Vistra(US:VST)2025-06-27 14:412018 Financial and Business Highlights - Ongoing Operations Adjusted EBITDA reached $2809 million[12], with results exceeding consensus and aligning with guidance midpoint[14] - Ongoing Operations Adjusted FCFbG was $1611 million[12], surpassing guidance and achieving nearly 60% EBITDA to FCF conversion due to capex discipline[14] - Vistra Energy Retail achieved net organic growth of 15000 residential customers in ERCOT in 2018[14] Merger Value Levers - Synergy Adjusted EBITDA value levers achieved $290 million in 2018, reaching 100% of the run-rate value levers[16] - OPI Adjusted EBITDA value levers achieved $135 million in 2018, reaching 84% of the run-rate value levers[16] - After-tax, annual free cash flow value levers increased to $310 million[15], reflecting the February 2019 refinancing transaction[17] 2019 Guidance and Capital Allocation - 2019 Ongoing Operations Adjusted EBITDA guidance is reaffirmed at $3220-$3420 million, with a 66% FCF conversion[18] - The company authorized a $175 billion share repurchase program, with $500 million executed from May-Oct 2018 and $437 million from Nov 2018-Feb 15 2019[19] - A quarterly dividend of approximately $0125/share was approved, resulting in an annual dividend of approximately $050/share[19] Crius Energy Acquisition - The Crius Energy acquisition is projected to be immediately accretive at 4x EV/EBITDA, with returns exceeding the investment threshold and >90% FCF conversion[14, 28] - Projected annual EBITDA synergies of $15 million and annual FCF synergies of $12 million are expected from the Crius acquisition[28] - The acquisition expands Vistra's Retail presence from 5 to 19 states and the District of Columbia, adding dual-energy market offerings[28]