Vistra Reports Fourth Quarter and Full-Year 2024 Results

PR Newswire

IRVING, Texas, Feb. 27, 2025

Earnings Release Highlights

   -- GAAP full-year 2024 Net Income of $2,812 million and Cash Flow from 
      Operations of $4,563 million. 
 
   -- Net Income from Ongoing Operations1 of $2,928 million, Ongoing Operations 
      Adjusted EBITDA1 of $5,656 million, $856 million higher than the midpoint 
      of the original guidance range announced in May 2024, and Ongoing 
      Operations Adjusted FCFbG1 of $2,888 million, exceeding the midpoint of 
      the original guidance by approximately $438 million.2 
 
   -- Reaffirmed 2025 Ongoing Operations Adjusted EBITDA1 and Ongoing 
      Operations Adjusted FCFbG1 guidance ranges of $5.5 billion to $6.1 
      billion and $3.0 billion to $3.6 billion, respectively. 
 
   -- Closed the Vistra Vision minority interest repurchase on Dec. 31, 2024, 
      becoming the sole owner of our highly valuable, carbon-free assets and 
      retail business. 

IRVING, Texas, Feb. 27, 2025 /PRNewswire/ -- Vistra Corp. $(VST)$ today reported its fourth quarter and full-year 2024 financial results and other highlights.

"The talent and dedication of the people who make up Team Vistra resulted not only in a record year but a transformational one for our company," said Jim Burke, president and CEO of Vistra. "In these 12 months, we closed on a unique acquisition, adding three nuclear sites, approximately one million additional retail customers in the key PJM market and 2,000 new team members, and now proudly operate the second-largest competitive nuclear fleet in the country. Vistra also joined the S&P 500 and the Dow Jones Sustainability indices, acquired the outstanding minority interest in Vistra Vision, secured a 20-year license renewal for Comanche Peak, reached retail performance levels not achieved in the more than two decades competitive markets have been open, brought two solar-plus-storage facilities online, secured two large renewable power purchase agreements, and ended the year outperforming the high-end of our financial guidance."

Burke concluded, "These accomplishments, executed by our integrated business working as One Team, delivered on our commitment to provide reliable, affordable electricity to our customers and strong financial performance to our shareholders. Our company is well-positioned to serve customer needs and grow with the overall electrification trends in our industry. It is an exciting time to be part of Vistra, and we look forward to executing our 2025 priorities."

 
     Summary of Financial Results for the Three and Twelve Months Ended December 31, 2024 and 2023 
                                   (Unaudited) (Millions of Dollars) 
 
                   Three Months Ended December 31,               Twelve Months Ended December 31, 
             --------------------------------------------  -------------------------------------------- 
                     2024                   2023                   2024                   2023 
             ---------------------  ---------------------  ---------------------  --------------------- 
Net income 
 (loss)       $                490   $              (184)    $             2,812    $             1,492 
Ongoing 
 operations 
 net income 
 (loss)       $                542   $              (155)    $             2,928    $             1,498 
Ongoing 
 operations 
 Adjusted 
 EBITDA        $             1,985   $                965    $             5,656    $             4,140 
 
Adjusted 
EBITDA by 
Segment 
 Retail       $                600   $                463    $             1,463    $             1,105 
 Texas        $                598   $                238    $             2,032    $             1,834 
 East         $                774   $                225    $             2,017    $             1,001 
 West        $                  44  $                  67   $                238   $                263 
 Corporate 
  and 
  Other      $                (31)  $                (28)  $                (94)  $                (63) 
 Asset 
  Closure    $                (51)  $                (32)   $              (117)  $                (39) 
 

For the year ended Dec. 31, 2024, Vistra reported Net Income of $2,812 million, Net Income from Ongoing Operations(1) of $2,928 million, and Ongoing Operations Adjusted EBITDA(1) of $5,656 million. Net Income for the full-year 2024 increased $1,320 million from the full-year 2023, driven primarily by unrealized mark-to-market gains on derivative positions, the addition of Energy Harbor, and an increase in revenues due to estimated nuclear production tax credits $(PTC)$ recorded in the fourth quarter of 2024. Ongoing Operations Adjusted EBITDA for the full-year 2024 increased by $1,516 million compared to the full-year 2023, driven primarily by the inclusion of results from the acquisition of Energy Harbor and an increase in revenues due to estimated nuclear PTC recorded in the fourth quarter of 2024.

 
                         Guidance 
 
                                          Reaffirmed 
  ($ in millions)                     2025 Guidance Ranges 
Ongoing Operations Adjusted EBITDA      $5,500 - $6,100 
Ongoing Operations Adjusted FCFbG       $3,000 - $3,600 
 

As of Feb. 24, 2025, Vistra had hedged approximately 100% of its expected generation volumes for 2025 and approximately 80% for 2026. Vistra's comprehensive hedging program supports the company's reaffirmed 2025 guidance ranges and its previously announced Ongoing Operations Adjusted EBITDA midpoint opportunity(3) for 2026. Vistra is anticipating the 2026 midpoint opportunity to be more than $6,000 million.

Share Repurchase Program

As of Feb. 24, 2025:

   -- Vistra executed $4.9 billion in share repurchases since Nov. 2021. 
 
   -- Vistra had 338.9 million shares outstanding, representing a 30% 
      reduction of the amount of the shares outstanding on Nov. 2, 2021. 
 
   -- $1.9 billion dollars of the share repurchase authorization remains 
      available, which we expect to complete by year end 2026. 

Clean Energy Investments

Vistra continues to grow its fleet of zero-carbon resources, advancing these interests through cost-effective, strategic investments. During the fourth quarter, the company advanced its efforts in solar, energy storage, and nuclear by:

   -- Executing its renewable development pipeline, bringing online the first 
      two projects that are part of its Illinois Coal to Solar & Energy Storage 
      Initiative at Baldwin (70 MW) and Coffeen (46 MW), revitalizing retired 
      and to-be-retired coal plant sites. 
 
   -- Growing its ownership interest in nuclear by closing on an agreement to 
      acquire the entire 15% minority interest in its Vistra Vision subsidiary, 
      making Vistra the sole owner of its highly valuable, carbon-free assets. 
      This acquisition increases our nuclear ownership by 970 MW and our solar 
      and energy storage ownership by 200 MW. 

Liquidity

As of Dec. 31, 2024, Vistra had total available liquidity of approximately $4,121 million, including cash and cash equivalents of $1,188 million, $2,162 million of availability under its corporate revolving credit facility, and $771 million of availability under its commodity-linked revolving credit facility. Available capacity under the commodity-linked revolving credit facility reflects the borrowing base of $771 million and excludes $979 million of commitments under the facility that were not available to be drawn as of Dec. 31, 2024.

Earnings Webcast

Vistra will host a webcast today, Feb. 27, 2025, beginning at 10 a.m. ET (9 a.m. CT) to discuss these results and related matters. The live webcast and the accompanying slides that will be discussed on the call can be accessed via Vistra's website at www.vistracorp.com under "Investor Relations" and then "Events & Presentations." Participants can also listen by phone by registering here prior to the start time of the call to receive a conference call dial-in number. A replay of the webcast will be available on Vistra's website for one year following the live event.

About Vistra

Vistra (NYSE: VST) is a leading, Fortune 500 integrated retail electricity and power generation company that provides essential resources to customers, businesses, and communities from California to Maine. Based in Irving, Texas, Vistra is a leader in the energy transformation with an unyielding focus on reliability, affordability, and sustainability. The company safely operates a reliable, efficient, power generation fleet of natural gas, nuclear, coal, solar, and battery energy storage facilities while taking an innovative, customer-centric approach to its retail business. Learn more at https://www.vistracorp.com.

 
1 Ongoing Operations excludes the Asset Closure segment. Net Income (Loss) 
from Ongoing Operations, Ongoing Operations Adjusted EBITDA, and Ongoing 
Operations Adjusted Free Cash Flow before Growth are non-GAAP financial 
measures. Any reference to "Ongoing Operations Adjusted FCFbG" is a reference 
to Ongoing Operations Adjusted Free Cash Flow before Growth. See the "Non-GAAP 
Reconciliation" tables for further detail. Total segment information may not 
tie due to rounding. 
 
2 Ongoing Operations Adj. EBITDA includes our estimated nuclear production tax 
credit (PTC) of $545 million. Ongoing Operations Adj. FCFbG does not include 
any benefit from the nuclear PTC. Original 2024 guidance excluded any benefit 
from the nuclear PTC. 
 
3 Midpoint opportunities are not intended to be guidance and represent only 
our estimate of potential opportunities for Ongoing Operations Adjusted EBITDA 
in 2026 based on market curves as of Nov. 4, 2024. Actual results could vary 
and are subject to a number of risks, uncertainties and factors, including 
power price market movements and our hedging strategy. We have not provided a 
quantitative reconciliation of Ongoing Operations Adjusted EBITDA 

opportunities for 2026 to GAAP net income (loss) because we cannot, without 
unreasonable effort, calculate certain reconciling items with confidence due 
to the variability, complexity, and limited visibility of the adjusting items 
that would be excluded from Ongoing Operations Adjusted EBITDA in such out 
year period. 
 

About Non-GAAP Financial Measures and Items Affecting Comparability

"Adjusted EBITDA" (EBITDA as adjusted for unrealized gains or losses from hedging activities, tax receivable agreement impacts, reorganization items, and certain other items described from time to time in Vistra's earnings releases), "Adjusted Free Cash Flow before Growth" (or "Adjusted FCFbG") (cash from operating activities excluding changes in margin deposits and working capital and adjusted for capital expenditures (including capital expenditures for growth investments), other net investment activities, and other items described from time to time in Vistra's earnings releases), "Ongoing Operations Adjusted EBITDA" (adjusted EBITDA less adjusted EBITDA from Asset Closure segment), "Net Income (Loss) from Ongoing Operations" (net income less net income from Asset Closure segment), and "Ongoing Operations Adjusted Free Cash Flow before Growth" or "Ongoing Operations Adjusted FCFbG" (adjusted free cash flow before growth less cash flow from operating activities from Asset Closure segment before growth) are "non-GAAP financial measures." A non-GAAP financial measure is a numerical measure of financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in Vistra's consolidated statements of operations, comprehensive income, changes in stockholders' equity and cash flows. Non-GAAP financial measures should not be considered in isolation or as a substitute for the most directly comparable GAAP measures. Vistra's non-GAAP financial measures may be different from non-GAAP financial measures used by other companies.

Vistra uses Adjusted EBITDA as a measure of performance and believes that analysis of its business by external users is enhanced by visibility to both Net Income prepared in accordance with GAAP and Adjusted EBITDA. Vistra uses Adjusted Free Cash Flow before Growth as a measure of liquidity and performance, and believes it is a useful metric to assess current performance in the period and that analysis of capital available to allocate for debt service, growth, and return of capital to stockholders is supported by disclosure of both cash provided by (used in) operating activities prepared in accordance with GAAP as well as Adjusted Free Cash Flow before Growth. Vistra uses Ongoing Operations Adjusted EBITDA as a measure of performance and Ongoing Operations Adjusted Free Cash Flow before Growth as a measure of liquidity and performance, and Vistra's management and board of directors have found it informative to view the Asset Closure segment as separate and distinct from Vistra's ongoing operations. Vistra uses Net Income (Loss) from Ongoing Operations as a non-GAAP measure that is most comparable to the GAAP measure Net Income in order to illustrate the company's Net Income excluding the effects of the Asset Closure segment, as well as a measure to compare to Ongoing Operations Adjusted EBITDA. The schedules attached to this earnings release reconcile the non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP.

Cautionary Note Regarding Forward-Looking Statements

The information presented herein includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are based on current expectations, estimates and projections about the industry and markets in which Vistra Corp. ("Vistra") operates and beliefs of and assumptions made by Vistra's management, involve risks and uncertainties, which are difficult to predict and are not guarantees of future performance, that could significantly affect the financial results of Vistra. All statements, other than statements of historical facts, that are presented herein, or in response to questions or otherwise, that address activities, events or developments that may occur in the future, including such matters as activities related to our financial or operational projections including financial condition and cash flows, projected synergy, value lever and net debt targets, capital allocation, capital expenditures, liquidity, projected Adjusted EBITDA to free cash flow conversion rate, dividend policy, business strategy, competitive strengths, goals, future acquisitions or dispositions, development or operation of power generation assets, market and industry developments and the growth of our businesses and operations, including potential large load center opportunities (often, but not always, through the use of words or phrases, or the negative variations of those words or other comparable words of a future or forward-looking nature, including, but not limited to: "intends," "plans," "will likely," "unlikely," "believe, " "confident", "expect," "seek," "anticipate," "estimate," "continue," "will," "shall," "should," "could," "may," "might," "predict," "project, " "forecast," "target," "potential," "goal," "objective," "guidance" and "outlook"), are forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements. Although Vistra believes that in making any such forward-looking statement, Vistra's expectations are based on reasonable assumptions, any such forward-looking statement involves uncertainties and risks that could cause results to differ materially from those projected in or implied by any such forward-looking statement, including, but not limited to: (i) adverse changes in general economic or market conditions (including changes in interest rates) or changes in political conditions or federal or state laws and regulations; (ii) the ability of Vistra to execute upon its contemplated strategic, capital allocation, performance, and cost-saving initiatives and to successfully integrate acquired businesses; (iii) actions by credit ratings agencies; (iv) the severity, magnitude and duration of extreme weather events, contingencies and uncertainties relating thereto, most of which are difficult to predict and many of which are beyond our control, and the resulting effects on our results of operations, financial condition and cash flows; and (v) those additional risks and factors discussed in reports filed with the Securities and Exchange Commission by Vistra from time to time, including the uncertainties and risks discussed in the sections entitled "Risk Factors" and "Forward-Looking Statements" in Vistra's annual report on Form 10-K for the year ended December 31, 2024 and subsequently filed quarterly reports on Form 10-Q.

Any forward-looking statement speaks only at the date on which it is made, and except as may be required by law, Vistra will not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible to predict all of them; nor can Vistra assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement.

 
                                 VISTRA CORP. 
                     CONSOLIDATED STATEMENTS OF OPERATIONS 
                             (Millions of Dollars) 
                                    Year Ended December 31, 
                 ------------------------------------------------------------- 
                        2024                 2023                 2022 
                 -------------------  -------------------  ------------------- 
Operating 
 revenues          $          17,224    $          14,779    $          13,728 
Fuel, purchased 
 power costs, 
 and delivery 
 fees                        (7,285)              (7,557)             (10,401) 
Operating costs              (2,414)              (1,702)              (1,645) 
Depreciation 
 and 
 amortization                (1,843)              (1,502)              (1,596) 
Selling, 
 general, and 
 administrative 
 expenses                    (1,601)              (1,308)              (1,189) 
Impairment of 
 long-lived and 
 other assets                     --                 (49)                 (74) 
                 -------------------  -------------------  ------------------- 
 Operating 
  income 
  (loss)                       4,081                2,661              (1,177) 
Other income                     312                  257                  117 
Other 
 deductions                     (21)                 (14)                  (4) 
Interest 
 expense and 
 related 
 charges                       (900)                (740)                (368) 
Impacts of Tax 
 Receivable 
 Agreement                       (5)                (164)                (128) 
Net income 
 (loss) before 
 income taxes                  3,467                2,000              (1,560) 
Income tax 
 (expense) 
 benefit                       (655)                $(508.SI)$                  350 
                 -------------------  -------------------  ------------------- 
Net income 
 (loss)                        2,812                1,492              (1,210) 
Net (income) 
 loss 
 attributable 
 to 
 noncontrolling 
 interest and 
 redeemable 
 noncontrolling 
 interest                      (153)                    1                 (17) 
 Net income 
  (loss) 
  attributable 
  to Vistra                    2,659                1,493              (1,227) 
Cumulative 
 dividends 
 attributable 
 to preferred 
 stock                         (192)                (150)                (150) 
                 -------------------  -------------------  ------------------- 

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