Vistra Reports Second Quarter 2024 Results
Vistra Corp. (NYSE: VST) reported strong Q2 2024 results with GAAP Net Income of $467 million and Ongoing Operations Adjusted EBITDA of $1,414 million. The company reaffirmed its 2024 guidance midpoint of $4,800 million for Ongoing Operations Adjusted EBITDA. Vistra completed two long-term renewable power purchase agreements with Microsoft and Amazon, and announced plans to add up to 2,000 MW of natural gas-fueled capacity in ERCOT. The Nuclear Regulatory Commission approved a 20-year license extension for Comanche Peak. Vistra increased its 2025 Ongoing Operations Adjusted EBITDA midpoint opportunity to $5,200-$5,700 million. The company has hedged 94% of expected generation volumes for the remainder of 2024 and continues its share repurchase program, having executed ~$4.25 billion in repurchases since November 2021.
Vistra Corp. (NYSE: VST) ha riportato risultati robusti per il secondo trimestre del 2024, con un reddito netto GAAP di 467 milioni di dollari e un EBITDA rettificato per le operazioni in corso di 1.414 milioni di dollari. L'azienda ha ribadito la sua guida per il 2024, fissando il valore medio dell'EBITDA rettificato per le operazioni in corso a 4.800 milioni di dollari. Vistra ha completato due contratti di fornitura di energia rinnovabile a lungo termine con Microsoft e Amazon, e ha annunciato piani per aggiungere fino a 2.000 MW di capacità alimentata a gas naturale in ERCOT. La Commissione per la Regolamentazione Nucleare ha approvato un'estensione della licenza di 20 anni per Comanche Peak. Vistra ha aumentato la sua opportunità di EBITDA rettificato per le operazioni in corso per il 2025, fissando la media a 5.200-5.700 milioni di dollari. L'azienda ha coperto il 94% dei volumi di generazione previsti per il restante 2024 e continua il suo programma di riacquisto delle azioni, avendo eseguito circa 4,25 miliardi di dollari in acquisti dal novembre 2021.
Vistra Corp. (NYSE: VST) reportó resultados sólidos en el segundo trimestre de 2024, con ingreso neto GAAP de 467 millones de dólares y EBITDA ajustado para operaciones continuas de 1.414 millones de dólares. La compañía reafirmó su guía media para 2024 de 4.800 millones de dólares para el EBITDA ajustado de operaciones continuas. Vistra completó dos acuerdos de compra de energía renovable a largo plazo con Microsoft y Amazon, y anunció planes para agregar hasta 2.000 MW de capacidad alimentada por gas natural en ERCOT. La Comisión Reguladora Nuclear aprobó una extensión de licencia de 20 años para Comanche Peak. Vistra aumentó su oportunidad promedio de EBITDA ajustado para 2025 a 5.200-5.700 millones de dólares. La empresa ha cubierto el 94% de los volúmenes de generación esperados para el resto de 2024 y continúa su programa de recompra de acciones, habiendo ejecutado aproximadamente 4.25 mil millones de dólares en recompras desde noviembre de 2021.
Vistra Corp. (NYSE: VST)는 2024년 2분기 실적을 발표하며 GAAP 순이익 4억 6,700만 달러와 지속 사업 조정 EBITDA 14억 1,400만 달러를 기록했습니다. 이 회사는 지속 사업 조정 EBITDA의 2024년 가이던스를 48억 달러로 다시 확인했습니다. Vistra는 Microsoft 및 Amazon과 두 개의 장기 재생 가능 전력 구매 계약을 체결하고, ERCOT에 최대 2,000MW의 천연가스 기반 용량을 추가할 계획을 발표했습니다. 원자력 규제 위원회는 Comanche Peak에 대한 20년 면허 연장을 승인했습니다. Vistra는 2025년 지속 사업 조정 EBITDA 중간 목표를 52억 ~ 57억 달러로 상향 조정했습니다. 이 회사는 2024년 남은 기간 동안 예상되는 발전량의 94%를 헤지했으며, 2021년 11월 이후 약 42억 5천만 달러를 주식 재매입 프로그램에 집행하며 지속하고 있습니다.
Vistra Corp. (NYSE: VST) a annoncé des résultats solides pour le deuxième trimestre 2024, avec un revenu net GAAP de 467 millions de dollars et un EBITDA ajusté des opérations continues de 1.414 millions de dollars. La société a réaffirmé son objectif de 2024 avec une estimation médiane de 4.800 millions de dollars pour l'EBITDA ajusté des opérations continues. Vistra a conclu deux contrats d'achat d'énergie renouvelable à long terme avec Microsoft et Amazon, et a annoncé des plans pour ajouter jusqu'à 2.000 MW de capacité alimentée au gaz naturel dans ERCOT. La Commission de réglementation nucléaire a approuvé une extension de licence de 20 ans pour Comanche Peak. Vistra a augmenté son opportunité médiane d'EBITDA ajusté des opérations continues pour 2025 à 5.200-5.700 millions de dollars. L'entreprise a couvert 94 % des volumes de production prévus pour le reste de 2024 et continue son programme de rachat d'actions, ayant effectué environ 4,25 milliards de dollars de rachats depuis novembre 2021.
Vistra Corp. (NYSE: VST) hat starke Ergebnisse für das zweite Quartal 2024 gemeldet, mit einem GAAP-Nettoeinkommen von 467 Millionen Dollar und einem bereinigten EBITDA aus fortlaufenden Geschäften von 1.414 Millionen Dollar. Das Unternehmen hat seine Prognose für das Jahr 2024 mit einem Mittelwert von 4.800 Millionen Dollar für das bereinigte EBITDA aus fortlaufenden Geschäften bekräftigt. Vistra hat zwei langfristige Verträge über den Einkauf erneuerbarer Energie mit Microsoft und Amazon abgeschlossen und Pläne angekündigt, bis zu 2.000 MW an Gasbrennstoffkapazität in ERCOT hinzuzufügen. Die Nuclear Regulatory Commission hat eine 20-jährige Lizenzverlängerung für Comanche Peak genehmigt. Vistra hat die durchschnittliche EBITDA-Mittelwertchance für 2025 auf 5.200 bis 5.700 Millionen Dollar erhöht. Das Unternehmen hat 94 % des erwarteten Erzeugungsvolumens für den Rest von 2024 abgesichert und setzt sein Aktienrückkaufprogramm fort, wobei seit November 2021 etwa 4,25 Milliarden Dollar an Rückkäufen durchgeführt wurden.
- Ongoing Operations Adjusted EBITDA increased by $406 million compared to Q2 2023
- Reaffirmed 2024 guidance midpoint of $4,800 million for Ongoing Operations Adjusted EBITDA
- Increased 2025 Ongoing Operations Adjusted EBITDA midpoint opportunity to $5,200-$5,700 million
- Completed two long-term renewable power purchase agreements with Microsoft and Amazon
- Nuclear Regulatory Commission approved 20-year license extension for Comanche Peak
- Executed ~$4.25 billion in share repurchases since November 2021, reducing outstanding shares by ~29%
- Net Income decreased by $9 million compared to Q2 2023
- Higher depreciation and interest expenses impacted Net Income
Insights
Vistra's Q2 2024 results show strong financial performance despite challenging market conditions. Key highlights include:
$467 million GAAP Net Income and$1,196 million Cash Flow from Operations$1,414 million Ongoing Operations Adjusted EBITDA, up40.3% year-over-year- Reaffirmed 2024 Ongoing Operations Adjusted EBITDA guidance midpoint of
$4,800 million - Increased 2025 Ongoing Operations Adjusted EBITDA midpoint opportunity to
$5,200-$5,700 million
The company's hedging strategy and diversified business model are proving effective in mitigating market volatility. With
Vistra's Q2 results reflect its resilience in a challenging energy market. Despite mild summer weather in Texas and lower wholesale prices, the company delivered strong performance. Key strategic moves include:
- Plans to add up to 2,000 MW of dispatchable gas-fueled capacity in ERCOT
- Completion of two long-term renewable PPAs with Microsoft and Amazon
- 20-year license extension for Comanche Peak nuclear plant
These initiatives position Vistra well for future growth and grid reliability. The company's focus on a balanced energy mix, including nuclear, renewables and flexible gas generation, aligns with evolving market needs. The hedging strategy provides stability, while investments in clean energy support long-term sustainability goals.
Vistra's retail segment shows impressive growth in Q2 2024, with Adjusted EBITDA of
- Strong margins in Texas
- Increased customer count
- Addition of ~1 million customers from Energy Harbor acquisition
The company's ability to maintain a robust retail business while expanding its generation capacity demonstrates a well-executed strategy in competitive energy markets. This balanced approach provides stability and growth opportunities, positioning Vistra favorably against pure-play generators or retailers.
Earnings Release Highlights
- GAAP second quarter 2024 Net Income of
$467 million $1,196 million - Net Income from Ongoing Operations1 of
$492 million $1,414 million - Reaffirmed midpoint guidance for 2024 Ongoing Operations Adjusted EBITDA,1 excluding any potential contribution from the nuclear production tax credit, of
$4,800 million - Completed two long-term renewable power purchase agreements, one with Microsoft and another with Amazon.
- Announced our intention to add up to 2,000 megawatts of dispatchable, natural gas-fueled electricity capacity across ERCOT; more than 200 MW of uprates added this quarter.
- Announced the approval by the Nuclear Regulatory Commission of the request to extend Comanche Peak's operating licenses for an additional 20 years.
"The Vistra team continued to execute throughout the second quarter, and we are pleased to report strong results despite continued mild summer weather in
Burke continued, "While the team continues to deliver consistent operating and financial results, we also remain focused on executing our long-term growth initiatives. We've started construction on two new solar facilities, a 200 MW site backed by Amazon in
Burke concluded, "We see the financial strength of our business, and by extension, our ability to deliver shareholder returns, growing over time – even with the elevated forward price volatility the market has seen in recent months. With critical summer months ahead, our team remains focused on safe operations and delivering reliable, affordable, and sustainable power to our customers."
Summary of Financial Results for the Three and Six Months Ended June 30, 2024 and 2023 (Unaudited) (Millions of Dollars) | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Net income | $ 467 | $ 476 | $ 485 | $ 1,174 | |||
Ongoing operations net income | $ 492 | $ 409 | $ 531 | $ 1,134 | |||
Ongoing operations Adjusted EBITDA | $ 1,414 | $ 1,008 | $ 2,227 | $ 1,562 | |||
Adjusted EBITDA by Segment | |||||||
Retail | $ 789 | $ 498 | $ 761 | $ 469 | |||
$ 236 | $ 207 | $ 647 | $ 590 | ||||
East | $ 322 | $ 211 | $ 524 | $ 212 | |||
West | $ 60 | $ 63 | $ 118 | $ 109 | |||
Sunset | $ 29 | $ 40 | $ 213 | $ 203 | |||
Corporate and Other | $ (22) | $ (11) | $ (36) | $ (21) | |||
Asset Closure | $ (26) | $ 59 | $ (49) | $ 18 | |||
For the quarter ended June 30, 2024, Vistra reported Net Income of
Guidance | |
($ in millions) | 2024 Vistra |
Ongoing Operations Adjusted EBITDA | |
Ongoing Operations Adjusted FCFbG | |
As of Aug. 5, 2024, Vistra has hedged approximately
Share Repurchase Program
As of Aug. 5, 2024:
- Vistra executed
~ in share repurchases since November 2021.$4.25 billion - Vistra had ~344 million shares outstanding, representing a ~
29% 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 reliability, affordability, and sustainability 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's nuclear fleet.
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.
On July 30, 2024, Vistra announced the Nuclear Regulatory Commission 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.
The Inflation Reduction Act is anticipated to provide opportunities 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 acquisition.
Today, Vistra announced two new power purchase agreements, together totaling over 600 MW, with two of the world's leading tech companies - one for 200 MW with Amazon in
Liquidity
As of June 30, 2024, Vistra had total available liquidity of approximately
Earnings Webcast
Vistra will host a webcast today, Aug. 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 Ongoing Operations Adjusted EBITDA in 2025 and 2026 based on market curves as of Aug. 5, 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 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 Ongoing Operations Adjusted EBITDA in such out year periods. Midpoint opportunities exclude any potential benefit from nuclear production tax credit.
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 June 30, | Six Months Ended June 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Operating revenues | $ 3,845 | $ 3,189 | $ 6,899 | $ 7,614 | |||
Fuel, purchased power costs and delivery fees | (1,597) | (1,475) | (3,313) | (3,645) | |||
Operating costs | (628) | (445) | (1,126) | (866) | |||
Depreciation and amortization | (437) | (369) | (840) | (735) | |||
Selling, general and administrative expenses | (375) | (309) | (726) | (597) | |||
Impairment of long-lived assets | — | — | — | (49) | |||
Operating income | 808 | 591 | 894 | 1,722 | |||
Other income | 62 | 124 | 153 | 144 | |||
Other deductions | (3) | (2) | (7) | (5) | |||
Interest expense and related charges | (241) | (100) | (411) | (307) | |||
Impacts of Tax Receivable Agreement | — | (14) | (5) | (79) | |||
Net income before income taxes | 626 | 599 | 624 | 1,475 | |||
Income tax expense | (159) | (123) | (139) | (301) | |||
Net income | $ 467 | $ 476 | $ 485 | $ 1,174 | |||
Net (income) loss attributable to noncontrolling interest | (102) | — | (155) | 1 | |||
Net income attributable to Vistra | $ 365 | $ 476 | $ 330 | $ 1,175 | |||
Cumulative dividends attributable to preferred stock | (47) | (37) | (96) | (75) | |||
Net income attributable to Vistra common stock | $ 318 | $ 439 | $ 234 | $ 1,100 | |||
VISTRA CORP. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Millions of Dollars) | |||
Six Months Ended June 30, | |||
2024 | 2023 | ||
Cash flows — operating activities: | |||
Net income | $ 485 | $ 1,174 | |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation and amortization | 1,177 | 941 | |
Deferred income tax expense, net | 115 | 290 | |
Gain on sale of land | — | (94) | |
Impairment of long-lived assets | — | 49 | |
Unrealized net (gain) loss from mark-to-market valuations of commodities | 130 | (1,139) | |
Unrealized net gain from mark-to-market valuations of interest rate swaps | (58) | (22) | |
Unrealized net gain from nuclear decommissioning trusts | (55) | — | |
Asset retirement obligation accretion expense | 52 | 17 | |
Impacts of Tax Receivable Agreement | 5 | 79 | |
Gain on TRA repurchase and tender offers | (10) | — | |
Bad debt expense | 72 | 69 | |
Stock-based compensation | 53 | 43 | |
Other, net | (23) | 24 | |
Changes in operating assets and liabilities: | |||
Margin deposits, net | 433 | 2,014 | |
Accrued interest | 4 | (4) | |
Accrued taxes | (58) | (52) | |
Accrued employee incentive | (140) | (57) | |
Other operating assets and liabilities | (674) | (320) | |
Cash provided by operating activities | 1,508 | 3,012 | |
Cash flows — investing activities: | |||
Capital expenditures, including nuclear fuel purchases and LTSA prepayments | (963) | (926) | |
Energy Harbor acquisition (net of cash acquired) | (3,065) | — | |
Proceeds from sales of nuclear decommissioning trust fund securities | 777 | 251 | |
Investments in nuclear decommissioning trust fund securities | (788) | (262) | |
Proceeds from sales of environmental allowances | 65 | 47 | |
Purchases of environmental allowances | (359) | (190) | |
Proceeds from sale of property, plant and equipment, including nuclear fuel | 129 | 110 | |
Other, net | 7 | 3 | |
Cash used in investing activities | (4,197) | (967) | |
Cash flows — financing activities: | |||
Issuances of long-term debt | 2,200 | — | |
Repayments/repurchases of debt | (1,106) | (14) | |
Net borrowings (repayments) under accounts receivable financing | 750 | (425) | |
Borrowings under Revolving Credit Facility | — | 100 | |
Repayments under Revolving Credit Facility | — | (350) | |
Borrowings under Commodity-Linked Facility | 500 | — | |
Repayments under Commodity-Linked Facility | (500) | (400) | |
Debt issuance costs | (32) | (6) | |
Stock repurchases | (622) | (552) | |
Dividends paid to common stockholders | (150) | (153) | |
Dividends paid to preferred stockholders | (75) | (75) | |
Dividends paid to noncontrolling interest in subsidiary | (15) | — | |
TRA Repurchase and tender offer — return of capital | (122) | — | |
Other, net | (17) | 3 | |
Cash provided by (used in) financing activities | 811 | (1,872) | |
Net change in cash, cash equivalents and restricted cash | (1,878) | 173 | |
Cash, cash equivalents and restricted cash — beginning balance | 3,539 | 525 | |
Cash, cash equivalents and restricted cash — ending balance | $ 1,661 | $ 698 | |
VISTRA CORP. NON-GAAP RECONCILIATIONS - ADJUSTED EBITDA FOR THE THREE MONTHS ENDED JUNE 30, 2024 (Unaudited) (Millions of Dollars) | |||||||||||||||||
Retail | East | West | Sunset | Eliminations / | Ongoing | Asset | Vistra Corp. | ||||||||||
Net income (loss) | $ 897 | $ (591) | $ 410 | $ 113 | $ 126 | $ (463) | $ 492 | $ (25) | $ 467 | ||||||||
Income tax expense | — | — | — | — | — | 159 | 159 | — | 159 | ||||||||
Interest expense and related charges (a) | 16 | (12) | — | — | (1) | 237 | 240 | 1 | 241 | ||||||||
Depreciation and amortization (b) | 31 | 159 | 287 | 21 | 18 | 18 | 534 | — | 534 | ||||||||
EBITDA before Adjustments | 944 | (444) | 697 | 134 | 143 | (49) | 1,425 | (24) | 1,401 | ||||||||
Unrealized net (gain) loss resulting from hedging transactions | (162) | 669 | (359) | (77) | (114) | — | (43) | (2) | (45) | ||||||||
Fresh start/purchase accounting impacts | — | — | (4) | — | 1 | — | (3) | — | (3) | ||||||||
Non-cash compensation expenses | — | — | — | — | — | 32 | 32 | — | 32 | ||||||||
Transition and merger expenses | 1 | — | — | — | — | 24 | 25 | — | 25 | ||||||||
Decommissioning-related activities (c) | — | 5 | (17) | — | 2 | — | (10) | — | (10) | ||||||||
ERP system implementation expenses | 4 | 3 | 2 | — | 1 | — | 10 | 1 | 11 | ||||||||
Other, net | 2 | 3 | 3 | 3 | (4) | (29) | (22) | (1) | (23) | ||||||||
Adjusted EBITDA | $ 789 | $ 236 | $ 322 | $ 60 | $ 29 | $ (22) | $ 1,414 | $ (26) | $ 1,388 | ||||||||
(a) | Includes | |||||||||
(b) | Includes nuclear fuel amortization of | |||||||||
(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 SIX MONTHS ENDED JUNE 30, 2024 (Unaudited) (Millions of Dollars) | |||||||||||||||||
Retail | East | West | Sunset | Eliminations / | Ongoing | Asset | Vistra Corp. | ||||||||||
Net income (loss) | $ 1,458 | $ (922) | $ 225 | $ 277 | $ 133 | $ (640) | $ 531 | $ (46) | $ 485 | ||||||||
Income tax expense | — | — | — | — | — | 139 | 139 | — | 139 | ||||||||
Interest expense and related charges (a) | 22 | (22) | 1 | — | (1) | 409 | 409 | 2 | 411 | ||||||||
Depreciation and amortization (b) | 54 | 317 | 502 | 42 | 38 | 33 | 986 | — | 986 | ||||||||
EBITDA before Adjustments | 1,534 | (627) | 728 | 319 | 170 | (59) | 2,065 | (44) | 2,021 | ||||||||
Unrealized net (gain) loss resulting from hedging transactions | (786) | 1,253 | (165) | (207) | 41 | — | 136 | (6) | 130 | ||||||||
Purchase accounting impacts | (1) | — | (6) | — | 2 | (14) | (19) | — | (19) | ||||||||
Impacts of Tax Receivable Agreement (c) | — | — | — | — | — | (5) | (5) | — | (5) | ||||||||
Non-cash compensation expenses | — | — | — | — | — | 53 | 53 | — | 53 | ||||||||
Transition and merger expenses | 2 | — | 6 | — | — | 52 | 60 | — | 60 | ||||||||
Decommissioning-related activities (d) | — | 10 | (43) | 1 | 4 | — | (28) | — | (28) | ||||||||
ERP system implementation expenses | 6 | 5 | 3 | 1 | 2 | — | 17 | 1 | 18 | ||||||||
Other, net | 6 | 6 | 1 | 4 | (6) | (63) | (52) | — | (52) | ||||||||
Adjusted EBITDA | $ 761 | $ 647 | $ 524 | $ 118 | $ 213 | $ (36) | $ 2,227 | $ (49) | $ 2,178 | ||||||||
(a) | Includes | |||||||||
(b) | Includes nuclear fuel amortization of | |||||||||
(c) | Includes | |||||||||
(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 JUNE 30, 2023 (Unaudited) (Millions of Dollars) | |||||||||||||||||
Retail | East | West | Sunset | Eliminations / | Ongoing | Asset | Vistra Corp. | ||||||||||
Net income (loss) | $ 812 | $ (626) | $ 275 | $ 164 | $ 62 | $ (278) | $ 409 | $ 67 | $ 476 | ||||||||
Income tax expense | — | — | 1 | — | — | 122 | 123 | — | 123 | ||||||||
Interest expense and related charges (a) | 10 | (6) | — | (4) | 1 | 97 | 98 | 2 | 100 | ||||||||
Depreciation and amortization (b) | 22 | 148 | 167 | 19 | 15 | 17 | 388 | — | 388 | ||||||||
EBITDA before Adjustments | 844 | (484) | 443 | 179 | 78 | (42) | 1,018 | 69 | 1,087 | ||||||||
Unrealized net (gain) loss resulting from hedging transactions | (347) | 693 | (226) | (117) | (49) | — | (46) | (8) | (54) | ||||||||
Generation plant retirement expenses | — | — | — | — | 3 | — | 3 | (2) | 1 | ||||||||
Fresh start / purchase accounting impacts | 1 | — | 1 | — | 1 | — | 3 | — | 3 | ||||||||
Impacts of Tax Receivable Agreement | — | — | — | — | — | 14 | 14 | — | 14 | ||||||||
Non-cash compensation expenses | — | — | — | — | — | 21 | 21 | — | 21 | ||||||||
Transition and merger expenses | — | — | — | — | — | 15 | 15 | — | 15 | ||||||||
PJM capacity performance default (c) | — | — | (9) | — | (3) | — | (12) | — | (12) | ||||||||
Winter Storm Uri impacts (d) | (5) | — | — | — | — | — | (5) | — | (5) | ||||||||
Other, net | 5 | (2) | 2 | 1 | 10 | (19) | (3) | — | (3) | ||||||||
Adjusted EBITDA | $ 498 | $ 207 | $ 211 | $ 63 | $ 40 | $ (11) | $ 1,008 | $ 59 | $ 1,067 | ||||||||
(a) | Includes | |||||||||
(b) | Includes nuclear fuel amortization of | |||||||||
(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 SIX MONTHS ENDED JUNE 30, 2023 (Unaudited) (Millions of Dollars) | |||||||||||||||||
Retail | East | West | Sunset | Eliminations / | Ongoing | Asset | Vistra Corp. | ||||||||||
Net income (loss) | $ 217 | $ (42) | $ 1,020 | $ 216 | $ 486 | $ (763) | $ 1,134 | $ 40 | $ 1,174 | ||||||||
Income tax expense | — | — | 1 | — | — | 300 | 301 | — | 301 | ||||||||
Interest expense and related charges (a) | 17 | (10) | — | (8) | 2 | 303 | 304 | 3 | 307 | ||||||||
Depreciation and amortization (b) | 51 | 301 | 328 | 34 | 29 | 34 | 777 | — | 777 | ||||||||
EBITDA before Adjustments | 285 | 249 | 1,349 | 242 | 517 | (126) | 2,516 | 43 | 2,559 | ||||||||
Unrealized net (gain) loss resulting from hedging transactions | 212 | 346 | (1,149) | (135) | (388) | — | (1,114) | (25) | (1,139) | ||||||||
Generation plant retirement expenses | — | — | — | — | 3 | — | 3 | (2) | 1 | ||||||||
Fresh start/purchase accounting impacts | 1 | (1) | 3 | — | 1 | — | 4 | — | 4 | ||||||||
Impacts of Tax Receivable Agreement | — | — | — | — | — | 79 | 79 | — | 79 | ||||||||
Non-cash compensation expenses | — | — | — | — | — | 43 | 43 | — | 43 | ||||||||
Transition and merger expenses | (2) | 1 | — | — | 1 | 17 | 17 | — | 17 | ||||||||
Impairment of long-lived assets | — | — | — | — | 49 | — | 49 | — | 49 | ||||||||
PJM capacity performance default impacts (c) | — | — | 6 | — | 2 | — | 8 | — | 8 | ||||||||
Winter Storm Uri impacts (d) | (39) | 1 | — | — | — | — | (38) | — | (38) | ||||||||
Other, net | 12 | (6) | 3 | 2 | 18 | (34) | (5) | 2 | (3) | ||||||||
Adjusted EBITDA | $ 469 | $ 590 | $ 212 | $ 109 | $ 203 | $ (21) | $ 1,562 | $ 18 | $ 1,580 | ||||||||
(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 | ||||||
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 | |||||||||
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 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 (a) | (682) | (682) | — | — | (682) | (682) | |||||
Acquisitions | (3,192) | (3,192) | — | — | (3,192) | (3,192) | |||||
Other growth expenditures (a) | (233) | (233) | — | — | (233) | (233) | |||||
(Purchase)/sale of environmental allowances | (291) | (291) | — | — | (291) | (291) | |||||
Other net investing activities | 11 | 11 | — | — | 11 | 11 | |||||
Free cash flow | $ (874) | $ (202) | $ (202) | $ (1,076) | |||||||
Working capital and margin deposits | (439) | (439) | — | — | (439) | (439) | |||||
Solar and storage development expenditures (a) | 682 | 682 | — | — | 682 | 682 | |||||
Acquisitions | 3,192 | 3,192 | — | — | 3,192 | 3,192 | |||||
Other growth expenditures (a) | 233 | 233 | — | — | 233 | 233 | |||||
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) Updated as of Aug. 8, 2024 | |||||
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SOURCE Vistra Corp
FAQ
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