UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
FORM 8-K 
 
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 5, 2019
 
VISTRA ENERGY CORP.
(Exact name of registrant as specified in its charter)

					
Delaware	 	001-38086	 	36-4833255	
(State or other jurisdiction of
incorporation or organization)	 	(Commission
File Number)	 	(I.R.S. Employer
Identification No.)	
 	 	 	
6555 Sierra Drive
Irving, TX	 	75039	
(Address of principal executive offices)	 	(Zip Code)	
(214) 812-4600
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 	☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	

 	☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.l4a-12) 	

 	☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240. 14d-2(b)) 	

 	☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) 	
Securities registered pursuant to Section 12(b) of the Act:
					
Title of each class	 	Trading
Symbol(s)	 	Name of each exchange
on which registered	
Common stock, par value $0.01 per share	 	VST	 	New York Stock Exchange	
Warrants	 	VST.WS.A	 	New York Stock Exchange	
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company  ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

Item 2.02.	Results of Operations and Financial Condition.	
On November 5, 2019, Vistra Energy Corp. (the “Company”) issued a press release announcing, among other matters, its financial results for the quarter ended September 30, 2019. A copy of such press release is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K. In accordance with General Instruction B.2 of Form 8-K, the information set forth in this Item 2.02 and in the attached Exhibit 99.1 is deemed to be furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). 

Item 9.01.	Financial Statements and Exhibits.	
(d) Exhibits.
In accordance with General Instruction B.2 of Form 8-K, the information set forth in the attached Exhibit 99.1 is deemed to be furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act.
							
Exhibit
No.	 	 	Description	 		
 	 	 	 	 	
 	99.1	 	 	Press Release dated November 5, 2019.	
 	 	 	 	 	
 	104	 	 	Cover Page Interactive Data File (embedded within the Inline XBRL document).	

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
							
	 		 	Vistra Energy Corp.	
 	 	 	 	 	
Dated: November 5, 2019	 		 	/s/ Christy Dobry	
	 		 	Name:	 	Christy Dobry	
	 		 	Title:	 	Vice President and Controller	

Exhibit 99.1

 

Vistra Energy Reports Strong Third Quarter 2019
Results, Narrows and Raises 2019 Guidance, and
Initiates 2020 Guidance — Increased from 2019
IRVING, Texas — Nov. 5, 2019 — Vistra Energy Corp. (NYSE: VST):
Financial Highlights
 
 	•	 	Delivered strong third quarter 2019 Ongoing Operations Adjusted EBITDA1 of $1,064 million and Net Income from Ongoing Operations of $122 million — results in-line with management expectations for the quarter, which already embedded an assumption of high wholesale power prices.	
 
 	•	 	Narrowed 2019 Ongoing Operations Adjusted EBITDA and Ongoing Operations Adjusted Free Cash Flow before Growth (FCFbG) guidance ranges to $3.32 to $3.42 billion and $2.2 to $2.3 billion, respectively1 — the top half of Vistra’s prior 2019 guidance ranges, reflecting higher guidance midpoints and an expected EBITDA to free cash flow conversion of approximately 67%.	
 
 	•	 	Initiated 2020 Ongoing Operations Adjusted EBITDA and Ongoing Operations Adjusted Free Cash Flow before Growth (FCFbG) guidance ranges of $3.285 to $3.585 billion and $2.160 to $2.460 billion, respectively.1 The midpoint of Vistra’s 2020 Ongoing Operations Adjusted EBITDA guidance range is above the higher 2019 guidance midpoint and represents an increase of more than 20%, or more than $600 million, as compared to the 2020 Adjusted EBITDA estimate for the business in connection with the Dynegy merger.	
 
 	•	 	Increased Operations Performance Initiative (OPI) target by an additional $150 million, reflecting an increase of $50 million in EBITDA enhancements identified from Vistra’s ongoing fleet operations and a net $100 million EBITDA uplift from the retirement of four MISO coal plants as required under the Multi-Pollutant Standard rule changes; expected to realize and achieve $715 million of merger value lever targets as follows ($ in millions):	

 	  	Realized in Year	 	  	Achieved by YE	 	
2019	  	$	490	 	  	$	565	 	
2020	  	$	590	 	  	$	665	 	
2021	  	$	685	 	  	$	715	 	
Capital Allocation Highlights
 
 	•	 	Executed approximately $1.415 billion of the previously authorized $1.75 billion share repurchase program through Oct. 31, 2019, resulting in net shares outstanding of approximately 487 million as of the same date.	

Vistra Energy - Press Release
Nov. 5, 2019, Page 2

 
 	•	 	Paid quarterly dividend of $0.125 per share on Sept. 30, 2019, to shareholders of record as of Sept. 16, 2019, equivalent to $0.50 per share on an annual basis; Vistra management anticipates an annual dividend growth rate in the range of approximately 6-8% per share.	
Growth and Sustainability Highlights
 
 	•	 	Completed the acquisition of Ambit Energy on Nov. 1, 2019 utilizing cash on hand. Vistra added approximately 11 TWh of retail load with nearly 60% in the attractive ERCOT retail market, bringing its average generation to retail load match to ~58%.	
 
 	•	 	Announced greenhouse gas emissions reduction targets of greater than 50% by 2030 and greater than 80% by 2050, each as compared to a 2010 baseline, with aspirations to achieve net-zero emissions by 2050 assuming necessary advancements in technology and supportive market constructs and public policy. Achieving the 2030 target is expected to have minimal impact on ongoing adjusted EBITDA.	
 
 	•	 	Retired approximately 1.5 GW of coal-fueled generation in downstate Illinois on Nov. 1, 2019, in partial satisfaction of a requirement to retire 2.0 GW of coal-fueled generation under the Illinois’ Multi-Pollutant Standard rule changes. Vistra expects to retire the remaining approximately 0.5 GW of coal-fueled generation on Dec. 15, 2019. These actions are forecast to be accretive to ongoing adjusted EBITDA by approximately $100 million per year.	
 
 	•	 	Reached an agreement to settle a long-standing lawsuit involving the 585 MW Edwards coal-fueled power plant near Peoria, IL. Settlement, upon court approval, requires retirement of Edwards by the end of 2022.	
 
(1)	Excludes the Asset Closure segment. Adjusted EBITDA and Adjusted FCFbG are non-GAAP financial measures. See the “Non-GAAP Reconciliation” tables for further details.	
Summary of Financial Results for the Third Quarter Ended September 30, 2019

 	  	Three Months Ended	 	  	Nine Months Ended	 	
($ in millions)	  	Sept. 30, 2019	 	  	Sept. 30, 2018	 	  	Sept. 30, 2019	 	
Net Income	  	$	114	 	  	$	331	 	  	$	692	 	
Ongoing Operations Net Income1	  	$	122	 	  	$	335	 	  	$	729	 	
Ongoing Operations Adjusted EBITDA1	  	$	1,064	 	  	$	1,153	 	  	$	2,586	 	
				
Adjusted EBITDA by Segment	  				  				  				
Retail	  	$	(87	) 	  	$	141	 	  	$	463	 	
ERCOT	  	$	823	 	  	$	597	 	  	$	1,183	 	
PJM	  	$	222	 	  	$	240	 	  	$	590	 	
NY/NE	  	$	81	 	  	$	111	 	  	$	258	 	
MISO	  	$	11	 	  	$	39	 	  	$	59	 	
CAISO/Corp	  	$	14	 	  	$	25	 	  	$	33	 	
Asset Closure	  	$	(4	) 	  	$	(12	) 	  	$	(32	) 	
For the three months ended Sept. 30, 2019, Vistra reported Net Income from Ongoing Operations of $122 million and Adjusted EBITDA from Ongoing Operations of $1,064 million. Vistra’s third quarter Adjusted EBITDA was $89 million lower than third quarter 2018 results, reflecting lower prices and volumes in its Midwest and Northeast generation segments. Lower results in Vistra’s retail segment, which were expected as a result of higher cost of goods sold in the third quarter, were offset by higher results in the ERCOT generation segment.

Vistra Energy - Press Release
Nov. 5, 2019, Page 3

For the first nine months of 2019, Vistra reported Net Income from Ongoing Operations of $729 million and Adjusted EBITDA from Ongoing Operations of $2,586 million. Year-to-date results were in-line with management expectations.
Vistra reported third quarter retail Adjusted EBITDA of $(87) million, $228 million lower than third quarter 2018 results, which were expected as a result of higher cost of goods sold in the period. Third quarter generation Adjusted EBITDA was $1,151 million,2 $139 million higher than third quarter 2018 results driven by higher prices and volumes in ERCOT partially offset by lower prices and volumes in its Midwest and Northeast segments.
Curt Morgan, Vistra’s president and chief executive officer, commented, “As we have been saying all year, 2019 is the year of execution—and we continue to demonstrate the benefits of our integrated model with strong third quarter results. Our initial guidance range for 2019 was based on robust forward curves, in particular in ERCOT which embedded material summer scarcity pricing, and we were able to execute and generate expected EBITDA results despite mild June and July weather. We believe we are well-positioned to deliver strong, stable EBITDA and free cash flow over the long term with our efficient and highly flexible, in-the-money generation fleet and industry-leading retail operations. Our strong free cash flow should enable us to continue to make attractive investments to grow our business, while also returning significant capital to shareholders.”
 
(1)	Excludes results from the Asset Closure segment. Adjusted EBITDA is a non-GAAP financial measure. See the “Non-GAAP Reconciliation” tables for further details. Total by segment may not tie due to rounding.	
(2)	Generation includes Corporate.	
Ambit Acquisition
Vistra completed the acquisition of Ambit Energy on Nov. 1, 2019. The transaction is projected to be immediately accretive to both EBITDA and free cash flow, with an expected free cash flow conversion ratio greater than 90%. In addition to improving Vistra’s average generation to retail load match to approximately 58%, the transaction brings a proven direct sales channel along with an impressive network of consultants and a proprietary technology platform. Vistra expects the Ambit business will contribute approximately $15 to $20 million to its Ongoing Operations Adjusted EBITDA in 2019.
Guidance

($ in millions)	  	Prior 2019	 	  	Current 2019	 	  	2020	 	
Ongoing Ops. Adj. EBITDA1	  	$	3,220 – 3,420	 	  	$	3,320 – 3,420	 	  	$	3,285 – 3,585	 	
Ongoing Ops. Adj. FCFbG1	  	$	2,100 – 2,300	 	  	$	2,200 – 2,300	 	  	$	2,160 – 2,460	 	
 
(1)	Excludes the Asset Closure segment. Adjusted EBITDA and Adjusted FCFbG are non-GAAP financial measures. See the “Non-GAAP Reconciliation” tables for further details.	

Vistra Energy - Press Release
Nov. 5, 2019, Page 4

Vistra is narrowing and updating its 2019 Ongoing Operations guidance ranges, forecasting Ongoing Operations Adjusted EBITDA of $3,320 to $3,420 million and Ongoing Operations Adjusted FCFbG of $2,200 to $2,300 million. Vistra’s 2019 guidance range includes an expected ($40) million in-year impact from the execution of NPV-positive, long-dated contracts with retail customers that will contribute positive EBITDA in future years. This negative impact was not anticipated at the time original 2019 guidance was developed.
Vistra is initiating its 2020 Ongoing Operations guidance ranges, forecasting Ongoing Operations Adjusted EBITDA of $3,285 to $3,585 million and Ongoing Operations Adjusted FCFbG of $2,160 to $2,460 million. Vistra’s 2020 guidance range includes an expected ($70) million in-year impact from the execution of NPV-positive, long-dated contracts with retail customers that will contribute positive EBITDA in future years.
Share Repurchase Program
As of Oct. 31, 2019, Vistra has completed approximately $1.415 billion in share repurchases under the $1.75 billion share repurchase program previously authorized by its board of directors. Vistra has purchased approximately 60 million shares, resulting in net shares outstanding of approximately 487 million as of Oct. 31, 2019. Approximately $335 million remains available for execution under the program as of the same date.
Liquidity
As of Sept. 30, 2019, Vistra had total available liquidity of approximately $2,562 million, including cash and cash equivalents of $707 million, $11 million of availability under our alternative letter of credit facility, and $1,844 million of availability under its revolving credit facility, which remained undrawn, but had $1,370 million of letters of credit outstanding as of Sept. 30, 2019 that reduce availability.
The increase in available liquidity of $791 million as of Sept. 30, 2019, as compared to Dec. 31, 2018, was primarily driven by $500 million of available capacity under our two alternate letter of credit facilities, $225 million of additional available commitments under our revolving credit facility, and decreased letters of credit postings.
Earnings Webcast
Vistra will host a webcast today, Nov. 5, 2019, beginning at 8 a.m. ET (7 a.m. CT) to discuss these results and related matters. The live, listen-only webcast and the accompanying slides that will be discussed on the call can be accessed via the investor relations section of Vistra’s website at www.vistraenergy.com. A replay of the webcast will be available on the Vistra website for one year following the live event.
About Non-GAAP Financial Measures and Items Affecting Comparability
“Adjusted EBITDA” (EBITDA as adjusted for unrealized gains or losses from hedging activities, tax receivable agreement impacts, reorganization items, and certain other items described from time to time in Vistra Energy’s earnings releases),“Adjusted Free Cash Flow before Growth” (or “Adjusted FCFbG”) (cash from operating activities excluding changes in margin deposits and working capital and adjusted for capital expenditures

Vistra Energy - Press Release
Nov. 5, 2019, Page 5

(including capital expenditures for growth investments), other net investment activities, preferred stock dividends, and other items described from time to time in Vistra Energy’s earnings releases), “Ongoing Operations Adjusted EBITDA” (adjusted EBITDA less adjusted EBITDA from Asset Closure segment) and “Ongoing Operations Adjusted Free Cash Flow before Growth” or “Ongoing Operations Adjusted FCFbG” (adjusted free cash flow before growth less cash flow from operating activities from Asset Closure segment before growth), are “non-GAAP financial measures.” A non-GAAP financial measure is a numerical measure of financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in Vistra Energy’s consolidated statements of operations, comprehensive income, changes in stockholders’ equity and cash flows. Non-GAAP financial measures should not be considered in isolation or as a substitute for the most directly comparable GAAP measures. Vistra Energy’s non-GAAP financial measures may be different from non-GAAP financial measures used by other companies.
Vistra Energy uses Adjusted EBITDA as a measure of performance and believes that analysis of its business by external users is enhanced by visibility to both net income prepared in accordance with GAAP and Adjusted EBITDA. Vistra Energy uses Adjusted Free Cash Flow before Growth as a measure of liquidity and believes that analysis of its ability to service its cash obligations is supported by disclosure of both cash provided by (used in) operating activities prepared in accordance with GAAP as well as Adjusted Free Cash Flow before Growth. Vistra Energy uses Ongoing Operations Adjusted EBITDA as a measure of performance and Ongoing Operations Adjusted Free Cash Flow before Growth as a measure of liquidity and Vistra Energy’s management and board of directors have found it informative to view the Asset Closure segment as separate and distinct from Vistra Energy’s ongoing operations. The schedules attached to this earnings release reconcile the non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP.
Media
Meranda Cohn
214-875-8004
Media.Relations@vistraenergy.com
Analysts
Molly Sorg
214-812-0046
Investor@vistraenergy.com
About Vistra Energy
Vistra Energy (NYSE: VST) is a premier, integrated, Fortune 350 energy company based in Irving, Texas, providing essential resources for customers, commerce, and communities. Vistra combines an innovative, customer-centric approach to retail with safe, reliable, diverse, and efficient power generation. The company brings its products and services to market in 20 states and the District of Columbia, including six of the seven competitive retail markets in the U.S. and markets in Canada and Japan, as well. Serving nearly 5 million residential, commercial, and industrial retail customers with electricity and gas, Vistra is the largest competitive residential electricity provider in the country and offers over 40 renewable energy plans. The company is also the largest competitive power generator in the U.S. with a capacity of approximately 39,000 megawatts powered by a diverse portfolio of natural gas, nuclear, coal, solar, and battery energy storage facilities. In addition, the company is a large purchaser of wind power. The company is currently developing the largest battery storage system of its kind in the world – a 300-MW/1,200-MWh system in Moss Landing, California. Vistra is guided by four core principles: we do business the right way, we work as a team, we compete to win, and we care about our people, our neighbors, and our stakeholders. Learn more about our environmental, social, and governance efforts and read the company’s sustainability report at https://www.vistraenergy.com/sustainability/
Cautionary Note Regarding Forward-Looking Statements
The information presented herein includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are based on current expectations, estimates and projections about the industry and markets in which Vistra Energy Corp. (“Vistra Energy”) operates and beliefs of and assumptions made by Vistra Energy’s management, involve risks and uncertainties, which are difficult to predict and are not guarantees of future performance, that could significantly affect the financial results of Vistra Energy. All statements, other than statements of historical facts, that are presented herein, or in response to questions or otherwise, that address activities, events or developments that may occur in the future, including such matters as activities related to our financial or operational projections, projected synergy, value lever and net debt targets, capital allocation, capital expenditures, liquidity, projected Adjusted EBITDA to free cash flow conversion rate, dividend policy, business strategy, competitive strengths, goals, future acquisitions or dispositions, development or operation of power generation assets, market and industry developments and the growth of our businesses and operations (often, but not always, through the use of words or phrases, or the negative variations of those words or other comparable words of a future or forward-looking nature, including, but not limited to, “intends,” “plans,” “will likely,” “unlikely,” “believe,” “expect,” “seek,” “anticipate,” “estimate,” “continue,” “will,” “shall,” “should,” “could,” “may,” “might,” “predict,” “project,” “forecast,” “target,” “potential,” “forecast,” “goal,” “objective,” “guidance” and “outlook”),are forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements. Although Vistra Energy believes that in making any such forward-looking

Vistra Energy - Press Release
Nov. 5, 2019, Page 6

statement, Vistra Energy’s expectations are based on reasonable assumptions, any such forward-looking statement involves uncertainties and risks that could cause results to differ materially from those projected in or implied by any such forward-looking statement, including, but not limited to: (i) adverse changes in general economic or market conditions (including changes in interest rates) or changes in political conditions or federal or state laws and regulations; (ii) the ability of Vistra Energy to execute upon the contemplated strategic and performance initiatives and to successfully integrate acquired businesses; (iii) actions by credit ratings agencies; and (iv) those additional risks and factors discussed in reports filed with the Securities and Exchange Commission (“SEC”) by Vistra Energy from time to time, including the uncertainties and risks discussed in the sections entitled “Risk Factors” and “Forward-Looking Statements” in Vistra Energy’s annual report on Form 10-K for the year ended December 31, 2018 and any subsequently filed quarterly reports on Form 10-Q.
Any forward-looking statement speaks only at the date on which it is made, and except as may be required by law, Vistra Energy will not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible to predict all of them; nor can Vistra Energy assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement.

Vistra Energy - Press Release
Nov. 5, 2019, Page 7

VISTRA ENERGY CORP.
CONDENSED STATEMENTS OF CONSOLIDATED INCOME
(Unaudited) (Millions of Dollars, Except Per Share Amounts)

 	  	Three Months Ended
September 30,	 	 	Nine Months Ended
September 30,	 	
 	  	2019	 	 	2018	 	 	2019	 	 	2018	 	
Operating revenues	  	$	3,194	 	 	$	3,243	 	 	$	8,949	 	 	$	6,581	 	
Fuel, purchased power costs and delivery fees	  	 	(1,687	) 	 	 	(1,627	) 	 	 	(4,287	) 	 	 	(3,492	) 	
Operating costs	  	 	(397	) 	 	 	(346	) 	 	 	(1,153	) 	 	 	(926	) 	
Depreciation and amortization	  	 	(424	) 	 	 	(426	) 	 	 	(1,213	) 	 	 	(967	) 	
Selling, general and administrative expenses	  	 	(246	) 	 	 	(194	) 	 	 	(637	) 	 	 	(711	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	  	 	440	 	 	 	650	 	 	 	1,659	 	 	 	485	 	
Other income	  	 	6	 	 	 	6	 	 	 	45	 	 	 	25	 	
Other deductions	  	 	(4	) 	 	 	(1	) 	 	 	(9	) 	 	 	(4	) 	
Interest expense and related charges	  	 	(224	) 	 	 	(154	) 	 	 	(720	) 	 	 	(291	) 	
Impacts of Tax Receivable Agreement	  	 	(62	) 	 	 	17	 	 	 	(26	) 	 	 	(65	) 	
Equity in earnings of unconsolidated investment	  	 	3	 	 	 	7	 	 	 	13	 	 	 	11	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	  	 	159	 	 	 	525	 	 	 	962	 	 	 	161	 	
Income tax expense	  	 	(45	) 	 	 	(194	) 	 	 	(270	) 	 	 	(31	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	114	 	 	$	331	 	 	$	692	 	 	$	130	 	
Net loss attributable to noncontrolling interest	  	 	(1	) 	 	 	(1	) 	 	 	2	 	 	 	2	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income attributable to Vistra Energy	  	$	113	 	 	$	330	 	 	$	694	 	 	$	132	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted average shares of common stock outstanding:	  				 				 				 				
Basic	  	 	483,993,955	 	 	 	533,142,189	 	 	 	479,888,601	 	 	 	500,781,573	 	
Diluted	  	 	487,102,071	 	 	 	540,972,802	 	 	 	483,899,988	 	 	 	508,128,988	 	
Net income per weighted average share of common stock outstanding:	  				 				 				 				
Basic	  	$	0.23	 	 	$	0.62	 	 	$	1.45	 	 	$	0.26	 	
Diluted	  	$	0.23	 	 	$	0.61	 	 	$	1.43	 	 	$	0.26	 	

Vistra Energy - Press Release
Nov. 5, 2019, Page 8

VISTRA ENERGY CORP.
CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS
(Unaudited) (Millions of Dollars)

 	  	Nine Months Ended
September 30,	 	
 	  	2019	 	 	2018	 	
Cash flows — operating activities:	  				 				
Net income	  	$	692	 	 	$	130	 	
Adjustments to reconcile net income to cash provided by operating activities:	  				 				
Depreciation and amortization	  	 	1,394	 	 	 	1,070	 	
Deferred income tax expense, net	  	 	254	 	 	 	29	 	
Unrealized net (gain) loss from mark-to-market valuations of commodities	  	 	(625	) 	 	 	207	 	
Unrealized net (gain) loss from mark-to-market valuations of interest rate swaps	  	 	275	 	 	 	(123	) 	
Asset retirement obligation accretion expense	  	 	40	 	 	 	37	 	
Impacts of Tax Receivable Agreement	  	 	26	 	 	 	65	 	
Stock-based compensation	  	 	35	 	 	 	59	 	
Other, net	  	 	12	 	 	 	64	 	
Changes in operating assets and liabilities:	  				 				
Margin deposits, net	  	 	129	 	 	 	(39	) 	
Accrued interest	  	 	15	 	 	 	(59	) 	
Accrued taxes	  	 	(31	) 	 	 	(102	) 	
Accrued employee incentive	  	 	(53	) 	 	 	(17	) 	
Other operating assets and liabilities	  	 	(340	) 	 	 	(458	) 	
	  	 	 	 	 	 	 	 	
Cash provided by operating activities	  	 	1,823	 	 	 	863	 	
	  	 	 	 	 	 	 	 	
Cash flows — financing activities:	  				 				
Issuances of long-term debt	  	 	4,600	 	 	 	1,000	 	
Repayments/repurchases of debt	  	 	(4,668	) 	 	 	(2,902	) 	
Net borrowings under accounts receivable securitization program	  	 	261	 	 	 	350	 	
Stock repurchase	  	 	(632	) 	 	 	(414	) 	
Dividends paid to stockholders	  	 	(181	) 	 	 	—  	 	
Debt tender offer and other financing fees	  	 	(170	) 	 	 	(216	) 	
Other, net	  	 	6	 	 	 	10	 	
	  	 	 	 	 	 	 	 	
Cash used in financing activities	  	 	(784	) 	 	 	(2,172	) 	
	  	 	 	 	 	 	 	 	
Cash flows — investing activities:	  				 				
Capital expenditures, including LTSA prepayments	  	 	(348	) 	 	 	(209	) 	
Nuclear fuel purchases	  	 	(33	) 	 	 	(66	) 	
Development and growth expenditures	  	 	(93	) 	 	 	(28	) 	
Crius acquisition	  	 	(374	) 	 	 	—  	 	
Cash acquired in the Merger	  	 	—  	 	 	 	445	 	
Proceeds from sales of nuclear decommissioning trust fund securities	  	 	354	 	 	 	211	 	
Investments in nuclear decommissioning trust fund securities	  	 	(370	) 	 	 	(227	) 	
Proceeds from sale of environmental allowances	  	 	32	 	 	 	—  	 	
Purchases of environmental allowances	  	 	(169	) 	 	 	(4	) 	
Other, net	  	 	22	 	 	 	11	 	
	  	 	 	 	 	 	 	 	
Cash (used in) provided by investing activities	  	 	(979	) 	 	 	133	 	
	  	 	 	 	 	 	 	 	
Net change in cash, cash equivalents and restricted cash	  	 	60	 	 	 	(1,176	) 	
Cash, cash equivalents and restricted cash — beginning balance	  	 	693	 	 	 	2,046	 	
	  	 	 	 	 	 	 	 	
Cash, cash equivalents and restricted cash — ending balance	  	$	753	 	 	$	870	 	

Vistra Energy - Press Release
Nov. 5, 2019, Page 9

VISTRA ENERGY CORP.
NON-GAAP RECONCILIATIONS - ADJUSTED EBITDA
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2019
(Unaudited) (Millions of Dollars)

 	  	Retail	 	 	ERCOT	 	 	PJM	 	 	NY/NE	 	  	MISO	 	 	Eliminations /
Corp and
Other	 	 	Ongoing
Operations
Consolidated	 	 	Asset
Closure	 	 	Vistra
Energy
Consolidated	 	
Net income (loss)	  	$	573	 	 	$	(10	) 	 	$	(62	) 	 	$	21	 	  	$	(88	) 	 	$	(312	) 	 	$	122	 	 	$	(8	) 	 	$	114	 	
Income tax expense	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	  	 	—  	 	 	 	45	 	 	 	45	 	 	 	—  	 	 	 	45	 	
Interest expense and related charges (a)	  	 	8	 	 	 	(2	) 	 	 	2	 	 	 	1	 	  	 	2	 	 	 	213	 	 	 	224	 	 	 	—  	 	 	 	224	 	
Depreciation and amortization (b)	  	 	86	 	 	 	146	 	 	 	135	 	 	 	51	 	  	 	5	 	 	 	21	 	 	 	444	 	 	 	—  	 	 	 	444	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
EBITDA before Adjustments	  	 	667	 	 	 	134	 	 	 	75	 	 	 	73	 	  	 	(81	) 	 	 	(33	) 	 	 	835	 	 	 	(8	) 	 	 	827	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Unrealized net (gain) or loss resulting from hedging transactions	  	 	(769	) 	 	 	682	 	 	 	139	 	 	 	5	 	  	 	43	 	 	 	(21	) 	 	 	79	 	 	 	—  	 	 	 	79	 	
Generation plant retirement expenses	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	  	 	47	 	 	 	—  	 	 	 	47	 	 	 	2	 	 	 	49	 	
Fresh start / purchase accounting impacts	  	 	(12	) 	 	 	—  	 	 	 	3	 	 	 	—  	 	  	 	2	 	 	 	(1	) 	 	 	(8	) 	 	 	—  	 	 	 	(8	) 	
Impacts of Tax Receivable Agreement	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	  	 	—  	 	 	 	62	 	 	 	62	 	 	 	—  	 	 	 	62	 	
Non-cash compensation expenses	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	  	 	—  	 	 	 	12	 	 	 	12	 	 	 	—  	 	 	 	12	 	
Transition and merger expenses	  	 	24	 	 	 	5	 	 	 	1	 	 	 	1	 	  	 	1	 	 	 	5	 	 	 	37	 	 	 	1	 	 	 	38	 	
Other, net	  	 	3	 	 	 	2	 	 	 	4	 	 	 	2	 	  	 	(1	) 	 	 	(10	) 	 	 	—  	 	 	 	1	 	 	 	1	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	(87	) 	 	$	823	 	 	$	222	 	 	$	81	 	  	$	11	 	 	$	14	 	 	$	1,064	 	 	$	(4	) 	 	$	1,060	 	

(a)	Includes $76 million of unrealized mark-to-market net losses on interest rate swaps.	
(b)	Includes nuclear fuel amortization of $20 million in ERCOT.	

Vistra Energy - Press Release
Nov. 5, 2019, Page 10

VISTRA ENERGY CORP.
NON-GAAP RECONCILIATIONS - ADJUSTED EBITDA
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2019
(Unaudited) (Millions of Dollars)

 	  	Retail	 	  	ERCOT	 	 	PJM	 	 	NY/NE	 	 	MISO	 	 	Eliminations /
Corp and
Other	 	 	Ongoing
Operations
Consolidated	 	 	Asset
Closure	 	 	Vistra
Energy
Consolidated	 	
Net income (loss)	  	$	3	 	  	$	1,346	 	 	$	283	 	 	$	122	 	 	$	(42	) 	 	$	(983	) 	 	$	729	 	 	$	(37	) 	 	$	692	 	
Income tax expense	  	 	—  	 	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	270	 	 	 	270	 	 	 	—  	 	 	 	270	 	
Interest expense and related charges (a)	  	 	16	 	  	 	(7	) 	 	 	8	 	 	 	2	 	 	 	5	 	 	 	696	 	 	 	720	 	 	 	—  	 	 	 	720	 	
Depreciation and amortization (b)	  	 	204	 	  	 	438	 	 	 	399	 	 	 	155	 	 	 	11	 	 	 	59	 	 	 	1,266	 	 	 	—  	 	 	 	1,266	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
EBITDA before Adjustments	  	 	223	 	  	 	1,777	 	 	 	690	 	 	 	279	 	 	 	(26	) 	 	 	42	 	 	 	2,985	 	 	 	(37	) 	 	 	2,948	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Unrealized net (gain) or loss resulting from hedging transactions	  	 	192	 	  	 	(616	) 	 	 	(115	) 	 	 	(33	) 	 	 	(8	) 	 	 	(45	) 	 	 	(625	) 	 	 	—  	 	 	 	(625	) 	
Generation plant retirement expenses	  	 	—  	 	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	47	 	 	 	—  	 	 	 	47	 	 	 	2	 	 	 	49	 	
Fresh start / purchase accounting impacts	  	 	17	 	  	 	—  	 	 	 	(2	) 	 	 	3	 	 	 	11	 	 	 	(3	) 	 	 	26	 	 	 	—  	 	 	 	26	 	
Impacts of Tax Receivable Agreement	  	 	—  	 	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	26	 	 	 	26	 	 	 	—  	 	 	 	26	 	
Non-cash compensation expenses	  	 	—  	 	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	36	 	 	 	36	 	 	 	—  	 	 	 	36	 	
Transition and merger expenses	  	 	24	 	  	 	11	 	 	 	4	 	 	 	2	 	 	 	25	 	 	 	16	 	 	 	82	 	 	 	—  	 	 	 	82	 	
Other, net	  	 	7	 	  	 	11	 	 	 	13	 	 	 	7	 	 	 	10	 	 	 	(39	) 	 	 	9	 	 	 	3	 	 	 	12	 	
	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	463	 	  	$	1,183	 	 	$	590	 	 	$	258	 	 	$	59	 	 	$	33	 	 	$	2,586	 	 	$	(32	) 	 	$	2,554	 	

(a)	Includes $275 million of unrealized mark-to-market net losses on interest rate swaps.	
(b)	Includes nuclear fuel amortization of $53 million in ERCOT.	

Vistra Energy - Press Release
Nov. 5, 2019, Page 11

VISTRA ENERGY CORP.
NON-GAAP RECONCILIATIONS - ADJUSTED EBITDA
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2018
(Unaudited) (Millions of Dollars)

 	  	Retail	 	 	ERCOT	 	 	PJM	 	 	NY/NE	 	  	MISO	 	 	Eliminations /
Corp and
Other	 	 	Ongoing
Operations
Consolidated	 	 	Asset
Closure	 	 	Consolidated	 	
Net income (loss)	  	$	(86	) 	 	$	643	 	 	$	62	 	 	$	47	 	  	$	(3	) 	 	$	(328	) 	 	$	335	 	 	$	(4	) 	 	$	331	 	
Income tax expense	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	  	 	—  	 	 	 	194	 	 	 	194	 	 	 	—  	 	 	 	194	 	
Interest expense and related charges (a)	  	 	3	 	 	 	(2	) 	 	 	3	 	 	 	1	 	  	 	1	 	 	 	148	 	 	 	154	 	 	 	—  	 	 	 	154	 	
Depreciation and amortization (b)	  	 	80	 	 	 	142	 	 	 	141	 	 	 	55	 	  	 	3	 	 	 	25	 	 	 	446	 	 	 	—  	 	 	 	446	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
EBITDA before Adjustments	  	 	(3	) 	 	 	783	 	 	 	206	 	 	 	103	 	  	 	1	 	 	 	39	 	 	 	1,129	 	 	 	(4	) 	 	 	1,125	 	
Unrealized net (gain) loss resulting from hedging transactions	  	 	154	 	 	 	(195	) 	 	 	21	 	 	 	—  	 	  	 	32	 	 	 	(4	) 	 	 	8	 	 	 	—  	 	 	 	8	 	
Fresh start accounting impacts	  	 	(15	) 	 	 	—  	 	 	 	(1	) 	 	 	5	 	  	 	3	 	 	 	—  	 	 	 	(8	) 	 	 	—  	 	 	 	(8	) 	
Impacts of Tax Receivable Agreement	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	  	 	—  	 	 	 	(17	) 	 	 	(17	) 	 	 	—  	 	 	 	(17	) 	
Non-cash compensation expenses	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	  	 	—  	 	 	 	14	 	 	 	14	 	 	 	—  	 	 	 	14	 	
Transition and merger expenses	  	 	—  	 	 	 	3	 	 	 	5	 	 	 	1	 	  	 	1	 	 	 	9	 	 	 	19	 	 	 	—  	 	 	 	19	 	
Other, net	  	 	5	 	 	 	6	 	 	 	9	 	 	 	2	 	  	 	2	 	 	 	(16	) 	 	 	8	 	 	 	(8	) 	 	 	—  	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	141	 	 	$	597	 	 	$	240	 	 	$	111	 	  	$	39	 	 	$	25	 	 	$	1,153	 	 	$	(12	) 	 	$	1,141	 	

(a)	Includes $38 million of unrealized mark-to-market net gains on interest rate swaps.	
(b)	Includes nuclear fuel amortization of $20 million in the ERCOT segment.	

Vistra Energy - Press Release
Nov. 5, 2019, Page 12

VISTRA ENERGY CORP.
NON-GAAP RECONCILIATIONS - ADJUSTED EBITDA
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018
(Unaudited) (Millions of Dollars)

 	  	Retail	 	 	ERCOT	 	 	PJM	 	 	NY/NE	 	  	MISO	 	  	Eliminations /
Corp and
Other	 	 	Ongoing
Operations
Consolidated	 	  	Asset
Closure	 	 	Consolidated	 	
Net income (loss)	  	$	397	 	 	$	236	 	 	$	86	 	 	$	41	 	  	$	29	 	  	$	(635	) 	 	$	154	 	  	$	(24	) 	 	$	130	 	
Income tax expense (benefit)	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	  	 	—  	 	  	 	31	 	 	 	31	 	  	 	—  	 	 	 	31	 	
Interest expense and related charges	  	 	3	 	 	 	13	 	 	 	5	 	 	 	1	 	  	 	1	 	  	 	268	 	 	 	291	 	  	 	—  	 	 	 	291	 	
Depreciation and amortization (a)	  	 	237	 	 	 	355	 	 	 	266	 	 	 	104	 	  	 	6	 	  	 	59	 	 	 	1,027	 	  	 	—  	 	 	 	1,027	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
EBITDA before Adjustments	  	 	637	 	 	 	604	 	 	 	357	 	 	 	146	 	  	 	36	 	  	 	(277	) 	 	 	1,503	 	  	 	(24	) 	 	 	1,479	 	
Unrealized net (gain) loss resulting from hedging transactions	  	 	(38	) 	 	 	207	 	 	 	20	 	 	 	22	 	  	 	—  	 	  	 	(4	) 	 	 	207	 	  	 	—  	 	 	 	207	 	
Fresh start accounting impacts	  	 	12	 	 	 	(4	) 	 	 	(2	) 	 	 	9	 	  	 	11	 	  	 	—  	 	 	 	26	 	  	 	—  	 	 	 	26	 	
Impacts of Tax Receivable Agreement	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	  	 	—  	 	  	 	65	 	 	 	65	 	  	 	—  	 	 	 	65	 	
Non-cash compensation expenses	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	  	 	—  	 	  	 	62	 	 	 	62	 	  	 	—  	 	 	 	62	 	
Transition and merger expenses	  	 	—  	 	 	 	7	 	 	 	7	 	 	 	1	 	  	 	5	 	  	 	183	 	 	 	203	 	  	 	2	 	 	 	205	 	
Other, net	  	 	(16	) 	 	 	(5	) 	 	 	12	 	 	 	7	 	  	 	5	 	  	 	—  	 	 	 	3	 	  	 	(7	) 	 	 	(4	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	595	 	 	$	809	 	 	$	394	 	 	$	185	 	  	$	57	 	  	$	29	 	 	$	2,069	 	  	$	(29	) 	 	$	2,040	 	

(a)	Includes $123 million of unrealized mark-to-market net gains on interest rate swaps.	
(b)	Includes nuclear fuel amortization of $60 million in the ERCOT segment.	

Vistra Energy - Press Release
Nov. 5, 2019, Page 13

VISTRA ENERGY CORP.
NON-GAAP RECONCILIATIONS - 2019 GUIDANCE
(Unaudited) (Millions of Dollars)

 	  	Ongoing
Operations	 	 	Asset Closure	 	 	Vistra Energy
Consolidated	 	
 	  	Low	 	 	High	 	 	Low	 	 	High	 	 	Low	 	 	High	 	
Net Income (loss)	  	$	865	 	 	$	940	 	 	$	(109	) 	 	$	(89	) 	 	$	756	 	 	$	851	 	
Income tax expense	  	 	248	 	 	 	273	 	 	 	—  	 	 	 	—  	 	 	 	248	 	 	 	273	 	
Interest expense and related charges (a)	  	 	868	 	 	 	868	 	 	 	—  	 	 	 	—  	 	 	 	868	 	 	 	868	 	
Depreciation and amortization (b)	  	 	1,660	 	 	 	1,660	 	 	 	—  	 	 	 	—  	 	 	 	1,660	 	 	 	1,660	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
EBITDA before Adjustments	  	$	3,641	 	 	$	3,741	 	 	$	(109	) 	 	$	(89	) 	 	$	3,532	 	 	$	3,652	 	
Unrealized net (gain) loss resulting from hedging transactions	  	 	(592	) 	 	 	(592	) 	 	 	—  	 	 	 	—  	 	 	 	(592	) 	 	 	(592	) 	
Generation plant retirement expenses	  	 	46	 	 	 	46	 	 	 	3	 	 	 	3	 	 	 	49	 	 	 	49	 	
Fresh start / purchase accounting impacts	  	 	35	 	 	 	35	 	 	 	—  	 	 	 	—  	 	 	 	35	 	 	 	35	 	
Impacts of Tax Receivable Agreement	  	 	41	 	 	 	41	 	 	 	—  	 	 	 	—  	 	 	 	41	 	 	 	41	 	
Non-cash compensation expenses	  	 	48	 	 	 	48	 	 	 	—  	 	 	 	—  	 	 	 	48	 	 	 	48	 	
Transition and merger expenses	  	 	90	 	 	 	90	 	 	 	—  	 	 	 	—  	 	 	 	90	 	 	 	90	 	
Other, net	  	 	11	 	 	 	11	 	 	 	1	 	 	 	1	 	 	 	12	 	 	 	12	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA guidance	  	$	3,320	 	 	$	3,420	 	 	$	(105	) 	 	$	(85	) 	 	$	3,215	 	 	$	3,335	 	
Interest paid, net	  	 	(517	) 	 	 	(517	) 	 	 	—  	 	 	 	—  	 	 	 	(517	) 	 	 	(517	) 	
Tax paid (c)	  	 	(18	) 	 	 	(18	) 	 	 	—  	 	 	 	—  	 	 	 	(18	) 	 	 	(18	) 	
Tax receivable agreement payments	  	 	(2	) 	 	 	(2	) 	 	 	—  	 	 	 	—  	 	 	 	(2	) 	 	 	(2	) 	
Working capital and margin deposits	  	 	33	 	 	 	33	 	 	 	(4	) 	 	 	(4	) 	 	 	29	 	 	 	29	 	
Reclamation and remediation	  	 	(59	) 	 	 	(59	) 	 	 	(82	) 	 	 	(82	) 	 	 	(141	) 	 	 	(141	) 	
Other changes in other operating assets and liabilities	  	 	(143	) 	 	 	(143	) 	 	 	13	 	 	 	13	 	 	 	(130	) 	 	 	(130	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cash provided by operating activities	  	$	2,614	 	 	$	2,714	 	 	$	(178	) 	 	$	(158	) 	 	$	2,436	 	 	$	2,556	 	
Capital expenditures including nuclear fuel purchases and LTSA Prepayments	  	 	(603	) 	 	 	(603	) 	 	 	—  	 	 	 	—  	 	 	 	(603	) 	 	 	(603	) 	
Solar and Moss Landing development and other growth expenditures	  	 	(96	) 	 	 	(96	) 	 	 	—  	 	 	 	—  	 	 	 	(96	) 	 	 	(96	) 	
Acquisitions	  	 	(849	) 	 	 	(849	) 	 	 	—  	 	 	 	—  	 	 	 	(849	) 	 	 	(849	) 	
(Purchase) sale of environmental credits and allowances	  	 	(73	) 	 	 	(73	) 	 	 	—  	 	 	 	—  	 	 	 	(73	) 	 	 	(73	) 	
Other net investing activities	  	 	(19	) 	 	 	(19	) 	 	 	4	 	 	 	4	 	 	 	(15	) 	 	 	(15	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Free cash flow	  	$	974	 	 	$	1,074	 	 	$	(174	) 	 	$	(154	) 	 	$	800	 	 	$	920	 	
Working capital and margin deposits	  	 	(33	) 	 	 	(33	) 	 	 	4	 	 	 	4	 	 	 	(29	) 	 	 	(29	) 	
Solar and Moss Landing development and other growth expenditures	  	 	96	 	 	 	96	 	 	 	—  	 	 	 	—  	 	 	 	96	 	 	 	96	 	
Acquisitions	  	 	849	 	 	 	849	 	 	 	—  	 	 	 	—  	 	 	 	849	 	 	 	849	 	
Purchase (sale) of environmental credits and allowances	  	 	73	 	 	 	73	 	 	 	—  	 	 	 	—  	 	 	 	73	 	 	 	73	 	
Generation plant retirement expenses	  	 	22	 	 	 	22	 	 	 	—  	 	 	 	—  	 	 	 	22	 	 	 	22	 	
Transition and merger expenses	  	 	181	 	 	 	181	 	 	 	—  	 	 	 	—  	 	 	 	181	 	 	 	181	 	
Transition capital expenditures	  	 	38	 	 	 	38	 	 	 	—  	 	 	 	—  	 	 	 	38	 	 	 	38	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted free cash flow before growth guidance	  	$	2,200	 	 	$	2,300	 	 	$	(170	) 	 	$	(150	) 	 	$	2,030	 	 	$	2,150	 	

(a)	Includes unrealized loss on interest rate swaps of $317 million.	
(b)	Includes nuclear fuel amortization of $77 million.	
(c)	Includes state tax payments.	

Vistra Energy - Press Release
Nov. 5, 2019, Page 14

VISTRA ENERGY CORP.
NON-GAAP RECONCILIATIONS - 2020 GUIDANCE
(Unaudited) (Millions of Dollars)

 	  	Ongoing
Operations	 	 	Asset Closure	 	 	Vistra Energy
Consolidated	 	
 	  	Low	 	 	High	 	 	Low	 	 	High	 	 	Low	 	 	High	 	
Net Income (loss)	  	$	849	 	 	$	1,081	 	 	$	(95	) 	 	$	(75	) 	 	$	754	 	 	$	1,006	 	
Income tax expense	  	 	252	 	 	 	320	 	 	 	—  	 	 	 	—  	 	 	 	252	 	 	 	320	 	
Interest expense and related charges (a)	  	 	463	 	 	 	463	 	 	 	—  	 	 	 	—  	 	 	 	463	 	 	 	463	 	
Depreciation and amortization (b)	  	 	1,600	 	 	 	1,600	 	 	 	—  	 	 	 	—  	 	 	 	1,600	 	 	 	1,600	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
EBITDA before Adjustments	  	$	3,164	 	 	$	3,464	 	 	$	(95	) 	 	$	(75	) 	 	$	3,069	 	 	$	3,389	 	
Unrealized net (gain)/loss resulting from hedging transactions	  	 	(29	) 	 	 	(29	) 	 	 	—  	 	 	 	—  	 	 	 	(29	) 	 	 	(29	) 	
Impacts of Tax Receivable Agreement	  	 	69	 	 	 	69	 	 	 	—  	 	 	 	—  	 	 	 	69	 	 	 	69	 	
Non-cash compensation expenses	  	 	44	 	 	 	44	 	 	 	—  	 	 	 	—  	 	 	 	44	 	 	 	44	 	
Transition and merger expenses	  	 	35	 	 	 	35	 	 	 	—  	 	 	 	—  	 	 	 	35	 	 	 	35	 	
Other, net	  	 	2	 	 	 	2	 	 	 	—  	 	 	 	—  	 	 	 	2	 	 	 	2	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA guidance	  	$	3,285	 	 	$	3,585	 	 	$	(95	) 	 	$	(75	) 	 	$	3,190	 	 	$	3,510	 	
Interest paid, net	  	 	(543	) 	 	 	(543	) 	 	 	—  	 	 	 	—  	 	 	 	(543	) 	 	 	(543	) 	
Tax (paid)/received (c)	  	 	153	 	 	 	153	 	 	 	—  	 	 	 	—  	 	 	 	153	 	 	 	153	 	
Tax receivable agreement payments	  	 	(3	) 	 	 	(3	) 	 	 	—  	 	 	 	—  	 	 	 	(3	) 	 	 	(3	) 	
Working capital and margin deposits	  	 	2	 	 	 	2	 	 	 	—  	 	 	 	—  	 	 	 	2	 	 	 	2	 	
Reclamation and remediation	  	 	(60	) 	 	 	(60	) 	 	 	(126	) 	 	 	(126	) 	 	 	(186	) 	 	 	(186	) 	
Other changes in other operating assets and liabilities	  	 	(80	) 	 	 	(80	) 	 	 	31	 	 	 	31	 	 	 	(49	) 	 	 	(49	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cash provided by operating activities	  	$	2,754	 	 	$	3,054	 	 	$	(190	) 	 	$	(170	) 	 	$	2,564	 	 	$	2,884	 	
Capital expenditures including nuclear fuel purchases and LTSA Prepayments	  	 	(613	) 	 	 	(613	) 	 	 	—  	 	 	 	—  	 	 	 	(613	) 	 	 	(613	) 	
Solar and Moss Landing development and other growth expenditures	  	 	(315	) 	 	 	(315	) 	 	 	—  	 	 	 	—  	 	 	 	(315	) 	 	 	(315	) 	
(Purchase)/sale of environmental credits and allowances	  	 	(39	) 	 	 	(39	) 	 	 	—  	 	 	 	—  	 	 	 	(39	) 	 	 	(39	) 	
Other net investing activities	  	 	(20	) 	 	 	(20	) 	 	 	—  	 	 	 	—  	 	 	 	(20	) 	 	 	(20	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Free cash flow	  	$	1,767	 	 	$	2,067	 	 	$	(190	) 	 	$	(170	) 	 	$	1,577	 	 	$	1,897	 	
Working capital and margin deposits	  	 	(2	) 	 	 	(2	) 	 	 	—  	 	 	 	—  	 	 	 	(2	) 	 	 	(2	) 	
Moss Landing development and other growth expenditures	  	 	315	 	 	 	315	 	 	 	—  	 	 	 	—  	 	 	 	315	 	 	 	315	 	
Purchase/(sale) of environmental credits and allowances	  	 	39	 	 	 	39	 	 	 	—  	 	 	 	—  	 	 	 	39	 	 	 	39	 	
Transition and merger expenses	  	 	38	 	 	 	38	 	 	 	—  	 	 	 	—  	 	 	 	38	 	 	 	38	 	
Transition capital expenditures	  	 	3	 	 	 	3	 	 	 	—  	 	 	 	—  	 	 	 	3	 	 	 	3	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted free cash flow before growth guidance	  	$	2,160	 	 	$	2,460	 	 	$	(190	) 	 	$	(170	) 	 	$	1,970	 	 	$	2,290	 	

(a)	Includes unrealized gain on interest rate swaps of $21 million.	
(b)	Includes nuclear fuel amortization of $77 million.	
(c)	Includes state tax payments.