Efficient Financing & Incremental Investment Opportunities
2021 ADJUSTED EPS GUIDANCE RANGE (UNAUDITED)
Sempra 2021 updated Adjusted EPS Guidance Range of $7.75 to $8.35 excludes items (after the effects of income taxes and, if applicable, noncontrolling interests) as
follows:
•
$3 million impact from foreign currency and inflation and associated undesignated derivatives for the three months ended March 31, 20211
$(29) million net unrealized losses on commodity derivatives for the three months ended March 31, 2021
Sempra 2021 Adjusted EPS Guidance Range is a non-GAAP financial measure. This non-GAAP financial measure excludes the impact from foreign currency and
inflation and associated undesignated derivatives and unrealized gains and losses on commodity derivatives, which we expect to occur in future periods, and which can
vary significantly from one period to the next. Exclusion of these items is useful to management and investors because it provides a meaningful comparison of the
performance of Sempra's business operations to prior and future periods. Sempra 2021 Adjusted EPS Guidance Range should not be considered an alternative to
Sempra 2021 GAAP EPS Guidance Range. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a
substitute for, the information prepared in accordance with GAAP. The table below reconciles Sempra 2021 Adjusted EPS Guidance Range to Sempra 2021 GAAP EPS
Guidance Range, which we consider to be the most directly comparable financial measure calculated in accordance with GAAP.
1.
Sempra GAAP EPS Guidance Range¹
Excluded items:
Impact from foreign currency and inflation and associated undesignated derivatives²
$
Full-Year 2021
7.67 to $
8.27
$
Full-Year 2022
8.10 to $
8.70
Net unrealized losses on commodity derivatives
3
Sempra Adjusted EPS Guidance Range³
Weighted-average common shares outstanding, diluted (millions) 4,5
(0.01)
0.09
$
7.75 to $
(0.01)
0.09
8.35
315
$
8.10 to $
8.70
323
1. On June 29, 2021, Sempra raised full-year 2021 GAAP EPS Guidance Range from $7.42 to $8.02, to $7.67 to $8.27. The range reflects the impact from foreign currency and
inflation and undesignated derivatives and net unrealized losses on commodity derivatives for the three months ended March 31, 2021 and an increase in weighted-average
common shares outstanding from recent IEnova exchange offer.
2. Amounts include impacts recorded in equity earnings from our unconsolidated equity method investments.
3. On June 29, 2021, Sempra raised full-year 2021 Adjusted EPS Guidance Range from $7.50 to $8.10, to $7.75 to $8.35.
4. Weighted-average common shares outstanding reflects the conversion of the mandatory convertible series A preferred stock which converted on January 15, 2021, and series B
preferred stock which will automatically convert on the mandatory conversion stock date of July 15, 2021. Share conversion rate assumed to be midpoint of conversion rates
between the initial and threshold appreciation prices.
5. Includes impact of IEnova exchange offer.
Amounts include impacts recorded in equity earnings from our unconsolidated equity method investments.
100
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