Earnings Release Highlights
- GAAP third quarter 2024 Net Income of $1,837 million and Cash Flow from Operations of
$1,702 million.
- Net Income from Ongoing Operations1 of $1,855 million and Ongoing Operations Adjusted
EBITDA1 of $1,444
million.
- Raised and narrowed 2024 Ongoing Operations Adjusted
EBITDA1 and Ongoing Operations Adjusted
FCFbG1 guidance ranges to $5.0
billion – $5.2 billion and to
$2.65 billion – $2.85 billion, respectively, excluding any
potential benefit from the nuclear production tax credit
(PTC).
- Initiated 2025 Ongoing Operations Adjusted EBITDA1
and Ongoing Operations Adjusted FCFbG1 guidance ranges
of $5.5 billion – $6.1 billion and $3.0
billion – $3.6 billion,
respectively.
- Board authorized an additional $1.0
billion of share repurchases, which is expected to be
utilized by year-end 2026.
IRVING,
Texas, Nov. 7, 2024 /PRNewswire/ -- Vistra Corp.
(NYSE: VST) today reported its third quarter 2024 financial
results and other highlights.
"I'm proud of another strong quarter of execution and
performance by the Vistra team," said Jim
Burke, president and chief executive officer of Vistra. "Our
integrated model, which combines retail and generation with a
strong commercial acumen, continues to deliver results for our many
stakeholders. This is not only evident in the strength of our third
quarter results, which were achieved despite milder Texas weather compared to 2023, but also in
our improved outlook for both 2024 and 2025."
Burke continued, "We were pleased this quarter to announce the
pending acquisition of the 15% minority interest in Vistra Vision
for a net present value cash purchase price of approximately
$3.1 billion2, which will
increase our shareholders' ownership of our zero-carbon nuclear,
energy storage, and solar generation assets, as well as our
high-performing retail business. This transaction allows us to
simplify our overall structure at an attractive valuation,
significantly exceeding our mid-teens levered returns threshold,
all while continuing to execute on our capital allocation
priorities and invest in our core markets. I am proud of our team's
work, and I look forward to the deal closing at the end of this
year."
Burke concluded, "We continue to see opportunities for both
growth and capital return, in line with our four key strategic
priorities. We are making progress on our plans to develop up to
2,000 MW of gas-fueled generation capacity as we evaluate the
implementation of market reforms and the trajectory of forward
prices. Our capital return program continues to deliver value,
having returned over $5.4 billion
since the program was originally announced in November 2021. We look forward to delivering on
our 2024 goals and beginning to execute on our 2025
priorities."
|
Summary of Financial
Results for the Three and Nine Months Ended September 30, 2024 and
2023
|
|
(Unaudited)
(Millions of Dollars)
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Net income
|
$
1,837
|
|
$
502
|
|
$
2,322
|
|
$
1,676
|
|
Ongoing operations net
income
|
$
1,855
|
|
$
519
|
|
$
2,386
|
|
$
1,653
|
|
Ongoing operations
Adjusted EBITDA
|
$
1,444
|
|
$
1,613
|
|
$
3,671
|
|
$
3,174
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA by
Segment
|
|
|
|
|
|
|
|
|
Retail
|
$
102
|
|
$
173
|
|
$
863
|
|
$
642
|
|
Texas
|
$
722
|
|
$
950
|
|
$
1,369
|
|
$
1,540
|
|
East
|
$
464
|
|
$
315
|
|
$
988
|
|
$
526
|
|
West
|
$
76
|
|
$
87
|
|
$
194
|
|
$
196
|
|
Sunset
|
$
105
|
|
$
102
|
|
$
318
|
|
$
305
|
|
Corporate and
Other
|
$
(25)
|
|
$
(14)
|
|
$
(61)
|
|
$
(35)
|
|
Asset
Closure
|
$
(17)
|
|
$
(24)
|
|
$
(66)
|
|
$
(6)
|
|
|
|
|
|
|
|
|
For the quarter ended September 30, 2024, Vistra reported
Net Income of $1,837 million, Net Income from Ongoing
Operations1 of $1,855
million, and Ongoing Operations Adjusted EBITDA1
of $1,444 million. Net Income for the
third quarter 2024 increased $1,335
million from the third quarter 2023, driven primarily by
unrealized mark-to-market gains on derivative positions and the
addition of Energy Harbor. Ongoing Operations Adjusted EBITDA for
the third quarter 2024 decreased by $169
million compared to the third quarter 2023, driven primarily
by lower margins in Texas due to
less summer scarcity pricing and higher retail supply costs
(relative to third quarter 2023), partially offset by the inclusion
of results from the acquisition of Energy Harbor.
|
Guidance
|
|
|
($ in
millions)
|
Increased and
Narrowed
2024 Guidance
Ranges
|
Initiated
2025 Guidance
Ranges
|
|
Ongoing Operations
Adjusted EBITDA
|
$5,000 -
$5,200
|
$5,500 -
$6,100
|
|
Ongoing Operations
Adjusted FCFbG
|
$2,650 -
$2,850
|
$3,000 -
$3,600
|
|
|
|
As of September 30, 2024, Vistra
has hedged approximately 100% of its expected generation volumes
for the balance of 2024, approximately 96% for 2025, and
approximately 64% for 2026. Vistra's comprehensive hedging program,
as well as recent forward price curves, support both the company's
updated 2024 guidance ranges and the initiated 2025 guidance
ranges. We are reiterating our estimate for the potential midpoint
opportunity for Ongoing Operations Adjusted EBITDA3 for
2026 to be more than $6,000 million.
Our Ongoing Operations Adjusted EBITDA guidance for 2024 and 2025,
and Ongoing Operations Adjusted EBITDA midpoint opportunity for
2026, exclude any potential contribution or benefit from the
nuclear PTC.4
Share Repurchase Program
As of November 4, 2024:
- Vistra executed ~$4.58 billion in
share repurchases since November
2021.
- Vistra had ~340 million shares outstanding, representing a ~30%
reduction of the amount of the shares outstanding on November 2, 2021.
- Vistra's Board of Directors authorized an additional
$1.0 billion of share repurchases. As
of November 4, 2024, ~$2.2 billion of the share repurchase
authorization remains available, which we expect to complete by
year end 2026.
Clean Energy Investments
Vistra continues to grow its fleet of zero-carbon resources,
advancing these interests through cost-effective, strategic
investments. During the third quarter, the company advanced its
efforts in solar, energy storage, and nuclear by:
- Securing two power purchase agreements at new solar facilities,
together totaling over 600 MW, with two of the world's leading tech
companies – one for 200 MW with Amazon in Texas and one for 405 MW with Microsoft in
Illinois.
- Growing its ownership interest in nuclear by entering into an
agreement to acquire the entire 15% minority interest in its Vistra
Vision subsidiary, which will make Vistra the sole owner of its
highly valuable, carbon-free assets. This acquisition will increase
our nuclear ownership by ~970 MW and our solar and energy storage
ownership by ~200 MW.
- Announcing that the Nuclear Regulatory Commission (NRC)
approved its request to extend Comanche Peak's operating licenses
through 2050 for Unit 1 and 2053 for Unit 2, an additional 20 years
beyond the original licenses. Additionally, Perry Nuclear Power
Plant's application for a 20-year license renewal through 2046 is
under review with the NRC and advancing as expected.
Liquidity
As of September 30, 2024, Vistra had total available
liquidity of approximately $3,995
million, including cash and cash equivalents of $905 million, $2,457
million of availability under its corporate revolving credit
facility, and $633 million of availability under its
commodity-linked revolving credit facility. Available capacity
under the commodity-linked revolving credit facility reflects the
borrowing base of $633 million and
excludes $942 million of commitments
under the commodity-linked revolving credit facility that were not
available to be drawn as of September 30, 2024. The revolving
credit facility was amended in October
2024 which, among other things, increased the revolving
credit commitments by $265 million to
$3.440 billion and extended the
maturity date to October 11, 2029.
The commodity-linked facility was amended in October 2024, increasing the aggregate
commitments by $175 million to
$1.75 billion and extending the term
to October 2025.
Earnings Webcast
Vistra will host a webcast today, November 7, 2024, beginning at 10 a.m. ET (9 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
Vistra's website for one year following the live event.
About Vistra
Vistra (NYSE: VST) is a leading, Fortune 500 integrated retail
electricity and power generation company that provides essential
resources to customers, businesses, and communities from
California to Maine. Based in Irving, Texas, Vistra is a leader in the
energy transformation with an unyielding focus on reliability,
affordability, and sustainability. The company safely operates a
reliable, efficient, power generation fleet of natural gas,
nuclear, coal, solar, and battery energy storage facilities while
taking an innovative, customer-centric approach to its retail
business. Learn more at https://www.vistracorp.com.
|
1 Ongoing Operations
excludes the Asset Closure segment. Net Income (Loss) from Ongoing
Operations, Ongoing Operations Adjusted EBITDA, and Ongoing
Operations Adjusted Free Cash Flow before Growth are non-GAAP
financial measures. Any reference to "Ongoing Operations Adjusted
FCFbG" is a reference to Ongoing Operations Adjusted Free Cash Flow
before Growth. See the "Non-GAAP Reconciliation" tables for further
detail. Total segment information may not tie due to
rounding.
|
|
|
2 Calculated as of
December 31, 2024, using a 6% discount rate.
|
|
|
3 Midpoint
opportunities are not intended to be guidance and represent only
our estimate of potential opportunities for Ongoing Operations
Adjusted EBITDA in 2026 based on market curves as of November 4,
2024. Actual results could vary and are subject to a number of
risks, uncertainties and factors, including power price market
movements and our hedging strategy. We have not provided a
quantitative reconciliation of Ongoing Operations Adjusted EBITDA
opportunities for 2026 to GAAP net income (loss) because we cannot,
without unreasonable effort, calculate certain reconciling items
with confidence due to the variability, complexity, and limited
visibility of the adjusting items that would be excluded from
Ongoing Operations Adjusted EBITDA in such out year
periods.
|
|
|
4 Assuming an
interpretation of the definition of "gross receipts" which excludes
hedges pending U.S. Treasury and Internal Revenue Service guidance,
as of Nov. 4, 2024, the PTC could contribute ~$500 million to 2024
Adj. EBITDA, and should provide downside Ongoing Operations
Adjusted EBITDA support in 2025.
|
|
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), and "Ongoing Operations Adjusted Free
Cash Flow before Growth" or "Ongoing Operations Adjusted FCFbG"
(adjusted free cash flow before growth less cash flow from
operating activities from Asset Closure segment before growth) are
"non-GAAP financial measures." A non-GAAP financial measure is a
numerical measure of financial performance that excludes or
includes amounts so as to be different than the most directly
comparable measure calculated and presented in accordance with GAAP
in Vistra's consolidated statements of operations, comprehensive
income, changes in stockholders' equity and cash flows. Non-GAAP
financial measures should not be considered in isolation or as a
substitute for the most directly comparable GAAP measures. Vistra's
non-GAAP financial measures may be different from non-GAAP
financial measures used by other companies.
Vistra uses Adjusted EBITDA as a measure of performance and
believes that analysis of its business by external users is
enhanced by visibility to both Net Income prepared in accordance
with GAAP and Adjusted EBITDA. Vistra uses Adjusted Free Cash Flow
before Growth as a measure of liquidity, and believes that analysis
of capital available to allocate for debt service, growth, and
return of capital to stockholders 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 of directors 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.
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 including potential nuclear PTCs, 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, including potential large
load center opportunities (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, including Energy Harbor; (iii)
actions by credit ratings agencies; (iv) the severity, magnitude
and duration of extreme weather events, 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 (v) those additional risks and factors discussed in
reports filed with the Securities and Exchange Commission by Vistra
from time to time, including the uncertainties and risks discussed
in the sections entitled "Risk Factors" and "Forward-Looking
Statements" in Vistra's annual report on Form 10-K for the year
ended December 31, 2023, and
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,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Operating
revenues
|
$
6,288
|
|
$
4,086
|
|
$
13,187
|
|
$
11,701
|
|
Fuel, purchased power
costs and delivery fees
|
(2,207)
|
|
(2,109)
|
|
(5,520)
|
|
(5,754)
|
|
Operating
costs
|
(616)
|
|
(411)
|
|
(1,742)
|
|
(1,277)
|
|
Depreciation and
amortization
|
(466)
|
|
(375)
|
|
(1,306)
|
|
(1,109)
|
|
Selling, general and
administrative expenses
|
(411)
|
|
(357)
|
|
(1,137)
|
|
(953)
|
|
Impairment of
long-lived assets
|
—
|
|
—
|
|
—
|
|
(49)
|
|
Operating
income
|
2,588
|
|
834
|
|
3,482
|
|
2,559
|
|
Other income
|
139
|
|
32
|
|
292
|
|
174
|
|
Other
deductions
|
(3)
|
|
(3)
|
|
(10)
|
|
(9)
|
|
Interest expense and
related charges
|
(332)
|
|
(143)
|
|
(743)
|
|
(450)
|
|
Impacts of Tax
Receivable Agreement
|
—
|
|
(49)
|
|
(5)
|
|
(128)
|
|
Net income before
income taxes
|
2,392
|
|
671
|
|
3,016
|
|
2,146
|
|
Income tax
expense
|
(555)
|
|
(169)
|
|
(694)
|
|
(470)
|
|
Net income
|
$
1,837
|
|
$
502
|
|
$
2,322
|
|
$
1,676
|
|
Net (income) loss
attributable to noncontrolling interest
|
51
|
|
—
|
|
(104)
|
|
1
|
|
Net income
attributable to Vistra
|
$
1,888
|
|
$
502
|
|
$
2,218
|
|
$
1,677
|
|
Cumulative dividends
attributable to preferred stock
|
(48)
|
|
(37)
|
|
(144)
|
|
(112)
|
|
Net income
attributable to Vistra common stock
|
$
1,840
|
|
$
465
|
|
$
2,074
|
|
$
1,565
|
|
VISTRA
CORP.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Millions of Dollars)
|
|
Nine Months Ended
September 30,
|
|
2024
|
|
2023
|
|
Cash flows — operating
activities:
|
|
|
|
|
Net income
|
$
2,322
|
|
$
1,676
|
|
Adjustments to
reconcile net income to cash provided by operating
activities:
|
|
|
|
|
Depreciation and
amortization
|
1,891
|
|
1,442
|
|
Deferred income tax
expense, net
|
666
|
|
437
|
|
Gain on sale of
land
|
—
|
|
(95)
|
|
Impairment of
long-lived assets
|
—
|
|
49
|
|
Unrealized net gain
from mark-to-market valuations of commodities
|
(1,725)
|
|
(855)
|
|
Unrealized net (gain)
loss from mark-to-market valuations of interest rate
swaps
|
26
|
|
(65)
|
|
Unrealized net gain
from nuclear decommissioning trusts
|
(133)
|
|
—
|
|
Asset retirement
obligation accretion expense
|
84
|
|
26
|
|
Impacts of Tax
Receivable Agreement
|
5
|
|
128
|
|
Gain on TRA repurchase
and tender offers
|
(10)
|
|
—
|
|
Bad debt
expense
|
132
|
|
131
|
|
Stock-based
compensation
|
76
|
|
63
|
|
Other, net
|
(9)
|
|
39
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
Margin deposits,
net
|
855
|
|
2,271
|
|
Accrued
interest
|
11
|
|
(47)
|
|
Accrued
taxes
|
(40)
|
|
(38)
|
|
Accrued employee
incentive
|
(78)
|
|
(23)
|
|
Other operating assets
and liabilities
|
(863)
|
|
(567)
|
|
Cash provided by
operating activities
|
3,210
|
|
4,572
|
|
Cash flows — investing
activities:
|
|
|
|
|
Capital expenditures,
including nuclear fuel purchases and LTSA prepayments
|
(1,648)
|
|
(1,262)
|
|
Energy Harbor
acquisition (net of cash acquired)
|
(3,065)
|
|
—
|
|
Proceeds from sales of
nuclear decommissioning trust fund securities
|
1,573
|
|
478
|
|
Investments in nuclear
decommissioning trust fund securities
|
(1,590)
|
|
(495)
|
|
Proceeds from sales of
environmental allowances
|
147
|
|
59
|
|
Purchases of
environmental allowances
|
(511)
|
|
(277)
|
|
Proceeds from sale of
property, plant and equipment, including nuclear fuel
|
137
|
|
111
|
|
Other, net
|
(2)
|
|
4
|
|
Cash used in investing
activities
|
(4,959)
|
|
(1,382)
|
|
Cash flows — financing
activities:
|
|
|
|
|
Issuances of long-term
debt
|
2,200
|
|
1,750
|
|
Repayments/repurchases
of debt
|
(2,269)
|
|
(21)
|
|
Net borrowings
(repayments) under accounts receivable financing
|
750
|
|
(425)
|
|
Borrowings under
Revolving Credit Facility
|
50
|
|
100
|
|
Repayments under
Revolving Credit Facility
|
(50)
|
|
(350)
|
|
Borrowings under
Commodity-Linked Facility
|
1,802
|
|
—
|
|
Repayments under
Commodity-Linked Facility
|
(1,802)
|
|
(400)
|
|
Debt issuance
costs
|
(32)
|
|
(29)
|
|
Stock
repurchases
|
(1,021)
|
|
(866)
|
|
Dividends paid to
common stockholders
|
(230)
|
|
(228)
|
|
Dividends paid to
preferred stockholders
|
(98)
|
|
(75)
|
|
Dividends paid to
noncontrolling interest in subsidiary
|
(15)
|
|
—
|
|
TRA Repurchase and
tender offer — return of capital
|
(122)
|
|
—
|
|
Other, net
|
(13)
|
|
54
|
|
Cash used in financing
activities
|
(850)
|
|
(490)
|
|
Net change in cash,
cash equivalents and restricted cash
|
(2,599)
|
|
2,700
|
|
Cash, cash equivalents
and restricted cash — beginning balance
|
3,539
|
|
525
|
|
Cash, cash equivalents
and restricted cash — ending balance
|
$
940
|
|
$
3,225
|
|
VISTRA
CORP.
|
|
NON-GAAP
RECONCILIATIONS - ADJUSTED EBITDA
|
|
FOR THE THREE MONTHS
ENDED SEPTEMBER 30, 2024
|
|
(Unaudited)
(Millions of Dollars)
|
|
|
Retail
|
|
Texas
|
|
East
|
|
West
|
|
Sunset
|
|
Eliminations /
Corp and
Other
|
|
Ongoing
Operations
Consolidated
|
|
Asset
Closure
|
|
Vistra Corp.
Consolidated
|
|
Net income
(loss)
|
$
(1,226)
|
|
$
3,249
|
|
$ 468
|
|
$ 153
|
|
$ 163
|
|
$
(952)
|
|
$
1,855
|
|
$ (18)
|
|
$
1,837
|
|
Income tax
expense
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
555
|
|
555
|
|
—
|
|
555
|
|
Interest expense and
related charges (a)
|
16
|
|
(11)
|
|
(8)
|
|
(1)
|
|
4
|
|
331
|
|
331
|
|
1
|
|
332
|
|
Depreciation and
amortization (b)
|
31
|
|
181
|
|
318
|
|
22
|
|
20
|
|
17
|
|
589
|
|
—
|
|
589
|
|
EBITDA before
Adjustments
|
(1,179)
|
|
3,419
|
|
778
|
|
174
|
|
187
|
|
(49)
|
|
3,330
|
|
(17)
|
|
3,313
|
|
Unrealized net (gain)
loss resulting from hedging transactions
|
1,275
|
|
(2,705)
|
|
(239)
|
|
(101)
|
|
(83)
|
|
—
|
|
(1,853)
|
|
(2)
|
|
(1,855)
|
|
Fresh start/purchase
accounting impacts
|
1
|
|
1
|
|
(4)
|
|
—
|
|
—
|
|
—
|
|
(2)
|
|
—
|
|
(2)
|
|
Non-cash compensation
expenses
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
23
|
|
23
|
|
—
|
|
23
|
|
Transition and merger
expenses
|
—
|
|
1
|
|
1
|
|
—
|
|
—
|
|
23
|
|
25
|
|
—
|
|
25
|
|
Decommissioning-related activities (c)
|
—
|
|
7
|
|
(73)
|
|
—
|
|
2
|
|
—
|
|
(64)
|
|
—
|
|
(64)
|
|
ERP system
implementation expenses
|
1
|
|
1
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2
|
|
1
|
|
3
|
|
Other, net
|
4
|
|
(2)
|
|
1
|
|
3
|
|
(1)
|
|
(22)
|
|
(17)
|
|
1
|
|
(16)
|
|
Adjusted
EBITDA
|
$ 102
|
|
$ 722
|
|
$ 464
|
|
$
76
|
|
$ 105
|
|
$
(25)
|
|
$
1,444
|
|
$ (17)
|
|
$
1,427
|
|
___________
|
|
(a)
|
Includes $84 million of
unrealized mark-to-market net losses on interest rate
swaps.
|
|
(b)
|
Includes nuclear fuel
amortization of $28 million and $95 million, respectively, in the
Texas and East segments.
|
|
(c)
|
Represents net of
all NDT income (loss) of the PJM nuclear facilities, ARO
accretion expense for operating assets and ARO remeasurement
impacts for operating assets.
|
|
|
|
VISTRA
CORP.
|
|
NON-GAAP
RECONCILIATIONS - ADJUSTED EBITDA
|
|
FOR THE NINE MONTHS
ENDED SEPTEMBER 30, 2024
|
|
(Unaudited)
(Millions of Dollars)
|
|
|
Retail
|
|
Texas
|
|
East
|
|
West
|
|
Sunset
|
|
Eliminations /
Corp and
Other
|
|
Ongoing
Operations
Consolidated
|
|
Asset
Closure
|
|
Vistra Corp.
Consolidated
|
|
Net income
(loss)
|
$ 232
|
|
$
2,327
|
|
$ 693
|
|
$ 430
|
|
$ 296
|
|
$ (1,592)
|
|
$
2,386
|
|
$ (64)
|
|
$
2,322
|
|
Income tax
expense
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
694
|
|
694
|
|
—
|
|
694
|
|
Interest expense and
related charges (a)
|
38
|
|
(33)
|
|
(7)
|
|
(1)
|
|
3
|
|
740
|
|
740
|
|
3
|
|
743
|
|
Depreciation and
amortization (b)
|
85
|
|
498
|
|
820
|
|
64
|
|
58
|
|
50
|
|
1,575
|
|
—
|
|
1,575
|
|
EBITDA before
Adjustments
|
355
|
|
2,792
|
|
1,506
|
|
493
|
|
357
|
|
(108)
|
|
5,395
|
|
(61)
|
|
5,334
|
|
Unrealized net (gain)
loss resulting from hedging transactions
|
489
|
|
(1,452)
|
|
(404)
|
|
(308)
|
|
(42)
|
|
—
|
|
(1,717)
|
|
(8)
|
|
(1,725)
|
|
Purchase accounting
impacts
|
—
|
|
1
|
|
(10)
|
|
—
|
|
2
|
|
(14)
|
|
(21)
|
|
—
|
|
(21)
|
|
Impacts of Tax
Receivable Agreement (c)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(5)
|
|
(5)
|
|
—
|
|
(5)
|
|
Non-cash compensation
expenses
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
76
|
|
76
|
|
—
|
|
76
|
|
Transition and merger
expenses
|
2
|
|
1
|
|
7
|
|
—
|
|
—
|
|
75
|
|
85
|
|
—
|
|
85
|
|
Decommissioning-related activities (d)
|
—
|
|
17
|
|
(116)
|
|
1
|
|
6
|
|
—
|
|
(92)
|
|
—
|
|
(92)
|
|
ERP system
implementation expenses
|
7
|
|
6
|
|
3
|
|
1
|
|
2
|
|
—
|
|
19
|
|
2
|
|
21
|
|
Other, net
|
10
|
|
4
|
|
2
|
|
7
|
|
(7)
|
|
(85)
|
|
(69)
|
|
1
|
|
(68)
|
|
Adjusted
EBITDA
|
$ 863
|
|
$
1,369
|
|
$ 988
|
|
$ 194
|
|
$ 318
|
|
$
(61)
|
|
$
3,671
|
|
$ (66)
|
|
$
3,605
|
|
___________
|
|
(a)
|
Includes $26 million of
unrealized mark-to-market net losses on interest rate
swaps.
|
|
(b)
|
Includes nuclear fuel
amortization of $80 million and $189 million, respectively, in
Texas and East segments.
|
|
(c)
|
Includes $10 million
gain recognized on the repurchase of TRA Rights in the nine
months ended September 30, 2024.
|
|
(d)
|
Represents net of
all NDT income (loss) of the PJM nuclear facilities, ARO
accretion expense for operating assets and ARO remeasurement
impacts for operating assets.
|
|
VISTRA
CORP.
|
|
NON-GAAP
RECONCILIATIONS - ADJUSTED EBITDA
|
|
FOR THE THREE MONTHS
ENDED SEPTEMBER 30, 2023
|
|
(Unaudited)
(Millions of Dollars)
|
|
|
Retail
|
|
Texas
|
|
East
|
|
West
|
|
Sunset
|
|
Eliminations /
Corp and
Other
|
|
Ongoing
Operations
Consolidated
|
|
Asset
Closure
|
|
Vistra Corp.
Consolidated
|
|
Net income
(loss)
|
$ 245
|
|
$ 438
|
|
$ 29
|
|
$ 264
|
|
$ (44)
|
|
$
(413)
|
|
$
519
|
|
$ (17)
|
|
$
502
|
|
Income tax
expense
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
169
|
|
169
|
|
—
|
|
169
|
|
Interest expense and
related charges (a)
|
2
|
|
(5)
|
|
—
|
|
—
|
|
—
|
|
145
|
|
142
|
|
1
|
|
143
|
|
Depreciation and
amortization (b)
|
26
|
|
158
|
|
161
|
|
22
|
|
16
|
|
18
|
|
401
|
|
—
|
|
401
|
|
EBITDA before
Adjustments
|
273
|
|
591
|
|
190
|
|
286
|
|
(28)
|
|
(81)
|
|
1,231
|
|
(16)
|
|
1,215
|
|
Unrealized net (gain)
loss resulting from hedging transactions
|
(97)
|
|
356
|
|
125
|
|
(203)
|
|
110
|
|
—
|
|
291
|
|
(8)
|
|
283
|
|
Impacts of Tax
Receivable Agreement
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
49
|
|
49
|
|
—
|
|
49
|
|
Non-cash compensation
expenses
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
21
|
|
21
|
|
—
|
|
21
|
|
Transition and merger
expenses
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
22
|
|
22
|
|
—
|
|
22
|
|
PJM capacity
performance default (c)
|
—
|
|
—
|
|
(3)
|
|
—
|
|
4
|
|
—
|
|
1
|
|
—
|
|
1
|
|
Winter Storm Uri
impacts (d)
|
(8)
|
|
1
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(7)
|
|
—
|
|
(7)
|
|
Other, net
|
5
|
|
2
|
|
3
|
|
4
|
|
16
|
|
(25)
|
|
5
|
|
—
|
|
5
|
|
Adjusted
EBITDA
|
$ 173
|
|
$ 950
|
|
$ 315
|
|
$
87
|
|
$ 102
|
|
$
(14)
|
|
$
1,613
|
|
$ (24)
|
|
$
1,589
|
|
___________
|
|
(a)
|
Includes $43 million of
unrealized mark-to-market net gains on interest rate
swaps.
|
|
(b)
|
Includes nuclear fuel
amortization of $26 million in Texas segment.
|
|
(c)
|
Represents change in
estimate of anticipated market participant defaults on PJM
capacity performance penalties due to extreme magnitude of
penalties associated with Winter Storm Elliott.
|
|
(d)
|
Includes the
application of 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, 2023
|
|
(Unaudited)
(Millions of Dollars)
|
|
|
Retail
|
|
Texas
|
|
East
|
|
West
|
|
Sunset
|
|
Eliminations /
Corp and
Other
|
|
Ongoing
Operations
Consolidated
|
|
Asset
Closure
|
|
Vistra Corp.
Consolidated
|
|
Net income
(loss)
|
$ 462
|
|
$ 396
|
|
$
1,049
|
|
$ 481
|
|
$ 442
|
|
$ (1,177)
|
|
$
1,653
|
|
$ 23
|
|
$
1,676
|
|
Income tax
expense
|
—
|
|
—
|
|
1
|
|
—
|
|
—
|
|
469
|
|
470
|
|
—
|
|
470
|
|
Interest expense and
related charges (a)
|
19
|
|
(15)
|
|
—
|
|
(8)
|
|
2
|
|
448
|
|
446
|
|
4
|
|
450
|
|
Depreciation and
amortization (b)
|
78
|
|
458
|
|
488
|
|
56
|
|
45
|
|
52
|
|
1,177
|
|
—
|
|
1,177
|
|
EBITDA before
Adjustments
|
559
|
|
839
|
|
1,538
|
|
529
|
|
489
|
|
(208)
|
|
3,746
|
|
27
|
|
3,773
|
|
Unrealized net (gain)
loss resulting from hedging transactions
|
114
|
|
703
|
|
(1,024)
|
|
(338)
|
|
(278)
|
|
—
|
|
(823)
|
|
(32)
|
|
(855)
|
|
Impacts of Tax
Receivable Agreement
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
128
|
|
128
|
|
—
|
|
128
|
|
Non-cash compensation
expenses
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
63
|
|
63
|
|
—
|
|
63
|
|
Transition and merger
expenses
|
(2)
|
|
1
|
|
—
|
|
—
|
|
1
|
|
39
|
|
39
|
|
—
|
|
39
|
|
Impairment of
long-lived assets
|
—
|
|
—
|
|
—
|
|
—
|
|
49
|
|
—
|
|
49
|
|
—
|
|
49
|
|
PJM capacity
performance default impacts (c)
|
—
|
|
—
|
|
3
|
|
—
|
|
6
|
|
—
|
|
9
|
|
—
|
|
9
|
|
Winter Storm Uri
impacts (d)
|
(46)
|
|
2
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(44)
|
|
—
|
|
(44)
|
|
Other, net
|
17
|
|
(5)
|
|
9
|
|
5
|
|
38
|
|
(57)
|
|
7
|
|
(1)
|
|
6
|
|
Adjusted
EBITDA
|
$ 642
|
|
$
1,540
|
|
$ 526
|
|
$ 196
|
|
$ 305
|
|
$
(35)
|
|
$
3,174
|
|
$
(6)
|
|
$
3,168
|
|
___________
|
|
(a)
|
Includes $65 million of
unrealized mark-to-market net gains on interest rate
swaps.
|
|
(b)
|
Includes nuclear fuel
amortization of $68 million in Texas segment.
|
|
(c)
|
Represents estimate of
anticipated market participant defaults or settlements on
initial PJM capacity performance penalties due to extreme
magnitude of penalties associated with Winter Storm
Elliott.
|
|
(d)
|
Adjusted EBITDA impacts
of Winter Storm Uri reflects 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 were expected to be paid over
several decades under protocols existing at the time of the
storm.
|
|
|
|
VISTRA CORP. -
NON-GAAP RECONCILIATIONS 2024 GUIDANCE1
|
|
(Unaudited)
(Millions of Dollars)
|
|
|
Ongoing
Operations
|
|
Asset
Closure
|
|
Vistra
Corp.
Consolidated
|
|
Low
|
|
High
|
|
Low
|
|
High
|
|
Low
|
|
High
|
|
Net income
(loss)
|
$
2,750
|
|
$
2,910
|
|
$
(80)
|
|
$
(80)
|
|
$
2,670
|
|
$
2,830
|
|
Income tax
expense
|
740
|
|
780
|
|
—
|
|
—
|
|
740
|
|
780
|
|
Interest expense and
related charges (a)
|
980
|
|
980
|
|
—
|
|
—
|
|
980
|
|
980
|
|
Depreciation and
amortization (b)
|
2,160
|
|
2,160
|
|
—
|
|
—
|
|
2,160
|
|
2,160
|
|
EBITDA before
Adjustments
|
$
6,630
|
|
$
6,830
|
|
$
(80)
|
|
$
(80)
|
|
$
6,550
|
|
$
6,750
|
|
Unrealized net (gain)
loss resulting from hedging transactions
|
(1,663)
|
|
(1,663)
|
|
(9)
|
|
(9)
|
|
(1,672)
|
|
(1,672)
|
|
Fresh start/purchase
accounting impacts
|
(27)
|
|
(27)
|
|
—
|
|
—
|
|
(27)
|
|
(27)
|
|
Non-cash compensation
expenses
|
101
|
|
101
|
|
—
|
|
—
|
|
101
|
|
101
|
|
Transition and merger
expenses
|
117
|
|
117
|
|
—
|
|
—
|
|
117
|
|
117
|
|
Decommissioning-related activities (c)
|
(83)
|
|
(83)
|
|
—
|
|
—
|
|
(83)
|
|
(83)
|
|
ERP system
implementation expenses
|
31
|
|
31
|
|
—
|
|
—
|
|
31
|
|
31
|
|
Interest
income
|
(73)
|
|
(73)
|
|
—
|
|
—
|
|
(73)
|
|
(73)
|
|
Other, net
|
(33)
|
|
(33)
|
|
4
|
|
4
|
|
(29)
|
|
(29)
|
|
Adjusted EBITDA
guidance
|
$
5,000
|
|
$
5,200
|
|
$
(85)
|
|
$
(85)
|
|
$
4,915
|
|
$
5,115
|
|
___________
|
|
1 Regulation G Table
2024 Guidance prepared as of November 7, 2024, based on market
curves as of November 4, 2024. Guidance excludes any potential
benefit from the nuclear production tax credit.
|
|
(a)
|
Includes unrealized
(gain) / loss on interest rate swaps of $20 million.
|
|
(b)
|
Includes nuclear fuel
amortization of $368 million.
|
|
(c)
|
Represents net of
all NDT income (loss) of the PJM nuclear facilities, ARO
accretion expense for operating assets and ARO remeasurement
impacts for operating assets.
|
|
VISTRA CORP. -
NON-GAAP RECONCILIATIONS 2024 GUIDANCE1
|
|
(Unaudited)
(Millions of Dollars)
|
|
|
Ongoing
Operations
|
|
Asset
Closure
|
|
Vistra
Corp.
Consolidated
|
|
Low
|
|
High
|
|
Low
|
|
High
|
|
Low
|
|
High
|
|
Cash provided by
(used in) operating activities
|
$
4,311
|
|
$
4,511
|
|
$
(146)
|
|
$
(146)
|
|
$
4,165
|
|
$
4,365
|
|
Capital expenditures
including nuclear fuel purchases and LTSA prepayments
|
(1,206)
|
|
(1,206)
|
|
—
|
|
—
|
|
(1,206)
|
|
(1,206)
|
|
Solar and storage
development expenditures
|
(707)
|
|
(707)
|
|
—
|
|
—
|
|
(707)
|
|
(707)
|
|
Other growth
expenditures
|
(165)
|
|
(165)
|
|
—
|
|
—
|
|
(165)
|
|
(165)
|
|
Acquisitions
|
(3,065)
|
|
(3,065)
|
|
—
|
|
—
|
|
(3,065)
|
|
(3,065)
|
|
(Purchase)/sale of
environmental allowances
|
(701)
|
|
(701)
|
|
—
|
|
—
|
|
(701)
|
|
(701)
|
|
Sale of transferable
investment tax credits
|
160
|
|
160
|
|
—
|
|
—
|
|
160
|
|
160
|
|
Other net investing
activities
|
(22)
|
|
(22)
|
|
—
|
|
—
|
|
(22)
|
|
(22)
|
|
Free cash
flow
|
$
(1,395)
|
|
$
(1,195)
|
|
$
(146)
|
|
$
(146)
|
|
$
(1,541)
|
|
$
(1,341)
|
|
Working capital and
margin deposits
|
(508)
|
|
(508)
|
|
—
|
|
—
|
|
(508)
|
|
(508)
|
|
Solar and storage
development expenditures
|
707
|
|
707
|
|
—
|
|
—
|
|
707
|
|
707
|
|
Other growth
expenditures
|
165
|
|
165
|
|
—
|
|
—
|
|
165
|
|
165
|
|
Acquisitions
|
3,065
|
|
3,065
|
|
—
|
|
—
|
|
3,065
|
|
3,065
|
|
Accrued environmental
allowances
|
(327)
|
|
(327)
|
|
—
|
|
—
|
|
(327)
|
|
(327)
|
|
Purchase/(sale) of
environmental allowances
|
701
|
|
701
|
|
—
|
|
—
|
|
701
|
|
701
|
|
Transition and merger
expenses
|
193
|
|
193
|
|
1
|
|
1
|
|
194
|
|
194
|
|
ERP implementation
expenditures
|
49
|
|
49
|
|
—
|
|
—
|
|
49
|
|
49
|
|
Adjusted free cash
flow before growth guidance
|
$
2,650
|
|
$
2,850
|
|
$
(145)
|
|
$
(145)
|
|
$
2,505
|
|
$
2,705
|
|
___________
|
|
1 Regulation G Table
2024 Guidance prepared as of November 7, 2024, based on market
curves as of November 4, 2024. Guidance excludes any potential
benefit from the nuclear production tax credit.
|
|
VISTRA CORP. -
NON-GAAP RECONCILIATIONS 2025 GUIDANCE1
|
|
(Unaudited)
(Millions of Dollars)
|
|
|
Ongoing
Operations
|
|
Asset
Closure
|
|
Vistra
Corp.
Consolidated
|
|
Low
|
|
High
|
|
Low
|
|
High
|
|
Low
|
|
High
|
|
Net income
(loss)
|
$
2,310
|
|
$
2,780
|
|
$
(90)
|
|
$
(90)
|
|
$
2,220
|
|
$
2,690
|
|
Income tax
expense
|
620
|
|
750
|
|
—
|
|
—
|
|
620
|
|
750
|
|
Interest expense and
related charges (a)
|
1,070
|
|
1,070
|
|
—
|
|
—
|
|
1,070
|
|
1,070
|
|
Depreciation and
amortization (b)
|
2,180
|
|
2,180
|
|
—
|
|
—
|
|
2,180
|
|
2,180
|
|
EBITDA before
Adjustments
|
$
6,180
|
|
$
6,780
|
|
$
(90)
|
|
$
(90)
|
|
$
6,090
|
|
$
6,690
|
|
Unrealized net (gain)
loss resulting from hedging transactions
|
(872)
|
|
(872)
|
|
(2)
|
|
(2)
|
|
(874)
|
|
(874)
|
|
Fresh start/purchase
accounting impacts
|
(5)
|
|
(5)
|
|
—
|
|
—
|
|
(5)
|
|
(5)
|
|
Non-cash compensation
expenses
|
135
|
|
135
|
|
—
|
|
—
|
|
135
|
|
135
|
|
Transition and merger
expenses
|
35
|
|
35
|
|
—
|
|
—
|
|
35
|
|
35
|
|
Decommissioning-related activities (c)
|
48
|
|
48
|
|
—
|
|
—
|
|
48
|
|
48
|
|
ERP system
implementation expenses
|
11
|
|
11
|
|
—
|
|
—
|
|
11
|
|
11
|
|
Interest
income
|
(45)
|
|
(45)
|
|
—
|
|
—
|
|
(45)
|
|
(45)
|
|
Other, net
|
13
|
|
13
|
|
2
|
|
2
|
|
15
|
|
15
|
|
Adjusted EBITDA
guidance
|
$
5,500
|
|
$
6,100
|
|
$
(90)
|
|
$
(90)
|
|
$
5,410
|
|
$
6,010
|
|
___________
|
|
1 Regulation G Table
2025 Guidance prepared as of November 7, 2024, based on market
curves as of November 4, 2024. Guidance excludes any potential
benefit from the nuclear production tax credit.
|
|
(a)
|
Includes $111 million
interest on redeemable noncontrolling interest repurchase
obligation
|
|
(b)
|
Includes nuclear fuel
amortization of $412 million
|
|
(c)
|
Represents net of
all NDT income (loss) of the PJM nuclear facilities, ARO
accretion expense for operating assets and ARO remeasurement
impacts for operating assets.
|
|
VISTRA CORP. -
NON-GAAP RECONCILIATIONS 2025 GUIDANCE1
|
|
(Unaudited)
(Millions of Dollars)
|
|
|
Ongoing
Operations
|
|
Asset
Closure
|
|
Vistra
Corp.
Consolidated
|
|
Low
|
|
High
|
|
Low
|
|
High
|
|
Low
|
|
High
|
|
Cash provided by
(used in) operating activities
|
$
4,630
|
|
$
5,230
|
|
$
(190)
|
|
$
(190)
|
|
$
4,440
|
|
$
5,040
|
|
Capital expenditures
including nuclear fuel purchases and LTSA prepayments
|
(1,221)
|
|
(1,221)
|
|
—
|
|
—
|
|
(1,221)
|
|
(1,221)
|
|
Solar and storage
development expenditures
|
(736)
|
|
(736)
|
|
—
|
|
—
|
|
(736)
|
|
(736)
|
|
Other growth
expenditures
|
(318)
|
|
(318)
|
|
—
|
|
—
|
|
(318)
|
|
(318)
|
|
(Purchase)/sale of
environmental allowances
|
15
|
|
15
|
|
—
|
|
—
|
|
15
|
|
15
|
|
Other net investing
activities
|
(20)
|
|
(20)
|
|
—
|
|
—
|
|
(20)
|
|
(20)
|
|
Free cash
flow
|
$
2,350
|
|
$
2,950
|
|
$
(190)
|
|
$
(190)
|
|
$
2,160
|
|
$
2,760
|
|
Working capital and
margin deposits
|
(74)
|
|
(74)
|
|
—
|
|
—
|
|
(74)
|
|
(74)
|
|
Solar and storage
development expenditures
|
736
|
|
736
|
|
—
|
|
—
|
|
736
|
|
736
|
|
Other growth
expenditures
|
318
|
|
318
|
|
—
|
|
—
|
|
318
|
|
318
|
|
Accrued environmental
allowances
|
(521)
|
|
(521)
|
|
—
|
|
—
|
|
(521)
|
|
(521)
|
|
Purchase/(sale) of
environmental allowances
|
(15)
|
|
(15)
|
|
—
|
|
—
|
|
(15)
|
|
(15)
|
|
Transition and merger
expenses
|
56
|
|
56
|
|
—
|
|
—
|
|
56
|
|
56
|
|
Interest on
noncontrolling interest repurchase obligation
|
111
|
|
111
|
|
—
|
|
—
|
|
111
|
|
111
|
|
ERP implementation
expenditures
|
39
|
|
39
|
|
—
|
|
—
|
|
39
|
|
39
|
|
Adjusted free cash
flow before growth guidance
|
$
3,000
|
|
$
3,600
|
|
$
(190)
|
|
$
(190)
|
|
$
2,810
|
|
$
3,410
|
|
___________
|
|
1 Regulation G Table
2025 Guidance prepared as of November 7, 2024, based on market
curves as of November 4, 2024. Guidance excludes any potential
benefit from the nuclear production tax credit.
|
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SOURCE Vistra Corp