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Vistra(VST) - 2025 Q1 - Quarterly Results
VSTVistra(VST)2025-05-07 11:00

Financial Performance - Vistra reported a GAAP net loss of (268)millionforQ12025,comparedtoanetincomeof(268) million for Q1 2025, compared to a net income of 18 million in Q1 2024[4]. - The company’s ongoing operations net loss was (200)millionforQ12025,comparedtoanetincomeof(200) million for Q1 2025, compared to a net income of 43 million in Q1 2024[5]. - Net income for Q1 2025 was a loss of 268million,comparedtoaprofitof268 million, compared to a profit of 18 million in Q1 2024[20]. - Adjusted EBITDA for Q1 2025 was 1,216million,upfrom1,216 million, up from 790 million in Q1 2024, reflecting a significant increase in operational performance[24][25]. - Cash provided by operating activities in Q1 2025 was 599million,comparedto599 million, compared to 312 million in Q1 2024, indicating improved cash flow generation[20]. - Interest expense and related charges for Q1 2025 were 319million,comparedto319 million, compared to 170 million in Q1 2024, reflecting increased borrowing costs[22][25]. Operational Highlights - Ongoing Operations Adjusted EBITDA for Q1 2025 was 1,240million,anincreaseof1,240 million, an increase of 430 million from 810millioninQ12024[5].−Theretailsegment′sAdjustedEBITDAimprovedto810 million in Q1 2024[5]. - The retail segment's Adjusted EBITDA improved to 184 million in Q1 2025, compared to a loss of (28)millioninQ12024[5].−Vistraachievedcommercialavailabilityofapproximately95(28) million in Q1 2024[5]. - Vistra achieved commercial availability of approximately 95% across its plants during the quarter[3]. - The company is progressing with construction on a 52 MW solar-plus-storage facility at its Newton Power Plant and two solar facilities totaling over 600 MW[9]. Liquidity and Capital Expenditures - Total available liquidity as of March 31, 2025, was approximately 3,903 million, including cash and cash equivalents of 561million[8].−TheendingcashbalanceforQ12025was561 million[8]. - The ending cash balance for Q1 2025 was 596 million, down from 1,116millionattheendofQ12024,indicatingadecreaseinliquidity[20].−CapitalexpendituresforQ12025totaled1,116 million at the end of Q1 2024, indicating a decrease in liquidity[20]. - Capital expenditures for Q1 2025 totaled 768 million, an increase from 465millioninQ12024,highlightingongoinginvestmentsininfrastructure[20].−Thenetchangeincash,cashequivalents,andrestrictedcashforQ12025wasadecreaseof465 million in Q1 2024, highlighting ongoing investments in infrastructure[20]. - The net change in cash, cash equivalents, and restricted cash for Q1 2025 was a decrease of 626 million, compared to a decrease of 2,423millioninQ12024[20].FutureGuidance−Thecompanyreaffirmedits2025guidancerangesforOngoingOperationsAdjustedEBITDAof2,423 million in Q1 2024[20]. Future Guidance - The company reaffirmed its 2025 guidance ranges for Ongoing Operations Adjusted EBITDA of 5.5 billion to 6.1billionandOngoingOperationsAdjustedFreeCashFlowbeforeGrowthof6.1 billion and Ongoing Operations Adjusted Free Cash Flow before Growth of 3.0 billion to 3.6billion[7].−ThecompanyexpectsadjustedEBITDAguidancefor2025tobebetween3.6 billion[7]. - The company expects adjusted EBITDA guidance for 2025 to be between 5,410 million and 6,010million,reflectinganticipatedgrowthinoperations[27].−Thecompanyanticipatesamidpointopportunityfor2026OngoingOperationsAdjustedEBITDAofmorethan6,010 million, reflecting anticipated growth in operations[27]. - The company anticipates a midpoint opportunity for 2026 Ongoing Operations Adjusted EBITDA of more than 6 billion[4]. Shareholder Actions - Vistra executed approximately 5.2billioninsharerepurchasessinceNovember2021,reducingsharesoutstandingbyabout305.2 billion in share repurchases since November 2021, reducing shares outstanding by about 30%[9]. Other Financial Metrics - The company reported unrealized net losses from mark-to-market valuations of commodities amounting to 567 million in Q1 2025, compared to 176millioninQ12024[20].−Thecompanyplanstocontinueitsfocusonnucleardecommissioningactivities,withrelatedexpensesprojectedat176 million in Q1 2024[20]. - The company plans to continue its focus on nuclear decommissioning activities, with related expenses projected at 48 million for 2025[27].