Vistra Reports First Quarter 2024 Results, Raises Expectations for Energy Harbor and Consolidated Adjusted EBITDA
Vistra Corp. reported strong first quarter 2024 financial results with GAAP Net Income of $18 million, Cash Flow from Operations of $312 million, and Ongoing Operations Adjusted EBITDA of $813 million. The company raised synergy expectations for Energy Harbor and announced $200 million OPI initiatives. Vistra was added to the S&P 500 effective May 8, 2024. The company remains focused on delivering strong and stable earnings, executing disciplined capital allocation, and supporting a sustainable energy future.
Vistra reported increased Ongoing Operations Adjusted EBITDA for the first quarter 2024 compared to the same period in 2023. The company initiated combined 2024 guidance ranges for Ongoing Operations Adjusted EBITDA and Adjusted FCF, hedged significant generation volumes, and expects potential opportunities for adjusted EBITDA to grow in 2025 and 2026. Vistra executed substantial share repurchases and focuses on clean energy investments, particularly in solar and battery storage developments. The acquisition of Energy Harbor added nuclear generation capacity and retail customers to Vistra's portfolio, positioning the company for future growth and sustainability. Liquidity remains strong with total available liquidity of approximately $3,000 million as of March 31, 2024.
Net Income for the first quarter 2024 decreased significantly from the same period in 2023 due to unrealized mark-to-market gains recognized in 2023. Vistra experienced material revenue declines in the Retail segment, and asset closure led to negative EBITDA. Despite the positive outlook, the company faces risks associated with potential market developments and the need to balance financial stability with clean energy investments.
Insights
Earnings Release Highlights
- GAAP first quarter 2024 Net Income of
$18 million $312 million - Net Income from Ongoing Operations1 of
$39 million $813 million - Initiated a combined midpoint guidance for 2024 Ongoing Operations Adjusted EBITDA,1 excluding any potential contribution from the nuclear production tax credit, of
$4,800 million - Increased synergy expectations for Energy Harbor and announced targeted Operational Performance Improvement (OPI) initiatives totaling
$200 million - Vistra added to the S&P 500 effective May 8, 2024.
"It's been an exciting start to 2024 for Vistra with the team delivering on multiple fronts. I'm proud of our ability to successfully close the acquisition of Energy Harbor within two weeks of receiving FERC approval. Our team hit the ground running on integration and have made significant progress to date. The increase in expected synergies and the identification of sizeable Operational Performance Improvement (OPI) initiatives we are announcing today are a testament to their hard work. We continue to believe that integrating generation and retail businesses is one of Vistra's core competencies and a source of long-term value creation."
Burke continued, "We believe that our integrated model, which combines best-in-class retail and commercial operations with a high-quality portfolio of generation assets enables us to provide our retail customers the electric service they need while delivering consistent financial results for our stakeholders. During another quarter characterized by both winter storms and unseasonably mild weather, Vistra delivered commercial availability of approximately
Burke concluded, "Recent power market developments are certainly notable, and we see multiple drivers underlying a projected long-term acceleration in load growth in many of the geographies we serve. The increase in our potential long-term financial expectations reflects the attractive position provided by our integrated business model. We remain focused on advancing our four strategic priorities of delivering strong and stable earnings, executing a disciplined capital allocation strategy, maintaining balance sheet strength, and supporting a sustainable energy future."
Summary of Financial Results for the Three Months Ended March 31, 2024 and 2023 | |||
(Unaudited) (Millions of Dollars) | |||
Three Months Ended March 31, | |||
2024 | 2023 | ||
Net income (loss) | $ 18 | $ 698 | |
Ongoing operations net income (loss) | $ 39 | $ 725 | |
Ongoing operations Adjusted EBITDA | $ 813 | $ 554 | |
Adjusted EBITDA by Segment | |||
Retail | $ (28) | $ (29) | |
$ 411 | $ 383 | ||
East | $ 201 | $ 1 | |
West | $ 59 | $ 46 | |
Sunset | $ 184 | $ 164 | |
Corporate and Other | $ (14) | $ (11) | |
Asset Closure | $ (23) | $ (41) | |
For the quarter ended March 31, 2024, Vistra reported Net Income of
Guidance | |
($ in millions) | Initiated Combined 2024 Vistra Guidance Ranges |
Ongoing Operations Adjusted EBITDA | |
Ongoing Operations Adjusted FCFbG | |
As of May 8, 2024, Vistra has hedged approximately
Share Repurchase Program
As of May 3, 2024:
- Vistra executed
~ in share repurchases since November 2021.$3.9 billion - Vistra had ~347.5 million shares outstanding, representing a ~
28% reduction of the amount of the shares outstanding on Nov. 2, 2021.
Vistra expects to spend at least
Clean Energy Investments
Vistra is focused on the reliability, affordability and sustainability of electricity in the markets in which we operate. Vistra continues to grow its fleet of zero-carbon resources, advancing these interests through cost-effective, strategic investments in solar and battery storage developments and through the acquisition of Energy Harbor.
On March 1, 2024 Vistra closed on the acquisition of Energy Harbor, which added more than 4,000 MW of nuclear generation to its portfolio along with approximately 1 million additional retail customers. Together with Vistra's existing 2,400 MW Comanche Peak Nuclear Power Plant, this acquisition brings Vistra's nuclear capacity to more than 6,400 MW. Notably, in 2022, Comanche Peak applied to extend its operating licenses through 2050 and 2053 for the two-unit facility, an additional 20 years beyond the original licenses. Additionally, in 2023, Perry applied to extend its operating license through 2046, also an additional 20 years beyond the original license. Both processes are advancing as expected.
The Inflation Reduction Act is anticipated to provide the opportunity to realize material benefits to Vistra with respect to its renewables and energy storage projects, as well as provide strong price support via the nuclear production tax credit for its nuclear facilities, including those acquired through the Energy Harbor transaction.
Vistra began construction on two of its three larger
Liquidity
As of March 31, 2024, Vistra had total available liquidity of approximately
Earnings Webcast
Vistra will host a webcast today, May 8, 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
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 Midpoint opportunities are not intended to be guidance and represent only our estimate of potential opportunities for Adj. EBITDA in 2025 and 2026 based on market curves as of May 3, 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 Adjusted EBITDA opportunities for 2025 and 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 Adjusted EBITDA in such out year periods. Midpoint opportunities exclude any potential benefit from nuclear production tax credit.
3 The accounts receivable securitization program facility was amended to add Energy Harbor and increase the aggregate commitments from
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
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, 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, 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 March 31, | |||
2024 | 2023 | ||
Operating revenues | $ 3,054 | $ 4,425 | |
Fuel, purchased power costs and delivery fees | (1,716) | (2,170) | |
Operating costs | (498) | (421) | |
Depreciation and amortization | (403) | (366) | |
Selling, general and administrative expenses | (351) | (288) | |
Impairment of long-lived assets | — | (49) | |
Operating income | 86 | 1,131 | |
Other income | 91 | 20 | |
Other deductions | (4) | (3) | |
Interest expense and related charges | (170) | (207) | |
Impacts of Tax Receivable Agreement | (5) | (65) | |
Net income (loss) before income taxes | (2) | 876 | |
Income tax (expense) benefit | 20 | (178) | |
Net income | $ 18 | $ 698 | |
Net (income) loss attributable to noncontrolling interest | (53) | 1 | |
Net income (loss) attributable to Vistra | $ (35) | $ 699 | |
Cumulative dividends attributable to preferred stock | (49) | (38) | |
Net income (loss) attributable to Vistra common stock | $ (84) | $ 661 | |
VISTRA CORP. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Millions of Dollars) | |||
Three Months Ended March 31, | |||
2024 | 2023 | ||
Cash flows — operating activities: | |||
Net income | $ 18 | $ 698 | |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation and amortization | 555 | 477 | |
Deferred income tax expense (benefit), net | (23) | 181 | |
Impairment of long-lived assets | — | 49 | |
Unrealized net (gain) loss from mark-to-market valuations of commodities | 176 | (1,085) | |
Unrealized net (gain) loss from mark-to-market valuations of interest rate swaps | (47) | 41 | |
Unrealized net gain from nuclear decommissioning trusts | (28) | — | |
Asset retirement obligation accretion expense | 19 | 9 | |
Impacts of Tax Receivable Agreement | 5 | 65 | |
Gain on TRA repurchase and tender offers | (10) | — | |
Bad debt expense | 36 | 35 | |
Stock-based compensation | 21 | 22 | |
Other, net | (23) | 8 | |
Changes in operating assets and liabilities: | |||
Margin deposits, net | 128 | 1,227 | |
Accrued interest | (3) | (47) | |
Accrued taxes | (111) | (91) | |
Accrued employee incentive | (169) | (79) | |
Other operating assets and liabilities | (232) | (75) | |
Cash provided by operating activities | 312 | 1,435 | |
Cash flows — investing activities: | |||
Capital expenditures, including nuclear fuel purchases and LTSA prepayments | (465) | (484) | |
Energy Harbor acquisition (net of cash acquired) | (3,070) | — | |
Proceeds from sales of nuclear decommissioning trust fund securities | 214 | 119 | |
Investments in nuclear decommissioning trust fund securities | (220) | (125) | |
Proceeds from sales of environmental allowances | 17 | 35 | |
Purchases of environmental allowances | (131) | (61) | |
Proceeds from sale of property, plant and equipment, including nuclear fuel | 127 | 2 | |
Other, net | — | 1 | |
Cash used in investing activities | (3,528) | (513) | |
Cash flows — financing activities: | |||
Issuances of long-term debt | 700 | — | |
Repayments/repurchases of debt | (756) | (7) | |
Net borrowings under accounts receivable financing | 875 | 175 | |
Borrowings under Revolving Credit Facility | — | 100 | |
Repayments under Revolving Credit Facility | — | (350) | |
Borrowings under Commodity-Linked Facility | 500 | — | |
Repayments under Commodity-Linked Facility | — | (400) | |
Stock repurchases | (291) | (301) | |
Dividends paid to common stockholders | (77) | (77) | |
TRA Repurchase and tender offer — return of capital | (122) | — | |
Other, net | (36) | (14) | |
Cash provided by (used in) financing activities | 793 | (874) | |
Net change in cash, cash equivalents and restricted cash | (2,423) | 48 | |
Cash, cash equivalents and restricted cash — beginning balance | 3,539 | 525 | |
Cash, cash equivalents and restricted cash — ending balance | $ 1,116 | $ 573 | |
VISTRA CORP. | |||||||||||||||||
NON-GAAP RECONCILIATIONS - ADJUSTED EBITDA | |||||||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2024 | |||||||||||||||||
(Unaudited) (Millions of Dollars) | |||||||||||||||||
Retail | East | West | Sunset | Eliminations / | Ongoing | Asset | Vistra Corp. | ||||||||||
Net income (loss) | $ 561 | $ (331) | $ (185) | $ 164 | $ 7 | $ (177) | $ 39 | $ (21) | $ 18 | ||||||||
Income tax benefit | — | — | — | — | — | (20) | (20) | — | (20) | ||||||||
Interest expense and related charges (a) | 6 | (10) | 1 | — | — | 172 | 169 | 1 | 170 | ||||||||
Depreciation and amortization (b) | 23 | 158 | 215 | 21 | 20 | 16 | 453 | — | 453 | ||||||||
EBITDA before Adjustments | 590 | (183) | 31 | 185 | 27 | (9) | 641 | (20) | 621 | ||||||||
Unrealized net (gain) loss resulting from hedging transactions | (623) | 584 | 193 | (129) | 155 | — | 180 | (4) | 176 | ||||||||
Purchase accounting impacts | (2) | — | (2) | — | — | (14) | (18) | — | (18) | ||||||||
Impacts of Tax Receivable Agreement (c) | — | — | — | — | — | (5) | (5) | — | (5) | ||||||||
Non-cash compensation expenses | — | — | — | — | — | 21 | 21 | — | 21 | ||||||||
Transition and merger expenses | 1 | — | 4 | — | — | 28 | 33 | — | 33 | ||||||||
Decommissioning-related activities (d) | — | 5 | (26) | — | 2 | — | (19) | — | (19) | ||||||||
ERP system implementation | — | — | — | — | — | 6 | 6 | — | 6 | ||||||||
Other, net | 6 | 5 | 1 | 3 | — | (41) | (26) | 1 | (25) | ||||||||
Adjusted EBITDA | $ (28) | $ 411 | $ 201 | $ 59 | $ 184 | $ (14) | $ 813 | $ (23) | $ 790 | ||||||||
___________
(a) | Includes |
(b) | Includes nuclear fuel amortization of |
(c) | Includes |
(d) | Represents net of all NDT income (loss), 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 MARCH 31, 2023 | |||||||||||||||||
(Unaudited) (Millions of Dollars) | |||||||||||||||||
Retail | East | West | Sunset | Eliminations / | Ongoing | Asset | Vistra Corp. | ||||||||||
Net income (loss) | $ (595) | $ 584 | $ 745 | $ 52 | $ 424 | $ (485) | $ 725 | $ (27) | $ 698 | ||||||||
Income tax expense | — | — | — | — | — | 178 | 178 | — | 178 | ||||||||
Interest expense and related charges (a) | 7 | (4) | — | (4) | 1 | 206 | 206 | 1 | 207 | ||||||||
Depreciation and amortization (b) | 29 | 153 | 161 | 15 | 14 | 17 | 389 | — | 389 | ||||||||
EBITDA before Adjustments | (559) | 733 | 906 | 63 | 439 | (84) | 1,498 | (26) | 1,472 | ||||||||
Unrealized net (gain) loss resulting from hedging transactions | 559 | (346) | (923) | (18) | (340) | — | (1,068) | (17) | (1,085) | ||||||||
Generation plant retirement expenses | — | — | — | — | — | 1 | 1 | — | 1 | ||||||||
Fresh start/purchase accounting impacts | 1 | (1) | 2 | — | 1 | — | 3 | — | 3 | ||||||||
Impacts of Tax Receivable Agreement | — | — | — | — | — | 65 | 65 | — | 65 | ||||||||
Non-cash compensation expenses | — | — | — | — | — | 22 | 22 | — | 22 | ||||||||
Transition and merger expenses | (2) | — | — | — | 1 | 2 | 1 | — | 1 | ||||||||
Impairment of long-lived assets | — | — | — | — | 49 | — | 49 | — | 49 | ||||||||
PJM capacity performance default impacts (c) | — | — | 14 | — | 6 | — | 20 | — | 20 | ||||||||
Winter Storm Uri impacts (d) | (34) | 1 | — | — | — | — | (33) | — | (33) | ||||||||
Other, net | 6 | (4) | 2 | 1 | 8 | (17) | (4) | 2 | (2) | ||||||||
Adjusted EBITDA | $ (29) | $ 383 | $ 1 | $ 46 | $ 164 | $ (11) | $ 554 | $ (41) | $ 513 | ||||||||
___________
(a) | Includes |
(b) | Includes nuclear fuel amortization of |
(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) | $ 2,030 | $ (90) | $ (90) | $ 1,940 | $ 2,340 | ||||||
Income tax expense | 550 | 650 | — | — | 550 | 650 | |||||
Interest expense and related charges (a) | 980 | 980 | — | — | 980 | 980 | |||||
Depreciation and amortization (b) | 2,130 | 2,130 | — | — | 2,130 | 2,130 | |||||
EBITDA before Adjustments | $ 5,690 | $ (90) | $ (90) | $ 5,600 | $ 6,100 | ||||||
Unrealized net (gain) loss resulting from hedging transactions | (1,151) | (1,151) | (9) | (9) | (1,160) | (1,160) | |||||
Impacts of Tax Receivable Agreement | (4) | (4) | — | — | (4) | (4) | |||||
Non-cash compensation expenses | 69 | 69 | — | — | 69 | 69 | |||||
Transition and merger expenses | 8 | 8 | — | — | 8 | 8 | |||||
Interest income | (61) | (61) | — | — | (61) | (61) | |||||
Other, net | (1) | (1) | 4 | 4 | 3 | 3 | |||||
Adjusted EBITDA guidance | $ 4,550 | $ (95) | $ (95) | $ 4,455 | $ 4,955 | ||||||
Interest paid, net | (910) | (910) | — | — | (910) | (910) | |||||
Tax (paid) / received (c) | (89) | (89) | — | — | (89) | (89) | |||||
Tax Receivable Agreement payments | (30) | (30) | — | — | (30) | (30) | |||||
Working capital and margin deposits | 439 | 439 | — | — | 439 | 439 | |||||
Accrued environmental allowances | 459 | 459 | — | — | 459 | 459 | |||||
Reclamation and remediation | (31) | (31) | (95) | (95) | (126) | (126) | |||||
ERP implementation expenditures | (50) | (50) | — | — | (50) | (50) | |||||
Other changes in other operating assets and liabilities | (153) | (153) | (12) | (12) | (165) | (165) | |||||
Cash provided by operating activities | $ 4,185 | $ (202) | $ (202) | $ 3,983 | $ 4,483 | ||||||
Capital expenditures including nuclear fuel purchases and LTSA prepayments | (1,172) | (1,172) | — | — | (1,172) | (1,172) | |||||
Solar and storage development expenditures | (745) | (745) | — | — | (745) | (745) | |||||
Acquisitions | (3,192) | (3,192) | — | — | (3,192) | (3,192) | |||||
Other growth expenditures | (74) | (74) | — | — | (74) | (74) | |||||
(Purchase)/sale of environmental allowances | (291) | (291) | — | — | (291) | (291) | |||||
Other net investing activities | 11 | 11 | — | — | 11 | 11 | |||||
Free cash flow | $ (778) | $ (202) | $ (202) | $ (980) | |||||||
Working capital and margin deposits | (439) | (439) | — | — | (439) | (439) | |||||
Solar and storage development and other growth expenditures | 745 | 745 | — | — | 745 | 745 | |||||
Acquisitions | 3,192 | 3,192 | — | — | 3,192 | 3,192 | |||||
Other growth expenditures | 74 | 74 | — | — | 74 | 74 | |||||
Accrued environmental allowances | (459) | (459) | — | — | (459) | (459) | |||||
Purchase/(sale) of environmental allowances | 291 | 291 | — | — | 291 | 291 | |||||
Transition and merger expenses | 24 | 24 | 2 | 2 | 26 | 26 | |||||
ERP implementation expenditures | 50 | 50 | — | — | 50 | 50 | |||||
Adjusted free cash flow before growth guidance | $ 2,200 | $ (200) | $ (200) | $ 2,000 | $ 2,500 | ||||||
___________
1 Regulation G Table 2024 Guidance prepared as of May 8, 2024, based on market curves as of May 3, 2024. Guidance excludes any potential benefit from the nuclear production tax credit. | |
(a) | Includes unrealized (gain) / loss on interest rate swaps of |
(b) | Includes nuclear fuel amortization of |
(c) | Includes state tax payments. |
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SOURCE Vistra Corp
FAQ
What were Vistra's Net Income and Adjusted EBITDA for the first quarter 2024?
Vistra reported Net Income of $18 million and Ongoing Operations Adjusted EBITDA of $813 million for the first quarter 2024.
What were some of the key highlights of Vistra's financial results for the first quarter 2024?
Vistra raised synergy expectations for Energy Harbor, announced OPI initiatives of $200 million, and was added to the S&P 500 effective May 8, 2024. The company focuses on delivering strong earnings, disciplined capital allocation, and supporting sustainable energy initiatives.
What clean energy investments is Vistra focused on?
Vistra is focused on growing its fleet of zero-carbon resources through strategic investments in solar and battery storage developments. The acquisition of Energy Harbor added nuclear generation capacity to Vistra's portfolio, contributing to the company's sustainability goals.
What is Vistra's liquidity position as of March 31, 2024?
Vistra had total available liquidity of approximately $3,000 million, including cash and cash equivalents, under its corporate and commodity-linked revolving credit facilities. The company remains strategic and disciplined in its investments in renewables and energy storage projects.
