Vistra Reports First Quarter 2024 Results, Raises Expectations for Energy Harbor and Consolidated Adjusted EBITDA

PR Newswire05-08

Earnings Release Highlights GAAP first quarter 2024 Net Income of $18 million and Cash Flow from Operations of $312 million. Net Income from Ongoing Operations1 of $39 million and Ongoing Operations ...

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}","selectors":"article","filters":"","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2433744383","pubTimestamp":1715166000,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"GAAP first quarter 2024 Net Income of $18 million and Cash Flow from Operations of $312 million.Net Income from Ongoing Operations1 of $39 million and Ongoing Operations Adjusted EBITDA1 of $813 million.Initiated a combined midpoint guidance for 2024 Ongoing Operations Adjusted EBITDA,1 excluding any potential contribution from the nuclear production tax credit, of $4,800 million.Increased synergy expectations for Energy Harbor and announced targeted Operational Performance Improvement  initiatives totaling $200 million run-rate on a combined basis by year end 2026.Vistra added to the S&P 500 effective May 8, 2024.\"It's been an exciting start to 2024 for Vistra with the team delivering on multiple fronts. I'm proud of our ability to successfully close the acquisition of Energy Harbor within two weeks of receiving FERC approval. Our team hit the ground running on integration and have made significant progress to date. The increase in expected synergies and the identification of sizeable","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4105":"独立电力生产商与能源贸易商","IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC","LU2362540622.SGD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (SGDHDG) ACC","LU2362541273.HKD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (HKD) ACC","BK4194":"办公房地产投资信托","VST":"Vistra Energy Corp.","OPI":"Office Properties Income Trust","LU2362541513.USD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (USD) ACC","IE00B19Z3B42.SGD":"Legg Mason ClearBridge - Value A Acc SGD","IE00B7SZLL34.SGD":"Legg Mason ClearBridge - Value A Acc SGD-H","BK4223":"办公室房地产信托","CNSL":"联合通讯","BK4115":"综合电信业务","IE00B19Z3581.USD":"Legg Mason ClearBridge - Value A Acc USD"},"translate_title":"Vistra报告2024年第一季度业绩，提高对能源港和合并调整后EBITDA的预期","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CNSL":1,"OPI":1,"VST":0.9},"content_text":"Earnings Release Highlights\n\nGAAP first quarter 2024 Net Income of $18 million and Cash Flow from Operations of $312 million.\nNet Income from Ongoing Operations1 of $39 million and Ongoing Operations Adjusted EBITDA1 of $813 million.\nInitiated a combined midpoint guidance for 2024 Ongoing Operations Adjusted EBITDA,1 excluding any potential contribution from the nuclear production tax credit, of $4,800 million.\nIncreased synergy expectations for Energy Harbor and announced targeted Operational Performance Improvement (OPI) initiatives totaling $200 million run-rate on a combined basis by year end 2026.\nVistra added to the S&P 500 effective May 8, 2024.\n\nIRVING, Texas, May 8, 2024 /PRNewswire/ -- Vistra Corp. (NYSE: VST) today reported its first quarter 2024 financial results and other highlights.\n\n  \n\n\"It's been an exciting start to 2024 for Vistra with the team delivering on multiple fronts. I'm proud of our ability to successfully close the acquisition of Energy Harbor within two weeks of receiving FERC approval. Our team hit the ground running on integration and have made significant progress to date. The increase in expected synergies and the identification of sizeable Operational Performance Improvement (OPI) initiatives we are announcing today are a testament to their hard work. We continue to believe that integrating generation and retail businesses is one of Vistra's core competencies and a source of long-term value creation.\"\nBurke continued, \"We believe that our integrated model, which combines best-in-class retail and commercial operations with a high-quality portfolio of generation assets enables us to provide our retail customers the electric service they need while delivering consistent financial results for our stakeholders. During another quarter characterized by both winter storms and unseasonably mild weather, Vistra delivered commercial availability of approximately 98% while generating positive profitability and even stronger year-over-year Adj. EBITDA growth, validating the team's approach. We have an incredible team of people who are focused on a safe, high-performance culture, and are eager to perform.\"\nBurke concluded, \"Recent power market developments are certainly notable, and we see multiple drivers underlying a projected long-term acceleration in load growth in many of the geographies we serve. The increase in our potential long-term financial expectations reflects the attractive position provided by our integrated business model. We remain focused on advancing our four strategic priorities of delivering strong and stable earnings, executing a disciplined capital allocation strategy, maintaining balance sheet strength, and supporting a sustainable energy future.\"\n\n\n\n\nSummary of Financial Results for the Three Months Ended March 31, 2024 and 2023 \n\n\n(Unaudited) (Millions of Dollars) \n\n\n\n\n\n\nThree Months Ended March 31, \n\n\n\n2024 \n\n2023 \n\n\nNet income (loss) \n$                   18 \n\n$                 698 \n\n\nOngoing operations net income (loss) \n$                   39 \n\n$                 725 \n\n\nOngoing operations Adjusted EBITDA \n$                 813 \n\n$                 554 \n\n\n\n\n\n\n\n\nAdjusted EBITDA by Segment \n\n\n\n\n\nRetail  \n$                 (28) \n\n$                 (29) \n\n\nTexas \n$                 411 \n\n$                 383 \n\n\nEast \n$                 201 \n\n$                     1 \n\n\nWest \n$                   59 \n\n$                   46 \n\n\nSunset \n$                 184 \n\n$                 164 \n\n\nCorporate and Other \n$                 (14) \n\n$                 (11) \n\n\nAsset Closure \n$                 (23) \n\n$                 (41) \n\n\n\n\nFor the quarter ended March 31, 2024, Vistra reported Net Income of $18 million, Net Income from Ongoing Operations1 of $39 million, and Ongoing Operations Adjusted EBITDA1 of $813 million. Net Income for the first quarter 2024 decreased $680 million from the first quarter 2023, primarily driven by material unrealized mark-to-market gains recognized in 2023. Ongoing Operations Adjusted EBITDA for the first quarter 2024 increased by $259 million compared to the first quarter 2023 driven primarily by the inclusion of one month of results from the acquisition of Energy Harbor and the expiration of contracts which resulted in higher-than-expected migration of customers to default service providers at rates below prevailing wholesale market prices for the three months ended March 31, 2023.\n\n\n\n\nGuidance \n\n\n\n\n\n\n($ in millions) \nInitiated Combined 2024 Vistra  Guidance Ranges \n\n\nOngoing Operations Adjusted EBITDA      \n$4,550 - $5,050 \n\n\nOngoing Operations Adjusted FCFbG \n$2,200 - $2,700 \n\n\n\n\nAs of May 8, 2024, Vistra has hedged approximately 95% of its expected generation volumes for the balance of 2024, approximately 80% for 2025, and approximately 50% for 2026. Vistra's comprehensive hedging program, as well as recent forward price curves, support the company's combined 2024 guidance ranges, as well as its combined potential Ongoing Operations Adjusted EBITDA midpoint opportunities for 2025 and 2026. Vistra currently estimates potential midpoint opportunities for Ongoing Operations Adjusted EBITDA to be in the range of $5,000 million to $5,500 million for 2025 and more than $6,000 million for 2026. See footnote 2 for a discussion on Non-GAAP reconciliations.\nShare Repurchase Program\nAs of May 3, 2024:\n\nVistra executed ~$3.9 billion in share repurchases since November 2021.\nVistra had ~347.5 million shares outstanding, representing a ~28% reduction of the amount of the shares outstanding on Nov. 2, 2021.\n\nVistra expects to spend at least $2.25 billion on share repurchases throughout 2024 and 2025.\nClean Energy Investments\nVistra is focused on the reliability, affordability and sustainability of electricity in the markets in which we operate. Vistra continues to grow its fleet of zero-carbon resources, advancing these interests through cost-effective, strategic investments in solar and battery storage developments and through the acquisition of Energy Harbor.\nOn March 1, 2024 Vistra closed on the acquisition of Energy Harbor, which added more than 4,000 MW of nuclear generation to its portfolio along with approximately 1 million additional retail customers. Together with Vistra's existing 2,400 MW Comanche Peak Nuclear Power Plant, this acquisition brings Vistra's nuclear capacity to more than 6,400 MW. Notably, in 2022, Comanche Peak applied to extend its operating licenses through 2050 and 2053 for the two-unit facility, an additional 20 years beyond the original licenses. Additionally, in 2023, Perry applied to extend its operating license through 2046, also an additional 20 years beyond the original license. Both processes are advancing as expected.\nThe Inflation Reduction Act is anticipated to provide the opportunity to realize material benefits to Vistra with respect to its renewables and energy storage projects, as well as provide strong price support via the nuclear production tax credit for its nuclear facilities, including those acquired through the Energy Harbor transaction.\nVistra began construction on two of its three larger Illinois combined solar and energy storage projects, part of the Coal to Solar and Energy Storage Initiative, earlier this year. Vistra intends to remain strategic and disciplined with respect to the timing of investments in renewables and energy storage projects.\nLiquidity\nAs of March 31, 2024, Vistra had total available liquidity of approximately $3,000 million, including cash and cash equivalents of $1,070 million, $1,293 million of availability under its corporate revolving credit facility, and $637 million of availability under its commodity-linked revolving credit facility. Available capacity under the commodity-linked revolving credit facility reflects the borrowing base as of March 31, 2024. Available liquidity excludes $438 million of commitments under the commodity-linked revolving credit facility that were not available to be drawn as of March 31, 2024.3\nEarnings Webcast\nVistra will host a webcast today, May 8, 2024, beginning at 10 a.m. ET (9 a.m. CT) to discuss these results and related matters. The live webcast and the accompanying slides that will be discussed on the call can be accessed via Vistra's website at www.vistracorp.com under \"Investor Relations\" and then \"Events & Presentations.\" Participants can also listen by phone by registering here prior to the start time of the call to receive a conference call dial-in number. A replay of the webcast will be available on Vistra's website for one year following the live event.\nAbout Vistra\nVistra (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.\n1 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.\n2 Midpoint opportunities are not intended to be guidance and represent only our estimate of potential opportunities for Adj. EBITDA in 2025 and 2026 based on market curves as of May 3, 2024. Actual results could vary and are subject to a number of risks, uncertainties and factors, including power price market movements and our hedging strategy. We have not provided a quantitative reconciliation of Adjusted EBITDA opportunities for 2025 and 2026 to GAAP net income (loss) because we cannot, without unreasonable effort, calculate certain reconciling items with confidence due to the variability, complexity, and limited visibility of the adjusting items that would be excluded from Adjusted EBITDA in such out year periods. Midpoint opportunities exclude any potential benefit from nuclear production tax credit.\n3 The accounts receivable securitization program facility was amended to add Energy Harbor and increase the aggregate commitments from $750 million to $1,000 million on April 8, 2024. Borrowings remained at $750 million. The repurchase facility limit remained at $125 million. Borrowings under the facility totaled $125 million.\nAbout Non-GAAP Financial Measures and Items Affecting Comparability\n\"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.\nVistra 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 U.S. GAAP.\nCautionary Note Regarding Forward-Looking Statements\nThe 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.\nAny 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.\n\n\n\n\nVISTRA CORP. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Millions of Dollars) \n\n\n\nThree Months Ended March 31, \n\n\n\n2024 \n\n2023 \n\n\nOperating revenues \n$              3,054 \n\n$              4,425 \n\n\nFuel, purchased power costs and delivery fees \n(1,716) \n\n(2,170) \n\n\nOperating costs \n(498) \n\n(421) \n\n\nDepreciation and amortization \n(403) \n\n(366) \n\n\nSelling, general and administrative expenses \n(351) \n\n(288) \n\n\nImpairment of long-lived assets \n— \n\n(49) \n\n\nOperating income \n86 \n\n1,131 \n\n\nOther income \n91 \n\n20 \n\n\nOther deductions \n(4) \n\n(3) \n\n\nInterest expense and related charges \n(170) \n\n(207) \n\n\nImpacts of Tax Receivable Agreement \n(5) \n\n(65) \n\n\nNet income (loss) before income taxes \n(2) \n\n876 \n\n\nIncome tax (expense) benefit \n20 \n\n(178) \n\n\nNet income \n$                   18 \n\n$                 698 \n\n\nNet (income) loss attributable to noncontrolling interest \n(53) \n\n1 \n\n\nNet income (loss) attributable to Vistra \n$                 (35) \n\n$                 699 \n\n\nCumulative dividends attributable to preferred stock \n(49) \n\n(38) \n\n\nNet income (loss) attributable to Vistra common stock \n$                 (84) \n\n$                 661 \n\n\n\n\n\n\n\n\nVISTRA CORP. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Millions of Dollars) \n\n\n\nThree Months Ended March 31, \n\n\n\n2024 \n\n2023 \n\n\nCash flows — operating activities: \n\n\n\n\n\nNet income \n$                   18 \n\n$                 698 \n\n\nAdjustments to reconcile net income to cash provided by operating activities: \n\n\n\n\n\nDepreciation and amortization \n555 \n\n477 \n\n\nDeferred income tax expense (benefit), net \n(23) \n\n181 \n\n\nImpairment of long-lived assets \n— \n\n49 \n\n\nUnrealized net (gain) loss from mark-to-market valuations of commodities \n176 \n\n(1,085) \n\n\nUnrealized net (gain) loss from mark-to-market valuations of interest rate swaps \n(47) \n\n41 \n\n\nUnrealized net gain from nuclear decommissioning trusts \n(28) \n\n— \n\n\nAsset retirement obligation accretion expense \n19 \n\n9 \n\n\nImpacts of Tax Receivable Agreement \n5 \n\n65 \n\n\nGain on TRA repurchase and tender offers \n(10) \n\n— \n\n\nBad debt expense \n36 \n\n35 \n\n\nStock-based compensation \n21 \n\n22 \n\n\nOther, net \n(23) \n\n8 \n\n\nChanges in operating assets and liabilities: \n\n\n\n\n\nMargin deposits, net \n128 \n\n1,227 \n\n\nAccrued interest \n(3) \n\n(47) \n\n\nAccrued taxes \n(111) \n\n(91) \n\n\nAccrued employee incentive \n(169) \n\n(79) \n\n\nOther operating assets and liabilities \n(232) \n\n(75) \n\n\nCash provided by operating activities \n312 \n\n1,435 \n\n\nCash flows — investing activities: \n\n\n\n\n\nCapital expenditures, including nuclear fuel purchases and LTSA prepayments \n(465) \n\n(484) \n\n\nEnergy Harbor acquisition (net of cash acquired) \n(3,070) \n\n— \n\n\nProceeds from sales of nuclear decommissioning trust fund securities \n214 \n\n119 \n\n\nInvestments in nuclear decommissioning trust fund securities \n(220) \n\n(125) \n\n\nProceeds from sales of environmental allowances \n17 \n\n35 \n\n\nPurchases of environmental allowances \n(131) \n\n(61) \n\n\nProceeds from sale of property, plant and equipment, including nuclear fuel \n127 \n\n2 \n\n\nOther, net \n— \n\n1 \n\n\nCash used in investing activities \n(3,528) \n\n(513) \n\n\nCash flows — financing activities: \n\n\n\n\n\nIssuances of long-term debt \n700 \n\n— \n\n\nRepayments/repurchases of debt \n(756) \n\n(7) \n\n\nNet borrowings under accounts receivable financing \n875 \n\n175 \n\n\nBorrowings under Revolving Credit Facility \n— \n\n100 \n\n\nRepayments under Revolving Credit Facility \n— \n\n(350) \n\n\nBorrowings under Commodity-Linked Facility \n500 \n\n— \n\n\nRepayments under Commodity-Linked Facility \n— \n\n(400) \n\n\nStock repurchases \n(291) \n\n(301) \n\n\nDividends paid to common stockholders \n(77) \n\n(77) \n\n\nTRA Repurchase and tender offer — return of capital \n(122) \n\n— \n\n\nOther, net \n(36) \n\n(14) \n\n\nCash provided by (used in) financing activities \n793 \n\n(874) \n\n\nNet change in cash, cash equivalents and restricted cash \n(2,423) \n\n48 \n\n\nCash, cash equivalents and restricted cash — beginning balance \n3,539 \n\n525 \n\n\nCash, cash equivalents and restricted cash — ending balance \n$              1,116 \n\n$                 573 \n\n\n\n\n\n\n\n\nVISTRA CORP. \n\n\nNON-GAAP RECONCILIATIONS - ADJUSTED EBITDA \n\n\nFOR THE THREE MONTHS ENDED MARCH 31, 2024 \n\n\n(Unaudited) (Millions of Dollars) \n\n\n\n\n\n\nRetail \n\nTexas \n\nEast \n\nWest \n\nSunset \n\nEliminations /Corp andOther \n\nOngoingOperationsConsolidated \n\nAssetClosure \n\nVistra Corp.Consolidated \n\n\nNet income (loss) \n$     561 \n\n$   (331) \n\n$   (185) \n\n$     164 \n\n$         7 \n\n$         (177) \n\n$            39 \n\n$     (21) \n\n$            18 \n\n\nIncome tax benefit \n— \n\n— \n\n— \n\n— \n\n— \n\n(20) \n\n(20) \n\n— \n\n(20) \n\n\nInterest expense and related charges (a) \n6 \n\n(10) \n\n1 \n\n— \n\n— \n\n172 \n\n169 \n\n1 \n\n170 \n\n\nDepreciation and amortization (b) \n23 \n\n158 \n\n215 \n\n21 \n\n20 \n\n16 \n\n453 \n\n— \n\n453 \n\n\nEBITDA before Adjustments \n590 \n\n(183) \n\n31 \n\n185 \n\n27 \n\n(9) \n\n641 \n\n(20) \n\n621 \n\n\nUnrealized net (gain) loss resulting from hedging transactions \n(623) \n\n584 \n\n193 \n\n(129) \n\n155 \n\n— \n\n180 \n\n(4) \n\n176 \n\n\nPurchase accounting impacts \n(2) \n\n— \n\n(2) \n\n— \n\n— \n\n(14) \n\n(18) \n\n— \n\n(18) \n\n\nImpacts of Tax Receivable Agreement (c) \n— \n\n— \n\n— \n\n— \n\n— \n\n(5) \n\n(5) \n\n— \n\n(5) \n\n\nNon-cash compensation expenses \n— \n\n— \n\n— \n\n— \n\n— \n\n21 \n\n21 \n\n— \n\n21 \n\n\nTransition and merger expenses \n1 \n\n— \n\n4 \n\n— \n\n— \n\n28 \n\n33 \n\n— \n\n33 \n\n\nDecommissioning-related activities (d) \n— \n\n5 \n\n(26) \n\n— \n\n2 \n\n— \n\n(19) \n\n— \n\n(19) \n\n\nERP system implementation \n— \n\n— \n\n— \n\n— \n\n— \n\n6 \n\n6 \n\n— \n\n6 \n\n\nOther, net \n6 \n\n5 \n\n1 \n\n3 \n\n— \n\n(41) \n\n(26) \n\n1 \n\n(25) \n\n\nAdjusted EBITDA \n$     (28) \n\n$     411 \n\n$     201 \n\n$       59 \n\n$     184 \n\n$           (14) \n\n$          813 \n\n$     (23) \n\n$          790 \n\n\n\n\n___________\n\n\n\n\n(a) \nIncludes $47 million of unrealized mark-to-market net gains on interest rate swaps. \n\n\n(b) \nIncludes nuclear fuel amortization of $26 million and $23 million, respectively, in Texas and East segments. \n\n\n(c) \nIncludes $10 million gain recognized on the repurchase of TRA Rights in the three months ended March 31, 2024. \n\n\n(d) \nRepresents net of all NDT income (loss), ARO accretion expense for operating assets and ARO remeasurement impacts for operating assets. \n\n\n\n\n\n\n\n\nVISTRA CORP. \n\n\nNON-GAAP RECONCILIATIONS - ADJUSTED EBITDA  \n\n\nFOR THE THREE MONTHS ENDED MARCH 31, 2023 \n\n\n(Unaudited) (Millions of Dollars) \n\n\n\n\n\n\nRetail \n\nTexas \n\nEast \n\nWest \n\nSunset \n\nEliminations /Corp andOther \n\nOngoingOperationsConsolidated \n\nAssetClosure \n\nVistra Corp.Consolidated \n\n\nNet income (loss) \n$   (595) \n\n$     584 \n\n$     745 \n\n$       52 \n\n$     424 \n\n$         (485) \n\n$          725 \n\n$     (27) \n\n$          698 \n\n\nIncome tax expense \n— \n\n— \n\n— \n\n— \n\n— \n\n178 \n\n178 \n\n— \n\n178 \n\n\nInterest expense and related charges (a) \n7 \n\n(4) \n\n— \n\n(4) \n\n1 \n\n206 \n\n206 \n\n1 \n\n207 \n\n\nDepreciation and amortization (b) \n29 \n\n153 \n\n161 \n\n15 \n\n14 \n\n17 \n\n389 \n\n— \n\n389 \n\n\nEBITDA before Adjustments \n(559) \n\n733 \n\n906 \n\n63 \n\n439 \n\n(84) \n\n1,498 \n\n(26) \n\n1,472 \n\n\nUnrealized net (gain) loss resulting from hedging transactions \n559 \n\n(346) \n\n(923) \n\n(18) \n\n(340) \n\n— \n\n(1,068) \n\n(17) \n\n(1,085) \n\n\nGeneration plant retirement expenses \n— \n\n— \n\n— \n\n— \n\n— \n\n1 \n\n1 \n\n— \n\n1 \n\n\nFresh start/purchase accounting impacts \n1 \n\n(1) \n\n2 \n\n— \n\n1 \n\n— \n\n3 \n\n— \n\n3 \n\n\nImpacts of Tax Receivable Agreement \n— \n\n— \n\n— \n\n— \n\n— \n\n65 \n\n65 \n\n— \n\n65 \n\n\nNon-cash compensation expenses \n— \n\n— \n\n— \n\n— \n\n— \n\n22 \n\n22 \n\n— \n\n22 \n\n\nTransition and merger expenses \n(2) \n\n— \n\n— \n\n— \n\n1 \n\n2 \n\n1 \n\n— \n\n1 \n\n\nImpairment of long-lived assets \n— \n\n— \n\n— \n\n— \n\n49 \n\n— \n\n49 \n\n— \n\n49 \n\n\nPJM capacity performance default impacts (c) \n— \n\n— \n\n14 \n\n— \n\n6 \n\n— \n\n20 \n\n— \n\n20 \n\n\nWinter Storm Uri impacts (d) \n(34) \n\n1 \n\n— \n\n— \n\n— \n\n— \n\n(33) \n\n— \n\n(33) \n\n\nOther, net \n6 \n\n(4) \n\n2 \n\n1 \n\n8 \n\n(17) \n\n(4) \n\n2 \n\n(2) \n\n\nAdjusted EBITDA \n$     (29) \n\n$     383 \n\n$         1 \n\n$       46 \n\n$     164 \n\n$           (11) \n\n$          554 \n\n$     (41) \n\n$          513 \n\n\n\n\n___________\n\n\n\n\n(a) \nIncludes $41 million of unrealized mark-to-market net losses on interest rate swaps. \n\n\n(b) \nIncludes nuclear fuel amortization of $23 million in Texas segment. \n\n\n(c) \nRepresents estimate of anticipated market participant defaults or settlements on initial PJM capacity performance penalties due to extreme magnitude of penalties associated with Winter Storm Elliott. \n\n\n(d) \nAdjusted EBITDA impacts of Winter Storm Uri reflects the application of bill credits to large commercial and industrial customers that curtailed their usage during Winter Storm Uri and a reduction in the allocation of ERCOT default uplift charges which were expected to be paid over several decades under protocols existing at the time of the storm. \n\n\n\n\n\n\n\n\nVISTRA CORP. - NON-GAAP RECONCILIATIONS 2024 GUIDANCE1 \n\n\n(Unaudited) (Millions of Dollars) \n\n\n\n\n\n\nOngoing  Operations \n\nAsset  Closure \n\nVistra Corp.  Consolidated \n\n\n\nLow \n\nHigh \n\nLow \n\nHigh \n\nLow \n\nHigh \n\n\nNet income (loss) \n$  2,030 \n\n$ 2,430 \n\n$    (90) \n\n$    (90) \n\n$  1,940 \n\n$  2,340 \n\n\nIncome tax expense \n550 \n\n650 \n\n— \n\n— \n\n550 \n\n650 \n\n\nInterest expense and related charges (a) \n980 \n\n980 \n\n— \n\n— \n\n980 \n\n980 \n\n\nDepreciation and amortization (b) \n2,130 \n\n2,130 \n\n— \n\n— \n\n2,130 \n\n2,130 \n\n\nEBITDA before Adjustments \n$  5,690 \n\n$ 6,190 \n\n$    (90) \n\n$    (90) \n\n$  5,600 \n\n$  6,100 \n\n\nUnrealized net (gain) loss resulting from hedging transactions \n(1,151) \n\n(1,151) \n\n(9) \n\n(9) \n\n(1,160) \n\n(1,160) \n\n\nImpacts of Tax Receivable Agreement \n(4) \n\n(4) \n\n— \n\n— \n\n(4) \n\n(4) \n\n\nNon-cash compensation expenses \n69 \n\n69 \n\n— \n\n— \n\n69 \n\n69 \n\n\nTransition and merger expenses \n8 \n\n8 \n\n— \n\n— \n\n8 \n\n8 \n\n\nInterest income \n(61) \n\n(61) \n\n— \n\n— \n\n(61) \n\n(61) \n\n\nOther, net \n(1) \n\n(1) \n\n4 \n\n4 \n\n3 \n\n3 \n\n\nAdjusted EBITDA guidance \n$  4,550 \n\n$ 5,050 \n\n$    (95) \n\n$    (95) \n\n$  4,455 \n\n$  4,955 \n\n\nInterest paid, net \n(910) \n\n(910) \n\n— \n\n— \n\n(910) \n\n(910) \n\n\nTax (paid) / received (c) \n(89) \n\n(89) \n\n— \n\n— \n\n(89) \n\n(89) \n\n\nTax Receivable Agreement payments \n(30) \n\n(30) \n\n— \n\n— \n\n(30) \n\n(30) \n\n\nWorking capital and margin deposits \n439 \n\n439 \n\n— \n\n— \n\n439 \n\n439 \n\n\nAccrued environmental allowances \n459 \n\n459 \n\n— \n\n— \n\n459 \n\n459 \n\n\nReclamation and remediation \n(31) \n\n(31) \n\n(95) \n\n(95) \n\n(126) \n\n(126) \n\n\nERP implementation expenditures \n(50) \n\n(50) \n\n— \n\n— \n\n(50) \n\n(50) \n\n\nOther changes in other operating assets and liabilities \n(153) \n\n(153) \n\n(12) \n\n(12) \n\n(165) \n\n(165) \n\n\nCash provided by operating activities \n$  4,185 \n\n$ 4,685 \n\n$  (202) \n\n$  (202) \n\n$  3,983 \n\n$  4,483 \n\n\nCapital expenditures including nuclear fuel purchases and LTSA prepayments \n(1,172) \n\n(1,172) \n\n— \n\n— \n\n(1,172) \n\n(1,172) \n\n\nSolar and storage development expenditures \n(745) \n\n(745) \n\n— \n\n— \n\n(745) \n\n(745) \n\n\nAcquisitions \n(3,192) \n\n(3,192) \n\n— \n\n— \n\n(3,192) \n\n(3,192) \n\n\nOther growth expenditures \n(74) \n\n(74) \n\n— \n\n— \n\n(74) \n\n(74) \n\n\n(Purchase)/sale of environmental allowances \n(291) \n\n(291) \n\n— \n\n— \n\n(291) \n\n(291) \n\n\nOther net investing activities \n11 \n\n11 \n\n— \n\n— \n\n11 \n\n11 \n\n\nFree cash flow \n$ (1,278) \n\n$  (778) \n\n$  (202) \n\n$  (202) \n\n$ (1,480) \n\n$   (980) \n\n\nWorking capital and margin deposits \n(439) \n\n(439) \n\n— \n\n— \n\n(439) \n\n(439) \n\n\nSolar and storage development and other growth expenditures \n745 \n\n745 \n\n— \n\n— \n\n745 \n\n745 \n\n\nAcquisitions \n3,192 \n\n3,192 \n\n— \n\n— \n\n3,192 \n\n3,192 \n\n\nOther growth expenditures \n74 \n\n74 \n\n— \n\n— \n\n74 \n\n74 \n\n\nAccrued environmental allowances \n(459) \n\n(459) \n\n— \n\n— \n\n(459) \n\n(459) \n\n\nPurchase/(sale) of environmental allowances \n291 \n\n291 \n\n— \n\n— \n\n291 \n\n291 \n\n\nTransition and merger expenses \n24 \n\n24 \n\n2 \n\n2 \n\n26 \n\n26 \n\n\nERP implementation expenditures \n50 \n\n50 \n\n— \n\n— \n\n50 \n\n50 \n\n\nAdjusted free cash flow before growth guidance \n$  2,200 \n\n$ 2,700 \n\n$  (200) \n\n$  (200) \n\n$  2,000 \n\n$  2,500 \n\n\n\n\n___________\n\n\n\n\n1 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. \n\n\n(a) \nIncludes unrealized (gain) / loss on interest rate swaps of $50 million. \n\n\n(b) \nIncludes nuclear fuel amortization of $340 million. \n\n\n(c) \nIncludes state tax payments. \n\n\n\n\n View original content to download multimedia:https://www.prnewswire.com/news-releases/vistra-reports-first-quarter-2024-results-raises-expectations-for-energy-harbor-and-consolidated-adjusted-ebitda-302139190.html\nSOURCE Vistra Corp","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.24.2","shortVersion":"4.24.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2433744383"}