IRVING, Texas, Nov. 5, 2019 /PRNewswire/ -- Vistra Energy
Corp. (NYSE: VST):
Financial Highlights
- Delivered strong third quarter 2019 Ongoing Operations Adjusted
EBITDA1 of $1,064 million
and Net Income from Ongoing Operations of $122 million—results in-line with management
expectations for the quarter, which already embedded an assumption
of high wholesale power prices.
- Narrowed 2019 Ongoing Operations Adjusted EBITDA and Ongoing
Operations Adjusted Free Cash Flow before Growth (FCFbG) guidance
ranges to $3.32 to $3.42 billion and $2.2 to $2.3
billion, respectively1—the top half of Vistra's
prior 2019 guidance ranges, reflecting higher guidance midpoints
and an expected EBITDA to free cash flow conversion of
approximately 67%.
- Initiated 2020 Ongoing Operations Adjusted EBITDA and Ongoing
Operations Adjusted Free Cash Flow before Growth (FCFbG) guidance
ranges of $3.285 to $3.585 billion and $2.160 to $2.460
billion, respectively.1 The midpoint of Vistra's
2020 Ongoing Operations Adjusted EBITDA guidance range is above the
higher 2019 guidance midpoint and represents an increase of more
than 20%, or more than $600 million,
as compared to the 2020 Adjusted EBITDA estimate for the business
in connection with the Dynegy merger.
- Increased Operations Performance Initiative (OPI) target by an
additional $150 million, reflecting
an increase of $50 million in EBITDA
enhancements identified from Vistra's ongoing fleet operations and
a net $100 million EBITDA uplift from
the retirement of four MISO coal plants as required under the
Multi-Pollutant Standard rule changes; expected to realize and
achieve $715 million of merger value
lever targets as follows ($ in millions):
|
Realized in
Year
|
Achieved by
YE
|
2019
|
$490
|
$565
|
2020
|
$590
|
$665
|
2021
|
$685
|
$715
|
Capital Allocation Highlights
- Executed approximately $1.415
billion of the previously authorized $1.75 billion share repurchase program through
Oct. 31, 2019, resulting in net
shares outstanding of approximately 487 million as of the same
date.
- Paid quarterly dividend of $0.125
per share on Sept. 30, 2019, to
shareholders of record as of Sept. 16,
2019, equivalent to $0.50 per
share on an annual basis; Vistra management anticipates an annual
dividend growth rate in the range of approximately 6-8% per
share.
Growth and Sustainability Highlights
- Completed the acquisition of Ambit Energy on Nov. 1, 2019 utilizing cash on hand. Vistra added
approximately 11 TWh of retail load with nearly 60% in the
attractive ERCOT retail market, bringing its average generation to
retail load match to ~58%.
- Announced greenhouse gas emissions reduction targets of greater
than 50% by 2030 and greater than 80% by 2050, each as compared to
a 2010 baseline, with aspirations to achieve net-zero emissions by
2050 assuming necessary advancements in technology and supportive
market constructs and public policy. Achieving the 2030 target is
expected to have minimal impact on ongoing adjusted EBITDA.
- Retired approximately 1.5 GW of coal-fueled generation in
downstate Illinois on Nov. 1, 2019, in partial satisfaction of a
requirement to retire 2.0 GW of coal-fueled generation under the
Illinois' Multi-Pollutant Standard
rule changes. Vistra expects to retire the remaining approximately
0.5 GW of coal-fueled generation on Dec. 15,
2019. These actions are forecast to be accretive to ongoing
adjusted EBITDA by approximately $100
million per year.
- Reached an agreement to settle a long-standing lawsuit
involving the 585 MW Edwards coal-fueled power plant near
Peoria, IL. Settlement, upon court
approval, requires retirement of Edwards by the end of 2022.
(1) Excludes the
Asset Closure segment. Adjusted EBITDA and Adjusted FCFbG are
non-GAAP financial measures. See the "Non-GAAP Reconciliation"
tables for further details.
|
Summary of Financial Results for the Third Quarter Ended
September 30, 2019
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
($ in
millions)
|
|
Sept. 30,
2019
|
Sept. 30,
2018
|
|
Sept. 30,
2019
|
Net Income
|
|
$
114
|
$
331
|
|
$
692
|
Ongoing Operations
Net Income1
|
|
$
122
|
$
335
|
|
$
729
|
Ongoing Operations
Adjusted EBITDA1
|
|
$
1,064
|
$
1,153
|
|
$
2,586
|
Adjusted EBITDA by
Segment
|
|
|
|
|
|
Retail
|
|
$
(87)
|
$
141
|
|
$
463
|
ERCOT
|
|
$
823
|
$
597
|
|
$
1,183
|
PJM
|
|
$
222
|
$
240
|
|
$
590
|
NY/NE
|
|
$
81
|
$
111
|
|
$
258
|
MISO
|
|
$
11
|
$
39
|
|
$
59
|
CAISO/Corp
|
|
$
14
|
$
25
|
|
$
33
|
Asset
Closure
|
|
$
(4)
|
$
(12)
|
|
$
(32)
|
For the three months ended Sept. 30,
2019, Vistra reported Net Income from Ongoing Operations of
$122 million and Adjusted EBITDA from Ongoing Operations of
$1,064 million. Vistra's third
quarter Adjusted EBITDA was $89
million lower than third quarter 2018 results, reflecting
lower prices and volumes in its Midwest and Northeast generation
segments. Lower results in Vistra's retail segment, which were
expected as a result of higher cost of goods sold in the third
quarter, were offset by higher results in the ERCOT generation
segment.
For the first nine months of 2019, Vistra reported Net Income
from Ongoing Operations of $729
million and Adjusted EBITDA from Ongoing Operations of
$2,586 million. Year-to-date
results were in-line with management expectations.
Vistra reported third quarter retail Adjusted EBITDA of
$(87) million, $228 million
lower than third quarter 2018 results, which were expected as a
result of higher cost of goods sold in the period. Third quarter
generation Adjusted EBITDA was $1,151
million,2 $139
million higher than third quarter 2018 results driven by
higher prices and volumes in ERCOT partially offset by lower prices
and volumes in its Midwest and Northeast segments.
Curt Morgan, Vistra's president
and chief executive officer, commented, "As we have been saying all
year, 2019 is the year of execution—and we continue to demonstrate
the benefits of our integrated model with strong third quarter
results. Our initial guidance range for 2019 was based on robust
forward curves, in particular in ERCOT which embedded material
summer scarcity pricing, and we were able to execute and generate
expected EBITDA results despite mild June and July weather. We
believe we are well-positioned to deliver strong, stable EBITDA and
free cash flow over the long term with our efficient and highly
flexible, in-the-money generation fleet and industry-leading retail
operations. Our strong free cash flow should enable us to continue
to make attractive investments to grow our business, while also
returning significant capital to shareholders."
(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. Total by segment may not tie due to
rounding.
|
(2) Generation
includes Corporate.
|
Ambit Acquisition
Vistra completed the acquisition of Ambit Energy on Nov. 1, 2019. The transaction is projected to be
immediately accretive to both EBITDA and free cash flow, with an
expected free cash flow conversion ratio greater than 90%. In
addition to improving Vistra's average generation to retail load
match to approximately 58%, the transaction brings a proven direct
sales channel along with an impressive network of consultants and a
proprietary technology platform. Vistra expects the Ambit business
will contribute approximately $15 to
$20 million to its Ongoing Operations
Adjusted EBITDA in 2019.
Guidance
($ in
millions)
|
|
Prior
2019
|
Current
2019
|
2020
|
Ongoing Ops. Adj.
EBITDA1
|
$
|
3,220 –
3,420
|
$
|
3,320 –
3,420
|
$
|
3,285 –
3,585
|
Ongoing Ops. Adj.
FCFbG1
|
$
|
2,100 –
2,300
|
$
|
2,200 –
2,300
|
$
|
2,160 –
2,460
|
|
(1) Excludes the
Asset Closure segment. Adjusted EBITDA and Adjusted FCFbG are
non-GAAP financial measures. See the "Non-GAAP Reconciliation"
tables for further details.
|
Vistra is narrowing and updating its 2019 Ongoing Operations
guidance ranges, forecasting Ongoing Operations Adjusted EBITDA of
$3,320 to $3,420 million and Ongoing Operations Adjusted
FCFbG of $2,200 to $2,300 million. Vistra's 2019 guidance
range includes an expected ($40)
million in-year impact from the execution of NPV-positive,
long-dated contracts with retail customers that will contribute
positive EBITDA in future years. This negative impact was not
anticipated at the time original 2019 guidance was developed.
Vistra is initiating its 2020 Ongoing Operations guidance
ranges, forecasting Ongoing Operations Adjusted EBITDA of
$3,285 to $3,585 million and Ongoing Operations Adjusted
FCFbG of $2,160 to $2,460 million. Vistra's 2020 guidance range
includes an expected ($70) million
in-year impact from the execution of NPV-positive, long-dated
contracts with retail customers that will contribute positive
EBITDA in future years.
Share Repurchase Program
As of Oct. 31, 2019, Vistra has
completed approximately $1.415
billion in share repurchases under the $1.75 billion share repurchase program previously
authorized by its board of directors. Vistra has purchased
approximately 60 million shares, resulting in net shares
outstanding of approximately 487 million as of Oct. 31, 2019. Approximately $335 million remains available for execution
under the program as of the same date.
Liquidity
As of Sept. 30, 2019, Vistra had
total available liquidity of approximately $2,562 million, including cash and cash
equivalents of $707 million,
$11 million of availability under our
alternative letter of credit facility, and $1,844 million of availability under its
revolving credit facility, which remained undrawn, but had
$1,370 million of letters of credit
outstanding as of Sept. 30, 2019 that
reduce availability.
The increase in available liquidity of $791 million as of Sept.
30, 2019, as compared to Dec. 31,
2018, was primarily driven by $500
million of available capacity under our two alternate letter
of credit facilities, $225 million of
additional available commitments under our revolving credit
facility, and decreased letters of credit postings.
Earnings Webcast
Vistra will host a webcast today, Nov. 5,
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, Fortune 350
energy company based in Irving,
Texas, providing essential resources for customers,
commerce, and communities. Vistra combines an innovative,
customer-centric approach to retail with safe, reliable, diverse,
and efficient power generation. The company brings its products and
services to market in 20 states and the District of Columbia, including six of the
seven competitive retail markets in the U.S. and markets in
Canada and Japan, as well. Serving nearly 5 million
residential, commercial, and industrial retail customers with
electricity and gas, Vistra is the largest competitive residential
electricity provider in the country and offers over 40 renewable
energy plans. The company is also the largest competitive power
generator in the U.S. with a capacity of approximately 39,000
megawatts powered by a diverse portfolio of natural gas, nuclear,
coal, solar, and battery energy storage facilities. In addition,
the company is a large purchaser of wind power. The company is
currently developing the largest battery storage system of its kind
in the world – a 300-MW/1,200-MWh system in Moss Landing, California. Vistra is guided by
four core principles: we do business the right way, we work as a
team, we compete to win, and we care about our people, our
neighbors, and our stakeholders. Learn more about our
environmental, social, and governance efforts and read the
company's sustainability report at
https://www.vistraenergy.com/sustainability/
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 and to successfully integrate
acquired businesses; (iii) actions by credit ratings agencies; and
(iv) 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
|
(Unaudited)
(Millions of Dollars, Except Per Share Amounts)
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Operating
revenues
|
$
|
3,194
|
|
|
$
|
3,243
|
|
|
$
|
8,949
|
|
|
$
|
6,581
|
|
Fuel, purchased power
costs and delivery fees
|
(1,687)
|
|
|
(1,627)
|
|
|
(4,287)
|
|
|
(3,492)
|
|
Operating
costs
|
(397)
|
|
|
(346)
|
|
|
(1,153)
|
|
|
(926)
|
|
Depreciation and
amortization
|
(424)
|
|
|
(426)
|
|
|
(1,213)
|
|
|
(967)
|
|
Selling, general and
administrative expenses
|
(246)
|
|
|
(194)
|
|
|
(637)
|
|
|
(711)
|
|
Operating
income
|
440
|
|
|
650
|
|
|
1,659
|
|
|
485
|
|
Other
income
|
6
|
|
|
6
|
|
|
45
|
|
|
25
|
|
Other
deductions
|
(4)
|
|
|
(1)
|
|
|
(9)
|
|
|
(4)
|
|
Interest expense and
related charges
|
(224)
|
|
|
(154)
|
|
|
(720)
|
|
|
(291)
|
|
Impacts of Tax
Receivable Agreement
|
(62)
|
|
|
17
|
|
|
(26)
|
|
|
(65)
|
|
Equity in earnings of
unconsolidated investment
|
3
|
|
|
7
|
|
|
13
|
|
|
11
|
|
Income before income
taxes
|
159
|
|
|
525
|
|
|
962
|
|
|
161
|
|
Income tax
expense
|
(45)
|
|
|
(194)
|
|
|
(270)
|
|
|
(31)
|
|
Net income
|
$
|
114
|
|
|
$
|
331
|
|
|
$
|
692
|
|
|
$
|
130
|
|
Net loss attributable
to noncontrolling interest
|
(1)
|
|
|
(1)
|
|
|
2
|
|
|
2
|
|
Net income
attributable to Vistra Energy
|
$
|
113
|
|
|
$
|
330
|
|
|
$
|
694
|
|
|
$
|
132
|
|
VISTRA ENERGY
CORP.
|
CONDENSED
STATEMENTS OF CONSOLIDATED CASH FLOWS
|
(Unaudited)
(Millions of Dollars)
|
|
Nine Months Ended
September 30,
|
|
2019
|
|
2018
|
Cash flows —
operating activities:
|
|
|
|
Net income
|
$
|
692
|
|
|
$
|
130
|
|
Adjustments to
reconcile net income to cash provided by operating
activities:
|
|
|
|
Depreciation and
amortization
|
1,394
|
|
|
1,070
|
|
Deferred income tax
expense, net
|
254
|
|
|
29
|
|
Unrealized net (gain)
loss from mark-to-market valuations of commodities
|
(625)
|
|
|
207
|
|
Unrealized net (gain)
loss from mark-to-market valuations of interest rate
swaps
|
275
|
|
|
(123)
|
|
Asset retirement
obligation accretion expense
|
40
|
|
|
37
|
|
Impacts of Tax
Receivable Agreement
|
26
|
|
|
65
|
|
Stock-based
compensation
|
35
|
|
|
59
|
|
Other, net
|
12
|
|
|
64
|
|
Changes in operating
assets and liabilities:
|
|
|
|
Margin deposits,
net
|
129
|
|
|
(39)
|
|
Accrued
interest
|
15
|
|
|
(59)
|
|
Accrued
taxes
|
(31)
|
|
|
(102)
|
|
Accrued employee
incentive
|
(53)
|
|
|
(17)
|
|
Other operating
assets and liabilities
|
(340)
|
|
|
(458)
|
|
Cash provided by
operating activities
|
1,823
|
|
|
863
|
|
Cash flows —
financing activities:
|
|
|
|
Issuances of
long-term debt
|
4,600
|
|
|
1,000
|
|
Repayments/repurchases of debt
|
(4,668)
|
|
|
(2,902)
|
|
Net borrowings under
accounts receivable securitization program
|
261
|
|
|
350
|
|
Stock
repurchase
|
(632)
|
|
|
(414)
|
|
Dividends paid to
stockholders
|
(181)
|
|
|
—
|
|
Debt tender offer and
other financing fees
|
(170)
|
|
|
(216)
|
|
Other, net
|
6
|
|
|
10
|
|
Cash used in
financing activities
|
(784)
|
|
|
(2,172)
|
|
Cash flows —
investing activities:
|
|
|
|
Capital expenditures,
including LTSA prepayments
|
(348)
|
|
|
(209)
|
|
Nuclear fuel
purchases
|
(33)
|
|
|
(66)
|
|
Development and
growth expenditures
|
(93)
|
|
|
(28)
|
|
Crius
acquisition
|
(374)
|
|
|
—
|
|
Cash acquired in the
Merger
|
—
|
|
|
445
|
|
Proceeds from sales
of nuclear decommissioning trust fund securities
|
354
|
|
|
211
|
|
Investments in
nuclear decommissioning trust fund securities
|
(370)
|
|
|
(227)
|
|
Proceeds from sale of
environmental allowances
|
32
|
|
|
—
|
|
Purchases of
environmental allowances
|
(169)
|
|
|
(4)
|
|
Other, net
|
22
|
|
|
11
|
|
Cash (used in)
provided by investing activities
|
(979)
|
|
|
133
|
|
Net change in cash,
cash equivalents and restricted cash
|
60
|
|
|
(1,176)
|
|
Cash, cash
equivalents and restricted cash — beginning balance
|
693
|
|
|
2,046
|
|
Cash, cash
equivalents and restricted cash — ending balance
|
$
|
753
|
|
|
$
|
870
|
|
VISTRA ENERGY
CORP.
|
NON-GAAP
RECONCILIATIONS - ADJUSTED EBITDA
|
FOR THE THREE
MONTHS ENDED SEPTEMBER 30, 2019
|
(Unaudited)
(Millions of Dollars)
|
|
|
|
Retail
|
|
ERCOT
|
|
PJM
|
|
NY/NE
|
|
MISO
|
|
Eliminations
/ Corp and
Other
|
|
Ongoing
Operations
Consolidated
|
|
Asset
Closure
|
|
Vistra
Energy
Consolidated
|
Net income
(loss)
|
$
|
573
|
|
|
$
|
(10)
|
|
|
$
|
(62)
|
|
|
$
|
21
|
|
|
$
|
(88)
|
|
|
$
|
(312)
|
|
|
$
|
122
|
|
|
$
|
(8)
|
|
|
$
|
114
|
|
Income tax
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
45
|
|
|
45
|
|
|
—
|
|
|
45
|
|
Interest expense and
related charges (a)
|
8
|
|
|
(2)
|
|
|
2
|
|
|
1
|
|
|
2
|
|
|
213
|
|
|
224
|
|
|
—
|
|
|
224
|
|
Depreciation and
amortization (b)
|
86
|
|
|
146
|
|
|
135
|
|
|
51
|
|
|
5
|
|
|
21
|
|
|
444
|
|
|
—
|
|
|
444
|
|
EBITDA before
Adjustments
|
667
|
|
|
134
|
|
|
75
|
|
|
73
|
|
|
(81)
|
|
|
(33)
|
|
|
835
|
|
|
(8)
|
|
|
827
|
|
Unrealized net (gain)
or loss resulting from hedging transactions
|
(769)
|
|
|
682
|
|
|
139
|
|
|
5
|
|
|
43
|
|
|
(21)
|
|
|
79
|
|
|
—
|
|
|
79
|
|
Generation plant
retirement expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
47
|
|
|
—
|
|
|
47
|
|
|
2
|
|
|
49
|
|
Fresh start /
purchase accounting impacts
|
(12)
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
2
|
|
|
(1)
|
|
|
(8)
|
|
|
—
|
|
|
(8)
|
|
Impacts of Tax
Receivable Agreement
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
62
|
|
|
62
|
|
|
—
|
|
|
62
|
|
Non-cash compensation
expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
12
|
|
|
—
|
|
|
12
|
|
Transition and merger
expenses
|
24
|
|
|
5
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
5
|
|
|
37
|
|
|
1
|
|
|
38
|
|
Other, net
|
3
|
|
|
2
|
|
|
4
|
|
|
2
|
|
|
(1)
|
|
|
(10)
|
|
|
—
|
|
|
1
|
|
|
1
|
|
Adjusted
EBITDA
|
$
|
(87)
|
|
|
$
|
823
|
|
|
$
|
222
|
|
|
$
|
81
|
|
|
$
|
11
|
|
|
$
|
14
|
|
|
$
|
1,064
|
|
|
$
|
(4)
|
|
|
$
|
1,060
|
|
___________
|
|
|
(a)
|
Includes $76 million
of unrealized mark-to-market net losses on interest rate
swaps.
|
(b)
|
Includes nuclear fuel
amortization of $20 million in ERCOT.
|
VISTRA ENERGY
CORP.
|
NON-GAAP
RECONCILIATIONS - ADJUSTED EBITDA
|
FOR THE NINE
MONTHS ENDED SEPTEMBER 30, 2019
|
(Unaudited)
(Millions of Dollars)
|
|
|
|
Retail
|
|
ERCOT
|
|
PJM
|
|
NY/NE
|
|
MISO
|
|
Eliminations
/ Corp and
Other
|
|
Ongoing
Operations
Consolidated
|
|
Asset
Closure
|
|
Vistra
Energy
Consolidated
|
Net income
(loss)
|
$
|
3
|
|
|
$
|
1,346
|
|
|
$
|
283
|
|
|
$
|
122
|
|
|
$
|
(42)
|
|
|
$
|
(983)
|
|
|
$
|
729
|
|
|
$
|
(37)
|
|
|
$
|
692
|
|
Income tax
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
270
|
|
|
270
|
|
|
—
|
|
|
270
|
|
Interest expense and
related charges (a)
|
16
|
|
|
(7)
|
|
|
8
|
|
|
2
|
|
|
5
|
|
|
696
|
|
|
720
|
|
|
—
|
|
|
720
|
|
Depreciation and
amortization (b)
|
204
|
|
|
438
|
|
|
399
|
|
|
155
|
|
|
11
|
|
|
59
|
|
|
1,266
|
|
|
—
|
|
|
1,266
|
|
EBITDA before
Adjustments
|
223
|
|
|
1,777
|
|
|
690
|
|
|
279
|
|
|
(26)
|
|
|
42
|
|
|
2,985
|
|
|
(37)
|
|
|
2,948
|
|
Unrealized net (gain)
or loss resulting from hedging transactions
|
192
|
|
|
(616)
|
|
|
(115)
|
|
|
(33)
|
|
|
(8)
|
|
|
(45)
|
|
|
(625)
|
|
|
—
|
|
|
(625)
|
|
Generation plant
retirement expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
47
|
|
|
—
|
|
|
47
|
|
|
2
|
|
|
49
|
|
Fresh start /
purchase accounting impacts
|
17
|
|
|
—
|
|
|
(2)
|
|
|
3
|
|
|
11
|
|
|
(3)
|
|
|
26
|
|
|
—
|
|
|
26
|
|
Impacts of Tax
Receivable Agreement
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
26
|
|
|
26
|
|
|
—
|
|
|
26
|
|
Non-cash compensation
expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
36
|
|
|
36
|
|
|
—
|
|
|
36
|
|
Transition and merger
expenses
|
24
|
|
|
11
|
|
|
4
|
|
|
2
|
|
|
25
|
|
|
16
|
|
|
82
|
|
|
—
|
|
|
82
|
|
Other, net
|
7
|
|
|
11
|
|
|
13
|
|
|
7
|
|
|
10
|
|
|
(39)
|
|
|
9
|
|
|
3
|
|
|
12
|
|
Adjusted
EBITDA
|
$
|
463
|
|
|
$
|
1,183
|
|
|
$
|
590
|
|
|
$
|
258
|
|
|
$
|
59
|
|
|
$
|
33
|
|
|
$
|
2,586
|
|
|
$
|
(32)
|
|
|
$
|
2,554
|
|
___________
|
|
|
(a)
|
Includes $275 million
of unrealized mark-to-market net losses on interest rate
swaps.
|
(b)
|
Includes nuclear fuel
amortization of $53 million in ERCOT.
|
VISTRA ENERGY
CORP.
|
NON-GAAP
RECONCILIATIONS - ADJUSTED EBITDA
|
FOR THE THREE
MONTHS ENDED SEPTEMBER 30, 2018
|
(Unaudited)
(Millions of Dollars)
|
|
|
|
Retail
|
|
ERCOT
|
|
PJM
|
|
NY/NE
|
|
MISO
|
|
Eliminations
/ Corp and
Other
|
|
Ongoing
Operations
Consolidated
|
|
Asset
Closure
|
|
Consolidated
|
Net income
(loss)
|
$
|
(86)
|
|
|
$
|
643
|
|
|
$
|
62
|
|
|
$
|
47
|
|
|
$
|
(3)
|
|
|
$
|
(328)
|
|
|
$
|
335
|
|
|
$
|
(4)
|
|
|
$
|
331
|
|
Income tax
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
194
|
|
|
194
|
|
|
—
|
|
|
194
|
|
Interest expense and
related charges (a)
|
3
|
|
|
(2)
|
|
|
3
|
|
|
1
|
|
|
1
|
|
|
148
|
|
|
154
|
|
|
—
|
|
|
154
|
|
Depreciation and
amortization (b)
|
80
|
|
|
142
|
|
|
141
|
|
|
55
|
|
|
3
|
|
|
25
|
|
|
446
|
|
|
—
|
|
|
446
|
|
EBITDA
before Adjustments
|
(3)
|
|
|
783
|
|
|
206
|
|
|
103
|
|
|
1
|
|
|
39
|
|
|
1,129
|
|
|
(4)
|
|
|
1,125
|
|
Unrealized net (gain)
loss resulting from hedging transactions
|
154
|
|
|
(195)
|
|
|
21
|
|
|
—
|
|
|
32
|
|
|
(4)
|
|
|
8
|
|
|
—
|
|
|
8
|
|
Fresh start
accounting impacts
|
(15)
|
|
|
—
|
|
|
(1)
|
|
|
5
|
|
|
3
|
|
|
—
|
|
|
(8)
|
|
|
—
|
|
|
(8)
|
|
Impacts of Tax
Receivable Agreement
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(17)
|
|
|
(17)
|
|
|
—
|
|
|
(17)
|
|
Non-cash compensation
expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14
|
|
|
14
|
|
|
—
|
|
|
14
|
|
Transition and merger
expenses
|
—
|
|
|
3
|
|
|
5
|
|
|
1
|
|
|
1
|
|
|
9
|
|
|
19
|
|
|
—
|
|
|
19
|
|
Other, net
|
5
|
|
|
6
|
|
|
9
|
|
|
2
|
|
|
2
|
|
|
(16)
|
|
|
8
|
|
|
(8)
|
|
|
—
|
|
Adjusted
EBITDA
|
$
|
141
|
|
|
$
|
597
|
|
|
$
|
240
|
|
|
$
|
111
|
|
|
$
|
39
|
|
|
$
|
25
|
|
|
$
|
1,153
|
|
|
$
|
(12)
|
|
|
$
|
1,141
|
|
|
____________
|
|
|
(a)
|
Includes $38 million
of unrealized mark-to-market net gains on interest rate
swaps.
|
(b)
|
Includes nuclear fuel
amortization of $20 million in the ERCOT segment.
|
VISTRA ENERGY
CORP.
|
NON-GAAP
RECONCILIATIONS - ADJUSTED EBITDA
|
FOR THE NINE
MONTHS ENDED SEPTEMBER 30, 2018
|
(Unaudited)
(Millions of Dollars)
|
|
|
|
Retail
|
|
ERCOT
|
|
PJM
|
|
NY/NE
|
|
MISO
|
|
Eliminations
/ Corp and
Other
|
|
Ongoing
Operations
Consolidated
|
|
Asset
Closure
|
|
Consolidated
|
Net income
(loss)
|
$
|
397
|
|
|
$
|
236
|
|
|
$
|
86
|
|
|
$
|
41
|
|
|
$
|
29
|
|
|
$
|
(635)
|
|
|
$
|
154
|
|
|
$
|
(24)
|
|
|
$
|
130
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
31
|
|
|
31
|
|
|
—
|
|
|
31
|
|
Interest expense and
related charges
|
3
|
|
|
13
|
|
|
5
|
|
|
1
|
|
|
1
|
|
|
268
|
|
|
291
|
|
|
—
|
|
|
291
|
|
Depreciation and
amortization (a)
|
237
|
|
|
355
|
|
|
266
|
|
|
104
|
|
|
6
|
|
|
59
|
|
|
1,027
|
|
|
—
|
|
|
1,027
|
|
EBITDA
before Adjustments
|
637
|
|
|
604
|
|
|
357
|
|
|
146
|
|
|
36
|
|
|
(277)
|
|
|
1,503
|
|
|
(24)
|
|
|
1,479
|
|
Unrealized net (gain)
loss resulting from hedging transactions
|
(38)
|
|
|
207
|
|
|
20
|
|
|
22
|
|
|
—
|
|
|
(4)
|
|
|
207
|
|
|
—
|
|
|
207
|
|
Fresh start
accounting impacts
|
12
|
|
|
(4)
|
|
|
(2)
|
|
|
9
|
|
|
11
|
|
|
—
|
|
|
26
|
|
|
—
|
|
|
26
|
|
Impacts of Tax
Receivable Agreement
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
65
|
|
|
65
|
|
|
—
|
|
|
65
|
|
Non-cash compensation
expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
62
|
|
|
62
|
|
|
—
|
|
|
62
|
|
Transition and merger
expenses
|
—
|
|
|
7
|
|
|
7
|
|
|
1
|
|
|
5
|
|
|
183
|
|
|
203
|
|
|
2
|
|
|
205
|
|
Other, net
|
(16)
|
|
|
(5)
|
|
|
12
|
|
|
7
|
|
|
5
|
|
|
—
|
|
|
3
|
|
|
(7)
|
|
|
(4)
|
|
Adjusted
EBITDA
|
$
|
595
|
|
|
$
|
809
|
|
|
$
|
394
|
|
|
$
|
185
|
|
|
$
|
57
|
|
|
$
|
29
|
|
|
$
|
2,069
|
|
|
$
|
(29)
|
|
|
$
|
2,040
|
|
|
____________
|
|
|
(a)
|
Includes $123 million
of unrealized mark-to-market net gains on interest rate
swaps.
|
(b)
|
Includes nuclear fuel
amortization of $60 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
(loss)
|
$
|
865
|
|
|
$
|
940
|
|
|
$
|
(109)
|
|
|
$
|
(89)
|
|
|
$
|
756
|
|
|
$
|
851
|
|
|
Income tax
expense
|
248
|
|
|
273
|
|
|
—
|
|
|
—
|
|
|
248
|
|
|
273
|
|
|
Interest expense and
related charges (a)
|
868
|
|
|
868
|
|
|
—
|
|
|
—
|
|
|
868
|
|
|
868
|
|
|
Depreciation and
amortization (b)
|
1,660
|
|
|
1,660
|
|
|
—
|
|
|
—
|
|
|
1,660
|
|
|
1,660
|
|
|
EBITDA before
Adjustments
|
$
|
3,641
|
|
|
$
|
3,741
|
|
|
$
|
(109)
|
|
|
$
|
(89)
|
|
|
$
|
3,532
|
|
|
$
|
3,652
|
|
|
Unrealized net (gain)
loss resulting from hedging transactions
|
(592)
|
|
|
(592)
|
|
|
—
|
|
|
—
|
|
|
(592)
|
|
|
(592)
|
|
|
Generation plant
retirement expenses
|
46
|
|
|
46
|
|
|
3
|
|
|
3
|
|
|
49
|
|
|
49
|
|
|
Fresh start /
purchase accounting impacts
|
35
|
|
|
35
|
|
|
—
|
|
|
—
|
|
|
35
|
|
|
35
|
|
|
Impacts of Tax
Receivable Agreement
|
41
|
|
|
41
|
|
|
—
|
|
|
—
|
|
|
41
|
|
|
41
|
|
|
Non-cash compensation
expenses
|
48
|
|
|
48
|
|
|
—
|
|
|
—
|
|
|
48
|
|
|
48
|
|
|
Transition and merger
expenses
|
90
|
|
|
90
|
|
|
—
|
|
|
—
|
|
|
90
|
|
|
90
|
|
|
Other, net
|
11
|
|
|
11
|
|
|
1
|
|
|
1
|
|
|
12
|
|
|
12
|
|
|
Adjusted EBITDA
guidance
|
$
|
3,320
|
|
|
$
|
3,420
|
|
|
$
|
(105)
|
|
|
$
|
(85)
|
|
|
$
|
3,215
|
|
|
$
|
3,335
|
|
|
Interest paid,
net
|
(517)
|
|
|
(517)
|
|
|
—
|
|
|
—
|
|
|
(517)
|
|
|
(517)
|
|
|
Tax paid
(c)
|
(18)
|
|
|
(18)
|
|
|
—
|
|
|
—
|
|
|
(18)
|
|
|
(18)
|
|
|
Tax receivable
agreement payments
|
(2)
|
|
|
(2)
|
|
|
—
|
|
|
—
|
|
|
(2)
|
|
|
(2)
|
|
|
Working capital and
margin deposits
|
33
|
|
|
33
|
|
|
(4)
|
|
|
(4)
|
|
|
29
|
|
|
29
|
|
|
Reclamation and
remediation
|
(59)
|
|
|
(59)
|
|
|
(82)
|
|
|
(82)
|
|
|
(141)
|
|
|
(141)
|
|
|
Other changes in
other operating assets and liabilities
|
(143)
|
|
|
(143)
|
|
|
13
|
|
|
13
|
|
|
(130)
|
|
|
(130)
|
|
|
Cash provided by
operating activities
|
$
|
2,614
|
|
|
$
|
2,714
|
|
|
$
|
(178)
|
|
|
$
|
(158)
|
|
|
$
|
2,436
|
|
|
$
|
2,556
|
|
|
Capital expenditures
including nuclear fuel purchases and LTSA Prepayments
|
(603)
|
|
|
(603)
|
|
|
—
|
|
|
—
|
|
|
(603)
|
|
|
(603)
|
|
|
Solar and Moss
Landing development and other growth expenditures
|
(96)
|
|
|
(96)
|
|
|
—
|
|
|
—
|
|
|
(96)
|
|
|
(96)
|
|
|
Acquisitions
|
(849)
|
|
|
(849)
|
|
|
—
|
|
|
—
|
|
|
(849)
|
|
|
(849)
|
|
|
(Purchase) sale of
environmental credits and allowances
|
(73)
|
|
|
(73)
|
|
|
—
|
|
|
—
|
|
|
(73)
|
|
|
(73)
|
|
|
Other net investing
activities
|
(19)
|
|
|
(19)
|
|
|
4
|
|
|
4
|
|
|
(15)
|
|
|
(15)
|
|
|
Free cash
flow
|
$
|
974
|
|
|
$
|
1,074
|
|
|
$
|
(174)
|
|
|
$
|
(154)
|
|
|
$
|
800
|
|
|
$
|
920
|
|
|
Working capital and
margin deposits
|
(33)
|
|
|
(33)
|
|
|
4
|
|
|
4
|
|
|
(29)
|
|
|
(29)
|
|
|
Solar and Moss
Landing development and other growth expenditures
|
96
|
|
|
96
|
|
|
—
|
|
|
—
|
|
|
96
|
|
|
96
|
|
|
Acquisitions
|
849
|
|
|
849
|
|
|
—
|
|
|
—
|
|
|
849
|
|
|
849
|
|
|
Purchase (sale) of
environmental credits and allowances
|
73
|
|
|
73
|
|
|
—
|
|
|
—
|
|
|
73
|
|
|
73
|
|
|
Generation plant
retirement expenses
|
22
|
|
|
22
|
|
|
—
|
|
|
—
|
|
|
22
|
|
|
22
|
|
|
Transition and merger
expenses
|
181
|
|
|
181
|
|
|
—
|
|
|
—
|
|
|
181
|
|
|
181
|
|
|
Transition capital
expenditures
|
38
|
|
|
38
|
|
|
—
|
|
|
—
|
|
|
38
|
|
|
38
|
|
|
Adjusted free cash
flow before growth guidance
|
$
|
2,200
|
|
|
$
|
2,300
|
|
|
$
|
(170)
|
|
|
$
|
(150)
|
|
|
$
|
2,030
|
|
|
$
|
2,150
|
|
|
|
|
(a)
|
Includes unrealized
loss on interest rate swaps of $317 million.
|
(b)
|
Includes nuclear fuel
amortization of $77 million.
|
(c)
|
Includes state tax
payments.
|
VISTRA ENERGY
CORP.
|
NON-GAAP
RECONCILIATIONS - 2020 GUIDANCE
|
(Unaudited)
(Millions of Dollars)
|
|
Ongoing
Operations
|
|
Asset
Closure
|
|
Vistra Energy
Consolidated
|
|
Low
|
|
High
|
|
Low
|
|
High
|
|
Low
|
|
High
|
Net Income
(loss)
|
$
|
849
|
|
|
$
|
1,081
|
|
|
$
|
(95)
|
|
|
$
|
(75)
|
|
|
$
|
754
|
|
|
$
|
1,006
|
|
Income tax
expense
|
252
|
|
|
320
|
|
|
—
|
|
|
—
|
|
|
252
|
|
|
320
|
|
Interest expense and
related charges (a)
|
463
|
|
|
463
|
|
|
—
|
|
|
—
|
|
|
463
|
|
|
463
|
|
Depreciation and
amortization (b)
|
1,600
|
|
|
1,600
|
|
|
—
|
|
|
—
|
|
|
1,600
|
|
|
1,600
|
|
EBITDA before
Adjustments
|
$
|
3,164
|
|
|
$
|
3,464
|
|
|
$
|
(95)
|
|
|
$
|
(75)
|
|
|
$
|
3,069
|
|
|
$
|
3,389
|
|
Unrealized net
(gain)/loss resulting from hedging transactions
|
(29)
|
|
|
(29)
|
|
|
—
|
|
|
—
|
|
|
(29)
|
|
|
(29)
|
|
Impacts of Tax
Receivable Agreement
|
69
|
|
|
69
|
|
|
—
|
|
|
—
|
|
|
69
|
|
|
69
|
|
Non-cash compensation
expenses
|
44
|
|
|
44
|
|
|
—
|
|
|
—
|
|
|
44
|
|
|
44
|
|
Transition and merger
expenses
|
35
|
|
|
35
|
|
|
—
|
|
|
—
|
|
|
35
|
|
|
35
|
|
Other, net
|
2
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
2
|
|
Adjusted EBITDA
guidance
|
$
|
3,285
|
|
|
$
|
3,585
|
|
|
$
|
(95)
|
|
|
$
|
(75)
|
|
|
$
|
3,190
|
|
|
$
|
3,510
|
|
Interest paid,
net
|
(543)
|
|
|
(543)
|
|
|
—
|
|
|
—
|
|
|
(543)
|
|
|
(543)
|
|
Tax (paid)/received
(c)
|
153
|
|
|
153
|
|
|
—
|
|
|
—
|
|
|
153
|
|
|
153
|
|
Tax receivable
agreement payments
|
(3)
|
|
|
(3)
|
|
|
—
|
|
|
—
|
|
|
(3)
|
|
|
(3)
|
|
Working capital and
margin deposits
|
2
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
2
|
|
Reclamation and
remediation
|
(60)
|
|
|
(60)
|
|
|
(126)
|
|
|
(126)
|
|
|
(186)
|
|
|
(186)
|
|
Other changes in
other operating assets and liabilities
|
(80)
|
|
|
(80)
|
|
|
31
|
|
|
31
|
|
|
(49)
|
|
|
(49)
|
|
Cash provided by
operating activities
|
$
|
2,754
|
|
|
$
|
3,054
|
|
|
$
|
(190)
|
|
|
$
|
(170)
|
|
|
$
|
2,564
|
|
|
$
|
2,884
|
|
Capital expenditures
including nuclear fuel purchases and LTSA Prepayments
|
(613)
|
|
|
(613)
|
|
|
—
|
|
|
—
|
|
|
(613)
|
|
|
(613)
|
|
Solar and Moss
Landing development and other growth expenditures
|
(315)
|
|
|
(315)
|
|
|
—
|
|
|
—
|
|
|
(315)
|
|
|
(315)
|
|
(Purchase)/sale of
environmental credits and allowances
|
(39)
|
|
|
(39)
|
|
|
—
|
|
|
—
|
|
|
(39)
|
|
|
(39)
|
|
Other net investing
activities
|
(20)
|
|
|
(20)
|
|
|
—
|
|
|
—
|
|
|
(20)
|
|
|
(20)
|
|
Free cash
flow
|
$
|
1,767
|
|
|
$
|
2,067
|
|
|
$
|
(190)
|
|
|
$
|
(170)
|
|
|
$
|
1,577
|
|
|
$
|
1,897
|
|
Working capital and
margin deposits
|
(2)
|
|
|
(2)
|
|
|
—
|
|
|
—
|
|
|
(2)
|
|
|
(2)
|
|
Moss Landing
development and other growth expenditures
|
315
|
|
|
315
|
|
|
—
|
|
|
—
|
|
|
315
|
|
|
315
|
|
Purchase/(sale) of
environmental credits and allowances
|
39
|
|
|
39
|
|
|
—
|
|
|
—
|
|
|
39
|
|
|
39
|
|
Transition and merger
expenses
|
38
|
|
|
38
|
|
|
—
|
|
|
—
|
|
|
38
|
|
|
38
|
|
Transition capital
expenditures
|
3
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
3
|
|
Adjusted free cash
flow before growth guidance
|
$
|
2,160
|
|
|
$
|
2,460
|
|
|
$
|
(190)
|
|
|
$
|
(170)
|
|
|
$
|
1,970
|
|
|
$
|
2,290
|
|
|
____________
|
|
|
(a)
|
Includes unrealized
gain on interest rate swaps of $21 million.
|
(b)
|
Includes nuclear fuel
amortization of $77 million.
|
(c)
|
Includes state tax
payments.
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/vistra-energy-reports-strong-third-quarter-2019-results-narrows-and-raises-2019-guidance-and-initiates-2020-guidance--increased-from-2019-300951156.html
SOURCE Vistra Energy Corp.