Vistra Energy Reports Second Quarter 2019 Results Above Consensus and Reaffirms 2019 Guidance

August 02, 2019

IRVING, Texas, Aug. 2, 2019 /PRNewswire/ -- Vistra Energy Corp. (NYSE: VST):

Vistra Energy logo (PRNewsfoto/Vistra Energy)

Financial Highlights

  • Delivered second quarter 2019 Ongoing Operations Adjusted EBITDA1 of $707 million and Net Income from Ongoing Operations of $369 million—results above consensus and in-line with management expectations for the quarter. Ongoing Operations Adjusted EBITDA results were $44 million higher than second quarter 20182 results driven by higher retail margin quarter-over-quarter due to seasonal power cost timing.
  • Reaffirmed 2019 full-year Ongoing Operations Adjusted EBITDA and Ongoing Operations Adjusted Free Cash Flow before Growth (FCFbG) guidance ranges of $3.22 to $3.42 billion and $2.1 to $2.3 billion, respectively,3 an expected EBITDA to free cash flow conversion of approximately 66%.

Capital Allocation Highlights

  • Executed approximately $1.29 billion of the previously authorized $1.75 billion share repurchase program through July 25, 2019, resulting in net shares outstanding of approximately 492 million4 shares as of the same date.
  • Paid quarterly dividend of $0.125 per share on June 28, 2019 to shareholders of record as of June 14, 2019, an expected $0.50 per share on an annual basis; Vistra management anticipates an annual dividend growth rate in the range of approximately 6-8% per share.
  • Reduced pre-tax annual interest expense by approximately $50 million through refinancing and repayment of approximately $5.3 billion aggregate principal amount of indebtedness.

Corporate and Growth Highlights

  • Completed the acquisition of the Crius Energy business on July 15, 2019. Vistra now serves approximately 3.7 million retail electric and gas customers across 19 states and the District of Columbia.
  • Entered into agreement with East Bay Community Energy to develop a 20-megawatt / 80-megawatt-hour battery energy storage project at the company's Oakland Power Plant site in California.

 

(1) Excludes results from the Asset Closure segment. Adjusted EBITDA is a non-GAAP financial measure.  See the "Non-GAAP Reconciliation" tables for further details.

(2) Excludes the impact of the partial buybacks of the Odessa earnout of $(10) million. 2Q18 includes Dynegy contribution beginning April 9, 2018.

(3) Excludes the Asset Closure segment. Includes $430 million of value lever targets expected to be realized in 2019 as compared to the projected full run-rate of Adjusted EBITDA value lever targets of $565 million. Adjusted EBITDA and Adjusted FCFbG are non-GAAP financial measures. See the "Non-GAAP Reconciliation" tables for further details.

(4) Shares outstanding reflect the issuance of approximately 18.8 million shares on July 1, 2019 in connection with the settlement of the Tangible Equity Units (TEUs).

Summary of Financial Results for the Second Quarter Ended June 30, 2019



Three Months Ended


Six Months Ended

($ in millions)


June 30, 2019

June 30, 20182


June 30, 2019

Net Income


$  354

$  105


$  578

Ongoing Operations Net Income1


$  369

$  103


$  607

Ongoing Operations Adjusted EBITDA1


$  707

$  6633


$  1,522


(1) Excludes results from the Asset Closure segment. Adjusted EBITDA is a non-GAAP financial measure. See the "Non-GAAP Reconciliation" tables for further details.

(2) Includes Dynegy contribution beginning April 9, 2018.

(3) Excludes the impact of the partial buybacks of the Odessa earnout of $(10) million.

For the three months ended June 30, 2019, Vistra reported Net Income from Ongoing Operations of $369 million and Adjusted EBITDA from Ongoing Operations of $707 million. Vistra's second quarter Adjusted EBITDA was $44 million higher than second quarter 2018 driven by higher retail margin quarter-over-quarter due to seasonal power cost timing.

For the first half of 2019, Vistra reported Net Income from Ongoing Operations of $607 million and Adjusted EBITDA from Ongoing Operations of $1,522 million. First half results were in-line with management expectations.

"Vistra performed well in the first half of 2019, delivering solid results in a challenging wholesale power price environment, which further demonstrates the effectiveness of our integrated model. A few weeks ago, we completed the acquisition of Crius Energy, expanding our retail operations to now serve 19 states and the District of Columbia," Curt Morgan, Vistra's chief executive officer, commented. "We have exhibited a strong focus on execution in the first half of 2019, and we believe we are well-positioned to continue to create value for our shareholders as we progress through the important peak summer period."

Morgan further stated, "Vistra remains steadfastly focused on a balanced capital allocation plan with an emphasis on returning capital to shareholders and debt reduction, with a disciplined approach and high return threshold for investments."

Crius Acquisition

Vistra completed the acquisition of the Crius Energy business on July 15, 2019. Vistra believes this acquisition expands Vistra into higher margin channels outside of ERCOT, improves Vistra's generation-to-load match to approximately 48 percent, an approximately 12 percent increase since the Dynegy merger, and creates a platform for future growth. Vistra estimates the Crius portfolio will contribute approximately $50 million to its Ongoing Operations Adjusted EBITDA in 2019.  

Guidance

($ in millions)


2019

Ongoing Ops. Adj. EBITDA1


$

 3,220 – 3,420

Ongoing Ops. Adj. FCFbG1


$

 2,100 – 2,300


(1) Excludes the Asset Closure segment. Includes $430 million of value lever targets expected to be realized in 2019 as compared to the projected full run-rate of Adjusted EBITDA value lever targets of $565 million. Adjusted EBITDA and Adjusted FCFbG are non-GAAP financial measures. See the "Non-GAAP Reconciliation" tables for further details.

Vistra is reaffirming its 2019 Ongoing Operations guidance ranges, forecasting Ongoing Operations Adjusted EBITDA of $3,220 to $3,420 million and Ongoing Operations Adjusted FCFbG of $2,100 to $2,300 million. The 2019 guidance was originally developed utilizing forward curves as of March 30, 2018 and reaffirmed utilizing forward curves as of June 28, 2019. 

Share Repurchase Program

As of July 25, 2019, Vistra has completed approximately $1.29 billion of the $1.75 billion share repurchase program previously authorized by its board of directors. Vistra has purchased approximately 54 million shares, resulting in net shares outstanding of approximately 492 million1 as of July 25, 2019. Approximately $462 million remains available for execution under the program as of the same date.

(1) Shares outstanding reflect the issuance of approximately 18.8 million shares on July 1, 2019 in connection with the settlement of the Tangible Equity Units (TEUs).

Financing Update

In June 2019, Vistra used the net proceeds from the issuance of $2 billion aggregate principal amount of senior secured notes—issued by Vistra Operations Company LLC, a wholly owned, indirect subsidiary of Vistra, consisting of $1.2 billion of 3.550% senior notes due 2024 and $800 million of 4.300% senior notes due 2029—plus cash on hand, to repay $2 billion aggregate principal amount of term loans under our credit facility (approximately $889 million, $977 million, and $134 million of Term Loan B-1, B-2, and B-3 respectively.)

In addition, in June 2019, Vistra Operations issued and sold $1.3 billion aggregate principal amount of 5.00% senior unsecured notes due 2027, the net proceeds of which were used to (i) purchase approximately $173 million of Vistra's 7.375% senior unsecured notes due 2022 and $673 million of Vistra's 7.625% senior unsecured notes due 2024 (including $1 million of late tenders settled in July 2019), and (ii) redeem all of Vistra's outstanding 7.375% senior unsecured notes due 2022 (approximately $306 million) and another approximately $87 million of Vistra's outstanding 7.625% senior unsecured notes due 2024.

As a result of these transactions, Vistra reduced its annual interest expense on a pre-tax basis by approximately $50 million and extended the average maturity of its outstanding senior notes.

Liquidity

As of June 30, 2019, Vistra had total available liquidity of approximately $3.14 billion, including cash and cash equivalents of $964 million and $2,173 million of availability under its revolving credit facility, which remained undrawn but had $552 million of letters of credit outstanding as of June 30, 2019 that reduce availability.

The increase in available liquidity of $1,366 million as of June 30, 2019, as compared to Dec. 31, 2018, was primarily driven by $500 million of available capacity under our two alternate letter of credit facilities, $225 million of additional available commitments under our revolving credit facility, and decreased letters of credit postings.

Earnings Webcast

Vistra will host a webcast today, August 2, 2019, beginning at 8 a.m. ET (7 a.m. CT) to discuss these results and related matters. The live, listen-only webcast and the accompanying slides that will be discussed on the call can be accessed via the investor relations section of Vistra's website at www.vistraenergy.com. A replay of the webcast will be available on the Vistra website for one year following the live event.

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 Energy'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, preferred stock dividends, and other items described from time to time in Vistra Energy's earnings releases), "Ongoing Operations Adjusted EBITDA" (adjusted EBITDA less adjusted EBITDA 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 Energy'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 Energy's non-GAAP financial measures may be different from non-GAAP financial measures used by other companies.

Vistra Energy 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 Energy uses Adjusted Free Cash Flow before Growth as a measure of liquidity and believes that analysis of its ability to service its cash obligations 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 Energy 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 Vistra Energy's management and board of directors have found it informative to view the Asset Closure segment as separate and distinct from Vistra Energy's ongoing operations. 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.

Media
Meranda Cohn
214-875-8004
Media.Relations@vistraenergy.com

Analysts
Molly Sorg
214-812-0046
Investor@vistraenergy.com

About  Vistra  Energy 
Vistra Energy Corp (NYSE: VST) is a premier, integrated energy company based in Irving, Texas, combining an innovative, customer-centric approach to retail with a focus on safe, reliable, and efficient power generation. Through its retail and generation businesses, Vistra operates in 20 states and the District of Columbia, and six of the seven competitive markets in the U.S., with about 5,400 employees. Vistra is one of the largest competitive residential electricity providers in the country, and its retail brands serve approximately 3.7 million residential, commercial, and industrial customers with electricity and gas. The company's generation fleet totals approximately 41,000 megawatts of highly efficient generation capacity, with a diverse portfolio of natural gas, nuclear, coal, solar, and battery storage facilities. The company is currently developing the largest battery energy storage system of its kind in the world – a 300-MW/1,200-MWh system in Moss Landing, California.

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 Energy Corp. ("Vistra Energy") operates and beliefs of and assumptions made by Vistra Energy'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 Energy. 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, 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 (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," "expect," "seek," "anticipate," "estimate," "continue," "will," "shall," "should," "could," "may," "might," "predict," "project," "forecast," "target," "potential," "forecast," "goal," "objective," "guidance" and "outlook"),are forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements. Although Vistra Energy believes that in making any such forward-looking statement, Vistra Energy'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 Energy to execute upon the contemplated strategic and performance initiatives (including the risk that Vistra Energy's and Dynegy's respective businesses will not be integrated successfully or that the cost savings, synergies and growth from the merger will not be fully realized or may take longer than expected to realize); (iii) actions by credit ratings agencies, (iv) with respect to the Crius acquisition, the ability for Vistra to successfully integrate the Crius business as currently projected, and (v) those additional risks and factors discussed in reports filed with the Securities and Exchange Commission ("SEC") by Vistra Energy from time to time, including the uncertainties and risks discussed in the sections entitled "Risk Factors" and "Forward-Looking Statements" in Vistra Energy's annual report on Form 10-K for the year ended December 31, 2018 and any 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 Energy 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 Energy 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 ENERGY CORP.

CONDENSED STATEMENTS OF CONSOLIDATED INCOME (LOSS)

(Unaudited) (Millions of Dollars, Except Per Share Amounts)



Three Months Ended June 30,


Six Months Ended June 30,


2019


2018


2019


2018

Operating revenues

$

2,832



$

2,574



$

5,755



$

3,338


Fuel, purchased power costs and delivery fees

(1,139)



(1,216)



(2,600)



(1,866)


Operating costs

(370)



(386)



(755)



(580)


Depreciation and amortization

(384)



(389)



(790)



(542)


Selling, general and administrative expenses

(210)



(352)



(392)



(514)


Operating income (loss)

729



231



1,218



(164)


Other income

13



7



39



18


Other deductions

(2)



(1)



(5)



(3)


Interest expense and related charges

(274)



(146)



(495)



(137)


Impacts of Tax Receivable Agreement

33



(64)



36



(82)


Equity in earnings of unconsolidated investment

3



4



10



4


Income (loss) before income taxes

502



31



803



(364)


Income tax (expense) benefit

(148)



74



(225)



163


Net income (loss)

$

354



$

105



$

578



$

(201)


Net loss attributable to noncontrolling interest

2



3



3



3


Net income (loss) attributable to Vistra Energy

$

356



$

108



$

581



$

(198)


 

VISTRA ENERGY CORP.

CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS

(Unaudited) (Millions of Dollars)



Six Months Ended June 30,


2019


2018

Cash flows — operating activities:




Net income (loss)

$

578



$

(201)


Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:




Depreciation and amortization

886



619


Deferred income tax (benefit) expense, net

217



(159)


Unrealized net (gain) loss from mark-to-market valuations of commodities

(703)



199


Unrealized net (gain) loss from mark-to-market valuations of interest rate swaps

199



(86)


Asset retirement obligation accretion expense

27



44


Impacts of Tax Receivable Agreement

(36)



82


Stock-based compensation

24



59


Other, net

73



(6)


Changes in operating assets and liabilities:




Margin deposits, net

112



(61)


Accrued interest

6



(74)


Accrued taxes

(67)



(112)


Accrued employee incentive

(72)



(31)


Other operating assets and liabilities

(362)



(302)


Cash provided by (used in) operating activities

882



(29)


Cash flows — financing activities:




Issuances of long-term debt

4,600




Repayments/repurchases of debt

(4,137)



(1,338)


Net borrowings under accounts receivable securitization program

91




Stock repurchase

(457)



(63)


Dividends paid to stockholders

(120)




Debt tender offer and other financing fees

(146)



(46)


Other, net

(1)



4


Cash used in financing activities

(170)



(1,443)


Cash flows — investing activities:




Capital expenditures, including LTSA prepayments

(247)



(153)


Nuclear fuel purchases

(20)



(28)


Development and growth expenditures

(36)



(21)


Cash acquired in the Merger



445


Proceeds from sales of nuclear decommissioning trust fund securities

292



93


Investments in nuclear decommissioning trust fund securities

(302)



(103)


Proceeds from sale of environmental allowances

31




Purchases of environmental allowances

(138)



(1)


Other, net

21



10


Cash (used in) provided by investing activities

(399)



242


Net change in cash, cash equivalents and restricted cash

313



(1,230)


Cash, cash equivalents and restricted cash — beginning balance

693



2,046


Cash, cash equivalents and restricted cash — ending balance

$

1,006



$

816


 

VISTRA ENERGY CORP.

NON-GAAP RECONCILIATIONS - ADJUSTED EBITDA

FOR THE THREE MONTHS ENDED JUNE 30, 2019

(Unaudited) (Millions of Dollars)



Three Months Ended June 30, 2019


Retail


ERCOT


PJM


NY/NE


MISO


Eliminations
/ Corp and
Other


Ongoing
Operations
Consolidated


Asset
Closure


Vistra
Energy
Consolidated

Net income (loss)

$

(585)



$

1,056



$

183



$

79



$

35



$

(399)



$

369



$

(15)



$

354


Income tax expense











148



148





148


Interest expense and related charges

4



(3)



3



1



2



267



274





274


Depreciation and amortization (a)

59



143



134



39



3



21



399





399


EBITDA before Adjustments

(522)



1,196



320



119



40



37



1,190



(15)



1,175


Unrealized net (gain) or loss resulting from hedging transactions

797



(1,047)



(163)



(32)



(65)



(7)



(517)





(517)


Fresh start / purchase accounting impacts

15



(1)



2



1



4



(1)



20





20


Impacts of Tax Receivable Agreement











(33)



(33)





(33)


Non-cash compensation expenses











11



11





11


Transition and merger expenses



5



1



1



17



3



27





27


Other, net

3



3



7



2



5



(11)



9





9


Adjusted EBITDA

$

293



$

156



$

167



$

91



$

1



$

(1)



$

707



$

(15)



$

692


___________


(a)  Includes nuclear fuel amortization of $15 million in ERCOT.

 

VISTRA ENERGY CORP.

NON-GAAP RECONCILIATIONS - ADJUSTED EBITDA

FOR THE SIX MONTHS ENDED JUNE 30, 2019

(Unaudited) (Millions of Dollars)



Six Months Ended June 30, 2019


Retail


ERCOT


PJM


NY/NE


MISO


Eliminations
/ Corp and
Other


Ongoing
Operations
Consolidated


Asset
Closure


Vistra
Energy
Consolidated

Net income (loss)

$

(571)



$

1,356



$

346



$

100



$

46



$

(670)



$

607



$

(29)



$

578


Income tax expense











225



225





225


Interest expense and related charges

8



(5)



5



1



3



483



495





495


Depreciation and amortization (a)

118



293



265



104



7



37



824





824


EBITDA before Adjustments

(445)



1,644



616



205



56



75



2,151



(29)



2,122


Unrealized net (gain) or loss resulting from hedging transactions

961



(1,298)



(255)



(38)



(50)



(23)



(703)





(703)


Fresh start / purchase accounting impacts

29





(5)



3



8



(2)



33





33


Impacts of Tax Receivable Agreement











(36)



(36)





(36)


Non-cash compensation expenses











24



24





24


Transition and merger expenses



6



3



2



24



9



44





44


Other, net

5



8



9



5



10



(28)



9



1



10


Adjusted EBITDA

$

550



$

360



$

368



$

177



$

48



$

19



$

1,522



$

(28)



$

1,494


___________


(a)  Includes nuclear fuel amortization of $34 million in ERCOT.

 

VISTRA ENERGY CORP.

NON-GAAP RECONCILIATIONS - ADJUSTED EBITDA

FOR THE THREE MONTHS ENDED JUNE 30, 2018

(Unaudited) (Millions of Dollars)



Three Months Ended June 30, 2018


Retail


ERCOT


PJM


NY/NE


MISO


Eliminations
/ Corp and
Other


Ongoing
Operations
Consolidated


Asset
Closure


Consolidated


Net income (loss)

$

(288)



$

679



$

23



$

(5)



$

31



$

(337)



$

103



$

2



$

105



Income tax benefit











(74)



(74)





(74)



Interest expense and related charges



7



2



1





136



146





146



Depreciation and amortization (a)

80



128



125



49



3



24



409





409



 EBITDA before Adjustments

(208)



814



150



45



34



(251)



584



2



586



Unrealized net (gain) loss resulting from hedging transactions

462



(667)



(1)



22



(32)





(216)





(216)



Fresh start/purchase accounting impacts

15



(2)



(1)



4



8





24



1



25



Impacts of Tax Receivable Agreement











64



64





64



Non-cash compensation expenses











42



42





42



Transition and merger expenses



2



1





3



148



154



2



156



Other, net

(9)



(4)



5



3



5



1



1





1



Adjusted EBITDA

$

260



$

143



$

154



$

74



$

18



$

4



$

653



$

5



$

658



____________


(a)  Includes nuclear fuel amortization of $20 million in the ERCOT segment.

 

VISTRA ENERGY CORP.

NON-GAAP RECONCILIATIONS - ADJUSTED EBITDA

FOR THE SIX MONTHS ENDED JUNE 30, 2018

(Unaudited) (Millions of Dollars)



Six Months Ended June 30, 2018


Retail


ERCOT


PJM


NY/NE


MISO


Eliminations
/ Corp and
Other


Ongoing
Operations
Consolidated


Asset
Closure


Consolidated

Net income (loss)

$

483



$

(407)



$

23



$

(5)



$

31



$

(306)



$

(181)



$

(20)



$

(201)


Income tax benefit











(163)



(163)





(163)


Interest expense and related charges

1



15



2



1





118



137





137


Depreciation and amortization (a)

157



213



125



49



3



35



582





582


 EBITDA before Adjustments

641



(179)



150



45



34



(316)



375



(20)



355


Unrealized net (gain) loss resulting from hedging transactions

(193)



403



(1)



22



(32)





199





199


Fresh start/purchase accounting impacts

27



(4)



(1)



4



8





34



1



35


Impacts of Tax Receivable Agreement











82



82





82


Non-cash compensation expenses











48



48





48


Transition and merger expenses



4



1





3



174



182



2



184


Other, net

(21)



(12)



5



3



5



16



(4)





(4)


Adjusted EBITDA

$

454



$

212



$

154



$

74



$

18



$

4



$

916



$

(17)



$

899


____________


(b)  Includes nuclear fuel amortization of $40 million in the ERCOT segment.

 

VISTRA ENERGY CORP.

NON-GAAP RECONCILIATIONS - 2019 GUIDANCE

(Unaudited) (Millions of Dollars)



Ongoing
Operations


Asset Closure


Vistra Energy
Consolidated


Low


High


Low


High


Low


High

Net Income (loss)

$

1,331



$

1,486



$

(66)



$

(56)



$

1,265



$

1,430


Income tax expense

363



408







363



408


Interest expense and related charges

740



740







740



740


Depreciation and amortization

1,565



1,565







1,565



1,565


EBITDA before adjustments

$

3,999



$

4,199



$

(66)



$

(56)



$

3,933



$

4,143


Unrealized net (gain) loss resulting from hedging transactions

(917)



(917)







(917)



(917)


Fresh start / purchase accounting impacts

26



26







26



26


Impacts of Tax Receivable Agreement

(9)



(9)







(9)



(9)


Transition and merger expenses

62



62







62



62


Other, net

59



59



1



1



60



60


Adjusted EBITDA guidance

$

3,220



$

3,420



$

(65)



$

(55)



$

3,155



$

3,365


Interest paid, net

(506)



(506)







(506)



(506)


Tax (paid) / received (a)

108



108







108



108


Working capital and margin deposits

103



103



(3)



(3)



100



100


Reclamation and remediation

(60)



(60)



(118)



(118)



(178)



(178)


Other changes in other operating assets and liabilities

(193)



(193)



28



38



(165)



(155)


Cash provided by operating activities

$

2,672



$

2,872



$

(158)



$

(138)



$

2,514



$

2,734


Capital expenditures including nuclear fuel purchases and LTSA prepayments

(611)



(611)







(611)



(611)


Solar and Moss Landing development and other growth expenditures

(127)



(127)







(127)



(127)


Other net investing activities

(17)



(17)







(17)



(17)


Free cash flow

$

1,917



$

2,117



$

(158)



$

(138)



$

1,759



$

1,979


Working capital and margin deposits

(103)



(103)



3



3



(100)



(100)


Solar and Moss Landing development and other growth expenditures

127



127







127



127


Transition and merger expenses

126



126







126



126


Transition capital expenditures

33



33







33



33


Adjusted free cash flow before growth guidance

$

2,100



$

2,300



$

(155)



$

(135)



$

1,945



$

2,165


____________


(a)  Includes state tax payments.

 

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