IRVING,
Texas, Nov. 4, 2022 /PRNewswire/ -- Vistra (NYSE:
VST) today reported its third quarter 2022 financial results and
other highlights.
Financial and Operating Highlights
- Results
-
- Recorded third quarter 2022 Net Income of $678 million and Net Income from Ongoing
Operations1 of $667
million.
- Delivered third quarter 2022 Ongoing Operations Adjusted
EBITDA1 of $1,038 million,
with expected full year results tracking at midpoint of
guidance.
- Narrowed 2022 Ongoing Operations Adjusted EBITDA1
guidance to a range of $2,960 million
to $3,160 million, affirming the
$3,060 million midpoint.
- Narrowed 2022 Ongoing Operations Adjusted Free Cash Flow before
Growth (Adjusted FCFbG)1 guidance to range of
$2,170 million to $2,370 million, reducing the midpoint by
$50 million to $2,270 million.
- Initiated 2023 Ongoing Operations Adjusted EBITDA1
and Ongoing Operations Adjusted FCFbG1 guidance ranges
of $3,400 million to $4,000 million (midpoint of $3,700 million) and $1,750
million to $2,350 million
(midpoint of $2,050 million),
respectively.
- Vistra's low-cost, diverse generation fleet performed extremely
well through the hot summer months.
- TXU Energy was recently recognized as a 5-Star retailer based
on PUCT ratings. The business earned strong margins in a higher
commodity cost environment, highlighting the brand's strength in
volatile market conditions.
- Return of Capital
-
- Through Nov. 1, 2022, the company
has repurchased approximately $2.05
billion under the upsized $3.25
billion share repurchase program. Such repurchases represent
approximately 18% of the shares outstanding as of Nov. 2, 2021.
- Declared fourth quarter 2022 dividend of $0.193 per share of common stock, representing an
approximately 29% increase from our fourth quarter 2021
dividend.
"Vistra delivered solid results in the third quarter of 2022,
with generation performing exceptionally well during the hottest
days of the summer," said Jim Burke,
president and CEO of Vistra. "In July, ERCOT experienced periods of
high demand when solar and/or wind output was low, and our
generation fleet provided reliable power to the grid, achieving
near perfect capacity factors and highlighting the importance of a
diverse, well-maintained portfolio of generation assets. Our retail
business was extremely responsive to customer needs in this dynamic
environment with innovative products and a strong customer
experience in Texas. We are
pleased with how the Vistra Zero assets performed this summer in
Texas and California, and we will remain disciplined
with the execution of our Vistra Zero pipeline. Our Vistra team is
committed to the reliability, affordability, and sustainability of
electricity and ensuring these factors stay in balance as the
electric grid continues to transition."
Burke continued, "Vistra has been locking in significant
earnings potential with our comprehensive hedging program in the
current elevated pricing environment. Against this backdrop, we
initiated our 2023 Ongoing Operations Adjusted EBITDA guidance,
with a midpoint of $3,700 million,
consistent with the upper end of the opportunity range we announced
earlier this year. Our 2023 guidance midpoint reflects the
confidence we have in the hedging strategy we've focused on
throughout 2022, and we continue to see these opportunities going
forward. In addition, from now through the end of 2023, we plan to
return to shareholders an amount equivalent to approximately
$4/share through dividends and share
repurchases with the expectation that returns to shareholders will
continue in the future."
(1)
|
Excludes the Asset
Closure segment. Net Income (Loss) 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.
|
|
|
Summary of Financial
Results for the Third Quarter Ended Sept. 30,
2022
|
(Unaudited)
(Millions of Dollars)
|
|
|
Three Months Ended
Sept. 30,
|
|
Nine Months Ended
Sept. 30,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Net income
(loss)
|
$
678
|
|
$
10
|
|
$
(962)
|
|
$
(1,994)
|
Net income (loss) from
Ongoing Operations1
|
$
667
|
|
$
143
|
|
$
(866)
|
|
$
(1,621)
|
Ongoing Operations
Adjusted EBITDA1
|
$
1,038
|
|
$
1,193
|
|
$
2,344
|
|
$
840
|
|
|
|
|
|
|
|
|
Adjusted EBITDA by
Segment
|
|
|
|
|
|
|
|
Retail
|
$
(2)
|
|
$
65
|
|
$
564
|
|
$
376
|
Texas
|
$
873
|
|
$
858
|
|
$
1,221
|
|
$
(350)
|
East
|
$
138
|
|
$
193
|
|
$
450
|
|
$
573
|
West
|
$
45
|
|
$
36
|
|
$
110
|
|
$
81
|
Sunset
|
$
(8)
|
|
$
52
|
|
$
25
|
|
$
179
|
Corporate and
Other
|
$
(8)
|
|
$
(11)
|
|
$
(26)
|
|
$
(19)
|
Asset
Closure
|
$
(57)
|
|
$
(20)
|
|
$
(86)
|
|
$
(96)
|
|
|
|
|
|
|
|
|
For the three months ended Sept. 30,
2022, Vistra reported Net Income of $678 million, Net Income from Ongoing
Operations1 of $667
million, and Ongoing Operations Adjusted EBITDA1
of $1,038 million. Vistra's third
quarter 2022 Net Income of $678
million reflects an increase of $668
million as compared to third quarter 2021 Net Income of
$10 million, driven by unrealized
gains in Q3 2022 compared to unrealized losses in Q3 2021
(unrealized hedging losses and gains are recorded when increases or
decreases in forward commodity prices occur, which requires Vistra
to record the current non-cash, unrealized impact of mark-to-market
hedging losses and gains for GAAP purposes). Vistra's third
quarter 2022 Ongoing Operations Adjusted EBITDA1 was
$1,038 million, $155 million lower than third quarter 2021
results2, primarily driven by lower generation volumes
from coal plants due to industry-wide fuel delivery challenges and
lower margins on higher-than-expected migration of customers to
default service providers, partially offset by higher prices on
Vistra's open position and strong generation fleet performance in
July.
Vistra reported third quarter 2022 Ongoing Operations Adjusted
EBITDA1 from the Retail segment of $(2) million, approximately $67 million lower than third quarter 2021
results, driven by favorable Winter Storm
Uri related resettlements in 2021 and ex-ERCOT margin
headwinds, partially offset by ERCOT performance. Third quarter
2022 Ongoing Operations Adjusted EBITDA1 from the
generation segments,3 on an aggregate basis, totaled
$1,040 million, approximately
$88 million lower than third quarter
2021 results2 driven primarily by lower generation
volumes from coal plants due to industry-wide fuel delivery
challenges, lower capacity revenue, and higher-than-expected
migration of customers to default service providers, partially
offset by strong operational performance during periods of higher
pricing and higher margin from Vistra Zero renewable sites.
(1)
|
Excludes the Asset
Closure segment. Net Income (Loss) 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. Total by segment may not tie due to
rounding.
|
(2)
|
Due to the recast of
Joppa Power Plant and Zimmer Power Plant, both ceasing operations
in 2022, to the Asset Closure segment: (i) third quarter 2021 Net
Income from Ongoing Operations increased $127 million and third
quarter 2021 Ongoing Operations Adjusted EBITDA increased by $16
million and (ii) Net Income from Ongoing Operations for
the nine months ended Sept. 30, 2021 increased $353 million and
Ongoing Operations Adjusted EBITDA for the nine months ended Sept.
30, 2021 increased $64 million.
|
(3)
|
Includes Texas, East,
West, Sunset, and Corp./Other.
|
|
|
Guidance
($ in
millions)
|
Narrowed
2022
|
Initiated
2023
|
Ongoing Operations
Adjusted EBITDA1
|
$2,960 –
$3,160
|
$3,400 -
$4,000
|
Ongoing Operations
Adjusted FCFbG1
|
$2,170 –
$2,370
|
$1,750 -
$2,350
|
|
|
|
Vistra is narrowing its 2022 Ongoing Operations Adjusted
EBITDA1 and Ongoing Operations Adjusted
FCFbG1 guidance ranges to $2,960
million to $3,160 million,
retaining the $3,060 million
midpoint, and $2,170 million to
$2,370 million, decreasing the
midpoint by $50 million to
$2,270 million, respectively. The
Ongoing Operations Adjusted FCFbG1 midpoint was
decreased primarily to reflect higher interest costs in 2022 from
additional debt incurred to provide liquidity for the ongoing
comprehensive hedging program that is capturing significant
out-year Ongoing Operations Adjusted EBITDA1
potential.
Vistra is initiating its 2023 guidance ranges, forecasting
Ongoing Operations Adjusted EBITDA1 of $3,400 million to $4,000
million and Ongoing Operations Adjusted FCFbG1 of
$1,750 million to $2,350 million. The midpoint of 2023 Ongoing
Operations Adjusted EBITDA1 guidance is $3,700 million, which is the top of the potential
Ongoing Operations Adjusted EBITDA1 midpoint range
Vistra announced in the first quarter of 2022. The midpoint of the
2023 Ongoing Operations Adjusted FCFbG1 midpoint is
$2,050 million. In comparison to
2022, this Ongoing Operations Adjusted FCFbG1 midpoint
results in an estimated cash flow conversion similar to the
anticipated 2022 conversion ratio, after adjusting for the
securitization proceeds received earlier this year.
As of Sept. 30, 2022, Vistra has
hedged approximately 70% of its expected generation volumes on
average for the three-year period 2023 to 2025, with 2023 hedged at
approximately 90%. Vistra's hedging program supports our 2023
guidance ranges as well as Ongoing Operations Adjusted
EBITDA1 mid-point opportunities in the range of
$3,500 million to $3,700 million in 2024 and 2025.2
(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 detail.
|
(2)
|
Reflects potential
mid-point opportunity range of Ongoing Operations Adjusted EBITDA
for 2024 and 2025 previously disclosed on our first quarter
earnings call; this range of opportunities is not intended to be
guidance.
|
|
|
Share Repurchase Program
As of Nov. 1, 2022, Vistra had
completed approximately $2.05 billion
in share repurchases since Nov. 2021,
repurchasing more than the full $2
billion of share repurchases originally expected to be
completed by year-end 2022. Vistra has approximately
$1.2 billion remaining under the
upsized cumulative $3.25 billion
share repurchase authorization, expected to be utilized by year-end
2023. As of Nov. 1, 2022, Vistra had
approximately 398 million shares outstanding, representing an
approximately 18% reduction of the amount of the shares outstanding
on Nov. 2, 2021.
Vistra Zero
Vistra is focused on transitioning its generation fleet to lower
carbon resources, advancing these interests through cost-effective,
strategic investments in solar and battery energy storage
developments. Vistra has 3,408 MW of zero-emission generation and
energy storage online (including our 2,400 MW nuclear facility,
Comanche Peak), with additional renewable generation and energy
storage developments in the near-term pipeline. Recently, Comanche
Peak applied to extend its licenses through 2050 and 2053 for the
two-unit facility, an additional 20 years beyond its original
license.
Overall, the development of the Vistra Zero portfolio is
expected to be financed primarily with third-party capital,
including the net proceeds of the $1
billion green perpetual preferred stock issued in
December 2021, and nonrecourse
financings at the project or Vistra Zero portfolio level.
The Inflation Reduction Act is anticipated to provide the Vistra
Zero portfolio, including Comanche Peak, with the opportunity to
realize material benefits on renewables and energy storage as well
as a strong price floor for our nuclear asset. Vistra remains
strategic and disciplined with respect to the timing of investments
in Vistra Zero developments.
Liquidity
As of Sept. 30, 2022, Vistra had
total available liquidity of approximately $3,438 million,
including cash and cash equivalents of $535
million, $1,202 million of
availability under its corporate revolving credit facility, and
$1,701 million of availability under
its commodity-linked revolving credit facility. As of Sept. 30, 2022, available capacity under the
commodity-linked revolving credit facility reflects the borrowing
base, which is lower than the aggregate commitments of $2,250 million. In October
2022, the commodity-linked revolving credit facility was
amended to (i) extend the maturity date to October 2023 and (ii) reduce the aggregate
commitments to $1,350 million. As of
Nov. 1, 2022, Vistra had total
available liquidity of approximately $4,080
million.
Earnings Webcast
Vistra will host a webcast today, Nov. 4,
2022, beginning at 9 a.m. ET
(8 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 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 (Loss) 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 (Loss) 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.
About Vistra
Vistra (NYSE: VST) is a leading Fortune 500 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. Serving
approximately 4 million residential, commercial, and industrial
retail customers with electricity and natural gas, Vistra is one of
the largest competitive 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 37,000 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 the 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, 2021
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)
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Operating
revenues
|
$
5,146
|
|
$
2,991
|
|
$
9,859
|
|
$
8,763
|
Fuel, purchased power
costs and delivery fees
|
(3,139)
|
|
(1,763)
|
|
(7,580)
|
|
(7,827)
|
Operating
costs
|
(400)
|
|
(372)
|
|
(1,250)
|
|
(1,173)
|
Depreciation and
amortization
|
(390)
|
|
(468)
|
|
(1,214)
|
|
(1,355)
|
Selling, general and
administrative expenses
|
(323)
|
|
(269)
|
|
(894)
|
|
(771)
|
Impairment of
long-lived assets
|
—
|
|
—
|
|
—
|
|
(38)
|
Operating income
(loss)
|
894
|
|
119
|
|
(1,079)
|
|
(2,401)
|
Other income
|
10
|
|
16
|
|
88
|
|
108
|
Other
deductions
|
(5)
|
|
(5)
|
|
(18)
|
|
(13)
|
Interest expense and
related charges
|
(71)
|
|
(124)
|
|
(186)
|
|
(288)
|
Impacts of Tax
Receivable Agreement
|
86
|
|
35
|
|
(29)
|
|
31
|
Income (loss) before
income taxes
|
914
|
|
41
|
|
(1,224)
|
|
(2,563)
|
Income tax (expense)
benefit
|
(236)
|
|
(31)
|
|
262
|
|
569
|
Net income
(loss)
|
$
678
|
|
$
10
|
|
$
(962)
|
|
$
(1,994)
|
Net income attributable
to noncontrolling interest
|
(10)
|
|
(3)
|
|
(19)
|
|
(6)
|
Net income (loss)
attributable to Vistra
|
$
668
|
|
$
7
|
|
$
(981)
|
|
$
(2,000)
|
|
|
|
VISTRA
CORP.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Millions of Dollars)
|
|
|
Nine Months Ended
September 30,
|
|
2022
|
|
2021
|
Cash flows — operating
activities:
|
|
|
|
Net loss
|
$
(962)
|
|
$
(1,994)
|
Adjustments to
reconcile net loss to cash provided by (used in) operating
activities:
|
|
|
|
Depreciation and
amortization
|
1,575
|
|
1,551
|
Deferred income tax
benefit, net
|
(298)
|
|
(587)
|
Impairment of
long-lived assets
|
—
|
|
38
|
Unrealized net loss
from mark-to-market valuations of commodities
|
2,027
|
|
771
|
Unrealized net gain
from mark-to-market valuations of interest rate swaps
|
(261)
|
|
(92)
|
Asset retirement
obligation accretion expense
|
26
|
|
27
|
Impacts of Tax
Receivable Agreement
|
29
|
|
(31)
|
Stock-based
compensation
|
48
|
|
36
|
Bad debt
expense
|
136
|
|
86
|
Other, net
|
—
|
|
(7)
|
Changes in operating
assets and liabilities:
|
|
|
|
Margin deposits,
net
|
(1,805)
|
|
(767)
|
Uplift securitization
proceeds receivable from ERCOT
|
544
|
|
—
|
Accrued
interest
|
(31)
|
|
(55)
|
Accrued
taxes
|
(46)
|
|
(63)
|
Accrued employee
incentive
|
(17)
|
|
(86)
|
Other operating assets
and liabilities
|
(873)
|
|
680
|
Cash provided by (used
in) operating activities
|
92
|
|
(493)
|
Cash flows — investing
activities:
|
|
|
|
Capital expenditures,
including nuclear fuel purchases and LTSA prepayments
|
(909)
|
|
(790)
|
Proceeds from sales of
nuclear decommissioning trust fund securities
|
428
|
|
366
|
Investments in nuclear
decommissioning trust fund securities
|
(446)
|
|
(382)
|
Proceeds from sales of
environmental allowances
|
358
|
|
102
|
Purchases of
environmental allowances
|
(343)
|
|
(247)
|
Insurance
proceeds
|
15
|
|
74
|
Proceeds from sale of
assets
|
21
|
|
7
|
Other, net
|
(10)
|
|
27
|
Cash used in investing
activities
|
(886)
|
|
(843)
|
Cash flows — financing
activities:
|
|
|
|
Issuances of long-term
debt
|
1,498
|
|
1,250
|
Borrowings under
Commodity-Linked Facility
|
2,750
|
|
—
|
Repayments under
Commodity-Linked Facility
|
(2,750)
|
|
—
|
Borrowings under Term
Loan A
|
—
|
|
1,250
|
Repayment under Term
Loan A
|
—
|
|
(1,250)
|
Proceeds from forward
capacity agreement
|
—
|
|
500
|
Repayments/repurchases
of debt
|
(232)
|
|
(234)
|
Net borrowings under
accounts receivable financing
|
625
|
|
175
|
Borrowings under
Revolving Credit Facility
|
1,500
|
|
1,300
|
Repayments under
Revolving Credit Facility
|
(1,500)
|
|
(1,300)
|
Share
repurchases
|
(1,590)
|
|
(175)
|
Dividends paid to
common stockholders
|
(227)
|
|
(219)
|
Dividends paid to
preferred stockholders
|
(76)
|
|
—
|
Debt tender offer and
other financing fees
|
(29)
|
|
(13)
|
Other, net
|
34
|
|
(5)
|
Cash provided by
financing activities
|
3
|
|
1,279
|
Net change in cash,
cash equivalents and restricted cash
|
(791)
|
|
(57)
|
Cash, cash equivalents
and restricted cash — beginning balance
|
1,359
|
|
444
|
Cash, cash equivalents
and restricted cash — ending balance
|
$
568
|
|
$
387
|
|
|
|
VISTRA
CORP.
|
NON-GAAP
RECONCILIATIONS - ADJUSTED EBITDA
|
FOR THE THREE MONTHS
ENDED SEPTEMBER 30, 2022
|
(Unaudited)
(Millions of Dollars)
|
|
|
Retail
|
|
Texas
|
|
East
|
|
West
|
|
Sunset
|
|
Eliminations /
Corp and
Other
|
|
Ongoing
Operations
Consolidated
|
|
Asset
Closure
|
|
Vistra Corp.
Consolidated
|
Net income
(loss)
|
$(1,227)
|
|
$
2,156
|
|
$
(119)
|
|
$
72
|
|
$
36
|
|
$
(251)
|
|
$
667
|
|
$
11
|
|
$
678
|
Income tax
expense
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
236
|
|
236
|
|
—
|
|
236
|
Interest expense and
related charges (a)
|
4
|
|
(9)
|
|
—
|
|
(2)
|
|
1
|
|
76
|
|
70
|
|
1
|
|
71
|
Depreciation and
amortization (b)
|
36
|
|
158
|
|
187
|
|
(4)
|
|
19
|
|
18
|
|
414
|
|
(1)
|
|
413
|
EBITDA before
Adjustments
|
(1,187)
|
|
2,305
|
|
68
|
|
66
|
|
56
|
|
79
|
|
1,387
|
|
11
|
|
1,398
|
Unrealized net (gain)
loss resulting from hedging transactions
|
1,203
|
|
(1,436)
|
|
68
|
|
(22)
|
|
(74)
|
|
—
|
|
(261)
|
|
(59)
|
|
(320)
|
Generation plant
retirement expenses
|
—
|
|
—
|
|
—
|
|
—
|
|
1
|
|
—
|
|
1
|
|
(1)
|
|
—
|
Impacts of Tax
Receivable Agreement
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(86)
|
|
(86)
|
|
—
|
|
(86)
|
Non-cash compensation
expenses
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
14
|
|
14
|
|
—
|
|
14
|
Transition and merger
expenses
|
(2)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(2)
|
|
—
|
|
(2)
|
Winter Storm Uri
impacts (c)
|
(32)
|
|
1
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(31)
|
|
—
|
|
(31)
|
Other, net
|
16
|
|
3
|
|
2
|
|
1
|
|
9
|
|
(15)
|
|
16
|
|
(8)
|
|
8
|
Adjusted
EBITDA
|
$ (2)
|
|
$
873
|
|
$
138
|
|
$ 45
|
|
$ (8)
|
|
$
(8)
|
|
$ 1,038
|
|
$
(57)
|
|
$
981
|
___________
(a)
|
Includes $90 million of
unrealized mark-to-market net gains on interest rate
swaps.
|
(b)
|
Includes nuclear fuel
amortization of $23 million in Texas segment.
|
(c)
|
Includes the
application of future bill credits to large commercial and
industrial customers that curtailed their usage during Winter Storm
Uri.
|
|
|
|
VISTRA
CORP.
|
NON-GAAP
RECONCILIATIONS - ADJUSTED EBITDA
|
FOR THE NINE MONTHS
ENDED SEPTEMBER 30, 2022
|
(Unaudited)
(Millions of Dollars)
|
|
|
Retail
|
|
Texas
|
|
East
|
|
West
|
|
Sunset
|
|
Eliminations /
Corp and
Other
|
|
Ongoing
Operations
Consolidated
|
|
Asset
Closure
|
|
Vistra Corp.
Consolidated
|
Net income
(loss)
|
$
2,099
|
|
$(1,455)
|
|
$
(910)
|
|
$ 36
|
|
$
(583)
|
|
$
(53)
|
|
$
(866)
|
|
$ (96)
|
|
$
(962)
|
Income tax
benefit
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(262)
|
|
(262)
|
|
—
|
|
(262)
|
Interest expense and
related charges (a)
|
8
|
|
(20)
|
|
3
|
|
(3)
|
|
2
|
|
194
|
|
184
|
|
2
|
|
186
|
Depreciation and
amortization (b)
|
109
|
|
467
|
|
545
|
|
26
|
|
56
|
|
52
|
|
1,255
|
|
22
|
|
1,277
|
EBITDA before
Adjustments
|
2,216
|
|
(1,008)
|
|
(362)
|
|
59
|
|
(525)
|
|
(69)
|
|
311
|
|
(72)
|
|
239
|
Unrealized net (gain)
loss resulting from hedging transactions
|
(1,602)
|
|
2,260
|
|
805
|
|
49
|
|
532
|
|
—
|
|
2,044
|
|
(17)
|
|
2,027
|
Generation plant
retirement expenses
|
—
|
|
—
|
|
—
|
|
—
|
|
6
|
|
—
|
|
6
|
|
(2)
|
|
4
|
Impacts of Tax
Receivable Agreement
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
29
|
|
29
|
|
—
|
|
29
|
Non-cash compensation
expenses
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
48
|
|
48
|
|
—
|
|
48
|
Transition and merger
expenses
|
7
|
|
—
|
|
1
|
|
—
|
|
—
|
|
10
|
|
18
|
|
—
|
|
18
|
Winter Storm Uri
impacts (c)
|
(95)
|
|
(52)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(147)
|
|
—
|
|
(147)
|
Other, net
|
38
|
|
21
|
|
6
|
|
2
|
|
12
|
|
(44)
|
|
35
|
|
5
|
|
40
|
Adjusted
EBITDA
|
$
564
|
|
$
1,221
|
|
$
450
|
|
$
110
|
|
$ 25
|
|
$
(26)
|
|
$ 2,344
|
|
$
(86)
|
|
$ 2,258
|
___________
(a)
|
Includes $261 million
of unrealized mark-to-market net gains on interest rate
swaps.
|
(b)
|
Includes nuclear fuel
amortization of $63 million in Texas segment.
|
(c)
|
Includes the
application of bill credits to large commercial and industrial
customers that curtailed their usage during Winter Storm Uri and a
reduction in the allocation of ERCOT default uplift charges which
are expected to be paid over several decades under current
protocols. We estimate bill credit amounts to be applied in
future periods are for the remainder of 2022 (approximately $35
million), 2023 (approximately $52 million), 2024 (approximately $41
million) and 2025 (approximately $1 million).
|
|
|
|
VISTRA
CORP.
|
NON-GAAP
RECONCILIATIONS - ADJUSTED EBITDA
|
FOR THE THREE MONTHS
ENDED SEPTEMBER 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)
|
$ 779
|
|
$
4
|
|
$
(233)
|
|
$ (18)
|
|
$
(248)
|
|
$
(141)
|
|
$
143
|
|
$
(133)
|
|
$
10
|
Income tax
expense
|
2
|
|
—
|
|
|
|
|
|
|
|
29
|
|
31
|
|
—
|
|
31
|
Interest expense and
related charges (a)
|
2
|
|
(3)
|
|
5
|
|
(1)
|
|
1
|
|
119
|
|
123
|
|
1
|
|
124
|
Depreciation and
amortization (b)
|
53
|
|
200
|
|
164
|
|
15
|
|
27
|
|
17
|
|
476
|
|
13
|
|
489
|
EBITDA before
Adjustments
|
836
|
|
201
|
|
(64)
|
|
(4)
|
|
(220)
|
|
24
|
|
773
|
|
(119)
|
|
654
|
Unrealized net (gain)
loss resulting from hedging transactions
|
(739)
|
|
654
|
|
254
|
|
39
|
|
279
|
|
—
|
|
487
|
|
102
|
|
589
|
Generation plant
retirement expenses
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1
|
|
1
|
|
4
|
|
5
|
Fresh start / purchase
accounting impacts
|
(2)
|
|
(2)
|
|
—
|
|
—
|
|
(5)
|
|
—
|
|
(9)
|
|
(8)
|
|
(17)
|
Impacts of Tax
Receivable Agreement
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(35)
|
|
(35)
|
|
—
|
|
(35)
|
Non-cash compensation
expenses
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
11
|
|
11
|
|
—
|
|
11
|
Transition and merger
expenses
|
(4)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2
|
|
(2)
|
|
—
|
|
(2)
|
Impairment of
long-lived assets
|
—
|
|
2
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2
|
|
—
|
|
2
|
Winter Storm Uri
impacts (c)
|
(31)
|
|
(2)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(33)
|
|
—
|
|
(33)
|
Other, net
|
5
|
|
5
|
|
3
|
|
1
|
|
(2)
|
|
(14)
|
|
(2)
|
|
1
|
|
(1)
|
Adjusted
EBITDA
|
$ 65
|
|
$
858
|
|
$
193
|
|
$ 36
|
|
$ 52
|
|
$
(11)
|
|
$ 1,193
|
|
$
(20)
|
|
$ 1,173
|
___________
(a)
|
Includes $13 million of
unrealized mark-to-market net gains on interest rate
swaps.
|
(b)
|
Includes nuclear fuel
amortization of $21 million in Texas segment.
|
(c)
|
Includes the following
of the Winter Storm Uri impacts, which we believe are not
reflective of our operating performance: future bill credits
related to Winter Storm Uri, partially offset by the allocation of
additional ERCOT default uplift charges, which are expected to be
paid over several decades under current protocols, 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 their usage during Winter Storm Uri and
will reverse and impact Adjusted EBITDA in future periods as the
credits are applied to customer bills. 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.
|
|
|
|
VISTRA
CORP.
|
NON-GAAP
RECONCILIATIONS - ADJUSTED EBITDA
|
FOR THE NINE MONTHS
ENDED SEPTEMBER 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)
|
$
2,677
|
|
$(3,651)
|
|
$
(332)
|
|
$ (62)
|
|
$
(488)
|
|
$
235
|
|
$ (1,621)
|
|
$
(373)
|
|
$ (1,994)
|
Income tax expense
(benefit)
|
2
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(571)
|
|
(569)
|
|
—
|
|
(569)
|
Interest expense and
related charges (a)
|
7
|
|
(10)
|
|
11
|
|
(9)
|
|
1
|
|
287
|
|
287
|
|
1
|
|
288
|
Depreciation and
amortization (b)
|
160
|
|
523
|
|
553
|
|
30
|
|
78
|
|
51
|
|
1,395
|
|
21
|
|
1,416
|
EBITDA before
Adjustments
|
2,846
|
|
(3,138)
|
|
232
|
|
(41)
|
|
(409)
|
|
2
|
|
(508)
|
|
(351)
|
|
(859)
|
Unrealized net (gain)
loss resulting from hedging transactions
|
(2,840)
|
|
2,269
|
|
407
|
|
120
|
|
593
|
|
—
|
|
549
|
|
222
|
|
771
|
Generation plant
retirement expenses
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
19
|
|
19
|
Fresh start / purchase
accounting impacts
|
1
|
|
(3)
|
|
(74)
|
|
—
|
|
(7)
|
|
—
|
|
(83)
|
|
(13)
|
|
(96)
|
Impacts of Tax
Receivable Agreement
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(31)
|
|
(31)
|
|
—
|
|
(31)
|
Non-cash compensation
expenses
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
40
|
|
40
|
|
—
|
|
40
|
Transition and merger
expenses
|
(2)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(2)
|
|
(15)
|
|
(17)
|
Impairment of
long-lived assets
|
—
|
|
2
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2
|
|
38
|
|
40
|
Winter Storm Uri
impacts (c)
|
354
|
|
511
|
|
—
|
|
—
|
|
1
|
|
—
|
|
866
|
|
—
|
|
866
|
Other, net
|
17
|
|
9
|
|
8
|
|
2
|
|
1
|
|
(30)
|
|
7
|
|
4
|
|
11
|
Adjusted
EBITDA
|
$
376
|
|
$
(350)
|
|
$
573
|
|
$ 81
|
|
$
179
|
|
$
(19)
|
|
$
840
|
|
$
(96)
|
|
$
744
|
___________
(a)
|
Includes $92 million of
unrealized mark-to-market net gains on interest rate
swaps.
|
(b)
|
Includes nuclear fuel
amortization of $61 million in Texas segment.
|
(c)
|
Includes the following
of the Winter Storm Uri impacts, which we believe are not
reflective of our operating performance: the allocation of ERCOT
default uplift charges which are expected to be paid over several
decades under current protocols, accrual of Koch earn-out amounts
that we paid in the second quarter of 2022, future bill credits
related to Winter Storm Uri 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
their usage during Winter Storm Uri and will reverse and impact
Adjusted EBITDA in future periods as the credits are applied to
customer bills. 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.
|
|
|
|
VISTRA CORP. -
NON-GAAP RECONCILIATIONS
NARROWED 2022
GUIDANCE
|
(Unaudited) (Millions
of Dollars)
|
|
|
Ongoing
Operations
|
Asset
Closure
|
Vistra
Consolidated
|
|
Low
|
|
High
|
Low
|
|
High
|
Low
|
|
High
|
Net Income
(loss)
|
(710)
|
|
(570)
|
(130)
|
|
(30)
|
(840)
|
|
(600)
|
Income tax
expense
|
(160)
|
|
(100)
|
0
|
|
0
|
(160)
|
|
(100)
|
Interest expense and
related charges (a)
|
410
|
|
410
|
0
|
|
0
|
410
|
|
410
|
Depreciation and
amortization (b)
|
1,670
|
|
1,670
|
20
|
|
20
|
1,690
|
|
1,690
|
EBITDA before
adjustments
|
1,210
|
|
1,410
|
(110)
|
|
(10)
|
1,100
|
|
1,400
|
Unrealized net (gain)
loss resulting from hedging transactions
|
1,777
|
|
1,777
|
(31)
|
|
(31)
|
1,746
|
|
1,746
|
Fresh start / purchase
accounting impacts
|
7
|
|
7
|
0
|
|
0
|
7
|
|
7
|
Impacts of Tax
Receivable Agreement
|
44
|
|
44
|
0
|
|
0
|
44
|
|
44
|
Non-cash compensation
expenses
|
63
|
|
63
|
0
|
|
0
|
63
|
|
63
|
Transition and merger
expenses
|
42
|
|
42
|
(1)
|
|
(1)
|
41
|
|
41
|
Winter Storm Uri
impacts (c)
|
(190)
|
|
(190)
|
0
|
|
0
|
(190)
|
|
(190)
|
Other, net
|
7
|
|
7
|
2
|
|
2
|
9
|
|
9
|
Adjusted EBITDA
guidance
|
2,960
|
|
3,160
|
(140)
|
|
(40)
|
2,820
|
|
3,120
|
Interest paid,
net
|
(605)
|
|
(605)
|
0
|
|
0
|
(605)
|
|
(605)
|
Tax (paid) / received
(d)
|
(20)
|
|
(20)
|
0
|
|
0
|
(20)
|
|
(20)
|
Tax Receivable
Agreement payments
|
(1)
|
|
(1)
|
0
|
|
0
|
(1)
|
|
(1)
|
Working capital and
margin deposits
|
(450)
|
|
(450)
|
10
|
|
10
|
(440)
|
|
(440)
|
Accrued environmental
allowances
|
270
|
|
270
|
0
|
|
0
|
270
|
|
270
|
Reclamation and
remediation
|
(31)
|
|
(31)
|
(60)
|
|
(60)
|
(91)
|
|
(91)
|
Winter Storm Uri
impacts (e)
|
304
|
|
304
|
0
|
|
0
|
304
|
|
304
|
Other changes in other
operating assets and liabilities
|
87
|
|
87
|
(63)
|
|
(63)
|
24
|
|
24
|
Cash provided by
(used in) operating activities
|
2,514
|
|
2,714
|
(253)
|
|
(153)
|
2,261
|
|
2,561
|
Capital expenditures
including nuclear fuel purchases and LTSA prepayments
|
(812)
|
|
(812)
|
0
|
|
0
|
(812)
|
|
(812)
|
Solar and storage
development expenditures
|
(366)
|
|
(366)
|
0
|
|
0
|
(366)
|
|
(366)
|
Other growth
expenditures
|
(130)
|
|
(130)
|
0
|
|
0
|
(130)
|
|
(130)
|
(Purchase) sale of
environmental allowances
|
(75)
|
|
(75)
|
0
|
|
0
|
(75)
|
|
(75)
|
Other net investing
activities
|
(21)
|
|
(21)
|
13
|
|
13
|
(8)
|
|
(8)
|
Free cash
flow
|
1,110
|
|
1,310
|
(240)
|
|
(140)
|
870
|
|
1,170
|
Working capital and
margin deposits
|
450
|
|
450
|
(10)
|
|
(10)
|
440
|
|
440
|
Solar and storage
development and other growth expenditures
|
366
|
|
366
|
0
|
|
0
|
366
|
|
366
|
Other growth
expenditures
|
130
|
|
130
|
0
|
|
0
|
130
|
|
130
|
Accrued environmental
allowances
|
(270)
|
|
(270)
|
0
|
|
0
|
(270)
|
|
(270)
|
(Purchase) sale of
environmental allowances
|
75
|
|
75
|
0
|
|
0
|
75
|
|
75
|
Transition and merger
expenses
|
299
|
|
299
|
20
|
|
20
|
319
|
|
319
|
Transition capital
expenditures
|
10
|
|
10
|
0
|
|
0
|
10
|
|
10
|
Adjusted free cash
flow before growth guidance
|
2,170
|
|
2,370
|
(230)
|
|
(130)
|
1,940
|
|
2,240
|
|
|
(a)
|
Includes unrealized
(gain) / loss on interest rate swaps of ($199) million.
|
(b)
|
Includes nuclear fuel
amortization of $87 million.
|
(c)
|
Adjustment for bill
credits applied to large commercial and industrial customers that
curtailed during Winter Storm Uri.
|
(d)
|
Includes state tax
payments.
|
(e)
|
Primarily includes
securitization proceeds received in 2022.
|
|
|
|
VISTRA CORP. -
NON-GAAP RECONCILIATIONS
2023
GUIDANCE
|
(Unaudited) (Millions
of Dollars)
|
|
|
Ongoing
Operations
|
Asset
Closure
|
Vistra
Consolidated
|
|
Low
|
|
High
|
Low
|
|
High
|
Low
|
|
High
|
Net Income
(loss)
|
1,050
|
|
1,510
|
(180)
|
|
(80)
|
870
|
|
1,430
|
Income tax
expense
|
300
|
|
440
|
0
|
|
0
|
300
|
|
440
|
Interest expense and
related charges (a)
|
710
|
|
710
|
0
|
|
0
|
710
|
|
710
|
Depreciation and
amortization (b)
|
1,580
|
|
1,580
|
0
|
|
0
|
1,580
|
|
1,580
|
EBITDA before
adjustments
|
3,640
|
|
4,240
|
(180)
|
|
(80)
|
3,460
|
|
4,160
|
Unrealized net (gain)
loss resulting from hedging transactions
|
(267)
|
|
(267)
|
(14)
|
|
(14)
|
(281)
|
|
(281)
|
Fresh start / purchase
accounting impacts
|
6
|
|
6
|
0
|
|
0
|
6
|
|
6
|
Impacts of Tax
Receivable Agreement
|
66
|
|
66
|
0
|
|
0
|
66
|
|
66
|
Non-cash compensation
expenses
|
53
|
|
53
|
0
|
|
0
|
53
|
|
53
|
Transition and merger
expenses
|
0
|
|
0
|
0
|
|
0
|
0
|
|
0
|
Winter Storm Uri
impacts (c)
|
(52)
|
|
(52)
|
0
|
|
0
|
(52)
|
|
(52)
|
Other, net
|
(46)
|
|
(46)
|
4
|
|
4
|
(42)
|
|
(42)
|
Adjusted EBITDA
guidance
|
3,400
|
|
4,000
|
(190)
|
|
(90)
|
3,210
|
|
3,910
|
Interest paid,
net
|
(622)
|
|
(622)
|
0
|
|
0
|
(622)
|
|
(622)
|
Tax (paid) / received
(d)
|
(49)
|
|
(49)
|
0
|
|
0
|
(49)
|
|
(49)
|
Tax Receivable
Agreement payments
|
(9)
|
|
(9)
|
0
|
|
0
|
(9)
|
|
(9)
|
Working capital and
margin deposits
|
479
|
|
479
|
0
|
|
0
|
479
|
|
479
|
Accrued environmental
allowances
|
434
|
|
434
|
0
|
|
0
|
434
|
|
434
|
Reclamation and
remediation
|
(33)
|
|
(33)
|
(100)
|
|
(100)
|
(133)
|
|
(133)
|
Winter Storm Uri
impacts
|
0
|
|
0
|
0
|
|
0
|
0
|
|
0
|
Other changes in other
operating assets and liabilities
|
17
|
|
17
|
(21)
|
|
(21)
|
(4)
|
|
(4)
|
Cash provided by
(used in) operating activities
|
3,617
|
|
4,217
|
(311)
|
|
(211)
|
3,306
|
|
4,006
|
Capital expenditures
including nuclear fuel purchases and LTSA prepayments
|
(950)
|
|
(950)
|
0
|
|
0
|
(950)
|
|
(950)
|
Solar and storage
development expenditures
|
(977)
|
|
(977)
|
0
|
|
0
|
(977)
|
|
(977)
|
Other growth
expenditures
|
(159)
|
|
(159)
|
0
|
|
0
|
(159)
|
|
(159)
|
(Purchase) sale of
environmental allowances
|
(520)
|
|
(520)
|
0
|
|
0
|
(520)
|
|
(520)
|
Other net investing
activities
|
(20)
|
|
(20)
|
0
|
|
0
|
(20)
|
|
(20)
|
Free cash
flow
|
991
|
|
1,591
|
(311)
|
|
(211)
|
680
|
|
1,380
|
Working capital and
margin deposits
|
(479)
|
|
(479)
|
0
|
|
0
|
(479)
|
|
(479)
|
Solar and storage
development and other growth expenditures
|
977
|
|
977
|
0
|
|
0
|
977
|
|
977
|
Other growth
expenditures
|
159
|
|
159
|
0
|
|
0
|
159
|
|
159
|
Accrued environmental
allowances
|
(434)
|
|
(434)
|
0
|
|
0
|
(434)
|
|
(434)
|
(Purchase) sale of
environmental allowances
|
520
|
|
520
|
0
|
|
0
|
520
|
|
520
|
Transition and merger
expenses
|
12
|
|
12
|
26
|
|
26
|
38
|
|
38
|
Transition capital
expenditures
|
4
|
|
4
|
0
|
|
0
|
4
|
|
4
|
Adjusted free cash
flow before growth guidance
|
1,750
|
|
2,350
|
(285)
|
|
(185)
|
1,465
|
|
2,165
|
|
|
(a)
|
Includes unrealized
(gain) / loss on interest rate swaps of $36 million.
|
(b)
|
Includes nuclear fuel
amortization of $105 million.
|
(c)
|
Adjustment for bill
credits applied to large commercial and industrial customers that
curtailed during Winter Storm Uri.
|
(d)
|
Includes state tax
payments.
|
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SOURCE Vistra Corp.