Exelon Reports First Quarter 2024 Results

Earnings Release Highlights


  • GAAP Net Income of $0.66 per share and Adjusted (non-GAAP) Operating Earnings of $0.68 per share for the first quarter of 2024
  • Affirming full year 2024 Adjusted (non-GAAP) Operating Earnings guidance range of $2.40-$2.50 per share
  • Reaffirming fully regulated operating EPS compounded annual growth target of 5-7% from 2023 to 2027
  • Achieved top quartile reliability performance at all utilities, with ComEd and PHI achieving top decile in both outage frequency and outage duration
  • ComEd refiled its Multi-Year Grid Plan in March as directed by the Illinois Commerce Commission (ICC), with a final order expected before the end of 2024
  • PECO filed electric and gas distribution rate cases with the Pennsylvania Public Utility Commission (PAPUC) in March seeking an increase in base rates to support significant investments in modernized energy infrastructure to maintain reliability, help enable wider adoption of cleaner energy resources, and provide customers with enhanced levels of service
  • A settlement was approved in April by the Delaware Public Service Commission (DPSC) in Delmarva Power’s electric base rate case
  • An order in ComEd’s Multi-Year Rate Plan Rehearing was received in April, increasing ComEd’s revenue requirement until approval of its refiled Grid Plan

CHICAGO–(BUSINESS WIRE)–Exelon Corporation (Nasdaq: EXC) today reported its financial results for the first quarter of 2024.

“Through the first quarter, Exelon is on track for another year of operational excellence while delivering on our financial guidance,” said President and CEO Calvin Butler. “We are encouraged that we are making progress on the regulatory front, with ComEd’s rehearing process complete almost two months early. Additionally, our Exelon team is leading the industry with our innovative approach on safety, now measuring our performance through a Serious Injury Incidence Rate, reaffirming our commitment to the safety of our employees and community members.”

“We delivered first quarter 2024 adjusted operating earnings of $0.68 per share while maintaining strong operational performance,” said Exelon Chief Financial Officer Jeanne Jones. “Despite mild weather and a challenging storm season, we remain on track to deliver full-year operating earnings of $2.40 to $2.50 per share in 2024 and continue to affirm our sustained growth over the coming years to support the energy transformation in our communities, projecting annualized earnings per share (EPS) growth of 5% to 7% through 2027.”

First Quarter 2024

Exelon’s GAAP Net Income for the first quarter of 2024 decreased to $0.66 per share from $0.67 per share in the first quarter of 2023. Adjusted (non-GAAP) Operating Earnings for the first quarter of 2024 decreased to $0.68 per share from $0.70 per share in the first quarter of 2023. For the reconciliations of GAAP Net Income to Adjusted (non-GAAP) Operating Earnings, refer to the tables beginning on page 4.

GAAP Net Income and Adjusted (non-GAAP) Operating Earnings in the first quarter of 2024 primarily reflect:

  • Higher utility earnings primarily due to rate increases at BGE and PHI. This was partially offset by higher operating expenses due to increased storm costs at PECO and BGE, lower electric distribution earnings from lower allowed ROE and the absence of a return on pension asset at ComEd, and lower carrying cost recovery related to the carbon mitigation credit (CMC) regulatory asset at ComEd.
  • Higher costs at the Exelon holding company primarily due to higher interest expense.

Operating Company Results1

ComEd

ComEd’s first quarter of 2024 GAAP Net Income decreased to $193 million from $241 million in the first quarter of 2023. ComEd’s Adjusted (non-GAAP) Operating Earnings for the first quarter of 2024 decreased to $219 million from $251 million in the first quarter of 2023, primarily due to decreases in electric distribution earnings (reflecting lower allowed ROE due to U.S. Treasury rates no longer applying to distribution revenue) and carrying costs related to the CMC regulatory asset. Due to revenue decoupling, ComEd’s distribution earnings are not affected by actual weather or customer usage patterns.

PECO

PECO’s first quarter of 2024 GAAP Net Income decreased to $149 million from $166 million in the first quarter of 2023. PECO’s Adjusted (non-GAAP) Operating Earnings for the first quarter of 2024 decreased to $149 million from $166 million in the first quarter of 2023, primarily due to an increase in storm costs partially offset by less unfavorable weather.

___________

1 Exelon’s four business units include ComEd, which consists of electricity transmission and distribution operations in northern Illinois; PECO, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in southeastern Pennsylvania; BGE, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in central Maryland; and PHI, which consists of electricity transmission and distribution operations in the District of Columbia and portions of Maryland, Delaware, and New Jersey and retail natural gas distribution operations in northern Delaware.

BGE

BGE’s first quarter of 2024 GAAP Net Income increased to $264 million from $200 million in the first quarter of 2023. BGE’s Adjusted (non-GAAP) Operating Earnings for the first quarter of 2024 increased to $264 million from $199 million in the first quarter of 2023, primarily due to increased revenue due to distribution rate increases. Due to revenue decoupling, BGE’s distribution earnings are not affected by actual weather or customer usage patterns.

PHI

PHI’s first quarter of 2024 GAAP Net Income increased to $168 million from $155 million in the first quarter of 2023. PHI’s Adjusted (non-GAAP) Operating Earnings for the first quarter of 2024 decreased to $168 million from $173 million in the first quarter of 2023, primarily due to increase in interest expense and operating expenses, partially offset by distribution rate increases. Due to revenue decoupling, PHI’s distribution earnings related to Pepco Maryland, DPL Maryland, Pepco District of Columbia, and ACE are not affected by actual weather or customer usage patterns.

Recent Developments and First Quarter Highlights

  • Dividend: On April 30, 2024, Exelon’s Board of Directors declared a regular quarterly dividend of $0.38 per share on Exelon’s common stock for the second quarter of 2024. The dividend is payable on June 14, 2024, to shareholders of record of Exelon as of 5 p.m. Eastern time on Monday, May 13, 2024.
  • Rate Case Developments:

    • ComEd Refiled Multi-Year Grid Plan: On March 13, 2024, ComEd refiled its Grid Plan with the ICC. On March 15, 2024, ComEd filed a petition to adjust its multi-year rate plan revenue requirement to increase its distribution rates by $302 million in 2024, $89 million in 2025, $136 million in 2026 and $143 million in 2027, reflecting an ROE 8.905%. ComEd currently expects a decision in the fourth quarter of 2024, but cannot predict if the ICC will approve the application as filed.
    • ComEd Rehearing on Multi-Year Rate Plan: On April 18, 2024, the ICC issued an order which increased the revenue requirements by $150 million in 2024, $186 million in 2025, $221 million in 2026 and $253 million in 2027, reflecting an ROE of 8.905%.
    • ComEd Distribution Formula Rate Reconciliation: On April 26, 2024, ComEd filed its proposed Delivery Reconciliation Amount with the ICC requesting $627 million under Rider Delivery Service Pricing Reconciliation which allows for the reconciliation of the revenue requirement in effect. The 2024 filing reconciles those rates with the actual delivery service costs incurred in 2023. ComEd currently expects a decision in the fourth quarter of 2024, but cannot predict if the ICC will approve the application as filed.
    • PECO Pennsylvania Electric Distribution Rate Case: On March 28, 2024, PECO filed an application with the PAPUC to increase its annual Electric rates by $464 million, which is partially offset by a one-time credit of $64 million in 2025, reflecting an ROE of 10.95%. PECO currently expects a decision in the fourth quarter of 2024 but cannot predict if the PAPUC will approve the application as filed.
    • PECO Pennsylvania Natural Gas Distribution Rate Case: On March 28, 2024, PECO filed an application with the PAPUC to increase its annual natural gas rates by $111 million, reflecting an ROE of 11.15%. PECO currently expects a decision in the fourth quarter of 2024 but cannot predict if the PAPUC will approve the application as filed.
    • DPL Delaware Electric Distribution Base Rate Case: On April 18, 2024, the DEPSC approved an increase in DPL’s annual electric distribution base rates of $28 million, reflecting an ROE of 9.6%. Interim rates went into effect on July 15, 2023, subject to refund. Rates associated with the approved order were effective on April 24, 2024.
  • Financing Activities:

    • On Feb. 27, 2024, Exelon Corporate issued $1,700 million of notes, consisting of $650 million of its 5.15% notes due March 15, 2029, $650 million of its 5.45% notes due March 15, 2034, and $400 million of its 5.60% notes due March 15, 2053. Exelon used the proceeds to repay the SMBC Term Loan, outstanding commercial paper, and for general corporate purposes.
    • On March 4, 2024, Pepco issued $675 million of its First Mortgage Bonds, consisting of $375 million of its First Mortgage 5.20% Series Bonds, due March 15, 2034 and $300 million of its First Mortgage 5.50% Series Bonds, due March 15, 2054. Pepco used the proceeds to refinance existing indebtedness, refinance outstanding commercial paper, and for general corporate purposes.
    • On March 20, 2024, ACE entered into the ACE Purchase Agreement for the offer and sale of $75 million aggregate principal amount of its First Mortgage Bonds, 5.55% Series due March 20, 2054. ACE used the proceeds to repay existing indebtedness and to fund other general corporate purposes.
    • On March 20, 2024, DPL entered into the DPL Purchase Agreement for the offer and sale of $100 million of its First Mortgage 5.24% Series Bonds, due March 20, 2034, and $75 million of its First Mortgage 5.55% Series, due March 20, 2054. DPL used the proceeds to repay existing indebtedness and to fund other general corporate purposes.

Adjusted (non-GAAP) Operating Earnings Reconciliation

Adjusted (non-GAAP) Operating Earnings for the first quarter of 2024 do not include the following items (after tax) that were included in reported GAAP Net Income:

(in millions, except per share amounts)

Exelon

Earnings

per

Diluted

Share

 

Exelon

 

ComEd

 

PECO

 

BGE

 

PHI

2024 GAAP Net Income

$

0.66

 

$

658

 

$

193

 

$

149

 

$

264

 

$

168

Change in FERC Audit Liability (net of taxes of $9)

 

0.03

 

 

27

 

 

26

 

 

 

 

 

 

2024 Adjusted (non-GAAP) Operating Earnings

$

0.68

 

$

685

 

$

219

 

$

149

 

$

264

 

$

168

Adjusted (non-GAAP) Operating Earnings for the first quarter of 2023 do not include the following items (after tax) that were included in reported GAAP Net Income:

(in millions, except per share amounts)

Exelon

Earnings

per

Diluted

Share

 

Exelon

ComEd

 

PECO

 

BGE

 

PHI

2023 GAAP Net Income

$

0.67

 

$

669

 

$

241

 

$

166

 

$

200

 

$

155

Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $0)

 

 

 

(1

)

 

 

 

 

 

 

 

Change in Environmental Liabilities (net of taxes of $7)

 

0.02

 

 

18

 

 

 

 

 

 

 

 

18

Change in FERC Audit Liability (net of taxes of $4)

 

0.01

 

 

11

 

 

11

 

 

 

 

 

 

Separation Costs (net of taxes of $0)

 

 

 

(1

)

 

 

 

 

 

 

 

2023 Adjusted (non-GAAP) Operating Earnings

$

0.70

 

$

696

 

$

251

 

$

166

 

$

199

 

$

173

 

__________

Note:

Amounts may not sum due to rounding.

Unless otherwise noted, the income tax impact of each reconciling item between GAAP Net Income and Adjusted (non-GAAP) Operating Earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2024 and 2023 ranged from 24.0% to 29.0%.

Webcast Information

Exelon will discuss first quarter 2024 earnings in a conference call scheduled for today at 9 a.m. Central Time (10 a.m. Eastern Time). The webcast and associated materials can be accessed at https://investors.exeloncorp.com.

About Exelon

Exelon (Nasdaq: EXC) is a Fortune 250 company and the nation’s largest utility company, serving more than 10.5 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power Company (Pepco). 20,000 Exelon employees dedicate their time and expertise to supporting our communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow @Exelon on Twitter | X.

Non-GAAP Financial Measures

In addition to net income as determined under generally accepted accounting principles in the United States (GAAP), Exelon evaluates its operating performance using the measure of Adjusted (non-GAAP) Operating Earnings because management believes it represents earnings directly related to the ongoing operations of the business. Adjusted (non-GAAP) Operating Earnings exclude certain costs, expenses, gains and losses, and other specified items. This measure is intended to enhance an investor’s overall understanding of period over period operating results and provide an indication of Exelon’s baseline operating performance excluding items that are considered by management to be not directly related to the ongoing operations of the business. In addition, this measure is among the primary indicators management uses as a basis for evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting of future periods. Adjusted (non-GAAP) Operating Earnings is not a presentation defined under GAAP and may not be comparable to other companies’ presentation. Exelon has provided the non-GAAP financial measure as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. Adjusted (non-GAAP) Operating Earnings should not be deemed more useful than, a substitute for, or an alternative to the most comparable GAAP Net Income measures provided in this earnings release and attachments. This press release and earnings release attachments provide reconciliations of Adjusted (non-GAAP) Operating Earnings to the most directly comparable financial measures calculated and presented in accordance with GAAP, are posted on Exelon’s website: https://investors.exeloncorp.com, and have been furnished to the Securities and Exchange Commission on Form 8-K on May 2, 2024.

Cautionary Statements Regarding Forward-Looking Information

This press release contains certain forward-looking statements within the meaning of federal securities laws that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” “should,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements.

The factors that could cause actual results to differ materially from the forward-looking statements made by Exelon Corporation, Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and Electric Company, Pepco Holdings LLC, Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric Company (Registrants) include those factors discussed herein, as well as the items discussed in (1) the Registrants’ 2023 Annual Report on Form 10-K filed with the SEC in (a) Part I, ITEM 1A. Risk Factors, (b) Part II, ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 18, Commitments and Contingencies; (2) the Registrants’ First Quarter 2024 Quarterly Report on Form 10-Q (to be filed on May 2, 2024) in (a) Part II, ITEM 1A. Risk Factors, (b) Part I, ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part I, ITEM 1. Financial Statements: Note 11, Commitments and Contingencies; and (3) other factors discussed in filings with the SEC by the Registrants.

Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this press release. None of the Registrants undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this press release.

Earnings Release Attachments

Table of Contents

 
   

Consolidating Statement of Operations

2

 

Consolidated Balance Sheets

3

 

Consolidated Statements of Cash Flows

5

 

Reconciliation of GAAP Net Income to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings

6

 

Statistics

 

 

ComEd

7

 

PECO

7

 

BGE

9

 

Pepco

10

 

DPL

11

 

ACE

12

 

Consolidating Statements of Operations

(unaudited)

(in millions)

 

 

ComEd

 

PECO

 

BGE

 

PHI

 

Other (a)

 

Exelon

Three Months Ended March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

$

2,095

 

 

$

1,054

 

 

$

1,297

 

 

$

1,606

 

 

$

(9

)

 

$

6,043

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

Purchased power and fuel

 

907

 

 

 

403

 

 

 

464

 

 

 

636

 

 

 

 

 

 

2,410

 

Operating and maintenance

 

418

 

 

 

293

 

 

 

264

 

 

 

325

 

 

 

(29

)

 

 

1,271

 

Depreciation and amortization

 

362

 

 

 

104

 

 

 

150

 

 

 

246

 

 

 

17

 

 

 

879

 

Taxes other than income taxes

 

94

 

 

 

51

 

 

 

89

 

 

 

128

 

 

 

9

 

 

 

371

 

Total operating expenses

 

1,781

 

 

 

851

 

 

 

967

 

 

 

1,335

 

 

 

(3

)

 

 

4,931

 

Gain on sales of assets and businesses

 

 

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

2

 

Operating income (loss)

 

314

 

 

 

205

 

 

 

330

 

 

 

271

 

 

 

(6

)

 

 

1,114

 

Other income and (deductions)

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

(122

)

 

 

(55

)

 

 

(50

)

 

 

(90

)

 

 

(151

)

 

 

(468

)

Other, net

 

20

 

 

 

9

 

 

 

8

 

 

 

27

 

 

 

11

 

 

 

75

 

Total other income and (deductions)

 

(102

)

 

 

(46

)

 

 

(42

)

 

 

(63

)

 

 

(140

)

 

 

(393

)

Income (loss) before income taxes

 

212

 

 

 

159

 

 

 

288

 

 

 

208

 

 

 

(146

)

 

 

721

 

Income taxes

 

19

 

 

 

10

 

 

 

24

 

 

 

40

 

 

 

(30

)

 

 

63

 

Net income (loss) attributable to common shareholders

$

193

 

 

$

149

 

 

$

264

 

 

$

168

 

 

$

(116

)

 

$

658

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2023

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

$

1,667

 

 

$

1,112

 

 

$

1,257

 

 

$

1,536

 

 

$

(9

)

 

$

5,563

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

Purchased power and fuel

 

488

 

 

 

484

 

 

 

492

 

 

 

627

 

 

 

 

 

 

2,091

 

Operating and maintenance

 

337

 

 

 

270

 

 

 

222

 

 

 

309

 

 

 

13

 

 

 

1,151

 

Depreciation and amortization

 

338

 

 

 

98

 

 

 

167

 

 

 

241

 

 

 

16

 

 

 

860

 

Taxes other than income taxes

 

93

 

 

 

50

 

 

 

83

 

 

 

120

 

 

 

9

 

 

 

355

 

Total operating expenses

 

1,256

 

 

 

902

 

 

 

964

 

 

 

1,297

 

 

 

38

 

 

 

4,457

 

Operating income (loss)

 

411

 

 

 

210

 

 

 

293

 

 

 

239

 

 

 

(47

)

 

 

1,106

 

Other income and (deductions)

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

(117

)

 

 

(48

)

 

 

(44

)

 

 

(76

)

 

 

(127

)

 

 

(412

)

Other, net

 

18

 

 

 

8

 

 

 

3

 

 

 

26

 

 

 

54

 

 

 

109

 

Total other income and (deductions)

 

(99

)

 

 

(40

)

 

 

(41

)

 

 

(50

)

 

 

(73

)

 

 

(303

)

Income (loss) before income taxes

 

312

 

 

 

170

 

 

 

252

 

 

 

189

 

 

 

(120

)

 

 

803

 

Income taxes

 

71

 

 

 

4

 

 

 

52

 

 

 

34

 

 

 

(27

)

 

 

134

 

Net income (loss) attributable to common shareholders

$

241

 

 

$

166

 

 

$

200

 

 

$

155

 

 

$

(93

)

 

$

669

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in net income (loss) from 2023 to 2024

$

(48

)

 

$

(17

)

 

$

64

 

 

$

13

 

 

$

(23

)

 

$

(11

)

__________
(a)  

Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities.

Exelon

Consolidated Balance Sheets

(unaudited)

(in millions)

 

 

 

March 31, 2024

 

December 31, 2023

Assets

 

 

 

 

Current assets

 

 

 

 

Cash and cash equivalents

 

$

720

 

 

$

445

 

Restricted cash and cash equivalents

 

 

489

 

 

 

482

 

Accounts receivable

 

 

 

 

Customer accounts receivable

 

 

2,896

 

 

 

2,659

 

Customer allowance for credit losses

 

 

(346

)

 

 

(317

)

Customer accounts receivable, net

 

 

2,550

 

 

 

2,342

 

Other accounts receivable

 

 

1,131

 

 

 

1,101

 

Other allowance for credit losses

 

 

(96

)

 

 

(82

)

Other accounts receivable, net

 

 

1,035

 

 

 

1,019

 

Inventories, net

 

 

 

 

Fossil fuel

 

 

37

 

 

 

94

 

Materials and supplies

 

 

751

 

 

 

707

 

Regulatory assets

 

 

2,035

 

 

 

2,215

 

Other

 

 

595

 

 

 

473

 

Total current assets

 

 

8,212

 

 

 

7,777

 

Property, plant, and equipment, net

 

 

74,604

 

 

 

73,593

 

Deferred debits and other assets

 

 

 

 

Regulatory assets

 

 

8,701

 

 

 

8,698

 

Goodwill

 

 

6,630

 

 

 

6,630

 

Receivable related to Regulatory Agreement Units

 

 

3,382

 

 

 

3,232

 

Investments

 

 

263

 

 

 

251

 

Other

 

 

1,419

 

 

 

1,365

 

Total deferred debits and other assets

 

 

20,395

 

 

 

20,176

 

Total assets

 

$

103,211

 

 

$

101,546

 

 

 

 

 

 

 

 

March 31, 2024

 

December 31, 2023

Liabilities and shareholders’ equity

 

 

 

 

Current liabilities

 

 

 

 

Short-term borrowings

 

$

2,206

 

 

$

2,523

 

Long-term debt due within one year

 

 

503

 

 

 

1,403

 

Accounts payable

 

 

2,814

 

 

 

2,846

 

Accrued expenses

 

 

1,076

 

 

 

1,375

 

Payables to affiliates

 

 

5

 

 

 

5

 

Customer deposits

 

 

419

 

 

 

411

 

Regulatory liabilities

 

 

400

 

 

 

389

 

Mark-to-market derivative liabilities

 

 

29

 

 

 

74

 

Unamortized energy contract liabilities

 

 

7

 

 

 

8

 

Other

 

 

516

 

 

 

557

 

Total current liabilities

 

 

7,975

 

 

 

9,591

 

Long-term debt

 

 

42,271

 

 

 

39,692

 

Long-term debt to financing trusts

 

 

390

 

 

 

390

 

Deferred credits and other liabilities

 

 

 

 

Deferred income taxes and unamortized investment tax credits

 

 

12,199

 

 

 

11,956

 

Regulatory liabilities

 

 

9,706

 

 

 

9,576

 

Pension obligations

 

 

1,569

 

 

 

1,571

 

Non-pension postretirement benefit obligations

 

 

523

 

 

 

527

 

Asset retirement obligations

 

 

270

 

 

 

267

 

Mark-to-market derivative liabilities

 

 

80

 

 

 

106

 

Unamortized energy contract liabilities

 

 

25

 

 

 

27

 

Other

 

 

2,142

 

 

 

2,088

 

Total deferred credits and other liabilities

 

 

26,514

 

 

 

26,118

 

Total liabilities

 

 

77,150

 

 

 

75,791

 

Commitments and contingencies

 

 

 

 

Shareholders’ equity

 

 

 

 

Common stock

 

 

21,129

 

 

 

21,114

 

Treasury stock, at cost

 

 

(123

)

 

 

(123

)

Retained earnings

 

 

5,767

 

 

 

5,490

 

Accumulated other comprehensive loss, net

 

 

(712

)

 

 

(726

)

Total shareholders’ equity

 

 

26,061

 

 

 

25,755

 

Total liabilities and shareholders’ equity

 

$

103,211

 

 

$

101,546

 

Exelon

Consolidated Statements of Cash Flows

(unaudited)

(in millions)

 

 

 

Three Months Ended March 31,

 

 

 

2024

 

 

 

2023

 

Cash flows from operating activities

 

 

 

 

Net income

 

$

658

 

 

$

669

 

Adjustments to reconcile net income to net cash flows provided by operating activities:

 

 

 

 

Depreciation, amortization, and accretion

 

 

880

 

 

 

860

 

Gain on sales of assets and businesses

 

 

(2

)

 

 

 

Deferred income taxes and amortization of investment tax credits

 

 

46

 

 

 

113

 

Net fair value changes related to derivatives

 

 

1

 

 

 

 

Other non-cash operating activities

 

 

39

 

 

 

(138

)

Changes in assets and liabilities:

 

 

 

 

Accounts receivable

 

 

(309

)

 

 

106

 

Inventories

 

 

12

 

 

 

102

 

Accounts payable and accrued expenses

 

 

(238

)

 

 

(482

)

Collateral received (paid), net

 

 

7

 

 

 

(214

)

Income taxes

 

 

21

 

 

 

23

 

Regulatory assets and liabilities, net

 

 

252

 

 

 

(324

)

Pension and non-pension postretirement benefit contributions

 

 

(111

)

 

 

(44

)

Other assets and liabilities

 

 

(264

)

 

 

(187

)

Net cash flows provided by operating activities

 

 

992

 

 

 

484

 

Cash flows from investing activities

 

 

 

 

Capital expenditures

 

 

(1,767

)

 

 

(1,881

)

Proceeds from sales of assets and businesses

 

 

2

 

 

 

 

Other investing activities

 

 

(2

)

 

 

10

 

Net cash flows used in investing activities

 

 

(1,767

)

 

 

(1,871

)

Cash flows from financing activities

 

 

 

 

Changes in short-term borrowings

 

 

(317

)

 

 

(1,130

)

Proceeds from short-term borrowings with maturities greater than 90 days

 

 

150

 

 

 

 

Repayments on short-term borrowings with maturities greater than 90 days

 

 

(150

)

 

 

(150

)

Issuance of long-term debt

 

 

2,625

 

 

 

3,925

 

Retirement of long-term debt

 

 

(901

)

 

 

(857

)

Dividends paid on common stock

 

 

(381

)

 

 

(358

)

Proceeds from employee stock plans

 

 

11

 

 

 

10

 

Other financing activities

 

 

(55

)

 

 

(60

)

Net cash flows provided by financing activities

 

 

982

 

 

 

1,380

 

Increase (decrease) in cash, restricted cash, and cash equivalents

 

 

207

 

 

 

(7

)

Cash, restricted cash, and cash equivalents at beginning of period

 

 

1,101

 

 

 

1,090

 

Cash, restricted cash, and cash equivalents at end of period

 

$

1,308

 

 

$

1,083

 

Contacts

James Gherardi

Corporate Communications

312-394-7417

Andrew Plenge

Investor Relations

312-394-2345

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