The company said wildfire-related claims charges, net of insurance recoveries, were $614 million for Q1 2024, compared with $96 million for 2023 in the same period. The charges related to the 2017/2018 Wildfire/Mudslide Events and Other Wildfires.

10-QQuarterly reportFiled Apr 30, 2024Period of report Mar 31, 2024Summary published (UTC) Oct 24, 2026

Key points

AI summary

The company said wildfire-related claims charges, net of insurance recoveries, were $614 million for Q1 2024, compared with $96 million for 2023 in the same period. The charges related to the 2017/2018 Wildfire/Mudslide Events and Other Wildfires.
The company said that Track 4 approved revenue and a higher approved rate of return from the cost of capital adjustment mechanism raised CPUC-related revenue by $173 million. It said the increase in CPUC-related revenue from higher approved wildfire mitigation expense recovery in 2024 was $63 million.
SCE issued $500 million of first and refunding mortgage bonds due $900 million in January 2024, and $600 million, $600 million and $400 million of first and refunding mortgage bonds in March. As of March 31, 2024, SCE had $850 million of cash on hand and about $2.8 billion available to borrow under its $3.4 billion revolving credit facility.
The company said net income and non-cash items fell by $393 million in Q1 2024, and that net cash used by working capital was $286 million ($725 million in 2023). It said net cash provided by regulatory assets and liabilities was $250 million ($(296) million in 2023).

Key figures

Quarter ended March 31, 2024

Revenue: $4.1B
Operating income: $245M
Net income: $52M
EPS: −$0.03
Operating cash flow: $1.0B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

SCE Wildfire Claims Charges Surge

The company said wildfire-related claims charges, net of insurance recoveries, were $614 million for Q1 2024, compared with $96 million for 2023 in the same period. The charges related to the 2017/2018 Wildfire/Mudslide Events and Other Wildfires.

Source · Based on the MD&A text of the filing

CPUC-Related Revenue Increase Factors

The company said that Track 4 approved revenue and a higher approved rate of return from the cost of capital adjustment mechanism raised CPUC-related revenue by $173 million. It said the increase in CPUC-related revenue from higher approved wildfire mitigation expense recovery in 2024 was $63 million.

Source · Based on the MD&A text of the filing

Bond Issuance and Liquidity Position

SCE issued $500 million of first and refunding mortgage bonds due $900 million in January 2024, and $600 million, $600 million and $400 million of first and refunding mortgage bonds in March. As of March 31, 2024, SCE had $850 million of cash on hand and about $2.8 billion available to borrow under its $3.4 billion revolving credit facility.

Source · Based on the MD&A text of the filing

Factors Behind SCE Operating Cash Flow Changes

The company said net income and non-cash items fell by $393 million in Q1 2024, and that net cash used by working capital was $286 million ($725 million in 2023). It said net cash provided by regulatory assets and liabilities was $250 million ($(296) million in 2023).

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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