Vistra(US:VST)2025-05-07 11:00Financial Performance - Vistra reported a GAAP net loss of $(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) 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 $268 million, compared to a profit of $18 million in Q1 2024[20]. - Adjusted EBITDA for Q1 2025 was $1,216 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 $599 million, compared to $312 million in Q1 2024, indicating improved cash flow generation[20]. - Interest expense and related charges for Q1 2025 were $319 million, compared to $170 million in Q1 2024, reflecting increased borrowing costs[22][25]. Operational Highlights - Ongoing Operations Adjusted EBITDA for Q1 2025 was $1,240 million, an increase of $430 million from $810 million in Q1 2024[5]. - The retail segment's Adjusted EBITDA improved to $184 million in Q1 2025, compared to a loss of $(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 $561 million[8]. - The ending cash balance for Q1 2025 was $596 million, down from $1,116 million at the end of Q1 2024, indicating a decrease in liquidity[20]. - Capital expenditures for Q1 2025 totaled $768 million, an increase from $465 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 $2,423 million in Q1 2024[20]. Future Guidance - The company reaffirmed its 2025 guidance ranges for Ongoing Operations Adjusted EBITDA of $5.5 billion to $6.1 billion and Ongoing Operations Adjusted Free Cash Flow before Growth of $3.0 billion to $3.6 billion[7]. - The company expects adjusted EBITDA guidance for 2025 to be between $5,410 million and $6,010 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 $5.2 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 $176 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].