PG&E Corporation (NYSE:PCG) Q2 2020 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 11:00 am ET


PG&E Corporation (NYSE:PCG) Q2 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by, and welcome to the PG&E Corporation Second Quarter 2020 Earnings Release Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions] I would now like to hand the conference over to your speaker today, Chris Foster, Vice President, Treasury and Investor Relations, PG&E Corporation. Thank you. Please go ahead.

Christopher A. Foster

Thank you, Stephanie, and thanks to those of you on the phone for joining us. Before I turn it over to Bill Smith, I want to remind you that our discussion today will include forward-looking statements about our outlook for future financial results, which are based on assumptions, forecasts, expectations and information currently available to management. Also joining us this morning are John Simon, Executive Vice President, Law, Strategy and Policy; and Jason Wells, Executive Vice President and CFO. Some of the important factors that could affect the company's actual financial results are described in the second page of today's second quarter earnings call presentation. The presentation also includes a reconciliation between non-GAAP and GAAP measures and can be found online, along with other information at We also encourage you to review our quarterly report on Form 10-Q that was filed with the SEC earlier today and the discussion of risk factors that appears there and in the 2019 annual report on Form 10-Q. With that, I'll hand it over to Bill.

William L. Smith

Thanks, Chris, and good morning, everyone. We're excited to return to our traditional format. Today's call marks a milestone for us, and we're excited to share our post-emergence vision for the coming years. We've emerged from bankruptcy as a stronger company. The complex legal matters are now resolved and major regulatory cases establishing our revenues are either approved or settled. We also have a good line of sight on our regulatory framework for the next three years. Our financial plan displays strong growth and enables a path for the company to get back to investment grade.

My remarks today will focus on changes we've made on governance, progress on our wildfire plan and preparations ahead of the 2020 wildfire season. I will conclude with an update on key regulatory matters. Jason will then cover the financials, including updated guidance and a walk-through of the quarterly financial results.

Our focus now turns to building on the many changes we've put in place during bankruptcy, which set the foundation for an improved company. At the same time, we will never forget the impacts to the communities we serve and those who lost their lives as a result of catastrophic wildfires in recent years. Our mandate is to rebuild the trust of our customers while delivering operational excellence. We'll do that by focusing on responsive customer service and system investments that focus on risk reduction, safety and reliability. Organizational changes to help deliver on this mandate are already well underway. First, at the Board level, 11 new directors were seated at the start of this month. These directors were