Vistra Reports First Quarter 2022 Results in line with Company Expectations; Reaffirms 2022 Guidance with Increased Confidence; Commodity Price Moves Expected to Add Meaningfully to '23 and Beyond
Vistra (NYSE: VST) reported a first quarter 2022 net loss of $(284) million, significantly improved from $(2,040) million in Q1 2021, primarily due to the adverse impacts of Winter Storm Uri the previous year. Ongoing Operations Adjusted EBITDA for the quarter was $547 million, marking a substantial increase from last year's $(1,208) million. The company reaffirmed its 2022 guidance for Adjusted EBITDA and Free Cash Flow between $2,810 to $3,310 million and $2,070 to $2,570 million, respectively. Additionally, Vistra completed $1,195 million in share repurchases under a $2 billion program and announced an 18% dividend increase for Q2 2022.
- First quarter 2022 net loss improved to $(284) million from $(2,040) million in Q1 2021.
- Ongoing Operations Adjusted EBITDA reached $547 million, a significant turnaround from $(1,208) million year-on-year.
- Reaffirmed 2022 Ongoing Operations Adjusted EBITDA guidance of $2,810 to $3,310 million and Free Cash Flow guidance of $2,070 to $2,570 million.
- Completed approximately $1,195 million in share repurchases, reflecting a 10.5% reduction in shares outstanding.
- Announced a 18% increase in quarterly dividend to $0.177 per share for Q2 2022.
- Despite improvements, still reported a net loss of $(284) million indicating financial challenges.
IRVING, Texas, May 6, 2022 /PRNewswire/ -- Vistra (NYSE: VST) today reported its first quarter 2022 results:
Financial and Operating Highlights
- Delivered first quarter 2022 Net Loss of
$(284) million and Net Loss from Ongoing Operations1 of$(222) million . First quarter 2022 Ongoing Operations Adjusted EBITDA1 was$547 million . - Reaffirmed with increased confidence 2022 Ongoing Operations Adjusted EBITDA1 and Ongoing Operations Adjusted FCFbG1 guidance ranges of
$2,810 to$3,310 million and$2,070 to$2,570 million , respectively, which reflects an expected Adjusted EBITDA to Adjusted FCFbG conversion of ~76% , including the cash effect of ERCOT securitization of$544 million expected to be received in second quarter 2022. - Executed ~
$1,195 million of the authorized$2 billion share repurchase program as of May 3, 2022, resulting in net shares outstanding of ~431.8 million as of the same date, a ~10.5% reduction in shares outstanding since the program was announced in November 2021. - Paid a first quarter 2022 dividend of
$0.17 per share of common stock on March 31, 2022, to shareholders of record as of March 22, 2022. - Announced second quarter 2022 dividend of
$0.17 7 per share of common stock to be paid on June 30, 2022, to shareholders of record as of June 22, 2022, reflecting an aggregate payment of ~$75 million for the quarter and consistent with the previously announced$300 million per year dividend commitment beginning in 2022. This represents an ~18% increase in the company's quarterly common stock dividend for shareholders of record from its second quarter 2021 dividend. - Completed construction of its 50-MW Brightside Solar Facility, 108-MW Emerald Grove Solar Facility, and 260-MW DeCordova Energy Storage Facility, all located in Texas.
"We are starting the year with a focus on execution. We delivered Adjusted EBITDA in the quarter in line with company expectations with increasing confidence in full year 2022, are executing on a comprehensive hedging strategy to capitalize on the beneficial power and commodities markets that is expected to provide significant value to Vistra in 2023 and beyond, and are continuing the advancement of our capital allocation priorities, returning capital through stock repurchases and paying a meaningful and growing dividend. We have also continued prudently progressing our Vistra Zero development projects, completing two solar facilities and one battery energy storage facility in Texas: Brightside, Emerald Grove, and DeCordova." said Curt Morgan, CEO of Vistra. "In the quarter, I also announced my transition from CEO with my colleague and friend, Jim Burke, assuming the responsibilities effective Aug. 1. Vistra is as strong as ever with the right strategy and capital allocation plan, and we are well-positioned for the current market environment. It is the right time for this orderly and seamless transition as Jim is ready to lead our company. Jim has been integral to the design of our direction going forward, and the Board and I have full confidence in his capabilities and commitment to Vistra. I look forward to watching him successfully lead Vistra into the future."
(1) | Excludes the Asset Closure segment. Net Income (Loss) from Ongoing Operations, Ongoing Operations Adjusted EBITDA, and Ongoing Operations Adjusted FCFbG are non-GAAP financial |
Summary of Financial Results for the First Quarter Ended March 31, 2022
Three Months Ended | ||||
($ in millions) | March 31, 2022 | March 31, 20212 | ||
Net Loss | ||||
Ongoing Operations Net Loss1 | ||||
Ongoing Operations Adjusted EBITDA1 | ||||
Adjusted EBITDA by Segment | ||||
Retail | ||||
Texas | ||||
East | ||||
West | ||||
Sunset | ||||
Corp./Other | ||||
Asset Closure | ||||
For the three months ended March 31, 2022, Vistra reported Net Loss of
Vistra reported first quarter 2022 Adjusted EBITDA from the Retail segment of
(1) | Excludes the Asset Closure segment. Net Income (Loss) from Ongoing Operations, Ongoing Operations Adjusted EBITDA, and Ongoing Operations |
(2) | Q1 2021 Ongoing Operations Net Loss decreased |
(3) | Includes Texas, East, West, Sunset, and Corp./Other. |
Guidance
($ in millions) | 2022 |
Ongoing Ops. Adj. EBITDA1 | |
Ongoing Ops. Adj. FCFbG1 |
Vistra is reaffirming its 2022 Ongoing Operations Adjusted EBITDA and Ongoing Operations Adjusted FCFbG guidance ranges of
(1) | Excludes the Asset Closure segment. Ongoing Operations Adjusted EBITDA and Ongoing Operations Adjusted FCFbG are non-GAAP financial |
Share Repurchase Program
As of May 3, 2022, Vistra has completed approximately
Liquidity
As of March 31, 2022, Vistra had total available liquidity of ~
Earnings Webcast
Vistra will host a webcast today, May 6, 2022, 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 Vistra's website at www.vistracorp.com under "Investor Relations" and then "Events & Presentations." Participants can also listen by phone by registering here prior to the start time of the call to receive a conference call dial-in number. A replay of the webcast will be available on the Vistra website for one year following the live event.
About Non-GAAP Financial Measures and Items Affecting Comparability
"Adjusted EBITDA" (EBITDA as adjusted for unrealized gains or losses from hedging activities, tax receivable agreement impacts, reorganization items, and certain other items described from time to time in Vistra's earnings releases), "Adjusted Free Cash Flow before Growth" (or "Adjusted FCFbG") (cash from operating activities excluding changes in margin deposits and working capital and adjusted for capital expenditures (including capital expenditures for growth investments), other net investment activities, and other items described from time to time in Vistra's earnings releases), "Ongoing Operations Adjusted EBITDA" (adjusted EBITDA less adjusted EBITDA from Asset Closure segment), "Net Income (Loss) from Ongoing Operations" (net income less net income from Asset Closure segment), "Ongoing Operations Adjusted Free Cash Flow before Growth" or "Ongoing Operations Adjusted FCFbG" (adjusted free cash flow before growth less cash flow from operating activities from Asset Closure segment before growth), are "non-GAAP financial measures." A non-GAAP financial measure is a numerical measure of financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in Vistra's consolidated statements of operations, comprehensive income, changes in stockholders' equity and cash flows. Non-GAAP financial measures should not be considered in isolation or as a substitute for the most directly comparable GAAP measures. Vistra's non-GAAP financial measures may be different from non-GAAP financial measures used by other companies.
Vistra uses Adjusted EBITDA as a measure of performance and believes that analysis of its business by external users is enhanced by visibility to both Net Income prepared in accordance with GAAP and Adjusted EBITDA. Vistra uses Adjusted Free Cash Flow before Growth as a measure of liquidity and believes that analysis of its ability to service its cash obligations is supported by disclosure of both cash provided by (used in) operating activities prepared in accordance with GAAP as well as Adjusted Free Cash Flow before Growth. Vistra uses Ongoing Operations Adjusted EBITDA as a measure of performance and Ongoing Operations Adjusted Free Cash Flow before Growth as a measure of liquidity, and Vistra's management and Board have found it informative to view the Asset Closure segment as separate and distinct from Vistra's ongoing operations. Vistra uses Net Income (Loss) from Ongoing Operations as a non-GAAP measure that is most comparable to the GAAP measure Net Income in order to illustrate the company's Net Income excluding the effects of the Asset Closure segment, as well as a measure to compare to Ongoing Operations Adjusted EBITDA. The schedules attached to this earnings release reconcile the non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP.
About Vistra
Vistra (NYSE: VST) is a leading Fortune 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, 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 electricity providers in the country and offers over 50 renewable energy plans. The company is also the largest competitive power generator in the U.S. with a capacity of approximately 39,000 megawatts powered by a diverse portfolio, including natural gas, nuclear, solar, and battery energy storage facilities. In addition, Vistra is a large purchaser of wind power. The company owns and operates the 400-MW/1,600-MWh battery energy storage system in Moss Landing, California, the largest of its kind in the world. Vistra is guided by four core principles: we do business the right way, we work as a team, we compete to win, and we care about our stakeholders, including our customers, our communities where we work and live, our employees, and our investors. Learn more about our environmental, social, and governance efforts and read the company's sustainability report at https://www.vistracorp.com/sustainability/.
Cautionary Note Regarding Forward-Looking Statements
The information presented herein includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are based on current expectations, estimates and projections about the industry and markets in which Vistra Corp. ("Vistra") operates and beliefs of and assumptions made by Vistra's management, involve risks and uncertainties, which are difficult to predict and are not guarantees of future performance, that could significantly affect the financial results of Vistra. All statements, other than statements of historical facts, that are presented herein, or in response to questions or otherwise, that address activities, events or developments that may occur in the future, including such matters as activities related to our financial or operational projections, the potential impacts of the COVID-19 pandemic on our results of operations, financial condition and cash flows, projected synergy, value lever and net debt targets, capital allocation, capital expenditures, liquidity, projected Adjusted EBITDA to free cash flow conversion rate, dividend policy, business strategy, competitive strengths, goals, future acquisitions or dispositions, development or operation of power generation assets, market and industry developments and the growth of our businesses and operations (often, but not always, through the use of words or phrases, or the negative variations of those words or other comparable words of a future or forward-looking nature, including, but not limited to: "intends," "plans," "will likely," "unlikely," "believe," "confident", "expect," "seek," "anticipate," "estimate," "continue," "will," "shall," "should," "could," "may," "might," "predict," "project," "forecast," "target," "potential," "goal," "objective," "guidance" and "outlook"),are forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements. Although Vistra believes that in making any such forward-looking statement, Vistra's expectations are based on reasonable assumptions, any such forward-looking statement involves uncertainties and risks that could cause results to differ materially from those projected in or implied by any such forward-looking statement, including, but not limited to: (i) adverse changes in general economic or market conditions (including changes in interest rates) or changes in political conditions or federal or state laws and regulations; (ii) the ability of Vistra to execute upon its contemplated strategic, capital allocation, performance, and cost-saving initiatives and to successfully integrate acquired businesses; (iii) actions by credit ratings agencies; (iv) the severity, magnitude and duration of pandemics, including the COVID-19 pandemic, and the resulting effects on our results of operations, financial condition and cash flows; (v) the severity, magnitude and duration of extreme weather events (including Winter Storm Uri), contingencies and uncertainties relating thereto, most of which are difficult to predict and many of which are beyond our control, and the resulting effects on our results of operations, financial condition and cash flows; and (vi) those additional risks and factors discussed in reports filed with the Securities and Exchange Commission by Vistra from time to time, including the uncertainties and risks discussed in the sections entitled "Risk Factors" and "Forward-Looking Statements" in Vistra's annual report on Form 10-K for the year ended December 31, 2021 and any subsequently filed quarterly reports on Form 10-Q.
Any forward-looking statement speaks only at the date on which it is made, and except as may be required by law, Vistra will not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible to predict all of them; nor can Vistra assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement.
VISTRA CORP. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Millions of Dollars) | |||
Three Months Ended March 31, | |||
2022 | 2021 | ||
Operating revenues | $ 3,125 | $ 3,207 | |
Fuel, purchased power costs and delivery fees | (2,279) | (4,745) | |
Operating costs | (416) | (371) | |
Depreciation and amortization | (430) | (423) | |
Selling, general and administrative expenses | (288) | (251) | |
Operating loss | (288) | (2,583) | |
Other income | 5 | 55 | |
Other deductions | (4) | (5) | |
Interest expense and related charges | (7) | (29) | |
Impacts of Tax Receivable Agreement | (81) | 37 | |
Loss before income taxes | (375) | (2,525) | |
Income tax benefit | 91 | 485 | |
Net loss | $ (284) | $ (2,040) | |
Net income attributable to noncontrolling interest | (1) | (3) | |
Net loss attributable to Vistra | $ (285) | $ (2,043) | |
VISTRA CORP. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Millions of Dollars) | |||
Three Months Ended March 31, | |||
2022 | 2021 | ||
Cash flows — operating activities: | |||
Net loss | $ (284) | $ (2,040) | |
Adjustments to reconcile net loss to cash provided by (used in) operating activities : | |||
Depreciation and amortization | 542 | 511 | |
Deferred income tax expense (benefit), net | (84) | (524) | |
Unrealized net (gain) loss from mark-to-market valuations of commodities | 360 | (96) | |
Unrealized net gain from mark-to-market valuations of interest rate swaps | (126) | (88) | |
Asset retirement obligation accretion expense | 9 | 11 | |
Impacts of Tax Receivable Agreement | 81 | (37) | |
Stock-based compensation | 14 | 16 | |
Other, net | 32 | 11 | |
Changes in operating assets and liabilities: | |||
Margin deposits, net | 210 | (134) | |
Accrued interest | (62) | (75) | |
Accrued taxes | (98) | (79) | |
Accrued employee incentive | (59) | (128) | |
Other operating assets and liabilities | 56 | 999 | |
Cash provided by (used in) operating activities | 591 | (1,653) | |
Cash flows — investing activities: | |||
Capital expenditures, including nuclear fuel purchases and LTSA prepayments | (373) | (192) | |
Proceeds from sales of nuclear decommissioning trust fund securities | 98 | 133 | |
Investments in nuclear decommissioning trust fund securities | (103) | (138) | |
Proceeds from sales of environmental allowances | 7 | 45 | |
Purchases of environmental allowances | (116) | (28) | |
Insurance proceeds | 1 | 40 | |
Other, net | 6 | 11 | |
Cash used in investing activities | (480) | (129) | |
Cash flows — financing activities: | |||
Borrowings under Term Loan A | — | 1,000 | |
Proceeds from forward capacity agreement | — | 500 | |
Repayments/repurchases of debt | (132) | (36) | |
Net borrowings under accounts receivable financing | 500 | 425 | |
Borrowings under Revolving Credit Facility | — | 1,300 | |
Repayments under Revolving Credit Facility | — | (1,000) | |
Share repurchases | (710) | (175) | |
Dividends paid to common stockholders | (77) | (74) | |
Other, net | 6 | (1) | |
Cash (used in) provided by financing activities | (413) | 1,939 | |
Net change in cash, cash equivalents and restricted cash | (302) | 157 | |
Cash, cash equivalents and restricted cash — beginning balance | 1,359 | 444 | |
Cash, cash equivalents and restricted cash — ending balance | $ 1,057 | $ 601 | |
VISTRA CORP. | |||||||||||||||||
Retail | Texas | East | West | Sunset | Eliminations / | Ongoing | Asset | Vistra Corp. | |||||||||
Net income (loss) | $ 2,428 | $ (128) | $ (61) | $ (450) | $ (39) | $ (222) | $ (62) | $ (284) | |||||||||
Income tax benefit | — | — | — | — | — | (91) | (91) | — | (91) | ||||||||
Interest expense and | 1 | (5) | 2 | — | 1 | 8 | 7 | — | 7 | ||||||||
Depreciation and | 36 | 145 | 179 | 42 | 19 | 17 | 438 | 14 | 452 | ||||||||
EBITDA before | 2,465 | (1,832) | 53 | (19) | (430) | (105) | 132 | (48) | 84 | ||||||||
Unrealized net (gain) | (2,306) | 2,031 | 93 | 44 | 465 | — | 327 | 33 | 360 | ||||||||
Generation plant | — | — | — | — | 4 | — | 4 | 2 | 6 | ||||||||
Impacts of Tax | — | — | — | — | — | 81 | 81 | — | 81 | ||||||||
Non-cash compensation | — | — | — | — | — | 17 | 17 | — | 17 | ||||||||
Transition and merger | 6 | — | 1 | — | — | 10 | 17 | — | 17 | ||||||||
Winter Storm Uri | (12) | (42) | — | — | — | — | (54) | — | (54) | ||||||||
Other, net | 10 | 14 | 1 | — | 11 | (13) | 23 | 7 | 30 | ||||||||
Adjusted EBITDA | $ 163 | $ 171 | $ 148 | $ 25 | $ 50 | $ (10) | $ 547 | $ (6) | $ 541 | ||||||||
______ | |
(a) | Includes |
(b) | Includes nuclear fuel amortization of |
(c) | Adjusted EBITDA impacts of Winter Storm Uri reflects the application of bill credits to large commercial and industrial |
VISTRA CORP. | |||||||||||||||||
Retail | Texas | East | West | Sunset | Eliminations / | Ongoing | Asset | Vistra Corp. | |||||||||
Net income (loss) | $ 88 | $ 1 | $ (31) | $ 5 | $ 463 | $ (1,992) | $ (48) | $ (2,040) | |||||||||
Income tax benefit | — | — | — | — | — | (485) | (485) | — | (485) | ||||||||
Interest expense and | 2 | (3) | 1 | (4) | 1 | 32 | 29 | — | 29 | ||||||||
Depreciation and | 53 | 144 | 196 | 5 | 25 | 16 | 439 | 4 | 443 | ||||||||
EBITDA before | 143 | (2,377) | 198 | (30) | 31 | 26 | (2,009) | (44) | (2,053) | ||||||||
Unrealized net (gain) | (783) | 522 | 20 | 53 | 67 | — | (121) | 25 | (96) | ||||||||
Generation plant | — | — | — | — | 1 | 1 | 2 | — | 2 | ||||||||
Fresh start / purchase | 1 | (1) | (1) | — | 2 | — | 1 | — | 1 | ||||||||
Impacts of Tax | — | — | — | — | — | (37) | (37) | — | (37) | ||||||||
Non-cash compensation | — | — | — | — | — | 17 | 17 | — | 17 | ||||||||
Transition and merger | — | — | — | — | — | 1 | 1 | (15) | (14) | ||||||||
Winter Storm Uri | 432 | 501 | — | — | 1 | — | 934 | — | 934 | ||||||||
Other, net | 8 | 3 | 3 | 1 | (1) | (10) | 4 | 1 | 5 | ||||||||
Adjusted EBITDA | $ (199) | $ 220 | $ 24 | $ 101 | $ (2) | $ (1,208) | $ (33) | $ (1,241) | |||||||||
________________ | |
(a) | Includes |
(b) | Includes nuclear fuel amortization of |
(c) | Includes the following Winter Storm Uri impacts, which we believe are not reflective of our operating performance: the |
VISTRA CORP. | |||||||||||
Ongoing Operations | Asset Closure | Vistra Corp. Consolidated | |||||||||
Low | High | Low | High | Low | High | ||||||
Net income (loss) | $ (140) | $ (40) | $ 887 | ||||||||
Income tax expense | 301 | 427 | — | — | 301 | 427 | |||||
Interest expense and related charges (a) | 467 | 467 | — | — | 467 | 467 | |||||
Depreciation and amortization (b) | 1,640 | 1,640 | — | — | 1,640 | 1,640 | |||||
EBITDA before Adjustments | $ (140) | $ (40) | $ 3,295 | ||||||||
Unrealized net (gain)/loss resulting from hedging transactions | (557) | (557) | — | — | (557) | (557) | |||||
Fresh start / purchase accounting impacts | 19 | 19 | — | — | 19 | 19 | |||||
Impacts of Tax Receivable Agreement | 65 | 65 | — | — | 65 | 65 | |||||
Non-cash compensation expenses | 38 | 38 | — | — | 38 | 38 | |||||
Transition and merger expenses | 2 | 2 | — | — | 2 | 2 | |||||
Winter storm Uri impacts (c) | (185) | (185) | — | — | (185) | (185) | |||||
Other, net | (7) | (7) | — | — | (7) | (7) | |||||
Adjusted EBITDA guidance | $ (140) | $ (40) | $ 2,670 | ||||||||
Interest paid, net | (514) | (514) | — | — | (514) | (514) | |||||
Tax (paid) / received (d) | (44) | (44) | — | — | (44) | (44) | |||||
Tax receivable agreement payments | (1) | (1) | — | — | (1) | (1) | |||||
Working capital and margin deposits | 644 | 644 | 18 | 18 | 662 | 662 | |||||
Accrued environmental allowances | 330 | 330 | — | — | 330 | 330 | |||||
Reclamation and remediation | (19) | (19) | (89) | (89) | (108) | (108) | |||||
Winter storm Uri impacts (e) | 500 | 500 | — | — | 500 | 500 | |||||
Other changes in other operating assets and liabilities | 58 | 58 | (26) | (26) | 32 | 32 | |||||
Cash provided by operating activities | $ (237) | $ (137) | $ 3,527 | ||||||||
Capital expenditures including nuclear fuel purchases and LTSA | (717) | (717) | — | — | (717) | (717) | |||||
Solar and storage development expenditures (f) | (1,002) | (1,002) | — | — | (1,002) | (1,002) | |||||
Other growth expenditures | (120) | (120) | — | — | (120) | (120) | |||||
(Purchase) / sale of environmental credits and allowances | (229) | (229) | — | — | (229) | (229) | |||||
Other net investing activities | (20) | (20) | — | — | (20) | (20) | |||||
Free cash flow | $ (237) | $ (137) | $ 1,439 | ||||||||
Working capital and margin deposits | (644) | (644) | (18) | (18) | (662) | (662) | |||||
Solar and storage development expenditures (f) | 1,002 | 1,002 | — | — | 1,002 | 1,002 | |||||
Other growth expenditures | 120 | 120 | — | — | 120 | 120 | |||||
Accrued environmental allowances | (330) | (330) | — | — | (330) | (330) | |||||
(Purchase) / sale of environmental credits and allowances | 229 | 229 | — | — | 229 | 229 | |||||
Transition and merger expenses | 11 | 11 | 25 | 25 | 36 | 36 | |||||
Transition capital expenditures | 6 | 6 | — | — | 6 | 6 | |||||
Adjusted free cash flow before growth guidance | $ (230) | $ (130) | $ 1,840 | ||||||||
_________ | |
1 | Regulation G Table for 2022 Guidance prepared as of November 5, 2021. |
(a) | Includes unrealized (gain) / loss on interest rate swaps of ( |
(b) | Includes nuclear fuel amortization of |
(c) | Adjustment for bill credits applied to large commercial and industrial customers that curtailed during 2021 Winter Storm |
(d) | Includes state tax payments. |
(e) | Receipt of securitization benefit. |
(f) | Amounts previously reflected as TBD, pending the announcement of our renewables financing strategy, when guidance |
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SOURCE Vistra Corp.
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