Edison International Reports Third Quarter 2022 Results
Edison International reported a third quarter 2022 net loss of $128 million, or $0.33 per share, an improvement from a loss of $341 million in Q3 2021. Core EPS decreased to $1.48 from $1.69 year-over-year, mainly due to a prior true-up adjustment. The utility is making progress in wildfire mitigation, set to complete 4,300 miles of covered conductor by year-end. Notably, a revision of estimates regarding past wildfire claims resulted in an after-tax charge of $598 million. The company has narrowed its 2022 EPS guidance to $4.48–4.68, maintaining a long-term growth target of 5–7%.
- Improved net loss from $341 million in Q3 2021 to $128 million in Q3 2022.
- Core EPS of $1.48 despite previous true-up impact.
- Significant progress in wildfire mitigation with 4,300 miles of covered conductor expected by year-end.
- Narrowed 2022 EPS guidance indicating better earnings expectations.
- Core EPS decreased from $1.69 in Q3 2021 to $1.48 in Q3 2022.
- Increased estimated losses due to 2017/2018 Wildfire/Mudslide events resulting in a net charge of $598 million.
-
Third Quarter 2022 GAAP loss per share of
; Core EPS of$0.33 $1.48 - SCE continues excellent WMP progress; on pace to complete 4,300 miles of covered conductor by year-end
-
Revises best estimate of expected losses for 2017/2018 Wildfire/Mudslide Events, resulting in net after-tax charge of
$598 million -
Narrows 2022 EPS guidance to
.48–4.68. Also reiterates long-term EPS growth rate target of 5–$4 7%
Southern California Edison’s (SCE) third quarter 2022 core earnings per share (EPS) decreased year-over-year, primarily due to a
Edison International Parent and Other's third quarter 2022 core loss per share was in line with same period in the prior year.
“SCE is making excellent progress in executing its wildfire mitigation plan. The utility is rapidly deploying covered conductor and is on pace to complete 4,300 miles, or
Pizarro added, “We’re pleased to see several recent state and federal clean energy actions in support of electrification, which are consistent with our vision to lead the electric utility industry through the clean energy transition. We are excited about working in partnership with state and federal governments and with other stakeholders, including the communities we serve, to advance policies that rapidly cut GHG emissions.”
Revision to Best Estimate of Losses for 2017/2018 Wildfire/Mudslide Events
Each reporting period, management reviews its loss estimates for remaining alleged and potential claims related to the 2017/2018 Wildfire/Mudslide Events. Management’s third quarter 2022 review included a review of information obtained after the statute of limitations for individual plaintiffs for the Woolsey Fire expired, including information regarding the nature of claims remaining in the Woolsey Fire litigation. Management also reviewed information obtained from settling a substantial portion of the claims in the 2017/2018 Wildfire/Mudslide Events litigations, including higher than expected costs to settle claims. As a result of management’s third quarter 2022 review, SCE recorded an
2022 Earnings Guidance
The company narrowed 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 |
|
as of |
||||||||||||
|
|
Low |
|
High |
|
Low |
|
High |
||||||||
EIX Basic EPS |
|
$ |
3.25 |
|
|
$ |
3.55 |
|
|
$ |
1.51 |
|
|
$ |
1.71 |
|
Less: Non-core Items* |
|
|
(1.15 |
) |
|
|
(1.15 |
) |
|
|
(2.97 |
) |
|
|
(2.97 |
) |
EIX Core EPS |
|
$ |
4.40 |
|
|
$ |
4.70 |
|
|
$ |
4.48 |
|
|
$ |
4.68 |
|
* There were |
Third Quarter 2022 Earnings Conference Call and Webcast Details
|
|
|
When: |
|
|
Telephone Numbers: |
1-888-673-9780 (US) and 1-312-470-0178 (Int'l) - Passcode: Edison |
|
Telephone Replay: |
|
1-800-819-5743 (US) and 1-203-369-3828 (Int’l) - Passcode: 8542 |
Telephone replay available through |
||
Webcast: |
About
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
Safe Harbor Statement
Statements contained in this release 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 release, and
- ability of SCE to recover its costs through regulated rates, including uninsured wildfire-related and debris flow-related costs, costs incurred to mitigate the risk of utility equipment causing future wildfires, costs incurred as a result of the COVID-19 pandemic, and increased labor and materials costs due to supply chain constraints and inflation;
- ability of SCE to implement 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;
- risks associated with implementing PSPS, including regulatory fines and penalties, claims for damages and reputational harm;
- ability of SCE to maintain a valid safety certification;
- ability to obtain sufficient insurance at a reasonable cost, including insurance relating to wildfire-related claims, and to recover the costs of such insurance or, in the event liabilities exceed insured amounts, the ability to recover uninsured losses from customers or other parties;
- extreme weather-related incidents (including events caused, or exacerbated, by climate change, such as wildfires, debris flows, 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;
-
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 theWildfire Insurance Fund and the CPUC's interpretation of and actions under AB 1054, including its interpretation of the prudency standard established under AB 1054; -
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
California Public Utilities Commission , theFederal Energy Regulatory Commission , theNuclear 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; - cost and availability of labor, equipment and materials, including as a result of supply chain constraints;
-
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;
-
pandemics, such as COVID-19, and other events that cause regional, statewide, national or global disruption, which could impact, among other things,
Edison International's and SCE's business, operations, cash flows, liquidity and/or financial results and causeEdison International and SCE to incur unanticipated costs; -
physical security of
Edison International's and SCE's critical assets and personnel and the cybersecurity ofEdison International's and SCE's critical information technology systems for grid control, and business, employee and customer data; - 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, changes in the
California Independent System Operator's transmission plans, and governmental approvals; and - 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.
Additional information about risks and uncertainties is contained in
These forward-looking statements represent our expectations only as of the date of this news release, and
Third Quarter Reconciliation of Basic Earnings Per Share to Core Earnings Per Share |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Three months ended |
|
|
|
|
Nine months ended |
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
2022 |
|
|
2021 |
|
|
Change |
|
2022 |
|
|
2021 |
|
|
Change |
||||||||
(Losses) earnings per share attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
SCE |
|
$ |
(0.21 |
) |
|
$ |
(0.75 |
) |
|
$ |
0.54 |
|
|
$ |
0.97 |
|
|
$ |
0.98 |
|
|
$ |
(0.01 |
) |
Edison International Parent and Other |
|
|
(0.12 |
) |
|
|
(0.15 |
) |
|
|
0.03 |
|
|
|
(0.45 |
) |
|
|
(0.36 |
) |
|
|
(0.09 |
) |
|
|
|
(0.33 |
) |
|
|
(0.90 |
) |
|
|
0.57 |
|
|
|
0.52 |
|
|
|
0.62 |
|
|
|
(0.10 |
) |
Less: Non-core items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
SCE |
|
|
(1.84 |
) |
|
|
(2.59 |
) |
|
|
0.75 |
|
|
|
(3.00 |
) |
|
|
(2.81 |
) |
|
|
(0.19 |
) |
Edison International Parent and Other |
|
|
0.03 |
|
|
|
— |
|
|
|
0.03 |
|
|
|
0.03 |
|
|
|
— |
|
|
|
0.03 |
|
Total non-core items |
|
|
(1.81 |
) |
|
|
(2.59 |
) |
|
|
0.78 |
|
|
|
(2.97 |
) |
|
|
(2.81 |
) |
|
|
(0.16 |
) |
Core earnings (losses) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
SCE |
|
|
1.63 |
|
|
|
1.84 |
|
|
|
(0.21 |
) |
|
|
3.97 |
|
|
|
3.79 |
|
|
|
0.18 |
|
Edison International Parent and Other |
|
|
(0.15 |
) |
|
|
(0.15 |
) |
|
|
— |
|
|
|
(0.48 |
) |
|
|
(0.36 |
) |
|
|
(0.12 |
) |
|
|
$ |
1.48 |
|
|
$ |
1.69 |
|
|
$ |
(0.21 |
) |
|
$ |
3.49 |
|
|
$ |
3.43 |
|
|
$ |
0.06 |
|
Note: Diluted losses were |
||||||||||||||||||||||||
Third Quarter Reconciliation of Basic Earnings Per Share to Core Earnings (in millions) |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Three months ended |
|
|
|
|
Nine months ended |
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
(in millions) |
|
2022 |
|
|
2021 |
|
|
Change |
|
2022 |
|
|
2021 |
|
|
Change |
||||||||
Net (loss) income attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
SCE |
|
$ |
(80 |
) |
|
$ |
(284 |
) |
|
$ |
204 |
|
|
$ |
369 |
|
|
$ |
371 |
|
|
$ |
(2 |
) |
Edison International Parent and Other |
|
|
(48 |
) |
|
|
(57 |
) |
|
|
9 |
|
|
|
(172 |
) |
|
|
(135 |
) |
|
|
(37 |
) |
|
|
|
(128 |
) |
|
|
(341 |
) |
|
|
213 |
|
|
|
197 |
|
|
|
236 |
|
|
|
(39 |
) |
Less: Non-core items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
SCE1,2,3,4,5,6,7,8,9,10 |
|
|
(703 |
) |
|
|
(985 |
) |
|
|
282 |
|
|
|
(1,142 |
) |
|
|
(1,065 |
) |
|
|
(77 |
) |
Edison International Parent and Other |
|
|
11 |
|
|
|
— |
|
|
|
11 |
|
|
|
11 |
|
|
|
— |
|
|
|
11 |
|
Total non-core items |
|
|
(692 |
) |
|
|
(985 |
) |
|
|
293 |
|
|
|
(1,131 |
) |
|
|
(1,065 |
) |
|
|
(66 |
) |
Core earnings (losses) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
SCE |
|
|
623 |
|
|
|
701 |
|
|
|
(78 |
) |
|
|
1,511 |
|
|
|
1,436 |
|
|
|
75 |
|
Edison International Parent and Other |
|
|
(59 |
) |
|
|
(57 |
) |
|
|
(2 |
) |
|
|
(183 |
) |
|
|
(135 |
) |
|
|
(48 |
) |
|
|
$ |
564 |
|
|
$ |
644 |
|
|
$ |
(80 |
) |
|
$ |
1,328 |
|
|
$ |
1,301 |
|
|
$ |
27 |
|
1 |
Includes amortization of SCE’s |
|
2 |
Includes charges for 2017/2018 Wildfire/Mudslide Events claims and expenses, net of recoveries of |
|
3 |
Includes GRC track 3 impairment of |
|
4 |
Includes CSRP impairment of |
|
5 |
Includes charge for employment litigation matter, net of recoveries, of |
|
6 |
Includes organizational realignment charge of |
|
7 |
Includes gain from sale of San Onofre nuclear fuel of |
|
8 |
Includes charge related to the Presiding Officer's Decision ("POD") in |
|
9 |
Includes customer revenues for EIS insurance contract, net of claims of |
|
10 |
Includes GRC disallowances related to pole replacements of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Consolidated Statements of Income |
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three months ended |
|
Nine months ended |
||||||||||||
|
|
|
|
|
||||||||||||
(in millions, except per-share amounts) |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
Total operating revenue |
|
$ |
5,228 |
|
|
$ |
5,299 |
|
|
$ |
13,204 |
|
|
$ |
11,574 |
|
Purchased power and fuel |
|
|
2,485 |
|
|
|
2,088 |
|
|
|
4,826 |
|
|
|
4,384 |
|
Operation and maintenance |
|
|
979 |
|
|
|
1,222 |
|
|
|
3,827 |
|
|
|
2,817 |
|
Wildfire-related claims, net of insurance recoveries |
|
|
889 |
|
|
|
1,273 |
|
|
|
1,316 |
|
|
|
1,276 |
|
|
|
|
54 |
|
|
|
54 |
|
|
|
160 |
|
|
|
161 |
|
Depreciation and amortization |
|
|
738 |
|
|
|
599 |
|
|
|
1,922 |
|
|
|
1,657 |
|
Property and other taxes |
|
|
128 |
|
|
|
113 |
|
|
|
374 |
|
|
|
356 |
|
Impairment, net of other operating income |
|
|
(1 |
) |
|
|
78 |
|
|
|
60 |
|
|
|
67 |
|
Total operating expenses |
|
|
5,272 |
|
|
|
5,427 |
|
|
|
12,485 |
|
|
|
10,718 |
|
Operating (loss) income |
|
|
(44 |
) |
|
|
(128 |
) |
|
|
719 |
|
|
|
856 |
|
Interest expense |
|
|
(302 |
) |
|
|
(245 |
) |
|
|
(819 |
) |
|
|
(694 |
) |
Other income |
|
|
85 |
|
|
|
47 |
|
|
|
219 |
|
|
|
195 |
|
(Loss) income before income taxes |
|
|
(261 |
) |
|
|
(326 |
) |
|
|
119 |
|
|
|
357 |
|
Income tax (benefit) expense |
|
|
(187 |
) |
|
|
(29 |
) |
|
|
(235 |
) |
|
|
3 |
|
Net (loss) income |
|
|
(74 |
) |
|
|
(297 |
) |
|
|
354 |
|
|
|
354 |
|
Preference stock dividend requirements of SCE |
|
|
27 |
|
|
|
27 |
|
|
|
78 |
|
|
|
80 |
|
Preferred stock dividend requirement of |
|
|
27 |
|
|
|
17 |
|
|
|
79 |
|
|
|
38 |
|
Net (loss) income attributable to |
|
$ |
(128 |
) |
|
$ |
(341 |
) |
|
$ |
197 |
|
|
$ |
236 |
|
Basic (losses) earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average shares of common stock outstanding |
|
|
382 |
|
|
|
380 |
|
|
|
381 |
|
|
|
380 |
|
Basic (losses) earnings per common share attributable to |
|
$ |
(0.33 |
) |
|
$ |
(0.90 |
) |
|
$ |
0.52 |
|
|
$ |
0.62 |
|
Diluted (losses) earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average shares of common stock outstanding, including effect of dilutive securities |
|
|
383 |
|
|
|
380 |
|
|
|
382 |
|
|
|
380 |
|
Diluted (losses) earnings per common share attributable to |
|
$ |
(0.33 |
) |
|
$ |
(0.90 |
) |
|
$ |
0.52 |
|
|
$ |
0.62 |
|
|
|
|
|
|
|
|
Consolidated Balance Sheets |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||
(in millions) |
|
2022 |
|
2021 |
||
ASSETS |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
232 |
|
$ |
390 |
Receivables, less allowances of |
|
|
2,259 |
|
|
1,398 |
Accrued unbilled revenue |
|
|
1,298 |
|
|
794 |
Inventory |
|
|
439 |
|
|
420 |
Prepaid expenses |
|
|
278 |
|
|
258 |
Regulatory assets |
|
|
1,497 |
|
|
1,778 |
|
|
|
204 |
|
|
204 |
Other current assets |
|
|
234 |
|
|
249 |
Total current assets |
|
|
6,441 |
|
|
5,491 |
Nuclear decommissioning trusts |
|
|
3,823 |
|
|
4,870 |
Marketable securities |
|
|
7 |
|
|
12 |
Other investments |
|
|
70 |
|
|
39 |
Total investments |
|
|
3,900 |
|
|
4,921 |
Utility property, plant and equipment, less accumulated depreciation and amortization of |
|
|
52,386 |
|
|
50,497 |
Nonutility property, plant and equipment, less accumulated depreciation of |
|
|
213 |
|
|
203 |
Total property, plant and equipment |
|
|
52,599 |
|
|
50,700 |
Receivables, less allowances of |
|
|
20 |
|
|
122 |
Regulatory assets (includes |
|
|
8,033 |
|
|
7,660 |
|
|
|
2,206 |
|
|
2,359 |
Operating lease right-of-use assets |
|
|
1,530 |
|
|
1,932 |
Long-term insurance receivable |
|
|
458 |
|
|
75 |
Other long-term assets |
|
|
1,522 |
|
|
1,485 |
Total long-term assets |
|
|
13,769 |
|
|
13,633 |
|
|
|
|
|
|
|
Total assets |
|
$ |
76,709 |
|
$ |
74,745 |
|
|
|
|
|
|
|
||
Consolidated Balance Sheets |
|
|
||||||
|
|
|
|
|
|
|
||
|
|
|
|
|
||||
(in millions, except share amounts) |
|
2022 |
|
2021 |
||||
LIABILITIES AND EQUITY |
|
|
|
|
|
|
||
Short-term debt |
|
$ |
3,011 |
|
|
$ |
2,354 |
|
Current portion of long-term debt |
|
|
2,175 |
|
|
|
1,077 |
|
Accounts payable |
|
|
2,348 |
|
|
|
2,002 |
|
Wildfire-related claims |
|
|
173 |
|
|
|
131 |
|
Customer deposits |
|
|
163 |
|
|
|
193 |
|
Regulatory liabilities |
|
|
702 |
|
|
|
603 |
|
Current portion of operating lease liabilities |
|
|
541 |
|
|
|
582 |
|
Other current liabilities |
|
|
1,707 |
|
|
|
1,667 |
|
Total current liabilities |
|
|
10,820 |
|
|
|
8,609 |
|
Long-term debt (Includes |
|
|
25,145 |
|
|
|
24,170 |
|
Deferred income taxes and credits |
|
|
5,976 |
|
|
|
5,740 |
|
Pensions and benefits |
|
|
460 |
|
|
|
496 |
|
Asset retirement obligations |
|
|
2,785 |
|
|
|
2,772 |
|
Regulatory liabilities |
|
|
8,348 |
|
|
|
8,981 |
|
Operating lease liabilities |
|
|
989 |
|
|
|
1,350 |
|
Wildfire-related claims |
|
|
1,962 |
|
|
|
1,733 |
|
Other deferred credits and other long-term liabilities |
|
|
2,931 |
|
|
|
3,105 |
|
Total deferred credits and other liabilities |
|
|
23,451 |
|
|
|
24,177 |
|
Total liabilities |
|
|
59,416 |
|
|
|
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; 381,873,341 and 380,378,145 shares issued and outstanding at respective dates) |
|
|
6,167 |
|
|
|
6,071 |
|
Accumulated other comprehensive loss |
|
|
(47 |
) |
|
|
(54 |
) |
Retained earnings |
|
|
7,295 |
|
|
|
7,894 |
|
|
|
|
15,392 |
|
|
|
15,888 |
|
Noncontrolling interests – preference stock of SCE |
|
|
1,901 |
|
|
|
1,901 |
|
Total equity |
|
|
17,293 |
|
|
|
17,789 |
|
|
|
|
|
|
|
|
||
Total liabilities and equity |
|
$ |
76,709 |
|
|
$ |
74,745 |
|
|
|
|
|
|
|
|
||
Consolidated Statements of Cash Flows |
|
|
||||||
|
|
|
|
|
|
|
||
|
|
Nine months ended |
||||||
(in millions) |
|
2022 |
|
2021 |
||||
Cash flows from operating activities: |
|
|
|
|
|
|
||
Net income |
|
$ |
354 |
|
|
$ |
354 |
|
Adjustments to reconcile to net cash provided by operating activities: |
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
1,977 |
|
|
|
1,709 |
|
Allowance for equity during construction |
|
|
(91 |
) |
|
|
(92 |
) |
Impairment and other expense |
|
|
60 |
|
|
|
67 |
|
Deferred income taxes |
|
|
(237 |
) |
|
|
(1 |
) |
|
|
|
160 |
|
|
|
161 |
|
Other |
|
|
50 |
|
|
|
34 |
|
Nuclear decommissioning trusts |
|
|
(81 |
) |
|
|
(204 |
) |
Proceeds from |
|
|
— |
|
|
|
400 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
||
Receivables |
|
|
(807 |
) |
|
|
(706 |
) |
Inventory |
|
|
(20 |
) |
|
|
(10 |
) |
Accounts payable |
|
|
363 |
|
|
|
282 |
|
Tax receivables and payables |
|
|
171 |
|
|
|
204 |
|
Other current assets and liabilities |
|
|
(681 |
) |
|
|
(716 |
) |
Regulatory assets and liabilities, net |
|
|
1,032 |
|
|
|
(484 |
) |
Wildfire-related insurance receivable |
|
|
(383 |
) |
|
|
707 |
|
Wildfire-related claims |
|
|
271 |
|
|
|
(2,120 |
) |
Other noncurrent assets and liabilities |
|
|
(26 |
) |
|
|
(1 |
) |
Net cash provided by (used in) operating activities |
|
|
2,112 |
|
|
|
(416 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
||
Long-term debt issued, plus premium and net of discount and issuance costs of |
|
|
3,347 |
|
|
|
4,798 |
|
Long-term debt repaid |
|
|
(773 |
) |
|
|
(1,031 |
) |
Short-term debt issued |
|
|
600 |
|
|
|
2,105 |
|
Short-term debt repaid |
|
|
(993 |
) |
|
|
(1,355 |
) |
Common stock issued |
|
|
10 |
|
|
|
28 |
|
Preferred stock issued, net |
|
|
— |
|
|
|
1,235 |
|
Commercial paper repayments, net of borrowing |
|
|
529 |
|
|
|
(435 |
) |
Dividends and distribution to noncontrolling interests |
|
|
(83 |
) |
|
|
(85 |
) |
Common stock dividends paid |
|
|
(787 |
) |
|
|
(741 |
) |
Preferred stock dividends paid |
|
|
(99 |
) |
|
|
(35 |
) |
Other |
|
|
81 |
|
|
|
22 |
|
Net cash provided by financing activities |
|
|
1,832 |
|
|
|
4,506 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
||
Capital expenditures |
|
|
(4,206 |
) |
|
|
(3,948 |
) |
Proceeds from sale of nuclear decommissioning trust investments |
|
|
3,120 |
|
|
|
3,218 |
|
Purchases of nuclear decommissioning trust investments |
|
|
(3,039 |
) |
|
|
(3,014 |
) |
Other |
|
|
20 |
|
|
|
90 |
|
Net cash used in investing activities |
|
|
(4,105 |
) |
|
|
(3,654 |
) |
Net (decrease) increase in cash, cash equivalents and restricted cash |
|
|
(161 |
) |
|
|
436 |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
|
394 |
|
|
|
89 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
233 |
|
|
$ |
525 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20221101006083/en/
Investor Relations:
Media Contact:
Source:
FAQ
What were Edison International's Q3 2022 earnings per share?
What is the net loss reported by EIX in Q3 2022?
How did EIX perform in terms of wildfire mitigation?
What is the revised EPS guidance for Edison International in 2022?