Exelon Corporation (EXC) Q1 2022 Earnings Call Transcript

For the period ending March 31, 2022

May 9, 2022 10:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Hello, and welcome to Exelon's First Quarter Earnings Conference Call. My name is Olivia, and I'll be your event specialist today. [Operator Instructions] Please note that today's webcast is being recorded.

It is now my pleasure to turn today's program over to Jeanne Jones, Senior Vice President of Corporate Finance. The floor is yours.

Jeanne Jones - SVP, Corporate Finance

Thank you, Olivia. Good morning, everyone, and thank you for joining our first quarter 2022 earnings conference call. Leading the call today are Chris Crane, Exelon's President and Chief Executive Officer; and Joe Nigro, Exelon's Chief Financial Officer. They're joined by other members of Exelon's senior management team who will be available to answer your questions following our prepared remarks.

We issued our earnings release this morning along with the presentation, all of which can be found in the Investor Relations section of Exelon's website.

The earnings release and other matters which we discuss during today's call contain forward-looking statements and estimates that are subject to various risks and uncertainties. Actual results could differ from our forward-looking statements based on factors and assumptions discussed in today's material and comments made during this call. Please refer to today's 8-K and Exelon's other SEC filings for discussions of risk factors and other factors that may cause results to differ from management's projections, forecasts and expectations.

Today's presentation also includes references to adjusted operating earnings and other non-GAAP measures. Please refer to the information contained in the appendix of our presentation and our earnings release for reconciliations between the non-GAAP measures and the nearest equivalent GAAP measures. We've scheduled 45 minutes for today's call.

I'll now turn the call over to Chris Crane, Exelon's CEO.

Chris Crane - President, CEO

Thanks, Jeanne, and good morning to everybody and thanks for joining us. We're pleased to host our first post-separation earnings call as the nation's premier T&D utility company. We closed, as you all know, on the separation on February 1, delivering on our commitment to close within the first quarter of 2022.

The transition has really unlocked significant value for our shareholders. In the time of announcing a year ago through mid-April this year, the total shareholder return was 76%, far exceeding the UTY Index and the S&P.

At the same time, we continue to demonstrate our reliability focused on operational and financial excellence. We earned $0.49 per share on a GAAP basis and $0.64 a share on a non-GAAP basis -- non-GAAP basis. We also completed a successful bond deal for our holding company with attractive pricing, showing the value of our strong balance sheet even in a challenging market. Joe will cover the financial highlights in his presentation shortly.