IRVING, Texas, Feb. 26, 2021 /PRNewswire/ -- Vistra (NYSE:
VST):
2020 Financial Highlights
- Delivered 2020 Net Income of $624
million and Net Income from Ongoing Operations1
of $725 million. 2020 Ongoing
Operations Adjusted EBITDA1 was $3,766 million, ~11% above 2019 results,
representing the fifth year in a row Vistra's financial results
have come in above the midpoint of Vistra's guidance.
- Delivered 2020 Cash Flows from Operations (Operating Cash Flow)
of $3,337 million and 2020 Ongoing
Operations Adjusted Free Cash Flow before Growth
(FCFbG)1 of $2,582 million
– ~6% above 2019 results – and reflecting a free cash flow
conversion ratio of ~69% percent.
- Realized $400 million in EBITDA
value levers from the Operations Performance Improvement ("OPI")
initiative in 2020—a $100 million
increase from initial projections—resulting in a higher target 2021
run-rate of $525 million, increased
from the prior target of $425
million. In 2020, achieved nearly $750 million of the ~$860
million of identified Dynegy, Crius Energy (Crius), and
Ambit Energy (Ambit) transaction synergies and OPI EBITDA value
lever targets.
|
Realized in
Year
|
Achieved by
YE
|
2020
|
$722
|
$747
|
2021
|
$806
|
$856
|
"Vistra executed exceptionally well in the face of challenges
brought on by the global pandemic, delivering 2020 Adjusted EBITDA
from Ongoing Operations nearly 10% higher than our original
guidance midpoint. 2020 also marks the fifth year in a row that
Vistra's adjusted EBITDA has exceeded our financial guidance
midpoint with our outperformance totaling more than $500 million over this period," said Curt Morgan, Vistra's chief executive officer.
"We have proven that when we control our destiny, we consistently
over-perform. The challenges brought on by the global pandemic in
2020 and the historic winter storm in Texas last week have tested our business
model. We continue to believe that our integrated operations,
prioritizing a strong balance sheet and conservative liquidity
management, is the right model to remain resilient through these
challenges while creating value for our stakeholders over the
long-term."
Winter Storm Uri
In February 2021, the U.S.
experienced winter storm Uri, bringing extreme cold temperatures to
the central U.S., including Texas.
This severe weather resulted in surging demand for power, gas
supply shortages, operational challenges for generators, and a
significant load shed event (i.e., involuntary outages to customers
across the system for varying periods of time) that was ordered by
ERCOT beginning on Feb. 15, 2021 and
continuing through Feb. 18, 2021. In
anticipation of and during the storm, Vistra:
- Executed winter preparedness actions in addition to its
ordinary course winter preparations at an approximate cost of
$10 million.
- Assisted customers to proactively manage their usage with
conservation tips.
- Provided electricity to millions of Texans, producing ~25-30%
of the power generated during the storm compared to its market
share of ~18%.
- Announced $5 million of financial
assistance to customers and communities and assured residential
customers there would be no near-term impact on rates due to the
winter weather event.
The overall financial impact from winter storm Uri is still
being calculated, but Vistra expects it will have a material
adverse impact on its financial results driven by generation output
being constrained due to challenges with receiving a steady supply
of fuel for some plants as well as challenges with handling fuel
already on site given the freezing conditions. As a result of these
challenges, Vistra had to procure power in the ERCOT market at
prices at or near the price cap to meet its supply obligations.
2021 Guidance and Capital Allocation
As a result of Winter Storm Uri
hitting Texas last week, Vistra is
not able to reaffirm or adjust its 2021 guidance as Vistra does not
yet have enough information to provide an exact estimate of the
one-time financial impact of this unprecedented winter storm. While
the financial impacts of Winter Storm
Uri to Vistra are not yet finalized, Vistra management
preliminarily estimates the one-time adverse impact will be in the
range of ~$900 million to
$1,300 million. This estimated range
is preliminary and based on currently available information and
management estimates. The final amount of the estimated loss
is subject to a variety of factors including, but not limited to,
outstanding pricing, load, and settlement data from ERCOT,
potential state corrective action, or the outcome of potential
litigation arising from this event. Vistra will provide a further
update as information is available, the timing of which is
currently unknown.
Vistra continues to be committed to our capital allocation plan,
including our recommended dividend trajectory and debt reduction
expectations. Vistra will provide a further update on 2021 capital
allocation as estimates of the financial impact of Winter Storm Uri are finalized, the timing of
which is currently unknown. Vistra remains confident in its ability
to generate significant Adjusted EBITDA and Free Cash Flow before
Growth over the long-term, supporting our diverse capital
allocation plans.
Liquidity
As of Dec. 31, 2020, Vistra had
total available liquidity of ~$2,399
million, including cash and cash equivalents of $406 million, $1,988
million of availability under its revolving credit facility,
and $5 million of availability under
its various bi-lateral letter of credit facilities. Winter Storm Uri resulted in Vistra being
required to post a significant amount of collateral, including to
ERCOT, clearinghouses for natural gas and power transactions, and
other trading counterparties. Despite these posting requirements,
Vistra consistently maintained, and it continues to maintain,
sufficient liquidity to conduct its operations in the ordinary
course. As of Feb. 25, 2021,
Vistra had more than $1.5 billion of
cash and availability under its revolving credit facility.
2020 Capital Allocation Highlights
- Reduced debt by ~$1.53 billion
and achieved long-term leverage target of 2.5x net debt to Adjusted
EBITDA as of Dec. 31, 2020.
- Paid a fourth quarter 2020 dividend of $0.135 per share on Dec.
30, 2020 to shareholders of record as of Dec. 16, 2020, bringing the total dividends paid
in 2020 to $0.54 per share.
- Announced first quarter 2021 dividend of $0.15 per share to be paid on March 31, 2021 to shareholders of record as of
March 17, 2021, representing an ~11%
increase to an expected $0.60 per
share2 for 2021.
- Announced balanced long-term capital allocation plan, with
expectation to return significant capital to financial stakeholders
over the next two years through debt repayment, dividends, and
share repurchases, while simultaneously reinvesting in the business
to transition generation portfolio via solar and energy storage
growth investments.
- Executed ~$125 million of the
authorized $1.5 billion share
repurchase program as of Feb. 23,
2021, resulting in net shares outstanding of ~483.7 million
as of the same date.
2020 Portfolio Transformation and Growth
Investments
- Advanced development of nearly 850 MW of renewable generation
projects in Texas, including one
battery energy storage project and five solar facilities. Vistra
expects it will invest on average ~$500
million a year in renewable resources, energy storage
systems, and retail businesses by 2030, resulting in a renewable
and storage portfolio of nearly 7,000 MWs, or nearly 20% of
Vistra's projected 2030 generation capacity. This portfolio of zero
carbon assets supports our retail business in Texas and offers financing options and
multiple opportunities to realize value.
- Announced plans to retire an incremental ~7,500 MW of
coal-fueled assets and ~350 MW of gas assets in the MISO, PJM, and
ERCOT markets, resulting in the planned retirement of Vistra's
entire Midwest coal fleet by no later than year-end 2027.
- 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.
- Acquired the Texas electric
retail customers of Infinite Energy and Veteran Energy in
November 2020, expanding Vistra's
retail footprint in the attractive Texas market.
2020 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 goal to achieve net-zero carbon
emissions, up from an 80% reduction target, by
20503.
- Continued its commitment to employee and contractor health and
safety by maintaining COVID-19 protocols first implemented in the
first quarter of 2020.
- Supported customers and communities during the pandemic by
maintaining customer service levels at all-time highs, donating
$2 million to non-profits and social
service agencies, providing nearly 180,000 masks and face coverings
to employees and local institutions, and assisting 15,400 customers
impacted by COVID-19 to pay their electric bills through
$3.9 million in donations.
- Launched several initiatives to enhance diversity, equity, and
inclusion, including hiring a chief diversity officer, creating a
diversity, equity, and inclusion advisory council, enhancing
employee resource groups, initiating career advancement pathways
for employees, and expanding diverse external recruiting
efforts.
- Committed $10 million in
donations over the next five years to support organizations that
grow minority-owned small businesses, enhance economic development,
and provide educational opportunities for students from diverse
backgrounds.
(1)
|
Excludes the Asset
Closure segment. Net Income from Ongoing Operations, Ongoing
Operations Adjusted EBITDA, and Ongoing Operations Adjusted FCFbG
are non-GAAP financial measures. See the "Non-GAAP Reconciliation"
tables for further detail.
|
(2)
|
Subject to Board's
approval at the applicable time.
|
(3)
|
Assuming necessary
advancements in technology and supportive market constructs and
public policy.
|
Summary of
Financial Results for the Fourth Quarter Ended Dec. 31, 2020 and
Full Year 2020
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
($ in
millions)
|
|
Dec. 31,
2020
|
Dec. 31,
2019
|
|
Dec. 31,
2020
|
Dec. 31,
2019
|
Net
Income/(Loss)
|
|
$ (27)
|
$ 233
|
|
$ 624
|
$ 926
|
Ongoing Operations
Net Income/(Loss)1
|
|
$ (14)
|
$ 240
|
|
$ 725
|
$ 1,035
|
Ongoing Operations
Adjusted EBITDA1
|
|
$ 802
|
$ 775
|
|
$ 3,766
|
$ 3,393
|
Operating Cash
Flow
|
|
-
|
-
|
|
$ 3,337
|
$ 2,736
|
Ongoing Operations
Adjusted FCFbG1
|
|
-
|
-
|
|
$ 2,582
|
$ 2,437
|
Adjusted EBITDA by
Segment
|
|
|
|
|
|
|
Retail
|
|
$ 411
|
$ 343
|
|
$ 983
|
$ 807
|
Texas
|
|
$ 191
|
$ 185
|
|
$ 1,646
|
$ 1,307
|
East
|
|
$ 158
|
$ 194
|
|
$ 849
|
$ 925
|
West
|
|
$ 14
|
$ 18
|
|
$ 73
|
$ 63
|
Sunset
|
|
$ 36
|
$ 40
|
|
$ 242
|
$ 308
|
Corp./Other
|
|
$ (8)
|
$ (5)
|
|
$ (27)
|
$ (17)
|
Asset
Closure
|
|
$ (3)
|
$ (4)
|
|
$ (81)
|
$ (68)
|
For the three months ended Dec. 31,
2020, Vistra reported a Net Loss of $27 million, Net Loss from Ongoing
Operations1 of $14
million, and Ongoing Operations Adjusted EBITDA1
of $802 million. Vistra's fourth
quarter 2020 Net Income/(Loss) of $(27)
million was $260 million lower
than fourth quarter 2019 Net Income/(Loss) of $233 million, driven primarily by a decrease in
unrealized net gains on hedging transactions. Vistra's fourth
quarter Adjusted EBITDA from Ongoing Operations was $27 million higher than fourth quarter 2019
results, primarily driven by the addition of Ambit.
Vistra reported fourth quarter Adjusted EBITDA from the Retail
segment of $411 million, $68
million higher than fourth quarter 2019 results, driven by
strong margin performance in ERCOT and the addition of
Ambit. Fourth quarter Adjusted EBITDA from the generation
segments2, on an aggregate basis, totaled $391 million, $41
million lower than fourth quarter 2019 results driven by
lower capacity revenue in the East segment.
For the full year of 2020, Vistra reported Net Income of
$624 million, Net Income from Ongoing
Operations1 of $725 million, and Ongoing Operations
Adjusted EBITDA1 of $3,766
million. Vistra's Net Income for the full year of 2020 was
$302 million lower than full year
2019 Net Income, driven primarily by a decrease in unrealized gains
on hedging transactions. Ongoing Operations Adjusted EBITDA for the
full year of 2020 was $373 million
higher than the full year of 2019, driven primarily by the
additions of Crius and Ambit and strong ERCOT margin performance,
partially offset by milder weather in the Retail segment, and
higher margins in the Texas, East,
and Sunset segments partially offset by lower capacity revenues in
the collective generation segments.2
(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)
|
Includes Texas, East,
West, Sunset, and Corp./Other.
|
Earnings Webcast
Vistra will host a conference call and webcast today,
Feb. 26, 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), "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. 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, 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, 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, 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; (v) the severity,
magnitude and duration of extreme weather events, including winter
storm Uri, 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.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Millions of Dollars, Except Per Share Amounts)
|
|
|
Year Ended
December 31,
|
|
2020
|
|
2019
|
|
2018
|
Operating
revenues
|
$
|
11,443
|
|
|
$
|
11,809
|
|
|
$
|
9,144
|
|
Fuel, purchased power
costs and delivery fees
|
(5,174)
|
|
|
(5,742)
|
|
|
(5,036)
|
|
Operating
costs
|
(1,622)
|
|
|
(1,530)
|
|
|
(1,297)
|
|
Depreciation and
amortization
|
(1,737)
|
|
|
(1,640)
|
|
|
(1,394)
|
|
Selling, general and
administrative expenses
|
(1,035)
|
|
|
(904)
|
|
|
(926)
|
|
Impairment of
long-lived assets
|
(356)
|
|
|
—
|
|
|
—
|
|
Operating
income
|
1,519
|
|
|
1,993
|
|
|
491
|
|
Other
income
|
34
|
|
|
56
|
|
|
47
|
|
Other
deductions
|
(42)
|
|
|
(15)
|
|
|
(5)
|
|
Interest expense and
related charges
|
(630)
|
|
|
(797)
|
|
|
(572)
|
|
Impacts of Tax
Receivable Agreement
|
5
|
|
|
(37)
|
|
|
(79)
|
|
Equity in earnings of
unconsolidated investment
|
4
|
|
|
16
|
|
|
17
|
|
Income (loss) before
income taxes
|
890
|
|
|
1,216
|
|
|
(101)
|
|
Income tax (expense)
benefit
|
(266)
|
|
|
(290)
|
|
|
45
|
|
Net income
(loss)
|
$
|
624
|
|
|
$
|
926
|
|
|
$
|
(56)
|
|
Net loss attributable
to noncontrolling interest
|
12
|
|
|
2
|
|
|
2
|
|
Net income (loss)
attributable to Vistra
|
$
|
636
|
|
|
$
|
928
|
|
|
$
|
(54)
|
|
VISTRA
CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions of Dollars)
|
|
|
Year Ended
December 31,
|
|
2020
|
|
2019
|
|
2018
|
Cash flows —
operating activities:
|
|
|
|
|
|
Net income
(loss)
|
$
|
624
|
|
|
$
|
926
|
|
|
$
|
(56)
|
|
Adjustments to
reconcile net income (loss) to cash provided by operating
activities:
|
|
|
|
|
|
Depreciation and
amortization
|
2,048
|
|
|
1,876
|
|
|
1,533
|
|
Deferred income tax
expense (benefit), net
|
230
|
|
|
281
|
|
|
(62)
|
|
Impairment of
long-lived assets
|
356
|
|
|
—
|
|
|
—
|
|
Loss on disposal of
investment in NELP
|
29
|
|
|
—
|
|
|
—
|
|
Unrealized net (gain)
loss from mark-to-market valuations of commodities
|
(231)
|
|
|
(696)
|
|
|
380
|
|
Unrealized net loss
from mark-to-market valuations of interest rate swaps
|
155
|
|
|
220
|
|
|
5
|
|
Change in asset
retirement obligation liability
|
7
|
|
|
(48)
|
|
|
(27)
|
|
Asset retirement
obligation accretion expense
|
43
|
|
|
53
|
|
|
50
|
|
Impacts of Tax
Receivable Agreement
|
(5)
|
|
|
37
|
|
|
79
|
|
Bad debt
expense
|
110
|
|
|
82
|
|
|
55
|
|
Stock-based
compensation
|
65
|
|
|
47
|
|
|
73
|
|
Other, net
|
(22)
|
|
|
(12)
|
|
|
37
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
Accounts receivable —
trade
|
(33)
|
|
|
(88)
|
|
|
(207)
|
|
Inventories
|
(59)
|
|
|
(44)
|
|
|
61
|
|
Accounts payable —
trade
|
(40)
|
|
|
(221)
|
|
|
90
|
|
Commodity and other
derivative contractual assets and liabilities
|
27
|
|
|
98
|
|
|
(80)
|
|
Margin deposits,
net
|
(20)
|
|
|
170
|
|
|
(221)
|
|
Accrued
interest
|
(20)
|
|
|
80
|
|
|
(105)
|
|
Accrued
taxes
|
22
|
|
|
(4)
|
|
|
(64)
|
|
Accrued employee
incentive
|
39
|
|
|
1
|
|
|
40
|
|
Tax Receivable
Agreement payment
|
—
|
|
|
(2)
|
|
|
(16)
|
|
Asset retirement
obligation settlement
|
(118)
|
|
|
(121)
|
|
|
(100)
|
|
Major plant outage
deferral
|
2
|
|
|
(19)
|
|
|
(22)
|
|
Other — net
assets
|
219
|
|
|
(22)
|
|
|
73
|
|
Other — net
liabilities
|
(91)
|
|
|
142
|
|
|
(45)
|
|
Cash provided by
operating activities
|
3,337
|
|
|
2,736
|
|
|
1,471
|
|
Cash flows —
investing activities:
|
|
|
|
|
|
Capital expenditures,
including nuclear fuel purchases and LTSA prepayments
|
(1,259)
|
|
|
(713)
|
|
|
(530)
|
|
Ambit acquisition (net
of cash acquired)
|
—
|
|
|
(506)
|
|
|
—
|
|
Crius acquisition (net
of cash acquired)
|
—
|
|
|
(374)
|
|
|
—
|
|
Cash acquired in the
Merger
|
—
|
|
|
—
|
|
|
445
|
|
Proceeds from sales of
nuclear decommissioning trust fund securities
|
433
|
|
|
431
|
|
|
252
|
|
Investments in nuclear
decommissioning trust fund securities
|
(455)
|
|
|
(453)
|
|
|
(274)
|
|
Proceeds from sales of
environmental allowances
|
165
|
|
|
197
|
|
|
1
|
|
Purchases of
environmental allowances
|
(504)
|
|
|
(322)
|
|
|
(5)
|
|
VISTRA
CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions of Dollars)
|
|
|
Year Ended
December 31,
|
|
2020
|
|
|
2019
|
|
|
2018
|
|
Proceeds from sales of
assets
|
24
|
|
|
6
|
|
|
7
|
|
Other, net
|
24
|
|
|
17
|
|
|
3
|
|
Cash used in investing
activities
|
(1,572)
|
|
|
(1,717)
|
|
|
(101)
|
|
Cash flows —
financing activities:
|
|
|
|
|
|
Issuances of long-term
debt
|
—
|
|
|
6,507
|
|
|
1,000
|
|
Repayments/repurchases
of debt
|
(1,008)
|
|
|
(7,109)
|
|
|
(3,075)
|
|
Net
borrowings/(payments) under accounts receivable securitization
program
|
(150)
|
|
|
111
|
|
|
339
|
|
Borrowings under
Revolving Credit Facility
|
1,075
|
|
|
650
|
|
|
—
|
|
Repayments under
Revolving Credit Facility
|
(1,425)
|
|
|
(300)
|
|
|
—
|
|
Debt tender offer and
other debt financing fees
|
(17)
|
|
|
(203)
|
|
|
(236)
|
|
Stock
repurchase
|
—
|
|
|
(656)
|
|
|
(763)
|
|
Dividends paid to
stockholders
|
(266)
|
|
|
(243)
|
|
|
—
|
|
Other, net
|
(5)
|
|
|
6
|
|
|
12
|
|
Cash used in financing
activities
|
(1,796)
|
|
|
(1,237)
|
|
|
(2,723)
|
|
Net change in cash,
cash equivalents and restricted cash
|
(31)
|
|
|
(218)
|
|
|
(1,353)
|
|
Cash, cash
equivalents and restricted cash — beginning balance
|
475
|
|
|
693
|
|
|
2,046
|
|
Cash, cash
equivalents and restricted cash — ending balance
|
$
|
444
|
|
|
$
|
475
|
|
|
$
|
693
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VISTRA
CORP.
NON-GAAP
RECONCILIATIONS - ADJUSTED EBITDA
FOR THE THREE
MONTHS ENDED DECEMBER 31, 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)
|
$
|
(123)
|
|
|
$
|
273
|
|
|
$
|
(78)
|
|
|
$
|
1
|
|
|
$
|
57
|
|
|
$
|
(143)
|
|
|
$
|
(13)
|
|
|
$
|
(13)
|
|
|
$
|
(26)
|
|
Income tax
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(18)
|
|
|
(18)
|
|
|
—
|
|
|
(18)
|
|
Interest expense and
related charges (a)
|
1
|
|
|
(2)
|
|
|
1
|
|
|
(4)
|
|
|
1
|
|
|
92
|
|
|
89
|
|
|
—
|
|
|
89
|
|
Depreciation and
amortization (b)
|
74
|
|
|
152
|
|
|
181
|
|
|
5
|
|
|
32
|
|
|
16
|
|
|
460
|
|
|
10
|
|
|
470
|
|
EBITDA before
Adjustments
|
(48)
|
|
|
423
|
|
|
104
|
|
|
2
|
|
|
90
|
|
|
(53)
|
|
|
518
|
|
|
(3)
|
|
|
515
|
|
Unrealized net (gain)
loss resulting from hedging transactions
|
454
|
|
|
(242)
|
|
|
53
|
|
|
11
|
|
|
(63)
|
|
|
—
|
|
|
213
|
|
|
—
|
|
|
213
|
|
Generation plant
retirement expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
Fresh start/purchase
accounting impacts
|
4
|
|
|
(3)
|
|
|
(1)
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
4
|
|
Impacts of Tax
Receivable Agreement
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
39
|
|
|
39
|
|
|
—
|
|
|
39
|
|
Non-cash compensation
expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17
|
|
|
17
|
|
|
—
|
|
|
17
|
|
Transition and merger
expenses
|
(3)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
(1)
|
|
|
—
|
|
|
(1)
|
|
COVID-19-related
expenses (c)
|
—
|
|
|
4
|
|
|
1
|
|
|
—
|
|
|
2
|
|
|
1
|
|
|
8
|
|
|
—
|
|
|
8
|
|
Other, net
|
4
|
|
|
9
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
(14)
|
|
|
1
|
|
|
—
|
|
|
1
|
|
Adjusted
EBITDA
|
$
|
411
|
|
|
$
|
191
|
|
|
$
|
158
|
|
|
$
|
14
|
|
|
$
|
36
|
|
|
$
|
(8)
|
|
|
$
|
802
|
|
|
$
|
(3)
|
|
|
$
|
799
|
|
|
|
|
|
|
|
|
(a)
|
Includes $26 million
of unrealized mark-to-market net gains on interest rate
swaps.
|
(b)
|
Includes nuclear fuel
amortization of $18 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 YEAR ENDED
DECEMBER 31, 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)
|
$
|
309
|
|
|
$
|
1,760
|
|
|
$
|
41
|
|
|
$
|
50
|
|
|
$
|
(414)
|
|
|
$
|
(1,021)
|
|
|
$
|
725
|
|
|
$
|
(101)
|
|
|
$
|
624
|
|
Income tax
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
266
|
|
|
266
|
|
|
—
|
|
|
266
|
|
Interest expense and
related charges (a)
|
10
|
|
|
(8)
|
|
|
7
|
|
|
(10)
|
|
|
2
|
|
|
629
|
|
|
630
|
|
|
—
|
|
|
630
|
|
Depreciation and
amortization (b)
|
303
|
|
|
550
|
|
|
721
|
|
|
19
|
|
|
133
|
|
|
64
|
|
|
1,790
|
|
|
22
|
|
|
1,812
|
|
EBITDA before
Adjustments
|
622
|
|
|
2,302
|
|
|
769
|
|
|
59
|
|
|
(279)
|
|
|
(62)
|
|
|
3,411
|
|
|
(79)
|
|
|
3,332
|
|
Unrealized net (gain)
loss resulting from hedging transactions
|
340
|
|
|
(691)
|
|
|
15
|
|
|
10
|
|
|
95
|
|
|
—
|
|
|
(231)
|
|
|
—
|
|
|
(231)
|
|
Generation plant
retirement expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
43
|
|
|
—
|
|
|
43
|
|
|
—
|
|
|
43
|
|
Fresh start/purchase
accounting impacts
|
5
|
|
|
(8)
|
|
|
22
|
|
|
—
|
|
|
19
|
|
|
—
|
|
|
38
|
|
|
—
|
|
|
38
|
|
Impacts of Tax
Receivable Agreement
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5)
|
|
|
(5)
|
|
|
—
|
|
|
(5)
|
|
Non-cash compensation
expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
63
|
|
|
63
|
|
|
—
|
|
|
63
|
|
Transition and merger
expenses
|
5
|
|
|
2
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
11
|
|
|
19
|
|
|
(3)
|
|
|
16
|
|
Impairment of
long-lived assets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
356
|
|
|
—
|
|
|
356
|
|
|
—
|
|
|
356
|
|
Loss on disposal of
investment in NELP
|
—
|
|
|
—
|
|
|
29
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
29
|
|
|
—
|
|
|
29
|
|
COVID-19-related
expenses (c)
|
—
|
|
|
15
|
|
|
3
|
|
|
—
|
|
|
5
|
|
|
2
|
|
|
25
|
|
|
—
|
|
|
25
|
|
Other, net
|
11
|
|
|
26
|
|
|
10
|
|
|
4
|
|
|
3
|
|
|
(36)
|
|
|
18
|
|
|
1
|
|
|
19
|
|
Adjusted
EBITDA
|
$
|
983
|
|
|
$
|
1,646
|
|
|
$
|
849
|
|
|
$
|
73
|
|
|
$
|
242
|
|
|
$
|
(27)
|
|
|
$
|
3,766
|
|
|
$
|
(81)
|
|
|
$
|
3,685
|
|
|
|
|
|
|
|
|
(a)
|
Includes $155 million
of unrealized mark-to-market net losses on interest rate
swaps.
|
(b)
|
Includes nuclear fuel
amortization of $75 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 DECEMBER 31, 2019
(Unaudited)
(Millions of Dollars)
|
|
|
Retail
|
|
Texas
|
|
East
|
|
West
|
|
Sunset
|
|
Eliminations /
Corp and
Other
|
|
Ongoing
Operations
Consolidated
|
|
Asset
Closure
|
|
Vistra Corp.
Consolidated
|
Net income
(loss)
|
$
|
132
|
|
|
$
|
28
|
|
|
$
|
135
|
|
|
$
|
10
|
|
|
$
|
77
|
|
|
$
|
(142)
|
|
|
$
|
240
|
|
|
$
|
(7)
|
|
|
$
|
233
|
|
Income tax
expense
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
20
|
|
|
20
|
|
|
—
|
|
|
20
|
|
Interest expense and
related charges (a)
|
5
|
|
|
(2)
|
|
|
3
|
|
|
—
|
|
|
(1)
|
|
|
72
|
|
|
77
|
|
|
—
|
|
|
77
|
|
Depreciation and
amortization (b)
|
88
|
|
|
134
|
|
|
172
|
|
|
5
|
|
|
34
|
|
|
13
|
|
|
446
|
|
|
—
|
|
|
446
|
|
EBITDA before
Adjustments
|
225
|
|
|
160
|
|
|
310
|
|
|
15
|
|
|
110
|
|
|
(37)
|
|
|
783
|
|
|
(7)
|
|
|
776
|
|
Unrealized net (gain)
loss resulting from hedging transactions
|
87
|
|
|
25
|
|
|
(120)
|
|
|
4
|
|
|
(67)
|
|
|
—
|
|
|
(71)
|
|
|
—
|
|
|
(71)
|
|
Generation plant
retirement expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
3
|
|
Fresh start / purchase
accounting impacts
|
5
|
|
|
(3)
|
|
|
1
|
|
|
(1)
|
|
|
2
|
|
|
—
|
|
|
4
|
|
|
(1)
|
|
|
3
|
|
Impacts of Tax
Receivable Agreement
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
12
|
|
|
—
|
|
|
12
|
|
Non-cash compensation
expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
12
|
|
|
—
|
|
|
12
|
|
Transition and merger
expenses
|
25
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
(4)
|
|
|
8
|
|
|
33
|
|
|
—
|
|
|
33
|
|
Other, net
|
1
|
|
|
3
|
|
|
(1)
|
|
|
—
|
|
|
(1)
|
|
|
—
|
|
|
2
|
|
|
1
|
|
|
3
|
|
Adjusted
EBITDA
|
$
|
343
|
|
|
$
|
185
|
|
|
$
|
194
|
|
|
$
|
18
|
|
|
$
|
40
|
|
|
$
|
(5)
|
|
|
$
|
775
|
|
|
$
|
(4)
|
|
|
$
|
771
|
|
|
|
|
|
|
|
|
(a)
|
Includes $55 million
of unrealized mark-to-market net gains 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 YEAR ENDED
DECEMBER 31, 2019
(Unaudited)
(Millions of Dollars)
|
|
|
Retail
|
|
Texas
|
|
East
|
|
West
|
|
Sunset
|
|
Eliminations /
Corp and
Other
|
|
Ongoing
Operations
Consolidated
|
|
Asset
Closure
|
|
Vistra Corp.
Consolidated
|
Net income
(loss)
|
$
|
134
|
|
|
$
|
1,342
|
|
|
$
|
400
|
|
|
$
|
88
|
|
|
$
|
274
|
|
|
$
|
(1,203)
|
|
|
$
|
1,035
|
|
|
$
|
(109)
|
|
|
$
|
926
|
|
Income tax
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
290
|
|
|
290
|
|
|
—
|
|
|
290
|
|
Interest expense and
related charges (a)
|
21
|
|
|
(8)
|
|
|
13
|
|
|
—
|
|
|
4
|
|
|
767
|
|
|
797
|
|
|
—
|
|
|
797
|
|
Depreciation and
amortization (b)
|
292
|
|
|
545
|
|
|
680
|
|
|
19
|
|
|
120
|
|
|
57
|
|
|
1,713
|
|
|
—
|
|
|
1,713
|
|
EBITDA before
Adjustments
|
447
|
|
|
1,879
|
|
|
1,093
|
|
|
107
|
|
|
398
|
|
|
(89)
|
|
|
3,835
|
|
|
(109)
|
|
|
3,726
|
|
Unrealized net (gain)
loss resulting from hedging transactions
|
278
|
|
|
(591)
|
|
|
(196)
|
|
|
(41)
|
|
|
(146)
|
|
|
—
|
|
|
(696)
|
|
|
—
|
|
|
(696)
|
|
Generation plant
retirement expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
12
|
|
|
42
|
|
|
54
|
|
Fresh start / purchase
accounting impacts
|
23
|
|
|
(4)
|
|
|
4
|
|
|
(4)
|
|
|
14
|
|
|
—
|
|
|
33
|
|
|
(3)
|
|
|
30
|
|
Impacts of Tax
Receivable Agreement
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
37
|
|
|
37
|
|
|
—
|
|
|
37
|
|
Non-cash compensation
expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
48
|
|
|
48
|
|
|
—
|
|
|
48
|
|
Transition and merger
expenses
|
49
|
|
|
11
|
|
|
9
|
|
|
1
|
|
|
22
|
|
|
23
|
|
|
115
|
|
|
—
|
|
|
115
|
|
Other, net
|
10
|
|
|
12
|
|
|
15
|
|
|
—
|
|
|
8
|
|
|
(36)
|
|
|
9
|
|
|
2
|
|
|
11
|
|
Adjusted
EBITDA
|
$
|
807
|
|
|
$
|
1,307
|
|
|
$
|
925
|
|
|
$
|
63
|
|
|
$
|
308
|
|
|
$
|
(17)
|
|
|
$
|
3,393
|
|
|
$
|
(68)
|
|
|
$
|
3,325
|
|
|
|
|
|
|
|
|
(a)
|
Includes $220 million
of unrealized mark-to-market net losses on interest rate
swaps.
|
(b)
|
Includes nuclear fuel
amortization of $73 million in the Texas segment.
|
VISTRA
CORP.
NON-GAAP
RECONCILIATIONS - ADJUSTED FREE CASH FLOW
FOR YEAR ENDED
DECEMBER 31, 2020
(Unaudited)
(Millions of Dollars)
|
|
|
Ongoing
Operations
|
|
Asset
Closure
|
|
Vistra
Consolidated
|
Adjusted
EBITDA
|
$
|
3,766
|
|
|
$
|
(81)
|
|
|
$
|
3,685
|
|
Interest paid, net
(a)
|
(513)
|
|
|
—
|
|
|
(513)
|
|
Taxes received net of
payments
|
141
|
|
—
|
|
(1)
|
|
|
140
|
|
Severance
|
(11)
|
|
|
(10)
|
|
|
(21)
|
|
Working capital,
margin deposits and derivative related cash activities
|
159
|
|
|
(6)
|
|
|
153
|
|
Reclamation and
remediation
|
(17)
|
|
|
(50)
|
|
|
(67)
|
|
Transition and merger
expense
|
(16)
|
|
|
—
|
|
|
(16)
|
|
COVID-19-related
expenses
|
(25)
|
|
|
—
|
|
|
(25)
|
|
Changes in other
operating assets and liabilities
|
26
|
|
|
(25)
|
|
|
1
|
|
Cash provided by
operating activities
|
$
|
3,510
|
|
|
$
|
(173)
|
|
|
$
|
3,337
|
|
Capital expenditures
including LTSA prepayments and nuclear fuel purchases
(b)
|
(858)
|
|
|
|
|
(858)
|
|
Development and growth
expenditures (c)
|
(401)
|
|
|
—
|
|
|
(401)
|
|
Purchases and sales of
environmental credits and allowances, net
|
(339)
|
|
|
—
|
|
|
(339)
|
|
Other net investing
activities (d)
|
15
|
|
|
11
|
|
|
26
|
|
Free cash
flow
|
$
|
1,927
|
|
|
$
|
(162)
|
|
|
$
|
1,765
|
|
Working capital,
margin deposits and derivative related cash activities
|
(159)
|
|
|
6
|
|
|
(153)
|
|
Development and growth
expenditures
|
401
|
|
|
—
|
|
|
401
|
|
Severance
|
11
|
|
|
10
|
|
|
21
|
|
Purchases and sales of
environmental credits and allowances, net
|
339
|
|
|
—
|
|
|
339
|
|
Transition and merger
expense
|
16
|
|
|
—
|
|
|
16
|
|
COVID-19-related
expenses
|
25
|
|
|
—
|
|
|
25
|
|
Transition capital
expenditures
|
22
|
|
|
—
|
|
|
22
|
|
Adjusted free cash
flow before growth
|
$
|
2,582
|
|
|
$
|
(146)
|
|
|
$
|
2,436
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Net of interest
received.
|
(b)
|
Includes $258 million
LTSA prepaid capital expenditures.
|
(c)
|
Includes $18 million
LTSA prepaid development and growth expenditures.
|
(d)
|
Includes investments
in and proceeds from the nuclear decommissioning trust fund,
insurance proceeds, proceeds from sales of assets and other net
investing cash flows.
|
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SOURCE Vistra