Exelon Corporation · NASDAQ:EXC
Exelon — Investor Day (January 2022)
74 slides from Exelon's investor day presentation, Jan 10, 2022
Slide 1: Exelon Analyst Day
January 10, 2022 Exelon Analyst Day
Slide 2: Cautionary Statements Regarding Forward-Looking Information
2 Cautionary Statements Regarding Forward- Looking Information This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties including, among others, those related to the timing, ma
Slide 3: Non-GAAP Financial Measures
3 Non-GAAP Financial Measures Exelon reports its financial results in accordance with accounting principles generally accepted in the United States (GAAP). Exelon supplements the reporting of financial information determined in accordance with GAAP with certain non-GAAP financial measures, including
Slide 4: Welcome & Introductions
4 1 Welcome & Introductions Jeanne Jones Senior Vice President, Corporate Finance
Slide 5: Agenda
5 Agenda 1 Welcome & Introductions Jeanne Jones, Senior Vice President, Corporate Finance Starts at 1:00pm (EST) 2 Exelon: The Premier T&D Utility Chris Crane, President & Chief Executive Officer 3 Leading the Path to Clean Through Sustained Operational Excellence Calvin Butler, Senior Executive Vic
Slide 6: Exelon: The Premier T&D Utility
6 2 Exelon: The Premier T&D Utility Chris Crane President & Chief Executive Officer
Slide 7: Delivering Sustainable Value as the Premier T&D Utility
7 Delivering Sustainable Value as the Premier T&D Utility Industry-Leading Platform Leading ESG Profile Operational Excellence Financial Discipline Sustainable Value SUSTAINABLE VALUE ✓ Strong Growth Outlook: Targeting investment of ~$29B of T&D capital from 2022-2025 to meet customer needs, resulti
Slide 8: Who is Exelon?
8 Who is Exelon? 6 T&D-only utilities Operate across seven regulatory jurisdictions 4 major metro areas served Including Chicago, Philadelphia, Baltimore, D.C. 18,000+(1) Employees across our operating companies 10+ million Electric and gas customers served across our service territories 25,600 Squa
Slide 9: Premier Utility by Scope and Scale
9 Premier Utility by Scope and Scale (1) Includes utility and generation; represents 2022E rate base projections as disclosed by the company 10.3 10.0 9.5 8.7 8.4 7.0 6.0 5.8 5.6 5.5 5.2 5.0 4.2 3.1 NEEExelon PCG XELDUK AEPFESO SRE D EIX ED PEG ETR $92 $66 $58 $52 $51 $50 $46 $39 $38 $37 $33 $26 SO
Slide 10: Servicing Large Urban Areas Across Seven Regulatory Jurisdictions
10 Servicing Large Urban Areas Across Seven Regulatory Jurisdictions Fully Regulated, Transmission and Distribution Diverse, Fully Regulated T&D Utility (1) Represents 2022E rate base (2) Other includes long-term regulatory assets, which generally earn a return consistent with rate base, including E
Slide 11: Best-in-Class Operations
11 Best-in-Class Operations 0 .5 9 0 .5 9 0 .6 2 0 .6 5 0 .6 6 0 .8 3 0 .8 7 0 .8 9 0 .9 2 0 .9 3 P e e r E P e e r A P e e r G E x e lo n P e e r B P e e r C P e e r F P e e r D P e e r H Top Quartile(1) P e e r I 7 2 8 0 8 3 9 7 9 8 1 0 1 1 0 5 1 0 6 1 0 8 1 1 0 P e e r C P e e r A P e e r G E x e
Slide 12: Constructive Regulatory Mechanisms
12 Constructive Regulatory Mechanisms (1) Expected 2017-2020E rate base growth as of December 31, 2016 (calculated from 2016E base year) (2) Reflects expected rate base growth for 2022E-2025E (calculated from 2021E base year) (3) Alternative recovery mechanisms include rate base recovered through di
Slide 13: Exelon is An Industry Leader in ESG
13 Exelon is An Industry Leader in ESG DIVERSITY, EQUITY & INCLUSION (DE&I) • Executive Committee is 59% women or people of color • Created Executive-led Racial Equity Task Force in 2020 • Launched $36 million Racial Equity Capital Fund and $3 million Exelon HBCU Corporate Scholars Program WORKFORCE
Slide 14: Exelon Has a Strong Growth Trajectory
14 Projecting 8.1% Rate Base Growth ($B)(2) Strong Balance Sheet with Limited Equity Need Expected(5) 6,900 7,100 7,450 7,500 2025E2022E 2023E 2024E (1) CapEx numbers are rounded to nearest $25M (2) Rate base reflects year-end estimates (3) 2021E earnings guidance based on expected average outstandi
Slide 15: Leading the Path to Clean Through Sustained Operational Excellence
15 3 Leading the Path to Clean Through Sustained Operational Excellence Calvin Butler Senior Executive Vice President and Chief Operating Officer
Slide 16: Delivering Sustainable Value as the Premier T&D Utility
16 Delivering Sustainable Value as the Premier T&D Utility Industry-Leading Platform Leading ESG Profile Operational Excellence Financial Discipline Sustainable Value INDUSTRY-LEADING PLATFORM ✓ Size and Scale: Largest T&D utility in the country serving ~10 million customers ✓ Diversified Rate Base:
Slide 17: Undergrounding Cable Initiative and Grid Investments
17 Undergrounding Cable Initiative • DC Power Line Undergrounding is a multi-year program to underground more than 20 of the most vulnerable overhead distribution lines, spanning over 6-8 years with work that began in early 2019 • Expected to improve resiliency against major storms and to improve re
Slide 18: Advancing Clean and Affordable Energy Choices
18 Advancing Clean and Affordable Energy Choices Consistently Delivering Top Quartile Customer Satisfaction Scores(1) Rates 16% Below Largest U.S. Metro Cities (1) Reflects the measurements of perceptions of reliability, customer service, price and management reputation by residential and small busi
Slide 19: Driving Value Through Constructive Recovery Mechanisms
19 Driving Value Through Constructive Recovery Mechanisms (1) Figure assumes implementation of multi-year plans for DPL Maryland and ComEd, which have not yet been filed. ComEd figures assume recovery through a multi-year plan beginning in 2024. ComEd has the option to file a multi-year plan or a fu
Slide 20: Path to Clean: Reaching a Net-Zero Footprint
20 Path to Clean: Reaching a Net-Zero Footprint COMPANY AND OPERATIONS Planned Actions to Reduce Operations-Driven Emissions by 50% by 2030 and to Achieve Net-Zero by 2050 Electrify 30% of our light and heavy-duty vehicle fleet by 2025 and 50% by 2030 Focus on efficiency, conservation and clean elec
Slide 21: Exelon Will Play a Leading Role in Transforming the Grid
21 For instance, electric vehicles will drive a step change in reliance on the grid... … while increased renewable penetration will require stronger security, robust two-way communication, and technological upgrades Exelon Will Play a Leading Role in Transforming the Grid (1) Source: June 9, 2021 Bl
Slide 22: Brief 10-Minute Break
22 We will resume after a brief 10- minute break…
Slide 23: Leading ESG Profile: Supporting Our Communities and Advancing Clean Energy
23 4 Leading ESG Profile: Supporting Our Communities and Advancing Clean Energy Melissa Lavinson, SVP Federal Governmental, Regulatory Affairs & Public Policy Tyler Anthony, President & Chief Executive Officer, PHI Michael Innocenzo, President & Chief Executive Officer, PECO Carim Khouzami, Presiden
Slide 24: Delivering Sustainable Value as the Premier T&D Utility
24 Delivering Sustainable Value as the Premier T&D Utility Industry-Leading Platform Leading ESG Profile Operational Excellence Financial Discipline Sustainable Value INDUSTRY-LEADING PLATFORM ✓ Size and Scale: Largest T&D utility in the country serving ~10 million customers ✓ Diversified Rate Base:
Slide 25: Customer Demands Drive Shared Policy Goals
25 Customer Demands Drive Shared Policy Goals F e d e ra l 65% by 2030 Federal operations goal Net-zero by 2050 National economy goal Net-zero by 2045 Federal buildings portfolio, including 50% emissions reduction by 2032 100% by 2035 Federal vehicle fleet, including 100% light-duty vehicles by 2027
Slide 26: Advancing a Leading DEI Strategy and Program
26 Advancing a Leading DEI Strategy and Program (1) Reflects two-year average of 2019 and 2020. Assumes 50% of volunteerism, grant funding and employee contribution by Exelon BSC employees is attributable to standalone Exelon. Grant funding is inclusive of the Exelon Foundation. Exelon employees per
Slide 27: Developing and Investing in the Workforce of the Future
27 Developing and Investing in the Workforce of the Future • More than 60 different workforce development programs across our six utilities seek to bring economic equity, empowerment and employment opportunity to our under-served and under-resourced communities – These programs have reached more tha
Slide 28: Financial Outlook
28 5 Financial Outlook Joseph Nigro Senior Executive Vice President and Chief Financial Officer
Slide 29: Delivering Sustainable Value as the Premier T&D Utility
29 Delivering Sustainable Value as the Premier T&D Utility Industry-Leading Platform Leading ESG Profile Operational Excellence Financial Discipline Sustainable Value INDUSTRY-LEADING PLATFORM ✓ Size and Scale: Largest T&D utility in the country serving ~10 million customers ✓ Diversified Rate Base:
Slide 30: Customer Needs and Industry Trends Continue to Support Investment Growth
30 Customer Needs and Industry Trends Continue to Support Investment Growth $6.4B of electric transmission investment projected for 2022-2025 $3.7B of gas delivery investment projected for 2022-2025 $18.9B of electric distribution investment projected for 2022-2025 (1) 4-year capital outlook reflect
Slide 31: Long-Term Earnings Growth Supports a Sustainable Dividend
31 Projected Dividend Payout(4)Targeting 6-8% Operating Earnings* Growth to 2025(1) Long-Term Earnings Growth Supports a Sustainable Dividend (1) Includes after-tax interest expense associated with debt held at Corporate (2) 2021E earnings guidance based on expected average outstanding shares of 980
Slide 32: Exelon's Trailing Twelve Month Earned ROEs
32 Exelon’s Trailing Twelve Month Earned ROEs* 9.5% 9.4% 9.6% 10.0% 8.7% 9.3% 20202016 20192017 2018 Q3 2021 Note: Represents the twelve-month periods December 31, 2016-2020 and September 30, 2021 for Exelon’s utilities (excludes Corp). Earned ROEs* represent weighted average across all lines of bus
Slide 33: Managing Costs Below the Rate of Inflation
33 Managing Costs Below the Rate of Inflation Focused on Managing Costs and Customer Affordability (1) Reflects Exelon’s utilities (excludes Corp); numbers rounded to the nearest $25M (2) Sources: median household income from the U.S. Census Bureau’s 2020 American Community Survey 1-Year Experimenta
Slide 34: 2022-2025 Financing Plan
34 2022-2025 Financing Plan Note: Financing plan is subject to change (1) Adjusted Cash from Operations* is net of common dividends, change in cash on hand, and the $1.75B expected cash payment to Constellation in accordance with the separation agreement (2) Includes both utility and corporate debt.
Slide 35: Maintaining a Strong Balance Sheet is a Top Financial Priority
35 Moody’s CFO (Pre-WC) / Debt %*S&P FFO / Debt %* Maintaining a Strong Balance Sheet is a Top Financial Priority Credit Ratings(3) ExCorp ComEd PECO BGE ACE DPL Pepco Moody’s Baa2 A1 Aa3 A3 A2 A2 A2 S&P BBB A A A A A A Fitch BBB+ A A+ A A- A A- (1) 2022 – 2024 average internal estimate based on S&P
Slide 36: Adjusted Operating Earnings Guidance
36 Key Year-over-Year DriversAdjusted Operating Earnings* Guidance(1) 2022 Adjusted Operating Earnings* Guidance (1) Includes after-tax interest expense associated with debt held at Corporate (2) Estimate based on 2021 average outstanding shares of 980M (3) 2022E earnings guidance based on expected
Slide 37: Closing
37 6 Closing Chris Crane President & Chief Executive Officer
Slide 38: Delivering Sustainable Value as the Premier T&D Utility
38 Delivering Sustainable Value as the Premier T&D Utility Industry-Leading Platform Leading ESG Profile Operational Excellence Financial Discipline Sustainable Value SUSTAINABLE VALUE ✓ Strong Growth Outlook: Targeting investment of ~$29B of T&D capital from 2022-2025 to meet customer needs, result
Slide 39: Brief 10-Minute Break
39 We will resume after a brief 10- minute break…
Slide 40: Q&A
40 7 Q&A Chris Crane, President & Chief Executive Officer Calvin Butler, Senior Executive Vice President and Chief Operating Officer Joseph Nigro, Senior Executive Vice President and Chief Financial Officer
Slide 41: Appendix
41 Appendix
Slide 42: Exelon Capital Expenditures and Rate Base Forecast
42 Analyst Day 2022 Capital Expenditures ($M) Analyst Day 2022 Rate Base ($B) Q4 2020 Capital Expenditures ($M) Q4 2020 Rate Base ($B) 4,225 4,475 4,500 4,600 1,500 1,450 1,475 1,375 825 825 2022E2021E 2024E2023E 750 775 6,550 6,725 6,725 6,725 4,325 4,525 4,650 4,875 4,850 1,425 1,500 1,525 1,600 1
Slide 43: ComEd Capital Expenditure Forecast
43 Analyst Day 2022 Capital Expenditures ($M)Q4 2020 Capital Expenditures ($M) 1,925 2,025 2,050 2,000 1,975 450 450 500 575 675 2022E 2,375 2021E 2024E 2025E2023E 2,475 2,550 2,575 2,650 1,925 2,000 1,950 1,825 475 450 550 500 2,350 2024E2021E 2,400 2023E2022E 2,450 2,500 Electric Transmission Elec
Slide 44: PECO Capital Expenditure Forecast
44 Analyst Day 2022 Capital Expenditures ($M)Q4 2020 Capital Expenditures ($M) 825 850 950 1,075 1,100 100 175 75 100 125 350 325 325 375 3751,325 2021E 2023E2022E 2024E 2025E 1,275 1,375 1,550 1,575 750 850 925 1,025 175 125 75 75325 300 275 300 1,275 2021E 2022E 1,300 2023E 2024E 1,275 1,375 Elect
Slide 45: BGE Capital Expenditure Forecast
45 Analyst Day 2022 Capital Expenditures ($M)Q4 2020 Capital Expenditures ($M) 475 500 450 475 500 325 275 400 400 400 400 475 475 500 500 1,325 1,400 2021E 1,225 1,200 2022E 2023E 2024E 2025E 1,375 450 475 450 475 325 325 375 325 425 450 400 400 2023E2022E2021E 2024E 1,2251,200 1,250 1,200 Gas Deli
Slide 46: PHI Consolidated Capital Expenditure Forecast
46 Analyst Day 2022 Capital Expenditures ($M)Q4 2020 Capital Expenditures ($M) 1,125 1,175 1,200 1,325 1,275 550 600 525 550 550 100 100 75 75 2023E2021E 2024E2022E 75 2025E 1,750 1,850 1,825 1,950 1,875 1,075 1,125 1,175 1,275 525 550 475 475 2021E 1,700 2022E 75 50 2024E 50 2023E 751,750 1,725 1,8
Slide 47: ACE Capital Expenditure Forecast
47 Analyst Day 2022 Capital Expenditures ($M)Q4 2020 Capital Expenditures ($M) 225 300 300 300 275 200 175 150 175 175 2022E 2025E2021E 450 425 2023E 475 2024E 475 450 200 200 250 225 175 150 125 125 375 2021E 350350 2024E2022E 2023E 350 Electric DistributionElectric Transmission Note: Numbers round
Slide 48: DPL Capital Expenditure Forecast
48 Analyst Day 2022 Capital Expenditures ($M)Q4 2020 Capital Expenditures ($M) 250 250 250 300 275 100 150 150 150 175 75 100 100 75 75 500475 2021E 2022E 2023E 2024E 425 2025E 525 525 225 200 225 275 100 150 125 125 75 50 50 75 425400 2021E 450 2022E 2023E 2024E 425 Gas Delivery Electric Transmissi
Slide 49: Pepco Capital Expenditure Forecast
49 Analyst Day 2022 Capital Expenditures ($M)Q4 2020 Capital Expenditures ($M) 650 625 650 725 700 250 275 225 225 200 900 900 2021E 2025E2022E 900 2023E 2024E 950 900 650 725 725 775 250 275 200 225 1,000 2021E 925 2024E2022E 2023E 925 1,000 Electric Transmission Electric Distribution Note: Numbers
Slide 50: Operational Improvements Drive Strong Growth
50 Operational Improvements Drive Strong Growth (1) Q3 2021 2.5 Beta SAIFI is a year-end projection Exelon platform has consistently proven the ability to implement and sustain operational excellence through the following key advantages: • Scale – With six different utilities that cover more T&D rat
Slide 51: State Clean Energy and Emissions Policy Goals
51 Maryland • 40% reduction from 2006 levels by 2030 • Proposals for net-zero by 2045 • 50% renewable by 2030 and 100% clean by 2040 • 300,000 EVs on the road by 2025 • 2% annual reduction in electricity use to 2023 Pennsylvania • 26% reduction by 2025, and 80% reduction by 2050 • Alternative portfo
Slide 52: Regulatory Commissions and Commissioners
52 Illinois Pennsylvania Maryland District of Columbia Delaware New Jersey Commissions Full-Time/Part-Time Full-Time Full-Time Full-Time Full-Time Part-Time Full-Time Appointed/Elected Appointed Appointed Appointed Appointed Appointed Appointed Length of Term 5 Years 5 Years 5 Years 4 Years 5 Years
Slide 53: ComEd, PECO, BGE Rate Case Constructs and Recovery Mechanisms
53 ComEd PECO BGE Current Distribution Rate Case Filing Construct Traditional or Alternative Ratemaking Alternative Distribution Formula Rate(1) Alternative Fully Projected Future Test Year Alternative Multi-Year Plan Test Year (Historic, Fully Projected or Partially Projected) Partially Projected F
Slide 54: Pepco, DPL, ACE Rate Case Constructs and Recovery Mechanisms
54 Pepco MD Pepco DC DPL MD DPL DE ACE Current Distribution Rate Case Filing Construct Traditional or Alternative Ratemaking Alternative Multi-Year Plan Alternative Multi-Year Plan Traditional Base Rate Application(1) Traditional Base Rate Application Traditional Base Rate Application Test Year (His
Slide 55: Multi-Year Plan Benefits
55 Service Improvements Public Transparency Rate Predictability 1 2 3 Multi-Year Plan Benefits Financial Stability 4 ➢ Informs the public and regulators about future system investments prior to the start of work ➢ Reviews ensure planned investments modernize the energy delivery system ➢ Reviews of c
Slide 56: Alternative Recovery Mechanisms by Jurisdiction
56 • Distribution System Improvement Charge (DSIC) tracker provides a mechanism to begin recovering gas and electric infrastructure investments for reliability every six months • Strategic Infrastructure Development and Enhancement (STRIDE) program allows for contemporaneous recovery of the accelera
Slide 57: Revenue Decoupling Mitigates Load Fluctuations
57 Non-Decoupled Load Volumes (GWh)(3)Revenue Decoupling Mitigates Load Fluctuations Revenue Decoupling Mitigates Impacts of Load Fluctuations 41% PECO 58% 59% 40% DPL DE 35,495 7,660 C&I Residential DPL DE ACE PECO DPL MD ComEd BGE Pepco Non-Decoupled Decoupled ~76% of Exelon’s revenues are decoupl
Slide 58: Approved Distribution Rate Case Financials
58 Revenue Requirement Increase/(Decrease) Allowed ROE Common Equity Ratio Rate Effective Date Approved Electric Distribution Rate Case Financials ComEd (Electric) $45.8M 7.36% 48.70% Jan 1, 2022 PECO (Electric) $132.0M N/A(1) N/A(1) Jan 1, 2022 BGE (Electric) (2) $139.9M 9.50% 52.00% Jan 1, 2021 Pe
Slide 59: Approved Electric Transmission Formula Rate Financials
59 Revenue Requirement Increase/(Decrease)(1) Allowed ROE(2) Common Equity Ratio Rate Effective Date(3) Approved Electric Transmission Formula Rate Financials ComEd $45M 11.50% 54.90% Jun 1, 2021 PECO $24M 10.35% 53.69% Jun 1, 2021 BGE $65M 10.50% 52.60% Jun 1, 2021 Pepco $12M 10.50% 50.27% Jun 1, 2
Slide 60: Utility Customer Mix by Business Line
60 ComEd PECO BGE Pepco DPL ACE 2020 Electric Customer Mix (% of Revenues) (1) Commercial & Industrial (C&I) 32% 24% 28% 41% 23% 27% Residential 52% 66% 58% 47% 58% 55% Public Authorities/Other 16% 10% 14% 12% 18% 18% 2020 Electric Customer Mix (% of Volumes) (1) Commercial & Industrial (C&I) 65% 59
Slide 61: Regulatory Research Associates Regulatory Ranking
61 Note: Reflects current regulatory rankings designated by the Regulatory Research Associates (RRA), a group within S&P Global Market Intelligence. Dates represent year end and December 16th for 2021. (1) Reflects weighted by total operating revenue (inclusive of transmission revenues) by jurisdict
Slide 62: Exelon Long-Term Debt Maturity Profile
62 Exelon Long-Term Debt Maturity Profile(1,2) LT Debt Balances (as of 9/30/21)(1,2) BGE $4.0B ComEd $10.0B PECO $4.4B PHI $7.5B Corp $7.4B Exelon $33.2B ($M) As of 9/30/2021 1,150 850 833 807 750 360 997 303 1,250 1,178 258 763 295 833 1,430 675 700 600 1,400 650 741 750 1,275 2,150 1,550 750 2,150
Slide 63: EPS Sensitivities
63 EPS* Sensitivities Interest Rate Sensitivity to +50 BP 2022E 2023E ComEd Distribution ROE (1) $0.04 $0.04 Pension Expense (2) $(0.00) $(0.00) Cost of Debt (3) $(0.01) $(0.01) Exelon Consolidated Effective Tax Rate 13.6% 15.1% Exelon Consolidated Cash Tax Rate 0.3% 4.1% (1) Reflects +50 BP sensiti
Slide 64: Rate Case Details
Rate Case Details
Slide 65: Exelon Distribution Rate Case Updates
65 Exelon Distribution Rate Case Updates Rate Case Schedule and Key Terms Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Revenue Requirement Requested ROE / Equity Ratio Expected Order $13.5M (1,2) 9.60% / 50.37% Sep 15, 2021 (3) $132.0M (1,4) N/A / N/A (4) Nov 18, 2021 $45.8M (1,5) 7.36% / 48.70%
Slide 66: Delmarva DE Electric Distribution Rate Case Filing
66 Delmarva DE (Electric) Distribution Rate Case Filing Rate Case Filing Details Notes Docket No. 20-0149 • March 6, 2020, Delmarva Power filed an application with the Delaware Public Service Commission (DPSC) seeking an increase in electric distribution base rates • A partial settlement agreement,
Slide 67: PECO Electric Distribution Rate Case Filing
67 PECO (Electric) Distribution Rate Case Filing Rate Case Filing Details Notes Docket No. R-2021-3024601 • March 30, 2021, PECO filed a general base rate request with the Pennsylvania Public Utility Commission (PAPUC) seeking an increase in electric distribution base rates • September 15, 2021, PEC
Slide 68: ComEd Distribution Rate Case Filing
68 ComEd Distribution Rate Case Filing Rate Case Filing Details Notes Docket No. 21-0367 • April 16, 2021, ComEd filed its annual distribution formula rate update with the Illinois Commerce Commission (ICC) seeking a $51.2M increase to distribution base rates • Rate increase amount is driven by cont
Slide 69: Delmarva MD Distribution Rate Case Filing
69 Delmarva MD Distribution Rate Case Filing Rate Case Filing Details Notes Docket No. 9670 • September 1, 2021, Delmarva Power filed an application with the Maryland Public Service Commission (MDPSC) seeking an increase in electric distribution base rates • Request is driven by $18.7M of higher dep
Slide 70: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures
Slide 71: Projected GAAP to Operating Adjustments
71 Projected GAAP to Operating Adjustments • Exelon’s projected 2021 and 2022 adjusted (non-GAAP) operating earnings excludes the earnings effects of the following: − Mark-to-market adjustments from economic hedging activities; − Certain costs incurred to achieve cost management program savings; − D
Slide 72: GAAP to Non-GAAP Reconciliations
72 GAAP to Non-GAAP Reconciliations(1) S&P Moody’s GAAP Operating Income + Depreciation & Amortization = EBITDA - Cash Paid for Interest +/- Cash Taxes +/- Other S&P FFO Adjustments = FFO (a) Long-Term Debt + Short-Term Debt + Underfunded Pension (after-tax) + Underfunded OPEB (after-tax) + Operatin
Slide 73: Operating TTM ROE and Adjusted O&M Reconciliation
73 GAAP to Non-GAAP Reconciliations Exelon Operating TTM ROE Reconciliation ($M)(1) 2016 2017 2018 2019 2020 Q3 2021 Net Income (GAAP) $1,103 $1,704 $1,836 $2,065 $1,737 $2,243 Operating Exclusions $461 ($24) $32 $30 $246 $42 Adjusted Operating Earnings $1,564 $1,680 $1,869 $2,095 $1,984 $2,284 Aver
Slide 74: Exelon IR Contact Information
74 Exelon IR Contact Information Please direct all questions to the Exelon Investor Relations team: InvestorRelations@ExelonCorp.com 312-394-2345 Jeanne Jones Senior Vice President, Corporate Finance Andrew Plenge Vice President, Investor Relations Allison Monacelli Senior Manager, Investor Rela