IRVING, Texas, Aug. 5, 2021 /PRNewswire/ -- Vistra
(NYSE: VST)
Financial and Operating Highlights
- Delivered second quarter 2021 Net Income of $35 million and Net Income from Ongoing
Operations1 of $49
million. Second quarter 2021 Ongoing Operations Adjusted
EBITDA1 was $909 million,
which excludes the impacts from Winter
Storm Uri1,2 (Uri) and was in-line with
management expectations for the period. Including these Uri
impacts, Vistra's second quarter 2021 Ongoing Operations Adjusted
EBITDA1 was $825
million.
- Reaffirmed 2021 Ongoing Operations Adjusted EBITDA1
and Ongoing Operations Adjusted Free Cash Flow before
Growth1 (FCFbG) guidance ranges of $1,475 to $1,875
million and $200 to
$600 million, respectively.
- Paid a quarterly dividend of $0.15 per share, or $0.60 per share on an annualized basis, on
June 30, 2021, to shareholders of
record as of June 16, 2020.
- Issued $1,250 million 4.375%
Senior Unsecured Notes due May 1,
2029, with the proceeds used to repay all outstanding
principal amounts of the $1,250
million 364-day Term Loan A issued in March and April 2021 following Uri.
- Implementing post-Uri activities including investing nearly
$50 million in 2021 for enhanced
weatherization of power generating units in the ERCOT market;
adding additional dual fuel capabilities and gas storage;
participating in processes with the PUCT and ERCOT to implement
recent Texas legislation related
to Uri, particularly registration and weatherization of critical
gas and electric infrastructure; engaging in processes to evaluate
potential market reforms; and implementing new risk management
policies to further protect Vistra's future earnings and cash
flows.
ESG Highlights
- Completed phase II of the Moss Landing Energy Storage Facility,
increasing the capacity of the lithium-ion battery storage system
to 400 MW/1,600 MWh. The system is located on-site at Vistra's Moss
Landing Power Plant in Monterey County,
California, and is the largest of its kind operational in
the world.
- Published 2020 Sustainability Report, showcasing commitment to
all stakeholders and highlighting significant progress toward
sustainability goals.
- Joined SBTi's Business Ambition for 1.5°C, committing to align
emissions reduction targets with the Paris Agreement to keep
warming to 1.5°C and reaching science-based net-zero emissions by
2050.
- Announced the retirement dates for two coal plants, with the
Zimmer Power Plant in Ohio now
slated to retire by May 31, 2022 and
the Joppa Power Plant in Illinois
set to retire by Sept. 1, 2022. The
retirement of these plants will bring Vistra approximately 5%
closer to achieving its 2030 emissions reduction target.
- Launched 23rd annual Beat the Heat program providing drive-thru
distributions of new A/C units and fans, energy conservation tips,
and financial assistance for TXU Energy customers.
- Launched TXU Energy EV PassSM, a plan designed for
electric vehicle owners giving customers 50% off all energy charges
every weeknight and all weekend long – providing automatic bill
credits at times when customers are normally charging their
vehicles.
(1)
|
Excludes the Asset
Closure segment. Net Income from Ongoing Operations Ongoing
Operations Adjusted EBITDA, Ongoing Operations Adjusted EBITDA,
excluding Winter Storm Uri, and Ongoing Operations Adjusted FCFbG
are non-GAAP financial measures. See the "Non-GAAP Reconciliation"
tables for further detail.
|
(2)
|
Excludes $84 million
of costs related to Uri including fuel cost adjustments and
removing the impact from bill credits applied to large commercial
and industrial customer bills that curtailed during Uri.
|
Summary of Financial Results for Second Quarter Ended
June 30, 2021
|
|
Three Months
Ended
|
|
Six Months
Ended
|
($ in
millions)
|
|
June 30,
2021
|
June 30,
2020
|
|
June 30,
2021
|
June 30,
20203
|
Net Income
|
|
$ 35
|
$ 164
|
|
$ (2,004)
|
$ 209
|
Ongoing Operations
Net Income1
|
|
$ 49
|
$ 176
|
|
$ (1,991)
|
$ 238
|
Ongoing Operations
Adjusted EBITDA1
|
|
$ 825
|
$ 929
|
|
$ (402)
|
$ 1,780
|
Excluding
Uri1,2
|
|
$ 909
|
|
|
$ 1,643
|
|
Adjusted EBITDA by
Segment
|
|
|
|
|
|
|
Retail
|
|
$ 510
|
$ 401
|
|
$ 310
|
$ 712
|
Texas
|
|
$ 144
|
$ 260
|
|
$ (1,208)
|
$ 481
|
East
|
|
$ 160
|
$ 206
|
|
$ 380
|
$ 433
|
West
|
|
$ 21
|
$ 16
|
|
$ 45
|
$ 35
|
Sunset
|
|
$ (4)
|
$ 52
|
|
$ 79
|
$ 128
|
Corp./Other
|
|
$ (6)
|
$ (6)
|
|
$ (8)
|
$ (9)
|
Asset
Closure
|
|
$ (14)
|
$ (13)
|
|
$ (28)
|
$ (31)
|
For the three months ended June 30,
2021, Vistra reported Net Income of $35 million, Net Income from Ongoing
Operations1 of $49
million, and Ongoing Operations Adjusted EBITDA1
of $825 million. Excluding the
impacts from Uri2, Vistra's second quarter 2021 Ongoing
Operations Adjusted EBITDA1 was $909 million. Vistra's second quarter 2021 Net
Income was $129 million lower than
second quarter 2020 Net Income, driven by an increase in unrealized
losses partially offset by an income tax benefit. Excluding the
impacts from Uri2, Vistra's second quarter Adjusted
EBITDA from Ongoing Operations1 was in-line with second
quarter 2020 results.
Vistra reported second quarter Adjusted EBITDA from the Retail
segment of $510 million, $109
million higher than second quarter 2020 results, driven by
the execution of Vistra's self-help initiatives following Uri.
Second quarter Adjusted EBITDA from the generation4
segments, on an aggregate basis, totaled $315 million, $213
million lower than second quarter 2020 results primarily
driven by lower realized prices in Texas following an exceptionally strong
2020.
"Vistra's integrated business rebounded from the effects of
Winter Storm Uri and performed well
during the second quarter, safely and reliably delivering power to
our customers while realizing financial results that were in-line
with management expectations for the period," said Curt Morgan, Vistra's chief executive officer.
"The Company has taken and continues to implement several actions
to de-risk the business since Uri. We believe that our business is
well-positioned to deliver strong free cash flow in the years
ahead. As we put the effects of Winter
Storm Uri behind us in the remainder of 2021 and look ahead
to 2022, we expect we will once again be able to return a
significant amount of our capital to our financial stakeholders
while accelerating our transition to a cleaner future."
(1)
|
Excludes results from
the Asset Closure segment. Net Income from Ongoing Operations,
Ongoing Operations Adjusted EBITDA, and Ongoing Operations Adjusted
EBITDA, excluding Winter Storm Uri are non-GAAP financial measures.
See the "Non-GAAP Reconciliation" tables for further details. Total
by segment may not tie due to rounding.
|
(2)
|
Q2 2021 excludes $84
million of costs related to Uri including fuel cost adjustments and
removing the impact from bill credits applied to large commercial
and industrial customer bills that curtailed during Uri. YTD 2021
excludes $2,045 million of Uri-related impacts.
|
(3)
|
YTD 2020 results
increased by $1 million due to the recast of Wharton power plant,
retired in 2020, to the Asset Closure segment.
|
(4)
|
Includes Texas, East,
West, Sunset, and Corp./Other.
|
Guidance
($ in
millions)
|
2021
|
Ongoing Operations
Adjusted EBITDA1
|
$
|
1,475 –
1,875
|
Ongoing Operations
Adjusted FCFbG1
|
$
|
200 – 600
|
(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 its 2021 Ongoing Operations Adjusted
EBITDA and Ongoing Operations Adjusted FCFbG guidance ranges of
$1,475 to $1,875 million and $200 to $600
million, respectively. Excluding the impacts of Uri, Vistra
expects it would have reaffirmed its original 2021
guidance.
Liquidity
As of June 30, 2021, Vistra had
total available liquidity of approximately $2,337 million, including cash and cash
equivalents of $444 million and
$1,893 million of availability under
its revolving credit facility.
Earnings Webcast
Vistra will host a webcast today, Aug. 5,
2021, 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), "Ongoing
Operations Adjusted EBITDA, excluding Winter Storm Uri" (Ongoing Operations Adjusted
EBITDA as further adjusted to exclude the impacts arising from
Winter Storm Uri), "Net Income from
Ongoing Operations" (net income less net income from Asset Closure
segment), "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. Vistra uses Ongoing
Operations Adjusted EBITDA, excluding Winter Storm Uri to present a more normalized
view of operating performance excluding the impacts of Winter Storm Uri. 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 4.3 million
residential, commercial, and industrial retail customers with
electricity and natural gas, Vistra is one of the largest
competitive residential electricity providers 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, Vistra is a large purchaser of wind power.
The company owns and operates a 400-MW/1,600-MWh battery energy
storage system in Moss Landing,
California, the largest of its kind in the world. 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
our 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 its contemplated strategic, capital allocation,
performance, and cost-saving 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; (v) the
severity, magnitude and duration of extreme weather events
(including winter storm Uri), contingencies and uncertainties
relating thereto, most of which are difficult to predict and many
of which are beyond our control, and the resulting effects on our
results of operations, financial condition and cash flows; and (vi)
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, 2020 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
June 30,
|
|
Six Months Ended
June 30,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Operating
revenues
|
$
|
2,565
|
|
|
$
|
2,509
|
|
|
$
|
5,772
|
|
|
$
|
5,367
|
|
Fuel, purchased power
costs and delivery fees
|
(1,320)
|
|
|
(1,029)
|
|
|
(6,065)
|
|
|
(2,362)
|
|
Operating
costs
|
(429)
|
|
|
(412)
|
|
|
(801)
|
|
|
(792)
|
|
Depreciation and
amortization
|
(464)
|
|
|
(455)
|
|
|
(887)
|
|
|
(875)
|
|
Selling, general and
administrative expenses
|
(252)
|
|
|
(236)
|
|
|
(502)
|
|
|
(488)
|
|
Impairment of
long-lived assets
|
(38)
|
|
|
—
|
|
|
(38)
|
|
|
(84)
|
|
Operating income
(loss)
|
62
|
|
|
377
|
|
|
(2,521)
|
|
|
766
|
|
Other
income
|
36
|
|
|
5
|
|
|
92
|
|
|
12
|
|
Other
deductions
|
(2)
|
|
|
(4)
|
|
|
(7)
|
|
|
(35)
|
|
Interest expense and
related charges
|
(135)
|
|
|
(141)
|
|
|
(164)
|
|
|
(440)
|
|
Impacts of Tax
Receivable Agreement
|
(41)
|
|
|
(6)
|
|
|
(4)
|
|
|
(14)
|
|
Equity in earnings of
unconsolidated investment
|
—
|
|
|
1
|
|
|
—
|
|
|
4
|
|
Income (loss) before
income taxes
|
(80)
|
|
|
232
|
|
|
(2,604)
|
|
|
293
|
|
Income tax (expense)
benefit
|
115
|
|
|
(68)
|
|
|
600
|
|
|
(84)
|
|
Net income
(loss)
|
$
|
35
|
|
|
$
|
164
|
|
|
$
|
(2,004)
|
|
|
$
|
209
|
|
Net (income) loss
attributable to noncontrolling interest
|
1
|
|
|
2
|
|
|
(2)
|
|
|
13
|
|
Net income (loss)
attributable to Vistra
|
$
|
36
|
|
|
$
|
166
|
|
|
$
|
(2,006)
|
|
|
$
|
222
|
|
VISTRA
CORP.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Millions of Dollars)
|
|
Six Months Ended
June 30,
|
|
2021
|
|
2020
|
Cash flows —
operating activities:
|
|
|
|
Net income
(loss)
|
$
|
(2,004)
|
|
|
$
|
209
|
|
Adjustments to
reconcile net income (loss) to cash provided by (used in) operating
activities:
|
|
|
|
Depreciation and
amortization
|
969
|
|
|
1,022
|
|
Deferred income tax
expense (benefit), net
|
(626)
|
|
|
73
|
|
Impairment of
long-lived assets
|
38
|
|
|
84
|
|
Loss on disposal of
investment in NELP
|
—
|
|
|
29
|
|
Unrealized net (gain)
loss from mark-to-market valuations of commodities
|
182
|
|
|
(123)
|
|
Unrealized net (gain)
loss from mark-to-market valuations of interest rate
swaps
|
(79)
|
|
|
192
|
|
Asset retirement
obligation accretion expense
|
19
|
|
|
23
|
|
Impacts of Tax
Receivable Agreement
|
4
|
|
|
14
|
|
Stock-based
compensation
|
25
|
|
|
30
|
|
Other, net
|
56
|
|
|
55
|
|
Changes in operating
assets and liabilities:
|
|
|
|
Margin deposits,
net
|
(240)
|
|
|
58
|
|
Accrued
interest
|
8
|
|
|
(6)
|
|
Accrued
taxes
|
(75)
|
|
|
(59)
|
|
Accrued employee
incentive
|
(107)
|
|
|
(70)
|
|
Other operating
assets and liabilities
|
773
|
|
|
(222)
|
|
Cash provided by
(used in) operating activities
|
(1,057)
|
|
|
1,309
|
|
Cash flows —
investing activities:
|
|
|
|
Capital expenditures,
including nuclear fuel purchases and LTSA prepayments
|
(546)
|
|
|
(588)
|
|
Proceeds from sales
of nuclear decommissioning trust fund securities
|
267
|
|
|
224
|
|
Investments in
nuclear decommissioning trust fund securities
|
(277)
|
|
|
(234)
|
|
Proceeds from sales
of environmental allowances
|
64
|
|
|
88
|
|
Purchases of
environmental allowances
|
(173)
|
|
|
(173)
|
|
Insurance
proceeds
|
63
|
|
|
15
|
|
Other, net
|
27
|
|
|
15
|
|
Cash used in
investing activities
|
(575)
|
|
|
(653)
|
|
Cash flows —
financing activities:
|
|
|
|
Issuances of
long-term debt
|
1,250
|
|
|
—
|
|
Borrowings under Term
Loan A
|
1,250
|
|
|
—
|
|
Repayment under Term
Loan A
|
(1,250)
|
|
|
—
|
|
Proceeds from forward
capacity agreement
|
500
|
|
|
—
|
|
Repayments/repurchases of debt
|
(101)
|
|
|
(756)
|
|
Net borrowings under
accounts receivable financing
|
361
|
|
|
—
|
|
Borrowings under
Revolving Credit Facility
|
1,300
|
|
|
925
|
|
Repayments under
Revolving Credit Facility
|
(1,300)
|
|
|
(725)
|
|
Share
repurchases
|
(175)
|
|
|
—
|
|
Dividends paid to
stockholders
|
(147)
|
|
|
(132)
|
|
Debt tender offer and
other financing fees
|
(13)
|
|
|
(10)
|
|
Other, net
|
(4)
|
|
|
—
|
|
Cash provided by
(used in) financing activities
|
1,671
|
|
|
(698)
|
|
Net change in cash,
cash equivalents and restricted cash
|
39
|
|
|
(42)
|
|
Cash, cash
equivalents and restricted cash — beginning balance
|
444
|
|
|
475
|
|
Cash, cash
equivalents and restricted cash — ending balance
|
$
|
483
|
|
|
$
|
433
|
|
VISTRA
CORP. NON-GAAP RECONCILIATIONS - ADJUSTED
EBITDA FOR THE THREE MONTHS ENDED JUNE 30,
2021 (Unaudited) (Millions of Dollars)
|
|
|
Retail
|
|
Texas
|
|
East
|
|
West
|
|
Sunset
|
|
Eliminations /
Corp and
Other
|
|
Ongoing
Operations
Consolidated
|
|
Asset
Closure
|
|
Vistra Corp.
Consolidated
|
Net income
(loss)
|
$
|
1,810
|
|
|
$
|
(1,138)
|
|
|
$
|
(100)
|
|
|
$
|
(13)
|
|
|
$
|
(424)
|
|
|
$
|
(86)
|
|
|
$
|
49
|
|
|
$
|
(14)
|
|
|
$
|
35
|
|
Income tax
benefit
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(115)
|
|
|
(115)
|
|
|
—
|
|
|
(115)
|
|
Interest expense and
related charges (a)
|
2
|
|
|
(4)
|
|
|
5
|
|
|
(5)
|
|
|
—
|
|
|
137
|
|
|
135
|
|
|
—
|
|
|
135
|
|
Depreciation and
amortization (b)
|
54
|
|
|
179
|
|
|
193
|
|
|
10
|
|
|
30
|
|
|
18
|
|
|
484
|
|
|
—
|
|
|
484
|
|
EBITDA before
Adjustments
|
1,866
|
|
|
(963)
|
|
|
98
|
|
|
(8)
|
|
|
(394)
|
|
|
(46)
|
|
|
553
|
|
|
(14)
|
|
|
539
|
|
Unrealized net (gain)
loss resulting from hedging transactions
|
(1,318)
|
|
|
1,093
|
|
|
133
|
|
|
27
|
|
|
343
|
|
|
—
|
|
|
278
|
|
|
—
|
|
|
278
|
|
Generation plant
retirement expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14
|
|
|
1
|
|
|
15
|
|
|
—
|
|
|
15
|
|
Fresh start/purchase
accounting impacts
|
2
|
|
|
(1)
|
|
|
(73)
|
|
|
—
|
|
|
(7)
|
|
|
—
|
|
|
(79)
|
|
|
—
|
|
|
(79)
|
|
Impacts of Tax
Receivable Agreement
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
41
|
|
|
41
|
|
|
—
|
|
|
41
|
|
Non-cash compensation
expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
12
|
|
|
—
|
|
|
12
|
|
Transition and merger
expenses
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2)
|
|
|
1
|
|
|
—
|
|
|
1
|
|
Impairment of
long-lived assets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
38
|
|
|
—
|
|
|
38
|
|
|
—
|
|
|
38
|
|
COVID-19-related
expenses (c)
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
Winter Storm Uri
impacts (d)
|
(47)
|
|
|
12
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(35)
|
|
|
—
|
|
|
(35)
|
|
Other, net
|
4
|
|
|
2
|
|
|
2
|
|
|
2
|
|
|
2
|
|
|
(12)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Adjusted
EBITDA
|
$
|
510
|
|
|
$
|
144
|
|
|
$
|
160
|
|
|
$
|
21
|
|
|
$
|
(4)
|
|
|
$
|
(6)
|
|
|
$
|
825
|
|
|
$
|
(14)
|
|
|
$
|
811
|
|
Other Winter Storm
Uri impacts (e)
|
37
|
|
|
47
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
84
|
|
|
—
|
|
|
84
|
|
Adjusted EBITDA,
excluding Winter Storm Uri
|
$
|
547
|
|
|
$
|
191
|
|
|
$
|
160
|
|
|
$
|
21
|
|
|
$
|
(4)
|
|
|
$
|
(6)
|
|
|
$
|
909
|
|
|
$
|
(14)
|
|
|
$
|
895
|
|
___________
|
(a)
|
Includes $9 million
of unrealized mark-to-market net losses 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.
|
(d)
|
Includes bill credits
related to large commercial and industrial customers that curtailed
during Winter Storm Uri as the credits are applied to customer
bills, partially offset by additional ERCOT default uplift charges
and ongoing Winter Storm Uri related legal fees and other
costs.
|
(e)
|
Includes fuel cost
adjustments and removes the impact from bill credits applied to
large commercial and industrial customer bills that curtailed
during Winter Storm Uri.
|
VISTRA
CORP.
NON-GAAP RECONCILIATIONS - ADJUSTED EBITDA
FOR THE SIX MONTHS ENDED JUNE 30, 2021
(Unaudited) (Millions of Dollars)
|
|
|
Retail
|
|
Texas
|
|
East
|
|
West
|
|
Sunset
|
|
Eliminations /
Corp and
Other
|
|
Ongoing
Operations
Consolidated
|
|
Asset
Closure
|
|
Vistra Corp.
Consolidated
|
Net income
(loss)
|
$
|
1,898
|
|
|
$
|
(3,656)
|
|
|
$
|
(99)
|
|
|
$
|
(44)
|
|
|
$
|
(467)
|
|
|
$
|
377
|
|
|
$
|
(1,991)
|
|
|
$
|
(13)
|
|
|
$
|
(2,004)
|
|
Income tax
benefit
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(600)
|
|
|
(600)
|
|
|
—
|
|
|
(600)
|
|
Interest expense and
related charges (a)
|
4
|
|
|
(7)
|
|
|
7
|
|
|
(8)
|
|
|
—
|
|
|
168
|
|
|
164
|
|
|
—
|
|
|
164
|
|
Depreciation and
amortization (b)
|
107
|
|
|
323
|
|
|
389
|
|
|
15
|
|
|
59
|
|
|
34
|
|
|
927
|
|
|
—
|
|
|
927
|
|
EBITDA before
Adjustments
|
2,009
|
|
|
(3,340)
|
|
|
297
|
|
|
(37)
|
|
|
(408)
|
|
|
(21)
|
|
|
(1,500)
|
|
|
(13)
|
|
|
(1,513)
|
|
Unrealized net (gain)
loss resulting from hedging transactions
|
(2,101)
|
|
|
1,615
|
|
|
153
|
|
|
80
|
|
|
435
|
|
|
—
|
|
|
182
|
|
|
—
|
|
|
182
|
|
Generation plant
retirement expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15
|
|
|
—
|
|
|
15
|
|
|
—
|
|
|
15
|
|
Fresh start/purchase
accounting impacts
|
3
|
|
|
(2)
|
|
|
(74)
|
|
|
—
|
|
|
(6)
|
|
|
—
|
|
|
(79)
|
|
|
—
|
|
|
(79)
|
|
Impacts of Tax
Receivable Agreement
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
4
|
|
|
—
|
|
|
4
|
|
Non-cash compensation
expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
29
|
|
|
29
|
|
|
—
|
|
|
29
|
|
Transition and merger
expenses
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1)
|
|
|
2
|
|
|
(15)
|
|
|
(13)
|
|
Impairment of
long-lived assets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
38
|
|
|
—
|
|
|
38
|
|
|
—
|
|
|
38
|
|
COVID-19-related
expenses (c)
|
—
|
|
|
2
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
4
|
|
Winter Storm Uri
impacts (d)
|
384
|
|
|
514
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
900
|
|
|
—
|
|
|
900
|
|
Other, net
|
12
|
|
|
3
|
|
|
3
|
|
|
2
|
|
|
3
|
|
|
(20)
|
|
|
3
|
|
|
—
|
|
|
3
|
|
Adjusted
EBITDA
|
310
|
|
|
(1,208)
|
|
|
380
|
|
|
45
|
|
|
79
|
|
|
(8)
|
|
|
(402)
|
|
|
(28)
|
|
|
(430)
|
|
Other Winter Storm
Uri impacts (e)
|
564
|
|
|
1,548
|
|
|
(50)
|
|
|
—
|
|
|
(17)
|
|
|
—
|
|
|
2,045
|
|
|
—
|
|
|
2,045
|
|
Adjusted EBITDA,
excluding Winter Storm Uri
|
$
|
874
|
|
|
$
|
340
|
|
|
$
|
330
|
|
|
$
|
45
|
|
|
$
|
62
|
|
|
$
|
(8)
|
|
|
$
|
1,643
|
|
|
$
|
(28)
|
|
|
$
|
1,615
|
|
___________
|
(a)
|
Includes $79 million
of unrealized mark-to-market net gains on interest rate
swaps.
|
(b)
|
Includes nuclear fuel
amortization of $40 million in the Texas segment.
|
(c)
|
Includes material and
supplies and other incremental costs related to our COVID-19
response.
|
(d)
|
Includes the
following amounts, which we believe are not reflective of our
operating performance: $196 million for allocation of ERCOT default
uplift charges which are expected to be paid over more than 90
years under current protocols (net present value of $45 million
applying a 4.25% discount rate); accrual of Koch earn-out disputed
amounts of $286 million that the Company is contesting and does not
believe should be paid; $418 million for future bill credits
related to Winter Storm Uri as further described below and Winter
Storm Uri related legal fees and other costs. The adjustment
for future bill credits relates to large commercial and industrial
customers that curtailed during Winter Storm Uri and will reverse
and impact Adjusted EBITDA in future periods as the credits are
applied to customer bills. We estimate the amounts to be
applied in future periods are for the remainder of 2021
(approximately $80 million), 2022 (approximately $165 million),
2023 (approximately $95 million) and 2024 (approximately $20
million). The Company believes the inclusion of the bill credits as
a reduction to Adjusted EBITDA in the years in which such bill
credits are applied more accurately reflects its operating
performance.
|
(e)
|
Removes losses
incurred due to the need to procure power in ERCOT at market prices
at or near the price cap due to lower output from our natural
gas-fueled power plants driven by natural gas deliverability issues
and our coal-fueled power plants driven by coal fuel handling
challenges, high fuel costs, and high retail load costs, partially
offset by favorable prices on volumes produced in the East and
Sunset segments.
|
VISTRA
CORP.
NON-GAAP RECONCILIATIONS - ADJUSTED EBITDA
FOR THE THREE MONTHS ENDED JUNE 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)
|
$
|
229
|
|
|
$
|
306
|
|
|
$
|
(49)
|
|
|
$
|
16
|
|
|
$
|
(76)
|
|
|
$
|
(250)
|
|
|
$
|
176
|
|
|
$
|
(12)
|
|
|
$
|
164
|
|
Income tax
expense
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
68
|
|
|
68
|
|
|
—
|
|
|
68
|
|
Interest expense and
related charges (a)
|
3
|
|
|
(2)
|
|
|
1
|
|
|
(2)
|
|
|
1
|
|
|
140
|
|
|
141
|
|
|
—
|
|
|
141
|
|
Depreciation and
amortization (b)
|
82
|
|
|
137
|
|
|
192
|
|
|
5
|
|
|
39
|
|
|
16
|
|
|
471
|
|
|
1
|
|
|
472
|
|
EBITDA before
Adjustments
|
314
|
|
|
441
|
|
|
144
|
|
|
19
|
|
|
(36)
|
|
|
(26)
|
|
|
856
|
|
|
(11)
|
|
|
845
|
|
Unrealized net (gain)
loss resulting from hedging transactions
|
81
|
|
|
(190)
|
|
|
40
|
|
|
(3)
|
|
|
74
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
Fresh start /
purchase accounting impacts
|
5
|
|
|
(2)
|
|
|
17
|
|
|
—
|
|
|
10
|
|
|
—
|
|
|
30
|
|
|
—
|
|
|
30
|
|
Impacts of Tax
Receivable Agreement
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|
6
|
|
|
—
|
|
|
6
|
|
Non-cash compensation
expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17
|
|
|
17
|
|
|
—
|
|
|
17
|
|
Transition and merger
expenses
|
1
|
|
|
(1)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
3
|
|
|
(3)
|
|
|
—
|
|
Loss on disposal of
investment in NELP
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
COVID-19-related
expenses (c)
|
—
|
|
|
9
|
|
|
1
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
12
|
|
Other, net
|
—
|
|
|
3
|
|
|
3
|
|
|
—
|
|
|
2
|
|
|
(6)
|
|
|
2
|
|
|
1
|
|
|
3
|
|
Adjusted
EBITDA
|
$
|
401
|
|
|
$
|
260
|
|
|
$
|
206
|
|
|
$
|
16
|
|
|
$
|
52
|
|
|
$
|
(6)
|
|
|
$
|
929
|
|
|
$
|
(13)
|
|
|
$
|
916
|
|
___________
|
(a)
|
Includes $18 million
of unrealized mark-to-market net losses on interest rate
swaps.
|
(b)
|
Includes nuclear fuel
amortization of $17 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 SIX MONTHS ENDED JUNE 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)
|
$
|
323
|
|
|
$
|
577
|
|
|
$
|
6
|
|
|
$
|
20
|
|
|
$
|
(89)
|
|
|
$
|
(599)
|
|
|
$
|
238
|
|
|
$
|
(29)
|
|
|
$
|
209
|
|
Income tax
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
84
|
|
|
84
|
|
|
—
|
|
|
84
|
|
Interest expense and
related charges (a)
|
6
|
|
|
(4)
|
|
|
4
|
|
|
(3)
|
|
|
1
|
|
|
436
|
|
|
440
|
|
|
—
|
|
|
440
|
|
Depreciation and
amortization (b)
|
162
|
|
|
271
|
|
|
360
|
|
|
9
|
|
|
79
|
|
|
31
|
|
|
912
|
|
|
—
|
|
|
912
|
|
EBITDA before
Adjustments
|
491
|
|
|
844
|
|
|
370
|
|
|
26
|
|
|
(9)
|
|
|
(48)
|
|
|
1,674
|
|
|
(29)
|
|
|
1,645
|
|
Unrealized net (gain)
loss resulting from hedging transactions
|
202
|
|
|
(371)
|
|
|
2
|
|
|
9
|
|
|
35
|
|
|
—
|
|
|
(123)
|
|
|
—
|
|
|
(123)
|
|
Fresh start /
purchase accounting impacts
|
8
|
|
|
(5)
|
|
|
17
|
|
|
—
|
|
|
14
|
|
|
—
|
|
|
34
|
|
|
—
|
|
|
34
|
|
Impacts of Tax
Receivable Agreement
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14
|
|
|
14
|
|
|
—
|
|
|
14
|
|
Non-cash compensation
expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
30
|
|
|
30
|
|
|
—
|
|
|
30
|
|
Transition and merger
expenses
|
6
|
|
|
1
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
22
|
|
|
(3)
|
|
|
19
|
|
Impairment of
long-lived assets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
84
|
|
|
—
|
|
|
84
|
|
|
—
|
|
|
84
|
|
Loss on disposal of
investment in NELP
|
—
|
|
|
—
|
|
|
29
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
29
|
|
|
—
|
|
|
29
|
|
COVID-19-related
expenses (c)
|
—
|
|
|
9
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|
1
|
|
|
14
|
|
|
—
|
|
|
14
|
|
Other, net
|
5
|
|
|
3
|
|
|
6
|
|
|
—
|
|
|
2
|
|
|
(14)
|
|
|
2
|
|
|
1
|
|
|
3
|
|
Adjusted
EBITDA
|
$
|
712
|
|
|
$
|
481
|
|
|
$
|
433
|
|
|
$
|
35
|
|
|
$
|
128
|
|
|
$
|
(9)
|
|
|
$
|
1,780
|
|
|
$
|
(31)
|
|
|
$
|
1,749
|
|
___________
|
(a)
|
Includes $192 million
of unrealized mark-to-market net losses on interest rate
swaps.
|
(b)
|
Includes nuclear fuel
amortization of $37 million in the Texas segment.
|
(c)
|
Included material and
supplies and other incremental costs related to our COVID-19
response.
|
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)
|
$
|
(1,083)
|
|
|
$
|
(771)
|
|
|
$
|
(126)
|
|
|
$
|
(106)
|
|
|
$
|
(1,209)
|
|
|
$
|
(877)
|
|
Income tax
benefit
|
(274)
|
|
|
(186)
|
|
|
—
|
|
|
—
|
|
|
(274)
|
|
|
(186)
|
|
Interest expense and
related charges (a)
|
420
|
|
|
420
|
|
|
—
|
|
|
—
|
|
|
420
|
|
|
420
|
|
Depreciation and
amortization (b)
|
1,660
|
|
|
1,660
|
|
|
—
|
|
|
—
|
|
|
1,660
|
|
|
1,660
|
|
EBITDA before
Adjustments
|
$
|
723
|
|
|
$
|
1,123
|
|
|
$
|
(126)
|
|
|
$
|
(106)
|
|
|
$
|
597
|
|
|
$
|
1,017
|
|
Unrealized net
(gain)/loss resulting from hedging transactions
|
(116)
|
|
|
(116)
|
|
|
—
|
|
|
—
|
|
|
(116)
|
|
|
(116)
|
|
Fresh start / purchase
accounting impacts
|
15
|
|
|
15
|
|
|
—
|
|
|
—
|
|
|
15
|
|
|
15
|
|
Impacts of Tax
Receivable Agreement
|
8
|
|
|
8
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
8
|
|
Non-cash compensation
expenses
|
44
|
|
|
44
|
|
|
—
|
|
|
—
|
|
|
44
|
|
|
44
|
|
Transition and merger
expenses
|
10
|
|
|
10
|
|
|
(15)
|
|
|
(15)
|
|
|
(5)
|
|
|
(5)
|
|
Winter Storm Uri
(c)
|
793
|
|
|
793
|
|
|
—
|
|
|
—
|
|
|
793
|
|
|
793
|
|
Other, net
|
(2)
|
|
|
(2)
|
|
|
1
|
|
|
1
|
|
|
(1)
|
|
|
(1)
|
|
Adjusted EBITDA
guidance
|
$
|
1,475
|
|
|
$
|
1,875
|
|
|
$
|
(140)
|
|
|
$
|
(120)
|
|
|
$
|
1,335
|
|
|
$
|
1,755
|
|
Interest paid,
net
|
(498)
|
|
|
(498)
|
|
|
—
|
|
|
—
|
|
|
(498)
|
|
|
(498)
|
|
Tax (paid)/received
(d)
|
(35)
|
|
|
(35)
|
|
|
—
|
|
|
—
|
|
|
(35)
|
|
|
(35)
|
|
Tax Receivable
Agreement payments
|
(3)
|
|
|
(3)
|
|
|
—
|
|
|
—
|
|
|
(3)
|
|
|
(3)
|
|
Working capital and
margin deposits
|
(110)
|
|
|
(110)
|
|
|
(4)
|
|
|
(4)
|
|
|
(114)
|
|
|
(114)
|
|
Accrued environmental
allowances
|
234
|
|
|
234
|
|
|
—
|
|
|
—
|
|
|
234
|
|
|
234
|
|
Reclamation and
remediation
|
(43)
|
|
|
(43)
|
|
|
(81)
|
|
|
(81)
|
|
|
(124)
|
|
|
(124)
|
|
Other changes in other
operating assets and liabilities
|
(76)
|
|
|
(76)
|
|
|
15
|
|
|
15
|
|
|
(61)
|
|
|
(61)
|
|
Cash provided by
operating activities
|
$
|
944
|
|
|
$
|
1,344
|
|
|
$
|
(210)
|
|
|
$
|
(190)
|
|
|
$
|
734
|
|
|
$
|
1,154
|
|
Capital expenditures
including nuclear fuel purchases and
LTSA prepayments
|
(680)
|
|
|
(680)
|
|
|
—
|
|
|
—
|
|
|
(680)
|
|
|
(680)
|
|
Solar and storage
development and other growth expenditures
|
(428)
|
|
|
(428)
|
|
|
—
|
|
|
—
|
|
|
(428)
|
|
|
(428)
|
|
(Purchase)/sale of
environmental allowances
|
(133)
|
|
|
(133)
|
|
|
—
|
|
|
—
|
|
|
(133)
|
|
|
(133)
|
|
Other net investing
activities
|
(20)
|
|
|
(20)
|
|
|
6
|
|
|
6
|
|
|
(14)
|
|
|
(14)
|
|
Free cash
flow
|
$
|
(317)
|
|
|
$
|
83
|
|
|
$
|
(204)
|
|
|
$
|
(184)
|
|
|
$
|
(521)
|
|
|
$
|
(101)
|
|
Working capital and
margin deposits
|
110
|
|
|
110
|
|
|
4
|
|
|
4
|
|
|
114
|
|
|
114
|
|
Solar and storage
development and other growth expenditures
|
428
|
|
|
428
|
|
|
—
|
|
|
—
|
|
|
428
|
|
|
428
|
|
Accrued environmental
allowances
|
(234)
|
|
|
(234)
|
|
|
—
|
|
|
—
|
|
|
(234)
|
|
|
(234)
|
|
Purchase/(sale) of
environmental allowances
|
133
|
|
|
133
|
|
|
—
|
|
|
—
|
|
|
133
|
|
|
133
|
|
Transition and merger
expenses
|
20
|
|
|
20
|
|
|
40
|
|
|
40
|
|
|
60
|
|
|
60
|
|
Transition capital
expenditures
|
60
|
|
|
60
|
|
|
—
|
|
|
—
|
|
|
60
|
|
|
60
|
|
Adjusted free cash
flow before growth guidance
|
$
|
200
|
|
|
$
|
600
|
|
|
$
|
(160)
|
|
|
$
|
(140)
|
|
|
$
|
40
|
|
|
$
|
460
|
|
__________
|
1
Regulation G Table for 2021 Guidance prepared as of April 26,
2021.
|
(a)
|
Includes unrealized
gain on interest rate swaps of $101 million.
|
(b)
|
Includes nuclear fuel
amortization of $96 million.
|
(c)
|
Includes the
following amounts, which we believe are not reflective of our
operating performance: $189 million for allocation of ERCOT default
uplift charges that are expected to be paid over more than 90 years
under current protocols; accrual of Koch earn-out disputed amounts
of $286 million that the company is contesting and does not believe
should be paid; and $308 million for future bill credits related to
Winter Storm Uri as further described below, and Winter Storm Uri
related legal fees and other costs. The adjustment for future
bill credits relates to large commercial and industrial customers
that curtailed during Winter Storm Uri and will reverse and impact
Adjusted EBITDA and Adjusted FCFbG in future periods as the credits
are applied to customer bills. We estimate the amounts to be
applied in future years are 2022 (~$170 million), 2023 (~$80
million), and 2024 (~$40 million), which the company intends to
offset with future value enhancement / self-help initiatives in
those respective years.
|
(d)
|
Includes state tax
payments.
|
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SOURCE Vistra