Vistra Reports Third Quarter 2024 Results, Raises and Narrows 2024 Guidance, and Initiates 2025 Guidance
Earnings Release Highlights
- GAAP third quarter 2024 Net Income of
$1,837 million and Cash Flow from Operations of$1,702 million . - Net Income from Ongoing Operations1 of
$1,855 million and Ongoing Operations Adjusted EBITDA1 of$1,444 million . - Raised and narrowed 2024 Ongoing Operations Adjusted EBITDA1 and Ongoing Operations Adjusted FCFbG1 guidance ranges to
$5.0 billion –$5.2 billion and to$2.65 billion –$2.85 billion , respectively, excluding any potential benefit from the nuclear production tax credit (PTC). - Initiated 2025 Ongoing Operations Adjusted EBITDA1 and Ongoing Operations Adjusted FCFbG1 guidance ranges of
$5.5 billion –$6.1 billion and$3.0 billion –$3.6 billion , respectively. - Board authorized an additional
$1.0 billion of share repurchases, which is expected to be utilized by year-end 2026.
"I'm proud of another strong quarter of execution and performance by the
Burke continued, "We were pleased this quarter to announce the pending acquisition of the 15% minority interest in Vistra Vision for a net present value cash purchase price of approximately
Burke concluded, "We continue to see opportunities for both growth and capital return, in line with our four key strategic priorities. We are making progress on our plans to develop up to 2,000 MW of gas-fueled generation capacity as we evaluate the implementation of market reforms and the trajectory of forward prices. Our capital return program continues to deliver value, having returned over
Summary of Financial Results for the Three and Nine Months Ended |
|||||||
(Unaudited) (Millions of Dollars) |
|||||||
|
|||||||
|
Three Months Ended |
|
Nine Months Ended |
||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Net income |
$ 1,837 |
|
$ 502 |
|
$ 2,322 |
|
$ 1,676 |
Ongoing operations net income |
$ 1,855 |
|
$ 519 |
|
$ 2,386 |
|
$ 1,653 |
Ongoing operations Adjusted EBITDA |
$ 1,444 |
|
$ 1,613 |
|
$ 3,671 |
|
$ 3,174 |
|
|
|
|
|
|
|
|
Adjusted EBITDA by Segment |
|
|
|
|
|
|
|
Retail |
$ 102 |
|
$ 173 |
|
$ 863 |
|
$ 642 |
|
$ 722 |
|
$ 950 |
|
$ 1,369 |
|
$ 1,540 |
East |
$ 464 |
|
$ 315 |
|
$ 988 |
|
$ 526 |
West |
$ 76 |
|
$ 87 |
|
$ 194 |
|
$ 196 |
Sunset |
$ 105 |
|
$ 102 |
|
$ 318 |
|
$ 305 |
Corporate and Other |
$ (25) |
|
$ (14) |
|
$ (61) |
|
$ (35) |
Asset Closure |
$ (17) |
|
$ (24) |
|
$ (66) |
|
$ (6) |
|
|
|
|
|
|
|
|
For the quarter ended
Guidance |
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|
||
($ in millions) |
Increased and Narrowed 2024 Guidance Ranges |
Initiated 2025 Guidance Ranges |
Ongoing Operations Adjusted EBITDA |
|
|
Ongoing Operations Adjusted FCFbG |
|
|
|
|
|
As of
Share Repurchase Program
As of
-
Vistra executed~$4.58 billion in share repurchases sinceNovember 2021 . -
Vistra had ~340 million shares outstanding, representing a ~30% reduction of the amount of the shares outstanding onNovember 2, 2021 . -
Vistra's Board of Directors authorized an additional$1.0 billion of share repurchases. As ofNovember 4, 2024 ,~$2.2 billion of the share repurchase authorization remains available, which we expect to complete by year end 2026.
Clean Energy Investments
- Securing two power purchase agreements at new solar facilities, together totaling over 600 MW, with two of the world's leading tech companies – one for 200 MW with Amazon in
Texas and one for 405 MW with Microsoft inIllinois . - Growing its ownership interest in nuclear by entering into an agreement to acquire the entire 15% minority interest in its Vistra Vision subsidiary, which will make
Vistra the sole owner of its highly valuable, carbon-free assets. This acquisition will increase our nuclear ownership by ~970 MW and our solar and energy storage ownership by ~200 MW. - Announcing that the
Nuclear Regulatory Commission (NRC) approved its request to extend Comanche Peak's operating licenses through 2050 for Unit 1 and 2053 for Unit 2, an additional 20 years beyond the original licenses. Additionally,Perry Nuclear Power Plant's application for a 20-year license renewal through 2046 is under review with the NRC and advancing as expected.
Liquidity
As of
Earnings Webcast
About
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. |
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2 Calculated as of |
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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 |
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4 Assuming an interpretation of the definition of "gross receipts" which excludes hedges pending |
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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
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
Any forward-looking statement speaks only at the date on which it is made, and except as may be required by law,
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Millions of Dollars) |
|||||||
|
Three Months Ended |
|
Nine Months Ended |
||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Operating revenues |
$ 6,288 |
|
$ 4,086 |
|
$ 13,187 |
|
$ 11,701 |
Fuel, purchased power costs and delivery fees |
(2,207) |
|
(2,109) |
|
(5,520) |
|
(5,754) |
Operating costs |
(616) |
|
(411) |
|
(1,742) |
|
(1,277) |
Depreciation and amortization |
(466) |
|
(375) |
|
(1,306) |
|
(1,109) |
Selling, general and administrative expenses |
(411) |
|
(357) |
|
(1,137) |
|
(953) |
Impairment of long-lived assets |
— |
|
— |
|
— |
|
(49) |
Operating income |
2,588 |
|
834 |
|
3,482 |
|
2,559 |
Other income |
139 |
|
32 |
|
292 |
|
174 |
Other deductions |
(3) |
|
(3) |
|
(10) |
|
(9) |
Interest expense and related charges |
(332) |
|
(143) |
|
(743) |
|
(450) |
Impacts of Tax Receivable Agreement |
— |
|
(49) |
|
(5) |
|
(128) |
Net income before income taxes |
2,392 |
|
671 |
|
3,016 |
|
2,146 |
Income tax expense |
(555) |
|
(169) |
|
(694) |
|
(470) |
Net income |
$ 1,837 |
|
$ 502 |
|
$ 2,322 |
|
$ 1,676 |
Net (income) loss attributable to noncontrolling interest |
51 |
|
— |
|
(104) |
|
1 |
Net income attributable to |
$ 1,888 |
|
$ 502 |
|
$ 2,218 |
|
$ 1,677 |
Cumulative dividends attributable to preferred stock |
(48) |
|
(37) |
|
(144) |
|
(112) |
Net income attributable to |
$ 1,840 |
|
$ 465 |
|
$ 2,074 |
|
$ 1,565 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Millions of Dollars) |
|||
|
Nine Months Ended |
||
|
2024 |
|
2023 |
Cash flows — operating activities: |
|
|
|
Net income |
$ 2,322 |
|
$ 1,676 |
Adjustments to reconcile net income to cash provided by operating activities: |
|
|
|
Depreciation and amortization |
1,891 |
|
1,442 |
Deferred income tax expense, net |
666 |
|
437 |
Gain on sale of land |
— |
|
(95) |
Impairment of long-lived assets |
— |
|
49 |
Unrealized net gain from mark-to-market valuations of commodities |
(1,725) |
|
(855) |
Unrealized net (gain) loss from mark-to-market valuations of interest rate swaps |
26 |
|
(65) |
Unrealized net gain from nuclear decommissioning trusts |
(133) |
|
— |
Asset retirement obligation accretion expense |
84 |
|
26 |
Impacts of Tax Receivable Agreement |
5 |
|
128 |
Gain on TRA repurchase and tender offers |
(10) |
|
— |
Bad debt expense |
132 |
|
131 |
Stock-based compensation |
76 |
|
63 |
Other, net |
(9) |
|
39 |
Changes in operating assets and liabilities: |
|
|
|
Margin deposits, net |
855 |
|
2,271 |
Accrued interest |
11 |
|
(47) |
Accrued taxes |
(40) |
|
(38) |
Accrued employee incentive |
(78) |
|
(23) |
Other operating assets and liabilities |
(863) |
|
(567) |
Cash provided by operating activities |
3,210 |
|
4,572 |
Cash flows — investing activities: |
|
|
|
Capital expenditures, including nuclear fuel purchases and LTSA prepayments |
(1,648) |
|
(1,262) |
|
(3,065) |
|
— |
Proceeds from sales of nuclear decommissioning trust fund securities |
1,573 |
|
478 |
Investments in nuclear decommissioning trust fund securities |
(1,590) |
|
(495) |
Proceeds from sales of environmental allowances |
147 |
|
59 |
Purchases of environmental allowances |
(511) |
|
(277) |
Proceeds from sale of property, plant and equipment, including nuclear fuel |
137 |
|
111 |
Other, net |
(2) |
|
4 |
Cash used in investing activities |
(4,959) |
|
(1,382) |
Cash flows — financing activities: |
|
|
|
Issuances of long-term debt |
2,200 |
|
1,750 |
Repayments/repurchases of debt |
(2,269) |
|
(21) |
Net borrowings (repayments) under accounts receivable financing |
750 |
|
(425) |
Borrowings under Revolving Credit Facility |
50 |
|
100 |
Repayments under Revolving Credit Facility |
(50) |
|
(350) |
Borrowings under Commodity-Linked Facility |
1,802 |
|
— |
Repayments under Commodity-Linked Facility |
(1,802) |
|
(400) |
Debt issuance costs |
(32) |
|
(29) |
Stock repurchases |
(1,021) |
|
(866) |
Dividends paid to common stockholders |
(230) |
|
(228) |
Dividends paid to preferred stockholders |
(98) |
|
(75) |
Dividends paid to noncontrolling interest in subsidiary |
(15) |
|
— |
TRA Repurchase and tender offer — return of capital |
(122) |
|
— |
Other, net |
(13) |
|
54 |
Cash used in financing activities |
(850) |
|
(490) |
Net change in cash, cash equivalents and restricted cash |
(2,599) |
|
2,700 |
Cash, cash equivalents and restricted cash — beginning balance |
3,539 |
|
525 |
Cash, cash equivalents and restricted cash — ending balance |
$ 940 |
|
$ 3,225 |
|
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NON-GAAP RECONCILIATIONS - ADJUSTED EBITDA |
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FOR THE THREE MONTHS ENDED |
|||||||||||||||||
(Unaudited) (Millions of Dollars) |
|||||||||||||||||
|
|||||||||||||||||
|
Retail |
|
|
|
East |
|
West |
|
Sunset |
|
Eliminations / |
|
Ongoing |
|
Asset |
|
|
Net income (loss) |
$ (1,226) |
|
$ 3,249 |
|
$ 468 |
|
$ 153 |
|
$ 163 |
|
$ (952) |
|
$ 1,855 |
|
$ (18) |
|
$ 1,837 |
Income tax expense |
— |
|
— |
|
— |
|
— |
|
— |
|
555 |
|
555 |
|
— |
|
555 |
Interest expense and related charges (a) |
16 |
|
(11) |
|
(8) |
|
(1) |
|
4 |
|
331 |
|
331 |
|
1 |
|
332 |
Depreciation and amortization (b) |
31 |
|
181 |
|
318 |
|
22 |
|
20 |
|
17 |
|
589 |
|
— |
|
589 |
EBITDA before Adjustments |
(1,179) |
|
3,419 |
|
778 |
|
174 |
|
187 |
|
(49) |
|
3,330 |
|
(17) |
|
3,313 |
Unrealized net (gain) loss resulting from hedging transactions |
1,275 |
|
(2,705) |
|
(239) |
|
(101) |
|
(83) |
|
— |
|
(1,853) |
|
(2) |
|
(1,855) |
Fresh start/purchase accounting impacts |
1 |
|
1 |
|
(4) |
|
— |
|
— |
|
— |
|
(2) |
|
— |
|
(2) |
Non-cash compensation expenses |
— |
|
— |
|
— |
|
— |
|
— |
|
23 |
|
23 |
|
— |
|
23 |
Transition and merger expenses |
— |
|
1 |
|
1 |
|
— |
|
— |
|
23 |
|
25 |
|
— |
|
25 |
Decommissioning-related activities (c) |
— |
|
7 |
|
(73) |
|
— |
|
2 |
|
— |
|
(64) |
|
— |
|
(64) |
ERP system implementation expenses |
1 |
|
1 |
|
— |
|
— |
|
— |
|
— |
|
2 |
|
1 |
|
3 |
Other, net |
4 |
|
(2) |
|
1 |
|
3 |
|
(1) |
|
(22) |
|
(17) |
|
1 |
|
(16) |
Adjusted EBITDA |
$ 102 |
|
$ 722 |
|
$ 464 |
|
$ 76 |
|
$ 105 |
|
$ (25) |
|
$ 1,444 |
|
$ (17) |
|
$ 1,427 |
___________ |
|
(a) |
Includes |
(b) |
Includes nuclear fuel amortization of |
(c) |
Represents net of all NDT income (loss) of the PJM nuclear facilities, ARO accretion expense for operating assets and ARO remeasurement impacts for operating assets. |
|
|
|
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NON-GAAP RECONCILIATIONS - ADJUSTED EBITDA |
|||||||||||||||||
FOR THE NINE MONTHS ENDED |
|||||||||||||||||
(Unaudited) (Millions of Dollars) |
|||||||||||||||||
|
|||||||||||||||||
|
Retail |
|
|
|
East |
|
West |
|
Sunset |
|
Eliminations / |
|
Ongoing |
|
Asset |
|
|
Net income (loss) |
$ 232 |
|
$ 2,327 |
|
$ 693 |
|
$ 430 |
|
$ 296 |
|
$ (1,592) |
|
$ 2,386 |
|
$ (64) |
|
$ 2,322 |
Income tax expense |
— |
|
— |
|
— |
|
— |
|
— |
|
694 |
|
694 |
|
— |
|
694 |
Interest expense and related charges (a) |
38 |
|
(33) |
|
(7) |
|
(1) |
|
3 |
|
740 |
|
740 |
|
3 |
|
743 |
Depreciation and amortization (b) |
85 |
|
498 |
|
820 |
|
64 |
|
58 |
|
50 |
|
1,575 |
|
— |
|
1,575 |
EBITDA before Adjustments |
355 |
|
2,792 |
|
1,506 |
|
493 |
|
357 |
|
(108) |
|
5,395 |
|
(61) |
|
5,334 |
Unrealized net (gain) loss resulting from hedging transactions |
489 |
|
(1,452) |
|
(404) |
|
(308) |
|
(42) |
|
— |
|
(1,717) |
|
(8) |
|
(1,725) |
Purchase accounting impacts |
— |
|
1 |
|
(10) |
|
— |
|
2 |
|
(14) |
|
(21) |
|
— |
|
(21) |
Impacts of Tax Receivable Agreement (c) |
— |
|
— |
|
— |
|
— |
|
— |
|
(5) |
|
(5) |
|
— |
|
(5) |
Non-cash compensation expenses |
— |
|
— |
|
— |
|
— |
|
— |
|
76 |
|
76 |
|
— |
|
76 |
Transition and merger expenses |
2 |
|
1 |
|
7 |
|
— |
|
— |
|
75 |
|
85 |
|
— |
|
85 |
Decommissioning-related activities (d) |
— |
|
17 |
|
(116) |
|
1 |
|
6 |
|
— |
|
(92) |
|
— |
|
(92) |
ERP system implementation expenses |
7 |
|
6 |
|
3 |
|
1 |
|
2 |
|
— |
|
19 |
|
2 |
|
21 |
Other, net |
10 |
|
4 |
|
2 |
|
7 |
|
(7) |
|
(85) |
|
(69) |
|
1 |
|
(68) |
Adjusted EBITDA |
$ 863 |
|
$ 1,369 |
|
$ 988 |
|
$ 194 |
|
$ 318 |
|
$ (61) |
|
$ 3,671 |
|
$ (66) |
|
$ 3,605 |
___________ |
|
(a) |
Includes |
(b) |
Includes nuclear fuel amortization of |
(c) |
Includes |
(d) |
Represents net of all NDT income (loss) of the PJM nuclear facilities, ARO accretion expense for operating assets and ARO remeasurement impacts for operating assets. |
|
|||||||||||||||||
NON-GAAP RECONCILIATIONS - ADJUSTED EBITDA |
|||||||||||||||||
FOR THE THREE MONTHS ENDED |
|||||||||||||||||
(Unaudited) (Millions of Dollars) |
|||||||||||||||||
|
|||||||||||||||||
|
Retail |
|
|
|
East |
|
West |
|
Sunset |
|
Eliminations / |
|
Ongoing |
|
Asset |
|
|
Net income (loss) |
$ 245 |
|
$ 438 |
|
$ 29 |
|
$ 264 |
|
$ (44) |
|
$ (413) |
|
$ 519 |
|
$ (17) |
|
$ 502 |
Income tax expense |
— |
|
— |
|
— |
|
— |
|
— |
|
169 |
|
169 |
|
— |
|
169 |
Interest expense and related charges (a) |
2 |
|
(5) |
|
— |
|
— |
|
— |
|
145 |
|
142 |
|
1 |
|
143 |
Depreciation and amortization (b) |
26 |
|
158 |
|
161 |
|
22 |
|
16 |
|
18 |
|
401 |
|
— |
|
401 |
EBITDA before Adjustments |
273 |
|
591 |
|
190 |
|
286 |
|
(28) |
|
(81) |
|
1,231 |
|
(16) |
|
1,215 |
Unrealized net (gain) loss resulting from hedging transactions |
(97) |
|
356 |
|
125 |
|
(203) |
|
110 |
|
— |
|
291 |
|
(8) |
|
283 |
Impacts of Tax Receivable Agreement |
— |
|
— |
|
— |
|
— |
|
— |
|
49 |
|
49 |
|
— |
|
49 |
Non-cash compensation expenses |
— |
|
— |
|
— |
|
— |
|
— |
|
21 |
|
21 |
|
— |
|
21 |
Transition and merger expenses |
— |
|
— |
|
— |
|
— |
|
— |
|
22 |
|
22 |
|
— |
|
22 |
PJM capacity performance default (c) |
— |
|
— |
|
(3) |
|
— |
|
4 |
|
— |
|
1 |
|
— |
|
1 |
Winter Storm Uri impacts (d) |
(8) |
|
1 |
|
— |
|
— |
|
— |
|
— |
|
(7) |
|
— |
|
(7) |
Other, net |
5 |
|
2 |
|
3 |
|
4 |
|
16 |
|
(25) |
|
5 |
|
— |
|
5 |
Adjusted EBITDA |
$ 173 |
|
$ 950 |
|
$ 315 |
|
$ 87 |
|
$ 102 |
|
$ (14) |
|
$ 1,613 |
|
$ (24) |
|
$ 1,589 |
___________ |
|
(a) |
Includes |
(b) |
Includes nuclear fuel amortization of |
(c) |
Represents change in estimate of anticipated market participant defaults on PJM capacity performance penalties due to extreme magnitude of penalties associated with Winter Storm Elliott. |
(d) |
Includes the application of bill credits to large commercial and industrial customers that curtailed their usage during Winter Storm Uri. |
|
|||||||||||||||||
NON-GAAP RECONCILIATIONS - ADJUSTED EBITDA |
|||||||||||||||||
FOR THE NINE MONTHS ENDED |
|||||||||||||||||
(Unaudited) (Millions of Dollars) |
|||||||||||||||||
|
|||||||||||||||||
|
Retail |
|
|
|
East |
|
West |
|
Sunset |
|
Eliminations / |
|
Ongoing |
|
Asset |
|
|
Net income (loss) |
$ 462 |
|
$ 396 |
|
$ 1,049 |
|
$ 481 |
|
$ 442 |
|
$ (1,177) |
|
$ 1,653 |
|
$ 23 |
|
$ 1,676 |
Income tax expense |
— |
|
— |
|
1 |
|
— |
|
— |
|
469 |
|
470 |
|
— |
|
470 |
Interest expense and related charges (a) |
19 |
|
(15) |
|
— |
|
(8) |
|
2 |
|
448 |
|
446 |
|
4 |
|
450 |
Depreciation and amortization (b) |
78 |
|
458 |
|
488 |
|
56 |
|
45 |
|
52 |
|
1,177 |
|
— |
|
1,177 |
EBITDA before Adjustments |
559 |
|
839 |
|
1,538 |
|
529 |
|
489 |
|
(208) |
|
3,746 |
|
27 |
|
3,773 |
Unrealized net (gain) loss resulting from hedging transactions |
114 |
|
703 |
|
(1,024) |
|
(338) |
|
(278) |
|
— |
|
(823) |
|
(32) |
|
(855) |
Impacts of Tax Receivable Agreement |
— |
|
— |
|
— |
|
— |
|
— |
|
128 |
|
128 |
|
— |
|
128 |
Non-cash compensation expenses |
— |
|
— |
|
— |
|
— |
|
— |
|
63 |
|
63 |
|
— |
|
63 |
Transition and merger expenses |
(2) |
|
1 |
|
— |
|
— |
|
1 |
|
39 |
|
39 |
|
— |
|
39 |
Impairment of long-lived assets |
— |
|
— |
|
— |
|
— |
|
49 |
|
— |
|
49 |
|
— |
|
49 |
PJM capacity performance default impacts (c) |
— |
|
— |
|
3 |
|
— |
|
6 |
|
— |
|
9 |
|
— |
|
9 |
Winter Storm Uri impacts (d) |
(46) |
|
2 |
|
— |
|
— |
|
— |
|
— |
|
(44) |
|
— |
|
(44) |
Other, net |
17 |
|
(5) |
|
9 |
|
5 |
|
38 |
|
(57) |
|
7 |
|
(1) |
|
6 |
Adjusted EBITDA |
$ 642 |
|
$ 1,540 |
|
$ 526 |
|
$ 196 |
|
$ 305 |
|
$ (35) |
|
$ 3,174 |
|
$ (6) |
|
$ 3,168 |
___________ |
|
(a) |
Includes |
(b) |
Includes nuclear fuel amortization of |
(c) |
Represents estimate of anticipated market participant defaults or settlements on initial PJM capacity performance penalties due to extreme magnitude of penalties associated with Winter Storm Elliott. |
(d) |
Adjusted EBITDA impacts of Winter Storm Uri reflects the application of bill credits to large commercial and industrial customers that curtailed their usage during Winter Storm Uri and a reduction in the allocation of |
|
|
|
|||||||||||
(Unaudited) (Millions of Dollars) |
|||||||||||
|
|||||||||||
|
Ongoing Operations |
|
Asset Closure |
|
Consolidated |
||||||
|
Low |
|
High |
|
Low |
|
High |
|
Low |
|
High |
Net income (loss) |
$ 2,750 |
|
|
|
$ (80) |
|
$ (80) |
|
$ 2,670 |
|
$ 2,830 |
Income tax expense |
740 |
|
780 |
|
— |
|
— |
|
740 |
|
780 |
Interest expense and related charges (a) |
980 |
|
980 |
|
— |
|
— |
|
980 |
|
980 |
Depreciation and amortization (b) |
2,160 |
|
2,160 |
|
— |
|
— |
|
2,160 |
|
2,160 |
EBITDA before Adjustments |
$ 6,630 |
|
|
|
$ (80) |
|
$ (80) |
|
$ 6,550 |
|
$ 6,750 |
Unrealized net (gain) loss resulting from hedging transactions |
(1,663) |
|
(1,663) |
|
(9) |
|
(9) |
|
(1,672) |
|
(1,672) |
Fresh start/purchase accounting impacts |
(27) |
|
(27) |
|
— |
|
— |
|
(27) |
|
(27) |
Non-cash compensation expenses |
101 |
|
101 |
|
— |
|
— |
|
101 |
|
101 |
Transition and merger expenses |
117 |
|
117 |
|
— |
|
— |
|
117 |
|
117 |
Decommissioning-related activities (c) |
(83) |
|
(83) |
|
— |
|
— |
|
(83) |
|
(83) |
ERP system implementation expenses |
31 |
|
31 |
|
— |
|
— |
|
31 |
|
31 |
Interest income |
(73) |
|
(73) |
|
— |
|
— |
|
(73) |
|
(73) |
Other, net |
(33) |
|
(33) |
|
4 |
|
4 |
|
(29) |
|
(29) |
Adjusted EBITDA guidance |
$ 5,000 |
|
|
|
$ (85) |
|
$ (85) |
|
$ 4,915 |
|
$ 5,115 |
___________ |
|
1 Regulation G Table 2024 Guidance prepared as of |
|
(a) |
Includes unrealized (gain) / loss on interest rate swaps of |
(b) |
Includes nuclear fuel amortization of |
(c) |
Represents net of all NDT income (loss) of the PJM nuclear facilities, ARO accretion expense for operating assets and ARO remeasurement impacts for operating assets. |
|
|||||||||||
(Unaudited) (Millions of Dollars) |
|||||||||||
|
|||||||||||
|
Ongoing Operations |
|
Asset Closure |
|
Consolidated |
||||||
|
Low |
|
High |
|
Low |
|
High |
|
Low |
|
High |
Cash provided by (used in) operating activities |
$ 4,311 |
|
$ 4,511 |
|
$ (146) |
|
$ (146) |
|
$ 4,165 |
|
$ 4,365 |
Capital expenditures including nuclear fuel purchases and LTSA prepayments |
(1,206) |
|
(1,206) |
|
— |
|
— |
|
(1,206) |
|
(1,206) |
Solar and storage development expenditures |
(707) |
|
(707) |
|
— |
|
— |
|
(707) |
|
(707) |
Other growth expenditures |
(165) |
|
(165) |
|
— |
|
— |
|
(165) |
|
(165) |
Acquisitions |
(3,065) |
|
(3,065) |
|
— |
|
— |
|
(3,065) |
|
(3,065) |
(Purchase)/sale of environmental allowances |
(701) |
|
(701) |
|
— |
|
— |
|
(701) |
|
(701) |
Sale of transferable investment tax credits |
160 |
|
160 |
|
— |
|
— |
|
160 |
|
160 |
Other net investing activities |
(22) |
|
(22) |
|
— |
|
— |
|
(22) |
|
(22) |
Free cash flow |
|
|
$ (1,195) |
|
$ (146) |
|
$ (146) |
|
|
|
$ (1,341) |
Working capital and margin deposits |
(508) |
|
(508) |
|
— |
|
— |
|
(508) |
|
(508) |
Solar and storage development expenditures |
707 |
|
707 |
|
— |
|
— |
|
707 |
|
707 |
Other growth expenditures |
165 |
|
165 |
|
— |
|
— |
|
165 |
|
165 |
Acquisitions |
3,065 |
|
3,065 |
|
— |
|
— |
|
3,065 |
|
3,065 |
Accrued environmental allowances |
(327) |
|
(327) |
|
— |
|
— |
|
(327) |
|
(327) |
Purchase/(sale) of environmental allowances |
701 |
|
701 |
|
— |
|
— |
|
701 |
|
701 |
Transition and merger expenses |
193 |
|
193 |
|
1 |
|
1 |
|
194 |
|
194 |
ERP implementation expenditures |
49 |
|
49 |
|
— |
|
— |
|
49 |
|
49 |
Adjusted free cash flow before growth guidance |
$ 2,650 |
|
$ 2,850 |
|
$ (145) |
|
$ (145) |
|
$ 2,505 |
|
$ 2,705 |
___________ |
1 Regulation G Table 2024 Guidance prepared as of |
|
|||||||||||
(Unaudited) (Millions of Dollars) |
|||||||||||
|
|||||||||||
|
Ongoing Operations |
|
Asset Closure |
|
Consolidated |
||||||
|
Low |
|
High |
|
Low |
|
High |
|
Low |
|
High |
Net income (loss) |
$ 2,310 |
|
|
|
$ (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 |
|
|
|
$ (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-related 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 |
|
|
|
$ (90) |
|
$ (90) |
|
$ 5,410 |
|
$ 6,010 |
___________ |
|
1 Regulation G Table 2025 Guidance prepared as of |
|
(a) |
Includes |
(b) |
Includes nuclear fuel amortization of |
(c) |
Represents net of all NDT income (loss) of the PJM nuclear facilities, ARO accretion expense for operating assets and ARO remeasurement impacts for operating assets. |
|
|||||||||||
(Unaudited) (Millions of Dollars) |
|||||||||||
|
|||||||||||
|
Ongoing Operations |
|
Asset Closure |
|
Consolidated |
||||||
|
Low |
|
High |
|
Low |
|
High |
|
Low |
|
High |
Cash provided by (used in) operating activities |
$ 4,630 |
|
|
|
$ (190) |
|
$ (190) |
|
$ 4,440 |
|
$ 5,040 |
Capital expenditures including nuclear fuel purchases and LTSA prepayments |
(1,221) |
|
(1,221) |
|
— |
|
— |
|
(1,221) |
|
(1,221) |
Solar and storage development expenditures |
(736) |
|
(736) |
|
— |
|
— |
|
(736) |
|
(736) |
Other growth expenditures |
(318) |
|
(318) |
|
— |
|
— |
|
(318) |
|
(318) |
(Purchase)/sale of environmental allowances |
15 |
|
15 |
|
— |
|
— |
|
15 |
|
15 |
Other net investing activities |
(20) |
|
(20) |
|
— |
|
— |
|
(20) |
|
(20) |
Free cash flow |
$ 2,350 |
|
|
|
$ (190) |
|
$ (190) |
|
$ 2,160 |
|
$ 2,760 |
Working capital and margin deposits |
(74) |
|
(74) |
|
— |
|
— |
|
(74) |
|
(74) |
Solar and storage development expenditures |
736 |
|
736 |
|
— |
|
— |
|
736 |
|
736 |
Other growth expenditures |
318 |
|
318 |
|
— |
|
— |
|
318 |
|
318 |
Accrued environmental allowances |
(521) |
|
(521) |
|
— |
|
— |
|
(521) |
|
(521) |
Purchase/(sale) of environmental allowances |
(15) |
|
(15) |
|
— |
|
— |
|
(15) |
|
(15) |
Transition and merger expenses |
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 |
|
|
|
$ (190) |
|
$ (190) |
|
$ 2,810 |
|
$ 3,410 |
___________ |
1 Regulation G Table 2025 Guidance prepared as of |
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