IRVING, Texas, Nov. 4, 2020 /PRNewswire/ -- Vistra (NYSE:
VST):
Financial Highlights
- Delivered third quarter 2020 Net Income of $442 million and Net Income from Ongoing
Operations1 of $502
million. Third quarter 2020 Ongoing Operations Adjusted
EBITDA1 was $1,185
million—results above expectations for the quarter.
- Reaffirmed 2020 Ongoing Operations Adjusted EBITDA1
and Ongoing Operations Adjusted Free Cash Flow before
Growth1 (FCFbG) guidance ranges, as raised and narrowed
on Sept. 29, of $3,485 to $3,685
million and $2,375 to
$2,575 million, respectively, an
expected Adjusted EBITDA to Adjusted FCFbG conversion of ~69%.
Full-year 2020 Ongoing Operations Adjusted EBITDA and Ongoing
Operations Adjusted FCFbG currently tracking above raised guidance
midpoints despite pandemic tail event.
- Reaffirmed 2021 Ongoing Operations Adjusted EBITDA1
and Ongoing Operations Adjusted FCFbG1 guidance ranges,
initiated on Sept. 29, of
$3,075 to $3,475 million and $1,765 to $2,165
million, respectively, an expected Adjusted EBITDA to
Adjusted FCFbG conversion of ~60%.
- Paid a quarterly dividend of $0.135 per share on Sept.
30, 2020, to shareholders of record as of Sept. 16, 2020, or $0.54 per share on an annualized basis.
- Announced a long-term capital allocation plan, with expectation
to return ~$2.7 billion to its
financial stakeholders over the next two years through debt
repayment, dividends, and share repurchases, while simultaneously
reinvesting to transition its generation portfolio. Currently one
notch below investment grade credit ratings and on positive outlook
with all three rating agencies, supporting potential for upgrades
to investment grade in 2021.
($ in millions,
other than
per share)
|
2021
|
2022
|
Debt
Reduction
|
~$550
|
Enhanced
Dividend2
|
$0.58/share
|
$0.76/share
|
Share
Repurchases
|
Up to
$1,500
|
Transformation
Growth
|
~$650
|
~$500
|
- Projected to achieve nearly $700
million of the ~$760 million
of identified Dynegy, Crius Energy (Crius), and Ambit Energy
(Ambit) transaction synergies and Operations Performance Initiative
EBITDA value lever targets by year-end 2020. Vistra expects to
realize and achieve the EBITDA value lever targets as follows:
|
Realized in
Year
|
Achieved by
YE
|
2020
|
$622
|
$697
|
2021
|
$726
|
$756
|
Portfolio Transformation
- Announced today an agreement to acquire the Texas electric retail customers of Infinite
Energy and Veteran Energy at an estimated EV/EBITDA multiple of
~3.7 times, expanding Vistra's retail footprint in the attractive
Texas market with a gain of
~60,000 residential customer equivalents.
- Announced, during its Sept. 29
investor event, the development of nearly 1,000 MW of renewable
generation projects in Texas,
including six solar and one battery energy storage facilities, and
the intention to retire an incremental ~6,800 MW of coal-fueled
generation in Illinois and
Ohio, solidifying steps to
transition Vistra's generation portfolio to cleaner generation
resources and reduce its carbon footprint.
- Launched Vistra Zero, a generation portfolio consisting of
~4,000 MW of zero-carbon generation resources, including its
existing nuclear, solar, and energy storage facilities, as well as
its announced emission-free projects under development. With
investments requiring less than a quarter of Vistra's expected
Adjusted FCFbG, Vistra Zero is projected to reach more than 8,000
MW by 2030, representing nearly 25% of Vistra's Adjusted
EBITDA.
ESG Highlights
- Accelerated its greenhouse gas (GHG) emissions reduction
targets with a goal to achieve a 60% reduction, up from 50%, in
CO2 equivalent emissions by 2030, as compared to a 2010
baseline, and a long-term objective to achieve net-zero carbon
emissions, up from an 80% reduction target, by 2050.
- Published its 2020 Climate Report in accordance with the
recommendations set forth by the Task Force on Climate-related
Financial Disclosures (TCFD), discussing various climate-related
risks and opportunities that Vistra management has identified as
influencing the company's long-term strategy.
- Expanded the responsibilities of the Compensation Committee of
the Board of Directors (Board) to oversee Vistra's social
responsibility initiatives, including diversity, equity and
inclusion, talent management, and culture and community
involvement. This committee will now be referred to as the Social
Responsibility and Compensation Committee. Vistra's ESG priorities
are governed by the Sustainability and Risk, Social Responsibility
and Compensation, and Nominating and Governance Committees of the
Board with the full Board maintaining overall oversight.
- Continued its commitment to employee and contractor health and
safety through sustained temperature testing and entry
questionnaires at Vistra's corporate offices and plant sites,
requiring proper personal protective equipment, including facial
coverings, and reworking processes to maximize social distancing at
work locations, assisting with access to virus testing if
necessary, and maintaining a work-from-home policy for all
employees with remote-work capabilities.
- Distributed $250,000 in Hunger
Action Month (September) donations through Vistra's family of
brands in the communities where the company operates, as the number
of Americans experiencing hunger continues to surge with the
ongoing pandemic.
- Provided $230,000 for the
purchase of nearly 2,000 computers, which were given,
free-of-charge, to low-income families without a computer in the
home, equipping students with the technology needed for online
learning. Through this partnership with Comp-U-Dopt, a non-profit
organization that provides technology access and education to
underserved youth, Vistra assisted students in Dallas, Fort
Worth, and Chicago.
- Supported customers and communities during the pandemic by
providing safe and reliable power, maintaining customer service
levels at all-time highs, donating $2
million to non-profits and social service agencies, and
assisting 12,400 customers impacted by COVID-19 to pay their
electric bills through $3.1 million
in donations.
- Committed $10 million in
donations over the next five years to support organizations that
grow minority-owned small businesses, enhance economic development,
and provide educational opportunities for students from diverse
backgrounds.
(1)
|
Excludes the Asset
Closure segment. Net Income from Ongoing Operations, Ongoing
Operations Adjusted EBITDA, and Ongoing Operations Adjusted FCFbG
are non-GAAP financial measures. See the "Non-GAAP Reconciliation"
tables for further detail.
|
(2)
|
Based on management's
anticipated recommendations; subject to Board's approval at the
applicable time.
|
Summary of Financial Results for Third Quarter Ended
Sept. 30, 2020
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
($ in
millions)
|
|
Sept. 30,
2020
|
Sept. 30,
20192
|
|
Sept. 30,
2020
|
Sept. 30,
20192
|
Net Income
|
|
$ 442
|
$ 114
|
|
$ 651
|
$ 692
|
Ongoing Operations
Net Income1
|
|
$ 502
|
$ 168
|
|
$ 742
|
$ 795
|
Ongoing Operations
Adjusted EBITDA1
|
|
$ 1,185
|
$ 1,077
|
|
$ 2,964
|
$ 2,618
|
Adjusted EBITDA by
Segment
|
|
|
|
|
|
|
Retail3
|
|
$ (140)
|
$ (87)
|
|
$ 572
|
$ 463
|
Texas
|
|
$ 1,000
|
$ 823
|
|
$ 1,477
|
$ 1,183
|
East
|
|
$ 245
|
$ 254
|
|
$ 691
|
$ 734
|
West
|
|
$ 23
|
$ 24
|
|
$ 59
|
$ 48
|
Sunset
|
|
$ 67
|
$ 73
|
|
$ 185
|
$ 205
|
Corp./Other
|
|
$ (10)
|
$ (10)
|
|
$ (20)
|
$ (15)
|
Asset
Closure
|
|
$ (48)
|
$ (17)
|
|
$ (79)
|
$ (64)
|
For the three months ended Sept. 30,
2020, Vistra reported Net Income of $442 million, Net Income from Ongoing
Operations1 of $502
million, and Ongoing Operations Adjusted EBITDA1
of $1,185 million. Vistra's third
quarter 2020 Net Income was $328
million higher than third quarter 2019 Net Income, driven
primarily by an increase in unrealized net gains on hedging
transactions. Vistra's third quarter Adjusted EBITDA from Ongoing
Operations was $108 million higher
than third quarter 2019 results2, primarily driven by
higher margins in its Texas
segment.
Vistra reported third quarter Adjusted EBITDA from the Retail
segment of $(140) million, $53
million lower than third quarter 2019 results, driven by
higher volumes from the Crius and Ambit acquisitions during
negative margin months due to the seasonality of Texas retail margins. Third quarter Adjusted
EBITDA from the generation segments4, on an aggregate
basis, totaled $1,325 million,
$161 million higher than third
quarter 2019 results2 driven by higher margins in the
Texas segment.
For the first nine months of 2020, Vistra reported Net Income of
$651 million, Net Income from Ongoing
Operations1 of $742 million and Ongoing Operations
Adjusted EBITDA1 of $2,964
million. Vistra's Net Income for the first nine months of
2020 was $41 million lower than first
nine months of 2019 Net Income, driven primarily by a decrease in
unrealized gains on hedging transactions. Ongoing Operations
Adjusted EBITDA for the first nine months of 2020 was $346 million higher than the first nine months of
20192, driven primarily by higher margins in the
Texas segment and the acquisitions
of Crius and Ambit.
"Vistra's very strong performance during the first three
quarters of the year has positioned the company to achieve year-end
results firmly above our recently raised 2020 guidance midpoint,"
said Curt Morgan, Vistra's president
and chief executive officer. "This will mark the fifth year in a
row where Vistra has delivered financial results exceeding our
guidance midpoint, with 2020 results achieved despite a tail-event
pandemic. We have a team that knows how to operate cost-effectively
and flexibly to extract the embedded option value from our
portfolio. Since taking over the company in 2016, we have
meaningfully reduced our cost structure, strengthened the balance
sheet to position the business to achieve investment grade credit
ratings, and enhanced the integrated model. We are now set-up to
reinvest in our business as we transform our generation fleet for a
sustainable future, while providing double-digit returns to our
investors on an annual basis. Vistra has positioned the company to
continue to transform our operations to both succeed, and lead, as
the country evolves to combat climate change, without sacrificing
reliability or financial performance, and with the right asset and
business mix for today and the right strategic direction for the
creation of long-term value and a sustainable future."
(1)
|
Excludes results from
the Asset Closure segment. Net Income from Ongoing Operations and
Ongoing Operations Adjusted EBITDA are non-GAAP financial measures.
See the "Non-GAAP Reconciliation" tables for further details. Total
by segment may not tie due to rounding.
|
(2)
|
Q3 2019 and YTD 2019
Ongoing Operations Net Income increased $46 million and $66
million, respectively, and Q3 2019 and YTD 2019 Ongoing Operations
Adjusted EBITDA increased by $13 million and $32 million,
respectively, due to the recast of four Illinois plants retired in
2019 to the Asset Closure segment.
|
(3)
|
Retail Adjusted
EBITDA is negative in the third quarter due to the seasonality of
power costs in Texas. Margins are higher in the first,
second, and fourth quarters, offsetting the negative third quarter
margins.
|
(4)
|
Includes Texas, East,
West, Sunset, and Corp./Other.
|
Guidance
($ in
millions)
|
|
2020
|
2021
|
Ongoing Ops. Adj.
EBITDA1
|
$
|
3,485 –
3,685
|
$
|
3,075 –
3,475
|
Ongoing Ops. Adj.
FCFbG1
|
$
|
2,375 –
2,575
|
$
|
1,765 –
2,165
|
|
|
(1)
|
Excludes the Asset
Closure segment. Ongoing Operations Adjusted EBITDA and Ongoing
Operations Adjusted FCFbG are non-GAAP financial measures. See the
"Non-GAAP Reconciliation" tables for further details.
|
Vistra is reaffirming both its 2020 and 2021 Ongoing Operations
guidance ranges, forecasting 2020 Ongoing Operations Adjusted
EBITDA of $3,485 to $3,685 million, 2020 Ongoing Operations Adjusted
FCFbG of $2,375 to $2,575 million, 2021 Ongoing Operations Adjusted
EBITDA of $3,075 to $3,475 million, and 2021 Ongoing Operations
Adjusted FCFbG of $1,765 to
$2,165 million.
Capital Allocation
Vistra continued to reduce its debt obligation within the
quarter as it approaches its long-term leverage target of 2.5x net
debt to EBITDA. During the third quarter, Vistra repaid
~$750 million of debt, consisting of
~$166 million aggregate principal
amount of Vistra's 8.125% senior unsecured notes due 2026,
$550 million of outstanding
borrowings under its revolving credit facility, and ~$35 million of other debt including term loan
amortization and borrowings under the forward capacity agreement.
Year-to-date, Vistra has reduced its debt by ~$1,150 million.
On Sept. 29, Vistra announced its
long-term capital allocation plan for 2021 and 2022, which includes
continued debt reduction, an enhanced dividend1, a
$1.5 billion authorized share
repurchase program, and planned capital expenditures for
transformational growth. The $1.5
billion share repurchase program authorized by the Board
will begin Jan. 1, 2021, does not
have an expiration date, and replaces any authorization under
Vistra's existing repurchase plan that remains at the end of 2020.
Vistra has not repurchased additional shares under its existing
repurchase program since November
2019, as debt reduction has remained the priority
year-to-date. Net shares outstanding are ~489 million as of
Oct. 30, 2020.
(1)
|
Based on management's
anticipated recommendations; subject to Board's approval at the
applicable time
|
Liquidity
As of Sept. 30, 2020, Vistra had
total available liquidity of ~$2,557
million, including cash and cash equivalents of $500 million and $2,057
million of availability under its revolving credit
facility.
Earnings Webcast
Vistra will host a webcast today, Nov. 4,
2020, beginning at 8 a.m. ET
(7 a.m. CT) to discuss these results
and related matters. The live 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.vistracorp.com under
"Investor Relations" and then "Events & Presentations."
Participants can also listen by phone by registering here prior to
the start time of the call to receive a conference call dial-in
number. 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'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, and other items described from time to time in Vistra's
earnings releases), "Ongoing Operations Adjusted EBITDA" (adjusted
EBITDA less adjusted EBITDA from Asset Closure segment), "Net
Income from Ongoing Operations" (net income less net income 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'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's
non-GAAP financial measures may be different from non-GAAP
financial measures used by other companies.
Vistra 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 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 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's
management and Board have found it informative to view the Asset
Closure segment as separate and distinct from Vistra's ongoing
operations. Vistra uses Net Income from Ongoing Operations as a
non-GAAP measure that is most comparable to the GAAP measure Net
Income in order to illustrate the company's Net Income excluding
the effects of the Asset Closure segment, as well as a measure to
compare to Ongoing Operations Adjusted EBITDA. 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@vistracorp.com
Analysts
Molly Sorg
214-812-0046
Investor@vistracorp.com
About Vistra
Vistra (NYSE: VST) is a leading, Fortune 275 integrated retail
electricity and power generation 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 wholesale 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 natural gas, Vistra is the largest competitive
residential electricity provider in the country and offers over 50
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, including natural gas,
nuclear, solar, and battery energy storage facilities. In addition,
the company is a large purchaser of wind power. The company is
currently constructing a 400-MW/1,600-MWh battery energy storage
system in Moss Landing,
California, which will be the largest of its kind in the
world when it comes online. 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 stakeholders, including our
customers, our communities where we work and live, our employees,
and our investors. Learn more about Vistra's environmental, social,
and governance efforts and read the company's sustainability report
at https://www.vistracorp.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 Corp.
("Vistra") operates and beliefs of and assumptions made by Vistra'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. 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, the potential impacts of the
COVID-19 pandemic on our results of operations, financial condition
and cash flows, 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," "confident",
"expect," "seek," "anticipate," "estimate," "continue," "will,"
"shall," "should," "could," "may," "might," "predict," "project,"
"forecast," "target," "potential," "goal," "objective," "guidance"
and "outlook"),are forward-looking statements. Readers are
cautioned not to place undue reliance on forward-looking
statements. Although Vistra believes that in making any such
forward-looking statement, Vistra'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
to execute upon the contemplated strategic, capital allocation, and
performance initiatives and to successfully integrate acquired
businesses; (iii) actions by credit ratings agencies; (iv) the
severity, magnitude and duration of pandemics, including the
COVID-19 pandemic, and the resulting effects on our results of
operations, financial condition and cash flows; and (v) those
additional risks and factors discussed in reports filed with the
Securities and Exchange Commission by Vistra from time to time,
including the uncertainties and risks discussed in the sections
entitled "Risk Factors" and "Forward-Looking Statements" in
Vistra's annual report on Form 10-K for the year ended December 31, 2019 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 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 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
CORP.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited) (Millions of Dollars, Except Per Share
Amounts)
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Operating
revenues
|
$
|
3,552
|
|
|
$
|
3,194
|
|
|
$
|
8,919
|
|
|
$
|
8,949
|
|
Fuel, purchased power
costs and delivery fees
|
(1,469)
|
|
|
(1,687)
|
|
|
(3,832)
|
|
|
(4,287)
|
|
Operating
costs
|
(457)
|
|
|
(397)
|
|
|
(1,249)
|
|
|
(1,153)
|
|
Depreciation and
amortization
|
(410)
|
|
|
(424)
|
|
|
(1,284)
|
|
|
(1,213)
|
|
Selling, general and
administrative expenses
|
(268)
|
|
|
(246)
|
|
|
(755)
|
|
|
(637)
|
|
Impairment of
long-lived assets
|
(272)
|
|
|
—
|
|
|
(356)
|
|
|
—
|
|
Operating
income
|
676
|
|
|
440
|
|
|
1,443
|
|
|
1,659
|
|
Other
income
|
8
|
|
|
6
|
|
|
19
|
|
|
45
|
|
Other
deductions
|
—
|
|
|
(4)
|
|
|
(35)
|
|
|
(9)
|
|
Interest expense and
related charges
|
(101)
|
|
|
(224)
|
|
|
(541)
|
|
|
(720)
|
|
Impacts of Tax
Receivable Agreement
|
58
|
|
|
(62)
|
|
|
44
|
|
|
(26)
|
|
Equity in earnings of
unconsolidated investment
|
—
|
|
|
3
|
|
|
4
|
|
|
13
|
|
Income before income
taxes
|
641
|
|
|
159
|
|
|
934
|
|
|
962
|
|
Income tax
expense
|
(199)
|
|
|
(45)
|
|
|
(283)
|
|
|
(270)
|
|
Net income
|
$
|
442
|
|
|
$
|
114
|
|
|
$
|
651
|
|
|
$
|
692
|
|
Net (income) loss
attributable to noncontrolling interest
|
1
|
|
|
(1)
|
|
|
14
|
|
|
2
|
|
Net income
attributable to Vistra Energy
|
$
|
443
|
|
|
$
|
113
|
|
|
$
|
665
|
|
|
$
|
694
|
|
VISTRA
CORP.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) (Millions of Dollars)
|
|
Nine Months Ended
September 30,
|
|
2020
|
|
2019
|
Cash flows —
operating activities:
|
|
|
|
Net income
|
$
|
651
|
|
|
$
|
692
|
|
Adjustments to
reconcile net income to cash provided by operating
activities:
|
|
|
|
Depreciation and
amortization
|
1,512
|
|
|
1,394
|
|
Deferred income tax
expense, net
|
264
|
|
|
254
|
|
Impairment of
long-lived assets
|
356
|
|
|
—
|
|
Loss on disposal of
investment in NELP
|
29
|
|
|
—
|
|
Unrealized net gain
from mark-to-market valuations of commodities
|
(444)
|
|
|
(625)
|
|
Unrealized net loss
from mark-to-market valuations of interest rate swaps
|
181
|
|
|
275
|
|
Asset retirement
obligation accretion expense
|
33
|
|
|
40
|
|
Impacts of Tax
Receivable Agreement
|
(44)
|
|
|
26
|
|
Stock-based
compensation
|
46
|
|
|
35
|
|
Other, net
|
115
|
|
|
12
|
|
Changes in operating
assets and liabilities:
|
|
|
|
Margin deposits,
net
|
60
|
|
|
129
|
|
Accrued
interest
|
(97)
|
|
|
15
|
|
Accrued
taxes
|
(35)
|
|
|
(31)
|
|
Accrued employee
incentive
|
(20)
|
|
|
(53)
|
|
Other operating assets
and liabilities
|
(257)
|
|
|
(340)
|
|
Cash provided by
operating activities
|
2,350
|
|
|
1,823
|
|
Cash flows —
investing activities:
|
|
|
|
Capital expenditures,
including nuclear fuel purchases and LTSA prepayments
|
(838)
|
|
|
(474)
|
|
Crius acquisition (net
of cash acquired)
|
—
|
|
|
(374)
|
|
Proceeds from sales of
nuclear decommissioning trust fund securities
|
291
|
|
|
354
|
|
Investments in nuclear
decommissioning trust fund securities
|
(307)
|
|
|
(370)
|
|
Proceeds from sale of
environmental allowances
|
91
|
|
|
32
|
|
Purchases of
environmental allowances
|
(210)
|
|
|
(169)
|
|
Proceeds from sale of
assets
|
23
|
|
|
6
|
|
Other, net
|
23
|
|
|
16
|
|
Cash used in investing
activities
|
(927)
|
|
|
(979)
|
|
Cash flows —
financing activities:
|
|
|
|
Issuances of long-term
debt
|
—
|
|
|
4,600
|
|
Repayments/repurchases
of debt
|
(955)
|
|
|
(4,668)
|
|
Net borrowings under
accounts receivable securitization program
|
175
|
|
|
261
|
|
Borrowings under
Revolving Credit Facility
|
1,075
|
|
|
100
|
|
Repayments under
Revolving Credit Facility
|
(1,425)
|
|
|
(100)
|
|
Stock
repurchase
|
—
|
|
|
(632)
|
|
Dividends paid to
stockholders
|
(198)
|
|
|
(181)
|
|
Debt tender offer and
other financing fees
|
(17)
|
|
|
(170)
|
|
Other, net
|
(3)
|
|
|
6
|
|
Cash used in financing
activities
|
(1,348)
|
|
|
(784)
|
|
Net change in cash,
cash equivalents and restricted cash
|
75
|
|
|
60
|
|
Cash, cash
equivalents and restricted cash — beginning balance
|
475
|
|
|
693
|
|
Cash, cash
equivalents and restricted cash — ending balance
|
$
|
550
|
|
|
$
|
753
|
|
VISTRA
CORP.
|
NON-GAAP
RECONCILIATIONS - ADJUSTED EBITDA
|
FOR THE THREE
MONTHS ENDED SEPTEMBER 30, 2020
|
(Unaudited)
(Millions of Dollars)
|
|
|
Retail
|
|
Texas
|
|
East
|
|
West
|
|
Sunset
|
|
Eliminations /
Corp and
Other
|
|
Ongoing
Operations
Consolidated
|
|
Asset
Closure
|
|
Vistra Corp.
Consolidated
|
Net income
(loss)
|
$
|
109
|
|
|
$
|
925
|
|
|
$
|
100
|
|
|
$
|
29
|
|
|
$
|
(385)
|
|
|
$
|
(276)
|
|
|
$
|
502
|
|
|
$
|
(60)
|
|
|
$
|
442
|
|
Income tax
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
199
|
|
|
199
|
|
|
—
|
|
|
199
|
|
Interest expense
and
related charges (a)
|
2
|
|
|
(2)
|
|
|
2
|
|
|
(3)
|
|
|
1
|
|
|
101
|
|
|
101
|
|
|
—
|
|
|
101
|
|
Depreciation and
amortization (b)
|
67
|
|
|
138
|
|
|
181
|
|
|
5
|
|
|
13
|
|
|
17
|
|
|
421
|
|
|
10
|
|
|
431
|
|
EBITDA before
Adjustments
|
178
|
|
|
1,061
|
|
|
283
|
|
|
31
|
|
|
(371)
|
|
|
41
|
|
|
1,223
|
|
|
(50)
|
|
|
1,173
|
|
Unrealized net
(gain)/
loss resulting from hedging
transactions
|
(316)
|
|
|
(78)
|
|
|
(40)
|
|
|
(9)
|
|
|
122
|
|
|
—
|
|
|
(321)
|
|
|
—
|
|
|
(321)
|
|
Generation
plant retirement
expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
43
|
|
|
—
|
|
|
43
|
|
|
—
|
|
|
43
|
|
Fresh
start/purchase
accounting impacts
|
(6)
|
|
|
—
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Impacts of Tax
Receivable Agreement
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(58)
|
|
|
(58)
|
|
|
—
|
|
|
(58)
|
|
Non-cash
compensation
expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16
|
|
|
16
|
|
|
—
|
|
|
16
|
|
Transition and
merger
expenses
|
1
|
|
|
—
|
|
|
(5)
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
(2)
|
|
|
—
|
|
|
(2)
|
|
Impairment of
long-
lived assets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
272
|
|
|
—
|
|
|
272
|
|
|
—
|
|
|
272
|
|
Loss on disposal
of
investment in NELP
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
COVID-19-related
expenses (c)
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
Other, net
|
3
|
|
|
15
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
(11)
|
|
|
9
|
|
|
2
|
|
|
11
|
|
Adjusted
EBITDA
|
$
|
(140)
|
|
|
$
|
1,000
|
|
|
$
|
245
|
|
|
$
|
23
|
|
|
$
|
67
|
|
|
$
|
(10)
|
|
|
$
|
1,185
|
|
|
$
|
(48)
|
|
|
$
|
1,137
|
|
___________
|
(a) Includes $11 million of
unrealized mark-to-market net gains on interest rate
swaps.
|
(b) Includes nuclear fuel
amortization of $20 million in the Texas segment.
|
(c) Includes material and
supplies and other incremental costs related to our COVID-19
response.
|
VISTRA
CORP.
|
NON-GAAP
RECONCILIATIONS - ADJUSTED EBITDA
|
FOR THE NINE
MONTHS ENDED SEPTEMBER 30, 2020
|
(Unaudited)
(Millions of Dollars)
|
|
|
Retail
|
|
Texas
|
|
East
|
|
West
|
|
Sunset
|
|
Eliminations /
Corp and
Other
|
|
Ongoing
Operations
Consolidated
|
|
Asset
Closure
|
|
Vistra Corp.
Consolidated
|
Net income
(loss)
|
$
|
433
|
|
|
$
|
1,482
|
|
|
$
|
119
|
|
|
$
|
49
|
|
|
$
|
(465)
|
|
|
$
|
(876)
|
|
|
$
|
742
|
|
|
$
|
(91)
|
|
|
$
|
651
|
|
Income tax
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
283
|
|
|
283
|
|
|
—
|
|
|
283
|
|
Interest expense
and
related charges (a)
|
8
|
|
|
(6)
|
|
|
6
|
|
|
(6)
|
|
|
2
|
|
|
537
|
|
|
541
|
|
|
—
|
|
|
541
|
|
Depreciation and
amortization (b)
|
229
|
|
|
427
|
|
|
540
|
|
|
14
|
|
|
73
|
|
|
48
|
|
|
1,331
|
|
|
10
|
|
|
1,341
|
|
EBITDA before
Adjustments
|
670
|
|
|
1,903
|
|
|
665
|
|
|
57
|
|
|
(390)
|
|
|
(8)
|
|
|
2,897
|
|
|
(81)
|
|
|
2,816
|
|
Unrealized net
(gain)/
loss resulting from
hedging transactions
|
(114)
|
|
|
(449)
|
|
|
(37)
|
|
|
(1)
|
|
|
157
|
|
|
—
|
|
|
(444)
|
|
|
—
|
|
|
(444)
|
|
Generation plant
retirement expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
43
|
|
|
—
|
|
|
43
|
|
|
—
|
|
|
43
|
|
Fresh
start/purchase
accounting impacts
|
1
|
|
|
(4)
|
|
|
23
|
|
|
—
|
|
|
14
|
|
|
—
|
|
|
34
|
|
|
—
|
|
|
34
|
|
Impacts of Tax
Receivable Agreement
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(44)
|
|
|
(44)
|
|
|
—
|
|
|
(44)
|
|
Non-cash
compensation
expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
46
|
|
|
46
|
|
|
—
|
|
|
46
|
|
Transition and
merger
expenses
|
8
|
|
|
(2)
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|
17
|
|
|
—
|
|
|
17
|
|
Impairment of
long-
lived assets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
356
|
|
|
—
|
|
|
356
|
|
|
—
|
|
|
356
|
|
Loss on disposal
of
investment in NELP
|
—
|
|
|
—
|
|
|
29
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
29
|
|
|
—
|
|
|
29
|
|
COVID-19-related
expenses (c)
|
—
|
|
|
12
|
|
|
2
|
|
|
—
|
|
|
3
|
|
|
1
|
|
|
18
|
|
|
—
|
|
|
18
|
|
Other, net
|
7
|
|
|
17
|
|
|
8
|
|
|
3
|
|
|
2
|
|
|
(25)
|
|
|
12
|
|
|
2
|
|
|
14
|
|
Adjusted
EBITDA
|
$
|
572
|
|
|
$
|
1,477
|
|
|
$
|
691
|
|
|
$
|
59
|
|
|
$
|
185
|
|
|
$
|
(20)
|
|
|
$
|
2,964
|
|
|
$
|
(79)
|
|
|
$
|
2,885
|
|
___________
|
(a) Includes $181 million of
unrealized mark-to-market net losses on interest rate
swaps.
|
(b) Includes nuclear fuel
amortization of $57 million in the Texas segment.
|
(c) Includes material and
supplies and other incremental costs related to our COVID-19
response.
|
VISTRA
CORP.
|
NON-GAAP
RECONCILIATIONS - ADJUSTED EBITDA
|
FOR THE THREE
MONTHS ENDED SEPTEMBER 30, 20191
|
(Unaudited)
(Millions of Dollars)
|
|
|
Retail
|
|
Texas
|
|
East
|
|
West
|
|
Sunset
|
|
Eliminations /
Corp and Other
|
|
Ongoing Operations
Consolidated
|
|
Asset
Closure
|
|
Vistra Corp.
Consolidated
|
Net income
(loss)
|
$
|
573
|
|
|
$
|
(10)
|
|
|
$
|
14
|
|
|
$
|
41
|
|
|
$
|
(97)
|
|
|
$
|
(353)
|
|
|
$
|
168
|
|
|
$
|
(54)
|
|
|
$
|
114
|
|
Income tax
expense
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
45
|
|
|
45
|
|
|
—
|
|
|
45
|
|
Interest expense
and
related charges (a)
|
8
|
|
|
(2)
|
|
|
3
|
|
|
—
|
|
|
2
|
|
|
213
|
|
|
224
|
|
|
—
|
|
|
224
|
|
Depreciation and
amortization (b)
|
86
|
|
|
146
|
|
|
170
|
|
|
5
|
|
|
21
|
|
|
16
|
|
|
444
|
|
|
—
|
|
|
444
|
|
EBITDA before
Adjustments
|
667
|
|
|
134
|
|
|
187
|
|
|
46
|
|
|
(74)
|
|
|
(79)
|
|
|
881
|
|
|
(54)
|
|
|
827
|
|
Unrealized net
(gain)/
loss resulting from
hedging transactions
|
(769)
|
|
|
682
|
|
|
60
|
|
|
(21)
|
|
|
127
|
|
|
—
|
|
|
79
|
|
|
—
|
|
|
79
|
|
Generation plant
retirement expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11
|
|
|
—
|
|
|
11
|
|
|
38
|
|
|
49
|
|
Fresh start /
purchase
accounting impacts
|
(12)
|
|
|
—
|
|
|
—
|
|
|
(1)
|
|
|
8
|
|
|
—
|
|
|
(5)
|
|
|
(3)
|
|
|
(8)
|
|
Impacts of Tax
Receivable Agreement
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
62
|
|
|
62
|
|
|
—
|
|
|
62
|
|
Non-cash
compensation
expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
12
|
|
|
—
|
|
|
12
|
|
Transition and
merger
expenses
|
24
|
|
|
5
|
|
|
1
|
|
|
—
|
|
|
2
|
|
|
5
|
|
|
37
|
|
|
1
|
|
|
38
|
|
Other, net
|
3
|
|
|
2
|
|
|
6
|
|
|
—
|
|
|
(1)
|
|
|
(10)
|
|
|
—
|
|
|
1
|
|
|
1
|
|
Adjusted
EBITDA
|
$
|
(87)
|
|
|
$
|
823
|
|
|
$
|
254
|
|
|
$
|
24
|
|
|
$
|
73
|
|
|
$
|
(10)
|
|
|
$
|
1,077
|
|
|
$
|
(17)
|
|
|
$
|
1,060
|
|
___________
|
1 Q3
2019 results increased by $13 million due to the recast of four
Illinois plants retired in 2019 to the Asset Closure
segment.
|
|
(a) Includes $76 million of
unrealized mark-to-market net losses on interest rate
swaps.
|
(b) Includes nuclear fuel
amortization of $20 million in the Texas segment.
|
VISTRA
CORP.
|
NON-GAAP
RECONCILIATIONS - ADJUSTED EBITDA
|
FOR THE NINE
MONTHS ENDED SEPTEMBER 30, 20191
|
(Unaudited)
(Millions of Dollars)
|
|
|
Retail
|
|
Texas
|
|
East
|
|
West
|
|
Sunset
|
|
Eliminations /
Corp and
Other
|
|
Ongoing
Operations
Consolidated
|
|
Asset
Closure
|
|
Vistra Corp.
Consolidated
|
Net income
(loss)
|
$
|
3
|
|
|
$
|
1,346
|
|
|
$
|
263
|
|
|
$
|
79
|
|
|
$
|
166
|
|
|
$
|
(1,062)
|
|
|
$
|
795
|
|
|
$
|
(103)
|
|
|
$
|
692
|
|
Income tax
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
270
|
|
|
270
|
|
|
—
|
|
|
270
|
|
Interest expense
and
related charges (a)
|
16
|
|
|
(7)
|
|
|
10
|
|
|
—
|
|
|
5
|
|
|
696
|
|
|
720
|
|
|
—
|
|
|
720
|
|
Depreciation and
amortization (b)
|
204
|
|
|
438
|
|
|
506
|
|
|
14
|
|
|
59
|
|
|
45
|
|
|
1,266
|
|
|
—
|
|
|
1,266
|
|
EBITDA before
Adjustments
|
223
|
|
|
1,777
|
|
|
779
|
|
|
93
|
|
|
230
|
|
|
(51)
|
|
|
3,051
|
|
|
(103)
|
|
|
2,948
|
|
Unrealized net
(gain)/
loss resulting from
hedging transactions
|
192
|
|
|
(616)
|
|
|
(74)
|
|
|
(45)
|
|
|
(82)
|
|
|
—
|
|
|
(625)
|
|
|
—
|
|
|
(625)
|
|
Generation plant
retirement expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11
|
|
|
—
|
|
|
11
|
|
|
38
|
|
|
49
|
|
Fresh start /
purchase
accounting impacts
|
17
|
|
|
—
|
|
|
4
|
|
|
(3)
|
|
|
10
|
|
|
—
|
|
|
28
|
|
|
(2)
|
|
|
26
|
|
Impacts of Tax
Receivable Agreement
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
26
|
|
|
26
|
|
|
—
|
|
|
26
|
|
Non-cash
compensation
expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
36
|
|
|
36
|
|
|
—
|
|
|
36
|
|
Transition and
merger
expenses
|
24
|
|
|
11
|
|
|
5
|
|
|
1
|
|
|
26
|
|
|
15
|
|
|
82
|
|
|
—
|
|
|
82
|
|
Other, net
|
7
|
|
|
11
|
|
|
20
|
|
|
2
|
|
|
10
|
|
|
(41)
|
|
|
9
|
|
|
3
|
|
|
12
|
|
Adjusted
EBITDA
|
$
|
463
|
|
|
$
|
1,183
|
|
|
$
|
734
|
|
|
$
|
48
|
|
|
$
|
205
|
|
|
$
|
(15)
|
|
|
$
|
2,618
|
|
|
$
|
(64)
|
|
|
$
|
2,554
|
|
___________
|
1 YTD
2019 results increased by $32 million due to the recast of four
Illinois plants retired in 2019 to the Asset Closure
segment.
|
|
(a) Includes $275 million of
unrealized mark-to-market net losses on interest rate
swaps.
|
(b) Includes nuclear fuel
amortization of $53 million in the Texas segment.
|
VISTRA
CORP.
|
NON-GAAP
RECONCILIATIONS - 2020 GUIDANCE1
|
(Unaudited)
(Millions of Dollars)
|
|
|
Ongoing
Operations
|
|
Asset
Closure
|
|
Vistra
Corp.
Consolidated
|
|
Low
|
|
High
|
|
Low
|
|
High
|
|
Low
|
|
High
|
Net income
(loss)
|
$
|
897
|
|
|
$
|
1,053
|
|
|
$
|
(87)
|
|
|
$
|
(77)
|
|
|
$
|
810
|
|
|
$
|
976
|
|
Income tax
expense
|
249
|
|
|
293
|
|
|
—
|
|
|
—
|
|
|
249
|
|
|
293
|
|
Interest expense and
related charges (a)
|
657
|
|
|
657
|
|
|
—
|
|
|
—
|
|
|
657
|
|
|
657
|
|
Depreciation and
amortization (b)
|
1,750
|
|
|
1,750
|
|
|
—
|
|
|
—
|
|
|
1,750
|
|
|
1,750
|
|
EBITDA before
Adjustments
|
$
|
3,553
|
|
|
$
|
3,753
|
|
|
$
|
(87)
|
|
|
$
|
(77)
|
|
|
$
|
3,466
|
|
|
$
|
3,676
|
|
Unrealized net
(gain)/loss resulting from hedging transactions
|
(364)
|
|
|
(364)
|
|
|
—
|
|
|
—
|
|
|
(364)
|
|
|
(364)
|
|
Fresh start / purchase
accounting impacts
|
31
|
|
|
31
|
|
|
—
|
|
|
—
|
|
|
31
|
|
|
31
|
|
Impacts of Tax
Receivable Agreement
|
47
|
|
|
47
|
|
|
—
|
|
|
—
|
|
|
47
|
|
|
47
|
|
Non-cash compensation
expenses
|
59
|
|
|
59
|
|
|
—
|
|
|
—
|
|
|
59
|
|
|
59
|
|
Transition and merger
expenses
|
40
|
|
|
40
|
|
|
1
|
|
|
1
|
|
|
41
|
|
|
41
|
|
Other, net
|
119
|
|
|
119
|
|
|
1
|
|
|
1
|
|
|
120
|
|
|
120
|
|
Adjusted EBITDA
guidance
|
$
|
3,485
|
|
|
$
|
3,685
|
|
|
$
|
(85)
|
|
|
$
|
(75)
|
|
|
$
|
3,400
|
|
|
$
|
3,610
|
|
Interest paid,
net
|
(514)
|
|
|
(514)
|
|
|
—
|
|
|
—
|
|
|
(514)
|
|
|
(514)
|
|
Tax (paid)/received
(c)
|
136
|
|
|
136
|
|
|
—
|
|
|
—
|
|
|
136
|
|
|
136
|
|
Tax receivable
agreement payments
|
(1)
|
|
|
(1)
|
|
|
—
|
|
|
—
|
|
|
(1)
|
|
|
(1)
|
|
Working capital and
margin deposits
|
17
|
|
|
17
|
|
|
(5)
|
|
|
(5)
|
|
|
12
|
|
|
12
|
|
Reclamation and
remediation
|
(34)
|
|
|
(34)
|
|
|
(94)
|
|
|
(94)
|
|
|
(128)
|
|
|
(128)
|
|
Other changes in other
operating assets and liabilities
|
(129)
|
|
|
(129)
|
|
|
(3)
|
|
|
(3)
|
|
|
(132)
|
|
|
(132)
|
|
Cash provided by
operating activities
|
$
|
2,960
|
|
|
$
|
3,160
|
|
|
$
|
(187)
|
|
|
$
|
(177)
|
|
|
$
|
2,773
|
|
|
$
|
2,983
|
|
Capital expenditures
including nuclear fuel purchases and LTSA
prepayments
|
(704)
|
|
|
(704)
|
|
|
—
|
|
|
—
|
|
|
(704)
|
|
|
(704)
|
|
Solar and Moss Landing
development and other growth
expenditures
|
(377)
|
|
|
(377)
|
|
|
—
|
|
|
—
|
|
|
(377)
|
|
|
(377)
|
|
(Purchase)/sale of
environmental credits and allowances
|
(253)
|
|
|
(253)
|
|
|
—
|
|
|
—
|
|
|
(253)
|
|
|
(253)
|
|
Other net investing
activities
|
(1)
|
|
|
(1)
|
|
|
7
|
|
|
7
|
|
|
6
|
|
|
6
|
|
Free cash
flow
|
$
|
1,625
|
|
|
$
|
1,825
|
|
|
$
|
(180)
|
|
|
$
|
(170)
|
|
|
$
|
1,445
|
|
|
$
|
1,655
|
|
Working capital and
margin deposits
|
(17)
|
|
|
(17)
|
|
|
5
|
|
|
5
|
|
|
(12)
|
|
|
(12)
|
|
Solar and Moss Landing
development and other growth
expenditures
|
377
|
|
|
377
|
|
|
—
|
|
|
—
|
|
|
377
|
|
|
377
|
|
Purchase/(sale) of
environmental credits and allowances
|
253
|
|
|
253
|
|
|
—
|
|
|
—
|
|
|
253
|
|
|
253
|
|
Transition and merger
expenses
|
114
|
|
|
114
|
|
|
10
|
|
|
10
|
|
|
124
|
|
|
124
|
|
Transition capital
expenditures
|
23
|
|
|
23
|
|
|
—
|
|
|
—
|
|
|
23
|
|
|
23
|
|
Adjusted free cash
flow before growth guidance
|
$
|
2,375
|
|
|
$
|
2,575
|
|
|
$
|
(165)
|
|
|
$
|
(155)
|
|
|
$
|
2,210
|
|
|
$
|
2,420
|
|
____________
|
1
Regulation G Table for 2020 Guidance prepared as of September 29,
2020.
|
|
(a) Includes unrealized loss
on interest rate swaps of $181 million (an incremental loss of $202
million from prior 2020 guidance).
|
(b) Includes nuclear fuel
amortization of $74 million.
|
(c) Includes state tax
payments.
|
VISTRA
CORP.
|
NON-GAAP
RECONCILIATIONS - 2021 GUIDANCE1
|
(Unaudited)
(Millions of Dollars)
|
|
|
Ongoing
Operations
|
|
Asset
Closure
|
|
Vistra
Corp.
Consolidated
|
|
Low
|
|
High
|
|
Low
|
|
High
|
|
Low
|
|
High
|
Net income
(loss)
|
$
|
607
|
|
|
$
|
920
|
|
|
$
|
(80)
|
|
|
$
|
(60)
|
|
|
$
|
527
|
|
|
$
|
860
|
|
Income tax
expense
|
195
|
|
|
283
|
|
|
—
|
|
|
—
|
|
|
195
|
|
|
283
|
|
Interest expense and
related charges (a)
|
429
|
|
|
429
|
|
|
—
|
|
|
—
|
|
|
429
|
|
|
429
|
|
Depreciation and
amortization (b)
|
1,650
|
|
|
1,650
|
|
|
—
|
|
|
—
|
|
|
1,650
|
|
|
1,650
|
|
EBITDA before
Adjustments
|
$
|
2,881
|
|
|
$
|
3,282
|
|
|
$
|
(80)
|
|
|
$
|
(60)
|
|
|
$
|
2,801
|
|
|
$
|
3,222
|
|
Unrealized net
(gain)/loss resulting from hedging transactions
|
59
|
|
|
59
|
|
|
—
|
|
|
—
|
|
|
59
|
|
|
59
|
|
Fresh start / purchase
accounting impacts
|
2
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
2
|
|
Impacts of Tax
Receivable Agreement
|
75
|
|
|
75
|
|
|
—
|
|
|
—
|
|
|
75
|
|
|
75
|
|
Non-cash compensation
expenses
|
45
|
|
|
45
|
|
|
—
|
|
|
—
|
|
|
45
|
|
|
45
|
|
Transition and merger
expenses
|
10
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|
10
|
|
Other, net
|
3
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
2
|
|
Adjusted EBITDA
guidance
|
$
|
3,075
|
|
|
$
|
3,475
|
|
|
$
|
(80)
|
|
|
$
|
(60)
|
|
|
$
|
2,995
|
|
|
$
|
3,415
|
|
Interest paid,
net
|
(456)
|
|
|
(456)
|
|
|
—
|
|
|
—
|
|
|
(456)
|
|
|
(456)
|
|
Tax (paid)/received
(c)
|
(60)
|
|
|
(60)
|
|
|
—
|
|
|
—
|
|
|
(60)
|
|
|
(60)
|
|
Tax receivable
agreement payments
|
(3)
|
|
|
(3)
|
|
|
—
|
|
|
—
|
|
|
(3)
|
|
|
(3)
|
|
Working capital and
margin deposits
|
60
|
|
|
60
|
|
|
—
|
|
|
—
|
|
|
60
|
|
|
60
|
|
Reclamation and
remediation
|
(38)
|
|
|
(38)
|
|
|
(100)
|
|
|
(100)
|
|
|
(138)
|
|
|
(138)
|
|
Other changes in other
operating assets and liabilities
|
1
|
|
|
1
|
|
|
(6)
|
|
|
(6)
|
|
|
(5)
|
|
|
(5)
|
|
Cash provided by
operating activities
|
$
|
2,579
|
|
|
$
|
2,979
|
|
|
$
|
(186)
|
|
|
$
|
(166)
|
|
|
$
|
2,393
|
|
|
$
|
2,813
|
|
Capital expenditures
including nuclear fuel purchases and LTSA
prepayments
|
(771)
|
|
|
(771)
|
|
|
—
|
|
|
—
|
|
|
(771)
|
|
|
(771)
|
|
Solar and Moss Landing
development and other growth
expenditures
|
(687)
|
|
|
(687)
|
|
|
—
|
|
|
—
|
|
|
(687)
|
|
|
(687)
|
|
(Purchase)/sale of
environmental credits and allowances
|
(29)
|
|
|
(29)
|
|
|
—
|
|
|
—
|
|
|
(29)
|
|
|
(29)
|
|
Other net investing
activities
|
(20)
|
|
|
(20)
|
|
|
6
|
|
|
6
|
|
|
(14)
|
|
|
(14)
|
|
Free cash
flow
|
$
|
1,072
|
|
|
$
|
1,472
|
|
|
$
|
(180)
|
|
|
$
|
(160)
|
|
|
$
|
892
|
|
|
$
|
1,312
|
|
Working capital and
margin deposits
|
(60)
|
|
|
(60)
|
|
|
—
|
|
|
—
|
|
|
(60)
|
|
|
(60)
|
|
Solar and Moss Landing
development and other growth
expenditures
|
687
|
|
|
687
|
|
|
—
|
|
|
—
|
|
|
687
|
|
|
687
|
|
Purchase/(sale) of
environmental credits and allowances
|
29
|
|
|
29
|
|
|
—
|
|
|
—
|
|
|
29
|
|
|
29
|
|
Transition and merger
expenses
|
28
|
|
|
28
|
|
|
—
|
|
|
—
|
|
|
28
|
|
|
28
|
|
Transition capital
expenditures
|
9
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
9
|
|
Adjusted free cash
flow before growth guidance
|
$
|
1,765
|
|
|
$
|
2,165
|
|
|
$
|
(180)
|
|
|
$
|
(160)
|
|
|
$
|
1,585
|
|
|
$
|
2,005
|
|
____________
|
1
Regulation G Table for 2021 Guidance prepared as of September 29,
2020.
|
|
(a) Includes unrealized gain
on interest rate swaps of $52 million.
|
(b) Includes nuclear fuel
amortization of $82 million.
|
(c) Includes state tax
payments.
|
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SOURCE Vistra