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

Vistra Energy Corp.

CIK: 1692819 Ticker: VST

Exhibit 99.1

 

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Vistra Reports Third Quarter 2020 Results Above Expectations and Reaffirms 2020 and 2021 Guidance

IRVING, Texas Nov. 4, 2020 — Vistra (NYSE: VST):

Financial Highlights

 

   

Delivered third quarter 2020 Net Income of $442 million and Net Income from Ongoing Operations1 of $502 million. Third quarter 2020 Ongoing Operations Adjusted EBITDA1 was $1,185 million—results above expectations for the quarter.

 

   

Reaffirmed 2020 Ongoing Operations Adjusted EBITDA1 and Ongoing Operations Adjusted Free Cash Flow before Growth1 (FCFbG) guidance ranges, as raised and narrowed on Sept. 29, of $3,485 to $3,685 million and $2,375 to $2,575 million, respectively, an expected Adjusted EBITDA to Adjusted FCFbG conversion of ~69%. Full-year 2020 Ongoing Operations Adjusted EBITDA and Ongoing Operations Adjusted FCFbG currently tracking above raised guidance midpoints despite pandemic tail event.

 

   

Reaffirmed 2021 Ongoing Operations Adjusted EBITDA1 and Ongoing Operations Adjusted FCFbG1 guidance ranges, initiated on Sept. 29, of $3,075 to $3,475 million and $1,765 to $2,165 million, respectively, an expected Adjusted EBITDA to Adjusted FCFbG conversion of ~60%.

 

   

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

 

   

Announced a long-term capital allocation plan, with expectation to return ~$2.7 billion to its financial stakeholders over the next two years through debt repayment, dividends, and share repurchases, while simultaneously reinvesting to transition its generation portfolio. Currently one notch below investment grade credit ratings and on positive outlook with all three rating agencies, supporting potential for upgrades to investment grade in 2021.

 

($ in millions, other than per share)

   2021    2022

Debt Reduction

   ~$550

Enhanced Dividend2

   $0.58/share    $0.76/share

Share Repurchases

   Up to $1,500

Transformation Growth

   ~$650    ~$500


The following information was filed by Vistra Energy Corp. (VST) on Wednesday, November 4, 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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Inside Vistra Energy Corp.'s 10-Q Quarterly Report:

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 Operations
Accounts Receivable Financing
Accounts Receivable Financing (Details)
Acquisitions, Merger Transaction And Business Combination Accounting
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 (Crius Transaction Unaudited Pro Forma Financial Information) (Details)
Acquisitions, Merger Transaction And Business Combination Accounting (Dynegy Merger Transaction) (Details)
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
Commitments And Contingencies (Litigation, Regulatory And Environmental Proceedings) (Details)
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)
Development Of Generation Facilities
Development Of Generation Facilities (Tables)
Development Of Generation Facilities (Texas Segment Solar Generation And Energy Storage Projects) (Details)
Development Of Generation Facilities (West Segment Energy Storage Projects) (Details)
Earnings Per Share
Earnings Per Share (Earnings Per Share) (Details)
Earnings Per Share (Tables)
Equity
Equity (Changes To Equity) (Details)
Equity (Narrative) (Details)
Equity (Tables)
Fair Value Measurements
Fair Value Measurements (Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details)
Fair Value Measurements (Changes In Fair Value Of The Level 3 Assets And Liabilities (All Related To Commodity Contracts)) (Details)
Fair Value Measurements (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
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 (Tables)
Income Taxes
Income Taxes (Calculation Of Effective Tax Rate) (Details)
Income Taxes (Cares Act) (Details)
Income Taxes (Tables)
Income Taxes (Uncertain Tax Positions) (Details)
Long-Term Debt
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 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
Related Party Transactions (Narrrative) (Details)
Retirement Of Generation Facilities
Retirement Of Generation Facilities (2019 Announcements) (Details)
Retirement Of Generation Facilities (2020 Announcements) (Details)
Retirement Of Generation Facilities (Tables)
Revenue
Revenue (Accounts Receivable) (Details)
Revenue (Performance Obligations) (Details)
Revenue (Revenue Disaggregated By Major Source) (Details)
Revenue (Tables)
Segment Information
Segment Information (Segment Information) (Details)
Segment Information (Tables)
Supplementary Financial Information
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 (Leases) (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 (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
Tax Receivable Agreement Obligation (Narrative) (Details)
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: 0001692819-20-000019
Submitted to the SEC: Wed Nov 04 2020 7:46:43 AM EST
Accepted by the SEC: Wed Nov 04 2020
Period: Wednesday, September 30, 2020
Industry: Electric Services

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