Vistra Corp · Q4 2020 earnings

Briefing

Vistra reported Q4 2020 results above top end of raised guidance range and estimated one-time impact of Winter Storm Uri.

Vistra reported a net loss of $27 million for Q4 2020, with an adjusted EBITDA from ongoing operations of $802 million. The company's retail segment saw strong performance, driven by margin performance in ERCOT and the addition of Ambit. However, the winter storm Uri is expected to have a material adverse impact on future financial results.

• Vistra delivered 2020 Net Income of $624 million and Net Income from Ongoing Operations of $725 million.
• 2020 Ongoing Operations Adjusted EBITDA was $3,766 million, ~11% above 2019 results.
• Vistra realized $400 million in EBITDA value levers from the Operations Performance Improvement (“OPI”) initiative in 2020.
• As of Dec. 31, 2020, Vistra had total available liquidity of ~$2,399 million, including cash and cash equivalents of $406 million.

Headline financials

Revenue & EPS history

Due to Winter Storm Uri, Vistra is unable to reaffirm or adjust its 2021 guidance, as there is not yet enough information to provide an exact estimate of the one-time financial impact. Preliminary estimates indicate a one-time adverse impact in the range of ~$900 million to $1,300 million.