Vistra Energy Corp. (NYSE:VST) Q4 2019 Earnings Conference Call - Final Transcript

Feb 28, 2020 • 08:00 am ET


Vistra Energy Corp. (NYSE:VST) Q4 2019 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by, and welcome to Vistra Energy's Fourth Quarter and Full-Year 2019 Results Conference Call. [Operator instructions] Please be advised that today's conference is being recorded. [Operator instructions] Thank you.

I would now like to hand the conference over to your speaker today, Molly Sorg, vice president of investor relations. Please go ahead.

Molly Sorg

Thank you, and good morning, everyone. Welcome to Vistra Energy's investor webcast covering fourth-quarter and full-year 2019 results which is being broadcast live from the investor relations section of our website at Also available on our website are a copy of today's investor presentation, our 10-K and the related earnings release. Joining me for today's call are Curt Morgan, president and chief executive officer, and David Campbell, executive vice president and chief financial officer.

We have a few additional senior executives in the room to address questions in the second part of today's call, as necessary. Before we begin our presentation, I encourage all listeners to review the safe harbor statements included on Slides 2 and 3 in the investor presentation on our website that explain the risks of forward-looking statements, the limitations of certain industry and market data included in the presentation and the use of non-GAAP financial measures. Today's discussion will contain forward-looking statements which are based on assumptions we believe to be reasonable only as of today's date. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected or implied. We assume no obligation to update our forward-looking statements. Further, our earnings release, slide presentation and discussions on this call will include certain non-GAAP financial measures. For such measures, reconciliations to the most directly comparable GAAP measures are in the earnings release and in the appendix to the investor presentation.

I will now turn the call over to Curt Morgan to kick off our discussion.

Curtis A. Morgan

Thank you, Molly, and good morning to everyone on the call. As always, we appreciate your interest in Vistra Energy. We know this is a busy time of the year, so we intend to keep today's remarks concise, focusing on what we believe are the key drivers of Vistra's success, past, present and future. First and foremost, as we will discuss shortly, Vistra has a strong track record of execution, supporting our conviction that we have the right strategy and business model for long-term success.

Second, I believe we have demonstrated that we know how to grow the company and create value for our shareholders. Experience and execution will be essential in the years ahead. And last, our underlying fundamentals remain sound, making Vista well positioned to continue to deliver consistent results, not only weathering future volatility, but also capitalizing on it. I'm going to start on Slide 6.

As you can see in the last row of the table, Vistra finished 2019 reporting adjusted EBITDA from its ongoing operations of $3.393 billion, results that are above the midpoint of Vistra's recently