415 |
|
|
|
422 |
|
Asset retirement obligations |
|
|
2,666 |
|
|
|
2,754 |
|
Regulatory liabilities |
|
|
9,420 |
|
|
|
8,211 |
|
Operating lease liabilities |
|
|
1,101 |
|
|
|
936 |
|
Wildfire-related claims |
|
|
1,368 |
|
|
|
1,687 |
|
Other deferred credits and other long-term liabilities |
|
|
3,258 |
|
|
|
2,988 |
|
Total deferred credits and other liabilities |
|
|
24,900 |
|
|
|
23,147 |
|
Total liabilities |
|
|
63,814 |
|
|
|
60,519 |
|
Preferred stock (50,000,000 shares authorized; 1,159,317 and 1,250,000 shares of Series A and 532,454 and 750,000 shares of Series B issued and outstanding at respective dates) |
|
|
1,673 |
|
|
|
1,978 |
|
Common stock, no par value (800,000,000 shares authorized; 383,924,912 and 382,208,498 shares issued and outstanding at respective dates) |
|
|
6,338 |
|
|
|
6,200 |
|
Accumulated other comprehensive loss |
|
|
(9 |
) |
|
|
(11 |
) |
Retained earnings |
|
|
7,499 |
|
|
|
7,454 |
|
Total Edison International's shareholders' equity |
|
|
15,501 |
|
|
|
15,621 |
|
Noncontrolling interests – preference stock of SCE |
|
|
2,443 |
|
|
|
1,901 |
|
Total equity |
|
|
17,944 |
|
|
|
17,522 |
|
|
|
|
|
|
|
|
||
Total liabilities and equity |
|
$ |
81,758 |
|
|
$ |
78,041 |
|
|
|
|
|
|
|
|
|
|
|
|||
Consolidated Statements of Cash Flows |
|
Edison International |
||||||||||
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
||||||||||
|
|
Years ended December 31, |
||||||||||
(in millions) |
|
2023 |
|
2022 |
|
2021 |
||||||
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|||
Net income |
|
$ |
1,407 |
|
|
$ |
824 |
|
|
$ |
925 |
|
Adjustments to reconcile to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|||
Depreciation and amortization |
|
|
2,721 |
|
|
|
2,633 |
|
|
|
2,288 |
|
Allowance for equity during construction |
|
|
(157 |
) |
|
|
(137 |
) |
|
|
(118 |
) |
Impairment and other expense |
|
|
1 |
|
|
|
54 |
|
|
|
71 |
|
Deferred income taxes |
|
|
108 |
|
|
|
(177 |
) |
|
|
43 |
|
Wildfire Insurance Fund amortization expense |
|
|
213 |
|
|
|
214 |
|
|
|
215 |
|
Other |
|
|
57 |
|
|
|
75 |
|
|
|
40 |
|
Nuclear decommissioning trusts |
|
|
(180 |
) |
|
|
(123 |
) |
|
|
(256 |
) |
Proceeds from Morongo Transmission LLC |
|
|
— |
|
|
|
— |
|
|
|
400 |
|
Contributions to Wildfire Insurance Fund |
|
|
(95 |
) |
|
|
(95 |
) |
|
|
(95 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|||
Receivables |
|
|
(349 |
) |
|
|
(252 |
) |
|
|
(514 |
) |
Inventory |
|
|
(63 |
) |
|
|
(58 |
) |
|
|
(21 |
) |
Accounts payable |
|
|
(408 |
) |
|
|
367 |
|
|
|
138 |
|
Tax receivables and payables |
|
|
9 |
|
|
|
18 |
|
|
|
13 |
|
Other current assets and liabilities |
|
|
185 |
|
|
|
207 |
|
|
|
(321 |
) |
Derivative assets and liabilities, net |
|
|
(174 |
) |
|
|
115 |
|
|
|
(12 |
) |
Regulatory assets and liabilities, net |
|
|
576 |
|
|
|
(51 |
) |
|
|
(720 |
) |
Wildfire-related insurance receivable |
|
|
(36 |
) |
|
|
(390 |
) |
|
|
708 |
|
Wildfire-related claims |
|
|
(410 |
) |
|
|
(56 |
) |
|
|
(2,648 |
) |
Other noncurrent assets and liabilities |
|
|
(4 |
) |
|
|
48 |
|
|
|
(123 |
) |
Net cash provided by operating activities |
|
|
3,401 |
|
|
|
3,216 |
|
|
|
11 |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|||
Long-term debt issued, net of discount and issuance costs of |
|
|
5,121 |
|
|
|
5,971 |
|
|
|
5,412 |
|
Long-term debt repaid |
|
|
(2,498 |
) |
|
|
(1,085 |
) |
|
|
(1,037 |
) |
Short-term debt issued |
|
|
1,076 |
|
|
|
1,000 |
|
|
|
2,654 |
|
Short-term debt repaid |
|
|
(2,407 |
) |
|
|
(1,543 |
) |
|
|
(2,255 |
) |
Common stock issued |
|
|
20 |
|
|
|
13 |
|
|
|
32 |
|
Preferred and preference stock issued, net of issuance cost |
|
|
542 |
|
|
|
— |
|
|
|
1,977 |
|
Preferred stock repurchased |
|
|
(289 |
) |
|
|
— |
|
|
|
— |
|
Commercial paper borrowing (repayments), net |
|
|
1,102 |
|
|
|
(317 |
) |
|
|
(254 |
) |
Dividends and distribution to noncontrolling interests |
|
|
(117 |
) |
|
|
(110 |
) |
|
|
(106 |
) |
Common stock dividends paid |
|
|
(1,112 |
) |
|
|
(1,050 |
) |
|
|
(988 |
) |
Preferred stock dividends paid |
|
|
(108 |
) |
|
|
(99 |
) |
|
|
(35 |
) |
Other |
|
|
117 |
|
|
|
101 |
|
|
|
45 |
|
Net cash provided by financing activities |
|
|
1,447 |
|
|
|
2,881 |
|
|
|
5,445 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|||
Capital expenditures |
|
|
(5,448 |
) |
|
|
(5,778 |
) |
|
|
(5,505 |
) |
Proceeds from sale of nuclear decommissioning trust investments |
|
|
4,597 |
|
|
|
4,177 |
|
|
|
3,961 |
|
Purchases of nuclear decommissioning trust investments |
|
|
(4,417 |
) |
|
|
(4,054 |
) |
|
|
(3,705 |
) |
Other |
|
|
35 |
|
|
|
81 |
|
|
|
98 |
|
Net cash used in investing activities |
|
|
(5,233 |
) |
|
|
(5,574 |
) |
|
|
(5,151 |
) |
Net (decrease) increase in cash, cash equivalents and restricted cash |
|
|
(385 |
) |
|
|
523 |
|
|
|
305 |
|
Cash, cash equivalents and restricted cash at beginning of year |
|
|
917 |
|
|
|
394 |
|
|
|
89 |
|
Cash, cash equivalents and restricted cash at end of year |
|
$ |
532 |
|
|
$ |
917 |
|
|
$ |
394 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240221016634/en/
Investor Relations: Sam Ramraj, (626) 302-2540
Media Relations: (626) 302-2255
News@sce.com
Source: Edison International
FAQ
What were Edison International's (EIX) fourth-quarter 2023 GAAP earnings per share?
What was the core EPS for Edison International (EIX) in the fourth quarter of 2023?
What is the 2024 EPS guidance range provided by Edison International (EIX)?
What is the long-term core EPS growth rate target set by Edison International (EIX) for 2021-2025 and 2025-2028?
What was the reason behind Southern California Edison's (SCE) increase in core earnings per share in the fourth quarter of 2023?
