Group 1 - The excitement surrounding new product launches often leads to a division among consumers, with some eager to be early adopters and willing to pay a premium [1] - High Dividend Opportunities offers a portfolio strategy that emphasizes generating income without the need for selling assets, targeting a yield of 9-10% [4] - The service promotes a month-long paid trial for $49, highlighting the potential benefits of dividend investing for retirement [4]

Core Viewpoint - Edison International (EIX) reported strong first-quarter 2025 adjusted earnings of $1.37 per share, exceeding expectations and showing significant year-over-year growth [1][2] Financial Performance - Adjusted earnings per share of $1.37 surpassed the Zacks Consensus Estimate of $1.21 by 13.2% and increased 21.2% from $1.13 in the same quarter last year [1] - GAAP earnings were reported at $3.73 per share, a recovery from a GAAP loss of 3 cents per share in Q1 2024 [1] - Total operating revenues for Q1 2025 were $3.81 billion, missing the Zacks Consensus Estimate of $4.14 billion by 7.8% and down 6.5% from $4.08 billion in the prior year [3] Operational Highlights - Total operating expenses decreased significantly by 56.2% year over year to $1.68 billion [4] - Purchased power and fuel costs rose by 3.9%, while depreciation and amortization expenses increased by 5.7% [4] - Operating income for Q1 2025 was $2.13 billion, a substantial increase from $0.25 billion in the previous year [5] Segment Results - Southern California Edison reported adjusted earnings of $1.61 per share, up from $1.33 in the year-ago quarter, benefiting from interest expense related to cost recoveries [6] - The Edison International Parent and Other segment incurred an adjusted loss of 24 cents per share [6] Financial Update - As of March 31, 2025, cash and cash equivalents were $1.32 billion, a significant increase from $0.19 billion at the end of 2024 [7] - Long-term debt rose to $35.39 billion from $33.53 billion at the end of 2024 [7] - Net cash flow from operating activities was $1.22 billion, compared to $1.04 billion in the prior-year period [7] Capital Expenditures - Total capital expenditures for Q1 2025 were $1.41 billion, up from $1.28 billion in the same period last year [8] Guidance - The company reiterated its 2025 earnings outlook, expecting earnings in the range of $5.94 to $6.34 per share, with the Zacks Consensus Estimate currently at $6.02 per share [9][10] Zacks Rank - Edison International currently holds a Zacks Rank 2 (Buy) [11]

Core Viewpoint - Edison International (EIX) is currently considered undervalued based on various financial metrics, making it an attractive option for value investors [4][9]. Valuation Metrics - EIX has a Zacks Rank of 2 (Buy) and an A grade for Value, indicating strong potential for value investing [4][3]. - The stock's P/E ratio is 9.77, significantly lower than the industry average of 14.27, suggesting it is undervalued [4]. - EIX's PEG ratio stands at 1.16, compared to the industry average of 1.81, indicating favorable growth expectations relative to its price [5]. - The P/B ratio for EIX is 1.40, which is attractive compared to the industry's average P/B of 2.27 [6]. - EIX has a P/S ratio of 1.3, significantly lower than the industry average of 2.35, reinforcing its undervalued status [7]. - The P/CF ratio for EIX is 4.78, well below the industry average of 10.57, highlighting its strong cash flow outlook [8].

Financial Performance - Edison International's Q1 2025 GAAP EPS was $3.73[6], while Core EPS was $1.37[6] - The company reaffirmed its 2025 Core EPS guidance of $5.94–6.34[6] - Edison International anticipates a 5–7% Core EPS Compound Annual Growth Rate (CAGR) from 2025 to 2028, projecting EPS of $6.74–7.14 in 2028[5] Regulatory and Capital Investments - The company has a capital program of $38–43 billion for 2023–2028, supporting a projected rate base growth of approximately 6–8%[25] - SCE filed for a 2026 Cost of Capital, requesting an ROE of 11.75% compared to the 2025 authorized ROE of 10.33%[11] - SCE's 2025 General Rate Case (GRC) requests annual revenue requirement increases of approximately $1.9 billion in 2025, $670 million in 2026, $750 million in 2027, and $730 million in 2028[12] Wildfire and Legal Matters - The TKM settlement was approved, leading to a one-time Core EPS impact of approximately $0.30 and an annual interest expense reduction of $0.14[31] - SCE is pursuing cost recovery for the Woolsey fire, with a request of approximately $5.4 billion[28] - Approximately $1.6 billion will be recovered through securitization of AB 1054 capital expenditures[34]

Financial Data and Key Metrics Changes - Edison International reported core earnings per share (EPS) of $1.37 for Q1 2025, an increase from $1.13 in the same period last year [5][19] - The year-over-year comparison is noted as not particularly meaningful due to the lack of a decision in the 2025 general rate case [6][19] - The company remains confident in meeting its 2025 EPS guidance and delivering a 5% to 7% core EPS compound annual growth rate (CAGR) through 2028 [6][25] Business Line Data and Key Metrics Changes - SCE's first quarter EPS includes approximately $0.30 associated with the TKM settlement approval, partially offset by higher interest expenses at EIX Parent and Other [20] - The utility's full general rate case request includes about $1.4 billion of annual capital spending on wildfire mitigation and hardening an additional 1,800 miles of overhead distribution infrastructure [14] Market Data and Key Metrics Changes - SCE's proposed schedule for the cost of capital application includes a return on equity (ROE) request of 11.75%, with a proposed decision expected in November [21] - The utility plans to file an application for its advanced metering infrastructure program to replace its smart meter fleet, addressing technology obsolescence [24] Company Strategy and Development Direction - The company is focused on rebuilding wildfire-impacted areas and enhancing the resilience of its electrical distribution infrastructure [6][7] - Edison International is engaging with legislators to support community safety and enhance California's regulatory framework [11] - The company is optimistic about the regulatory environment, as indicated by the CPUC's approval of the TKM settlement agreement [12] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the ongoing investigation into the Eaton fire and the potential for material losses, emphasizing transparency throughout the process [8][10] - The company is confident in its ability to manage liabilities through the wildfire fund and believes it can demonstrate prudency in its operations [66][83] - Management expresses optimism regarding the legislative discussions around wildfire legislation and the need for action [42][91] Other Important Information - The company has launched a new webpage to address misinformation regarding the Eaton fire [9] - Recent leadership changes include the retirement of board member Vanessa Chang and the appointment of Shonda Nwamu as the new General Counsel [15][16] Q&A Session Summary Question: What drove the new material loss disclosure? - Management indicated that the ongoing investigation and the absence of evidence pointing to another source of ignition warranted the disclosure of probable losses [32][66] Question: How will potential liabilities from the Eaton fire impact financing plans? - Management explained that the wildfire fund would be accessed to cover claims, reducing the need for debt issuance compared to previous incidents [36][38] Question: What is the status of wildfire legislation in California? - Management expressed confidence in the engagement of the governor's office and legislative leaders, noting the complexity of the issue [41][42] Question: How does the Moody's risk management model reflect wildfire risk? - Management clarified that the model incorporates various risk areas and that grid hardening efforts have contributed to risk reduction [44][46] Question: What are the considerations for accessing the wildfire fund? - Management stated that the process for accessing the fund is streamlined, with initial claims covered by customer-funded self-insurance before tapping into the fund [108] Question: Are there any updates on the investigation into the Eaton fire? - Management confirmed that no estimates could be provided regarding the investigation timeline, emphasizing the complexity of the situation [76][78] Question: Will the nature of lawsuits affect recovery from the wildfire fund? - Management assured that the wildfire fund is available for damage claims, and there are no limitations on the types of claims that can be paid [83]

Edison International (NYSE:EIX) Q1 2025 Earnings Conference Call April 29, 2025 4:30 PM ET Company Participants Sam Ramraj - VP, IR Pedro Pizarro - President, CEO & Director Maria Rigatti - EVP & CFO Steve Powell - President, CEO & Director, Southern California Edison Conference Call Participants Nick Campanella - Barclays Michael Lonegan - Evercore Carly Davenport - Goldman Sachs Paul Zimbardo - Jefferies Richard Sunderland - JPMorgan Gregg Orrill - UBS Anthony Crowdell - Mizuho David Arcaro - Morgan Stanl ...

Edison International (EIX) came out with quarterly earnings of $1.37 per share, beating the Zacks Consensus Estimate of $1.21 per share. This compares to earnings of $1.13 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 13.22%. A quarter ago, it was expected that this electric power provider would post earnings of $1.08 per share when it actually produced earnings of $1.05, delivering a surprise of -2.78%.Over the last four qu ...

Financial Data and Key Metrics Changes - Edison International reported core earnings per share (EPS) of $1.37 for Q1 2025, an increase from $1.13 in the same period last year [5][19] - The year-over-year comparison is noted as not particularly meaningful due to the lack of a decision in the 2025 general rate case [6][19] - The company remains confident in meeting its 2025 EPS guidance and achieving a core EPS compound annual growth rate (CAGR) of 5% to 7% through 2028 [6][25] Business Line Data and Key Metrics Changes - SCE's first quarter EPS includes approximately $0.30 associated with the TKM settlement approval, offset by higher interest expenses at EIX Parent and Other [20] - The utility's full general rate case (GRC) request includes about $1.4 billion of annual capital spending on wildfire mitigation and hardening an additional 1,800 miles of overhead distribution infrastructure [14] Market Data and Key Metrics Changes - The company is actively engaging with legislators and the governor's office to enhance California's regulatory framework regarding wildfire safety [11] - SCE's proposed cost of capital application includes a request for a return on equity (ROE) of 11.75%, with a proposed decision expected in November [21] Company Strategy and Development Direction - The company is focused on rebuilding wildfire-impacted areas and enhancing the resilience of its electrical distribution infrastructure [7] - SCE plans to submit its 2026 wildfire mitigation plan in May, reflecting priorities in risk mitigation, public safety, and affordability [14] - The utility is committed to executing an integrated wildfire mitigation strategy, prioritizing grid hardening, asset inspections, and vegetation management [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the regulatory environment and the importance of addressing wildfire risks to restore stakeholder confidence [11] - The company is optimistic about the proposed decision timeline for the GRC and the potential for a constructive regulatory environment [13] Other Important Information - The company has launched a new webpage to address misinformation regarding the Ethan fire and its operations [9] - Significant media coverage has been noted regarding the Ethan fire, with management emphasizing transparency throughout the ongoing investigation [8] Q&A Session Summary Question: What drove the new material loss disclosure? - Management indicated that the ongoing investigation and the lack of evidence pointing to another source of ignition warranted the disclosure of probable losses [32] Question: How will potential liabilities from the Eaton fire impact financing plans? - Management explained that the wildfire fund would be accessed to cover claims, reducing the need for debt issuance compared to previous incidents [36][38] Question: What is the status of wildfire legislation in California? - Management expressed confidence in legislative engagement but noted that discussions are still in early stages [41][42] Question: How does the Moody's risk management model reflect wildfire risk? - Management confirmed that grid hardening efforts have significantly reduced the probability of catastrophic wildfires, but ongoing evaluations will continue [44][46] Question: What are the considerations for accessing the wildfire fund? - Management clarified that the process for accessing the fund is streamlined, with initial claims covered by customer-funded self-insurance before tapping into the fund [110] Question: Are there any updates on the investigation into the Eaton fire? - Management stated that no estimates could be provided regarding the investigation timeline, and they are still assessing potential ignition sources [76][78]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) | Commission | Exact Name of Registrant | State or Other Jurisdiction of | IRS Employer | | --- | --- | --- | --- | | File Number | as specified in its charter | Incorporation or Organization | Identification Number | | 1-9936 | EDISON INTERNATIONAL | California | 95-4137452 | | 1-2313 | SOUTHERN CALIFORNIA EDISON COMPANY | California | 95-1240335 | | | EDISON INTERNATIONAL | SOUTHERN CALIFORNIA ED ...

[First Quarter 2025 Results Overview](index=1&type=section&id=First%20Quarter%202025%20Results%20Overview) This section overviews Edison International's Q1 2025 financial results, CEO commentary, and key regulatory progress [Financial Highlights](index=1&type=section&id=1.1%20Financial%20Highlights) Edison International reported a significant increase in Q1 2025 net income and core earnings per share compared to the prior year, primarily driven by cost recoveries for Southern California Edison Financial Highlights Summary | Metric | Q1 2025 | Q1 2024 | Change | | :-------------------------------- | :------ | :------ | :----- | | GAAP Net Income (millions) | $1,436 | $(11) | +$1,447 | | GAAP EPS | $3.73 | $(0.03) | +$3.76 | | Core Earnings (millions) | $528 | $438 | +$90 | | Core EPS | $1.37 | $1.13 | +$0.24 | - Southern California Edison's (SCE) Q1 2025 core EPS increased year over year, primarily due to a benefit to interest expense related to cost recoveries authorized under the TKM Settlement Agreement[3](index=3&type=chunk) - Edison International Parent and Other's Q1 2025 core loss per share increased year over year, primarily due to higher interest expense[3](index=3&type=chunk) [CEO Commentary](index=1&type=section&id=1.2%20CEO%20Commentary) CEO Pedro J. Pizarro highlighted ongoing engagement with stakeholders to enhance California's AB 1054 regulatory framework and support community safety, emphasizing the role of investor-owned utilities in the state's growth - Continued engagement with key stakeholders to find solutions to support community safety and enhance California's industry-leading AB 1054 regulatory framework[4](index=4&type=chunk) - Working closely with state and county leaders and the communities of Altadena and Malibu to rebuild wildfire-impacted areas stronger than ever[4](index=4&type=chunk) - SCE's grid hardening in these areas will increase reliability and reduce the exposure of electrical distribution infrastructure to high wind and other extreme weather events[4](index=4&type=chunk) [Key Developments & Regulatory Progress](index=1&type=section&id=1.3%20Key%20Developments%20%26%20Regulatory%20Progress) The company reported continued investigation into the Eaton Fire, strong regulatory progress including the approval of the TKM settlement, and the filing of 2026 Cost of Capital and NextGen ERP applications, alongside a settlement in the WMCE proceeding - Eaton Fire investigation continues; working closely with state and county leaders and communities to rebuild wildfire-impacted areas[5](index=5&type=chunk) - Strong regulatory progress: TKM settlement approved; filed 2026 Cost of Capital and NextGen ERP applications; reached settlement in WMCE proceeding[5](index=5&type=chunk) [2025 Earnings Guidance](index=3&type=section&id=2025%20Earnings%20Guidance) Edison International affirmed its 2025 core EPS guidance range of $5.94-$6.34 and expressed confidence in delivering 5-7% core EPS growth from 2025 to 2028, projecting $6.74-$7.14 2025 Earnings Guidance Summary | Metric | As of Feb. 27, 2025 (Low-High) | As of April 29, 2025 (Low-High) | | :---------------- | :----------------------------- | :------------------------------ | | EIX Basic EPS | $5.94 - $6.34 | $8.30 - $8.70 | | Less: Non-Core Items | — | $2.36 | | EIX Core EPS | $5.94 - $6.34 | $5.94 - $6.34 | - Affirmed **2025 Core EPS guidance of $5.94-$6.34**[5](index=5&type=chunk)[6](index=6&type=chunk)[7](index=7&type=chunk) - Continued confidence in delivering **5-7% Core EPS growth from 2025 to 2028 ($6.74-$7.14)**[5](index=5&type=chunk) [Company Information](index=3&type=section&id=Company%20Information) This section outlines Edison International's business operations and investor relations details, including the earnings call [About Edison International](index=4&type=section&id=3.1%20About%20Edison%20International) Edison International is a major electric utility holding company providing clean and reliable energy, operating Southern California Edison (delivering electricity to 15 million people) and Trio (formerly Edison Energy), which offers non-regulated sustainability and energy advisory services in North America and Europe - 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[9](index=9&type=chunk) - Parent company of Southern California Edison Company, a utility delivering electricity to **15 million people** across Southern, Central and Coastal California[9](index=9&type=chunk) - 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[9](index=9&type=chunk) [Investor Relations & Conference Call Details](index=3&type=section&id=3.2%20Investor%20Relations%20%26%20Conference%20Call%20Details) The report provides details for the first-quarter 2025 earnings conference call and webcast, including access information and the availability of related materials on the company's investor relations website - First-Quarter 2025 Earnings Conference Call and Webcast Details: Tuesday, April 29, 1:30-2:30 p.m. (PDT)[8](index=8&type=chunk) - Telephone replay available through May 13 at 6 p.m. (PDT)[8](index=8&type=chunk) - Webcast and related materials (prepared remarks, presentation, Form 10-Q) available at www.edisoninvestor.com[8](index=8&type=chunk) [Appendix](index=6&type=section&id=Appendix) The appendix covers non-GAAP financial measures, risk factors, financial reconciliations, and consolidated financial statements [Use of Non-GAAP Financial Measures](index=6&type=section&id=4.1%20Use%20of%20Non-GAAP%20Financial%20Measures) Edison International uses "core earnings" and "core EPS" as non-GAAP financial measures for internal planning, performance analysis, and communication with investors, defining them as basic earnings/EPS excluding discontinued operations and significant discrete items not representative of ongoing earnings - Core earnings and core EPS are non-GAAP financial measures used internally for financial planning and performance analysis, and externally for investor communication to facilitate period-to-period comparisons[11](index=11&type=chunk) - 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[12](index=12&type=chunk) [Safe Harbor Statement & Risk Factors](index=6&type=section&id=4.2%20Safe%20Harbor%20Statement%20%26%20Risk%20Factors) This section outlines forward-looking statements and key risk factors, including cost recovery, operational, regulatory, and environmental challenges - Statements about future performance are forward-looking and involve risks and uncertainties that could cause actual results to differ materially from current expectations[13](index=13&type=chunk) - Important factors that could cause different results include, but are not limited to: SCE's ability to recover costs (including wildfire-related) through regulated rates, cybersecurity risks, operational and maintenance risks of electrical facilities (including wildfires), impact of customer rate affordability, ability to update grid infrastructure, implementation of operational and strategic plans (e.g., Wildfire Mitigation Plan), regulatory or legislative restrictions on wildfire mitigation, effectiveness of AB 1054, workforce management, decisions by regulatory bodies, governmental changes, potential penalties, extreme weather events, San Onofre decommissioning, cost allocation risks, and credit rating actions[13](index=13&type=chunk)[15](index=15&type=chunk) [Financial Reconciliations](index=8&type=section&id=4.3%20Financial%20Reconciliations) This section provides detailed reconciliations of basic to core EPS and earnings for Edison International and its segments [Reconciliation of Basic EPS to Core EPS](index=8&type=section&id=4.3.1%20Reconciliation%20of%20Basic%20EPS%20to%20Core%20EPS) The reconciliation shows how basic EPS is adjusted for non-core items to arrive at core EPS for both Edison International and its segments (SCE, Parent and Other), demonstrating a significant positive change in core EPS year-over-year Reconciliation of Basic EPS to Core EPS | Earnings (loss) per share available to Edison International | March 31, 2025 | March 31, 2024 | Change | | :-------------------------------------------------------- | :------------- | :------------- | :----- | | SCE Basic EPS | $4.07 | $0.17 | $3.90 | | Edison International Parent and Other Basic EPS | $(0.34) | $(0.20) | $(0.14) | | Edison International Basic EPS | $3.73 | $(0.03) | $3.76 | | Less: Total non-core items | $2.36 | $(1.16) | $3.52 | | SCE Core EPS | $1.61 | $1.33 | $0.28 | | Edison International Parent and Other Core EPS | $(0.24) | $(0.20) | $(0.04) | | Edison International Core EPS | $1.37 | $1.13 | $0.24 | [Reconciliation of Basic Earnings to Core Earnings](index=8&type=section&id=4.3.2%20Reconciliation%20of%20Basic%20Earnings%20to%20Core%20Earnings) This reconciliation details the specific non-core items, such as TKM Settlement Agreement related earnings, wildfire claims, and Wildfire Insurance Fund expenses, that are adjusted from net income to derive core earnings for Edison International and its segments Reconciliation of Basic Earnings to Core Earnings (in millions) | Metric | March 31, 2025 | March 31, 2024 | Change | | :------------------------------------------ | :------------- | :------------- | :----- | | Net income (loss) available to Edison International | $1,436 | $(11) | $1,447 | | Less: Total non-core items | $908 | $(449) | $1,357 | | Core earnings (losses) | $528 | $438 | $90 | - Non-core items for SCE in Q1 2025 included **$1,341 million in claim costs** and **$59 million in legal expenses** related to the TKM Settlement Agreement, partially offset by shareholder-funded wildfire mitigation and asset impairment[19](index=19&type=chunk) - Non-core items also included **$12 million in net earnings** from insurance reimbursements for previous years' costs in Q1 2025, compared to **$119 million in charges** for wildfire claims in Q1 2024[19](index=19&type=chunk) [Condensed Consolidated Financial Statements](index=10&type=section&id=4.4%20Condensed%20Consolidated%20Financial%20Statements) This section presents Edison International's condensed consolidated statements of income, balance sheets, and cash flows [Condensed Consolidated Statements of Income](index=10&type=section&id=4.4.1%20Condensed%20Consolidated%20Statements%20of%20Income) Edison International reported a significant increase in operating income and net income for Q1 2025 compared to Q1 2024, primarily due to a substantial reduction in wildfire-related claims, net of recoveries Condensed Consolidated Statements of Income (in millions, except per-share amounts) | Metric | 2025 | 2024 | | :-------------------------------------- | :--- | :--- | | Operating revenue | $3,811 | $4,078 | | Total operating expenses | $1,677 | $3,833 | | Operating income | $2,134 | $245 | | Net income | $1,492 | $52 | | Net income (loss) attributable to Edison International common shareholders | $1,436 | $(11) | | Basic earnings (loss) per common share | $3.73 | $(0.03) | - Wildfire-related claims, net of (recoveries) significantly decreased from **$615 million in Q1 2024** to **$(1,305) million in Q1 2025**[21](index=21&type=chunk) - Interest expense decreased from **$(444) million in Q1 2024** to **$(301) million in Q1 2025**[21](index=21&type=chunk) [Condensed Consolidated Balance Sheets](index=11&type=section&id=4.4.2%20Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2025, Edison International's total assets increased to $88,420 million from $85,579 million at December 31, 2024, driven by increases in cash and cash equivalents, utility property, plant and equipment, and regulatory assets Condensed Consolidated Balance Sheets (in millions) | Metric | March 31, 2025 | December 31, 2024 | Change | | :------------------------------------------ | :------------- | :---------------- | :----- | | Total assets | $88,420 | $85,579 | +$2,841 | | Total liabilities | $69,623 | $67,839 | +$1,784 | | Total equity | $18,797 | $17,740 | +$1,057 | | Cash and cash equivalents | $1,318 | $193 | +$1,125 | | Short-term debt | $5 | $998 | -$993 | | Long-term debt | $35,387 | $33,534 | +$1,853 | - Long-term regulatory assets increased from **$8,886 million at December 31, 2024**, to **$10,548 million at March 31, 2025**[22](index=22&type=chunk) - Utility property, plant and equipment, net, increased from **$59,047 million at December 31, 2024**, to **$59,950 million at March 31, 2025**[22](index=22&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=14&type=section&id=4.4.3%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the three months ended March 31, 2025, Edison International reported increased net cash provided by operating activities and financing activities, while net cash used in investing activities remained substantial, leading to a significant net increase in cash and cash equivalents Condensed Consolidated Statements of Cash Flows (in millions) | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | Change | | :------------------------------------------ | :-------------------------------- | :-------------------------------- | :----- | | Net cash provided by operating activities | $1,224 | $1,043 | +$181 | | Net cash provided by financing activities | $1,374 | $988 | +$386 | | Net cash used in investing activities | $(1,374) | $(1,276) | -$(98) | | Net increase in cash, cash equivalents and restricted cash | $1,224 | $755 | +$469 | - Long-term debt issued, net of discount and issuance costs, increased to **$3,501 million in Q1 2025** from **$2,976 million in Q1 2024**[25](index=25&type=chunk) - Commercial paper repayments, net of borrowing, significantly increased to **$(1,687) million in Q1 2025** from **$(622) million in Q1 2024**[25](index=25&type=chunk)