IRVING, Texas, April 26, 2021 /PRNewswire/ -- Vistra (NYSE: VST)
announced today that it is:
- Estimating the financial impact of Winter Storm Uri ("Uri") on 2021 Ongoing
Operations Adjusted EBITDA1 and Ongoing Operations
Adjusted Free Cash Flow before Growth (FCFbG)1 at
~$(1,600) million, including
self-help initiatives.
- Reissuing 2021 Ongoing Operations Adjusted EBITDA1
and Ongoing Operations Adjusted FCFbG1 guidance ranges
at $1,475 to $1,875 million and $200 to $600
million, respectively.
- Providing an update on its 2021 capital allocation plan.
- Hosting an investor update call today at 8 a.m. EDT (7 a.m.
CDT) in lieu of its regularly scheduled quarterly earnings
conference call; filing its Quarterly Report on Form 10-Q for the
first quarter of 2021 and posting the related investor materials to
its website on May 5, 2021.
Winter Storm Uri
Since its initial announcement regarding the estimated financial
impact of Uri on Feb. 26, 2021,
Vistra has received additional customer load information, which
drove a negative variance to its previous estimate of $(900) million to $(1,300)
million. Vistra also had a line of sight to relatively high
probability self-help initiatives that, until mid-April, kept the
net estimate of the 2021 Adjusted EBITDA impact at the high end of
this previous range, with knowledge that ERCOT's 55-day
resettlement statements would be forthcoming. These self-help
initiatives include the monetization of certain commercial
positions, generation savings from lower O&M project work,
retail savings and forecasted performance, and IT and SG&A
savings, which are expected to total ~$500
million in the balance of the year.
In mid-April, Vistra received the 55-day resettlement statements
from ERCOT, which drove an estimated negative variance of more than
$200 million. Vistra now estimates
the net financial impact of Uri on its 2021 Ongoing Operations
Adjusted EBITDA1 and Ongoing Operations Adjusted
FCFbG1 is ~$(1,600)
million. This estimate includes the expected benefit of the
self-help initiatives, but assumes no recovery from potential
successful outcomes of various legal and regulatory challenges
related to Uri.
Vistra estimates the entire 2021 Adjusted EBITDA impact from the
storm was less than the negative impact from gas deliverability
issues and the incredibly high costs to procure gas. Vistra's firm
gas contracts that were not honored by third parties led to the
company procuring replacement gas at incredibly high costs, while
the lack of physical gas and insufficient pressures on the
pipelines impacted the company's ability to generate power at full
capacity. 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. Absent these issues with gas
deliverability and increased gas costs, Vistra estimates that the
2021 Adjusted EBITDA impact of Uri would have been a slight
positive.
"Vistra positioned itself to handle the unprecedented
Winter Storm Uri in Texas and executed well in the areas that we
could control. The storm led to a confluence of unpredictable
events and substantially altered the company's risk profile, driven
by issues with the integrated gas and electric systems, principally
impaired gas deliverability, that we had never before seen. We are
obviously very disappointed with the financial loss as a result of
the effects of Uri and it is even more difficult to accept given
our team members' preparation and execution before, during, and
after the storm," said Curt Morgan,
Vistra's chief executive officer. "The results do not reflect our
performance; however, we understand the reality in front of us and
are prepared to move the company forward. We have a strong core to
build from and have faith in our business model and strategic
direction, especially as we implement a number of measures to
mitigate the risks we observed from the winter storm event. Vistra
is confident in the company's ability to bounce back in 2021 and
get back on track with our transformation, the execution of our
long-term capital allocation plan, and creating value for our
stakeholders over the long-term."
(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.
|
Reissued 2021 Guidance
($ in
millions)
|
|
Initial
2021
(September
2020)
|
Reissued
2021
(April
2021)
|
Ongoing Ops. Adj.
EBITDA1
|
$
|
3,075 –
3,475
|
$
|
1,475 –
1,875
|
Ongoing Ops. Adj.
FCFbG1
|
$
|
1,765 –
2,165
|
$
|
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 reissuing its 2021 Ongoing Operations Adjusted EBITDA
and Ongoing Operations Adjusted FCFbG guidance ranges at
$1,475 to $1,875 million and $200 to $600
million, respectively. The sole change to Vistra's 2021
guidance ranges as compared to its initial guidance is the
estimated net ~$(1,600) million
Adjusted EBITDA impact of Uri, which includes Vistra's identified
self-help initiatives.
Liquidity and Related Financing Transactions
In the first quarter of 2021, Vistra took various steps to
strengthen liquidity due to the impacts of Uri and enhance
liquidity heading into the summer, including increasing borrowings
under its Accounts Receivables financing agreements by $425 million, executing a new $1,250 million, 364-Day Term Loan A, and
implementing a new $515 million PJM
Forward Capacity Agreement. As of April 19,
2021, Vistra had total available liquidity of ~$2,784 million, including cash and cash
equivalents of ~$549 million and
$2,235 million of aggregate
availability under its revolving credit facility and bi-lateral
letter of credit facilities.
Capital Allocation
Through March 31, 2021, Vistra
executed ~$175 million of its
$1,500 million share repurchase
program, repurchasing ~8.7 million shares at an average price of
$20.21/share. Given the reduction in
the amount of available capital in 2021 as a result of the
financial impact from Uri, Vistra does not currently plan to
repurchase any additional shares in 2021.
Vistra remains committed to its quarterly dividend of
$0.15 per share1
($0.60 per share annually) in 2021
and to advancing its renewable development projects. The company is
evaluating financing alternatives to help fund and/or to
potentially accelerate the pace of development of its Texas and California renewable and energy storage
projects.
Vistra also remains committed to maintaining a strong balance
sheet. The company's net debt increased by ~$2,050 million in the first quarter of 2021. In
the last three quarters of 2021, Vistra expects to reduce net debt
by ~$1,250 million.
(1)
|
Based on management's
anticipated recommendations; subject to Board's approval at the
applicable time.
|
Investor Update Call
Vistra will host a conference call and webcast today,
April 26, 2021, beginning at
8 a.m. EDT (7
a.m. CDT) to discuss this business update 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 dialing (833) 287-0796 and referencing
conference ID 4987178. For those unable to participate in the live
event, a replay will be available on Vistra's website for one year
following the call.
First Quarter 2021 Financial Results
Vistra plans to file its Quarterly Report on Form 10-Q for the
first quarter of 2021 and post the related investor materials to
its website on May 5, 2021. Today's
conference call to provide this business update will take the place
of Vistra's regularly scheduled first quarter 2021 financial and
operating results conference call.
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,
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. NON-GAAP RECONCILIATIONS – INITIAL 2021
GUIDANCE1 (Unaudited) (Millions of
Dollars)
|
|
|
Ongoing
Operations
|
|
Asset
Closure
|
|
Vistra
Corp.
Consolidated
|
|
Low
|
|
High
|
|
Low
|
|
High
|
|
Low
|
|
High
|
Net income
(loss)
|
$
|
607
|
|
|
$
|
920
|
|
|
$
|
(80)
|
|
|
$
|
(60)
|
|
|
$
|
527
|
|
|
$
|
860
|
|
Income tax
expense
|
195
|
|
|
283
|
|
|
—
|
|
|
—
|
|
|
195
|
|
|
283
|
|
Interest expense and
related charges (a)
|
429
|
|
|
429
|
|
|
—
|
|
|
—
|
|
|
429
|
|
|
429
|
|
Depreciation and
amortization (b)
|
1,650
|
|
|
1,650
|
|
|
—
|
|
|
—
|
|
|
1,650
|
|
|
1,650
|
|
EBITDA before
Adjustments
|
$
|
2,881
|
|
|
$
|
3,282
|
|
|
$
|
(80)
|
|
|
$
|
(60)
|
|
|
$
|
2,801
|
|
|
$
|
3,222
|
|
Unrealized net
(gain)/loss resulting from hedging transactions
|
59
|
|
|
59
|
|
|
—
|
|
|
—
|
|
|
59
|
|
|
59
|
|
Fresh start / purchase
accounting impacts
|
2
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
2
|
|
Impacts of Tax
Receivable Agreement
|
75
|
|
|
75
|
|
|
—
|
|
|
—
|
|
|
75
|
|
|
75
|
|
Non-cash compensation
expenses
|
45
|
|
|
45
|
|
|
—
|
|
|
—
|
|
|
45
|
|
|
45
|
|
Transition and merger
expenses
|
10
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|
10
|
|
Other, net
|
3
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
2
|
|
Adjusted EBITDA
guidance
|
$
|
3,075
|
|
|
$
|
3,475
|
|
|
$
|
(80)
|
|
|
$
|
(60)
|
|
|
$
|
2,995
|
|
|
$
|
3,415
|
|
Interest paid,
net
|
(456)
|
|
|
(456)
|
|
|
—
|
|
|
—
|
|
|
(456)
|
|
|
(456)
|
|
Tax (paid)/received
(c)
|
(60)
|
|
|
(60)
|
|
|
—
|
|
|
—
|
|
|
(60)
|
|
|
(60)
|
|
Tax Receivable
Agreement payments
|
(3)
|
|
|
(3)
|
|
|
—
|
|
|
—
|
|
|
(3)
|
|
|
(3)
|
|
Working capital and
margin deposits
|
60
|
|
|
60
|
|
|
—
|
|
|
—
|
|
|
60
|
|
|
60
|
|
Reclamation and
remediation
|
(38)
|
|
|
(38)
|
|
|
(100)
|
|
|
(100)
|
|
|
(138)
|
|
|
(138)
|
|
Other changes in other
operating assets and liabilities
|
1
|
|
|
1
|
|
|
(6)
|
|
|
(6)
|
|
|
(5)
|
|
|
(5)
|
|
Cash provided by
operating activities
|
$
|
2,579
|
|
|
$
|
2,979
|
|
|
$
|
(186)
|
|
|
$
|
(166)
|
|
|
$
|
2,393
|
|
|
$
|
2,813
|
|
Capital expenditures
including nuclear fuel purchases and LTSA prepayments
|
(771)
|
|
|
(771)
|
|
|
—
|
|
|
—
|
|
|
(771)
|
|
|
(771)
|
|
Solar and storage
development and other growth expenditures
|
(687)
|
|
|
(687)
|
|
|
—
|
|
|
—
|
|
|
(687)
|
|
|
(687)
|
|
(Purchase)/sale of
environmental credits and allowances
|
(29)
|
|
|
(29)
|
|
|
—
|
|
|
—
|
|
|
(29)
|
|
|
(29)
|
|
Other net investing
activities
|
(20)
|
|
|
(20)
|
|
|
6
|
|
|
6
|
|
|
(14)
|
|
|
(14)
|
|
Free cash
flow
|
$
|
1,072
|
|
|
$
|
1,472
|
|
|
$
|
(180)
|
|
|
$
|
(160)
|
|
|
$
|
892
|
|
|
$
|
1,312
|
|
Working capital and
margin deposits
|
(60)
|
|
|
(60)
|
|
|
—
|
|
|
—
|
|
|
(60)
|
|
|
(60)
|
|
Solar and storage
development and other growth expenditures
|
687
|
|
|
687
|
|
|
—
|
|
|
—
|
|
|
687
|
|
|
687
|
|
Purchase/(sale) of
environmental credits and allowances
|
29
|
|
|
29
|
|
|
—
|
|
|
—
|
|
|
29
|
|
|
29
|
|
Transition and merger
expenses
|
28
|
|
|
28
|
|
|
—
|
|
|
—
|
|
|
28
|
|
|
28
|
|
Transition capital
expenditures
|
9
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
9
|
|
Adjusted free cash
flow before growth guidance
|
$
|
1,765
|
|
|
$
|
2,165
|
|
|
$
|
(180)
|
|
|
$
|
(160)
|
|
|
$
|
1,585
|
|
|
$
|
2,005
|
|
______________
|
1
|
Regulation G
Table for 2021 Initial Guidance prepared as of September 29,
2020.
|
|
|
(a)
|
Includes
unrealized gain on interest rate swaps of $52 million.
|
(b)
|
Includes
nuclear fuel amortization of $82 million.
|
(c)
|
Includes state
tax payments.
|
VISTRA
CORP. NON-GAAP RECONCILIATIONS – REISSUED 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
expense
|
(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 Reissued 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