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Vistra Energy Corp. (VST) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

SEC Filings

VST Quarterly Reports

Vistra Energy Corp.

CIK: 1692819 Ticker: VST

Exhibit 99.1

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Vistra Reports First Quarter 2020 Results

Above Expectations and Reaffirms 2020 Guidance

IRVING, Texas May 5, 2020 — Vistra (NYSE: VST):

Financial Highlights

 

   

Delivered first quarter 2020 Ongoing Operations Adjusted EBITDA1 of $850 million and Net Income from Ongoing Operations1 of $62 million—results above consensus and management expectations for the quarter. Ongoing Operations Adjusted EBITDA1 results were $26 million2 better than first quarter 2019 primarily driven by the acquisitions of Ambit Energy and Crius Energy.

 

   

Reaffirmed 2020 Ongoing Operations Adjusted EBITDA and Ongoing Operations Adjusted FCFbG guidance ranges of $3,285 to $3,585 million1 and $2,160 to $2,460 million,1,3 respectively.

 

   

Vistra expects its integrated business model to continue to demonstrate its strength and relative stability in 2020.

 

   

Vistra’s guidance reaffirmation reflects its meaningful hedge position (Vistra is approximately 99% hedged for the balance of the year) and its attractive retail customer mix (Vistra derives approximately 90% of its Retail segment Adjusted EBITDA from the residential and mass business customer classes), thereby minimizing the current and potential negative impacts of COVID-19 including lower business demand for electricity, lower power prices and volumes in 2020 reflecting this decreased demand, and anticipated increased bad debt in the Retail segment.

 

   

Paid a quarterly dividend of $0.135 per share on March 31, 2020, to shareholders of record as of March 17, 2020, and announced the second quarter dividend of $0.135 per share payable on June 30, 2020, to shareholders of record as of June 16, 2020, or $0.54 per share on an annualized basis. This dividend represents an 8% increase from the company’s quarterly common stock dividend paid in 2019.

 

   

Announced it is on track to achieve nearly $700 million of the projected ~$760 million of Dynegy, Crius, and Ambit merger synergies and Operations Performance Initiative (OPI) EBITDA value lever targets by year-end 2020. Vistra expects to realize and achieve the EBITDA value lever targets as follows:

 

     Realized in Year      Achieved by YE  

2020

   $ 622      $ 697  

2021

   $ 726      $ 756  

 

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The following information was filed by Vistra Energy Corp. (VST) on Tuesday, May 5, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Assess how Vistra Energy Corp.'s management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
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Vistra Energy Corp.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

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  • Executive Team
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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets
Condensed Statements Of Consolidated Cash Flows
Condensed Statements Of Consolidated Comprehensive Income (Loss)
Condensed Statements Of Consolidated Comprehensive Income (Loss) (Parenthetical)
Condensed Statements Of Consolidated Income (Loss)
Accounts Receivable Securitization Program (Details)
Accounts Receivable Securitization Program (Notes)
Acquisition And Development Of Generation Facilities (Battery Energy Storage Projects) (Details)
Acquisition And Development Of Generation Facilities (Notes)
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 (Dynegy Merger Transaction) (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 (Narrative) (Details)
Business And Significant Accounting Policies (Policies)
Commitment And Contingencies (Guarantees, Letters Of Credit And Surety Bonds) (Details)
Commitments And Contingencies (Litigation, Regulatory And Environmental Proceedings) (Details)
Commitments And Contingencies (Notes)
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 (Notes)
Commodity And Other Derivative Contractual Assets And Liabilities (Tables)
Earnings Per Share (Earnings Per Share) (Details)
Earnings Per Share (Notes)
Earnings Per Share (Tables)
Equity (Changes To Equity) (Details)
Equity (Narrative) (Details)
Equity (Notes)
Equity (Tables)
Fair Value Measurements (Notes)
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 And Liabilities) (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 And Liabilities Reported In The Balance Sheet) (Details)
Goodwill And Identifiable Intangible Assets And Liabilities (Notes)
Goodwill And Identifiable Intangible Assets And Liabilities (Tables)
Income Taxes (Calculation Of Effective Tax Rate) (Details)
Income Taxes (Cares Act) (Details)
Income Taxes (Notes)
Income Taxes (Tables)
Income Taxes (Uncertain Tax Positions) (Details)
Long-Term Debt (Interest Rate Swaps) (Details)
Long-Term Debt (Long-Term Debt) (Details)
Long-Term Debt (Maturities) (Details)
Long-Term Debt (Notes)
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 Unsecured Notes) (Details)
Related Party Transactions (Narrrative) (Details)
Related Party Transactions (Notes)
Retirement Of Generation Facilities (Notes)
Retirement Of Generation Facilities (Retirement Of Generation Facilities) (Details)
Retirement Of Generation Facilities (Tables)
Revenue (Accounts Receivable) (Details)
Revenue (Notes)
Revenue (Performance Obligations) (Details)
Revenue (Revenue Disaggregated By Major Source) (Details)
Revenue (Tables)
Segment Information (Notes)
Segment Information (Segment Information) (Details)
Segment Information (Tables)
Supplementary Financial Information (Asset Retirement And Mining Reclamation Obligations) (Details)
Supplementary Financial Information (Components Of Net Benefit Cost) (Details)
Supplementary Financial Information (Fair Value Of Debt) (Details)
Supplementary Financial Information (Impairment Of Long-Lived Assets) (Details)
Supplementary Financial Information (Interest Expense And Related Charges) (Details)
Supplementary Financial Information (Inventories By Major Category And Other Investments) (Details)
Supplementary Financial Information (Investments In Unconsolidated Subsiaries) (Details)
Supplementary Financial Information (Notes)
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 (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)
Tax Receivable Agreement Obligation (Narrative) (Details)
Tax Receivable Agreement Obligation (Notes)
Tax Receivable Agreement Obligation (Summary Of Tax Receivable Agreement Obligation) (Details)
Tax Receivable Agreement Obligation (Tables)
Ticker: VST
CIK: 1692819
Form Type: 10-Q Quarterly Report
Accession Number: 0001692819-20-000010
Submitted to the SEC: Tue May 05 2020 7:59:22 AM EST
Accepted by the SEC: Tue May 05 2020
Period: Tuesday, March 31, 2020
Industry: Electric Services

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