IRVING, Texas, May 3, 2019 /PRNewswire/ -- Vistra Energy Corp.
(NYSE: VST):
Financial Highlights
- Delivered first quarter 2019 Ongoing Operations Adjusted
EBITDA1 of $815 million
and Net Income from Ongoing Operations of $238 million—results above consensus and in-line
with management expectations for the quarter. Ongoing
Operations Adjusted EBITDA results were nearly $240 million better than first quarter 2018
results pro forma for the merger with Dynegy as a result of
realization of merger value levers, favorable realized prices, and
higher retail gross margin quarter-over-quarter.
- Reaffirmed 2019 full-year Ongoing Operations Adjusted EBITDA
and Ongoing Operations Adjusted Free Cash Flow before Growth
(FCFbG) guidance ranges of $3.22 to
$3.42 billion and $2.1 to $2.3
billion, respectively2, highlighting the
company's significant earnings power and EBITDA to free cash flow
conversion of approximately 66%.
Capital Allocation Highlights
- Executed approximately $1.053
billion of the previously authorized $1.75 billion share repurchase program through
April 25, 2019, reducing shares
outstanding to approximately 483 million shares as of the same
date, approximately 8 percent lower than Vistra's share count as of
the Dynegy merger close on April 9,
2018.
- Paid initial quarterly dividend of $0.125 per share on March
29, 2019 to shareholders of record as of March 15, 2019, an expected $0.50 per share on an annual basis; Vistra
management anticipates an annual dividend growth rate in the range
of approximately 6-8 percent per share.
Growth Highlights
- Introduced new retail brand, Brighten Energy, in Illinois, Ohio, and Pennsylvania, and launched TXU Energy's new
innovative product: Free Pass Plan, giving retail customers free
electricity on the seven highest usage days per month, all year
long.
- Announced agreement to acquire Crius Energy Trust at an
estimated 4.0 times EV/EBITDA multiple, projected to be accretive
to both EBITDA and Free Cash Flow and to exceed Vistra's investment
threshold of mid- to high-teens unlevered returns; closing expected
to occur in second quarter of 2019.
- Supported a change to the Multi-Pollutant Standard and Coal to
Solar and Energy Storage legislation in Illinois facilitating the transition and
redevelopment of downstate coal plant sites into utility-scale
solar and energy storage.
(1) Excludes results from the Asset Closure segment.
Adjusted EBITDA is a non-GAAP financial measure. See the
"Non-GAAP Reconciliation" tables for further details.
(2) Excludes the Asset Closure segment and the pending Crius
acquisition. Includes $430
million of synergies expected to be realized in 2019 as
compared to the projected full run-rate of Adjusted EBITDA value
lever targets of $565 million.
Adjusted EBITDA and Adjusted FCFbG are non-GAAP financial
measures. See the "Non-GAAP Reconciliation" tables for
further details.
Summary of Financial Results for the First Quarter Ended
March 31, 2019
($ in
millions)
|
|
Three Months
Ended
March 31, 2019
|
|
Net Income
|
|
$
|
224
|
|
Ongoing Operations
Net Income1
|
|
$
|
238
|
|
Ongoing Operations
Adjusted EBITDA1
|
|
$
|
815
|
|
|
(1) Excludes
results from the Asset Closure segment. Adjusted EBITDA is a
non-GAAP financial measure. See the "Non-GAAP Reconciliation"
tables for further details.
|
For the three months ended March 31,
2019, Vistra reported Net Income from Ongoing Operations of
$238 million and Adjusted EBITDA from Ongoing Operations of
$815 million. Vistra's first quarter
Adjusted EBITDA was above consensus and in-line with management
expectations.
"Vistra's strong first quarter results were above consensus and
a clear indication of our focus on execution in 2019 and the
effectiveness of the integrated model. Our teams continue to
integrate Dynegy and capture merger synergy targets and value from
our Operations Performance Initiative, as well as prepare for the
close of the Crius acquisition," Curt
Morgan, Vistra's chief executive officer, commented. "We
also continue to execute our capital allocation plan, bolstered by
our significant free cash flow generation, purchasing our stock at
attractive price levels and significantly rotating our shareholder
base while driving to our low-leverage target. We have added a few
attractive tuck-in growth investments as well, while exhibiting
financial discipline. We look forward to continuing to execute on
our commitments and creating value for our shareholders."
Guidance
($ in
millions)
|
|
2019
|
Ongoing Ops. Adj.
EBITDA1
|
|
$
|
3,220 –
3,420
|
Ongoing Ops. Adj.
FCFbG1
|
|
$
|
2,100 –
2,300
|
|
(1) Excludes
the Asset Closure segment and the pending Crius acquisition.
Includes $430 million of synergies expected to be realized in 2019
as compared to the projected full run-rate of Adjusted EBITDA value
lever targets of $565 million. Adjusted EBITDA and Adjusted
FCFbG are non-GAAP financial measures. See the "Non-GAAP
Reconciliation" tables for further details.
|
Vistra Energy is reaffirming its 2019 Ongoing Operations
Adjusted EBITDA guidance range of $3,220 to $3,420
million and Ongoing Operations Adjusted FCFbG guidance range
of $2,100 to $2,300 million. The 2019 guidance was originally
developed utilizing forward curves as of March 30, 2018 and reaffirmed utilizing forward
curves as of March 29,
2019.
Share Repurchase Program
As of April 25, 2019, Vistra has
completed approximately $1.053
billion of the $1.75 billion
share repurchase program previously authorized by its board of
directors. Vistra has purchased approximately 44.5 million shares,
lowering Vistra's shares outstanding to approximately 483 million
as of April 25, 2019. Approximately
$697 million remains available for
execution under the program as of April 25,
2019.
Liquidity
As of March 31, 2019, Vistra had
total available liquidity of approximately $2.324 billion. This available liquidity included
cash and cash equivalents of $546
million, $1.753 billion of
availability under its revolving credit facility, which remained
undrawn but had $922 million of
letters of credit outstanding as of March
31, 2019 primarily to support commodity hedging activities,
and $25 million of availability under
its alternate letter of credit facilities. The increase in
available liquidity of $553 million
as of March 31, 2019 as compared to
Dec. 31, 2018 was primarily driven by
$175 million of additional available
capacity under the Revolving Credit Facility and $350 million of new available capacity under two
new alternate letter of credit facilities. In April 2019, the aggregate available capacity
under the alternate letter of credit facilities was increased to
$450 million.
Earnings Webcast
Vistra will host a webcast today, May 3,
2019, beginning at 8 a.m. ET
(7 a.m. CT) to discuss these results
and related matters. The live, listen-only webcast 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 webcast 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 impacts,
reorganization items, and certain other items described from time
to time in Vistra Energy's earnings releases),"Adjusted Free Cash
Flow before Growth" (or "Adjusted FCFbG") (cash from operating
activities excluding changes in margin deposits and working capital
and adjusted for capital expenditures (including capital
expenditures for growth investments), 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 Asset Closure segment) and "Ongoing Operations Adjusted Free
Cash Flow before Growth" or "Ongoing Operations Adjusted FCFbG"
(adjusted free cash flow before growth less cash flow from
operating activities from Asset Closure segment before growth), 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 before Growth 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 before Growth. Vistra Energy uses
Ongoing Operations Adjusted EBITDA as a measure of performance and
Ongoing Operations Adjusted Free Cash Flow before Growth 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
Meranda Cohn
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 5,400 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, solar, and battery storage facilities. The
company is currently developing the largest battery energy storage
system of its kind in the world – a 300-MW/1,200-MWh system in Moss
Landing, California.
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) 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; (ii)
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); (iii) actions by credit ratings
agencies, (iv) with respect to the proposed Crius acquisition, (x)
the ability of the parties to obtain all required approvals, (y)
the parties ability to otherwise successfully consummate the
transaction, and (z) for Vistra to successfully integrate the Crius
business as currently projected, and (v) those additional risks and
factors discussed in reports filed with the Securities and Exchange
Commission ("SEC") by Vistra Energy from time to time, including
the uncertainties and risks discussed in the sections entitled
"Risk Factors" and "Forward-Looking Statements" in Vistra Energy's
annual report on Form 10-K for the year ended December 31, 2018 and any subsequently filed
quarterly reports on Form 10-Q.
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,
|
|
2019
|
|
2018
|
Operating
revenues
|
$
|
2,923
|
|
|
$
|
765
|
|
Fuel, purchased power
costs and delivery fees
|
(1,461)
|
|
|
(650)
|
|
Operating
costs
|
(385)
|
|
|
(194)
|
|
Depreciation and
amortization
|
(405)
|
|
|
(153)
|
|
Selling, general and
administrative expenses
|
(182)
|
|
|
(162)
|
|
Operating income
(loss)
|
490
|
|
|
(394)
|
|
Other
income
|
25
|
|
|
10
|
|
Other
deductions
|
(2)
|
|
|
(2)
|
|
Interest expense and
related charges
|
(222)
|
|
|
9
|
|
Impacts of Tax
Receivable Agreement
|
3
|
|
|
(18)
|
|
Equity in earnings of
unconsolidated investment
|
7
|
|
|
—
|
|
Income (loss) before
income taxes
|
301
|
|
|
(395)
|
|
Income tax (expense)
benefit
|
(77)
|
|
|
89
|
|
Net income
(loss)
|
$
|
224
|
|
|
$
|
(306)
|
|
Less: Net loss
attributable to noncontrolling interest
|
1
|
|
|
—
|
|
Net income (loss)
attributable to Vistra Energy
|
$
|
225
|
|
|
$
|
(306)
|
|
Weighted average
shares of common stock outstanding:
|
|
|
|
Basic
|
502,367,299
|
|
|
428,450,384
|
|
Diluted
|
509,139,988
|
|
|
428,450,384
|
|
Net income (loss) per
weighted average share of common stock outstanding:
|
|
|
|
Basic
|
$
|
0.45
|
|
|
$
|
(0.71)
|
|
Diluted
|
$
|
0.44
|
|
|
$
|
(0.71)
|
|
VISTRA ENERGY
CORP.
CONDENSED
STATEMENTS OF CONSOLIDATED CASH FLOWS
(Unaudited)
(Millions of Dollars)
|
|
Three Months Ended
March 31,
|
|
2019
|
|
2018
|
Cash flows —
operating activities:
|
|
|
|
Net income
(loss)
|
$
|
224
|
|
|
$
|
(306)
|
|
Adjustments to
reconcile net income (loss) to cash provided by (used in) operating
activities:
|
|
|
|
Depreciation and
amortization
|
461
|
|
|
180
|
|
Deferred income tax
(benefit) expense, net
|
70
|
|
|
(83)
|
|
Unrealized net (gain)
loss from mark-to-market valuations of commodities
|
(186)
|
|
|
415
|
|
Unrealized net (gain)
loss from mark-to-market valuations of interest rate
swaps
|
80
|
|
|
(59)
|
|
Asset retirement
obligation accretion expense
|
14
|
|
|
19
|
|
Impacts of Tax
Receivable Agreement
|
(3)
|
|
|
18
|
|
Stock-based
compensation
|
12
|
|
|
6
|
|
Other, net
|
(32)
|
|
|
7
|
|
Changes in operating
assets and liabilities:
|
|
|
|
Margin deposits,
net
|
34
|
|
|
(64)
|
|
Accrued
interest
|
15
|
|
|
(11)
|
|
Accrued
taxes
|
(75)
|
|
|
(69)
|
|
Accrued employee
incentive
|
(90)
|
|
|
(50)
|
|
Other operating
assets and liabilities
|
(136)
|
|
|
(25)
|
|
Cash provided by
(used in) operating activities
|
388
|
|
|
(22)
|
|
Cash flows —
financing activities:
|
|
|
|
Issuances of
long-term debt
|
1,300
|
|
|
—
|
|
Repayments/repurchases of debt
|
(1,282)
|
|
|
(10)
|
|
Net borrowings under
accounts receivable securitization program
|
11
|
|
|
—
|
|
Stock
repurchase
|
(248)
|
|
|
—
|
|
Dividends paid to
stockholders
|
(61)
|
|
|
—
|
|
Debt tender offer and
other financing fees
|
(64)
|
|
|
—
|
|
Other, net
|
—
|
|
|
1
|
|
Cash used in
financing activities
|
(344)
|
|
|
(9)
|
|
Cash flows —
investing activities:
|
|
|
|
Capital expenditures,
including LTSA prepayments
|
(118)
|
|
|
(39)
|
|
Nuclear fuel
purchases
|
(13)
|
|
|
(11)
|
|
Development and
growth expenditures
|
(22)
|
|
|
(21)
|
|
Proceeds from sales
of nuclear decommissioning trust fund securities
|
78
|
|
|
46
|
|
Investments in
nuclear decommissioning trust fund securities
|
(83)
|
|
|
(51)
|
|
Other, net
|
9
|
|
|
(1)
|
|
Cash used in
investing activities
|
(149)
|
|
|
(77)
|
|
Net change in cash,
cash equivalents and restricted cash
|
(105)
|
|
|
(108)
|
|
Cash, cash
equivalents and restricted cash — beginning balance
|
693
|
|
|
2,046
|
|
Cash, cash
equivalents and restricted cash — ending balance
|
$
|
588
|
|
|
$
|
1,938
|
|
VISTRA ENERGY
CORP.
NON-GAAP
RECONCILIATIONS - ADJUSTED EBITDA
FOR THE THREE
MONTHS ENDED MARCH 31, 2019
(Unaudited)
(Millions of Dollars)
|
|
Three Months Ended
March 31, 2019
|
|
Retail
|
|
ERCOT
|
|
PJM
|
|
NY/NE
|
|
MISO
|
|
Eliminations
/ Corp and Other
|
|
Ongoing Operations
Consolidated
|
|
Asset
Closure
|
|
Vistra Energy
Consolidated
|
Net income
(loss)
|
$
|
15
|
|
|
$
|
301
|
|
|
$
|
162
|
|
|
$
|
21
|
|
|
$
|
11
|
|
|
$
|
(272)
|
|
|
$
|
238
|
|
|
$
|
(14)
|
|
|
$
|
224
|
|
Income tax
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
77
|
|
|
77
|
|
|
—
|
|
|
77
|
|
Interest expense and
related charges
|
3
|
|
|
(3)
|
|
|
3
|
|
|
1
|
|
|
2
|
|
|
216
|
|
|
222
|
|
|
—
|
|
|
222
|
|
Depreciation and
amortization (a)
|
59
|
|
|
149
|
|
|
130
|
|
|
64
|
|
|
3
|
|
|
17
|
|
|
422
|
|
|
—
|
|
|
422
|
|
EBITDA before
Adjustments
|
77
|
|
|
447
|
|
|
295
|
|
|
86
|
|
|
16
|
|
|
38
|
|
|
959
|
|
|
(14)
|
|
|
945
|
|
Unrealized net (gain)
or loss resulting from hedging transactions
|
164
|
|
|
(251)
|
|
|
(91)
|
|
|
(6)
|
|
|
14
|
|
|
(16)
|
|
|
(186)
|
|
|
—
|
|
|
(186)
|
|
Fresh start /
purchase accounting impacts
|
14
|
|
|
2
|
|
|
(6)
|
|
|
2
|
|
|
5
|
|
|
(1)
|
|
|
16
|
|
|
—
|
|
|
16
|
|
Impacts of Tax
Receivable Agreement
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3)
|
|
|
(3)
|
|
|
—
|
|
|
(3)
|
|
Non-cash compensation
expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13
|
|
|
13
|
|
|
—
|
|
|
13
|
|
Transition and merger
expenses
|
—
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
8
|
|
|
7
|
|
|
18
|
|
|
—
|
|
|
18
|
|
Other, net
|
2
|
|
|
5
|
|
|
2
|
|
|
3
|
|
|
5
|
|
|
(19)
|
|
|
(2)
|
|
|
1
|
|
|
(1)
|
|
Adjusted
EBITDA
|
$
|
257
|
|
|
$
|
204
|
|
|
$
|
201
|
|
|
$
|
86
|
|
|
$
|
48
|
|
|
$
|
19
|
|
|
$
|
815
|
|
|
$
|
(13)
|
|
|
$
|
802
|
|
|
___________
|
(a)
Includes nuclear fuel amortization of $17 million in
ERCOT.
|
VISTRA ENERGY
CORP.
NON-GAAP
RECONCILIATIONS - ADJUSTED EBITDA
FOR THE THREE
MONTHS ENDED MARCH 31, 2018
(Unaudited)
(Millions of Dollars)
|
|
Three Months Ended
March 31, 2018
|
|
Retail
|
|
ERCOT
|
|
Eliminations
/
Corp &
Other
|
|
Ongoing Operations
Consolidated
|
|
Asset
Closure
|
|
Consolidated
|
Net income
(loss)
|
$
|
771
|
|
|
$
|
(1,086)
|
|
|
$
|
31
|
|
|
$
|
(284)
|
|
|
$
|
(22)
|
|
|
$
|
(306)
|
|
Income tax
benefit
|
—
|
|
|
—
|
|
|
(89)
|
|
|
(89)
|
|
|
—
|
|
|
(89)
|
|
Interest expense and
related charges
|
—
|
|
|
8
|
|
|
(17)
|
|
|
(9)
|
|
|
—
|
|
|
(9)
|
|
Depreciation and
amortization (a)
|
76
|
|
|
84
|
|
|
13
|
|
|
173
|
|
|
—
|
|
|
173
|
|
EBITDA
before Adjustments
|
847
|
|
|
(994)
|
|
|
(62)
|
|
|
(209)
|
|
|
(22)
|
|
|
(231)
|
|
Unrealized net (gain)
loss resulting from hedging transactions
|
(655)
|
|
|
1,070
|
|
|
—
|
|
|
415
|
|
|
—
|
|
|
415
|
|
Fresh start
accounting impacts
|
12
|
|
|
(2)
|
|
|
—
|
|
|
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
|
(10)
|
|
|
(6)
|
|
|
9
|
|
|
(7)
|
|
|
—
|
|
|
(7)
|
|
Adjusted
EBITDA
|
194
|
|
|
70
|
|
|
(1)
|
|
|
263
|
|
|
(22)
|
|
|
241
|
|
Impact of Odessa
earnout buybacks
|
—
|
|
|
21
|
|
|
—
|
|
|
21
|
|
|
—
|
|
|
21
|
|
Adjusted EBITDA less
impacts from Odessa earnout buybacks
|
$
|
194
|
|
|
$
|
91
|
|
|
$
|
(1)
|
|
|
$
|
284
|
|
|
$
|
(22)
|
|
|
$
|
262
|
|
Acquired EBITDA -
Dynegy
|
|
|
|
|
|
|
292
|
|
|
|
|
292
|
|
Pro forma adjusted
EBITDA - combined
|
|
|
|
|
|
|
$
|
576
|
|
|
$
|
(22)
|
|
|
$
|
554
|
|
|
____________
|
(a)
Includes nuclear fuel amortization of $20 million in the ERCOT
segment.
|
VISTRA ENERGY
CORP.
NON-GAAP
RECONCILIATIONS - 2019 GUIDANCE
(Unaudited)
(Millions of Dollars)
|
|
Ongoing
Operations
|
|
Asset
Closure
|
|
Vistra Energy
Consolidated
|
|
Low
|
|
High
|
|
Low
|
|
High
|
|
Low
|
|
High
|
Net
Income
|
$
|
891
|
|
|
$
|
1,047
|
|
|
$
|
(65)
|
|
|
$
|
(55)
|
|
|
$
|
826
|
|
|
$
|
992
|
|
Income tax
expense
|
268
|
|
|
312
|
|
|
—
|
|
|
—
|
|
|
268
|
|
|
312
|
|
Interest expense and
related charges
|
704
|
|
|
704
|
|
|
—
|
|
|
—
|
|
|
704
|
|
|
704
|
|
Depreciation and
amortization
|
1,568
|
|
|
1,568
|
|
|
—
|
|
|
—
|
|
|
1,568
|
|
|
1,568
|
|
EBITDA before
Adjustments
|
$
|
3,431
|
|
|
$
|
3,631
|
|
|
$
|
(65)
|
|
|
$
|
(55)
|
|
|
$
|
3,366
|
|
|
$
|
3,576
|
|
Unrealized net gain
resulting from hedging transactions
|
(386)
|
|
|
(386)
|
|
|
—
|
|
|
—
|
|
|
(386)
|
|
|
(386)
|
|
Fresh start /
purchase accounting impacts
|
56
|
|
|
56
|
|
|
—
|
|
|
—
|
|
|
56
|
|
|
56
|
|
Impacts of Tax
Receivable Agreement
|
42
|
|
|
42
|
|
|
—
|
|
|
—
|
|
|
42
|
|
|
42
|
|
Transition and merger
expenses
|
17
|
|
|
17
|
|
|
—
|
|
|
—
|
|
|
17
|
|
|
17
|
|
Other, net
|
60
|
|
|
60
|
|
|
—
|
|
|
—
|
|
|
60
|
|
|
60
|
|
Adjusted EBITDA
guidance
|
$
|
3,220
|
|
|
$
|
3,420
|
|
|
$
|
(65)
|
|
|
$
|
(55)
|
|
|
$
|
3,155
|
|
|
$
|
3,365
|
|
Interest paid,
net
|
(576)
|
|
|
(576)
|
|
|
—
|
|
|
—
|
|
|
(576)
|
|
|
(576)
|
|
Net tax (paid) /
received (a)
|
108
|
|
|
108
|
|
|
—
|
|
|
—
|
|
|
108
|
|
|
108
|
|
Working capital and
margin deposits
|
(25)
|
|
|
(25)
|
|
|
(4)
|
|
|
(4)
|
|
|
(29)
|
|
|
(29)
|
|
Reclamation and
remediation
|
(60)
|
|
|
(60)
|
|
|
(118)
|
|
|
(118)
|
|
|
(178)
|
|
|
(178)
|
|
Other changes in
other operating assets and liabilities
|
(68)
|
|
|
(68)
|
|
|
25
|
|
|
35
|
|
|
(43)
|
|
|
(33)
|
|
Cash provided by
operating activities
|
$
|
2,599
|
|
|
$
|
2,799
|
|
|
$
|
(162)
|
|
|
$
|
(142)
|
|
|
$
|
2,437
|
|
|
$
|
2,657
|
|
Capital expenditures
including nuclear fuel purchases and LTSA prepayments
|
(611)
|
|
|
(611)
|
|
|
—
|
|
|
—
|
|
|
(611)
|
|
|
(611)
|
|
Solar and Moss
Landing development and other growth expenditures
|
(156)
|
|
|
(156)
|
|
|
—
|
|
|
—
|
|
|
(156)
|
|
|
(156)
|
|
Other net investing
activities
|
(20)
|
|
|
(20)
|
|
|
3
|
|
|
3
|
|
|
(17)
|
|
|
(17)
|
|
Free cash
flow
|
$
|
1,812
|
|
|
$
|
2,012
|
|
|
$
|
(159)
|
|
|
$
|
(139)
|
|
|
$
|
1,653
|
|
|
$
|
1,873
|
|
Working capital and
margin deposits
|
25
|
|
|
25
|
|
|
4
|
|
|
4
|
|
|
29
|
|
|
29
|
|
Solar and Moss
Landing development and other growth expenditures
|
156
|
|
|
156
|
|
|
—
|
|
|
—
|
|
|
156
|
|
|
156
|
|
Transition and merger
expenses
|
84
|
|
|
84
|
|
|
—
|
|
|
—
|
|
|
84
|
|
|
84
|
|
Transition capital
expenditures
|
23
|
|
|
23
|
|
|
—
|
|
|
—
|
|
|
23
|
|
|
23
|
|
Adjusted free cash
flow before growth guidance
|
$
|
2,100
|
|
|
$
|
2,300
|
|
|
$
|
(155)
|
|
|
$
|
(135)
|
|
|
$
|
1,945
|
|
|
$
|
2,165
|
|
|
____________
|
(a)
Includes state tax payments.
|
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SOURCE Vistra Energy