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Vistra Energy Corp. (VST) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2019

Vistra Energy Corp.

CIK: 1692819 Ticker: VST

Exhibit 99.1

 

 

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Vistra Energy Reports 2019 Results

Above Guidance Midpoint for the Fourth Year in a

Row and Reaffirms 2020 Guidance

IRVING, Texas Feb. 28, 2020 — Vistra Energy Corp. (NYSE: VST):

Financial Highlights

 

   

Delivered 2019 Ongoing Operations Adjusted EBITDA1 of $3,393 million and Net Income from Ongoing Operations of $1,035 million, representing the fourth year in a row Vistra’s financial results have come in above the midpoint of Vistra’s guidance.

 

   

Delivered 2019 Ongoing Operations Adjusted Free Cash Flow before Growth (FCFbG)1 of $2,437 million and Operating Cash Flow from Ongoing Operations of $2,736 million—results that are $187 million above the guidance midpoint and $137 million above the high-end of the increased guidance range as a result of higher EBITDA, capital expenditure discipline, and the early receipt of $93 million of alternative minimum tax credit refunds that were anticipated in 2020; results reflect a free cash flow conversion ratio of nearly 72 percent.

 

   

Reaffirmed 2020 Ongoing Operations Adjusted EBITDA and Ongoing Operations Adjusted FCFbG guidance ranges of $3.285 to $3.585 billion and $2.16 to $2.46 billion1, respectively.

 

   

Achieved $565 million of the projected $715 million of Dynegy merger synergy and Operations Performance Initiative EBITDA value lever targets by year-end 2019; the $715 million target is an increase of more than 100% from the $350 million per year of EBITDA value lever targets announced in October of 2017. Vistra expects to realize and achieve the EBITDA value lever targets as follows:

 

     Realized in Year      Achieved by YE  

2019

   $ 490      $ 565  

2020

   $ 590      $ 665  

2021

   $ 685      $ 715  

Capital Allocation Highlights

 

   

Executed approximately $1.418 billion of the previously authorized $1.75 billion share repurchase program as of Feb. 24, 2020, resulting in net shares outstanding of approximately 487.7 million as of the same date.

 

   

Paid quarterly dividend of $0.125 per share on Dec. 30, 2019 to shareholders of record as of Dec. 16, 2019, or $0.50 per share on an annualized basis.

 

   

Announced an 8% increase to the annual dividend program, an expected $0.54 per share on an annual basis; initial quarterly dividend of $0.135 per share to be paid on March 31, 2020 to shareholders of record as of March 17, 2020.

 

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The following information was filed by Vistra Energy Corp. (VST) on Friday, February 28, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets Consolidated Balance Sheets (Parenthetical)
Consolidated Statement Of Changes In Equity
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical)
Consolidated Statements Of Operations
Accounts Receivable Securitization Program (Notes)
Accounts Receivable Securitization Program Accounts Receivable Securitization Program (Details)
Acquisition And Development Of Generation Facilities (Battery Energy Storage Projects) (Details)
Acquisition And Development Of Generation Facilities (Notes)
Acquisition And Development Of Generation Facilities (Odessa Acquisition) (Details)
Acquisition And Development Of Generation Facilities (Solar Development Project) (Details)
Acquisitions, Merger Transaction And Business Combination Accounting (Ambit And Crius Transactions Narrative) (Details)
Acquisitions, Merger Transaction And Business Combination Accounting (Ambit And Crius Transactions Preliminary Purchase Price Allocation) (Details)
Acquisitions, Merger Transaction And Business Combination Accounting (Ambit And Crius Transactions Unaudited Pro Forma Financial Information) (Details)
Acquisitions, Merger Transaction And Business Combination Accounting (Dynegy Merger Business Combination Narrative) (Details)
Acquisitions, Merger Transaction And Business Combination Accounting (Dynegy Merger Transaction) (Details)
Acquisitions, Merger Transaction And Business Combination Accounting (Dynegy Merger Unaudited Pro Forma Financial Information) (Details)
Acquisitions, Merger Transaction And Business Combination Accounting (Dynergy Merger Purchase Price Allocation) (Details)
Acquisitions, Merger Transaction And Business Combination Accounting (Notes)
Acquisitions, Merger Transaction And Business Combination Accounting (Tables)
Business And Significant Accounting Policies
Business And Significant Accounting Policies (Adoption Of New Accounting Standards) (Details)
Business And Significant Accounting Policies (Narrative) (Details)
Business And Significant Accounting Policies (Policies)
Business And Significant Accounting Policies (Tables) (Tables)
Commitments And Contingencies
Commitments And Contingencies (Contractual Commitments) (Details)
Commitments And Contingencies (Guarantees, Letters Of Credit And Surety Bonds) (Details)
Commitments And Contingencies (Litigation, Regulatory And Environmental Proceedings) (Details)
Commitments And Contingencies (Nuclear Insurance) (Details)
Commitments And Contingencies (Tables)
Commodity And Other Derivative Contractual Assets And Liabilities
Commodity And Other Derivative Contractual Assets And Liabilities (Concentrations Of Credit Risk Related To Derivatives) (Details)
Commodity And Other Derivative Contractual Assets And Liabilities (Credit Risk-Related Contingent Features Of Derivatives) (Details)
Commodity And Other Derivative Contractual Assets And Liabilities (Derivative (Income Statement Presentation) And Derivative Type (Income Statement Presentation Of Loss Reclassified From Accumulated Oci Into Income)) (Details)
Commodity And Other Derivative Contractual Assets And Liabilities (Derivative Assets And Liabilities From Balance Sheet To Net Amounts After Consideration Netting Arrangements With Counterparties And Financial Collateral) (Details)
Commodity And Other Derivative Contractual Assets And Liabilities (Derivative Volumes) (Details)
Commodity And Other Derivative Contractual Assets And Liabilities (Financial Statement Effects Of Derivatives) (Details)
Commodity And Other Derivative Contractual Assets And Liabilities (Tables)
Earnings Per Share (Details)
Earnings Per Share (Notes)
Earnings Per Share (Tables)
Equity
Equity (Dividends And Dividend Restrictions) (Details)
Equity (Equity Issuances And Repurchases) (Details)
Equity (Other Equity) (Details)
Equity (Share Repurchase Program) (Details)
Equity (Tables)
Fair Value Measurements
Fair Value Measurements (Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details)
Fair Value Measurements (Schedule Of Changes In Fair Value Of The Level 3 Assets And Liabilities (All Related To Commodity Contracts)) (Details)
Fair Value Measurements (Schedule Of Fair Value Of The Level 3 Assets And Liabilities By Major Contract Type (All Related To Commodity Contracts) And The Significant Unobservable Inputs Used In The Valuations) (Details)
Fair Value Measurements (Tables)
Goodwill And Identifiable Intangible Assets And Liabilities (Amortization Expense Related To Identifiable Intangible Assets) (Details)
Goodwill And Identifiable Intangible Assets And Liabilities (Estimated Amortization Of Identifiable Intangible Assets And Liabilities) (Details)
Goodwill And Identifiable Intangible Assets And Liabilities (Goodwill) (Details)
Goodwill And Identifiable Intangible Assets And Liabilities (Identifiable Intangible Assets Reported In The Balance Sheet) (Details)
Goodwill And Identifiable Intangible Assets And Liabilities (Identifiable Intangible Liabilities Reported In Balance Sheet) (Details)
Goodwill And Identifiable Intangible Assets And Liabilities (Notes)
Goodwill And Identifiable Intangible Assets And Liabilities (Tables)
Income Taxes
Income Taxes (Deferred Income Tax Balances) (Details)
Income Taxes (Income Tax Expense (Benefit)) (Details)
Income Taxes (Income Tax Narrative) (Details)
Income Taxes (Liability For Uncertain Tax Positions) (Details)
Income Taxes (Reconciliation Of Income Taxes Computed At The U.S. Federal Statutory Rate To Income Tax Expense (Benefit) Recorded (Details)
Income Taxes (Tables)
Leases
Leases (Balance Sheet Information) (Details)
Leases (Cash Flow And Other Information) (Details)
Leases (Lease Cost) (Details)
Leases (Maturity Of Lease Liabilities) (Details)
Leases (Narrative) (Details)
Leases (Tables)
Leases (Weighted Average Remaining Lease Term) (Details)
Long-Term Debt
Long-Term Debt (Alternative Letter Of Credit Facility) (Details)
Long-Term Debt (Interest Rate Swaps) (Details)
Long-Term Debt (Long-Term Debt) (Details)
Long-Term Debt (Maturities) (Details)
Long-Term Debt (Other Long-Term Debt) (Details)
Long-Term Debt (Tables)
Long-Term Debt (Vistra Energy Senior Unsecured Notes) (Details)
Long-Term Debt (Vistra Operations Credit Facilities) (Details)
Long-Term Debt (Vistra Operations Senior Secured Notes) (Details)
Long-Term Debt (Vistra Operations Senior Unsecured Notes) (Details)
Pension And Other Postretirement Employee Benefits (Opeb) Plans
Pension And Other Postretirement Employee Benefits (Opeb) Plans (Assumed Health Care Cost Trend Rates) (Details)
Pension And Other Postretirement Employee Benefits (Opeb) Plans (Detailed Information Regarding Pension And Other Postretirement Benefits) (Details)
Pension And Other Postretirement Employee Benefits (Opeb) Plans (Expected Long-Term Rate Of Return On Assets Assumption) (Details)
Pension And Other Postretirement Employee Benefits (Opeb) Plans (Fair Value Of Pension Plan Assets) (Details)
Pension And Other Postretirement Employee Benefits (Opeb) Plans (Future Benefit Payments) (Details)
Pension And Other Postretirement Employee Benefits (Opeb) Plans (Narrative) (Details)
Pension And Other Postretirement Employee Benefits (Opeb) Plans (Pension And Opeb Costs Recognized As Expense) (Details)
Pension And Other Postretirement Employee Benefits (Opeb) Plans (Projected Benefit Obligation (Pbo) And Accumulated Benefit Obligation (Abo) In Excess Of The Fair Value Of Plan Assets) (Details)
Pension And Other Postretirement Employee Benefits (Opeb) Plans (Qualified Savings Plan) (Details)
Pension And Other Postretirement Employee Benefits (Opeb) Plans (Tables)
Pension And Other Postretirement Employee Benefits (Opeb) Plans (Target Asset Allocation Ranges Of Pension Plan Investments By Asset Category) (Details)
Related Party Transactions
Related Party Transactions (Narrrative) (Details)
Retirement Of Generation Facilities (Notes)
Retirement Of Generation Facilities (Retirement Of Generation Facilities - Ercot) (Details)
Retirement Of Generation Facilities (Retirement Of Generation Facilities - Miso) (Details)
Retirement Of Generation Facilities (Retirement Of Generation Facilities - Pjm) (Details)
Retirement Of Generation Facilities (Tables)
Revenue (Accounts Receivable) (Details)
Revenue (Contract And Other Customer Acquisition Costs) (Details)
Revenue (Notes)
Revenue (Performance Obligations) (Details)
Revenue (Revenue Disaggregated By Major Source) (Details)
Revenue (Tables)
Segment Information
Segment Information (Details)
Segment Information (Tables)
Stock-Based Compensation (Notes)
Stock-Based Compensation (Share-Based Compensation Arrangement Assumed In Merger) (Details)
Stock-Based Compensation (Stock-Based Compensation Expense) (Details)
Stock-Based Compensation (Summary Of Restrict Stock Unit Activity) (Details)
Stock-Based Compensation (Summary Of Stock Options Activity) (Details)
Stock-Based Compensation (Tables)
Stock-Based Compensation (Vistra Energy 2016 Omnibus Incentive Plan) (Details)
Supplemental Condensed Consolidating Financial Information (Condensed Consolidating Balance Sheets) (Details)
Supplemental Condensed Consolidating Financial Information (Condensed Consolidating Statements Of Cash Flows) (Details)
Supplemental Condensed Consolidating Financial Information (Condensed Consolidating Statements Of Comprehensive Income (Loss)) (Details)
Supplemental Condensed Consolidating Financial Information (Condensed Consolidating Statements Of Operations) (Details)
Supplemental Condensed Consolidating Financial Information (Narrative) (Details)
Supplemental Condensed Consolidating Financial Information (Tables)
Supplemental Condensed Consolidating Financial Information Supplemental Condensed Consolidating Financial Information (Notes)
Supplementary Financial Information
Supplementary Financial Information (Asset Retirement And Mining Reclamation Obligations) (Details)
Supplementary Financial Information (Fair Value Of Debt) (Details)
Supplementary Financial Information (Interest Expense And Related Charges) (Details)
Supplementary Financial Information (Inventories By Major Category And Other Investments) (Details)
Supplementary Financial Information (Investment In Unconsolidated Subsidiaries) (Details)
Supplementary Financial Information (Nuclear Decommissioning Trust) (Details)
Supplementary Financial Information (Other Income And Deductions) (Details)
Supplementary Financial Information (Other Noncurrent Liabilities And Deferred Credits) (Details)
Supplementary Financial Information (Pre-Petition Claims) (Details)
Supplementary Financial Information (Property, Plant And Equipment) (Details)
Supplementary Financial Information (Restricted Cash) (Details)
Supplementary Financial Information (Supplemental Cash Flow Information) (Details)
Supplementary Financial Information (Tables)
Supplementary Financial Information (Trade Accounts Receivable And Allowance For Doubtful Accounts) (Details)
Supplementary Financial Information (Unaudited) (Quarterly Financial Information) (Details)
Tax Receivable Agreement Obligation (Narrative) (Details)
Tax Receivable Agreement Obligation (Notes)
Tax Receivable Agreement Obligation (Summary Of Tax Receivables Agreement Obligation) (Details)
Tax Receivable Agreement Obligation (Tables)
Ticker: VST
CIK: 1692819
Form Type: 10-K Annual Report
Accession Number: 0001692819-20-000005
Submitted to the SEC: Fri Feb 28 2020 9:15:45 AM EST
Accepted by the SEC: Fri Feb 28 2020
Period: Tuesday, December 31, 2019
Industry: Electric Services

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