Efficient Financing & Incremental Investment Opportunities
SEMPRA ADJUSTED EARNINGS AND ADJUSTED EPS
(UNAUDITED)
1.
2.
3.
4.
(Dollars in millions, except per share amounts; shares in thousands)
Sempra GAAP Earnings
Excluded items:
Impacts associated with Aliso Canyon litigation and regulatory matters
Impact from foreign currency and inflation and associated undesignated derivatives2
2,3
Net unrealized gains on commodity derivatives²
Losses from investment in RBS Sempra Commodities LLP
Gain on sale of South American businesses
Energy crisis litigation settlement
Sempra Adjusted Earnings²
$
Earnings
Year ended
December 31, 2000
429
Pretax
amount
Income tax
benefit
Earnings
Pretax
amount
Year ended December 31, 2010
$
709
Income tax
(benefit)
expense¹
Non-controlling
interests
Earnings
Year ended December 31, 2020
$
3,764
$
$
$
307 $
51
(74) $
(74)
(9)
2
305
(166)
139
100
(2,899)
1,152
148
(55)
93
$
429
$
941
233
་ཟླ
24
1
(2)
100
(1,747)
$
2,342
Diluted EPS:
Sempra GAAP Earnings
Weighted-average common shares outstanding, diluted - GAAP
Sempra GAAP EPS
429
$
709
208,345
247,942
$
2.06
$
2.86
$
3,764
292,252
$
12.88
Sempra Adjusted Earnings
$
429
$
941
$
2,342
Add back dividends for dilutive series A preferred stock
104
Sempra Adjusted Earnings for Adjusted EPS²
$
429
$
941
$
2,446
Weighted-average common shares outstanding, diluted - Adjusted
Sempra Adjusted EPS²
208,345
$
2.06
$
247,942
3.80
$
305,669
8.00
Sempra GAAP EPS CAGR (YTD 2000 to YTD 2020)
Sempra Adjusted EPS CAGR (YTD 2000 to YTD 2020)
Sempra GAAP EPS CAGR (YTD 2010 to YTD 2020)
Sempra Adjusted EPS CAGR (YTD 2010 to YTD 2020)
Except for adjustments that are solely income tax, income taxes on pretax amounts were primarily calculated based on applicable statutory tax rates. We did not record an income tax benefit for the equity losses from our investment in RBS
Sempra Commodities LLP in 2020 because, even though a portion of the liabilities may be deductible under United Kingdom tax law, it is not probable that the deduction will reduce United Kingdom taxes.
Generally, we calculate and present non-GAAP financial measures consistently for all periods presented. However, 2000 and 2010 Adjusted Earnings and Adjusted EPS were not updated to reflect the impact from foreign currency and inflation
and associated undesignated derivatives and net unrealized gains on commodity derivatives to conform to the current presentation.
Amounts include impacts recorded in equity earnings from our unconsolidated equity method investments.
In the year ended December 31, 2020, because the assumed conversion of the series A preferred stock is dilutive for Adjusted Earnings, 13,417 series A preferred stock shares are added back to the denominator used to calculate Adjusted EPS.
101
10%
7%
16%
8%
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