Company Quick10K Filing
Vistra Energy
Price26.88 EPS1
Shares494 P/E19
MCap13,270 P/FCF7
Net Debt10,195 EBIT1,685
TEV23,465 TEV/EBIT14
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-05
10-Q 2020-03-31 Filed 2020-05-05
10-K 2019-12-31 Filed 2020-02-28
10-Q 2019-09-30 Filed 2019-11-05
10-Q 2019-06-30 Filed 2019-08-02
10-Q 2019-03-31 Filed 2019-05-03
10-K 2018-12-31 Filed 2019-02-28
10-Q 2018-09-30 Filed 2018-11-02
10-Q 2018-06-30 Filed 2018-08-06
10-Q 2018-03-31 Filed 2018-05-04
10-K 2017-12-31 Filed 2018-02-26
8-K 2020-08-05 Earnings, Exhibits
8-K 2020-07-13 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2020-06-29 Amend Bylaw, Exhibits
8-K 2020-05-05
8-K 2020-04-29
8-K 2020-03-13
8-K 2020-02-28
8-K 2020-02-21
8-K 2019-11-15
8-K 2019-11-14
8-K 2019-11-06
8-K 2019-11-05
8-K 2019-09-18
8-K 2019-08-02
8-K 2019-07-15
8-K 2019-07-08
8-K 2019-06-20
8-K 2019-06-11
8-K 2019-06-04
8-K 2019-05-29
8-K 2019-05-28
8-K 2019-05-20
8-K 2019-05-03
8-K 2019-04-01
8-K 2019-03-29
8-K 2019-02-28
8-K 2019-02-05
8-K 2019-01-22
8-K 2018-11-14
8-K 2018-11-02
8-K 2018-08-21
8-K 2018-08-07
8-K 2018-08-06
8-K 2018-06-27
8-K 2018-06-15
8-K 2018-06-12
8-K 2018-05-04
8-K 2018-04-24
8-K 2018-04-09
8-K 2018-04-04
8-K 2018-03-02
8-K 2018-02-26
8-K 2018-02-22
8-K 2018-02-22
8-K 2018-01-26
8-K 2018-01-17

VST 10Q Quarterly Report

Part I. Financial Information
Item 1.Financial Statements
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4.Controls and Procedures
Part II. Other Information
Item 1.Legal Proceedings
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5.Other Information
Item 6. Exhibits
EX-31.1 vistra-20200630xex311.htm
EX-31.2 vistra-20200630xex312.htm
EX-32.1 vistra-20200630xex321.htm
EX-32.2 vistra-20200630xex322.htm
EX-95.1 vistra-20200630xex951.htm

Vistra Energy Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
30241812602017201820192020
Assets, Equity
4.13.22.31.40.5-0.42016201720182020
Rev, G Profit, Net Income
1.00.50.0-0.5-1.0-1.52017201820192020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2020

— OR —

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __ to __


Commission File Number 001-38086

Vistra Corp.

(Exact name of registrant as specified in its charter)

Delaware
36-4833255
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
6555 Sierra Drive,
Irving,
Texas
75039(214)812-4600
(Address of principal executive offices) (Zip Code)
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common stock, par value $0.01 per shareVSTNew York Stock Exchange
WarrantsVST.WS.ANew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.   Yes     No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes     No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer   Accelerated filer   Non-Accelerated filer Smaller reporting company   Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes   No

As of July 31, 2020, there were 488,780,072 shares of common stock, par value $0.01, outstanding of Vistra Corp.



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TABLE OF CONTENTS
PAGE
PART I.
Item 1.
Item 2.
Item 3.
Item 4.
PART II.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

Vistra Corp.'s (Vistra) annual reports, quarterly reports, current reports and any amendments to those reports are made available to the public, free of charge, on the Vistra website at http://www.vistracorp.com, as soon as reasonably practicable after they have been filed with or furnished to the Securities and Exchange Commission pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended. Additionally, Vistra posts important information, including press releases, investor presentations, sustainability reports, and notices of upcoming events on its website and utilizes its website as a channel of distribution to reach public investors and as a means of disclosing material non-public information for complying with disclosure obligations under Regulation FD. Investors may be notified of posting to the website by signing up for email alerts and RSS feeds on the "Investor Relations" page of Vistra's website. The information on Vistra's website shall not be deemed a part of, or incorporated by reference into, this quarterly report on Form 10-Q. The representations and warranties contained in any agreement that we have filed as an exhibit to this quarterly report on Form 10-Q, or that we have or may publicly file in the future, may contain representations and warranties that may (i) be made by and to the parties thereto at specific dates, (ii) be subject to exceptions and qualifications contained in separate disclosure schedules, (iii) represent the parties' risk allocation in the particular transaction, or (iv) be qualified by materiality standards that differ from what may be viewed as material for securities law purposes.

This quarterly report on Form 10-Q and other Securities and Exchange Commission filings of Vistra and its subsidiaries occasionally make references to Vistra (or "we," "our," "us" or "the Company"), Luminant, TXU Energy, Ambit, Value Based Brands, Dynegy Energy Services, Homefield Energy, TriEagle Energy, Public Power or U.S. Gas & Electric, when describing actions, rights or obligations of their respective subsidiaries. These references reflect the fact that the subsidiaries are consolidated with, or otherwise reflected in, the Vistra financial statements for financial reporting purposes. However, these references should not be interpreted to imply that the parent company is actually undertaking the action or has the rights or obligations of the relevant subsidiary company or vice versa.

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GLOSSARY

When the following terms and abbreviations appear in the text of this report, they have the meanings indicated below.
2019 Form 10-KVistra's annual report on Form 10-K for the year ended December 31, 2019, filed with the SEC on February 28, 2020
AmbitAmbit Holdings, LLC, and/or its subsidiaries (d/b/a Ambit), depending on context
AROasset retirement and mining reclamation obligation
CAAClean Air Act
CAISOThe California Independent System Operator
CARES ActCoronavirus Aid, Relief, and Economic Security Act
CCGTcombined cycle gas turbine
CFTCU.S. Commodity Futures Trading Commission
CMEChicago Mercantile Exchange
CO2
carbon dioxide
CPUCCalifornia Public Utilities Commission
CriusCrius Energy Trust and/or its subsidiaries, depending on context
DynegyDynegy Inc., and/or its subsidiaries, depending on context
Dynegy Energy ServicesDynegy Energy Services, LLC and Dynegy Energy Services (East), LLC (each d/b/a Dynegy, Better Buy Energy, Brighten Energy, Honor Energy and True Fit Energy, respectively), indirect, wholly owned subsidiaries of Vistra, that are REPs in certain areas of MISO and PJM, respectively, and are engaged in the retail sale of electricity to residential and business customers.
EBITDAearnings (net income) before interest expense, income taxes, depreciation and amortization
Effective DateOctober 3, 2016, the date our predecessor completed its reorganization under Chapter 11 of the U.S. Bankruptcy Code
Emergenceemergence of our predecessor from reorganization under Chapter 11 of the U.S. Bankruptcy Code as subsidiaries of a newly formed company, Vistra, on the Effective Date
EPAU.S. Environmental Protection Agency
ERCOTElectric Reliability Council of Texas, Inc.
ESSenergy storage system
Exchange ActSecurities Exchange Act of 1934, as amended
FERCU.S. Federal Energy Regulatory Commission
GAAPgenerally accepted accounting principles
GHGgreenhouse gas
GWhgigawatt-hours
Homefield EnergyIllinois Power Marketing Company (d/b/a Homefield Energy), an indirect, wholly owned subsidiary of Vistra, a REP in certain areas of MISO that is engaged in the retail sale of electricity to municipal customers
ICEIntercontinental Exchange
IRCInternal Revenue Code of 1986, as amended
IRSU.S. Internal Revenue Service
ISOindependent system operator
ISO-NEISO New England Inc.
LIBORLondon Interbank Offered Rate, an interest rate at which banks can borrow funds, in marketable size, from other banks in the London interbank market
loaddemand for electricity
LTSAlong-term service agreements for plant maintenance
Luminantsubsidiaries of Vistra engaged in competitive market activities consisting of electricity generation and wholesale energy sales and purchases as well as commodity risk management
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market heat rateHeat rate is a measure of the efficiency of converting a fuel source to electricity. Market heat rate is the implied relationship between wholesale electricity prices and natural gas prices and is calculated by dividing the wholesale market price of electricity, which is based on the price offer of the marginal supplier (generally natural gas plants), by the market price of natural gas.
Mergerthe merger of Dynegy with and into Vistra, with Vistra as the surviving corporation
Merger Agreementthe Agreement and Plan of Merger, dated as of October 29, 2017, by and between Vistra and Dynegy
Merger DateApril 9, 2018, the date Vistra and Dynegy completed the transactions contemplated by the Merger Agreement
MISOMidcontinent Independent System Operator, Inc.
MMBtumillion British thermal units
Moody'sMoody's Investors Service, Inc. (a credit rating agency)
MSHAU.S. Mine Safety and Health Administration
MWmegawatts
MWhmegawatt-hours
NELPNortheast Energy, LP, a joint venture between Dynegy Northeast Generation GP, Inc. and Dynegy Northeast Associates LP, Inc., both indirect subsidiaries of Vistra, and certain subsidiaries of NextEra Energy, Inc. NELP indirectly owned Bellingham NEA facility and the Sayreville facility.
NELP Transactiona transaction among Dynegy Northeast Generation GP, Inc., Dynegy Northeast Associates LP, Inc. and certain subsidiaries of NextEra Energy, Inc. wherein the indirect subsidiaries of Vistra redeemed their ownership interest in NELP partnership in exchange for 100% ownership interest in NJEA, the entity which owns the Sayreville facility.
NERCNorth American Electric Reliability Corporation
NJEANorth Jersey Energy Associates, a Limited Partnership
NOX
nitrogen oxide
NRCU.S. Nuclear Regulatory Commission
NYISONew York Independent System Operator, Inc.
NYMEXthe New York Mercantile Exchange, a commodity derivatives exchange
OPEBpostretirement employee benefits other than pensions
ParentVistra Corp.
PJMPJM Interconnection, LLC
Plan of ReorganizationThird Amended Joint Plan of Reorganization filed by the parent company of our predecessor in August 2016 and confirmed by the U.S. Bankruptcy Court for the District of Delaware in August 2016 solely with respect to our predecessor
PrefCoVistra Preferred Inc.
PrefCo Preferred Stock Saleas part of the tax-free spin-off from Energy Future Holdings Corp., executed pursuant to the Plan of Reorganization on the Effective Date by our predecessor, the contribution of certain of the assets of our predecessor and its subsidiaries by a subsidiary of TEX Energy LLC to PrefCo in exchange for all of PrefCo's authorized preferred stock, consisting of 70,000 shares, par value $0.01 per share
Public PowerPublic Power, LLC (d/b/a Public Power), an indirect, wholly owned subsidiary of Vistra, a REP in certain areas of PJM, NYISO, ISO-NE and MISO that is engaged in the retail sale of electricity to residential and business customers
PUCTPublic Utility Commission of Texas
REPretail electric provider
RCTRailroad Commission of Texas, which among other things, has oversight of lignite mining activity in Texas
RTOregional transmission organization
S&PStandard & Poor's Ratings (a credit rating agency)
SECU.S. Securities and Exchange Commission
Securities ActSecurities Act of 1933, as amended
SO2
sulfur dioxide
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Tax Matters AgreementTax Matters Agreement, dated as of the Effective Date, by and among Energy Future Holdings Corp. (EFH Corp.), Energy Future Intermediate Holding Company LLC, EFIH Finance Inc. and EFH Merger Co. LLC
TCEHTexas Competitive Electric Holdings Company LLC, a direct, wholly owned subsidiary of Energy Future Competitive Holdings Company LLC, and, prior to the Effective Date, the parent company of our predecessor, depending on context, that were engaged in electricity generation and wholesale and retail energy market activities, and whose major subsidiaries included Luminant and TXU Energy
TCEQTexas Commission on Environmental Quality
TRA
Tax Receivables Agreement, containing certain rights (TRA Rights) to receive payments from Vistra related to certain tax benefits, including benefits realized as a result of certain transactions entered into at Emergence (see Note 8 to the Financial Statements)
TRETexas Reliability Entity, Inc., an independent organization that develops reliability standards for the ERCOT region and monitors and enforces compliance with NERC standards and monitors compliance with ERCOT protocols
TriEagle EnergyTriEagle Energy, LP (d/b/a TriEagle Energy, TriEagle Energy Services, Eagle Energy, Energy Rewards, Power House Energy and Viridian Energy), an indirect, wholly owned subsidiary of Vistra, a REP in certain areas of ERCOT and PJM that is engaged in the retail sale of electricity to residential and business customers
TWhterawatt-hours
TXU EnergyTXU Energy Retail Company LLC (d/b/a TXU), an indirect, wholly owned subsidiary of Vistra that is a REP in competitive areas of ERCOT and is engaged in the retail sale of electricity to residential and business customers
U.S.United States of America
U.S. Gas & ElectricU.S. Gas and Electric, Inc. (d/b/a USG&E, Illinois Gas & Electric and ILG&E), an indirect, wholly owned subsidiary of Vistra, a REP in certain areas of PJM, NYISO, ISO-NE and MISO that is engaged in the retail sale of electricity to residential and business customers
Value Based BrandsValue Based Brands LLC (d/b/a 4Change, 4Change Energy and Express Energy), an indirect, wholly owned subsidiary of Vistra that is a REP in competitive areas of ERCOT and is engaged in the retail sale of electricity to residential and business customers
VistraVistra Corp. and/or its subsidiaries, depending on context. Effective July 2, 2020, Vistra Energy Corp. changed its name to Vistra Corp.
Vistra IntermediateVistra Intermediate Company LLC, a direct, wholly owned subsidiary of Vistra
Vistra Operations
Vistra Operations Company LLC, an indirect, wholly owned subsidiary of Vistra that is the issuer of certain series of notes (see Note 11 to the Financial Statements) and borrower under the Vistra Operations Credit Facilities
Vistra Operations Credit Facilities
Vistra Operations Company LLC's $5.311 billion senior secured financing facilities (see Note 11 to the Financial Statements).

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Table of Contents
PART I. FINANCIAL INFORMATION

Item 1.FINANCIAL STATEMENTS

VISTRA CORP.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited) (Millions of Dollars, Except Per Share Amounts)
Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
Operating revenues (Note 5)$2,509  $2,832  $5,367  $5,755  
Fuel, purchased power costs and delivery fees(1,029) (1,139) (2,362) (2,600) 
Operating costs(412) (370) (792) (755) 
Depreciation and amortization(455) (384) (875) (790) 
Selling, general and administrative expenses(236) (210) (488) (392) 
Impairment of long-lived assets (Note 18)    (84)   
Operating income
377  729  766  1,218  
Other income (Note 18)5  13  12  39  
Other deductions (Note 18)(4) (2) (35) (5) 
Interest expense and related charges (Note 18)(141) (274) (440) (495) 
Impacts of Tax Receivable Agreement (Note 8)(6) 33  (14) 36  
Equity in earnings of unconsolidated investment1  3  4  10  
Income before income taxes
232  502  293  803  
Income tax expense (Note 7)(68) (148) (84) (225) 
Net income
$164  $354  $209  $578  
Net loss attributable to noncontrolling interest2  2  13  3  
Net income attributable to Vistra$166  $356  $222  $581  
Weighted average shares of common stock outstanding:
Basic
488,680,442  499,778,235  488,312,503  499,213,522  
Diluted
490,468,735  507,500,383  490,709,932  507,248,920  
Net income per weighted average share of common stock outstanding:
Basic
$0.34  $0.71  $0.45  $1.16  
Diluted
$0.34  $0.70  $0.45  $1.15  

See Notes to the Condensed Consolidated Financial Statements.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited) (Millions of Dollars)
Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
Net income$164  $354  $209  $578  
Other comprehensive income, net of tax effects:
Effects related to pension and other retirement benefit obligations (net of tax benefit of $, $, $7 and $)
1    (22) 1  
Total other comprehensive income (loss)1    (22) 1  
Comprehensive income$165  $354  $187  $579  
Comprehensive loss attributable to noncontrolling interest2  2  13  3  
Comprehensive income attributable to Vistra$167  $356  $200  $582  

See Notes to the Condensed Consolidated Financial Statements.
1

Table of Contents

VISTRA CORP.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) (Millions of Dollars)
Six Months Ended June 30,
20202019
Cash flows — operating activities:
Net income$209  $578  
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization1,022  886  
Deferred income tax expense, net73  217  
Impairment of long-lived assets (Note 18)84    
Loss on disposal of investment in NELP (Note 18)29    
Unrealized net gain from mark-to-market valuations of commodities(123) (703) 
Unrealized net loss from mark-to-market valuations of interest rate swaps192  199  
Asset retirement obligation accretion expense23  27  
Impacts of Tax Receivable Agreement (Note 8)14  (36) 
Stock-based compensation30  24  
Other, net55  73  
Changes in operating assets and liabilities:
Margin deposits, net58  112  
Accrued interest(6) 6  
Accrued taxes(59) (67) 
Accrued employee incentive(70) (72) 
Other operating assets and liabilities(222) (362) 
Cash provided by operating activities1,309  882  
Cash flows — investing activities:
Capital expenditures, including nuclear fuel purchases and LTSA prepayments(588) (303) 
Proceeds from sales of nuclear decommissioning trust fund securities (Note 18)224  292  
Investments in nuclear decommissioning trust fund securities (Note 18)(234) (302) 
Proceeds from sales of environmental allowances