EIX Edison International

• First-quarter 2024 GAAP loss per share of $0.03; Core EPS of $1.13
• Strong regulatory progress: Received CEMA proposed decision; Submitted GRC rebuttal testimony
• Revised best estimate of expected losses for 2017/2018 Wildfire/Mudslide Events, resulting in net after-tax charge of $333 million; Woolsey application on track for Q3
• Affirms 2024 core EPS guidance of $4.75-$5.05
• Reiterates long-term core EPS growth rate targets of 5%-7% for 2021-2025 and 5%-7% for 2025-2028

Edison International (NYSE: EIX) today reported a first-quarter net loss of $11 million, or $0.03 per share, compared to net income of $310 million, or $0.81 per share, in the first quarter of last year. As adjusted, first-quarter core earnings were $438 million, or $1.13 per share, compared to core earnings of $416 million, or $1.09 per share, in the first quarter of last year.

Southern California Edison’s first-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 and an increase in the authorized rate of return resulting from the cost of capital adjustment mechanism. This was partially offset by higher interest expense.

Edison International Parent and Other’s first-quarter 2024 core loss per share was in line with the same period in the prior year.

“We are pleased with our start to the year and are confident in affirming our 2024 core EPS guidance range,” said Pedro J. Pizarro, president and CEO of Edison International. “We also remain confident in delivering on our long-term EPS growth targets. Our conviction remains grounded in the drivers that continue to support our outlook.”

As described below, as a result of management's first-quarter review of loss estimates for the 2017/2018 Wildfire/Mudslide Events, a $490 million increase in estimated losses was recorded. The increase was primarily driven by information obtained during the quarter related to the Woolsey Fire mediation program and from settling claims through the quarter.

Pizarro noted, “With wildfires now a national issue, litigation outcomes outside of California are impacting the costs to resolve claims everywhere. SCE intends to seek full recovery of all eligible costs and we remain confident about the case SCE has made in TKM and will make for Woolsey. I reiterate that we strongly believe that cost recovery is warranted and in the public interest, and we conservatively have not reflected this significant potential in our financial projections.”

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.

Revision to Best Estimate of Losses for 2017/2018 Wildfire/Mudslide Events

Management’s first-quarter 2024 review of its loss estimates for remaining alleged and potential claims related to the 2017/2018 Wildfire/Mudslide Events included a review of information received during the quarter about outstanding claims, including demands from most of the individual plaintiffs who have opted into the Woolsey Fire mediation program and from settling claims through the quarter. As a result of management's review, a $490 million increase in estimated losses for the 2017/2018 Wildfire/Mudslide Events as of March 31, 2024, was recorded. SCE recorded expected recoveries through Federal Energy Regulatory Commission electric rates of $27 million against the charge. The resulting net charge to earnings was $463 million ($333 million after-tax).

The increase was primarily driven by information obtained during the quarter related to the Woolsey Fire mediation program, in which plaintiffs who had previously opted-in to the program were required to submit their demands by a deadline in February 2024. While a limited number of plaintiffs received extensions, the demands received prior to the deadline revealed that more plaintiffs intend to continue to pursue claims than expected and that plaintiffs are seeking higher damages than expected. Additionally, settlement outcomes during the quarter exceeded previously estimated values. Management believes that adverse jury verdicts in wildfire litigation against utilities outside of California and increasingly negative jury sentiments in general litigation combined with the current procedural schedule in the underlying litigation proceedings have led to more plaintiffs continuing to pursue claims than expected and to plaintiffs demanding greater settlement values.

2024 Earnings Guidance

The company affirmed 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 Feb. 22, 2024

 

as of April 30, 2024

 

 

Low

 

High

 

Low

 

High

EIX Basic EPS

 

$

4.75

 

$

5.05

 

$

3.59

 

 

$

3.89

 

Less: Non-core Items*

 

 

–

 

 

–

 

 

(1.16

)

 

 

(1.16

)

EIX Core EPS

 

$

4.75

 

$

5.05

 

$

4.75

 

 

$

5.05

 

* There were ($449) million, or ($1.16) per share, of non-core items recorded for the three months ended March 31, 2024. Basic EIX EPS guidance only incorporates non-core items to March 31, 2024.

First-Quarter 2024 Earnings Conference Call and Webcast Details

 

 

 

When:

Tuesday, April 30, 1:30-2:30 p.m. (PDT)

Telephone Numbers:

1-888-673-9780 (U.S.) and 1-312-470-0178 (Int'l) — Passcode: Edison

Telephone Replay:

 

1-800-568-3942 (U.S.) and 1-203-369-3812 (Int’l) — Passcode: 3109

Telephone replay available through May 13 at 6 p.m. (PDT)

Webcast:

www.edisoninvestor.com

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, focused on 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 delivering electricity to 15 million people across Southern, Central and Coastal California. Edison International is also the parent company of Trio (formerly Edison Energy), a portfolio of nonregulated competitive businesses providing integrated sustainability and energy advisory services to large commercial, industrial and institutional organizations in North America and Europe.

Appendix

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:

• 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 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 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,

 

 

 

 

 

2024

 

 

2023

 

 

Change

Earnings (loss) per share available to Edison International

 

 

 

 

 

 

 

 

 

SCE

 

$

0.17

 

 

$

0.97

 

 

$

(0.80

)

Edison International Parent and Other

 

 

(0.20

)

 

 

(0.16

)

 

 

(0.04

)

Edison International

 

 

(0.03

)

 

 

0.81

 

 

 

(0.84

)

Less: Non-core items

 

 

 

 

 

 

 

 

 

SCE

 

 

(1.16

)

 

 

(0.32

)

 

 

(0.84

)

Edison International Parent and Other

 

 

—

 

 

 

0.04

 

 

 

(0.04

)

Total non-core items

 

 

(1.16

)

 

 

(0.28

)

 

 

(0.88

)

Core earnings (loss) per share

 

 

 

 

 

 

 

 

 

SCE

 

 

1.33

 

 

 

1.29

 

 

 

0.04

 

Edison International Parent and Other

 

 

(0.20

)

 

 

(0.20

)

 

 

—

 

Edison International

 

$

1.13

 

 

$

1.09

 

 

$

0.04

 

Note: Diluted (loss) earnings were $(0.03) and $0.81 per share for the three months ended March 31, 2024 and 2023, respectively.

 

First Quarter Reconciliation of Basic Earnings Per Share to Core Earnings (in millions)

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

 

 

 

March 31,

 

 

 

(in millions)

 

2024

 

 

2023

 

 

Change

Net income (loss) available to Edison International

 

 

 

 

 

 

 

 

 

SCE

 

$

65

 

 

$

370

 

 

$

(305

)

Edison International Parent and Other

 

 

(76

)

 

 

(60

)

 

 

(16

)

Edison International

 

 

(11

)

 

 

310

 

 

 

(321

)

Less: Non-core items

 

 

 

 

 

 

 

 

 

SCE1,2,3,4

 

 

(448

)

 

 

(124

)

 

 

(324

)

Edison International Parent and Other5

 

 

(1

)

 

 

18

 

 

 

(19

)

Total non-core items

 

 

(449

)

 

 

(106

)

 

 

(343

)

Core earnings (loss)

 

 

 

 

 

 

 

 

 

SCE

 

 

513

 

 

 

494

 

 

 

19

 

Edison International Parent and Other

 

 

(75

)

 

 

(78

)

 

 

3

 

Edison International

 

$

438

 

 

$

416

 

 

$

22

 

1

Includes charges for 2017/2018 Wildfire/Mudslide Events claims and related legal expenses, net of expected regulatory recoveries of $467 million ($336 million after-tax) and $90 million ($65 million after-tax) for the three months ended March 31, 2024 and 2023, respectively.

2

Includes charges for Other Wildfires claims and related legal expenses, net of expected insurance and expected regulatory recoveries of $119 million ($86 million after-tax) for the three months ended March 31, 2024.

3

Includes amortization of SCE's Wildfire Insurance Fund expenses of $36 million ($26 million after-tax) and $52 million ($38 million after-tax) for the three months ended March 31, 2024 and 2023, respectively.

4

Includes a charge $30 million ($21 million after-tax) for a probable disallowance related to the reasonableness review of recorded San Onofre Units 2 and 3 decommissioning costs in the 2021 NDCTP for the three months ended March 31, 2023.

5

Includes expected wildfire claims of $1 million ($1 million after-tax) insured by EIS and customer revenues of $22 million ($18 million after-tax) related to an EIS insurance contract for the three months ended March 31, 2024 and 2023, respectively.

 

 

 

 

 

 

 

 

Consolidated Statements of Income

 

Edison International

 

 

 

 

 

 

 

 

 

Three months ended

 

 

March 31,

(in millions, except per-share amounts)

 

2024

 

 

2023

 

Operating revenue

 

$

4,078

 

 

$

3,966

 

Purchased power and fuel

 

 

1,008

 

 

 

1,318

 

Operation and maintenance

 

 

1,317

 

 

 

1,084

 

Wildfire-related claims, net of insurance recoveries

 

 

615

 

 

 

96

 

Wildfire Insurance Fund expense

 

 

36

 

 

 

52

 

Depreciation and amortization

 

 

702

 

 

 

656

 

Property and other taxes

 

 

155

 

 

 

140

 

Total operating expenses

 

 

3,833

 

 

 

3,346

 

Operating income

 

 

245

 

 

 

620

 

Interest expense

 

 

(444

)

 

 

(361

)

Other income, net

 

 

138

 

 

 

119

 

(Loss) income before income taxes

 

 

(61

)

 

 

378

 

Income tax (benefit) expense

 

 

(113

)

 

 

13

 

Net income

 

 

52

 

 

 

365

 

Less: Net income attributable to noncontrolling interests - preference stock of SCE

 

 

41

 

 

 

29

 

Preferred stock dividend requirements of Edison International

 

 

22

 

 

 

26

 

Net (loss) income available to Edison International common shareholders

 

$

(11

)

 

 

310

 

Basic (loss) earnings per share:

 

 

 

 

 

 

Weighted average shares of common stock outstanding

 

 

385

 

 

 

383

 

Basic (loss) earnings per common share available to Edison International common shareholders

 

$

(0.03

)

 

$

0.81

 

Diluted (loss) earnings per share:

 

 

 

 

 

 

Weighted average shares of common stock outstanding, including effect of dilutive securities

 

 

385

 

 

 

384

 

Diluted (loss) earnings per common share available to Edison International common shareholders

 

$

(0.03

)

 

$

0.81

 

 

 

 

 

 

 

 

 

Consolidated Balance Sheets

 

Edison International

 

 

 

 

 

 

 

 

 

 

March 31,

 

 

December 31,

(in millions)

 

2024

 

2023

ASSETS

 

 

 

 

 

 

Cash and cash equivalents

 

$

992

 

$

345

Receivables, less allowances of $342 and $360 for uncollectible accounts at respective dates

 

 

1,890

 

 

2,016

Accrued unbilled revenue

 

 

777

 

 

742

Inventory

 

 

519

 

 

527

Prepaid expenses

 

 

244

 

 

112

Regulatory assets

 

 

2,989

 

 

2,524

Wildfire Insurance Fund contributions

 

 

138

 

 

204

Other current assets

 

 

329

 

 

341

Total current assets

 

 

7,878

 

 

6,811

Nuclear decommissioning trusts

 

 

4,288

 

 

4,173

Other investments

 

 

62

 

 

54

Total investments

 

 

4,350

 

 

4,227

Utility property, plant and equipment, less accumulated depreciation and amortization of $13,227 and $12,910 at respective dates

 

 

56,483

 

 

55,877

Nonutility property, plant and equipment, less accumulated depreciation of $116 and $114 at respective dates

 

 

205

 

 

207

Total property, plant and equipment

 

 

56,688

 

 

56,084

Regulatory assets (include $1,547 and $1,558 related to Variable Interest Entities "VIEs" at respective dates)

 

 

8,806

 

 

8,897

Wildfire Insurance Fund contributions

 

 

1,982

 

 

1,951

Operating lease right-of-use assets

 

 

1,206

 

 

1,221

Long-term insurance receivables

 

 

499

 

 

501

Other long-term assets

 

 

2,190

 

 

2,066

Total long-term assets

 

 

14,683

 

 

14,636

 

 

 

 

 

 

 

Total assets

 

$

83,599

 

$

81,758

 

 

 

 

 

 

 

 

Consolidated Balance Sheets

 

Edison International

 

 

 

 

 

 

 

 

 

March 31,

 

 

December 31,

(in millions, except share amounts)

 

2024

 

2023

LIABILITIES AND EQUITY

 

 

 

 

 

 

Short-term debt

 

$

774

 

 

$

1,077

 

Current portion of long-term debt

 

 

2,097

 

 

 

2,697

 

Accounts payable

 

 

1,904

 

 

 

1,983

 

Wildfire-related claims

 

 

160

 

 

 

30

 

Customer deposits

 

 

440

 

 

 

390

 

Regulatory liabilities

 

 

988

 

 

 

763

 

Current portion of operating lease liabilities

 

 

119

 

 

 

120

 

Other current liabilities

 

 

1,425

 

 

 

1,538

 

Total current liabilities

 

 

7,907

 

 

 

8,598

 

Long-term debt (include $1,516 and $1,515 related to VIEs at respective dates)

 

 

32,576

 

 

 

30,316

 

Deferred income taxes and credits

 

 

6,669

 

 

 

6,672

 

Pensions and benefits

 

 

412

 

 

 

415

 

Asset retirement obligations

 

 

2,667

 

 

 

2,666

 

Regulatory liabilities

 

 

9,814

 

 

 

9,420

 

Operating lease liabilities

 

 

1,087

 

 

 

1,101

 

Wildfire-related claims

 

 

1,657

 

 

 

1,368

 

Other deferred credits and other long-term liabilities

 

 

3,195

 

 

 

3,258

 

Total deferred credits and other liabilities

 

 

25,501

 

 

 

24,900

 

Total liabilities

 

 

65,984

 

 

 

63,814

 

Preferred stock (50,000,000 shares authorized; 1,159,317 and 1,159,317 shares of Series A and 512,454 and 532,454 shares of Series B issued and outstanding at respective dates)

 

 

1,654

 

 

 

1,673

 

Common stock, no par value (800,000,000 shares authorized; 384,735,109 and 383,924,912 shares issued and outstanding at respective dates)

 

 

6,361

 

 

 

6,338

 

Accumulated other comprehensive loss

 

 

(9

)

 

 

(9

)

Retained earnings

 

 

7,166

 

 

 

7,499

 

Total Edison International's shareholders' equity

 

 

15,172

 

 

 

15,501

 

Noncontrolling interests – preference stock of SCE

 

 

2,443

 

 

 

2,443

 

Total equity

 

 

17,615

 

 

 

17,944

 

 

 

 

 

 

 

 

Total liabilities and equity

 

$

83,599

 

 

$

81,758

 

 

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows

 

Edison International

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended March 31,

(in millions)

 

2024

 

 

2023

 

Cash flows from operating activities:

 

 

 

 

 

 

Net income

 

$

52

 

 

$

365

 

Adjustments to reconcile to net cash provided by operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

707

 

 

 

676

 

Allowance for equity during construction

 

 

(47

)

 

 

(36

)

Deferred income taxes

 

 

(114

)

 

 

12

 

Wildfire Insurance Fund amortization expense

 

 

36

 

 

 

52

 

Other

 

 

13

 

 

 

8

 

Nuclear decommissioning trusts

 

 

(20

)

 

 

(19

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

Receivables

 

 

84

 

 

 

227

 

Inventory

 

 

5

 

 

 

(29

)

Accounts payable

 

 

(19

)

 

 

(508

)

Tax receivables and payables

 

 

(2

)

 

 

(9

)

Other current assets and liabilities

 

 

(300

)

 

 

(329

)

Derivative assets and liabilities, net

 

 

(17

)

 

 

(99

)

Regulatory assets and liabilities, net

 

 

250

 

 

 

(296

)

Wildfire-related claims

 

 

419

 

 

 

(133

)

Other noncurrent assets and liabilities

 

 

(4

)

 

 

28

 

Net cash provided by (used in) operating activities

 

 

1,043

 

 

 

(90

)

Cash flows from financing activities:

 

 

 

 

 

 

Long-term debt issued, net of discount and issuance costs of $24 and $19 for the respective periods

 

 

2,976

 

 

 

1,681

 

Long-term debt repaid

 

 

(601

)

 

 

(401

)

Short-term debt repaid

 

 

(390

)

 

 

(600

)

Common stock issued

 

 

12

 

 

 

10

 

Preferred stock repurchased

 

 

(19

)

 

 

—

 

Commercial paper (repayments) borrowing, net

 

 

(622

)

 

 

960

 

Dividends and distribution to noncontrolling interests

 

 

(43

)

 

 

(29

)

Common stock dividends paid

 

 

(295

)

 

 

(277

)

Preferred stock dividends paid

 

 

(44

)

 

 

(52

)

Other

 

 

14

 

 

 

24

 

Net cash provided by financing activities

 

 

988

 

 

 

1,316

 

Cash flows from investing activities:

 

 

 

 

 

 

Capital expenditures

 

 

(1,279

)

 

 

(1,324

)

Proceeds from sale of nuclear decommissioning trust investments

 

 

1,258

 

 

 

951

 

Purchases of nuclear decommissioning trust investments

 

 

(1,257

)

 

 

(932

)

Other

 

 

2

 

 

 

—

 

Net cash used in investing activities

 

 

(1,276

)

 

 

(1,305

)

Net increase (decrease) in cash, cash equivalents and restricted cash

 

 

755

 

 

 

(79

)

Cash, cash equivalents and restricted cash at beginning of period

 

 

532

 

 

 

917

 

Cash, cash equivalents and restricted cash at end of period

 

$

1,287

 

 

$

838

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240430265031/en/

Investor Relations: Sam Ramraj, (626) 302-2540 Media Relations: (626) 302-2255 News@sce.com