Vistra(VST) - 2017 Q4 - Earnings Call Presentation

Financial Performance & Guidance - Vistra Energy's FY 2017 Adjusted EBITDA was $1455 million, reaching the top quartile of the guidance range[15] - The FY 2017 Adjusted Free Cash Flow was $831 million, hitting the midpoint of the guidance range[15] - The company's 2018 Stand-Alone Adjusted EBITDA is projected to be between $1300 million and $1450 million[15] - The 2018 Stand-Alone Adjusted Free Cash Flow is estimated to be between $600 million and $750 million, which includes $70 million for non-recurring Comanche Peak generator capex[15] - Ongoing operations 2018E Adjusted EBITDA is expected to be between $1350 million and $1490 million[15] Merger & Synergies - The merger with Dynegy (DYN) is on track to close in Q2 2018, having received HSR clearance and NYPSC approval[15] - Vistra Energy is progressing towards achieving projected EBITDA synergies of $225 million and Operational Performance Improvements (OPI) of $125 million[24] Commercial Operations - Vistra's commercial team delivered realized prices that were more than 40% higher than settled prices in 2017[27] - The fossil fleet commercial availability was 96% for 2017[28] - Luminant is forecasting realized prices of $3095 per MWh in 2018[28] Retail Performance - Residential customer count attrition rate continues to decline[31] - Strong 2017 volumes (GWh) were achieved despite mild weather[31]