10-Q 1 vistra-20240331.htm 10-Q vistra-20240331
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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 MARCH 31, 2024

— 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

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

Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date.
ClassOutstanding as of May 3, 2024
Common stock, par value $0.01 per share347,460,001



TABLE OF CONTENTS
PAGE

i

GLOSSARY OF TERMS AND ABBREVIATIONS

When the following terms and abbreviations appear in the text of this report, they have the meanings indicated below.
Current and Former Related Entities:
AmbitAmbit Holdings, LLC, and/or its subsidiaries (d/b/a Ambit), depending on context
DynegyDynegy Inc., and/or its subsidiaries, depending on context
Dynegy Energy Services
Dynegy 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), indirect 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.
Energy Harbor
Energy Harbor Holdings LLC (formerly known as Energy Harbor Corp.), and/or its subsidiaries, depending on context
Homefield Energy
Illinois Power Marketing Company (d/b/a Homefield Energy), an indirect subsidiary of Vistra, a REP in certain areas of MISO that is engaged in the retail sale of electricity to municipal customers
Luminantsubsidiaries of Vistra engaged in competitive market activities consisting of electricity generation and wholesale energy sales and purchases as well as commodity risk management
ParentVistra Corp.
Public Power
Public Power, LLC (d/b/a Public Power), an indirect subsidiary of Vistra, a REP in certain areas of PJM, ISO-NE, NYISO and MISO that is engaged in the retail sale of electricity to residential and business customers
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
TriEagle Energy
TriEagle Energy, LP (d/b/a TriEagle Energy, TriEagle Energy Services, Eagle Energy, Energy Rewards, Power House Energy and Viridian Energy), an indirect 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
TXU Energy
TXU Energy Retail Company LLC (d/b/a TXU), an indirect 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. Gas & Electric
U.S. Gas and Electric, LLC (d/b/a USG&E, Illinois Gas & Electric and ILG&E), an indirect subsidiary of Vistra, a REP in certain areas of PJM, ISO-NE, NYISO and MISO that is engaged in the retail sale of electricity to residential and business customers
Value Based Brands
Value Based Brands LLC (d/b/a 4Change Energy, Express Energy and Veteran Energy), an indirect 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
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 10 to the Financial Statements) and borrower under the Vistra Operations Credit Facilities
Vistra Vision
Vistra Vision LLC, an indirect subsidiary of Vistra
Vistra Zero
Vistra Zero Operating Company, LLC, an indirect subsidiary of Vistra Vision LLC
Transmission System Operators:
CAISOThe California Independent System Operator
ERCOTElectric Reliability Council of Texas, Inc.
ISO-NEISO New England Inc.
MISOMidcontinent Independent System Operator, Inc.
NYISONew York Independent System Operator, Inc.
PJMPJM Interconnection, LLC
Authoritative Organizations:
EPAU.S. Environmental Protection Agency
ii

FERCU.S. Federal Energy Regulatory Commission
IEPAIllinois Environmental Protection Agency
IPCBIllinois Pollution Control Board
IRSU.S. Internal Revenue Service
MSHAU.S. Mine Safety and Health Administration
NRCU.S. Nuclear Regulatory Commission
PUCTPublic Utility Commission of Texas
RCTRailroad Commission of Texas, which among other things, has oversight of lignite mining activity in Texas, and has jurisdiction over oil and natural gas exploration and production, permitting and inspecting intrastate pipelines, and overseeing natural gas utility rates and compliance
SECU.S. Securities and Exchange Commission
TCEQTexas Commission on Environmental Quality
Rules and Regulations:
Exchange ActSecurities Exchange Act of 1934, as amended
IRAInflation Reduction Act of 2022
Securities ActSecurities Act of 1933, as amended
General Terms:
2023 Form 10-KVistra's annual report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 29, 2024
AROasset retirement and mining reclamation obligation
CCGTcombined cycle natural gas turbine
CCRcoal combustion residuals
CMEChicago Mercantile Exchange
CO2
carbon dioxide
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
ERP
enterprise resource program
ESSenergy storage system
GAAPgenerally accepted accounting principles
GHGgreenhouse gas
GWhgigawatt-hours
Heat RateHeat Rate is a measure of the efficiency of converting a fuel source to electricity
ISOindependent system operator
ITCinvestment tax credit
loaddemand for electricity
LTSAlong-term service agreements for plant maintenance
MMBtumillion British thermal units
MWmegawatts
MWhmegawatt-hours
NOX
nitrogen oxide
NYMEXthe New York Mercantile Exchange, a commodity derivatives exchange
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
iii

PrefCo Preferred Stock Saleas part of the tax-free spin-off from Energy Future Holdings Corp. (EFH 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 Vistra Preferred, LLC (PrefCo) in exchange for all of PrefCo's authorized preferred stock, consisting of 70,000 shares, par value $0.01 per share
PTCproduction tax credit
REPretail electric provider
RTOregional transmission organization
S&PStandard & Poor's Ratings (a credit rating agency)
Series A Preferred StockVistra's 8.0% Series A Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value, with a liquidation preference of $1,000 per share
Series B Preferred StockVistra's 7.0% Series B Fixed-Rate Reset Cumulative Green Redeemable Perpetual Preferred Stock, $0.01 par value, with a liquidation preference of $1,000 per share
Series C Preferred StockVistra's 8.875% Series C Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value, with a liquidation preference of $1,000 per share
SO2
sulfur dioxide
SOFRSecured Overnight Financing Rate, the average rate at which institutions can borrow U.S. dollars overnight while posting U.S. Treasury Bonds as collateral
Tax Matters AgreementTax Matters Agreement, dated as of the Effective Date, by and among EFH Corp., Energy Future Intermediate Holding Company LLC, EFIH Finance Inc. and EFH Merger Co. LLC
TRA
Tax Receivable 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 13 to the Financial Statements)
U.S.United States of America
Vistra Operations Commodity-Linked Credit AgreementCredit agreement, dated as of February 4, 2022 (as amended, restated, amended and restated, supplemented, and/or otherwise modified from time to time) by and among Vistra Operations, Vistra Intermediate, the lenders party thereto, the other credit parties thereto, the administrative agent, the collateral agent, and the other parties named therein
Vistra Operations Credit AgreementCredit agreement, dated as of October 3, 2016 (as amended, restated, amended and restated, supplemented and/or otherwise modified from time to time), by and among Vistra Operations, Vistra Intermediate, the lenders party thereto, the letter of credit issuers party thereto, the administrative agent, the collateral agent, and the other parties named therein
Vistra Operations Credit Facilities
Vistra Operations senior secured financing facilities (see Note 10 to the Financial Statements)
Vistra Zero Credit Agreement
Credit agreement, dated as of March 26, 2024 (as amended, restated, amended and restated, supplemented and/or otherwise modified from time to time), by and among Vistra Zero, the lenders party thereto, the administrative agent, and collateral agent, and the other parties named therein

iv

FORWARD-LOOKING STATEMENTS

This quarterly report on Form 10-Q contains "forward-looking statements" that involve risk and uncertainties. All statements, other than statements of historical facts, that are included in this report, or made in presentations, in response to questions or otherwise, that address activities, events or developments that may occur in the future, including (without limitation) such matters as activities related to our financial or operational projections, capital allocation, capital expenditures, liquidity, 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 such as "intends," "plans," "potential," "will likely," "unlikely," "believe," "expect," "anticipated," "estimate," "should," "could," "may," "projection," "forecast," "target," "goal," "objective" and "outlook"), are forward-looking statements. Although we believe that in making any such forward-looking statement our expectations are based on reasonable assumptions, any such forward-looking statement involves uncertainties and risks and is qualified in its entirety by reference to the discussion in (i) Item 1A. Risk Factors and Item 7. Management's Discussion and Analysis of Financial Condition, and Results of Operations in our 2023 Form 10-K and (ii) in Part I, Item 2 Management's Discussion and Analysis of Financial Condition, and Results of Operations in this quarterly report on Form 10-Q, that could cause our actual results to differ materially from those projected in or implied by such forward-looking statements:

Any forward-looking statement speaks only at the date on which it is made, and except as may be required by law, we undertake no 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 or circumstances. New factors emerge from time to time, and it is not possible for us to predict them. In addition, we may be unable to assess the impact of any such event or condition or the extent to which any such event or condition, or combination of events or conditions, may cause results to differ materially from those contained in or implied by any forward-looking statement. As such, you should not unduly rely on such forward-looking statements.
v

PART I. FINANCIAL INFORMATION

Item 1.FINANCIAL STATEMENTS

VISTRA CORP.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited) (Millions of Dollars, Except Share Data)
Three Months Ended March 31,
20242023
Operating revenues (Note 4)$3,054 $4,425 
Fuel, purchased power costs and delivery fees(1,716)(2,170)
Operating costs(498)(421)
Depreciation and amortization(403)(366)
Selling, general and administrative expenses(351)(288)
Impairment of long-lived assets (Note 18) (49)
Operating income86 1,131 
Other income (Note 18)91 20 
Other deductions (Note 18)(4)(3)
Interest expense and related charges (Note 18)(170)(207)
Impacts of Tax Receivable Agreement (Note 13)(5)(65)
Net income (loss) before income taxes(2)876 
Income tax (expense) benefit (Note 5)20 (178)
Net income$18 $698 
Net (income) loss attributable to noncontrolling interest(53)1 
Net income (loss) attributable to Vistra$(35)$699 
Cumulative dividends attributable to preferred stock(49)(38)
Net income (loss) attributable to Vistra common stock$(84)$661 
Weighted average shares of common stock outstanding:
Basic348,966,197 383,631,369 
Diluted348,966,197 387,553,379 
Net income (loss) per weighted average share of common stock outstanding:
Basic$(0.24)$1.72 
Diluted$(0.24)$1.71 

See Notes to the Condensed Consolidated Financial Statements.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited) (Millions of Dollars)
Three Months Ended March 31,
20242023
Net income$18 $698 
Other comprehensive income, net of tax effects:
Effects related to pension and other retirement benefit obligations (net of tax expense (benefit) of $ and $)
 1 
Total other comprehensive income 1 
Comprehensive income$18 $699 
Comprehensive (income) loss attributable to noncontrolling interest(53)1 
Comprehensive income (loss) attributable to Vistra$(35)$700 

See Notes to the Condensed Consolidated Financial Statements.
1

VISTRA CORP.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) (Millions of Dollars)
Three Months Ended March 31,
20242023
Cash flows — operating activities:
Net income$18 $698 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization555 477 
Deferred income tax expense (benefit), net(23)181 
Impairment of long-lived assets 49 
Unrealized net (gain) loss from mark-to-market valuations of commodities176 (1,085)
Unrealized net (gain) loss from mark-to-market valuations of interest rate swaps(47)41 
Unrealized net gain from nuclear decommissioning trusts(28) 
Asset retirement obligation accretion expense19 9 
Impacts of Tax Receivable Agreement5 65 
Gain on TRA repurchase and tender offers(10) 
Bad debt expense36 35 
Stock-based compensation21 22 
Other, net(23)8 
Changes in operating assets and liabilities:
Margin deposits, net128 1,227 
Accrued interest(3)(47)
Accrued taxes(111)(91)
Accrued employee incentive(169)(79)
Other operating assets and liabilities(232)(75)
Cash provided by operating activities312 1,435 
Cash flows — investing activities:
Capital expenditures, including nuclear fuel purchases and LTSA prepayments(465)(484)
Energy Harbor acquisition (net of cash acquired)(3,070) 
Proceeds from sales of nuclear decommissioning trust fund securities214 119 
Investments in nuclear decommissioning trust fund securities(220)(125)
Proceeds from sales of environmental allowances17 35 
Purchases of environmental allowances(131)(61)
Proceeds from sale of property, plant and equipment, including nuclear fuel127 2 
Other, net 1 
Cash used in investing activities(3,528)(513)
Cash flows — financing activities:
Issuances of long-term debt700  
Repayments/repurchases of debt(756)(7)
Net borrowings under accounts receivable financing875 175 
Borrowings under Revolving Credit Facility 100 
Repayments under Revolving Credit Facility (350)
Borrowings under Commodity-Linked Facility500  
Repayments under Commodity-Linked Facility (400)
Stock repurchases(291)(301)
Dividends paid to common stockholders(77)(77)
TRA Repurchase and tender offer — return of capital(122) 
Other, net(36)(14)
Cash provided by (used in) financing activities793 (874)
2

VISTRA CORP.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) (Millions of Dollars)
Three Months Ended March 31,
20242023
Net change in cash, cash equivalents and restricted cash(2,423)48 
Cash, cash equivalents and restricted cash — beginning balance3,539 525 
Cash, cash equivalents and restricted cash — ending balance$1,116 $573 

See Notes to the Condensed Consolidated Financial Statements.
3

VISTRA CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited) (Millions of Dollars, Except Share Data)
March 31,
2024
December 31,
2023
ASSETS
Current assets:
Cash and cash equivalents$1,070 $3,485 
Restricted cash (Note 18)32 40 
Trade accounts receivable — net (Note 18)1,729 1,674 
Income taxes receivable1 6 
Inventories (Note 18)976 740 
Commodity and other derivative contractual assets (Note 11)3,557 3,645 
Margin deposits related to commodity contracts1,186 1,244 
Margin deposits posted under affiliate financing agreement (Note 9)443 439 
Prepaid expense and other current assets439 364 
Total current assets9,433 11,637 
Restricted cash (Note 18)14 14 
Investments (Note 18)4,219 2,035 
Property, plant and equipment — net (Note 18)18,014 12,432 
Operating lease right-of-use assets62 50 
Goodwill (Note 7)2,877 2,583 
Identifiable intangible assets — net (Note 7)2,278 1,864 
Commodity and other derivative contractual assets (Note 11)703 577 
Accumulated deferred income taxes 1,223 
Other noncurrent assets578 551 
Total assets$38,178 $32,966 
LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings (Note 10)$500 $ 
Accounts receivable financing (Note 8)875  
Long-term debt due currently (Note 10)54 2,286 
Trade accounts payable1,100 1,147 
Commodity and other derivative contractual liabilities (Note 11)5,214 5,258 
Margin deposits related to commodity contracts115 45 
Accrued taxes other than income118 203 
Accrued interest208 206 
Asset retirement obligations (Note 14)119 124 
Operating lease liabilities11 7 
Other current liabilities461 547 
Total current liabilities8,775 9,823 
Margin deposits financing with affiliate (Note 9)443 439 
Long-term debt, less amounts due currently (Note 10)14,693 12,116 
Operating lease liabilities56 48 
Commodity and other derivative contractual liabilities (Note 11)1,892 1,688 
Accumulated deferred income taxes118 1 
Tax Receivable Agreement obligation (Note 13)15 164 
Asset retirement obligations (Note 14)3,806 2,414 
4

VISTRA CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited) (Millions of Dollars, Except Share Data)
March 31,
2024
December 31,
2023
Other noncurrent liabilities and deferred credits (Note 18)1,096 951 
Total liabilities30,894 27,644 
Commitments and Contingencies (Note 15)
Total equity (Note 16):
Preferred stock, number of shares authorized — 100,000,000; Series A (liquidation preference — $1,000; shares outstanding: March 31, 2024 and December 31, 2023— 1,000,000); Series B (liquidation preference — $1,000; shares outstanding: March 31, 2024 and December 31, 2023 — 1,000,000); Series C (liquidation preference — $1,000; shares outstanding: March 31, 2024 and December 31, 2023 — 476,081)
2,476 2,476 
Common stock (par value — $0.01; number of shares authorized — 1,800,000,000)
(shares outstanding: March 31, 2024 — 348,733,986; December 31, 2023 — 351,457,016)
5 5 
Treasury stock, at cost (shares: March 31, 2024 — 198,562,722; December 31, 2023 — 192,178,156)
(4,947)(4,662)
Additional paid-in-capital10,878 10,095 
Retained deficit(2,762)(2,613)
Accumulated other comprehensive income6 6 
Stockholders' equity5,656 5,307 
Noncontrolling interest in subsidiary1,628 15 
Total equity7,284 5,322 
Total liabilities and equity$38,178 $32,966 

See Notes to the Condensed Consolidated Financial Statements.
5

VISTRA CORP.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(Millions of Dollars)
Preferred StockCommon StockTreasury StockAdditional Paid-In CapitalRetained DeficitAccumulated Other Comprehensive Income (Loss)Total Stockholders' EquityNoncontrolling Interest in SubsidiaryTotal Equity
Balances at
December 31, 2023
$2,476 $5 $(4,662)$10,095 $(2,613)$6 $5,307 $15 $5,322 
Stock repurchases— — (285)— — — (285)— (285)
Effects of stock-based incentive compensation plans— — — 35 — — 35 — 35 
Equity issued in subsidiary to acquire Energy Harbor (a)— — — 747 — — 747 1,560 2,307 
Net income (loss)— — — — (35)— (35)53 18 
Dividends declared on common stock— — — — (77)— (77)— (77)
Dividends declared on preferred stock— — — — (37)— (37)— (37)
Other— — — 1 — — 1  1 
Balances at
March 31, 2024
$2,476 $5 $(4,947)$10,878 $(2,762)$6 $5,656 $1,628 $7,284 
____________
(a)Noncontrolling interest in subsidiary includes $811 million representing the fair value of the 15% noncontrolling interest in Energy Harbor and $749 million representing 15% of the carrying value of net assets of certain subsidiaries contributed to Vistra Vision. See Note 2.
See Notes to the Condensed Consolidated Financial Statements.

VISTRA CORP.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
(Millions of Dollars)
Preferred StockCommon StockTreasury StockAdditional Paid-In CapitalRetained DeficitAccumulated Other Comprehensive Income (Loss)Total Stockholders' EquityNoncontrolling Interest in SubsidiaryTotal Equity
Balances at
December 31, 2022
$2,000 $5 $(3,395)$9,928 $(3,643)$7 $4,902 $16 $4,918 
Stock repurchases— — (311)— — — (311)— (311)
Effects of stock-based incentive compensation plans— — — 24 — — 24 — 24 
Net income (loss)— — — — 699 — 699 (1)698 
Dividends declared on common stock— — — — (77)— (77)— (77)
Dividends declared on preferred stock— — — — (37)— (37)— (37)
Change in accumulated other comprehensive income (loss)— — — — — 1 1 — 1 
Balances at
March 31, 2023
$2,000 $5 $(3,706)$9,952 $(3,058)$8 $5,201 $15 $5,216 

See Notes to the Condensed Consolidated Financial Statements.
6

VISTRA CORP.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

1.BUSINESS, BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

Description of Business

References in this report to "we," "our," "us" and "the Company" are to Vistra and/or its subsidiaries, as apparent in the context. See Glossary of Terms and Abbreviations for defined terms.

Vistra is a holding company operating an integrated retail and electric power generation business primarily in markets throughout the U.S. Through our subsidiaries, we are engaged in competitive energy market activities including electricity generation, wholesale energy sales and purchases, commodity risk management and retail sales of electricity and natural gas to end users.

Vistra has six reportable segments: (i) Retail, (ii) Texas, (iii) East, (iv) West, (v) Sunset and (vi) Asset Closure. See Note 17 for further information concerning our reportable business segments.

Basis of Presentation

The condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and on the same basis as the audited financial statements included in our 2023 Form 10-K. The condensed consolidated financial information herein reflects all adjustments which are, in the opinion of management, necessary to fairly state the results for the interim periods presented. All such adjustments are of a normal nature. All intercompany items and transactions have been eliminated in consolidation.

A noncontrolling interest in a consolidated subsidiary represents the portion of the equity in a subsidiary not attributable, directly or indirectly, to the Company. Noncontrolling interests are presented as a separate component of equity in the condensed consolidated balance sheets and the presentation of net income is modified to present earnings attributed to controlling and noncontrolling interests. Any change in ownership of a subsidiary while the controlling financial interest is retained is accounted for as an equity transaction between the controlling and noncontrolling interests.

Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to the rules and regulations of the SEC. Because the condensed consolidated interim financial statements do not include all of the information and footnotes required by U.S. GAAP, they should be read in conjunction with the audited financial statements and related notes contained in our 2023 Form 10-K. The results of operations for an interim period may not give a true indication of results for a full year. All dollar amounts in the financial statements and tables in the notes are stated in millions of U.S. dollars unless otherwise indicated.

Significant Accounting Policies

Business Combinations

The Company accounts for its business combinations in accordance with ASC 805, Business Combinations, which requires an acquirer to recognize and measure in its financial statements the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquiree at fair value as of the acquisition date. The excess of the purchase price over those fair values is recognized as goodwill (if any). During the measurement period, which may be up to one year from the acquisition date, we may record adjustments to the assets acquired and liabilities assumed in the period in which they are determined.

Nuclear Decommissioning Trusts (NDTs)

The NRC is responsible for regulating all nuclear power plants in the U.S. This regulatory oversight results in specific accounting considerations for nuclear plant decommissioning. Our NDTs hold funds primarily for the ultimate decommissioning of our nuclear power plants. Each unit has its own NDT and funds from one unit may not be used to fund decommissioning obligations of another unit.

7

Decommissioning costs associated with the Comanche Peak nuclear generation facility in Texas are being recovered from Oncor Electric Delivery Company LLC's (Oncor) customers as a delivery fee surcharge over the life of the plant and deposited by Vistra (and prior to the Effective Date, a subsidiary of TCEH) in the NDT. Income and expense, including gains and losses associated with the NDT assets and the related decommissioning liability are offset by a corresponding change in a regulatory asset/liability (currently a regulatory liability reported in other noncurrent liabilities and deferred credits) that will ultimately be settled through changes in Oncor's delivery fees rates.

The NDTs associated with our PJM nuclear facilities have been funded with amounts collected from the previous owners and their respective utility customers. Any shortfall of funds necessary for decommissioning the PJM nuclear facilities, determined for each generating station unit, are required to be funded by us. Investments in the PJM NDTs are carried at fair value and gains and losses are recognized as other income or other deductions in the condensed consolidated statements of operations. NDTs are invested in diversified portfolios of securities generally designed to achieve a return sufficient to fund the future decommissioning work. We retain any funds remaining in the trusts of the PJM nuclear facilities after all decommissioning has been completed.

Use of Estimates

Preparation of financial statements requires estimates and assumptions about future events that affect the reporting of assets and liabilities as of the balance sheet dates and the reported amounts of revenue and expense, including fair value measurements, estimates of expected obligations, judgments related to the potential timing of events and other estimates. In the event estimates and/or assumptions prove to be different from actual amounts, adjustments are made in subsequent periods to reflect more current information.

Adoption of Accounting Standards

Improvements to Reportable Segment Disclosures

In November 2023, the Financial Accounting Standards Board (FASB) issued ASU No. 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures, to improve the disclosures about reportable segments and add more detailed information about a reportable segment's expenses. The amendments in the ASU require public entities to disclose on an annual and interim basis significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit or loss, other segment items by reportable segment, the title and position of the CODM, and an explanation of how the CODM uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. The ASU does not change the definition of a segment, the method for determining segments, the criteria for aggregating operating segments into reportable segments, or the current specifically enumerated segment expenses that are required to be disclosed. The Company will adopt the amendments in this ASU for its fiscal year ended December 31, 2024 and interim periods within its fiscal year ended December 31, 2025. The amendment will be applied retrospectively to all prior periods presented. We are currently evaluating the impact this ASU will have on our consolidated financial statements and related disclosures.

Improvements to Income Tax Disclosures

In December 2023, the FASB issued ASU No. 2023-09 (ASU 2023-09), Income Taxes (Topic 740): Improvements to Income Tax Disclosures to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. As the amendments apply to income tax disclosures only, the Company does not expect adoption to have a material impact on our consolidated financial statements.

Recent Developments

See Note 8 for information on the Receivables Program amendment increasing the purchase limit and Note 10 for information on the $1.5 billion principal amount of senior secured and unsecured senior notes issued in April 2024.

8

2.    BUSINESS COMBINATIONS

On March 1, 2024 (Merger Date), pursuant to a transaction agreement dated March 6, 2023 (Transaction Agreement), (i) Vistra Operations transferred certain of its subsidiary entities into Vistra Vision, (ii) Black Pen Inc., a wholly owned subsidiary of Vistra, merged with and into Energy Harbor, (iii) Energy Harbor became a wholly-owned subsidiary of Vistra Vision, and (iv) affiliates of Nuveen Asset Management, LLC (Nuveen) and Avenue Capital Management II, L.P. (Avenue) exchanged a portion of the Energy Harbor shares held by Nuveen and Avenue for a 15% equity interest of Vistra Vision (collectively, Energy Harbor Merger). The Energy Harbor Merger combines Energy Harbor's and Vistra's nuclear and retail businesses and certain Vistra Zero renewables and energy storage facilities to provide diversification and scale across multiple carbon-free technologies (dispatchable and renewables/storage) and the retail business.

The Energy Harbor Merger was accounted for using the acquisition method in accordance with ASC 805, Business Combinations (ASC 805), which requires identifiable assets acquired and liabilities assumed to be recorded at their estimated fair values on the Merger Date. The combined results of operations are reported in our condensed consolidated financial statements beginning as of the Merger Date.

The following table summarizes the acquisition date fair value of Energy Harbor associated with the Energy Harbor Merger on the Merger Date:
(in millions)
Consideration
Cash consideration$3,100 
15% of the fair value of net assets contributed to Vistra Vision by Vistra (a)
1,496 
Total purchase price4,596 
Fair value of noncontrolling interest in Energy Harbor (b)811 
Acquisition date fair value of Energy Harbor$5,407 
____________
(a)Valued using a discounted cash flow analysis of the contributed subsidiaries including contributed debt.
(b)Represents 15% of the acquisition date fair value implied from the fair value of consideration transferred.

As a result of the Energy Harbor Merger, Vistra maintains an 85% ownership interest in Vistra Vision and records the remaining 15% equity interest as a noncontrolling interest in our condensed consolidated balance sheets as of the Merger Date. We reclassified the carrying value of assets contributed to Vistra Vision of $749 million from additional paid-in-capital of Vistra (the controlling interest) to the noncontrolling interest in subsidiary.

9

Provisional fair value measurements were made for acquired assets and liabilities, adjustments to those measurements may be made in subsequent periods (up to one year from the acquisition date) as information necessary to complete the fair value analysis is obtained. The provisional fair values assigned to assets acquired and liabilities assumed are as follows:
(in Millions)
Fair Value as of March 1, 2024
Cash and cash equivalents$30 
Trade accounts receivables, inventories, prepaid expenses and other current assets538 
Investments (a)2,021 
Property, plant and equipment (b)5,620 
Identifiable intangible assets (c)428 
Commodity and other derivative contractual assets (d)140 
Other noncurrent assets8 
Total identifiable assets acquired8,785 
Trade accounts payable and other current liabilities263 
Long-term debt, including amounts due currently413 
Commodity and other derivative contractual liabilities (d)179 
Accumulated deferred income taxes1,364 
Asset retirement obligations (e)1,368 
Identifiable intangible liabilities73 
Other noncurrent liabilities and deferred credits12 
Total identifiable liabilities assumed3,672 
Identifiable net assets acquired5,113 
Goodwill (f)294 
Net assets acquired
$5,407 
____________
(a)NDT assets are valued using a market approach (Level 1 or Level 2 depending on security).
(b)Acquired property, plant and equipment are valued using a combination of an income approach and a market approach. The income approach utilized a discounted cash flow analysis based upon a debt-free, free cash flow model (Level 3).
(c)Includes acquired nuclear fuel supply contracts valued based on contractual cash flow projections over approximately five years compared with cash flows based on current market prices with the resulting difference discounted to present value (Level 3). Also includes acquired retail customer relationships which are valued based on discounted cash flow analysis of acquired customers and estimated attrition rates (Level 3).
(d)Acquired derivatives are valued using the methods described in Note 12 (Level 1, Level 2 or Level 3). Contracts with terms that were not at current market prices are also valued using a discounted cash flow analysis (Level 3).
(e)Asset retirement obligations are valued using a discounted cash flow model which, on a unit-by-unit basis, considers multiple decommissioning methods and are based on decommissioning cost studies (Level 3).
(f)The excess of the consideration transferred over the fair value of identifiable assets acquired and liabilities assumed is recorded as goodwill. Goodwill represents expected synergies to be generated by Vistra Vision from combining operations of Energy Harbor with the contributed net assets of Vistra. None of the Goodwill is deductible for income tax purposes.

The following unaudited pro forma financial information for the three months ended March 31, 2024 and 2023 assumes that the Energy Harbor Merger occurred on January 1, 2023. The unaudited pro forma financial information is provided for informational purposes only and is not necessarily indicative of the results of operations that would have occurred had the Energy Harbor Merger been completed on January 1, 2023, nor is the unaudited pro forma financial information indicative of future results of operations, which may differ materially from the pro forma financial information presented here.
Three Months Ended March 31,
(in millions)
20242023
Revenues$3,777 $4,891 
Net income$69 $466 

10

The unaudited pro forma financial information presented above includes adjustments for incremental depreciation and amortization as a result of the fair value determination of the net assets acquired, interest expense on debt assumed in the Energy Harbor Merger, effects of the Energy Harbor Merger on tax expense (benefit), and other related adjustments. Determining the amounts of revenue and earnings of Energy Harbor since the acquisition date is impractical as operations have been integrated into our commercial platform which is managed at a portfolio level.

Acquisition costs incurred in the Energy Harbor Merger totaled $24 million and $6 million for the three months ended March 31, 2024 and 2023, respectively and are classified as selling, general and administrative expenses in our condensed consolidated statements of operations.

3.    RETIREMENT OF GENERATION FACILITIES

Operational results for plants with defined retirement dates are included in our Sunset segment beginning in the quarter when a retirement plan is announced and move to the Asset Closure segment at the beginning of the calendar year the retirement is expected to occur.
FacilityLocationISO/RTOFuel TypeNet Generation Capacity (MW)Actual or Expected Retirement Date (a)(b)Segment
BaldwinBaldwin, ILMISOCoal1,185By the end of 2025Sunset
Coleto CreekGoliad, TXERCOTCoal650By the end of 2027Sunset
KincaidKincaid, ILPJMCoal1,108By the end of 2027Sunset
Miami FortNorth Bend, OHPJMCoal1,020By the end of 2027Sunset
NewtonNewton, ILMISO/PJMCoal615By the end of 2027Sunset
EdwardsBartonville, ILMISOCoal585Retired January 1, 2023Asset Closure
JoppaJoppa, ILMISOCoal802Retired September 1, 2022Asset Closure
JoppaJoppa, ILMISONatural Gas221Retired September 1, 2022Asset Closure
ZimmerMoscow, OHPJMCoal1,300Retired June 1, 2022Asset Closure
Total7,486
____________
(a)Generation facilities may retire earlier than expected dates disclosed if economic or other conditions dictate.
(b)Retirement dates represent the first full day in which a plant does not operate.

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4.    REVENUE

Revenue Disaggregation

Disaggregated revenue from contracts with customers, and other revenue included in total revenues in the condensed consolidated statements of operations is as follows:

Three Months Ended March 31, 2024
(in millions)
Retail (a)
TexasEast (a)WestSunsetAsset
Closure
EliminationsConsolidated
Revenue from contracts with customers:
Retail energy charge in ERCOT$1,702 $ $ $ $ $ $ $1,702 
Retail energy charge in Northeast/Midwest663       663 
Wholesale generation revenue from ISO/RTO 60 261 88 80   489 
Capacity revenue from ISO/RTO (b)  15  4   19 
Revenue from other wholesale contracts 104 70 57 55   286 
Total revenue from contracts with customers2,365 164 </