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Vistra Corp. (VST) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

SEC Filings

VST Quarterly Reports

Vistra Energy Corp.

CIK: 1692819 Ticker: VST

Exhibit 99.1

 

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NEWS RELEASE

Vistra Reports First Quarter 2022 Results in line with Company Expectations; Reaffirms 2022 Guidance with Increased Confidence; Commodity Price Moves Expected to Add Meaningfully to ’23 and Beyond

IRVING, Texas May 6, 2022 — Vistra (NYSE: VST) today reported its first quarter 2022 results:

Financial and Operating Highlights

 

   

Delivered first quarter 2022 Net Loss of $(284) million and Net Loss from Ongoing Operations1 of $(222) million. First quarter 2022 Ongoing Operations Adjusted EBITDA1 was $547 million.

 

   

Reaffirmed with increased confidence 2022 Ongoing Operations Adjusted EBITDA1 and Ongoing Operations Adjusted FCFbG1 guidance ranges of $2,810 to $3,310 million and $2,070 to $2,570 million, respectively, which reflects an expected Adjusted EBITDA to Adjusted FCFbG conversion of ~76%, including the cash effect of ERCOT securitization of $544 million expected to be received in second quarter 2022.

 

   

Executed ~$1,195 million of the authorized $2 billion share repurchase program as of May 3, 2022, resulting in net shares outstanding of ~431.8 million as of the same date, a ~10.5% reduction in shares outstanding since the program was announced in November 2021.

 

   

Paid a first quarter 2022 dividend of $0.17 per share of common stock on March 31, 2022, to shareholders of record as of March 22, 2022.

 

   

Announced second quarter 2022 dividend of $0.177 per share of common stock to be paid on June 30, 2022, to shareholders of record as of June 22, 2022, reflecting an aggregate payment of ~$75 million for the quarter and consistent with the previously announced $300 million per year dividend commitment beginning in 2022. This represents an ~18% increase in the company’s quarterly common stock dividend for shareholders of record from its second quarter 2021 dividend.

 

   

Completed construction of its 50-MW Brightside Solar Facility, 108-MW Emerald Grove Solar Facility, and 260-MW DeCordova Energy Storage Facility, all located in Texas.

“We are starting the year with a focus on execution. We delivered Adjusted EBITDA in the quarter in line with company expectations with increasing confidence in full year 2022, are executing on a comprehensive hedging strategy to capitalize on the beneficial power and commodities markets that is expected to provide significant value to Vistra in 2023 and beyond, and are continuing the advancement of our capital allocation priorities, returning capital through stock repurchases and paying a meaningful and growing dividend. We have also continued prudently progressing our Vistra Zero development projects, completing two solar facilities and one battery energy storage facility in Texas: Brightside, Emerald Grove, and DeCordova.” said Curt Morgan, CEO of Vistra. “In the


The following information was filed by Vistra Energy Corp. (VST) on Friday, May 6, 2022 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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Definitive Proxy Statement (Form DEF 14A)
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Vistra Energy Corp.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

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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 Balance Sheets (Parenthetical)
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)
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)) (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 (Narrative) (Details)
Commodity And Other Derivative Contractual Assets And Liabilities (Tables)
Development Of Generation Facilities
Development Of Generation Facilities (East Segment Solar Generation And Energy Storage Projects) (Details)
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 (Preferred Stock) (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)
Related Party Transactions
Retirement Of Generation Facilities
Retirement Of Generation Facilities (Narrative) (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 (Fair Value Of Debt) (Details)
Supplementary Financial Information (Interest Expense And Related Charges) (Details)
Supplementary Financial Information (Inventories By Major Category And Investments) (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: 0001692819-22-000011
Submitted to the SEC: Fri May 06 2022 7:46:05 AM EST
Accepted by the SEC: Fri May 06 2022
Period: Thursday, March 31, 2022
Industry: Electric Services

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