What changed in the CEO's employment arrangement?

On November 29, 2024, Patricia K. Poppe amended her November 13, 2020 offer letter to extend its term through January 4, 2031. The original offer letter remains in full force and effect, and her compensation remains subject to annual performance evaluation, market review, and approval at least annually by the independent Board members.

What dividend did the company declare and when is it paid?

The company declared a fourth-quarter 2024 regular cash dividend of $0.025 per share on November 29, 2024. It is payable January 15, 2025, to shareholders of record as of December 31, 2024.

What is the company's long-term dividend policy?

Management anticipates recommending consistent dividend increases, targeting a dividend payout ratio of approximately 20% of non-GAAP core earnings per share by 2028. The company states this target balances a sufficient dividend with cash retained for investment in secular growth needs, and is consistent with prior guidance for total dividend payments over the 2024-2028 planning horizon.

What earnings guidance did the company affirm?

The company affirmed 2024 non-GAAP core EPS of $1.34-$1.37 and 2025 non-GAAP core EPS of $1.47-$1.51, representing 10% year-over-year growth at the midpoint. It also expects non-GAAP core EPS growth of at least 9% in each of 2026, 2027, and 2028.

Where can investors find the reconciliation of non-GAAP core EPS to GAAP EPS?

The filing states that the reconciliation of non-GAAP core EPS to earnings per share, the most directly comparable GAAP measure, is provided with the company's and the Utility's third-quarter 2024 earnings materials, which were furnished to the SEC on November 7, 2024. The filing also notes that non-GAAP core EPS is not a substitute for GAAP measures.

PG&E 8-K: Material Agreements & Regulation FD

01—Abstract

Summary

Summary of the 8-K filed December 2, 2024. Cited figures are marked; the original filing is the authoritative source.

PG&E Corporation and Pacific Gas and Electric Company filed this Form 8-K to report three items.

First, on November 29, 2024, Chief Executive Officer Patricia K. Poppe entered into an amendment to her November 13, 2020 offer letter, extending its term through January 4, 2031. The original offer letter remains in effect, and her compensation will continue to be subject to annual performance evaluation, market review, and at-least-annual approval by the independent members of the Board of Directors.

Second, the company declared a fourth-quarter 2024 regular cash dividend of $0.025^a per share, payable January 15, 2025, to shareholders of record as of December 31, 2024. Management anticipates recommending consistent dividend increases, targeting a dividend payout ratio of approximately 20% of non-GAAP core earnings per share by 2028, which it states is consistent with prior guidance for total dividends over the 2024-2028 planning horizon.

Third, the company affirmed its earnings guidance: non-GAAP core earnings per share of $1.34^b-$1.37 for 2024, $1.47-$1.51 for 2025 (representing year-over-year growth of 10% at the midpoint), and non-GAAP core EPS growth of at least 9% in each of 2026, 2027, and 2028. The guidance reflects the anticipated capital plan and financing activity of the company and the Utility.

02—Key points

Key Highlights

CEO Patricia K. Poppe's offer letter was amended on November 29, 2024, extending its term through January 4, 2031.
Board declared a fourth-quarter 2024 regular cash dividend of $0.025 per share, payable January 15, 2025, to holders of record as of December 31, 2024.
The dividend was described as an increase of 0.015 cents per share.
Management targets a dividend payout ratio of approximately 20% of non-GAAP core EPS by 2028, with consistent dividend increases anticipated.
2024 non-GAAP core EPS guidance affirmed at $1.34-$1.37.
2025 non-GAAP core EPS guidance affirmed at $1.47-$1.51, representing 10% year-over-year growth at the midpoint.
Non-GAAP core EPS growth of at least 9% expected in each of 2026, 2027, and 2028.

03—Questions

Frequently Asked Questions

What changed in the CEO's employment arrangement?
On November 29, 2024, Patricia K. Poppe amended her November 13, 2020 offer letter to extend its term through January 4, 2031. The original offer letter remains in full force and effect, and her compensation remains subject to annual performance evaluation, market review, and approval at least annually by the independent Board members.
What dividend did the company declare and when is it paid?
The company declared a fourth-quarter 2024 regular cash dividend of $0.025 per share on November 29, 2024. It is payable January 15, 2025, to shareholders of record as of December 31, 2024.
What is the company's long-term dividend policy?
Management anticipates recommending consistent dividend increases, targeting a dividend payout ratio of approximately 20% of non-GAAP core earnings per share by 2028. The company states this target balances a sufficient dividend with cash retained for investment in secular growth needs, and is consistent with prior guidance for total dividend payments over the 2024-2028 planning horizon.
What earnings guidance did the company affirm?
The company affirmed 2024 non-GAAP core EPS of $1.34-$1.37 and 2025 non-GAAP core EPS of $1.47-$1.51, representing 10% year-over-year growth at the midpoint. It also expects non-GAAP core EPS growth of at least 9% in each of 2026, 2027, and 2028.
Where can investors find the reconciliation of non-GAAP core EPS to GAAP EPS?
The filing states that the reconciliation of non-GAAP core EPS to earnings per share, the most directly comparable GAAP measure, is provided with the company's and the Utility's third-quarter 2024 earnings materials, which were furnished to the SEC on November 7, 2024. The filing also notes that non-GAAP core EPS is not a substitute for GAAP measures.

04—Continue

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