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Vistra Corp. (VST) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

Vistra Energy Corp.

CIK: 1692819 Ticker: VST

Exhibit 99.1

 

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Vistra Reports Second Quarter 2020 Results Above Expectations; 2020 Tracking Above Midpoint of Guidance

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

Financial Highlights

 

   

Delivered second quarter 2020 Net Income of $164 million and Net Income from Ongoing Operations1 of $178 million. Second quarter 2020 Ongoing Operations Adjusted EBITDA1 was $929 million—results above expectations for the quarter.

 

   

Reaffirmed 2020 Ongoing Operations Adjusted EBITDA1 and Ongoing Operations Adjusted Free Cash Flow before Growth1,2 (FCFbG) guidance ranges of $3,285 to $3,585 million and $2,160 to $2,460 million, respectively, an expected EBITDA to free cash flow conversion of approximately 67%. Full-year 2020 Ongoing Operations Adjusted EBITDA and Ongoing Operations FCFbG currently tracking above the midpoint of the guidance range.

 

   

Paid a quarterly dividend of $0.135 per share on June 30, 2020, to shareholders of record as of June 16, 2020, or $0.54 per share on an annualized basis.

 

   

Projected to achieve nearly $700 million of the ~$760 million of identified Dynegy, Crius Energy (Crius), and Ambit Energy (Ambit) transaction 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  

 

   

Projected to achieve after-tax annual free cash flow savings from the Dynegy merger of $300 million and $320 million by year-end 2020 and 2021, respectively, predominantly from interest expense savings, in addition to the net present value of tax benefits from the merger of approximately $900 million.

ESG Highlights

 

   

Continued investment in new carbon-free technologies with the announcement of the expansion of both of the company’s battery energy storage projects in California. Phase II of the current battery energy storage project at the Moss Landing Power Plant will add an additional 100 MW/400 MWh, with Phase II commercial operations expected to begin prior to August 2021. Additionally, the capacity of the company’s


The following information was filed by Vistra Energy Corp. (VST) on Wednesday, August 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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Vistra Energy Corp.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income (Loss)
Condensed Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical)
Condensed Consolidated Statements Of Income (Loss)
Accounts Receivable Securitization Program (Details)
Accounts Receivable Securitization Program (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 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)
Development Of Generation Facilities (Battery Energy Storage Projects) (Details)
Development Of Generation Facilities (Notes)
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 Operations Credit Facilities) (Details)
Long-Term Debt (Vistra Operations Senior Secured Notes) (Details)
Long-Term Debt (Vistra Operations Senior Unsecured Notes) (Details)
Long-Term Debt (Vistra 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: 0001692819-20-000015
Submitted to the SEC: Wed Aug 05 2020 7:55:34 AM EST
Accepted by the SEC: Wed Aug 05 2020
Period: Tuesday, June 30, 2020
Industry: Electric Services

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