Earnings Release Highlights
- Recorded full year 2022 Net Loss of $(1,210) million and Net Loss from Ongoing
Operations1 of $(1,091)
million, driven by unrealized losses from mark-to-market
valuations of commodity positions, the net impacts of which are not
expected to be realized,2 and achieved Ongoing
Operations Adjusted EBITDA1 of $3,115 million.
- Exceeded 2022 Ongoing Operations Adjusted EBITDA guidance
midpoint by $55 million.
- Achieved Ongoing Operations Adjusted FCFbG 1 of
$2,399 million, which exceeded the
narrowed guidance midpoint by $129
million.
- Continued to execute on the $3.25
billion share repurchase program, repurchasing ~$2.45 billion through Feb. 23, 2023, representing a repurchase of ~21%
of the shares outstanding as of Nov. 2,
2021.
- Declared first quarter 2023 dividend of $0.1975 per share of common stock to be paid on
March 31, 2023, representing an ~16%
increase from the first quarter 2022 dividend.
IRVING,
Texas, March 1, 2023 /PRNewswire/ -- Vistra Corp.
(NYSE: VST) ("Vistra") today reported its full-year 2022 financial
results and other highlights.
"Vistra wrapped up a strong 2022 by delivering solid results in
the fourth quarter, with the benefits of operating as an integrated
company on full display. Our generation fleet met the demand of
extreme retail load swings as Winter Storm
Elliott gripped several geographic areas of the country
during the last few days of the year," said Jim Burke, president and CEO of Vistra.
"Overall, the three keys to our operational strategy – the
winterization and maintenance of the generation fleet, our retail
segment's ability to retain and attract new ERCOT residential
customers in the rising power price environment, and our refined
financial approach of carrying additional unhedged generation
length in the peak summer and winter periods – supports the thesis
of the integrated model, helping Vistra achieve results above our
2022 Adjusted EBITDA guidance midpoint as we navigated several
significant weather events throughout the year."
Burke noted, "During 2022, Vistra was able to lock-in
significant earnings potential with the comprehensive hedging
program in a volatile pricing environment, which we now look
forward to executing against in 2023 with our Adjusted EBITDA
guidance midpoint reaffirmed at $3,700
million."
"We operated very safely and we continue to smooth out price
volatility for our customers through our comprehensive hedging
program. We demonstrated our commitment to our customers, our
people, and our communities as we advanced our responsible
transition of our fleet to lower emitting sources of generation. In
2022, Vistra brought online 418 MW of zero-carbon generation and
storage in Texas, while also
retiring approximately 2,900 MW of fossil generation in
Ohio and Illinois. We also made significant progress on
other projects, including an additional 350 MW of battery storage
at our Moss Landing facility,
which is expected to come online in mid-2023. We are excited about
2023 and what Vistra can do to serve customers in a reliable,
affordable and sustainable manner."
"Finally, I am pleased that Vistra exceeded its initial goal of
returning capital to shareholders by year-end 2022, completing
approximately $2.25 billion in share
repurchases since Nov. 2021, versus
the initial goal of $2.0 billion, and
paying $300 million in dividends over
the course of 2022," Burke concluded.
Summary of Financial
Results for Full Year 2022
|
(Unaudited)
(Millions of Dollars)
|
|
|
Year Ended December
31,
|
|
|
2022
|
|
2021
|
Net income
(loss)
|
|
$
(1,210)
|
|
$
(1,264)
|
Ongoing operations net
income (loss)3
|
|
$
(1,091)
|
|
$
(966)
|
Ongoing operations
Adjusted EBITDA
|
|
$
3,115
|
|
$
2,029
|
|
|
|
|
|
Adjusted EBITDA by
Segment
|
|
|
|
|
Retail
|
|
$
923
|
|
$
1,312
|
Texas
|
|
$
1,438
|
|
$
(236)
|
East
|
|
$
608
|
|
$
737
|
West
|
|
$
152
|
|
$
93
|
Sunset
|
|
$
38
|
|
$
148
|
Corporate and
Other
|
|
$
(44)
|
|
$
(25)
|
Asset
Closure
|
|
$
(121)
|
|
$
(121)
|
For the full year 2022, Vistra reported Net Loss of $(1,210) million, Net Loss from Ongoing
Operations of $(1,091) million, and Ongoing Operations
Adjusted EBITDA of $3,115 million.
Vistra's Net Loss for the full year 2022 was an improvement of
$54 million over the full year 2021
Net Loss, driven primarily by the negative impacts of Winter Storm Uri in 2021, almost completely
offset by unrealized hedging losses in 2022. Ongoing Operations
Adjusted EBITDA for the full year 2022 was $1,086 million higher than the full year 2021,
driven primarily by the negative impacts of Winter Storm Uri in 2021 net of the ERCOT
securitization receivable recorded in fourth quarter 2021.
Guidance
($ in
millions)
|
Reaffirmed
2023
|
Ongoing Operations
Adjusted EBITDA
|
$3,400 -
$4,000
|
Ongoing Operations
Adjusted FCFbG
|
$1,750 -
$2,350
|
Vistra reaffirmed its 2023 guidance ranges of Ongoing Operations
Adjusted EBITDA of $3,400 million to
$4,000 million and Ongoing Operations
Adjusted FCFbG of $1,750 million to
$2,350 million. The midpoint of 2023
Ongoing Operations Adjusted EBITDA guidance is $3,700 million, which is the top of the potential
Ongoing Operations Adjusted EBITDA midpoint opportunity range
Vistra announced in the first quarter of 2022. The midpoint of the
2023 Ongoing Operations Adjusted FCFbG guidance range is
$2,050 million.
As of Dec. 31, 2022, Vistra had
hedged approximately 73% of its expected generation volumes on
average for the three-year period 2023 to 2025, with 2023 hedged at
approximately 90% and 2024 hedged at approximately 76%. Vistra's
hedging program and forward price curves as of Feb. 23, 2023 continue to support its 2023
guidance ranges as well as Ongoing Operations Adjusted EBITDA
midpoint opportunities in the estimated range of $3,500 million to $3,700
million in 2024 and 2025.4
Share Repurchase Program
As of Feb. 23, 2023, Vistra had
executed ~$2.45 billion in share
repurchases since Nov. 2021. Vistra has ~$800 million remaining under its $3.25 billion share repurchase authorization,
which amount is expected to be utilized by year-end 2023. As of
Feb. 23, 2023, Vistra had ~381
million shares outstanding, representing an ~21% reduction of the
amount of the shares outstanding on Nov. 2,
2021.
Vistra Zero
Vistra is focused on transitioning its generation fleet to lower
carbon resources, advancing these interests through cost-effective,
strategic investments in solar and battery energy storage
developments. Vistra has 3,408 MW of zero-emission generation and
energy storage online (including our 2,400 MW nuclear facility,
Comanche Peak), with additional renewable generation and energy
storage developments in the near-term pipeline. Recently, Comanche
Peak applied to extend its licenses through 2050 and 2053 for the
two-unit facility, an additional 20 years beyond the original
licenses. In 2022, Vistra added over 400 MW of renewable and
storage capacity to the Vistra Zero portfolio. Combined with our
approximately 2,900 MW of coal facility retirements in Ohio and Illinois in 2022, Vistra is advancing its
goals to achieve a 60% reduction in Scope 1 and 2 greenhouse gas
emissions by 2030 (over a 2010 baseline).
Overall, the development of the Vistra Zero portfolio is
expected to be financed primarily with third-party capital,
including the net proceeds of the $1
billion green perpetual preferred stock issued in
Dec. 2021 and nonrecourse financings
at the project or Vistra Zero portfolio level.
The Inflation Reduction Act is anticipated to provide the Vistra
Zero portfolio with the opportunity to realize material benefits on
the development of additional renewables and energy storage, as
well as a strong price floor for our nuclear facility. Vistra
intends to remain strategic and disciplined with respect to the
timing of investments in Vistra Zero.
Liquidity
As of Dec. 31, 2022, Vistra had
total available liquidity of approximately $2,499 million,
including cash and cash equivalents of $455
million, $1,236 million of
availability under its corporate revolving credit facility, and
$808 million of availability under
its commodity-linked revolving credit facility. As of Dec. 31, 2022, available capacity under the
commodity-linked revolving credit facility reflects the borrowing
base, which is lower than the aggregate commitments of $1,350 million.
Earnings Webcast
Vistra will host a webcast today, March
1, 2023, beginning at 9 a.m.
ET (8 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 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 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 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.
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. References to Adjusted
EBITDA and Adjusted FCFbG are references to Ongoing Operations
Adjusted EBITDA and Ongoing Operations Adjusted Free Cash Flow
before Growth, respectively. See the "Non-GAAP Reconciliation"
tables for further detail. Total segment information may not tie
due to rounding.
2 The recorded Net Loss and Net Loss from Ongoing Operations
include $(2,510) million and
$(2,541) million, respectively, of
such unrealized losses from mark-to-market valuations of commodity
positions, the net impacts of which are not expected to be realized
in future quarters assuming the company fulfills its obligations
through normal course operations.
3 Due to the recast of Joppa Power Plant and Zimmer Power Plant,
both ceasing operations in 2022, to the Asset Closure segment, Net
Loss from Ongoing Operations for the year ended Dec. 31, 2021 decreased $276 million and Ongoing Operations Adjusted
EBITDA for the year ended Dec. 31,
2021 increased $88
million.
4 Reflects potential midpoint opportunity range of Ongoing
Operations Adjusted EBITDA for 2024 and 2025 previously
disclosed on our first quarter 2022 earnings call; this range of
estimated opportunities is not intended to be guidance.
About Vistra
Vistra (NYSE: VST) is a leading Fortune 500 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. Serving
approximately 4 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 37,000 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, 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,
and the resulting effects on our results of operations, financial
condition and cash flows; (v) 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 (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, 2022 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.
CONSOLIDATED
STATEMENTS OF OPERATIONS
(Millions of
Dollars)
|
|
Year Ended December
31,
|
|
2022
|
|
2021
|
|
2020
|
Operating
revenues
|
$
13,728
|
|
$
12,077
|
|
$
11,443
|
Fuel, purchased power
costs and delivery fees
|
(10,401)
|
|
(9,169)
|
|
(5,174)
|
Operating
costs
|
(1,645)
|
|
(1,559)
|
|
(1,622)
|
Depreciation and
amortization
|
(1,596)
|
|
(1,753)
|
|
(1,737)
|
Selling, general and
administrative expenses
|
(1,189)
|
|
(1,040)
|
|
(1,035)
|
Impairment of
long-lived and other assets
|
(74)
|
|
(71)
|
|
(356)
|
Operating income
(loss)
|
(1,177)
|
|
(1,515)
|
|
1,519
|
Other income
|
117
|
|
140
|
|
34
|
Other
deductions
|
(4)
|
|
(16)
|
|
(42)
|
Interest expense and
related charges
|
(368)
|
|
(384)
|
|
(630)
|
Impacts of Tax
Receivable Agreement
|
(128)
|
|
53
|
|
5
|
Equity in earnings of
unconsolidated investment
|
—
|
|
—
|
|
4
|
Net income (loss)
before income taxes
|
(1,560)
|
|
(1,722)
|
|
890
|
Income tax (expense)
benefit
|
350
|
|
458
|
|
(266)
|
Net income
(loss)
|
(1,210)
|
|
$
(1,264)
|
|
624
|
Net (income) loss
attributable to noncontrolling interest
|
(17)
|
|
(10)
|
|
12
|
Net income (loss)
attributable to Vistra
|
(1,227)
|
|
(1,274)
|
|
636
|
VISTRA
CORP.
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Millions of
Dollars)
|
|
Year Ended December
31,
|
|
2022
|
|
2021
|
|
2020
|
Cash flows — operating
activities:
|
|
|
|
|
|
Net income
(loss)
|
$
(1,210)
|
|
$
(1,264)
|
|
$
624
|
Adjustments to
reconcile net income (loss) to cash provided by (used in) operating
activities:
|
|
|
|
|
|
Depreciation and
amortization
|
2,047
|
|
2,050
|
|
2,048
|
Deferred income tax
expense (benefit), net
|
(358)
|
|
(475)
|
|
230
|
Impairment of
long-lived and other assets
|
74
|
|
71
|
|
356
|
Loss on disposal of
investment in NELP
|
—
|
|
—
|
|
29
|
Unrealized net (gain)
loss from mark-to-market valuations of commodities
|
2,510
|
|
759
|
|
(231)
|
Unrealized net (gain)
loss from mark-to-market valuations of interest rate
swaps
|
(250)
|
|
(134)
|
|
155
|
Change in asset
retirement obligation liability
|
13
|
|
(5)
|
|
7
|
Asset retirement
obligation accretion expense
|
34
|
|
38
|
|
43
|
Impacts of Tax
Receivable Agreement
|
128
|
|
(53)
|
|
(5)
|
Bad debt
expense
|
179
|
|
110
|
|
110
|
Stock-based
compensation
|
63
|
|
47
|
|
65
|
Other, net
|
(79)
|
|
41
|
|
(22)
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
Accounts receivable —
trade
|
(852)
|
|
(228)
|
|
(33)
|
Inventories
|
36
|
|
(100)
|
|
(59)
|
Accounts payable —
trade
|
94
|
|
402
|
|
(40)
|
Commodity and other
derivative contractual assets and liabilities
|
(228)
|
|
32
|
|
27
|
Margin deposits,
net
|
(1,874)
|
|
(1,000)
|
|
(20)
|
Uplift securitization
proceeds receivable from ERCOT
|
544
|
|
(544)
|
|
—
|
Accrued
interest
|
16
|
|
13
|
|
(20)
|
Accrued
taxes
|
(8)
|
|
(20)
|
|
22
|
Accrued employee
incentive
|
21
|
|
(68)
|
|
39
|
Tax Receivable
Agreement payment
|
(1)
|
|
(2)
|
|
—
|
Asset retirement
obligation settlement
|
(87)
|
|
(88)
|
|
(118)
|
Major plant outage
deferral
|
20
|
|
2
|
|
2
|
Other — net
assets
|
(17)
|
|
(27)
|
|
219
|
Other — net
liabilities
|
(329)
|
|
237
|
|
(91)
|
Cash provided by (used
in) operating activities
|
485
|
|
(206)
|
|
3,337
|
Cash flows — investing
activities:
|
|
|
|
|
|
Capital expenditures,
including nuclear fuel purchases and LTSA prepayments
|
(1,301)
|
|
(1,033)
|
|
(1,259)
|
Proceeds from sales of
nuclear decommissioning trust fund securities
|
670
|
|
483
|
|
433
|
Investments in nuclear
decommissioning trust fund securities
|
(693)
|
|
(505)
|
|
(455)
|
Proceeds from sales of
environmental allowances
|
1,275
|
|
392
|
|
165
|
Purchases of
environmental allowances
|
(1,303)
|
|
(605)
|
|
(504)
|
Insurance
proceeds
|
39
|
|
89
|
|
35
|
Proceeds from sale of
assets
|
21
|
|
30
|
|
24
|
Proceeds from sale of
nuclear fuel
|
57
|
|
—
|
|
—
|
Other, net
|
(4)
|
|
(4)
|
|
(11)
|
Cash used in investing
activities
|
(1,239)
|
|
(1,153)
|
|
(1,572)
|
Cash flows — financing
activities:
|
|
|
|
|
|
Issuances of preferred
stock
|
—
|
|
2,000
|
|
—
|
Issuances of long-term
debt
|
1,498
|
|
1,250
|
|
—
|
Repayments/repurchases
of debt
|
(251)
|
|
(381)
|
|
(1,008)
|
Borrowings under Term
Loan A
|
—
|
|
1,250
|
|
—
|
Repayment under Term
Loan A
|
—
|
|
(1,250)
|
|
—
|
Proceeds from forward
capacity agreement
|
—
|
|
500
|
|
—
|
Net
borrowings/(payments) under accounts receivable
financing
|
425
|
|
(300)
|
|
(150)
|
Borrowings under
Revolving Credit Facility
|
1,750
|
|
1,450
|
|
1,075
|
Repayments under
Revolving Credit Facility
|
(1,500)
|
|
(1,450)
|
|
(1,425)
|
Borrowings under
Commodity-Linked Facility
|
3,150
|
|
—
|
|
—
|
Repayments under
Commodity-Linked Facility
|
(2,750)
|
|
—
|
|
—
|
Debt issuance
costs
|
(31)
|
|
(13)
|
|
(17)
|
Share
repurchases
|
(1,949)
|
|
(471)
|
|
—
|
Dividends paid to
common stockholders
|
(302)
|
|
(290)
|
|
(266)
|
Dividends paid to
preferred stockholders
|
(151)
|
|
—
|
|
—
|
Other, net
|
31
|
|
(21)
|
|
(5)
|
Cash provided by (used
in) financing activities
|
(80)
|
|
2,274
|
|
(1,796)
|
Net change in cash,
cash equivalents and restricted cash
|
(834)
|
|
915
|
|
(31)
|
Cash, cash equivalents
and restricted cash — beginning balance
|
1,359
|
|
444
|
|
475
|
Cash, cash equivalents
and restricted cash — ending balance
|
$
525
|
|
$
1,359
|
|
$
444
|
VISTRA
CORP.
|
NON-GAAP
RECONCILIATIONS - ADJUSTED EBITDA
|
FOR THE YEAR ENDED
DECEMBER 31, 2022
|
(Unaudited)
(Millions of Dollars)
|
|
|
Retail
|
|
Texas
|
|
East
|
|
West
|
|
Sunset
|
|
Eliminations /
Corp and
Other
|
|
Ongoing
Operations
Consolidated
|
|
Asset
Closure
|
|
Vistra Corp.
Consolidated
|
Net income
(loss)
|
$
1,158
|
|
$
(615)
|
|
$
(868)
|
|
$
(238)
|
|
$
(258)
|
|
$
(270)
|
|
$ (1,091)
|
|
$
(119)
|
|
$ (1,210)
|
Income tax
benefit
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(350)
|
|
(350)
|
|
—
|
|
(350)
|
Interest expense and
related charges (a)
|
14
|
|
(20)
|
|
3
|
|
(6)
|
|
3
|
|
371
|
|
365
|
|
3
|
|
368
|
Depreciation and
amortization (b)
|
145
|
|
623
|
|
706
|
|
42
|
|
76
|
|
69
|
|
1,661
|
|
21
|
|
1,682
|
EBITDA before
Adjustments
|
1,317
|
|
(12)
|
|
(159)
|
|
(202)
|
|
(179)
|
|
(180)
|
|
585
|
|
(95)
|
|
490
|
Unrealized net (gain)
loss resulting from hedging transactions
|
(291)
|
|
1,610
|
|
759
|
|
351
|
|
112
|
|
—
|
|
2,541
|
|
(31)
|
|
2,510
|
Generation plant
retirement expenses
|
—
|
|
—
|
|
—
|
|
—
|
|
7
|
|
—
|
|
7
|
|
(3)
|
|
4
|
Fresh start/purchase
accounting impacts
|
—
|
|
(2)
|
|
(1)
|
|
—
|
|
9
|
|
—
|
|
6
|
|
—
|
|
6
|
Impacts of Tax
Receivable Agreement
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
128
|
|
128
|
|
—
|
|
128
|
Non-cash compensation
expenses
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
65
|
|
65
|
|
—
|
|
65
|
Transition and merger
expenses
|
7
|
|
—
|
|
1
|
|
—
|
|
—
|
|
5
|
|
13
|
|
—
|
|
13
|
Impairment of
long-lived and other assets
|
—
|
|
—
|
|
—
|
|
—
|
|
74
|
|
—
|
|
74
|
|
—
|
|
74
|
Winter Storm Uri
(c)
|
(141)
|
|
(178)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(319)
|
|
—
|
|
(319)
|
Other, net
|
31
|
|
20
|
|
8
|
|
3
|
|
15
|
|
(62)
|
|
15
|
|
8
|
|
23
|
Adjusted
EBITDA
|
$ 923
|
|
$
1,438
|
|
$ 608
|
|
$ 152
|
|
$
38
|
|
$
(44)
|
|
$
3,115
|
|
$
(121)
|
|
$
2,994
|
___________
|
(a)
|
Includes $250 million
of unrealized mark-to-market net gains on interest rate
swaps.
|
(b)
|
Includes nuclear fuel
amortization of $86 million in the Texas segment.
|
(c)
|
Includes 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. We estimate remaining bill
credit amounts to be applied in future periods are for 2023
(approximately $54 million), 2024 (approximately $6 million) and
2025 (approximately $28 million).
|
VISTRA
CORP.
|
NON-GAAP
RECONCILIATIONS - ADJUSTED EBITDA
|
FOR THE YEAR ENDED
DECEMBER 31, 2021
|
(Unaudited)
(Millions of Dollars)
|
|
|
Retail
|
|
Texas
|
|
East
|
|
West
|
|
Sunset
|
|
Eliminations /
Corp and
Other
|
|
Ongoing
Operations
Consolidated
|
|
Asset
Closure
|
|
Vistra Corp.
Consolidated
|
Net income
(loss)
|
2,196
|
|
(2,512)
|
|
(567)
|
|
1
|
|
(137)
|
|
53
|
|
$
(966)
|
|
(298)
|
|
$ (1,264)
|
Income tax expense
(benefit)
|
2
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(460)
|
|
(458)
|
|
—
|
|
(458)
|
Interest expense and
related charges (a)
|
9
|
|
(14)
|
|
15
|
|
(9)
|
|
3
|
|
380
|
|
384
|
|
—
|
|
384
|
Depreciation and
amortization (b)
|
212
|
|
686
|
|
698
|
|
60
|
|
104
|
|
36
|
|
1,796
|
|
35
|
|
1,831
|
EBITDA before
Adjustments
|
2,419
|
|
(1,840)
|
|
146
|
|
52
|
|
(30)
|
|
9
|
|
756
|
|
(263)
|
|
493
|
Unrealized net (gain)
loss resulting from hedging transactions
|
(1,403)
|
|
1,139
|
|
655
|
|
38
|
|
211
|
|
—
|
|
640
|
|
119
|
|
759
|
Generation plant
retirement expenses
|
—
|
|
—
|
|
—
|
|
—
|
|
(1)
|
|
—
|
|
(1)
|
|
19
|
|
18
|
Fresh start / purchase
accounting impacts
|
2
|
|
(14)
|
|
(74)
|
|
—
|
|
(28)
|
|
—
|
|
(114)
|
|
(24)
|
|
(138)
|
Impacts of Tax
Receivable Agreement
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(53)
|
|
(53)
|
|
—
|
|
(53)
|
Non-cash compensation
expenses
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
51
|
|
51
|
|
—
|
|
51
|
Transition and merger
expenses
|
(2)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
9
|
|
7
|
|
(15)
|
|
(8)
|
Impairment of
long-lived and other assets
|
33
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
33
|
|
38
|
|
71
|
Winter Storm Uri
(c)
|
239
|
|
457
|
|
—
|
|
—
|
|
1
|
|
1
|
|
698
|
|
—
|
|
698
|
Other, net
|
24
|
|
22
|
|
10
|
|
3
|
|
(5)
|
|
(42)
|
|
12
|
|
5
|
|
17
|
Adjusted EBITDA
(d)
|
$
1,312
|
|
$
(236)
|
|
$ 737
|
|
$
93
|
|
$ 148
|
|
$
(25)
|
|
$
2,029
|
|
$
(121)
|
|
$
1,908
|
___________
|
(a)
|
Includes $134 million
of unrealized mark-to-market net gains on interest rate
swaps.
|
(b)
|
Includes nuclear fuel
amortization of $78 million in the Texas segment.
|
(c)
|
Includes the following
of the Winter Storm Uri impacts, which we believe are not
reflective of our operating performance: 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, accrual
of Koch earn-out amounts that we paid in the second quarter of
2022, future bill credits related to Winter Storm Uri and Winter
Storm Uri related legal fees and other costs. The adjustment
for future bill credits relates to large commercial and industrial
customers that curtailed their usage during Winter Storm Uri and
reverse and impact Adjusted EBITDA in future periods as the credits
are applied to customer bills. The Company believes the
inclusion of the bill credits as a reduction to Adjusted EBITDA in
the years in which such bill credits are applied more accurately
reflects its operating performance.
|
(d)
|
Year ended Dec. 31,
2021 Ongoing Operations Adjusted EBITDA increased by $88 million
due to the recast of Joppa Power Plant and Zimmer Power Plant, both
ceasing operations in 2022, to the Asset Closure
segment.
|
VISTRA
CORP.
|
NON-GAAP
RECONCILIATIONS - ADJUSTED FREE CASH FLOW
|
FOR YEAR ENDED
DECEMBER 31, 2022
|
(Unaudited)
(Millions of Dollars)
|
|
|
Ongoing
Operations
|
|
Asset
Closure
|
|
Vistra
Consolidated
|
Adjusted
EBITDA
|
$
3,115
|
|
$
(121)
|
|
$
2,994
|
Interest paid, net
(a)
|
(587)
|
|
—
|
|
(587)
|
Taxes paid net of
refunds
|
(23)
|
—
|
—
|
|
(23)
|
Working capital and
margin deposits
|
(2,416)
|
|
1
|
|
(2,415)
|
Accrued environmental
allowances
|
237
|
|
—
|
|
237
|
Securitization
proceeds received from ERCOT
|
544
|
|
—
|
|
544
|
Reclamation and
remediation
|
(7)
|
|
(35)
|
|
(42)
|
Transition and merger
expense, including severance
|
(291)
|
|
(19)
|
|
(310)
|
Other changes in other
operating assets and liabilities
|
144
|
|
(57)
|
|
87
|
Cash provided by
(used in) operating activities
|
$
716
|
|
$
(231)
|
|
$
485
|
Capital expenditures
including nuclear fuel purchases and LTSA prepayments
(b)
|
(826)
|
|
|
|
(826)
|
Development and growth
expenditures
|
(475)
|
|
—
|
|
(475)
|
(Purchase)/sale of
environmental allowances
|
(28)
|
|
—
|
|
(28)
|
Other net investing
activities (c)
|
39
|
|
51
|
|
90
|
Free cash
flow
|
$
(574)
|
|
$
(180)
|
|
$
(754)
|
Working capital and
margin deposits
|
2,416
|
|
(1)
|
|
2,415
|
Development and growth
expenditures
|
475
|
|
—
|
|
475
|
Accrued environmental
allowances
|
(237)
|
|
—
|
|
(237)
|
Purchase/(sale) of
environmental allowances
|
28
|
|
—
|
|
28
|
Transition and merger
expense, including severance
|
291
|
|
19
|
|
310
|
Adjusted free cash
flow before growth
|
$
2,399
|
|
$
(162)
|
|
$
2,237
|
____________
|
(a)
|
Net of interest
received.
|
(b)
|
Includes $190 million
LTSA prepaid capital expenditures.
|
(c)
|
Includes investments in
and proceeds from the nuclear decommissioning trust fund, insurance
proceeds, proceeds from sales of assets, sales of nuclear fuel and
other net investing cash flows.
|
VISTRA CORP. -
NON-GAAP RECONCILIATIONS
2023
GUIDANCE
|
(Unaudited) (Millions
of Dollars)
|
|
Ongoing
Operations
|
|
Asset
Closure
|
|
Vistra
Consolidated
|
|
Low
|
|
High
|
|
Low
|
|
High
|
|
Low
|
|
High
|
Net Income
(loss)
|
1,050
|
|
1,510
|
|
(180)
|
|
(80)
|
|
870
|
|
1,430
|
Income tax
expense
|
300
|
|
440
|
|
0
|
|
0
|
|
300
|
|
440
|
Interest expense and
related charges (a)
|
710
|
|
710
|
|
0
|
|
0
|
|
710
|
|
710
|
Depreciation and
amortization (b)
|
1,580
|
|
1,580
|
|
0
|
|
0
|
|
1,580
|
|
1,580
|
EBITDA before
adjustments
|
3,640
|
|
4,240
|
|
(180)
|
|
(80)
|
|
3,460
|
|
4,160
|
Unrealized net (gain)
loss resulting from hedging transactions
|
(267)
|
|
(267)
|
|
(14)
|
|
(14)
|
|
(281)
|
|
(281)
|
Fresh start / purchase
accounting impacts
|
6
|
|
6
|
|
0
|
|
0
|
|
6
|
|
6
|
Impacts of Tax
Receivable Agreement
|
66
|
|
66
|
|
0
|
|
0
|
|
66
|
|
66
|
Non-cash compensation
expenses
|
53
|
|
53
|
|
0
|
|
0
|
|
53
|
|
53
|
Transition and merger
expenses
|
0
|
|
0
|
|
0
|
|
0
|
|
0
|
|
0
|
Winter Storm Uri
impacts (c)
|
(52)
|
|
(52)
|
|
0
|
|
0
|
|
(52)
|
|
(52)
|
Other, net
|
(46)
|
|
(46)
|
|
4
|
|
4
|
|
(42)
|
|
(42)
|
Adjusted EBITDA
guidance
|
3,400
|
|
4,000
|
|
(190)
|
|
(90)
|
|
3,210
|
|
3,910
|
Interest paid,
net
|
(622)
|
|
(622)
|
|
0
|
|
0
|
|
(622)
|
|
(622)
|
Tax (paid) / received
(d)
|
(49)
|
|
(49)
|
|
0
|
|
0
|
|
(49)
|
|
(49)
|
Tax Receivable
Agreement payments
|
(9)
|
|
(9)
|
|
0
|
|
0
|
|
(9)
|
|
(9)
|
Working capital and
margin deposits
|
479
|
|
479
|
|
0
|
|
0
|
|
479
|
|
479
|
Accrued environmental
allowances
|
434
|
|
434
|
|
0
|
|
0
|
|
434
|
|
434
|
Reclamation and
remediation
|
(33)
|
|
(33)
|
|
(100)
|
|
(100)
|
|
(133)
|
|
(133)
|
Winter Storm Uri
impacts
|
0
|
|
0
|
|
0
|
|
0
|
|
0
|
|
0
|
Other changes in other
operating assets and liabilities
|
17
|
|
17
|
|
(21)
|
|
(21)
|
|
(4)
|
|
(4)
|
Cash provided by
(used in) operating activities
|
3,617
|
|
4,217
|
|
(311)
|
|
(211)
|
|
3,306
|
|
4,006
|
Capital expenditures
including nuclear fuel purchases and LTSA prepayments
|
(950)
|
|
(950)
|
|
0
|
|
0
|
|
(950)
|
|
(950)
|
Solar and storage
development expenditures
|
(977)
|
|
(977)
|
|
0
|
|
0
|
|
(977)
|
|
(977)
|
Other growth
expenditures
|
(159)
|
|
(159)
|
|
0
|
|
0
|
|
(159)
|
|
(159)
|
(Purchase)/sale of
environmental allowances
|
(520)
|
|
(520)
|
|
0
|
|
0
|
|
(520)
|
|
(520)
|
Other net investing
activities
|
(20)
|
|
(20)
|
|
0
|
|
0
|
|
(20)
|
|
(20)
|
Free cash
flow
|
991
|
|
1,591
|
|
(311)
|
|
(211)
|
|
680
|
|
1,380
|
Working capital and
margin deposits
|
(479)
|
|
(479)
|
|
0
|
|
0
|
|
(479)
|
|
(479)
|
Solar and storage
development and other growth expenditures
|
977
|
|
977
|
|
0
|
|
0
|
|
977
|
|
977
|
Other growth
expenditures
|
159
|
|
159
|
|
0
|
|
0
|
|
159
|
|
159
|
Accrued environmental
allowances
|
(434)
|
|
(434)
|
|
0
|
|
0
|
|
(434)
|
|
(434)
|
Purchase/(sale) of
environmental allowances
|
520
|
|
520
|
|
0
|
|
0
|
|
520
|
|
520
|
Transition and merger
expenses
|
12
|
|
12
|
|
26
|
|
26
|
|
38
|
|
38
|
Transition capital
expenditures
|
4
|
|
4
|
|
0
|
|
0
|
|
4
|
|
4
|
Adjusted free cash
flow before growth guidance
|
1,750
|
|
2,350
|
|
(285)
|
|
(185)
|
|
1,465
|
|
2,165
|
|
|
(a)
|
Includes unrealized
(gain) / loss on interest rate swaps of $36 million.
|
(b)
|
Includes nuclear fuel
amortization of $105 million.
|
(c)
|
Adjustment for bill
credits applied to large commercial and industrial customers that
curtailed during Winter Storm Uri.
|
(d)
|
Includes state tax
payments.
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/vistra-reports-full-year-2022-results-301759080.html
SOURCE Vistra Corp.