In announcing first-quarter earnings that beat expectations, Vistra Energy CEO Curt Morgan said Tuesday that the company took steps early in the year to prepare its operations for the harm wrought by the COVID-19 coronavirus.

Morgan is still getting used to the new normal.

“I never thought I would be hosting an earnings call from my home with my management team dispersed across the [Dallas-Fort Worth] Metroplex,” he said during Vistra’s first-quarter earnings call with financial analysts. “Yet, that is where we find ourselves today in these challenging times.”

Vistra reported adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $850 million, as compared to $824 million for the first quarter of 2019. The company reaffirmed its 2020 adjusted EBITDA guidance range of $3.29-3.59 billion.

The Irving, Texas-based company uses adjusted EBITDA as its performance measure, saying this helps investors analyze the business.

In February, Vistra began suspending non-essential business travel and restricted access to corporate offices and plants. Morgan said the company was one of the first to test employees’ temperatures and use entry questionnaires at its facilities. He credited its proactive measures with completing or being on schedule with 86 maintenance outages at its Luminant plants “to ensure plant reliability for the critical summer months ahead.”

“Had we been levered like the [independent power plants] of the past, like back in 2016 when we emerged from bankruptcy, we may be having a very different discussion today,” Morgan said, a reference to its Energy Future Holdings predecessor, which eliminated $33 billion of debt before transitioning to its current form. (See Luminant, TXU Energy Emerge from Bankruptcy.)

Morgan said about 70% of its adjusted EBITDA comes from the ERCOT market, which — as in the aftermath of the 2008-09 recession — “is proving to be relatively resilient.” ERCOT tweeted on Tuesday that its recent weekend peaks “appear” to have returned to pre-COVID levels and its weekday peaks are now down only 2%.

“We believe Vistra Energy is well-positioned to deliver strong financial results in 2020, even in the face of lower demand driven by COVID-19,” Morgan said.

Vistra’s share price opened Tuesday at $20.68 following the earnings release but finished the day down at $18.72. Shares had closed Monday at $19.01.