Earnings Release Highlights
- GAAP full-year 2024 Net Income of $2,812
million and Cash Flow from Operations of $4,563 million.
- Net Income from Ongoing Operations1 of $2,928 million, Ongoing Operations Adjusted
EBITDA1 of $5,656 million,
$856 million higher than the midpoint
of the original guidance range announced in May 2024, and Ongoing Operations Adjusted
FCFbG1 of $2,888 million,
exceeding the midpoint of the original guidance by approximately
$438 million.2
- Reaffirmed 2025 Ongoing Operations Adjusted EBITDA1
and Ongoing Operations Adjusted FCFbG1 guidance ranges
of $5.5 billion to $6.1 billion and $3.0
billion to $3.6 billion,
respectively.
- Closed the Vistra Vision minority interest repurchase on
Dec. 31, 2024, becoming the sole
owner of our highly valuable, carbon-free assets and retail
business.
IRVING,
Texas, Feb. 27, 2025 /PRNewswire/ -- Vistra Corp.
(NYSE: VST) today reported its fourth quarter and full-year 2024
financial results and other highlights.
"The talent and dedication of the people who make up Team Vistra
resulted not only in a record year but a transformational one for
our company," said Jim Burke,
president and CEO of Vistra. "In these 12 months, we closed on a
unique acquisition, adding three nuclear sites, approximately one
million additional retail customers in the key PJM market and 2,000
new team members, and now proudly operate the second-largest
competitive nuclear fleet in the country. Vistra also joined the
S&P 500 and the Dow Jones Sustainability indices, acquired the
outstanding minority interest in Vistra Vision, secured a 20-year
license renewal for Comanche Peak, reached retail performance
levels not achieved in the more than two decades competitive
markets have been open, brought two solar-plus-storage facilities
online, secured two large renewable power purchase agreements, and
ended the year outperforming the high-end of our financial
guidance."
Burke concluded, "These accomplishments, executed by our
integrated business working as One Team, delivered on our
commitment to provide reliable, affordable electricity to our
customers and strong financial performance to our shareholders. Our
company is well-positioned to serve customer needs and grow with
the overall electrification trends in our industry. It is an
exciting time to be part of Vistra, and we look forward to
executing our 2025 priorities."
|
Summary of Financial
Results for the Three and Twelve Months Ended December 31, 2024 and
2023
|
|
(Unaudited)
(Millions of Dollars)
|
|
|
Three Months Ended
December 31,
|
|
Twelve Months Ended
December 31,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Net income
(loss)
|
$
490
|
|
$
(184)
|
|
$
2,812
|
|
$
1,492
|
|
Ongoing operations net
income (loss)
|
$
542
|
|
$
(155)
|
|
$
2,928
|
|
$
1,498
|
|
Ongoing operations
Adjusted EBITDA
|
$
1,985
|
|
$
965
|
|
$
5,656
|
|
$
4,140
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA by
Segment
|
|
|
|
|
|
|
|
|
Retail
|
$
600
|
|
$
463
|
|
$
1,463
|
|
$
1,105
|
|
Texas
|
$
598
|
|
$
238
|
|
$
2,032
|
|
$
1,834
|
|
East
|
$
774
|
|
$
225
|
|
$
2,017
|
|
$
1,001
|
|
West
|
$
44
|
|
$
67
|
|
$
238
|
|
$
263
|
|
Corporate and
Other
|
$
(31)
|
|
$
(28)
|
|
$
(94)
|
|
$
(63)
|
|
Asset
Closure
|
$
(51)
|
|
$
(32)
|
|
$
(117)
|
|
$
(39)
|
For the year ended Dec. 31, 2024,
Vistra reported Net Income of $2,812
million, Net Income from Ongoing Operations1 of
$2,928 million, and Ongoing
Operations Adjusted EBITDA1 of $5,656 million. Net Income for the
full-year 2024 increased $1,320 million from the full-year 2023,
driven primarily by unrealized mark-to-market gains on derivative
positions, the addition of Energy Harbor, and an increase in
revenues due to estimated nuclear production tax credits (PTC)
recorded in the fourth quarter of 2024. Ongoing Operations Adjusted
EBITDA for the full-year 2024 increased by $1,516 million compared to the
full-year 2023, driven primarily by the inclusion of
results from the acquisition of Energy Harbor and an increase in
revenues due to estimated nuclear PTC recorded in the fourth
quarter of 2024.
|
Guidance
|
|
|
($ in
millions)
|
Reaffirmed
2025 Guidance
Ranges
|
|
Ongoing Operations
Adjusted EBITDA
|
$5,500 -
$6,100
|
|
Ongoing Operations
Adjusted FCFbG
|
$3,000 -
$3,600
|
As of Feb. 24, 2025, Vistra had hedged approximately 100%
of its expected generation volumes for 2025 and approximately 80%
for 2026. Vistra's comprehensive hedging program supports the
company's reaffirmed 2025 guidance ranges and its previously
announced Ongoing Operations Adjusted EBITDA midpoint
opportunity3 for 2026. Vistra is anticipating the 2026
midpoint opportunity to be more than $6,000
million.
Share Repurchase Program
As of Feb. 24, 2025:
- Vistra executed ~$4.9 billion in
share repurchases since Nov.
2021.
- Vistra had ~338.9 million shares outstanding, representing a
~30% reduction of the amount of the shares outstanding on
Nov. 2, 2021.
- ~$1.9 billion dollars of the
share repurchase authorization remains available, which we expect
to complete by year end 2026.
Clean Energy Investments
Vistra continues to grow its fleet of zero-carbon resources,
advancing these interests through cost-effective, strategic
investments. During the fourth quarter, the company advanced its
efforts in solar, energy storage, and nuclear by:
- Executing its renewable development pipeline, bringing online
the first two projects that are part of its Illinois Coal to Solar
& Energy Storage Initiative at Baldwin (70 MW) and Coffeen (46
MW), revitalizing retired and to-be-retired coal plant sites.
- Growing its ownership interest in nuclear by closing on an
agreement to acquire the entire 15% minority interest in its Vistra
Vision subsidiary, making Vistra the sole owner of its highly
valuable, carbon-free assets. This acquisition increases our
nuclear ownership by ~970 MW and our solar and energy storage
ownership by ~200 MW.
Liquidity
As of Dec. 31, 2024, Vistra had
total available liquidity of approximately $4,121 million, including cash and cash
equivalents of $1,188 million,
$2,162 million of availability
under its corporate revolving credit facility, and
$771 million of availability under its commodity-linked
revolving credit facility. Available capacity under the
commodity-linked revolving credit facility reflects the borrowing
base of $771 million and excludes
$979 million of commitments under the
facility that were not available to be drawn as of Dec. 31, 2024.
Earnings Webcast
Vistra will host a webcast today, Feb.
27, 2025, beginning at 10 a.m.
ET (9 a.m. CT) to discuss
these results and related matters. The live webcast and the
accompanying slides that will be discussed on the call can be
accessed via Vistra's website at www.vistracorp.com under "Investor
Relations" and then "Events & Presentations." Participants can
also listen by phone by registering here prior to the start
time of the call to receive a conference call dial-in number. A
replay of the webcast will be available on Vistra's website for one
year following the live event.
About Vistra
Vistra (NYSE: VST) is a leading, Fortune 500 integrated retail
electricity and power generation company that provides essential
resources to customers, businesses, and communities from
California to Maine. Based in Irving, Texas, Vistra is a leader in the
energy transformation with an unyielding focus on reliability,
affordability, and sustainability. The company safely operates a
reliable, efficient, power generation fleet of natural gas,
nuclear, coal, solar, and battery energy storage facilities while
taking an innovative, customer-centric approach to its retail
business. Learn more at https://www.vistracorp.com.
|
1 Ongoing Operations
excludes the Asset Closure segment. Net Income (Loss) from Ongoing
Operations, Ongoing Operations Adjusted EBITDA, and Ongoing
Operations Adjusted Free Cash Flow before Growth are non-GAAP
financial measures. Any reference to "Ongoing Operations Adjusted
FCFbG" is a reference to Ongoing Operations Adjusted Free Cash Flow
before Growth. See the "Non-GAAP Reconciliation" tables for further
detail. Total segment information may not tie due to
rounding.
|
|
|
2 Ongoing Operations
Adj. EBITDA includes our estimated nuclear production tax credit
(PTC) of $545 million. Ongoing Operations Adj. FCFbG does not
include any benefit from the nuclear PTC. Original 2024 guidance
excluded any benefit from the nuclear PTC.
|
|
|
3 Midpoint
opportunities are not intended to be guidance and represent only
our estimate of potential opportunities for Ongoing Operations
Adjusted EBITDA in 2026 based on market curves as of Nov. 4, 2024.
Actual results could vary and are subject to a number of risks,
uncertainties and factors, including power price market movements
and our hedging strategy. We have not provided a quantitative
reconciliation of Ongoing Operations Adjusted EBITDA opportunities
for 2026 to GAAP net income (loss) because we cannot, without
unreasonable effort, calculate certain reconciling items with
confidence due to the variability, complexity, and limited
visibility of the adjusting items that would be excluded from
Ongoing Operations Adjusted EBITDA in such out year
period.
|
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 performance, and
believes it is a useful metric to assess current performance in the
period and 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
performance, and Vistra's management and board of directors have
found it informative to view the Asset Closure segment as separate
and distinct from Vistra's ongoing operations. Vistra uses Net
Income (Loss) from Ongoing Operations as a non-GAAP measure that is
most comparable to the GAAP measure Net Income in order to
illustrate the company's Net Income excluding the effects of the
Asset Closure segment, as well as a measure to compare to Ongoing
Operations Adjusted EBITDA. The schedules attached to this earnings
release reconcile the non-GAAP financial measures to the most
directly comparable financial measures calculated and presented in
accordance with U.S. GAAP.
Cautionary Note Regarding Forward-Looking Statements
The information presented herein includes forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements, which are
based on current expectations, estimates and projections about the
industry and markets in which Vistra Corp. ("Vistra") operates and
beliefs of and assumptions made by Vistra's management, involve
risks and uncertainties, which are difficult to predict and are not
guarantees of future performance, that could significantly affect
the financial results of Vistra. All statements, other than
statements of historical facts, that are presented herein, or in
response to questions or otherwise, that address activities, events
or developments that may occur in the future, including such
matters as activities related to our financial or operational
projections including financial condition and cash flows, projected
synergy, value lever and net debt targets, capital allocation,
capital expenditures, liquidity, projected Adjusted EBITDA to free
cash flow conversion rate, dividend policy, business strategy,
competitive strengths, goals, future acquisitions or dispositions,
development or operation of power generation assets, market and
industry developments and the growth of our businesses and
operations, including potential large load center opportunities
(often, but not always, through the use of words or phrases, or the
negative variations of those words or other comparable words of a
future or forward-looking nature, including, but not limited to:
"intends," "plans," "will likely," "unlikely," "believe,"
"confident", "expect," "seek," "anticipate," "estimate,"
"continue," "will," "shall," "should," "could," "may," "might,"
"predict," "project," "forecast," "target," "potential," "goal,"
"objective," "guidance" and "outlook"), are forward-looking
statements. Readers are cautioned not to place undue reliance on
forward-looking statements. Although Vistra believes that in making
any such forward-looking statement, Vistra's expectations are based
on reasonable assumptions, any such forward-looking statement
involves uncertainties and risks that could cause results to differ
materially from those projected in or implied by any such
forward-looking statement, including, but not limited to: (i)
adverse changes in general economic or market conditions (including
changes in interest rates) or changes in political conditions or
federal or state laws and regulations; (ii) the ability of Vistra
to execute upon its contemplated strategic, capital allocation,
performance, and cost-saving initiatives and to successfully
integrate acquired businesses; (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, 2024 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.
CONSOLIDATED
STATEMENTS OF OPERATIONS
(Millions of
Dollars)
|
|
Year Ended December
31,
|
|
2024
|
|
2023
|
|
2022
|
|
Operating
revenues
|
$
17,224
|
|
$
14,779
|
|
$
13,728
|
|
Fuel, purchased power
costs, and delivery fees
|
(7,285)
|
|
(7,557)
|
|
(10,401)
|
|
Operating
costs
|
(2,414)
|
|
(1,702)
|
|
(1,645)
|
|
Depreciation and
amortization
|
(1,843)
|
|
(1,502)
|
|
(1,596)
|
|
Selling, general, and
administrative expenses
|
(1,601)
|
|
(1,308)
|
|
(1,189)
|
|
Impairment of
long-lived and other assets
|
—
|
|
(49)
|
|
(74)
|
|
Operating income
(loss)
|
4,081
|
|
2,661
|
|
(1,177)
|
|
Other income
|
312
|
|
257
|
|
117
|
|
Other
deductions
|
(21)
|
|
(14)
|
|
(4)
|
|
Interest expense and
related charges
|
(900)
|
|
(740)
|
|
(368)
|
|
Impacts of Tax
Receivable Agreement
|
(5)
|
|
(164)
|
|
(128)
|
|
Net income (loss)
before income taxes
|
3,467
|
|
2,000
|
|
(1,560)
|
|
Income tax (expense)
benefit
|
(655)
|
|
(508)
|
|
350
|
|
Net income
(loss)
|
2,812
|
|
1,492
|
|
(1,210)
|
|
Net (income) loss
attributable to noncontrolling interest and redeemable
noncontrolling interest
|
(153)
|
|
1
|
|
(17)
|
|
Net income (loss)
attributable to Vistra
|
2,659
|
|
1,493
|
|
(1,227)
|
|
Cumulative dividends
attributable to preferred stock
|
(192)
|
|
(150)
|
|
(150)
|
|
Net income (loss)
attributable to Vistra common stock
|
$
2,467
|
|
$
1,343
|
|
$
(1,377)
|
|
VISTRA
CORP.
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Millions of
Dollars)
|
|
Year Ended December
31,
|
|
2024
|
|
2023
|
|
2022
|
|
Cash flows — operating
activities:
|
|
|
|
|
|
|
Net income
(loss)
|
$
2,812
|
|
$
1,492
|
|
$
(1,210)
|
|
Adjustments to
reconcile net income (loss) to cash provided by (used in) operating
activities:
|
|
|
|
|
|
|
Depreciation and
amortization
|
2,631
|
|
1,956
|
|
2,047
|
|
Deferred income tax
expense (benefit), net
|
607
|
|
457
|
|
(359)
|
|
Gain on sale of
land
|
—
|
|
(95)
|
|
(8)
|
|
Impairment of
long-lived and other assets
|
—
|
|
49
|
|
74
|
|
Unrealized net (gain)
loss from mark-to-market valuations of commodities
|
(1,155)
|
|
(490)
|
|
2,510
|
|
Unrealized net (gain)
loss from mark-to-market valuations of interest rate
swaps
|
(53)
|
|
36
|
|
(250)
|
|
Unrealized net gain
from nuclear decommissioning trusts
|
(116)
|
|
—
|
|
—
|
|
Change in asset
retirement obligation liability
|
38
|
|
27
|
|
13
|
|
Asset retirement
obligation accretion expense
|
114
|
|
34
|
|
34
|
|
Impacts of Tax
Receivable Agreement
|
5
|
|
164
|
|
128
|
|
Gain on TRA repurchase
and tender offers
|
(10)
|
|
(29)
|
|
—
|
|
Bad debt
expense
|
183
|
|
164
|
|
179
|
|
Stock-based
compensation
|
100
|
|
77
|
|
63
|
|
Other, net
|
(89)
|
|
103
|
|
(71)
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
Accounts receivable —
trade
|
(242)
|
|
214
|
|
(852)
|
|
Inventories
|
(31)
|
|
(174)
|
|
36
|
|
Accounts payable —
trade
|
19
|
|
(350)
|
|
94
|
|
Commodity and other
derivative contractual assets and liabilities
|
(175)
|
|
82
|
|
(228)
|
|
Margin deposits,
net
|
842
|
|
1,899
|
|
(1,874)
|
|
Uplift securitization
proceeds receivable from ERCOT
|
—
|
|
—
|
|
544
|
|
Accrued
interest
|
(18)
|
|
46
|
|
16
|
|
Accrued
taxes
|
(1)
|
|
5
|
|
(8)
|
|
Accrued employee
incentive
|
8
|
|
58
|
|
21
|
|
Asset retirement
obligation settlement
|
(88)
|
|
(81)
|
|
(87)
|
|
Major plant outage
deferral
|
(91)
|
|
(32)
|
|
20
|
|
Other — net
assets
|
(616)
|
|
84
|
|
(17)
|
|
Other — net
liabilities
|
(111)
|
|
(243)
|
|
(330)
|
|
Cash provided by
operating activities
|
4,563
|
|
5,453
|
|
485
|
|
Cash flows — investing
activities:
|
|
|
|
|
|
|
Capital expenditures,
including nuclear fuel purchases and LTSA prepayments
|
(2,078)
|
|
(1,676)
|
|
(1,301)
|
|
Energy Harbor
acquisition (net of cash acquired)
|
(3,065)
|
|
—
|
|
—
|
|
Proceeds from sales of
nuclear decommissioning trust fund securities
|
2,216
|
|
601
|
|
670
|
|
Investments in nuclear
decommissioning trust fund securities
|
(2,239)
|
|
(624)
|
|
(693)
|
|
Proceeds from sales of
environmental allowances
|
773
|
|
500
|
|
1,275
|
|
Purchases of
environmental allowances
|
(1,226)
|
|
(1,071)
|
|
(1,303)
|
|
Proceeds from sales of
property, plant, and equipment, including nuclear fuel
|
196
|
|
115
|
|
78
|
|
Proceeds from sales of
transferable ITCs
|
150
|
|
—
|
|
—
|
|
Other, net
|
(3)
|
|
10
|
|
35
|
|
Cash used in investing
activities
|
(5,276)
|
|
(2,145)
|
|
(1,239)
|
|
Cash flows — financing
activities:
|
|
|
|
|
|
|
Issuances of long-term
debt
|
3,817
|
|
2,498
|
|
1,498
|
|
Repayments/repurchases
of debt
|
(2,287)
|
|
(33)
|
|
(251)
|
|
Net borrowings
(repayments) under accounts receivable financing
|
750
|
|
(425)
|
|
425
|
|
Borrowings under
Revolving Credit Facility
|
50
|
|
100
|
|
1,750
|
|
Repayments under
Revolving Credit Facility
|
(50)
|
|
(350)
|
|
(1,500)
|
|
Borrowings under
Commodity-Linked Facility
|
1,802
|
|
—
|
|
3,150
|
|
Repayments under
Commodity-Linked Facility
|
(1,802)
|
|
(400)
|
|
(2,750)
|
|
Debt issuance
costs
|
(76)
|
|
(59)
|
|
(31)
|
|
Stock
repurchases
|
(1,266)
|
|
(1,245)
|
|
(1,949)
|
|
Dividends paid to
common stockholders
|
(305)
|
|
(313)
|
|
(302)
|
|
Dividends paid to
preferred stockholders
|
(173)
|
|
(150)
|
|
(151)
|
|
Dividends paid to
noncontrolling and redeemable noncontrolling interest
holders
|
(180)
|
|
—
|
|
—
|
|
Payment for
acquisition of noncontrolling interest
|
(1,748)
|
|
—
|
|
—
|
|
TRA Repurchase and
tender offer — return of capital
|
(122)
|
|
—
|
|
—
|
|
Other, net
|
(14)
|
|
83
|
|
31
|
|
Cash used in financing
activities
|
(1,604)
|
|
(294)
|
|
(80)
|
|
Net change in cash,
cash equivalents and restricted cash
|
(2,317)
|
|
3,014
|
|
(834)
|
|
Cash, cash equivalents
and restricted cash — beginning balance
|
3,539
|
|
525
|
|
1,359
|
|
Cash, cash equivalents
and restricted cash — ending balance
|
$
1,222
|
|
$
3,539
|
|
$
525
|
|
VISTRA CORP.
|
|
NON-GAAP RECONCILIATIONS - ADJUSTED
EBITDA
|
|
FOR THE THREE MONTHS
ENDED DECEMBER 31, 2024
|
|
(Unaudited)
(Millions of Dollars)
|
|
|
Retail
|
|
Texas
|
|
East
|
|
West
|
|
Eliminations /
Corp and
Other
|
|
Ongoing
Operations
Consolidated
|
|
Asset
Closure
|
|
Vistra Corp.
Consolidated
|
|
Net income
(loss)
|
$ 984
|
|
$ (311)
|
|
$
30
|
|
$
41
|
|
$
(202)
|
|
$
542
|
|
$ (52)
|
|
$
490
|
|
Income tax
benefit
|
—
|
|
—
|
|
—
|
|
—
|
|
(39)
|
|
(39)
|
|
—
|
|
(39)
|
|
Interest expense and
related charges (a)
|
16
|
|
(13)
|
|
(5)
|
|
—
|
|
158
|
|
156
|
|
1
|
|
157
|
|
Depreciation and
amortization (b)
|
29
|
|
183
|
|
405
|
|
22
|
|
16
|
|
655
|
|
—
|
|
655
|
|
EBITDA
|
1,029
|
|
(141)
|
|
430
|
|
63
|
|
(67)
|
|
1,314
|
|
(51)
|
|
1,263
|
|
Unrealized net (gain)
loss resulting from hedging transactions
|
(437)
|
|
724
|
|
309
|
|
(23)
|
|
—
|
|
573
|
|
(1)
|
|
572
|
|
Purchase accounting
impacts
|
—
|
|
—
|
|
(4)
|
|
—
|
|
—
|
|
(4)
|
|
—
|
|
(4)
|
|
Non-cash compensation
expenses
|
—
|
|
—
|
|
—
|
|
—
|
|
24
|
|
24
|
|
—
|
|
24
|
|
Transition and merger
expenses
|
—
|
|
—
|
|
15
|
|
—
|
|
36
|
|
51
|
|
—
|
|
51
|
|
Decommissioning-related activities (c)
|
—
|
|
7
|
|
22
|
|
—
|
|
—
|
|
29
|
|
—
|
|
29
|
|
ERP system
implementation expenses
|
1
|
|
1
|
|
1
|
|
—
|
|
—
|
|
3
|
|
—
|
|
3
|
|
Other, net
|
7
|
|
7
|
|
1
|
|
4
|
|
(24)
|
|
(5)
|
|
1
|
|
(4)
|
|
Adjusted
EBITDA
|
$
600
|
|
$
598
|
|
$
774
|
|
$
44
|
|
$
(31)
|
|
$
1,985
|
|
$
(51)
|
|
$
1,934
|
|
___________
|
|
Note: Texas and East
segments include nuclear PTC revenue estimate of $281 million and
$264 million, respectively. See Note 4 to the Financial Statements
for additional information.
|
|
(a)
|
Includes $79 million of
unrealized mark-to-market net gains on interest rate
swaps.
|
|
(b)
|
Includes nuclear fuel
amortization of $25 million and $93 million, respectively, in the
Texas and East segments.
|
|
(c)
|
Represents net of
all NDT (income) loss of the PJM nuclear facilities, ARO
accretion expense for operating assets and ARO remeasurement
impacts for operating assets.
|
|
VISTRA CORP.
|
|
NON-GAAP RECONCILIATIONS - ADJUSTED
EBITDA
|
|
FOR THE YEAR ENDED
DECEMBER 31, 2024
|
|
(Unaudited)
(Millions of Dollars)
|
|
|
Retail
|
|
Texas
|
|
East
|
|
West
|
|
Eliminations /
Corp and
Other
|
|
Ongoing
Operations
Consolidated
|
|
Asset
Closure
|
|
Vistra Corp.
Consolidated
|
|
Net income
(loss)
|
$
1,216
|
|
$
2,133
|
|
$ 902
|
|
$ 471
|
|
$
(1,794)
|
|
$
2,928
|
|
$ (116)
|
|
$
2,812
|
|
Income tax
expense
|
—
|
|
—
|
|
—
|
|
—
|
|
655
|
|
655
|
|
—
|
|
655
|
|
Interest expense and
related charges (a)
|
54
|
|
(46)
|
|
(9)
|
|
(1)
|
|
898
|
|
896
|
|
4
|
|
900
|
|
Depreciation and
amortization (b)
|
114
|
|
686
|
|
1,278
|
|
86
|
|
66
|
|
2,230
|
|
—
|
|
2,230
|
|
EBITDA
|
1,384
|
|
2,773
|
|
2,171
|
|
556
|
|
(175)
|
|
6,709
|
|
(112)
|
|
6,597
|
|
Unrealized net (gain)
loss resulting from hedging transactions
|
52
|
|
(790)
|
|
(76)
|
|
(332)
|
|
—
|
|
(1,146)
|
|
(9)
|
|
(1,155)
|
|
Purchase accounting
impacts
|
—
|
|
1
|
|
(12)
|
|
—
|
|
(14)
|
|
(25)
|
|
—
|
|
(25)
|
|
Impacts of Tax
Receivable Agreement (c)
|
—
|
|
—
|
|
—
|
|
—
|
|
(5)
|
|
(5)
|
|
—
|
|
(5)
|
|
Non-cash compensation
expenses
|
—
|
|
—
|
|
—
|
|
—
|
|
100
|
|
100
|
|
—
|
|
100
|
|
Transition and merger
expenses
|
2
|
|
1
|
|
22
|
|
—
|
|
111
|
|
136
|
|
—
|
|
136
|
|
Decommissioning-related activities (d)
|
—
|
|
26
|
|
(91)
|
|
2
|
|
—
|
|
(63)
|
|
—
|
|
(63)
|
|
ERP system
implementation expenses
|
8
|
|
7
|
|
5
|
|
1
|
|
—
|
|
21
|
|
2
|
|
23
|
|
Other, net
|
17
|
|
14
|
|
(2)
|
|
11
|
|
(111)
|
|
(71)
|
|
2
|
|
(69)
|
|
Adjusted
EBITDA
|
$
1,463
|
|
$
2,032
|
|
$
2,017
|
|
$
238
|
|
$
(94)
|
|
$
5,656
|
|
$ (117)
|
|
$
5,539
|
|
___________
|
|
Note: Texas and East
segments include nuclear PTC revenue estimate of $281 million and
$264 million, respectively. See Note 4 to the Financial Statements
for additional information.
|
|
(a)
|
Includes $53 million of
unrealized mark-to-market net gains on interest rate
swaps.
|
|
(b)
|
Includes nuclear fuel
amortization of $105 million and $282 million, respectively, in the
Texas and East segments.
|
|
(c)
|
Includes $10 million
gain recognized on the repurchase of TRA Rights in the year
ending December 31, 2024.
|
|
(d)
|
Represents net of
all NDT (income) loss of the PJM nuclear facilities, ARO
accretion expense for operating assets and ARO remeasurement
impacts for operating assets.
|
|
VISTRA CORP.
|
|
NON-GAAP RECONCILIATIONS - ADJUSTED
EBITDA
|
|
FOR THE THREE MONTHS
ENDED DECEMBER 31, 2023
|
|
(Unaudited)
(Millions of Dollars)
|
|
|
Retail
|
|
Texas
|
|
East
|
|
West
|
|
Eliminations /
Corp and
Other
|
|
Ongoing
Operations
Consolidated
|
|
Asset
Closure
|
|
Vistra Corp.
Consolidated
|
|
Net income
(loss)
|
$ (38)
|
|
$ (32)
|
|
$ 292
|
|
$ (27)
|
|
$
(350)
|
|
$
(155)
|
|
$ (29)
|
|
$
(184)
|
|
Income tax
benefit
|
—
|
|
—
|
|
—
|
|
—
|
|
38
|
|
38
|
|
—
|
|
38
|
|
Interest expense and
related charges (a)
|
1
|
|
(6)
|
|
—
|
|
—
|
|
294
|
|
289
|
|
1
|
|
290
|
|
Depreciation and
amortization (b)
|
24
|
|
179
|
|
174
|
|
23
|
|
16
|
|
416
|
|
—
|
|
416
|
|
EBITDA before
Adjustments
|
(13)
|
|
141
|
|
466
|
|
(4)
|
|
(2)
|
|
588
|
|
(28)
|
|
560
|
|
Unrealized net (gain)
loss resulting from hedging transactions
|
472
|
|
92
|
|
(265)
|
|
71
|
|
—
|
|
370
|
|
(4)
|
|
366
|
|
Impacts of Tax
Receivable Agreement (c)
|
—
|
|
—
|
|
—
|
|
—
|
|
5
|
|
5
|
|
—
|
|
5
|
|
Non-cash compensation
expenses
|
—
|
|
—
|
|
—
|
|
—
|
|
14
|
|
14
|
|
—
|
|
14
|
|
Transition and merger
expenses
|
2
|
|
—
|
|
—
|
|
—
|
|
8
|
|
10
|
|
—
|
|
10
|
|
Winter Storm Uri
(d)
|
(6)
|
|
2
|
|
—
|
|
—
|
|
—
|
|
(4)
|
|
—
|
|
(4)
|
|
Other, net
|
8
|
|
3
|
|
24
|
|
—
|
|
(53)
|
|
(18)
|
|
—
|
|
(18)
|
|
Adjusted
EBITDA
|
$
463
|
|
$
238
|
|
$
225
|
|
$
67
|
|
$
(28)
|
|
$
965
|
|
$
(32)
|
|
$
933
|
|
___________
|
|
(a)
|
Includes $101 million
of unrealized mark-to-market net losses on interest rate
swaps.
|
|
(b)
|
Includes nuclear fuel
amortization of $23 million in the Texas segment.
|
|
(c)
|
Includes $29 million
gain recognized on the repurchase of TRA Rights in December
2023.
|
|
(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 YEAR ENDED
DECEMBER 31, 2023
|
|
(Unaudited)
(Millions of Dollars)
|
|
|
Retail
|
|
Texas
|
|
East
|
|
West
|
|
Eliminations /
Corp and
Other
|
|
Ongoing
Operations
Consolidated
|
|
Asset
Closure
|
|
Vistra Corp.
Consolidated
|
|
Net income
(loss)
|
424
|
|
398
|
|
1,749
|
|
454
|
|
(1,527)
|
|
$
1,498
|
|
(6)
|
|
$
1,492
|
|
Income tax
expense
|
—
|
|
—
|
|
1
|
|
—
|
|
507
|
|
508
|
|
—
|
|
508
|
|
Interest expense and
related charges (a)
|
20
|
|
(21)
|
|
2
|
|
(8)
|
|
742
|
|
735
|
|
5
|
|
740
|
|
Depreciation and
amortization (b)
|
102
|
|
641
|
|
703
|
|
79
|
|
68
|
|
1,593
|
|
—
|
|
1,593
|
|
EBITDA before
Adjustments
|
546
|
|
1,018
|
|
2,455
|
|
525
|
|
(210)
|
|
4,334
|
|
(1)
|
|
4,333
|
|
Unrealized net (gain)
loss resulting from hedging transactions
|
586
|
|
813
|
|
(1,586)
|
|
(267)
|
|
—
|
|
(454)
|
|
(36)
|
|
(490)
|
|
Impacts of Tax
Receivable Agreement (c)
|
—
|
|
—
|
|
—
|
|
—
|
|
135
|
|
135
|
|
—
|
|
135
|
|
Non-cash compensation
expenses
|
—
|
|
—
|
|
—
|
|
—
|
|
78
|
|
78
|
|
—
|
|
78
|
|
Transition and merger
expenses
|
—
|
|
1
|
|
2
|
|
—
|
|
47
|
|
50
|
|
—
|
|
50
|
|
Impairment of
long-lived and other assets
|
—
|
|
—
|
|
49
|
|
—
|
|
—
|
|
49
|
|
—
|
|
49
|
|
PJM capacity
performance default impacts (d)
|
—
|
|
—
|
|
9
|
|
—
|
|
—
|
|
9
|
|
—
|
|
9
|
|
Winter Storm Uri
(e)
|
(52)
|
|
4
|
|
—
|
|
—
|
|
—
|
|
(48)
|
|
—
|
|
(48)
|
|
Other, net
|
25
|
|
(2)
|
|
72
|
|
5
|
|
(113)
|
|
(13)
|
|
(2)
|
|
(15)
|
|
Adjusted
EBITDA
|
$
1,105
|
|
$
1,834
|
|
$
1,001
|
|
$
263
|
|
$
(63)
|
|
$
4,140
|
|
$
(39)
|
|
$
4,101
|
|
___________
|
|
(a)
|
Includes $36 million of
unrealized mark-to-market net losses on interest rate
swaps.
|
|
(b)
|
Includes nuclear fuel
amortization of $91 million in the Texas segment.
|
|
(c)
|
Includes $29 million
gain recognized on the repurchase of TRA Rights in December
2023.
|
|
(d)
|
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.
|
|
(e)
|
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 - ADJUSTED FREE
CASH FLOW BEFORE GROWTH
|
|
FOR YEAR ENDED
DECEMBER 31, 2024
|
|
(Unaudited)
(Millions of Dollars)
|
|
|
Ongoing
Operations
|
|
Asset
Closure
|
|
Vistra
Consolidated
|
|
Adjusted
EBITDA
|
$
5,656
|
|
$
(117)
|
|
$
5,539
|
|
Interest paid, net
(a)
|
(939)
|
|
—
|
|
(939)
|
|
Taxes paid
|
(56)
|
—
|
—
|
|
(56)
|
|
Change in working
capital, margin deposits, and accrued environmental allowance
obligations
|
1,048
|
|
—
|
|
1,048
|
|
Reclamation and
remediation expenditures
|
(39)
|
|
(49)
|
|
(88)
|
|
ERP implementation
expenditures
|
(53)
|
|
—
|
|
(53)
|
|
Transition and merger
expenses
|
(155)
|
|
(1)
|
|
(156)
|
|
Other changes in other
operating assets and liabilities
|
(757)
|
|
25
|
|
(732)
|
|
Cash provided by
(used in) operating activities
|
$
4,705
|
|
$
(142)
|
|
$
4,563
|
|
Capital expenditures
for maintenance including net nuclear fuel purchases and LTSA
prepayments (b)
|
(1,092)
|
|
—
|
|
(1,092)
|
|
Proceeds from sale of
transferable investment tax credits
|
150
|
|
—
|
|
150
|
|
Change in working
capital, margin deposits, and accrued environmental allowance
obligations
|
(1,048)
|
|
—
|
|
(1,048)
|
|
Transition and merger
expenditures
|
155
|
|
1
|
|
156
|
|
ERP implementation
expenditures
|
53
|
|
—
|
|
53
|
|
Other net investing
activities (c)
|
(35)
|
|
—
|
|
(35)
|
|
Adjusted free cash
flow before growth
|
$
2,888
|
|
$
(141)
|
|
$
2,747
|
|
____________
|
|
(a)
|
Net of interest
received.
|
|
(b)
|
Excludes $800 million
of capital expenditures related to growth and
development.
|
|
(c)
|
Includes net
contributions to nuclear decommissioning trusts and
other.
|
|
VISTRA CORP.
|
|
NON-GAAP RECONCILIATIONS - 2025
GUIDANCE
|
|
(Unaudited)
(Millions of Dollars)
|
|
|
Ongoing
Operations
|
|
Asset
Closure
|
Vistra
Corp.
Consolidated
|
|
Low
|
|
High
|
|
Low
|
|
High
|
Low
|
|
High
|
|
Net Income
(loss)
|
$
2,310
|
|
$
2,780
|
|
$
(90)
|
|
$
(90)
|
$
2,220
|
|
$
2,690
|
|
Income tax
expense
|
620
|
|
750
|
|
—
|
|
—
|
620
|
|
750
|
|
Interest expense and
related charges (a)
|
1,070
|
|
1,070
|
|
—
|
|
—
|
1,070
|
|
1,070
|
|
Depreciation and
amortization (b)
|
2,180
|
|
2,180
|
|
—
|
|
—
|
2,180
|
|
2,180
|
|
EBITDA before
Adjustments
|
$
6,180
|
|
$
6,780
|
|
$
(90)
|
|
$
(90)
|
$
6,090
|
|
$
6,690
|
|
Unrealized net (gain)
loss resulting from hedging transactions
|
(872)
|
|
(872)
|
|
(2)
|
|
(2)
|
(874)
|
|
(874)
|
|
Fresh start/purchase
accounting impacts
|
(5)
|
|
(5)
|
|
—
|
|
—
|
(5)
|
|
(5)
|
|
Non-cash compensation
expenses
|
135
|
|
135
|
|
—
|
|
—
|
135
|
|
135
|
|
Transition and merger
expenses
|
35
|
|
35
|
|
—
|
|
—
|
35
|
|
35
|
|
Decommissioning
activities (c)
|
48
|
|
48
|
|
—
|
|
—
|
48
|
|
48
|
|
ERP system
implementation expenses
|
11
|
|
11
|
|
—
|
|
—
|
11
|
|
11
|
|
Interest
income
|
(45)
|
|
(45)
|
|
—
|
|
—
|
(45)
|
|
(45)
|
|
Other, net
|
13
|
|
13
|
|
2
|
|
2
|
15
|
|
15
|
|
Adjusted EBITDA
guidance
|
$
5,500
|
|
$
6,100
|
|
$
(90)
|
|
$
(90)
|
$
5,410
|
|
$
6,010
|
|
Interest paid,
net
|
(1,098)
|
|
(1,098)
|
|
—
|
|
—
|
(1,098)
|
|
(1,098)
|
|
Tax (paid) /
received
|
(111)
|
|
(111)
|
|
—
|
|
—
|
(111)
|
|
(111)
|
|
Change in working
capital, margin deposits, and accrued environmental allowance
obligations
|
595
|
|
595
|
|
—
|
|
—
|
595
|
|
595
|
|
Reclamation and
remediation
|
(53)
|
|
(53)
|
|
(90)
|
|
(90)
|
(143)
|
|
(143)
|
|
ERP system
implementation expenditures
|
(39)
|
|
(39)
|
|
—
|
|
—
|
(39)
|
|
(39)
|
|
Other changes in other
operating assets and liabilities
|
(164)
|
|
(164)
|
|
(10)
|
|
(10)
|
(174)
|
|
(174)
|
|
Cash provided by
operating activities
|
$
4,630
|
|
$
5,230
|
|
$
(190)
|
|
$
(190)
|
$
4,440
|
|
$
5,040
|
|
Capital expenditures
including nuclear fuel purchases and LTSA prepayments
|
(1,221)
|
|
(1,221)
|
|
—
|
|
—
|
(1,221)
|
|
(1,221)
|
|
Other net investing
activities
|
(20)
|
|
(20)
|
|
—
|
|
—
|
(20)
|
|
(20)
|
|
Change in working
capital, margin deposits, and accrued environmental allowance
obligations
|
(595)
|
|
(595)
|
|
—
|
|
—
|
(595)
|
|
(595)
|
|
Transition and merger
expenditures
|
56
|
|
56
|
|
—
|
|
—
|
56
|
|
56
|
|
Interest on
noncontrolling interest repurchase obligation
|
111
|
|
111
|
|
—
|
|
—
|
111
|
|
111
|
|
ERP implementation
expenditures
|
39
|
|
39
|
|
—
|
|
—
|
39
|
|
39
|
|
Adjusted free cash
flow before growth guidance
|
$
3,000
|
|
$
3,600
|
|
$
(190)
|
|
$
(190)
|
$
2,810
|
|
$
3,410
|
|
____________
|
|
Regulation G Table for
2025 Guidance prepared as of Nov. 7, 2024, based on market curves
as of Nov. 4, 2024.
|
|
(a)
|
Includes $111 million
interest on redeemable noncontrolling interest repurchase
obligation.
|
|
(b)
|
Includes nuclear fuel
amortization of $412 million.
|
|
(c)
|
Represents net of
all NDT (income) loss of the PJM nuclear facilities, ARO
accretion expense for operating assets and ARO remeasurement
impacts for operating assets.
|
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SOURCE Vistra Corp
