Exelon Corporation

- Electric Operating Revenues

- Natural Gas Operating Revenues

- Alternative Revenue Programs

Commonwealth Edison Company (ComEd)

- Operating Revenues from Affiliates

Total Revenue

PECO Energy Company

Delmarva Power & Light Company (DPL)

Atlantic City Electric Company (ACE)

Pepco Holdings LLC (PHI)

Baltimore Gas and Electric Company (BGE)

- Other Electric Revenues

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Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from / Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

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Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

Selling, General, and Administrative Expenses (SG&A) [USD, Millions]

Research and Development (R&D) [USD, Millions]

Depreciation and Amortization (D&A) [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

Earnings Per Share (EPS) - Basic [USD, Units]

Earnings Per Share (EPS) - Diluted [USD, Units]

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Current Assets [USD, Millions]

Cash and Cash Equivalents [USD, Millions]

Accounts Receivable [USD, Millions]

Inventory [USD, Millions]

Non-Current Assets [USD, Millions]

Property, Plant, and Equipment (PP&E) [USD, Millions]

Goodwill [USD, Millions]

Intangible Assets [USD, Millions]

Current Liabilities [USD, Millions]

Accounts Payable [USD, Millions]

Short-term Debt [USD, Millions]

Accrued Expenses [USD, Millions]

Non-Current Liabilities [USD, Millions]

Long-term Debt [USD, Millions]

Deferred Tax Liabilities [USD, Millions]

Shareholders' Equity [USD, Millions]

Retained Earnings [USD, Millions]

Common Stock [USD, Millions]

Additional Paid-in Capital [USD, Millions]

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Total Operating Revenues (USD, millions)

Operating and Maintenance (USD, millions)

Depreciation and Amortization (USD, millions)

Taxes Other Than Income Taxes (USD, millions)

Total Operating Expenses (USD, millions)

Gain (Loss) on Sale of Assets and Businesses (USD, millions)

Operating Income (USD, millions)

Interest Expense, Net (USD, millions)

Other, Net (USD, millions)

Total Other Income and (Deductions) (USD, millions)

Income Before Income Taxes (USD, millions)

Income Taxes (USD, millions)

Net Income Attributable to Common Shareholders (USD, millions)

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Cash and cash equivalents (USD, millions)

Restricted cash and cash equivalents (USD, millions)

Customer accounts receivable, net (USD, millions)

Other accounts receivable, net (USD, millions)

Fossil fuel Inventories, net (USD, millions)

Materials and supplies Inventories, net (USD, millions)

Prepaid renewable energy credits (USD, millions)

Total current assets (USD, millions)

Property, plant, and equipment, net (USD, millions)

Regulatory assets, non-current (USD, millions)

Goodwill (USD, millions)

Investments, non-current (USD, millions)

Other deferred debits and other assets (USD, millions)

Total deferred debits and other assets (USD, millions)

Total assets (USD, millions)

Short-term borrowings (USD, millions)

Long-term debt due within one year (USD, millions)

Accounts payable (USD, millions)

Accrued expenses (USD, millions)

Payables to affiliates (USD, millions)

Customer deposits (USD, millions)

Regulatory liabilities, current (USD, millions)

Unamortized energy contract liabilities, current (USD, millions)

Renewable energy credit obligations, current (USD, millions)

Other current liabilities (USD, millions)

Total current liabilities (USD, millions)

Long-term debt (USD, millions)

Deferred income taxes and unamortized investment tax credits, non-current (USD, millions)

Regulatory liabilities, non-current (USD, millions)

Asset retirement obligations, non-current (USD, millions)

Non-pension postretirement benefit obligations, non-current (USD, millions)

Unamortized energy contract liabilities, non-current (USD, millions)

Other deferred credits and other liabilities (USD, millions)

Total deferred credits and other liabilities (USD, millions)

Total liabilities (USD, millions)

893c3f18ef49f92b356620da0bdf76aa9c613cbfb8c6a2c45caaee972180f1f3

The **net cash flows provided by operating activities** nearly doubled in Q1 2024—from **$484 million** in Q1 2023 to **$992 million** in Q1 2024—primarily due to several key factors. There was a substantial positive shift in **Regulatory Assets and Liabilities, Net** (a **$252 million** positive impact in Q1 2024 versus **$(324) million** in Q1 2023), coupled with improvements in **Collateral Received, Net** (a net inflow of **$7 million** compared to a **$(214) million** outflow). Although less favorable changes in **Accounts Receivable** and increased **Pension and Non-Pension Postretirement Benefit Contributions** occurred, these were more than offset by a favorable adjustment in **Other Non-Cash Operating Activities**. These combined changes significantly boosted the operating cash flow in Q1 2024.  **[0001109357-24-000120_exc-20240331.htm:7]** **[0001109357-24-000114_exc-20240502ex991.htm:9]** **[0001109357-24-000120_exc-20240331.htm:102]** 

Why did Operating Cash Flow nearly double in Q1 2024?

The higher Operating Cash Flow in Q3 2024 was driven by several factors including an **increase in net income** (from **$1,711 million** to **$1,813 million**), higher **depreciation, amortization, and accretion** (from **$2,616 million** to **$2,683 million**), a reduction in deferred income taxes and amortization of investment tax credits (from **$210 million** to **$102 million**), and a notable improvement in other non-cash operating activities (from **–$237 million** to **$441 million**). Additionally, more favorable changes in **accounts receivable** (a decrease from **$82 million** to **–$489 million**) and the shift in **regulatory assets and liabilities** (from **–$395 million** to **$194 million**) contributed to the improved cash flow.  **[0001109357-24-000187_exc-20240930.htm:7]** 

What factors drove the higher Operating Cash Flow in Q3 2024?

The significant full‐year operating cash flow increase in FY 2024 was driven by a combination of factors. These included **higher net income** which boosted cash flows, an increase in **depreciation, amortization, and accretion** expenses that added back non‐cash charges, a shift in **accounts receivable** dynamics that reduced the negative impact, an improvement in the net change of **regulatory assets and liabilities**, and notably, **other non‐cash operating activities** that provided a substantial positive contribution.  **[0001109357-25-000043_exc-20241231.htm:124]** **[0001109357-25-000041_exc-20250212ex991.htm:11]** 

What contributed to the significant full‐year Operating Cash Flow increase in FY 2024?

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The documents offer conflicting figures for Q1 2024. One source reports **$23 million** in restricted cash and cash equivalents for Q1 2024  **[0001109357-24-000120_exc-20240331.htm:19]** , while another indicates that the restricted cash increased slightly from **$482 million** at the end of Q4 2023 to **$489 million** during Q1 2024.  **[0001109357-24-000114_exc-20240502ex991.htm:8]**  Neither source provides a definitive reason for a significant drop. Without a clear explanation in the documents, we cannot conclusively say why there would be a sharp decline.

Why did Restricted cash and cash equivalents drop so significantly in Q1 2024?

Exelon Corporation’s steep decline in cash and cash equivalents in Q2 2024 was primarily driven by the **investing activities**, which used **$(659) million** largely due to capital expenditures. Although the company saw positive contributions from **operating activities** (**$570 million**) and **financing activities** (**$469 million**), the significant outflow from investing activities outweighed these, leading to an overall net increase of **$380 million** in cash, restricted cash, and cash equivalents when compared to the previous balance. This mix of cash flow activities explains the considerable change in cash and cash equivalents in Q2 2024.  **[0001109357-24-000156_exc-20240630.htm:17]** 

What contributed to the steep decline in Cash and cash equivalents in Q2 2024?

There is conflicting information in the documents. One source reports total assets of **101,546 million USD** in FY 2023 and **28,297 million USD** in FY 2024  **[0001109357-24-000053_exc-20231231.htm:129]** **[0001109357-25-000043_exc-20241231.htm:136]** , which would imply a marked decrease. However, another source explains that total assets increased from **101,856 million USD** in FY 2023 to **107,784 million USD** in FY 2024, attributing this rise to increases in property, plant, and equipment, among other factors.  **[0001109357-25-000041_exc-20250212ex991.htm:10]** **[0001109357-25-000043_exc-20241231.htm:125]**  Due to this discrepancy, a definitive explanation cannot be determined from the available information.

Why are Total assets markedly lower in FY 2024 compared to FY 2023?

The Q1 2024 long‐term debt figure is reported at **8,909 million** compared to **38,732 million** in Q1 2023.  **[0001109357-23-000040_exc-20230331.htm:9]** **[0001109357-24-000120_exc-20240331.htm:19]**  However, the documents explain that in Q1 2024 Exelon engaged in activities such as issuing **2,625 million**, retiring **901 million** of debt, and executing additional financing efforts—which were described as contributing to an overall increase in long‐term debt.  **[EXC_3382111_6]** **[0001109357-24-000120_exc-20240331.htm:7]**  There isn’t any explanation in the documents that accounts for a drastic reduction in long‐term debt in Q1 2024.

What explains the drastic reduction in Long-term debt in Q1 2024?

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The surge in **Electric Operating Revenues** in Q1 2024 was driven by a mix of factors. **Residential electric revenues** increased significantly across various subsidiaries—for example, at PECO and Pepco, residential revenues rose by **21.9%** due to corresponding increases in electric deliveries (a **7.3%** increase at PECO and **6.8%** at Pepco).  **[0001109357-24-000114_exc-20240502ex991.htm:16]** **[0001109357-24-000114_exc-20240502ex991.htm:15]**  There was also robust growth in **small commercial & industrial revenues**, with PECO experiencing a **17.9%** increase and ACE seeing an impressive **64.5%** jump, which contributed to total electric revenue increases of **37.7%** mainly driven by higher delivery charges and energy costs.  **[0001109357-24-000114_exc-20240502ex991.htm:15]** **[0001109357-24-000114_exc-20240502ex991.htm:12]**  Additionally, **weather impacts** such as a **12.6%** increase in heating degree-days in DPL’s electric service territory boosted demand, and overall **customer growth** across segments further fueled the revenue surge.  **[0001109357-24-000114_exc-20240502ex991.htm:16]** **[0001109357-24-000114_exc-20240502ex991.htm:12]** 

What drove the surge in Electric Operating Revenues in Q1 2024?

Exelon Corporation’s alternative revenue programs reported **negative $80 million** in Q2 2024, a significant decline from **$126 million** in Q2 2023, representing a drop of **$206 million** year-over-year.  **[0001109357-24-000156_exc-20240630.htm:6]**  However, the documents do not provide specific reasons for why the revenue turned negative in Q2 2024.  **[0001109357-24-000156_exc-20240630.htm:6]** 

Why did Alternative Revenue Programs turn negative in Q2 2024?

The marked increase in Purchased Power costs in Q1 2024 was primarily driven by **higher energy procurement costs** and **increased energy demand**, particularly at ComEd where expenses rose significantly. This was partly offset by a decrease in costs at PECO, with additional modest increases observed at other subsidiaries such as Pepco Holdings.  **[0001109357-24-000114_exc-20240502ex991.htm:7]** 

What caused the marked increase in Purchased Power costs in Q1 2024?

Exelon's operating income jump in Q2 2024 was primarily driven by **higher operating revenues** compared to Q2 2023. The revenues increased from **$4,818 million** to **$5,361 million**, mainly due to a boost in **electric operating revenues** (from **$4,434 million** to **$5,169 million**), along with investments in distribution and transmission infrastructure that allowed for higher rates and revenues.  **[0001109357-24-000156_exc-20240630.htm:6]**  Additionally, **favorable weather conditions** positively impacted the company's revenues, while **disciplined cost management** helped offset rising operating expenses.  **[EXC_3395698_3]** **[0001109357-24-000154_exc-20240801ex991.htm:0]**  Finally, **beneficial regulatory developments** and success in rate cases—including factors like Pepco's multi-year plan reconciliations and higher transmission peak loads at ComEd—further contributed to the improved operating income.  **[0001109357-24-000154_exc-20240801ex991.htm:0]** **[EXC_3395698_1]** 

What factors contributed to the operating income jump in Q2 2024?

The significant improvement in net income for Q2 2024 was driven by several factors. **Favorable rate increases** at BGE and PHI positively impacted earnings, while **favorable weather** conditions buoyed PECO's performance. Additionally, **multi-year plans and reconciliations** at Pepco and a **higher transmission peak load** at ComEd contributed to the net income rise, despite some offsetting increases in interest and depreciation expenses.  **[0001109357-24-000154_exc-20240801ex991.htm:5]** **[0001109357-24-000156_exc-20240630.htm:95]** 

Why did net income show significant improvement in Q2 2024?

2917ccfe60ae5b89905571dff2fe5b726554b5840433e78915b96de379891b4c

Net income (USD, millions)

Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization (USD, millions)

Gain on sales of assets and businesses (USD, millions)

Deferred income taxes and amortization of investment tax credits (USD, millions)

Net fair value changes related to derivatives (USD, millions)

Other non-cash operating activities (USD, millions)

Collateral received (paid), net (USD, millions)

Income taxes (USD, millions)

Pension and non-pension postretirement benefit contributions (USD, millions)

Net cash flows provided by operating activities (USD, millions)

Capital expenditures (USD, millions)

Proceeds from sales of assets and businesses (USD, millions)

Other investing activities (USD, millions)

Net cash flows used in investing activities (USD, millions)

Changes in short-term borrowings (USD, millions)

Proceeds from short-term borrowings with maturities greater than 90 days (USD, millions)

Repayments on short-term borrowings with maturities greater than 90 days (USD, millions)

Issuance of long-term debt (USD, millions)

Retirement of long-term debt (USD, millions)

Issuance of common stock (USD, millions)

Dividends paid on common stock (USD, millions)

Proceeds from employee stock plans (USD, millions)

Other financing activities (USD, millions)

Net cash flows provided by financing activities (USD, millions)

(Decrease) increase in cash, restricted cash, and cash equivalents (USD, millions)

Accounts receivable (USD, millions)

Inventories (USD, millions)

Accounts payable and accrued expenses (USD, millions)

Regulatory assets and liabilities, net (USD, millions)

Other assets and liabilities (USD, millions)

Cash, restricted cash, and cash equivalents at beginning of period (USD, millions)

Exelon Corp (EXC)

Financials