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ROSEMEAD, Calif.--(BUSINESS WIRE)--Nov 1, 2022--
Edison International (NYSE: EIX) today reported third quarter 2022 net loss of $128 million, or $0.33 per share, compared to net loss of $341 million, or $0.90 per share, in the third quarter of 2021. As adjusted, third quarter 2022 core earnings were $564 million, or $1.48 per share, compared to core earnings of $644 million, or $1.69 per share, in the third quarter of 2021.
Southern California Edison’s (SCE) third quarter 2022 core earnings per share (EPS) decreased year-over-year, primarily due to a 35-cent true-up recorded in the third quarter of 2021 on implementation of the 2021 General Rate Case (GRC) final decision. This true-up recognized the results of the GRC for the first sixth months of 2021. This reduction was partially offset by recognition of return on rate base related to the Customer Service Re-Platform decision and an increase in CPUC-related revenue due to the escalation mechanism set forth in the 2021 GRC final decision.
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 43%, of its overhead miles in high fire risk areas by year-end,” said Pedro J. Pizarro, president and CEO of Edison International. “SCE’s diverse portfolio of mitigation activities has substantially decreased the impact of wildfires associated with utility equipment.”
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.”
Edison International uses core earnings, which is a non-GAAP financial measure that adjusts for significant discrete items that management does not consider representative of ongoing earnings. Edison International management believes that core earnings provide more meaningful comparisons of performance from period to period. Please see the attached tables for a reconciliation of core earnings to basic GAAP earnings.
Revision to Best Estimate of Losses for 2017/2018 Wildfire/Mudslide Events
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 $880 million increase in estimated losses for the 2017/2018 Wildfire/Mudslide Events as of September 30, 2022, which increase is related to the Woolsey Fire. As a result, SCE also recorded expected recoveries through FERC electric rates of $50 million against the charge, and the resulting net charge to earnings was $830 million ($598 million after-tax).
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.
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| 2022 Earnings Guidance |
| 2022 Earnings Guidance | ||||||||||||
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| as of July 28, 2022 |
| as of November 1, 2022 | ||||||||||||
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| Low |
| High |
| Low |
| High | ||||||||
EIX Basic EPS |
| $ | 3.25 |
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| $ | 3.55 |
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| $ | 1.51 |
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| $ | 1.71 |
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Less: Non-core Items* |
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| (1.15 | ) |
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| (1.15 | ) |
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| (2.97 | ) |
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| (2.97 | ) |
EIX Core EPS |
| $ | 4.40 |
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| $ | 4.70 |
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| $ | 4.48 |
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| $ | 4.68 |
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* There were ($1,131) million, or ($2.97) per share of non-core items recorded for the nine months ended September 30, 2022, calculated based on an assumed weighted average share count for 2022. Basic EIX EPS guidance only incorporates non-core items to September 30, 2022. |
Third Quarter 2022 Earnings Conference Call and Webcast Details
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When: | Tuesday, November 1, 2022, 1:30 – 2:30 p.m. (Pacific Time) | |
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 November 16, 2022 at 5:00 p.m. (Pacific Time) | ||
Webcast: |
Edison International has posted its earnings conference call prepared remarks by the CEO and CFO, the teleconference presentation, and Form 10-Q to the company's investor relations website. These materials are available at www.edisoninvestor.com.
About Edison International
Edison International (NYSE: EIX) is one of the nation’s largest electric utility holding companies, providing clean and reliable energy and energy services through its independent companies. Headquartered in Rosemead, California, Edison International is the parent company of Southern California Edison Company, a utility that delivers electricity to 15 million people across Southern, Central and Coastal California. Edison International is also the parent company of Edison Energy LLC, a global energy advisory firm engaged in the business of providing integrated decarbonization and energy solutions to commercial, industrial and institutional customers.
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 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 Edison International assumes no duty to update them to reflect new information, events or circumstances. Important factors that could cause different results include, but are not limited to the:
Additional information about risks and uncertainties is contained in Edison International and SCE’s most recent combined Form 10-Q and Form 10-K 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-Q and Form 10-K (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.
Third Quarter Reconciliation of Basic Earnings Per Share to Core Earnings Per Share | ||||||||||||||||||||||||
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| Three months ended |
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| Nine months ended |
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| September 30, |
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| September 30, |
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| 2022 |
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| 2021 |
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| Change |
| 2022 |
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| 2021 |
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| Change | ||||||||
(Losses) earnings per share attributable to Edison International |
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SCE |
| $ | (0.21 | ) |
| $ | (0.75 | ) |
| $ | 0.54 |
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| $ | 0.97 |
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| $ | 0.98 |
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| $ | (0.01 | ) |
Edison International Parent and Other |
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| (0.12 | ) |
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| (0.15 | ) |
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| 0.03 |
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| (0.45 | ) |
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| (0.36 | ) |
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| (0.09 | ) |
Edison International |
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| (0.33 | ) |
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| (0.90 | ) |
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| 0.57 |
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| 0.52 |
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| 0.62 |
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| (0.10 | ) |
Less: Non-core items |
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SCE |
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| (1.84 | ) |
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| (2.59 | ) |
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| 0.75 |
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| (3.00 | ) |
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| (2.81 | ) |
|
| (0.19 | ) |
Edison International Parent and Other |
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| 0.03 |
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| — |
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| 0.03 |
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| 0.03 |
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| — |
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|
| 0.03 |
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Total non-core items |
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| (1.81 | ) |
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| (2.59 | ) |
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| 0.78 |
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| (2.97 | ) |
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| (2.81 | ) |
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| (0.16 | ) |
Core earnings (losses) |
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SCE |
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| 1.63 |
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| 1.84 |
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| (0.21 | ) |
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| 3.97 |
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| 3.79 |
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| 0.18 |
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Edison International Parent and Other |
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| (0.15 | ) |
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| (0.15 | ) |
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| — |
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| (0.48 | ) |
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| (0.36 | ) |
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| (0.12 | ) |
Edison International |
| $ | 1.48 |
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| $ | 1.69 |
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| $ | (0.21 | ) |
| $ | 3.49 |
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| $ | 3.43 |
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| $ | 0.06 |
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Note: Diluted losses were $0.33 and $0.90 per share for the three months ended September 30, 2022 and 2021, respectively. Diluted earnings were $0.52 and $0.62 per share for the nine months ended September 30, 2022 and 2021, respectively. | ||||||||||||||||||||||||
Third Quarter Reconciliation of Basic Earnings Per Share to Core Earnings (in millions) | ||||||||||||||||||||||||
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| Three months ended |
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| Nine months ended |
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| September 30, |
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| September 30, |
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(in millions) |
| 2022 |
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| 2021 |
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| Change |
| 2022 |
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| 2021 |
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| Change | ||||||||
Net (loss) income attributable to Edison International |
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SCE |
| $ | (80 | ) |
| $ | (284 | ) |
| $ | 204 |
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| $ | 369 |
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| $ | 371 |
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| $ | (2 | ) |
Edison International Parent and Other |
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| (48 | ) |
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| (57 | ) |
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| 9 |
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| (172 | ) |
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| (135 | ) |
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| (37 | ) |
Edison International |
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| (128 | ) |
|
| (341 | ) |
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| 213 |
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| 197 |
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| 236 |
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| (39 | ) |
Less: Non-core items |
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SCE 1,2,3,4,5,6,7,8,9,10 |
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| (703 | ) |
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| (985 | ) |
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| 282 |
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| (1,142 | ) |
|
| (1,065 | ) |
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| (77 | ) |
Edison International Parent and Other |
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| 11 |
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| — |
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| 11 |
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| 11 |
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|
| — |
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| 11 |
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Total non-core items |
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| (692 | ) |
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| (985 | ) |
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| 293 |
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| (1,131 | ) |
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| (1,065 | ) |
|
| (66 | ) |
Core earnings (losses) |
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SCE |
|
| 623 |
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| 701 |
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| (78 | ) |
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| 1,511 |
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| 1,436 |
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|
| 75 |
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Edison International Parent and Other |
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| (59 | ) |
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| (57 | ) |
|
| (2 | ) |
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| (183 | ) |
|
| (135 | ) |
|
| (48 | ) |
Edison International |
| $ | 564 |
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| $ | 644 |
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| $ | (80 | ) |
| $ | 1,328 |
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| $ | 1,301 |
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| $ | 27 |
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1 | Includes amortization of SCE’s Wildfire Insurance Fund expenses of $54 million ($39 million after-tax) for both the three months ended September 30, 2022 and 2021. Includes $160 million ($115 million after-tax) and $161 million ($116 million after-tax) for the nine months ended September 30, 2022 and 2021, respectively. | |
2 | Includes charges for 2017/2018 Wildfire/Mudslide Events claims and expenses, net of recoveries of $834 million ($600 million after-tax) and $1,206 million ($899 million after-tax) recorded for the three months ended September 30, 2022 and 2021, respectively. Includes charges of $1.2 billion ($891 million after-tax) and $1.2 billion ($909 million after-tax) for the nine months ended September 30, 2022 and 2021, respectively. | |
3 | Includes GRC track 3 impairment of $17 million ($12 million after-tax) for the nine months ended September 30, 2022. | |
4 | Includes CSRP impairment of $47 million ($34 million after-tax) for the nine months ended September 30, 2022. | |
5 | Includes charge for employment litigation matter, net of recoveries, of $23 million ($16 million after-tax) for the nine months ended September 30, 2022. | |
6 | Includes organizational realignment charge of $14 million ($10 million after-tax) for the nine months ended September 30, 2022. | |
7 | Includes gain from sale of San Onofre nuclear fuel of $10 million ($7 million after-tax) for the nine months ended September 30, 2021. | |
8 | Includes charge related to the Presiding Officer's Decision ("POD") in September 2022 on SCE's Upstream Lighting Program for the Upstream Lighting Program of $81 million ($64 million after-tax) for both the three months and the nine months ended September 30, 2022. | |
9 | Includes customer revenues for EIS insurance contract, net of claims of $14 million ($11 million after-tax) for both the three months and the nine months ended September 30, 2022. | |
10 | Includes GRC disallowances related to pole replacements of $79 million ($47 million after-tax) for both the three months and the nine months ended September 30, 2021. | |
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Consolidated Statements of Income |
| Edison International | ||||||||||||||
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| Three months ended |
| Nine months ended | ||||||||||||
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| September 30, |
| September 30, | ||||||||||||
(in millions, except per-share amounts) |
| 2022 |
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| 2021 |
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| 2022 |
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| 2021 |
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Total operating revenue |
| $ | 5,228 |
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| $ | 5,299 |
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| $ | 13,204 |
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| $ | 11,574 |
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Purchased power and fuel |
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| 2,485 |
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| 2,088 |
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| 4,826 |
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| 4,384 |
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Operation and maintenance |
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| 979 |
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| 1,222 |
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| 3,827 |
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| 2,817 |
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Wildfire-related claims, net of insurance recoveries |
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| 889 |
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| 1,273 |
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| 1,316 |
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|
| 1,276 |
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Wildfire Insurance Fund expense |
|
| 54 |
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| 54 |
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|
| 160 |
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| 161 |
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Depreciation and amortization |
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| 738 |
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| 599 |
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| 1,922 |
|
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| 1,657 |
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Property and other taxes |
|
| 128 |
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| 113 |
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| 374 |
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| 356 |
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Impairment, net of other operating income |
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| (1 | ) |
|
| 78 |
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| 60 |
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| 67 |
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Total operating expenses |
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| 5,272 |
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| 5,427 |
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| 12,485 |
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| 10,718 |
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Operating (loss) income |
|
| (44 | ) |
|
| (128 | ) |
|
| 719 |
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|
| 856 |
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Interest expense |
|
| (302 | ) |
|
| (245 | ) |
|
| (819 | ) |
|
| (694 | ) |
Other income |
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| 85 |
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| 47 |
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| 219 |
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| 195 |
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(Loss) income before income taxes |
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| (261 | ) |
|
| (326 | ) |
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| 119 |
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| 357 |
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Income tax (benefit) expense |
|
| (187 | ) |
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| (29 | ) |
|
| (235 | ) |
|
| 3 |
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Net (loss) income |
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| (74 | ) |
|
| (297 | ) |
|
| 354 |
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| 354 |
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Preference stock dividend requirements of SCE |
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| 27 |
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| 27 |
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| 78 |
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| 80 |
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Preferred stock dividend requirement of Edison International |
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| 27 |
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| 17 |
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| 79 |
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| 38 |
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Net (loss) income attributable to Edison International common shareholders |
| $ | (128 | ) |
| $ | (341 | ) |
| $ | 197 |
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| $ | 236 |
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Basic (losses) earnings per share: |
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Weighted average shares of common stock outstanding |
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| 382 |
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| 380 |
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| 381 |
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| 380 |
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Basic (losses) earnings per common share attributable to Edison International common shareholders |
| $ | (0.33 | ) |
| $ | (0.90 | ) |
| $ | 0.52 |
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| $ | 0.62 |
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Diluted (losses) earnings per share: |
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Weighted average shares of common stock outstanding, including effect of dilutive securities |
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| 383 |
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| 380 |
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| 382 |
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| 380 |
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Diluted (losses) earnings per common share attributable to Edison International common shareholders |
| $ | (0.33 | ) |
| $ | (0.90 | ) |
| $ | 0.52 |
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| $ | 0.62 |
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Consolidated Balance Sheets |
| Edison International | ||||
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| September 30, |
| December 31, | ||
(in millions) |
| 2022 |
| 2021 | ||
ASSETS |
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Cash and cash equivalents |
| $ | 232 |
| $ | 390 |
Receivables, less allowances of $391 and $193 for uncollectible accounts at respective dates |
|
| 2,259 |
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| 1,398 |
Accrued unbilled revenue |
|
| 1,298 |
|
| 794 |
Inventory |
|
| 439 |
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| 420 |
Prepaid expenses |
|
| 278 |
|
| 258 |
Regulatory assets |
|
| 1,497 |
|
| 1,778 |
Wildfire Insurance Fund contributions |
|
| 204 |
|
| 204 |
Other current assets |
|
| 234 |
|
| 249 |
Total current assets |
|
| 6,441 |
|
| 5,491 |
Nuclear decommissioning trusts |
|
| 3,823 |
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| 4,870 |
Marketable securities |
|
| 7 |
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| 12 |
Other investments |
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| 70 |
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| 39 |
Total investments |
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| 3,900 |
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| 4,921 |
Utility property, plant and equipment, less accumulated depreciation and amortization of $12,152 and $11,407 at respective dates |
|
| 52,386 |
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| 50,497 |
Nonutility property, plant and equipment, less accumulated depreciation of $109 and $98 at respective dates |
|
| 213 |
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| 203 |
Total property, plant and equipment |
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| 52,599 |
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| 50,700 |
Receivables, less allowances of $35 and $116 uncollectible accounts at respective dates |
|
| 20 |
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| 122 |
Regulatory assets (includes $840 and $325 related to Variable Interest Entities "VIEs" at respective dates) |
|
| 8,033 |
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| 7,660 |
Wildfire Insurance Fund contributions |
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| 2,206 |
|
| 2,359 |
Operating lease right-of-use assets |
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| 1,530 |
|
| 1,932 |
Long-term insurance receivable |
|
| 458 |
|
| 75 |
Other long-term assets |
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| 1,522 |
|
| 1,485 |
Total long-term assets |
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| 13,769 |
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| 13,633 |
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Total assets |
| $ | 76,709 |
| $ | 74,745 |
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Consolidated Balance Sheets |
| Edison International | ||||||
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|
| September 30, |
| December 31, | ||||
(in millions, except share amounts) |
| 2022 |
| 2021 | ||||
LIABILITIES AND EQUITY |
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Short-term debt |
| $ | 3,011 |
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| $ | 2,354 |
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Current portion of long-term debt |
|
| 2,175 |
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|
| 1,077 |
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Accounts payable |
|
| 2,348 |
|
|
| 2,002 |
|
Wildfire-related claims |
|
| 173 |
|
|
| 131 |
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Customer deposits |
|
| 163 |
|
|
| 193 |
|
Regulatory liabilities |
|
| 702 |
|
|
| 603 |
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Current portion of operating lease liabilities |
|
| 541 |
|
|
| 582 |
|
Other current liabilities |
|
| 1,707 |
|
|
| 1,667 |
|
Total current liabilities |
|
| 10,820 |
|
|
| 8,609 |
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Long-term debt (Includes $823 and $314 related to VIEs at respective dates) |
|
| 25,145 |
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|
| 24,170 |
|
Deferred income taxes and credits |
|
| 5,976 |
|
|
| 5,740 |
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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 |
|
Total Edison International's shareholders' equity |
|
| 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 |
| Edison International | ||||||
|
|
|
|
|
|
| ||
|
| Nine months ended September 30, | ||||||
(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 | ) |
Wildfire Insurance Fund amortization expense |
|
| 160 |
|
|
| 161 |
|
Other |
|
| 50 |
|
|
| 34 |
|
Nuclear decommissioning trusts |
|
| (81 | ) |
|
| (204 | ) |
Proceeds from Morongo Transmission LLC |
|
| — |
|
|
| 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 $36 and $40 for the respective periods |
|
| 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: Sam Ramraj, (626) 302-2540Media Contact: Jeff Monford, (626) 476-8120
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: UTILITIES ENERGY
SOURCE: Edison International
Copyright Business Wire 2022.
PUB: 11/01/2022 04:05 PM/DISC: 11/01/2022 04:06 PM
http://www.businesswire.com/news/home/20221101006083/en