IRVING, Texas, May 4, 2018 /PRNewswire/ -- Vistra Energy
Corp. (NYSE: VST):
Highlights:
- Completed merger with Dynegy on April 9,
2018 — ahead of schedule and without any required
divestiture of ERCOT gas-fueled power plants
- Increased targeted EBITDA, free cash flow, and tax synergy
value levers associated with the merger by nearly 60 percent:
($ in
millions)
|
|
Oct. 2017
Estimate
|
|
May 2018
Estimate
|
|
Increase
|
Adjusted EBITDA Value
Levers
|
|
$
|
350
|
|
$
|
500
|
|
$
|
150
|
After-Tax Adj. Free
Cash Flow Value Levers
|
|
$
|
65
|
|
$
|
235
|
|
$
|
170
|
NPV of DYN NOLs and
AMT Credit Refunds
|
|
$
|
500-600
|
|
$
|
750-850
|
|
$
|
250
|
- Initiated 2018 and 2019 combined company guidance, provided
2018 illustrative guidance pro forma for a Jan. 1, 2018 merger close, and provided 2019
illustrative guidance pro forma for full run-rate of merger
synergies; projections significantly higher than Vistra
management's October 2017
forecast:
($ in
millions)
|
|
2018E
Guidance
|
|
2018E
Illustrative1
|
|
2019E
Guidance
|
|
2019E
Illustrative1
|
Ongoing Ops. Adj.
EBITDA2
|
|
$
|
2,700 -
2,900
|
|
$
|
3,150 -
3,350
|
|
$
|
3,200 -
3,500
|
|
$3,275 -
3,575
|
Ongoing Ops. Adj.
FCF2
|
|
$
|
1,400 -
1,600
|
|
$
|
1,675 -
1,875
|
|
$
|
2,050 -
2,350
|
|
$2,150 -
2,450
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 2018E
Illustrative guidance provided solely to give investors a full-year
view of the earnings power of the combined company. 2019E
Illustrative guidance provided solely to give investors a view of
the earnings power of the combined company once the full run-rate
of value levers is achieved. Such guidance is being provided
for illustrative purposes only and does not reflect management's
actual expectations for 2018 and 2019 performance.
|
2 Excludes
results from the Asset Closure segment. Adjusted EBITDA and
Adjusted Free Cash Flow are non-GAAP financial measures. See
the "Reg G Reconciliations" tables for further details.
|
- Repurchased a portion of Odessa Power Plant earnout, with an
expected earnings benefit (net of premium paid) of approximately
$23 million in the aggregate
forecasted to be realized over the next three years
- Grew retail customer counts and introduced new digital platform
for multifamily customers
- Scheduled to reach commercial operations at 180 MW Upton County
2 solar facility on May 31, 2018
- Repaid remaining $850 million
principal amount of 6.75% senior notes due 2019 on May 1, 2018
Completed Merger with Dynegy and Increasing Value Lever and
Synergy Targets
On April 9, 2018, Vistra Energy
Corp. (NYSE: VST) closed its merger with Dynegy, Inc., creating the
leading, lowest-cost integrated power company across the key
competitive markets in the United States. Through the
combination, Vistra has achieved earnings, geographic, and fuel
diversification and transformed into a highly efficient, natural
gas-centric power plant fleet with approximately 41,000 MW of
capacity (84 percent of which is in the attractive ERCOT, PJM, and
ISO-NE regions). In addition, Vistra has expanded its retail
footprint and created a platform for further retail growth and
integration, while maintaining a strong and liquid balance sheet –
with an intention to de-lever to a 2.5 times net debt to EBITDA
target by year-end 2019.
Vistra also believes the combination creates the opportunity to
drive substantial value for shareholders through the anticipated
realization of projected EBITDA and after-tax free cash flow value
levers and tax synergies. Based on further, in-depth
diligence undertaken since the merger was announced, Vistra is
increasing its previously communicated adjusted EBITDA, adjusted
free cash flow, and tax synergy value lever targets, as reflected
in the table below.
($ in
millions)
|
|
Oct. 2017
Estimate
|
|
May 2018
Estimate
|
|
Increase
|
Adjusted EBITDA Value
Levers
|
|
$
|
350
|
|
$
|
500
|
|
$
|
150
|
After-Tax Adj. Free
Cash Flow Value Levers
|
|
$
|
65
|
|
$
|
235
|
|
$
|
170
|
NPV of DYN NOLs and
AMT Credit Refunds
|
|
$
|
500-600
|
|
$
|
750-850
|
|
$
|
250
|
Combined Company Guidance
Vistra is initiating 2018 and 2019 guidance reflecting the
closing of the merger with Dynegy. Vistra's 2018 guidance
reflects earnings and cash flow expectations of Vistra on a
stand-alone basis for the period prior to April 9, 2018 and earnings and cash flow
expectations on a combined-company basis for the period from
April 9 through Dec. 31, 2018.
The guidance assumes power price curves as of March 30, 2018 in all markets.
The combined company is projected to convert approximately 60
percent of its ongoing operations adjusted EBITDA to free cash flow
on an annual basis, which far exceeds other commodity-based,
capital-intensive industries, affording Vistra a broad range of
capital allocation alternatives, including the potential to return
capital to shareholders.
Vistra Energy
Guidance
($ in
millions)
|
|
2018E
|
|
2019E
|
Ongoing Operations
Adjusted EBITDA3
|
|
$
|
2,700 –
2,900
|
|
$
|
3,200 –
3,500
|
Ongoing Operations
Adjusted Free Cash Flow3
|
|
$
|
1,400 –
1,600
|
|
$
|
2,050 –
2,350
|
|
3 Excludes
results from the Asset Closure Segment. Adjusted EBITDA and
Adjusted Free Cash Flow are non-GAAP financial measures. See
the "Reg G Reconciliations" tables for further details.
|
Pro Forma Illustrative Guidance4
Vistra is also providing illustrative guidance for 2018 and
2019. The 2018 illustrative guidance is pro forma for a
merger close date of Jan. 1, 2018,
which provides visibility into the hypothetical earnings power of
the combined company for the full year and includes an estimate of
value lever targets expected to be achieved in the first 12 months
following the merger close. The 2019 illustrative guidance is
pro forma for the full run-rate of value levers, providing a view
of the potential earnings power of the combined company after all
targeted merger value levers are realized. The illustrative
guidance is provided for illustration purposes only and is not
intended to replace Vistra's actual guidance set forth above.
Vistra Energy
Illustrative Guidance
($ in
millions)
|
|
2018E
Pro forma for
1-1-18
merger close
|
|
2019E
Pro forma for full
run-
rate value lever estimates
|
Ongoing Operations
Adjusted EBITDA5
|
|
$
|
3,150 –
3,350
|
|
$
|
3,275 –
3,575
|
Ongoing Operations
Adjusted Free Cash Flow5
|
|
$
|
1,675 –
1,875
|
|
$
|
2,150 –
2,450
|
|
4 2018E
Illustrative guidance provided solely to give investors a full-year
view of the earnings power of the combined company. 2019E
Illustrative guidance provided solely to give investors a view of
the earnings power of the combined company once the full run-rate
of value levers is achieved. Such guidance is being provided
for illustrative purposes only and does not reflect management's
actual expectations for 2018 and 2019 performance.
|
5 Excludes
results from the Asset Closure Segment. Adjusted EBITDA and
Adjusted Free Cash Flow are non-GAAP financial measures. See
the "Reg G Reconciliations" tables for further details.
|
Summary of Financial Results for the First Quarter Ended
March 31, 2018 (in millions):
|
|
Three Months Ended
March 31,
|
($ in
millions)
|
|
2018
|
|
2017
|
Ongoing Operations
Net Income (Loss)6
|
|
$
|
(284)
|
|
$
|
91
|
Ongoing Operations
Adjusted EBITDA5
|
|
$
|
263
|
|
$
|
285
|
- excl. Odessa
Earnout Buyback5
|
|
$
|
284
|
|
$
|
285
|
|
6 Ongoing Operations
includes Wholesale Generation, Retail Electricity, and Corporate
and Other. It excludes the Asset Closure segment.
|
Vistra reported a net loss from its ongoing operations of
$284 million for the three months
ended March 31, 2018 as compared to
net income from its ongoing operations of $91 million in the first quarter of 2017.
The quarter-over-quarter decrease was driven by $426 million of unrealized losses on wholesale
hedge positions in 2018, reflecting sharply rising ERCOT forward
power prices due principally to higher market heat rates.
Vistra reported adjusted EBITDA from its ongoing operations of
$263 million in the first quarter of
2018, exceeding expectations embedded in Vistra's stand-alone
earnings guidance, versus $285
million in the first quarter of 2017. The decrease was
driven predominantly by a $21 million
reduction in adjusted EBITDA related to Vistra's partial buyback of
the Odessa Power Plant earnout for a three-year period, which is
expected to generate an approximately $3
million and $23 million
adjusted EBITDA benefit (net of the premium paid) for Vistra in
2018 and in the aggregate over the next three years,
respectively. Operating and maintenance expenses were higher
quarter over quarter as a result of outage expense timing.
These impacts were partially offset by higher adjusted EBITDA from
the retail segment due to favorable weather and lower SG&A
expenses versus the first quarter of 2017.
Segment Results:
Table 1: Net
Income / (Loss)
|
|
|
|
Three Months Ended
March 31,
|
($ in
millions)
|
|
2018
|
|
2017
|
Retail
|
|
$
|
771
|
|
$
|
(113)
|
Wholesale7
|
|
$
|
(1,086)
|
|
$
|
303
|
Corporate /
Other
|
|
$
|
31
|
|
$
|
(99)
|
Ongoing
Operations
|
|
|
(284)
|
|
|
91
|
Asset
Closure7
|
|
$
|
(22)
|
|
$
|
(13)
|
Total
|
|
$
|
(306)
|
|
$
|
78
|
|
Table 2:
Adjusted EBITDA
|
|
|
|
Three Months Ended
March 31,
|
($ in
millions)
|
|
2018
|
|
2017
|
Retail
|
|
$
|
194
|
|
$
|
177
|
Wholesale7
|
|
$
|
70
|
|
$
|
105
|
Corporate
|
|
$
|
(1)
|
|
$
|
3
|
Ongoing
Operations
|
|
|
263
|
|
|
285
|
Asset
Closure7
|
|
$
|
(22)
|
|
$
|
(9)
|
Total
|
|
$
|
241
|
|
$
|
276
|
|
7 In
accordance with GAAP, 2017 results have been recast to reflect the
introduction of the Asset Closure segment.
|
Retail: First quarter net income was $771 million, $884
million higher than first quarter 2017 results primarily due
to unrealized gains on hedge positions with Vistra's wholesale
segment driven by sharply rising ERCOT forward prices principally
driven by higher market heat rates. Adjusted EBITDA totaled
$194 million for the first quarter
2018 compared to $177 million during
the same period in 2017, with the increase driven by comparatively
favorable weather and lower SG&A expenses.
Wholesale: First quarter net loss was $1,086 million, $1,389
million lower than first quarter 2017 results primarily
driven by unrealized losses of $1,069
million on wholesale positions with both retail affiliates
and third-parties caused by sharply rising ERCOT forward power
prices principally driven by higher market heat rates.
Adjusted EBITDA totaled $70 million
for the first quarter 2018 compared to $105
million during the same period in 2017 with the decrease
driven by outage expense timing, as well as a $21 million reduction in adjusted EBITDA in
February 2018 related to Vistra's
partial buyback of the Odessa Power Plant earnout, which is
expected to generate a $3 million and
$23 million adjusted EBITDA benefit
(net of the premium paid) for Vistra in 2018 and in the aggregate
over the next three years, respectively. The partial buyback
had a minimal impact on net income as the earnout is marked to
market for GAAP reporting.
Asset Closure: First quarter net loss was
$22 million, compared to a net loss
of $13 million in the first quarter
of 2017, and first quarter 2018 Adjusted EBITDA totaled
$(22) million compared to
$(9) million during the same period
in 2017. The decrease was primarily driven by lower
contribution from assets that were retired throughout the first
quarter of 2018 but were generating revenues for the entire first
quarter of 2017.
Liquidity
Liquidity ($ in
millions)
|
|
3/31/2018
(Pro forma for
merger close)
|
|
3/31/2018
(Vistra
stand-alone)
|
Cash
|
|
$
|
939
|
|
$
|
1,379
|
Revolver
Availability
|
|
$
|
1,495
|
|
$
|
584
|
Term Loan C
Availability
|
|
$
|
18
|
|
$
|
18
|
Total
|
|
$
|
2,452
|
|
$
|
1,981
|
As of March 31, 2018, on a
stand-alone basis, Vistra had total available liquidity of
approximately $1.981 billion,
including cash and cash equivalents of $1.379 billion, $18
million in available letter of credit capacity under its
term loan C facility, and $584
million of availability under its revolving credit facility,
which remained undrawn but had $276
million of letters of credit outstanding as of March 31, 2018.
Assuming the merger had closed on March
31, 2018 and that Vistra utilized $864 million of cash to pay the principal and
redemption premium for the remaining $850
million of legacy Dynegy 6.75% notes due November 2019, Vistra on a combined-company basis
would have had approximately $2.452
billion of liquidity, including cash and cash equivalents of
$939 million, $18 million in available letter of credit
capacity under its term loan C facility, and $1,495 million of combined availability under its
revolving credit facilities, which remained undrawn but had a
cumulative $910 million of letters of
credit outstanding as of March 31,
2018.
Earnings Conference Call
Vistra will host a conference call today, May 4, 2018, beginning at 8 a.m. EDT (7 a.m.
CDT) to discuss these results and related matters. The
live, listen-only webcast of the conference call and the
accompanying slides that will be discussed on the call can be
accessed via the investor relations section of Vistra's website at
www.vistraenergy.com. A replay of the call will be available
on the Vistra website for one year following the live event.
About Non-GAAP Financial Measures and Items Affecting
Comparability
"Adjusted EBITDA" (EBITDA as adjusted for unrealized gains or
losses from hedging activities, tax receivable agreement
obligations, reorganization items, and certain other items
described from time to time in Vistra Energy's earnings
releases),"adjusted free cash flow" (cash from operating activities
excluding changes in margin deposits and working capital and
adjusted for capital expenditures, other net investment activities,
preferred stock dividends, and other items described from time to
time in Vistra Energy's earnings releases), "Ongoing Operations
Adjusted EBITDA" (adjusted EBITDA less adjusted EBITDA from new
Asset Closure segment) and "Ongoing Operations Adjusted Free Cash
Flow" (adjusted free cash flow less cash flow from operating
activities from new Asset Closure segment), are "non-GAAP financial
measures." A non-GAAP financial measure is a numerical measure of
financial performance that excludes or includes amounts so as to be
different than the most directly comparable measure calculated and
presented in accordance with GAAP in Vistra Energy's consolidated
statements of operations, comprehensive income, changes in
stockholders' equity and cash flows. Non-GAAP financial measures
should not be considered in isolation or as a substitute for the
most directly comparable GAAP measures. Vistra Energy's non-GAAP
financial measures may be different from non-GAAP financial
measures used by other companies.
Vistra Energy uses adjusted EBITDA as a measure of performance
and believes that analysis of its business by external users is
enhanced by visibility to both net income prepared in accordance
with GAAP and adjusted EBITDA. Vistra Energy uses adjusted free
cash flow as a measure of liquidity and believes that analysis of
its ability to service its cash obligations is supported by
disclosure of both cash provided by (used in) operating activities
prepared in accordance with GAAP as well as adjusted free cash
flow. Vistra Energy uses Ongoing Operations Adjusted EBITDA
as a measure of performance and Ongoing Operations Adjusted Free
Cash Flow as a measure of liquidity and Vistra Energy's management
and board of directors have found it informative to view the Asset
Closure segment as separate and distinct from Vistra Energy's
ongoing operations. The schedules attached to this earnings release
reconcile the non-GAAP financial measures to the most directly
comparable financial measures calculated and presented in
accordance with U.S. GAAP.
Media
Allan Koenig
214-875-8004
Media.Relations@vistraenergy.com
Analysts
Molly Sorg
214-812-0046
Investor@vistraenergy.com
About Vistra Energy
Vistra Energy (NYSE: VST) is a
premier, integrated power company based in Irving, Texas, combining an innovative,
customer-centric approach to retail with a focus on safe, reliable,
and efficient power generation. Through its retail and generation
businesses which include TXU Energy, Homefield Energy, Dynegy, and
Luminant, Vistra operates in 12 states and six of the seven
competitive markets in the U.S., with about 6,000 employees.
Vistra's retail brands serve approximately 2.9 million residential,
commercial, and industrial customers across five top retail states,
and its generation fleet totals approximately 41,000 megawatts of
highly efficient generation capacity, with a diverse portfolio of
natural gas, nuclear, coal, and solar facilities.
Cautionary Note Regarding Forward-Looking Statements
The information presented herein includes forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements, which are
based on current expectations, estimates and projections about the
industry and markets in which Vistra Energy Corp. ("Vistra Energy")
operates and beliefs of and assumptions made by Vistra Energy's
management, involve risks and uncertainties, which are difficult to
predict and are not guarantees of future performance, that could
significantly affect the financial results of Vistra Energy. All
statements, other than statements of historical facts, that are
presented herein, or in response to questions or otherwise, that
address activities, events or developments that may occur in the
future, including such matters as activities related to our
financial or operational projections, projected synergy, value
lever and net debt targets, capital allocation, capital
expenditures, liquidity, projected Adjusted EBITDA to free cash
flow conversion rate, dividend policy, business strategy,
competitive strengths, goals, future acquisitions or dispositions,
development or operation of power generation assets, market and
industry developments and the growth of our businesses and
operations (often, but not always, through the use of words or
phrases, or the negative variations of those words or other
comparable words of a future or forward-looking nature, including,
but not limited to, "intends," "plans," "will likely," "unlikely,"
"believe," "expect," "seek," "anticipate," "estimate," "continue,"
"will," "shall," "should," "could," "may," "might," "predict,"
"project," "forecast," "target," "potential," "forecast," "goal,"
"objective," "guidance" and "outlook"),are forward-looking
statements. . Readers are cautioned not to place undue reliance on
forward-looking statements. Although Vistra Energy believes that in
making any such forward-looking statement, Vistra Energy's
expectations are based on reasonable assumptions, any such
forward-looking statement involves uncertainties and risks that
could cause results to differ materially from those projected in or
implied by any such forward-looking statement, including but not
limited to (i) the effect of the merger (the "Merger") on Vistra
Energy's relationships with Vistra Energy's and Dynegy Inc.'s
("Dynegy") respective customers and their operating results and
businesses generally (including the diversion of management time on
integration-related issues); (ii) the risk that the credit ratings
of the combined company or its subsidiaries are different from what
Vistra Energy expects; (iii) adverse changes in general economic or
market conditions (including changes in interest rates) or changes
in political conditions or federal or state laws and regulations;
(iv) the ability of Vistra Energy to execute upon the contemplated
strategic and performance initiatives (including the risk that
Vistra Energy's and Dynegy's respective businesses will not be
integrated successfully or that the cost savings, synergies and
growth from the Merger will not be fully realized or may take
longer than expected to realize); and (v) those additional risks
and factors discussed in reports filed with the Securities and
Exchange Commission ("SEC") by Vistra Energy and Dynegy from time
to time, including the uncertainties and risks discussed in the
sections entitled "Risk Factors" and "Forward-Looking Statements"
in Vistra Energy's and Dynegy's respective annual reports on Form
10-K for the fiscal year ended Dec. 31,
2017.
Any forward-looking statement speaks only at the date on which
it is made, and except as may be required by law, Vistra Energy
will not undertake any obligation to update any forward-looking
statement to reflect events or circumstances after the date on
which it is made or to reflect the occurrence of unanticipated
events. New factors emerge from time to time, and it is not
possible to predict all of them; nor can Vistra Energy assess the
impact of each such factor or the extent to which any factor, or
combination of factors, may cause results to differ materially from
those contained in any forward-looking statement.
VISTRA ENERGY
CORP.
CONDENSED
STATEMENTS OF CONSOLIDATED INCOME (LOSS)
(Unaudited)
(Millions of Dollars, Except Per Share Amounts)
|
|
|
Three Months Ended
March 31,
|
|
2018
|
|
2017
|
Operating
revenues
|
$
|
765
|
|
|
$
|
1,357
|
|
Fuel, purchased power
costs and delivery fees
|
(650)
|
|
|
(683)
|
|
Operating
costs
|
(194)
|
|
|
(214)
|
|
Depreciation and
amortization
|
(153)
|
|
|
(170)
|
|
Selling, general and
administrative expenses
|
(162)
|
|
|
(135)
|
|
Operating income
(loss)
|
(394)
|
|
|
155
|
|
Other
income
|
10
|
|
|
9
|
|
Other
deductions
|
(2)
|
|
|
—
|
|
Interest expense and
related charges
|
9
|
|
|
(24)
|
|
Impacts of Tax
Receivable Agreement
|
(18)
|
|
|
(21)
|
|
Income (loss) before
income taxes
|
(395)
|
|
|
119
|
|
Income tax benefit
(expense)
|
89
|
|
|
(41)
|
|
Net income
(loss)
|
$
|
(306)
|
|
|
$
|
78
|
|
Weighted average
shares of common stock outstanding:
|
|
|
|
Basic
|
428,450,384
|
|
|
427,583,339
|
|
Diluted
|
428,450,384
|
|
|
427,800,350
|
|
Net income (loss) per
weighted average share of common stock outstanding:
|
|
|
|
Basic
|
$
|
(0.71)
|
|
|
$
|
0.18
|
|
Diluted
|
$
|
(0.71)
|
|
|
$
|
0.18
|
|
VISTRA ENERGY
CORP.
CONDENSED
STATEMENTS OF CONSOLIDATED CASH FLOWS
(Unaudited)
(Millions of Dollars)
|
|
|
Three Months Ended
March 31,
|
|
2018
|
|
2017
|
|
|
|
|
Cash flows —
operating activities:
|
|
|
|
Net income
(loss)
|
$
|
(306)
|
|
|
$
|
78
|
|
Adjustments to
reconcile net income (loss) to cash provided by operating
activities:
|
|
|
|
Depreciation and
amortization
|
180
|
|
|
226
|
|
Deferred income tax
(benefit) expense, net
|
(83)
|
|
|
42
|
|
Unrealized net (gain)
loss from mark-to-market valuations of derivatives
|
356
|
|
|
(129)
|
|
Accretion
expense
|
19
|
|
|
14
|
|
Impacts of Tax
Receivable Agreement
|
18
|
|
|
21
|
|
Stock-based
compensation
|
6
|
|
|
4
|
|
Other, net
|
7
|
|
|
(13)
|
|
Changes in operating
assets and liabilities:
|
|
|
|
Margin deposits,
net
|
(64)
|
|
|
113
|
|
Accrued
interest
|
(11)
|
|
|
(31)
|
|
Accrued
taxes
|
(69)
|
|
|
(73)
|
|
Accrued incentive
plan
|
(50)
|
|
|
(73)
|
|
Other operating
assets and liabilities
|
(25)
|
|
|
(38)
|
|
Cash (used in)
provided by operating activities
|
(22)
|
|
|
141
|
|
Cash flows —
financing activities:
|
|
|
|
Repayments/repurchases of debt
|
(10)
|
|
|
(13)
|
|
Other, net
|
1
|
|
|
(5)
|
|
Cash used in
financing activities
|
(9)
|
|
|
(18)
|
|
Cash flows —
investing activities:
|
|
|
|
Capital
expenditures
|
(39)
|
|
|
(31)
|
|
Nuclear fuel
purchases
|
(11)
|
|
|
(12)
|
|
Solar development
expenditures
|
(21)
|
|
|
—
|
|
Proceeds from sales
of nuclear decommissioning trust fund securities
|
46
|
|
|
79
|
|
Investments in
nuclear decommissioning trust fund securities
|
(51)
|
|
|
(84)
|
|
Other, net
|
(1)
|
|
|
(3)
|
|
Cash used in
investing activities
|
(77)
|
|
|
(51)
|
|
|
|
|
|
Net change in cash,
cash equivalents and restricted cash
|
(108)
|
|
|
72
|
|
Cash, cash
equivalents and restricted cash — beginning balance
|
2,046
|
|
|
1,588
|
|
Cash, cash
equivalents and restricted cash — ending balance
|
$
|
1,938
|
|
|
$
|
1,660
|
|
VISTRA ENERGY
CORP.
REG G
RECONCILIATIONS - Q1 2018 ADJUSTED EBITDA
(Unaudited)
(Millions of Dollars)
|
|
Three Months Ended
March 31, 2018
|
|
Wholesale
Generation
|
|
Retail
Electricity
|
|
Eliminations
/
Corp &
Other
|
|
Ongoing Operations
Consolidated
|
|
Asset
Closure
|
|
Vistra
Energy
Consolidated
|
Net income
(loss)
|
$
|
(1,086)
|
|
|
$
|
771
|
|
|
$
|
31
|
|
|
$
|
(284)
|
|
|
$
|
(22)
|
|
|
$
|
(306)
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
(89)
|
|
|
(89)
|
|
|
—
|
|
|
(89)
|
|
Interest expense and
related charges
|
8
|
|
|
—
|
|
|
(17)
|
|
|
(9)
|
|
|
—
|
|
|
(9)
|
|
Depreciation and
amortization (a)
|
84
|
|
|
76
|
|
|
13
|
|
|
173
|
|
|
—
|
|
|
173
|
|
EBITDA before
adjustments
|
$
|
(994)
|
|
|
$
|
847
|
|
|
$
|
(62)
|
|
|
$
|
(209)
|
|
|
$
|
(22)
|
|
|
$
|
(231)
|
|
Unrealized net (gain)
loss resulting from hedging transactions
|
1,070
|
|
|
(655)
|
|
|
—
|
|
|
415
|
|
|
—
|
|
|
415
|
|
Fresh start
accounting impacts
|
(2)
|
|
|
12
|
|
|
—
|
|
|
10
|
|
|
—
|
|
|
10
|
|
Impacts of Tax
Receivable Agreement
|
—
|
|
|
—
|
|
|
18
|
|
|
18
|
|
|
—
|
|
|
18
|
|
Reorganization items
and restructuring expenses
|
—
|
|
|
—
|
|
|
2
|
|
|
2
|
|
|
—
|
|
|
2
|
|
Non-cash compensation
expenses
|
—
|
|
|
—
|
|
|
6
|
|
|
6
|
|
|
—
|
|
|
6
|
|
Transition and merger
expenses
|
2
|
|
|
—
|
|
|
26
|
|
|
28
|
|
|
—
|
|
|
28
|
|
Other, net
|
(6)
|
|
|
(10)
|
|
|
9
|
|
|
(7)
|
|
|
—
|
|
|
(7)
|
|
Adjusted
EBITDA
|
$
|
70
|
|
|
$
|
194
|
|
|
$
|
(1)
|
|
|
$
|
263
|
|
|
$
|
(22)
|
|
|
$
|
241
|
|
|
____________
|
(a)
Includes nuclear fuel amortization of $20 million in the Wholesale
Generation segment.
|
VISTRA ENERGY
CORP.
REG G
RECONCILIATIONS - Q1 2017 ADJUSTED EBITDA
(Unaudited)
(Millions of Dollars)
|
|
Three Months Ended
March 31, 2017
|
|
Wholesale
Generation
|
|
Retail
Electricity
|
|
Eliminations
/
Corp &
Other
|
|
Ongoing Operations
Consolidated
|
|
Asset
Closure
|
|
Vistra Energy
Consolidated
|
Net income
(loss)
|
$
|
303
|
|
|
$
|
(113)
|
|
|
$
|
(99)
|
|
|
$
|
91
|
|
|
$
|
(13)
|
|
|
$
|
78
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
41
|
|
|
41
|
|
|
—
|
|
|
41
|
|
Interest expense and
related charges
|
1
|
|
|
—
|
|
|
23
|
|
|
24
|
|
|
—
|
|
|
24
|
|
Depreciation and
amortization (a)
|
83
|
|
|
106
|
|
|
11
|
|
|
200
|
|
|
—
|
|
|
200
|
|
EBITDA before
adjustments
|
$
|
387
|
|
|
$
|
(7)
|
|
|
$
|
(24)
|
|
|
$
|
356
|
|
|
$
|
(13)
|
|
|
$
|
343
|
|
Unrealized net (gain)
loss resulting from hedging transactions
|
(282)
|
|
|
162
|
|
|
—
|
|
|
(120)
|
|
|
—
|
|
|
(120)
|
|
Fresh start
accounting impacts
|
(1)
|
|
|
24
|
|
|
—
|
|
|
23
|
|
|
4
|
|
|
27
|
|
Impacts of Tax
Receivable Agreement
|
—
|
|
|
—
|
|
|
21
|
|
|
21
|
|
|
—
|
|
|
21
|
|
Reorganization items
and restructuring expenses
|
—
|
|
|
—
|
|
|
4
|
|
|
4
|
|
|
—
|
|
|
4
|
|
Other, net
|
1
|
|
|
(2)
|
|
|
2
|
|
|
1
|
|
|
—
|
|
|
1
|
|
Adjusted
EBITDA
|
$
|
105
|
|
|
$
|
177
|
|
|
$
|
3
|
|
|
$
|
285
|
|
|
$
|
(9)
|
|
|
$
|
276
|
|
|
(a)
Includes nuclear fuel amortization of $30 million in the Wholesale
Generation segment.
|
VISTRA ENERGY
CORP.
REG G
RECONCILIATIONS - 2018 GUIDANCE
(Unaudited)
(Millions of Dollars)
|
|
Ongoing
Operations
|
|
Asset
Closure
|
|
Vistra Energy
Consolidated
|
|
Low
|
|
High
|
|
Low
|
|
High
|
|
Low
|
|
High
|
Net
Income
|
$
|
549
|
|
|
$
|
705
|
|
|
$
|
(94)
|
|
|
$
|
(84)
|
|
|
$
|
455
|
|
|
$
|
621
|
|
Income tax
expense
|
139
|
|
|
183
|
|
|
—
|
|
|
—
|
|
|
139
|
|
|
183
|
|
Interest expense and
related charges
|
552
|
|
|
552
|
|
|
—
|
|
|
—
|
|
|
552
|
|
|
552
|
|
Depreciation and
amortization
|
1,244
|
|
|
1,244
|
|
|
—
|
|
|
—
|
|
|
1,244
|
|
|
1,244
|
|
EBITDA before
adjustments
|
$
|
2,485
|
|
|
$
|
2,685
|
|
|
$
|
(94)
|
|
|
$
|
(84)
|
|
|
$
|
2,391
|
|
|
$
|
2,601
|
|
Unrealized net (gain)
loss resulting from hedging transactions
|
(58)
|
|
|
(58)
|
|
|
—
|
|
|
—
|
|
|
(58)
|
|
|
(58)
|
|
Adjusted EBITDA from
unconsolidated investments and exclude noncontrolling
interest
|
(5)
|
|
|
(5)
|
|
|
—
|
|
|
—
|
|
|
(5)
|
|
|
(5)
|
|
Fresh start
accounting impacts
|
26
|
|
|
26
|
|
|
—
|
|
|
—
|
|
|
26
|
|
|
26
|
|
Impacts of Tax
Receivable Agreement
|
64
|
|
|
64
|
|
|
—
|
|
|
—
|
|
|
64
|
|
|
64
|
|
Reorganization and
restructuring expenses
|
2
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
2
|
|
Transition and merger
expenses
|
156
|
|
|
156
|
|
|
—
|
|
|
—
|
|
|
156
|
|
|
156
|
|
Other, net
|
29
|
|
|
29
|
|
|
4
|
|
|
4
|
|
|
33
|
|
|
33
|
|
Adjusted
EBITDA
|
$
|
2,700
|
|
|
$
|
2,900
|
|
|
$
|
(90)
|
|
|
$
|
(80)
|
|
|
$
|
2,610
|
|
|
$
|
2,820
|
|
Interest
payments
|
(634)
|
|
|
(634)
|
|
|
—
|
|
|
—
|
|
|
(634)
|
|
|
(634)
|
|
Tax
payments
|
(51)
|
|
|
(51)
|
|
|
—
|
|
|
—
|
|
|
(51)
|
|
|
(51)
|
|
Tax receivable
agreement payments
|
(24)
|
|
|
(24)
|
|
|
—
|
|
|
—
|
|
|
(24)
|
|
|
(24)
|
|
Working capital and
margin deposits
|
25
|
|
|
25
|
|
|
—
|
|
|
—
|
|
|
25
|
|
|
25
|
|
Reclamation and
remediation
|
(44)
|
|
|
(44)
|
|
|
(102)
|
|
|
(102)
|
|
|
(146)
|
|
|
(146)
|
|
Other changes in
operating assets and liabilities
|
(262)
|
|
|
(262)
|
|
|
6
|
|
|
16
|
|
|
(257)
|
|
|
(247)
|
|
Cash provided by
operating activities
|
$
|
1,710
|
|
|
$
|
1,910
|
|
|
$
|
(186)
|
|
|
$
|
(166)
|
|
|
$
|
1,524
|
|
|
$
|
1,744
|
|
Capital expenditures
including nuclear fuel
|
(508)
|
|
|
(508)
|
|
|
—
|
|
|
—
|
|
|
(508)
|
|
|
(508)
|
|
Solar development
expenditures
|
(29)
|
|
|
(29)
|
|
|
—
|
|
|
—
|
|
|
(29)
|
|
|
(29)
|
|
Other net investing
activities
|
(24)
|
|
|
(24)
|
|
|
—
|
|
|
—
|
|
|
(24)
|
|
|
(24)
|
|
Free cash
flow
|
$
|
1,149
|
|
|
$
|
1,349
|
|
|
$
|
(186)
|
|
|
$
|
(166)
|
|
|
$
|
963
|
|
|
$
|
1,183
|
|
Working capital and
margin deposits
|
(25)
|
|
|
(25)
|
|
|
—
|
|
|
—
|
|
|
(25)
|
|
|
(25)
|
|
Solar development
expenditures
|
29
|
|
|
29
|
|
|
—
|
|
|
—
|
|
|
29
|
|
|
29
|
|
Taxes related to
Alcoa Settlement
|
45
|
|
|
45
|
|
|
—
|
|
|
—
|
|
|
45
|
|
|
45
|
|
Transition and merger
expenses
|
156
|
|
|
156
|
|
|
—
|
|
|
—
|
|
|
156
|
|
|
156
|
|
Generation plant
retirement expenses
|
—
|
|
|
—
|
|
|
26
|
|
|
26
|
|
|
26
|
|
|
26
|
|
Transition capital
expenditures
|
45
|
|
|
45
|
|
|
—
|
|
|
—
|
|
|
45
|
|
|
45
|
|
Adjusted free cash
flow
|
$
|
1,400
|
|
|
$
|
1,600
|
|
|
$
|
(160)
|
|
|
$
|
(140)
|
|
|
$
|
1,240
|
|
|
$
|
1,460
|
|
VISTRA ENERGY
CORP.
REG G
RECONCILIATIONS - 2018 GUIDANCE (ILLUSTRATIVE)
(Unaudited)
(Millions of Dollars)
|
|
Illustrative
|
|
Ongoing
Operations
|
|
Asset
Closure
|
|
Vistra Energy
Consolidated
|
|
Low
|
|
High
|
|
Low
|
|
High
|
|
Low
|
|
High
|
Net
Income
|
$
|
695
|
|
|
$
|
851
|
|
|
$
|
(94)
|
|
|
$
|
(84)
|
|
|
$
|
601
|
|
|
$
|
767
|
|
Income tax
expense
|
178
|
|
|
222
|
|
|
—
|
|
|
—
|
|
|
178
|
|
|
222
|
|
Interest expense and
related charges
|
668
|
|
|
668
|
|
|
—
|
|
|
—
|
|
|
668
|
|
|
668
|
|
Depreciation and
amortization
|
1,394
|
|
|
1,394
|
|
|
—
|
|
|
—
|
|
|
1,394
|
|
|
1,394
|
|
EBITDA before
adjustments
|
$
|
2,935
|
|
|
$
|
3,135
|
|
|
$
|
(94)
|
|
|
$
|
(84)
|
|
|
$
|
2,841
|
|
|
$
|
3,051
|
|
Unrealized net (gain)
loss resulting from hedging transactions
|
(58)
|
|
|
(58)
|
|
|
—
|
|
|
—
|
|
|
(58)
|
|
|
(58)
|
|
Adjusted EBITDA from
unconsolidated investments and exclude noncontrolling
interest
|
(5)
|
|
|
(5)
|
|
|
—
|
|
|
—
|
|
|
(5)
|
|
|
(5)
|
|
Fresh start
accounting impacts
|
26
|
|
|
26
|
|
|
—
|
|
|
—
|
|
|
26
|
|
|
26
|
|
Impacts of Tax
Receivable Agreement
|
64
|
|
|
64
|
|
|
—
|
|
|
—
|
|
|
64
|
|
|
64
|
|
Reorganization and
restructuring expenses
|
2
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
2
|
|
Transition and merger
expenses
|
156
|
|
|
156
|
|
|
—
|
|
|
—
|
|
|
156
|
|
|
156
|
|
Other, net
|
29
|
|
|
29
|
|
|
4
|
|
|
4
|
|
|
33
|
|
|
33
|
|
Adjusted
EBITDA
|
$
|
3,150
|
|
|
$
|
3,350
|
|
|
$
|
(90)
|
|
|
$
|
(80)
|
|
|
$
|
3,060
|
|
|
$
|
3,270
|
|
Interest
payments
|
(740)
|
|
|
(740)
|
|
|
—
|
|
|
—
|
|
|
(740)
|
|
|
(740)
|
|
Tax
payments
|
(51)
|
|
|
(51)
|
|
|
—
|
|
|
—
|
|
|
(51)
|
|
|
(51)
|
|
Tax receivable
agreement payments
|
(24)
|
|
|
(24)
|
|
|
—
|
|
|
—
|
|
|
(24)
|
|
|
(24)
|
|
Working capital and
margin deposits
|
25
|
|
|
25
|
|
|
—
|
|
|
—
|
|
|
25
|
|
|
25
|
|
Reclamation and
remediation
|
(44)
|
|
|
(44)
|
|
|
(102)
|
|
|
(102)
|
|
|
(146)
|
|
|
(146)
|
|
Other changes in
operating assets and liabilities
|
(251)
|
|
|
(251)
|
|
|
6
|
|
|
16
|
|
|
(245)
|
|
|
(235)
|
|
Cash provided by
operating activities
|
$
|
2,065
|
|
|
$
|
2,265
|
|
|
$
|
(186)
|
|
|
$
|
(166)
|
|
|
$
|
1,879
|
|
|
$
|
2,099
|
|
Capital expenditures
including nuclear fuel
|
(587)
|
|
|
(587)
|
|
|
—
|
|
|
—
|
|
|
(587)
|
|
|
(587)
|
|
Solar development
expenditures
|
(29)
|
|
|
(29)
|
|
|
—
|
|
|
—
|
|
|
(29)
|
|
|
(29)
|
|
Other net investing
activities
|
(24)
|
|
|
(24)
|
|
|
—
|
|
|
—
|
|
|
(24)
|
|
|
(24)
|
|
Free cash
flow
|
$
|
1,424
|
|
|
$
|
1,625
|
|
|
$
|
(186)
|
|
|
$
|
(166)
|
|
|
$
|
1,238
|
|
|
$
|
1,458
|
|
Working capital and
margin deposits
|
(25)
|
|
|
(25)
|
|
|
—
|
|
|
—
|
|
|
(25)
|
|
|
(25)
|
|
Solar development
expenditures
|
29
|
|
|
29
|
|
|
—
|
|
|
—
|
|
|
29
|
|
|
29
|
|
Taxes related to
Alcoa Settlement
|
45
|
|
|
45
|
|
|
—
|
|
|
—
|
|
|
45
|
|
|
45
|
|
Transition and merger
expenses
|
156
|
|
|
156
|
|
|
—
|
|
|
—
|
|
|
156
|
|
|
156
|
|
Generation plant
retirement expenses
|
—
|
|
|
—
|
|
|
26
|
|
|
26
|
|
|
26
|
|
|
26
|
|
Transition capital
expenditures
|
45
|
|
|
45
|
|
|
—
|
|
|
—
|
|
|
45
|
|
|
45
|
|
Adjusted free cash
flow
|
$
|
1,675
|
|
|
$
|
1,875
|
|
|
$
|
(160)
|
|
|
$
|
(140)
|
|
|
$
|
1,515
|
|
|
$
|
1,735
|
|
VISTRA ENERGY
CORP.
REG G
RECONCILIATIONS - 2019 GUIDANCE
(Unaudited)
(Millions of Dollars)
|
|
Ongoing
Operations
|
|
Asset
Closure
|
|
Vistra Energy
Consolidated
|
|
Low
|
|
High
|
|
Low
|
|
High
|
|
Low
|
|
High
|
Net
Income
|
$
|
1,029
|
|
|
$
|
1,264
|
|
|
$
|
(70)
|
|
|
$
|
(60)
|
|
|
$
|
959
|
|
|
$
|
1,204
|
|
Income tax
expense
|
248
|
|
|
313
|
|
|
—
|
|
|
—
|
|
|
248
|
|
|
313
|
|
Interest expense and
related charges
|
555
|
|
|
555
|
|
|
—
|
|
|
—
|
|
|
555
|
|
|
555
|
|
Depreciation and
amortization
|
1,339
|
|
|
1,339
|
|
|
—
|
|
|
—
|
|
|
1,339
|
|
|
1,339
|
|
EBITDA before
adjustments
|
$
|
3,171
|
|
|
$
|
3,471
|
|
|
$
|
(70)
|
|
|
$
|
(60)
|
|
|
$
|
3,101
|
|
|
$
|
3,411
|
|
Unrealized net (gain)
loss resulting from hedging transactions
|
(83)
|
|
|
(83)
|
|
|
—
|
|
|
—
|
|
|
(83)
|
|
|
(83)
|
|
Adjusted EBITDA from
unconsolidated investments and exclude noncontrolling
interest
|
(7)
|
|
|
(7)
|
|
|
—
|
|
|
—
|
|
|
(7)
|
|
|
(7)
|
|
Fresh start
accounting impacts
|
17
|
|
|
17
|
|
|
—
|
|
|
—
|
|
|
17
|
|
|
17
|
|
Impacts of Tax
Receivable Agreement
|
55
|
|
|
55
|
|
|
—
|
|
|
—
|
|
|
55
|
|
|
55
|
|
Reorganization and
restructuring expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Transition and merger
expenses
|
8
|
|
|
8
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
8
|
|
Other, net
|
39
|
|
|
39
|
|
|
—
|
|
|
—
|
|
|
39
|
|
|
39
|
|
Adjusted
EBITDA
|
$
|
3,200
|
|
|
$
|
3,500
|
|
|
$
|
(70)
|
|
|
$
|
(60)
|
|
|
$
|
3,130
|
|
|
$
|
3,440
|
|
Interest
payments
|
(551)
|
|
|
(551)
|
|
|
—
|
|
|
—
|
|
|
(551)
|
|
|
(551)
|
|
Tax
payments
|
111
|
|
|
111
|
|
|
—
|
|
|
—
|
|
|
111
|
|
|
111
|
|
Tax receivable
agreement payments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Working capital and
margin deposits
|
23
|
|
|
23
|
|
|
—
|
|
|
—
|
|
|
23
|
|
|
23
|
|
Reclamation and
remediation
|
(73)
|
|
|
(73)
|
|
|
(100)
|
|
|
(100)
|
|
|
(173)
|
|
|
(173)
|
|
Other changes in
operating assets and liabilities
|
(56)
|
|
|
(56)
|
|
|
20
|
|
|
30
|
|
|
(36)
|
|
|
(26)
|
|
Cash provided by
operating activities
|
$
|
2,653
|
|
|
$
|
2,953
|
|
|
$
|
(150)
|
|
|
$
|
(130)
|
|
|
$
|
2,504
|
|
|
$
|
2,824
|
|
Capital expenditures
including nuclear fuel
|
(606)
|
|
|
(606)
|
|
|
—
|
|
|
—
|
|
|
(606)
|
|
|
(606)
|
|
Solar development
expenditures
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Other net investing
activities
|
(5)
|
|
|
(5)
|
|
|
—
|
|
|
—
|
|
|
(5)
|
|
|
(5)
|
|
Free cash
flow
|
$
|
2,042
|
|
|
$
|
2,342
|
|
|
$
|
(150)
|
|
|
$
|
(130)
|
|
|
$
|
1,893
|
|
|
$
|
2,213
|
|
Working capital and
margin deposits
|
(23)
|
|
|
(23)
|
|
|
—
|
|
|
—
|
|
|
(23)
|
|
|
(23)
|
|
Solar development
expenditures
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Taxes related to
Alcoa Settlement
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Transition and merger
expenses
|
8
|
|
|
8
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
8
|
|
Generation plant
retirement expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Transition capital
expenditures
|
23
|
|
|
23
|
|
|
—
|
|
|
—
|
|
|
23
|
|
|
23
|
|
Adjusted free cash
flow
|
$
|
2,050
|
|
|
$
|
2,350
|
|
|
$
|
(150)
|
|
|
$
|
(130)
|
|
|
$
|
1,900
|
|
|
$
|
2,220
|
|
VISTRA ENERGY
CORP.
REG G
RECONCILIATIONS - 2019 GUIDANCE (ILLUSTRATIVE)
(Unaudited)
(Millions of Dollars)
|
|
Illustrative
|
|
Ongoing
Operations
|
|
Asset
Closure
|
|
Vistra Energy
Consolidated
|
|
Low
|
|
High
|
|
Low
|
|
High
|
|
Low
|
|
High
|
Net
Income
|
$
|
1,088
|
|
|
$
|
1,323
|
|
|
$
|
(70)
|
|
|
$
|
(60)
|
|
|
$
|
1,018
|
|
|
$
|
1,263
|
|
Income tax
expense
|
264
|
|
|
329
|
|
|
—
|
|
|
—
|
|
|
264
|
|
|
329
|
|
Interest expense and
related charges
|
555
|
|
|
555
|
|
|
—
|
|
|
—
|
|
|
555
|
|
|
555
|
|
Depreciation and
amortization
|
1,339
|
|
|
1,339
|
|
|
—
|
|
|
—
|
|
|
1,339
|
|
|
1,339
|
|
EBITDA before
adjustments
|
$
|
3,246
|
|
|
$
|
3,546
|
|
|
$
|
(70)
|
|
|
$
|
(60)
|
|
|
$
|
3,176
|
|
|
$
|
3,486
|
|
Unrealized net (gain)
loss resulting from hedging transactions
|
(83)
|
|
|
(83)
|
|
|
—
|
|
|
—
|
|
|
(83)
|
|
|
(83)
|
|
Adjusted EBITDA from
unconsolidated investments and exclude noncontrolling
interest
|
(7)
|
|
|
(7)
|
|
|
—
|
|
|
—
|
|
|
(7)
|
|
|
(7)
|
|
Fresh start
accounting impacts
|
17
|
|
|
17
|
|
|
—
|
|
|
—
|
|
|
17
|
|
|
17
|
|
Impacts of Tax
Receivable Agreement
|
55
|
|
|
55
|
|
|
—
|
|
|
—
|
|
|
55
|
|
|
55
|
|
Reorganization and
restructuring expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Transition and merger
expenses
|
8
|
|
|
8
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
8
|
|
Other, net
|
39
|
|
|
39
|
|
|
—
|
|
|
—
|
|
|
39
|
|
|
39
|
|
Adjusted
EBITDA
|
$
|
3,275
|
|
|
$
|
3,575
|
|
|
$
|
(70)
|
|
|
$
|
(60)
|
|
|
$
|
3,205
|
|
|
$
|
3,515
|
|
Interest
payments
|
(551)
|
|
|
(551)
|
|
|
—
|
|
|
—
|
|
|
(551)
|
|
|
(551)
|
|
Tax
payments
|
111
|
|
|
111
|
|
|
—
|
|
|
—
|
|
|
111
|
|
|
111
|
|
Tax receivable
agreement payments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Working capital and
margin deposits
|
23
|
|
|
23
|
|
|
—
|
|
|
—
|
|
|
23
|
|
|
23
|
|
Reclamation and
remediation
|
(73)
|
|
|
(73)
|
|
|
(100)
|
|
|
(100)
|
|
|
(173)
|
|
|
(173)
|
|
Other changes in
operating assets and liabilities
|
(31)
|
|
|
(31)
|
|
|
20
|
|
|
30
|
|
|
(11)
|
|
|
(1)
|
|
Cash provided by
operating activities
|
$
|
2,753
|
|
|
$
|
3,053
|
|
|
$
|
(150)
|
|
|
$
|
(130)
|
|
|
$
|
2,603
|
|
|
$
|
2,923
|
|
Capital expenditures
including nuclear fuel
|
(606)
|
|
|
(606)
|
|
|
—
|
|
|
—
|
|
|
(606)
|
|
|
(606)
|
|
Solar development
expenditures
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Other net investing
activities
|
(5)
|
|
|
(5)
|
|
|
—
|
|
|
—
|
|
|
(5)
|
|
|
(5)
|
|
Free cash
flow
|
$
|
2,142
|
|
|
$
|
2,442
|
|
|
$
|
(150)
|
|
|
$
|
(130)
|
|
|
$
|
1,992
|
|
|
$
|
2,312
|
|
Working capital and
margin deposits
|
(23)
|
|
|
(23)
|
|
|
—
|
|
|
—
|
|
|
(23)
|
|
|
(23)
|
|
Solar development
expenditures
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Taxes related to
Alcoa Settlement
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Transition and merger
expenses
|
8
|
|
|
8
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
8
|
|
Generation plant
retirement expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Transition capital
expenditures
|
23
|
|
|
23
|
|
|
—
|
|
|
—
|
|
|
23
|
|
|
23
|
|
Adjusted free cash
flow
|
$
|
2,150
|
|
|
$
|
2,450
|
|
|
$
|
(150)
|
|
|
$
|
(130)
|
|
|
$
|
2,000
|
|
|
$
|
2,320
|
|
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SOURCE Vistra Energy