Exhaust pipe emitting smoke in the Morning

What color is the smoke?

If is a white fog and you are in a cold area it could be condensation and is simply water steaming out of the exhaust.

If it is a bluish tinted smoke it is more likely oil burning off and is due to a seeping valve seal or two letting a bit of oil into the cylinder(s) or you need to service the PCV system as it is not scavenging the oil out of the crankcase gasses properly. Easy check is to pull the spark plugs one at a time and see which one(s) look sooty or have carbon on them. If it is one or two it is likely the seals. If they all have a bit then it is probably the PCV system.