Summary
Vistra Corp. reported a net loss of $1.357 billion for the three months ended June 30, 2022, a significant decrease from a net income of $35 million in the same period of the prior year. This loss was primarily driven by a substantial increase in unrealized mark-to-market losses on commodity hedging transactions, influenced by rising forward power and natural gas prices, and the discontinuation of normal purchases or normal sales (NPNS) accounting on a retail electric contract portfolio. Despite the net loss, the company's operational performance showed strength, with a focus on cost management and essential electricity generation and sales. The company also continues its strategic investments in clean energy, including solar and battery storage projects, and has a significant share repurchase program underway, with an additional $1.25 billion authorized in August 2022. Financially, Vistra has managed its liquidity, ending the quarter with $1.871 billion in cash and cash equivalents. The company amended its credit facilities to extend maturities and increased commitments under its commodity-linked facility, reflecting a strategy to support its hedging activities and manage market volatility. The company's financial condition remains robust, with available liquidity of $3.439 billion at the end of the quarter, demonstrating its ability to navigate current market conditions and pursue growth initiatives.
Financial Highlights
50 data points| Revenue | $1.59B |
| SG&A Expenses | $280.00M |
| Operating Income | -$1.68B |
| Interest Expense | $109.00M |
| Net Income | -$1.36B |
| EPS (Basic) | $-3.27 |
| EPS (Diluted) | $-3.27 |
| Shares Outstanding (Basic) | 429.19M |
| Shares Outstanding (Diluted) | 429.19M |
Key Highlights
- 1Vistra Corp. reported a net loss of $1.357 billion for Q2 2022, a significant decline from a net income of $35 million in Q2 2021.
- 2The primary driver for the net loss was a substantial increase in unrealized mark-to-market losses on commodity hedging transactions ($1.987 billion in Q2 2022 vs. $278 million in Q2 2021).
- 3Adjusted EBITDA decreased to $737 million in Q2 2022 from $811 million in Q2 2021, primarily due to these unrealized hedging losses and impacts from Winter Storm Uri.
- 4The company repurchased approximately $474 million of its common stock during the quarter, with a total of $1.086 billion repurchased in the first six months of 2022.
- 5Vistra's balance sheet shows significant increases in commodity derivative contractual assets ($7.457 billion) and liabilities ($11.510 billion) as of June 30, 2022, compared to December 31, 2021, reflecting its hedging activities.
- 6Total assets increased to $37.468 billion at June 30, 2022, from $29.683 billion at December 31, 2021, largely driven by increased derivative assets and accounts receivable.
- 7Long-term debt increased to $11.949 billion (net of amounts due currently) at June 30, 2022, from $10.477 billion at December 31, 2021, reflecting new debt issuances and borrowings.