Vistra Corp (VST) 2022 Q3 法說會逐字稿

Good day, and welcome to the Vistra Third Quarter Earnings Call. (Operator Instructions) Please note this event is being recorded.

美好的一天，歡迎來到瑞致達第三季度財報電話會議。 （操作員說明）請注意正在記錄此事件。

I would now like to turn the conference over to Ms. Meagan Horn. Please go ahead.

我現在想將會議轉交給 Meagan Horn 女士。請繼續。

Thank you. Good morning, everyone. Welcome to Vistra's investor webcast discussing third quarter 2022 results, which is being broadcast live from the Investor Relations section of our website at www.vistracorp.com. Also available on our website are copies of today's investor presentation, our Form 10-Q and the related press release.

謝謝你。大家，早安。歡迎收看瑞致達討論 2022 年第三季度業績的投資者網絡廣播，該網絡廣播正在我們網站 www.vistracorp.com 的投資者關係部分進行現場直播。我們的網站上還提供了今天的投資者介紹、我們的 10-Q 表格和相關新聞稿的副本。

Joining me for today's call are Jim Burke, our President and Chief Executive Officer; and Kris Moldovan, our Executive Vice President and Chief Financial Officer. We have a few additional senior executives present to address questions during the second part of today's call, as necessary.

我們的總裁兼首席執行官 Jim Burke 和我一起參加今天的電話會議；和我們的執行副總裁兼首席財務官 Kris Moldovan。必要時，我們還有幾位高級管理人員出席今天電話會議的第二部分，以解決問題。

Before we begin our presentation, I would like to note that today's press release, the slide presentation and discussions on this call, all include certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP measures are provided in the press release and in the appendix to the investor presentation available on the Investor Relations section of the company's website.

在我們開始演講之前，我想指出今天的新聞稿、幻燈片演示和本次電話會議的討論都包括某些非 GAAP 財務指標。新聞稿和公司網站“投資者關係”部分提供的投資者介紹附錄中提供了與最直接可比的 GAAP 措施的調節。

Also, 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. I encourage all listeners to review the safe harbor statements included on Slide 2 in the investor presentation on our website that explain the risks of these forward-looking statements, the limitations of certain industry and market data included in the presentation and the use of these non-GAAP financial measures.

此外，今天的討論將包含前瞻性陳述，這些陳述基於我們認為僅在今天才合理的假設。此類前瞻性陳述受某些風險和不確定性的影響，這些風險和不確定性可能導致實際結果與預測或暗示的結果存在重大差異。我們沒有義務更新我們的前瞻性陳述。我鼓勵所有聽眾查看我們網站上投資者演示文稿幻燈片 2 中的安全港聲明，這些聲明解釋了這些前瞻性聲明的風險、演示文稿中包含的某些行業和市場數據的局限性以及這些非-GAAP 財務指標。

Thank you. And I will now turn the call over to our President and CEO, Jim Burke.

謝謝你。我現在將把電話轉給我們的總裁兼首席執行官吉姆伯克。

Thank you, Meagan. Good morning, everyone. We plan to keep this call relatively short. We believe we have a straightforward method to deliver today. In prior calls, we've shared with you our priorities for the year. And today, we're here to share how we are successfully executing against those priorities and provide a review regarding 2023.

謝謝你，梅根。大家，早安。我們計劃將此通話保持相對較短。我們相信我們今天有一個直接的方法來交付。在之前的電話中，我們已經與您分享了我們今年的優先事項。今天，我們在這里分享我們如何成功執行這些優先事項，並提供有關 2023 年的回顧。

Starting on Slide 5. We had another strong quarter financially, earning $1.038 billion in ongoing operations adjusted EBITDA. Our Generation team performed extremely well throughout the summer. But their performance was most on display during the high heat weather events experienced in July in the ERCOT region. For example, on one particular day in July when ERCOT experienced periods of low wind and solar output, we saw our Texas generation fleet operate at its max capacity. On this day, we saw prices hit the $5,000 price cap on 3 different hours. A well-maintained fleet is key to delivering reliable power for our customers and our communities and ensuring value is captured during these weather events, and our Generation team delivered.

從幻燈片 5 開始。我們又迎來了一個強勁的財務季度，持續運營調整後的 EBITDA 收入為 10.38 億美元。我們的 Generation 團隊在整個夏天都表現出色。但他們的表現在 7 月份 ERCOT 地區經歷的高溫天氣事件中表現得最為明顯。例如，在 7 月的某一天，當 ERCOT 經歷風能和太陽能發電量低的時期時，我們看到德克薩斯州的發電機組以最大容量運行。在這一天，我們看到價格在 3 個不同的小時內達到了 5,000 美元的價格上限。維護良好的車隊是為我們的客戶和社區提供可靠電力並確保在這些天氣事件期間獲取價值以及我們的發電團隊交付的關鍵。

Our Retail business similarly performed well, showing its resiliency by demonstrating the ability to serve customers at attractive margins, even in light of the higher commodity cost environment. Our Retail team responded to our customers' needs and our performance reflects our deep commitment to our customers. In fact, this commitment was recently acknowledged by the PUCT when TXU Energy was recognized as a 5-star rated retailer.

我們的零售業務同樣表現出色，即使在商品成本較高的環境下，也能以具有吸引力的利潤率為客戶提供服務，從而顯示出其彈性。我們的零售團隊響應客戶的需求，我們的表現反映了我們對客戶的堅定承諾。事實上，當 TXU Energy 被認定為五星級零售商時，PUCT 最近承認了這一承諾。

With 3 quarters of performance now reported, we are able to narrow our previously announced guidance for ongoing operations adjusted EBITDA and ongoing operations adjusted free cash flow before growth. We now see ongoing operations adjusted EBITDA in a range of $2.96 billion to $3.16 billion and ongoing operations adjusted free cash flow before growth in a range of $2.17 billion to $2.37 billion for 2022. We're reaffirming our original midpoint of $3.06 billion of ongoing operations adjusted EBITDA for 2022. This has been a year with significant volatility in fuel prices and weather in an environment of rising inflation and yet our team is performing well and tracking at the original guidance provided last November.

現在報告了 3 個季度的業績，我們能夠縮小我們之前宣布的持續運營調整後 EBITDA 和持續運營調整後增長前自由現金流量的指導。我們現在看到持續運營調整後的 EBITDA 在 29.6 億美元至 31.6 億美元之間，持續運營調整後的自由現金流在 2022 年增長之前在 21.7 億美元至 23.7 億美元之間。我們重申我們最初的中點 30.6 億美元的持續運營調整後的 2022 年 EBITDA。在通脹上升的環境下，今年是燃料價格和天氣大幅波動的一年，但我們的團隊表現良好，並按照去年 11 月提供的原始指導進行跟踪。

Due to our comprehensive hedging program to capture higher earnings in future periods, we have incurred some higher interest charges, which is reflected in our modestly lower midpoint for ongoing operations adjusted free cash flow before growth. This midpoint is now $2.27 billion. As we have discussed in the past, we took on additional short-term debt to fund the liquidity needed for our comprehensive hedging program. The hedges are locking in significant out-year earnings potential.

由於我們在未來期間獲得更高收益的綜合對沖計劃，我們產生了一些更高的利息費用，這反映在我們持續運營調整後的增長前自由現金流的中點略低。這個中點現在是 22.7 億美元。正如我們過去所討論的那樣，我們承擔了額外的短期債務，為我們全面的對沖計劃所需的流動性提供資金。對沖正在鎖定巨大的年外盈利潛力。

Net higher earnings power is reflected on Slide 6. Today, we are initiating guidance for ongoing operations adjusted EBITDA in a range of $3.4 billion to $4 billion and ongoing operations adjusted free cash flow before growth in a range of $1.75 billion to $2.35 billion for 2023. Our 2023 guidance midpoint of ongoing operations adjusted EBITDA is $3.7 billion. This is the top end of the midpoint opportunity range we estimated for 2023 during our first quarter call as we saw the dramatic increase in gas and power forward curves.

更高的淨盈利能力反映在幻燈片 6 上。今天，我們正在為 2023 年持續運營調整後的 EBITDA 在 34 億美元至 40 億美元的範圍內和持續運營調整後的增長前自由現金流量在 17.5 億美元至 23.5 億美元的範圍內啟動指導. 我們 2023 年持續運營調整後 EBITDA 的指導中點為 37 億美元。這是我們在第一季度電話會議期間估計的 2023 年中點機會範圍的上限，因為我們看到了氣體和功率前移曲線的急劇增加。

Given the higher EBITDA figures and the volatility we have seen in the market, our range is larger on an absolute basis, but is a similar percentage of the midpoint as we have had in recent years. We are confident in our ability to deliver on this value proposition for 2023, and as you know, our comprehensive hedging program extends in the future years.

鑑於較高的 EBITDA 數據和我們在市場上看到的波動性，我們的範圍在絕對基礎上更大，但與我們近年來的中點百分比相似。我們對我們在 2023 年實現這一價值主張的能力充滿信心，而且如您所知，我們的綜合對沖計劃將在未來幾年擴展。

With that, I wanted to take a moment to reiterate Vistra's strategic priorities as we summarized on Slide 7. We believe these priorities are delivering and are expected to continue to deliver significant value for investors. We've previously stated that we saw annual ongoing operations adjusted EBITDA potential of around $3-plus billion going forward. As forward power curves increased, we announced Q1 2022 that we saw ongoing operations adjusted EBITDA midpoint potential in the $3.5 billion to $3.7 billion range for years 2023 through 2025.

鑑於此，我想花點時間重申我們在幻燈片 7 中總結的瑞致達的戰略優先事項。我們相信這些優先事項正在交付並將繼續為投資者帶來重大價值。我們之前曾表示，我們看到每年持續運營調整後的 EBITDA 潛力約為 3 億美元以上。隨著遠期功率曲線的增加，我們宣布 2022 年第一季度，我們看到持續運營調整後的 EBITDA 中點潛力在 2023 年至 2025 年的 35 億美元至 37 億美元範圍內。

We're now approximately 70% hedged on average across 2023 through 2025. Accordingly, we continue to believe in that range of earnings potential. And in turn, we are using the significant cash flows to return value to the shareholders. Vistra continues to execute on our previously announced capital allocation plan, and Kris will speak to those details momentarily. But notably, our capital allocation plan offers a robust returns per share.

從 2023 年到 2025 年，我們現在平均對沖了大約 70%。因此，我們繼續相信該範圍內的盈利潛力。反過來，我們正在利用大量現金流向股東回報價值。瑞致達繼續執行我們先前宣布的資本分配計劃，Kris 將立即談及這些細節。但值得注意的是，我們的資本配置計劃提供了強勁的每股回報。

Looking forward to the target share repurchases and dividends under the capital allocation plan between now and year-end 2023, we have $1.2 billion of remaining authorization for share repurchases that we expect to utilize by year-end 2023, plus $375 million in dividends targeted for payment Q4 2022 through Q4 2023. That capital distributed across our current shareholder base delivers an equivalent of approximately $4 per share of capital being returned. I recognize this is a simple illustration. I only point this out to underscore the incredible value proposition we believe Vistra currently offers.

展望從現在到 2023 年底資本分配計劃下的目標股票回購和股息，我們有 12 億美元的剩餘授權用於我們預計到 2023 年底使用的股票回購，加上 3.75 億美元的股息目標2022 年第四季度至 2023 年第四季度付款。分配給我們當前股東基礎的資本相當於每股返還資本約 4 美元。我認識到這是一個簡單的例子。我指出這一點只是為了強調我們相信 Vistra 目前提供的令人難以置信的價值主張。

As a reminder, these expected cash returns are achieved even after we make the planned maintenance capital investments to ensure our fleet is well positioned for the winter and the summer. This is also after we execute on our expected debt reduction to ensure a strong balance sheet. Lastly, we expect Vistra Zero to be financed primarily with third-party capital, enabling us to continue to transition aspects of our fleet, primarily some of our older coal assets in a capital-efficient manner.

提醒一下，即使在我們進行了計劃的維護資本投資以確保我們的機隊在冬季和夏季處於有利位置之後，這些預期的現金回報也是可以實現的。這也是在我們執行預期的債務削減以確保強大的資產負債表之後。最後，我們預計 Vistra Zero 將主要由第三方資本提供資金，使我們能夠繼續以資本高效的方式過渡我們船隊的各個方面，主要是我們的一些舊煤炭資產。

Vistra Zero will also benefit from the Inflation Reduction Act, including setting a price floor for our nuclear asset Comanche Peak. You may have seen we recently submitted the relicensing application, which would extend our licenses by 20 additional years for each of the 2 units to 2050 and 2053. We continue to see how important a role our diverse set of assets are playing throughout the U.S. in ensuring reliable, affordable and sustainable power. Our integrated model is delivering the service that our customers and communities depend upon, and we are excited to be able to share our expectations with you, our owners, that the future is bright for our company.

Vistra Zero 還將受益於降低通脹法案，包括為我們的核資產 Comanche Peak 設定價格下限。您可能已經看到我們最近提交了重新許可申請，這將把我們兩個單元中每個單元的許可再延長 20 年，分別延長到 2050 年和 2053 年。我們繼續看到我們的多元化資產在美國各地發揮著多麼重要的作用。確保可靠、負擔得起和可持續的電力。我們的集成模型正在提供我們的客戶和社區所依賴的服務，我們很高興能夠與您，我們的所有者分享我們的期望，即我們公司的未來是光明的。

I will now hand the call over to Kris to discuss this quarter's financial performance in more detail.

我現在將電話轉給 Kris，以更詳細地討論本季度的財務業績。

Thank you, Jim. Starting on Slide 9. As Jim mentioned, Vistra delivered strong financial results during the third quarter, with ongoing operations adjusted EBITDA of approximately $1.038 billion, including negative $2 million for Retail and $1.04 billion for Generation.

謝謝你，吉姆。從幻燈片 9 開始。正如 Jim 所提到的，瑞致達在第三季度取得了強勁的財務業績，持續運營調整後的 EBITDA 約為 10.38 億美元，其中零售業務為負 200 萬美元，發電業務為負 10.4 億美元。

Important to note that Vistra's full year 2022 guidance contemplated that retail would deliver negative ongoing operations adjusted EBITDA this quarter. Despite rapidly rising power prices this year, retail's results this quarter and year-to-date are bolstered by continued strong margins and customer counts in ERCOT, along with robust large business market sales performance, partially offset by higher bad debt expense and ex-ERCOT headwinds.

需要注意的是，瑞致達的 2022 年全年指引預計零售業將在本季度產生負的持續運營調整後 EBITDA。儘管今年電價迅速上漲，但本季度和今年迄今的零售業績受到 ERCOT 持續強勁的利潤率和客戶數量以及強勁的大型企業市場銷售業績的支撐，部分被較高的壞賬費用和前 ERCOT 所抵消逆風。

Moving now to Generation. The results of the Generation segment this quarter and year-to-date have benefited from higher prices in the summer months, coupled with outstanding performance of the fleet to be available to capture those higher prices, offset by lower prices in Q1 2022, lower generation volumes from coal plants due to industry-wide fuel delivery challenges and higher-than-expected migration of customers to default service providers.

現在轉到 Generation。發電部門本季度和年初至今的業績受益於夏季月份的價格上漲，以及機隊的出色表現，可用於捕捉這些較高的價格，但被 2022 年第一季度的較低價格、較低的發電量所抵消由於全行業的燃料交付挑戰以及客戶向默認服務提供商的遷移高於預期，燃煤電廠的產量下降。

With our financial results tracking consistently with our expectations, we continue to execute on our capital allocation plan as described on Slide 10. As of November 1, we had completed approximately $2.05 billion of share repurchases. We expect to utilize the remaining approximately $1.2 billion of authorization under the upside $3.25 billion program by year-end 2023. Notably, as of November 1, our outstanding share count had fallen to approximately 398 million shares outstanding, which represents an approximately 18% reduction from the aggregate number of shares that were outstanding as of a year ago.

由於我們的財務業績與我們的預期一致，我們將繼續執行幻燈片 10 中所述的資本配置計劃。截至 11 月 1 日，我們已完成約 20.5 億美元的股票回購。我們預計到 2023 年底，將根據 32.5 億美元的上行計劃利用剩餘的約 12 億美元的授權。值得注意的是，截至 11 月 1 日，我們的流通股數量已降至約 3.98 億股流通股，減少了約 18%來自一年前已發行股票的總數。

We also remain committed to paying $300 million in dividends to our common stockholders each year. To that end, our Board recently approved a quarterly dividend to be paid on Vistra's common stock in the amount of $0.193 per share or approximately $75 million in the aggregate, payable on December 29, 2022. This is an approximately 29% growth in dividend per share as compared to the dividend paid in the fourth quarter of 2021.

我們還承諾每年向普通股股東支付 3 億美元的股息。為此，我們的董事會最近批准向 Vistra 的普通股支付每股 0.193 美元或總額約為 7500 萬美元的季度股息，將於 2022 年 12 月 29 日支付。每股股息增長約 29%與 2021 年第四季度支付的股息相比的份額。

While returning cash directly to our shareholders remains a priority, we will continue to focus on maintaining a strong balance sheet. Importantly, we have not deviated from our long-term net leverage target, excluding any nonrecourse debt at Vistra Zero of less than 3x. On our second quarter call, we noted that we expected to repay at least $2.5 billion in the second half of the year, and we made significant progress this quarter repaying approximately $1.4 billion of debt. We expect to repay an additional $1.1 billion of debt by year-end.

雖然直接向股東返還現金仍然是我們的首要任務，但我們將繼續專注於維持穩健的資產負債表。重要的是，我們沒有偏離我們的長期淨槓桿目標，不包括 Vistra Zero 低於 3 倍的任何無追索權債務。在我們第二季度的電話會議上，我們指出我們預計在今年下半年至少償還 25 億美元，並且本季度我們在償還約 14 億美元的債務方面取得了重大進展。我們預計到年底將額外償還 11 億美元的債務。

Finally, as we look to grow Vistra Zero, it is important to emphasize that we anticipate financing that growth by using primarily third-party capital. As Jim mentioned earlier, we have initiated guidance for ongoing operations adjusted EBITDA with a $3.7 billion midpoint for 2023. On Slide 11, we're presenting the forward power price and gas curves as of October 31, 2022. As you can see, while there has been noticeable volatility, prices are still up materially as compared to the prior year. Not only do these curves support our 2023 guidance range, but they also continue to give us confidence in the $3.5 billion to $3.7 billion of potential ongoing operations adjusted EBITDA midpoint for each of years 2024 and 2025.

最後，當我們希望發展 Vistra Zero 時，必須強調的是，我們預計主要通過使用第三方資本為增長融資。正如 Jim 之前提到的，我們已經為 2023 年的持續運營調整後 EBITDA 啟動了 37 億美元中點的指導。在幻燈片 11 上，我們展示了截至 2022 年 10 月 31 日的遠期電價和天然氣曲線。如您所見，雖然出現了明顯的波動，與上一年相比價格仍然大幅上漲。這些曲線不僅支持我們 2023 年的指導範圍，而且它們還繼續讓我們對 2024 年和 2025 年每年 35 億至 37 億美元的潛在持續運營調整後 EBITDA 中點充滿信心。

As you would expect, the commercial team has continued its execution of the comprehensive hedging program that we discussed initially on the first quarter earnings call, significantly derisking and locking in our future earnings potential for these out years. As of the end of the quarter, we were approximately 70% hedged on average across all markets for 2023 through 2025, with 2023 being approximately 90% hedged.

正如您所料，商業團隊繼續執行我們最初在第一季度財報電話會議上討論的全面對沖計劃，顯著降低風險並鎖定我們未來這些年的盈利潛力。截至本季度末，從 2023 年到 2025 年，我們在所有市場的平均對沖率約為 70%，而 2023 年的對沖率約為 90%。

On Slide 12, we are providing a bit more detail around our 2023 guidance among our Retail and Generation segments. You may recall that last year, we also separately broke out our Sunset Generation segment. With several plants closing in 2022 and the very beginning of 2023 and moving from our Sunset segment to our Asset Closure segment, together with the growth of Vistra Zero, we are currently reevaluating the appropriate segments for our businesses. In light of that ongoing process, we have combined the Sunset segment with our other generation segments for 2023 guidance purposes only.

在幻燈片 12 上，我們在零售和發電領域提供了更多關於 2023 年指南的細節。大家可能還記得，去年我們也單獨爆出了我們的夕陽一代板塊。隨著幾家工廠在 2022 年和 2023 年初關閉，並從我們的 Sunset 部門轉移到我們的資產關閉部門，加上 Vistra Zero 的增長，我們目前正在重新評估我們業務的適當部門。鑑於這一持續過程，我們將 Sunset 部分與我們的其他發電部分合併，僅用於 2023 年的指導目的。

We currently expect to finalize any segment changes by the time we share our first quarter 2023 results. I think it is worth reiterating, execution has been and will continue to be our focus in 2022 and into 2023. Our first 9 months have delivered strong results, and we see our full year 2022 on track. We look forward to discussing our full year results on the next call.

我們目前預計在我們分享 2023 年第一季度業績時完成任何細分變更。我認為值得重申的是，執行一直是並將繼續是我們 2022 年和 2023 年的重點。我們的前 9 個月取得了強勁的成果，我們預計 2022 年全年都將步入正軌。我們期待在下次電話會議上討論我們的全年業績。

With that, operator, we're ready to open the line for questions.

有了這個，接線員，我們就可以打開問題熱線了。

(Operator Instructions) And the first question will come from Michael Sullivan with Wolfe Research.

（操作員說明）第一個問題將來自 Wolfe Research 的 Michael Sullivan。

I was just hoping maybe you could start with just some color on some of the moving pieces relative to the last call. It seemed like '22, you were tracking a little better than the midpoint. Now at the midpoint, '23, you're kind of at the higher end of that range. So maybe just a little more color on what kind of move between the 2 years from the last call. Is it just commodity prices or anything else going on?

我只是希望也許你可以從一些與上次通話相關的移動部件上開始。好像是 22 年，你的追踪比中點好一點。現在在中點，'23，你有點處於該範圍的高端。因此，從上次電話會議開始的兩年之間，可能會出現什麼樣的變化。只是商品價格還是其他任何事情？

Yes. Sure, Michael. So for '22, we were tracking a little bit above midpoint when we talked last time. We see ourselves closer to midpoint at the moment. I think we've seen some headwinds with coal constraints that we assume earlier in the year and even through the summer. We were getting some indications that coal deliveries will pick up. That has been a slower process not just for us, but I think from everything we can tell industry-wide. So that's one of the headwinds.

是的。當然，邁克爾。因此，對於 22 年，我們在上次談話時跟踪的位置略高於中點。目前我們認為自己更接近中點。我認為我們已經看到了一些我們在今年早些時候甚至整個夏天假設的煤炭限制的逆風。我們得到一些跡象表明煤炭交付量將會增加。這不僅對我們來說是一個較慢的過程，而且我認為從我們可以告訴整個行業的一切來看。所以這是不利因素之一。

The other headwind that we mentioned is we picked up some default service load. We had bid on that load last year and even as late as early this year before the price ran up. As that -- as the market moved up in the spring and the summer, customers have the opportunity to move to default service. That's their choice. In addition to that, there was one media aggregation, NOPEC, that actually en masse moved all their customers to default service. We're not sure that, that actually was provided for in the structure of default service, but it was approved by the commission in Ohio. Those headwinds that have developed even further since our last call.

我們提到的另一個不利因素是我們獲得了一些默認服務負載。去年我們曾競標過該負載，甚至早在今年年初價格上漲之前就競標過。因此——隨著春季和夏季市場的上漲，客戶有機會轉向默認服務。那是他們的選擇。除此之外，還有一家媒體聚合公司 NOPEC，它實際上集體將所有客戶轉移到默認服務。我們不確定，這實際上是在默認服務結構中提供的，但它是由俄亥俄州的委員會批准的。自我們上次通話以來，這些不利因素進一步發展。

So when we look at the year, we've been able to offset those. So we have had very good performance on the Retail business. We've had good performance with the summer, as we mentioned in the script. And so we had length, we were able to cover those headwinds. And I think the integrated model shows diversification paid off. But I think that's really the driver as to why we saw ourselves tracking slightly above midpoint before, and now we see it on midpoint. But the operational excellence of the fleet in the Retail business has been quite strong.

所以當我們回顧這一年時，我們已經能夠抵消這些。因此，我們在零售業務方面的表現非常出色。正如我們在劇本中提到的那樣，我們在夏天的表現很好。所以我們有足夠的時間，我們能夠應對這些不利因素。而且我認為整合模型表明多元化得到了回報。但我認為這確實是我們之前看到自己跟踪略高於中點的原因，現在我們看到它在中點。但零售業務車隊的卓越運營一直相當強勁。

And as it relates to '23, some of the default service carries over into the May -- through the May time frame. And we also had to recognize that the coal constraints has been a rolling issue. So we have just modest improvement now assumed in 2023 for coal deliveries. We're still not running everything that we could run from the coal fleet even in the 2023 plan. So I think there's a little bit of conservatism and it's just something we've learned throughout this year that it's a tough market. It's a tough challenge just to basically free up the supply chain and have the train sets running and the quantity and the cycle times that we would like. So we reflected that here.

由於它與 23 年相關，一些默認服務會延續到 5 月——貫穿 5 月的時間範圍。我們還必須認識到，煤炭限制一直是一個滾動的問題。因此，我們現在假設 2023 年煤炭交付量略有改善。即使在 2023 年計劃中，我們仍然沒有運行我們可以從煤炭船隊運行的一切。所以我認為有一點保守主義，這只是我們今年以來了解到的，這是一個艱難的市場。基本上釋放供應鏈並讓火車組運行以及我們想要的數量和周期時間是一個艱鉅的挑戰。所以我們在這裡反映了這一點。

And I think the upper end -- $3.5 billion to $3.7 billion, we mentioned that on our first week call in May, and we're at the upper end of that midpoint. And so we feel good about being able to weather this volatility. But those are the headwinds and some of the tailwinds that we've reflected now in this guidance.

而且我認為上限 - 35 億美元至 37 億美元，我們在 5 月份的第一周電話會議上提到了這一點，我們處於該中點的上限。因此，我們對能夠經受住這種波動感到很高興。但這些是我們現在在本指南中反映的逆風和一些順風。

Okay. That's super helpful. And then my next question was just, as we look out to '24, '25, it seemed like previously given a bigger unhedged position, you built maybe even better out there and just latest thoughts on how you're feeling since the Q2 call.

好的。這非常有幫助。然後我的下一個問題是，當我們展望 24 和 25 年時，似乎之前給出了一個更大的未對沖頭寸，你在那裡建立了可能更好的基礎，以及關於自第二季度電話會議以來你的感受的最新想法.

Yes. On Slide 11, you see the direction of the curves, and we've tried to -- we knew when we put this out, the first week of May, that we'd be asked for continuous updates on this. So we added potentially our disclosure on a more consistent basis now for the third call.

是的。在幻燈片 11 上，您可以看到曲線的方向，我們已經嘗試——我們知道當我們發布它時，也就是 5 月的第一周，我們會被要求對此進行持續更新。因此，我們現在可能會在更一致的基礎上為第三次電話會議添加我們的披露。

But you see the run-up, late spring and summer, and then you see it coming back off pretty hard, we had been hedging through that period. And I think that's the value of the comprehensive hedging program. So we were a little bit more bullish about where we saw things. Obviously, when you're in the middle of the summer and the curves were peaking and you had the unhedged position, we were able to hedge through some of that, but the curves have come off, and we are actually still through this chart showing that through October 31 curves, which is certainly much lower than where they were at the peak of the summer because we've increased our hedge percentage now to 70% across the years, we still feel good about the $3.5 billion to $3.7 billion.

但是你看到了春末和夏末的上漲，然後你看到它非常艱難地反彈，我們一直在對沖度過那個時期。我認為這就是綜合對沖計劃的價值。所以我們對我們看到的東西更加樂觀。顯然，當你處於夏季中期並且曲線達到頂峰並且你擁有未對沖頭寸時，我們能夠通過其中的一些進行對沖，但曲線已經消失，我們實際上仍在通過這張圖表顯示通過 10 月 31 日的曲線，這肯定比夏季高峰期低得多，因為多年來我們已經將對沖百分比提高到 70%，我們仍然對 35 億美元至 37 億美元感到滿意。

So again, it's a predictable set of cash flows as far as we can see. We obviously aren't fully hedged. But I think we haven't been trying to time the high and the low. We've been working through this. And I think showing that $3.5 billion to $3.7 billion is still there and our expectations for '24 and '25 is a sign of that integrated model working.

因此，就我們所見，這是一組可預測的現金流量。我們顯然沒有完全對沖。但我認為我們並沒有試圖計算高點和低點的時間。我們一直在努力解決這個問題。而且我認為顯示 35 億至 37 億美元仍然存在，我們對 24 和 25 年的預期是該集成模型起作用的標誌。

Okay. That's great. And just real quick, the last one, again, kind of back to the bridge to '23. What are the positives on the retail side? If I just look at kind of where you are year-to-date, something like $564 million and then the range for next year, it's kind of close to $1 billion. Yes. What are the tailwinds there that could be up for next year?

好的。那太棒了。很快，最後一個，又回到了 23 年的橋上。零售方面有哪些積極因素？如果我只看你今年迄今的位置，比如 5.64 億美元，然後是明年的範圍，它接近 10 億美元。是的。明年可能會有哪些順風？

Yes, we continue -- one of the things we've been able to do this year, which has been a benefit for customers is we forward by, obviously, as you'd expect, in our retail business because our customers expect predictable pricing. And so we've seen our rates move up on existing customers, on average, about 10% this year. So in the aggregate of the inflationary effects and even the price spikes of commodities, I think we've done a nice job smoothing that out for our customer base.

是的，我們繼續 - 我們今年能夠做的事情之一，這對客戶來說是一個好處，我們很明顯，正如您所期望的那樣，在我們的零售業務中前進，因為我們的客戶期望可預測的定價.因此，我們看到我們對現有客戶的利率在今年平均上漲了 10% 左右。因此，綜合通貨膨脹效應甚至商品價格飆升，我認為我們在為我們的客戶群消除這種影響方面做得很好。

As you look at what's going on when you move forward, we do have continued movement in our expectations on average of how we smooth out the prices for customers. So we have even greater margin realization as we go forward, which is a tailwind. We also are seeing -- we've had great margin management this year. We see that continuing. The count story has been very good at ERCOT, and that continues. And even our Midwest, Northeast business, which has been more challenged because of the default service, price is lagging. The same topic I just mentioned about default service migration. It makes it difficult for retail businesses to compete against that. We see that improving in the Midwest, Northeast improving next year as well.

當您查看前進時發生的事情時，我們對平均如何為客戶平滑價格的期望確實在持續變化。因此，隨著我們前進，我們有更大的利潤實現，這是順風。我們也看到了——今年我們的利潤率管理很好。我們看到這種情況還在繼續。伯爵的故事在 ERCOT 上表現得非常好，而且還在繼續。甚至我們的中西部、東北部業務，由於默認服務而受到更大挑戰，價格也滯後。我剛才提到的關於默認服務遷移的同一主題。這使得零售企業很難與之競爭。我們看到明年中西部和東北部的情況有所改善。

So Retail business is in a very good position. It's having a very good year this year, and we expect that to continue to improve. We also have a little bit less Retail bill credits that we have as a post-theory effect where we have no credits for settling large customers. We have less of that in '23 versus '22. So those are the key drivers of the improvement in that business.

因此，零售業務處於非常有利的地位。今年是非常好的一年，我們希望這種情況會繼續改善。我們的零售賬單信用額度也有所減少，這是後理論效應，我們沒有信用額度來結清大客戶。與 22 年相比，23 年我們擁有的更少。因此，這些是該業務改善的關鍵驅動因素。

The next question will come from Paul Zimbardo with Bank of America.

下一個問題將來自美國銀行的 Paul Zimbardo。

To start out with, could you discuss the drivers on the 2023 free cash flow conversion? I know you had a 65% target at the Analyst Day in the past. So just curious is kind of 2023 a blip? And do we get back there in the future?

首先，您能否討論 2023 年自由現金流轉換的驅動因素？我知道你在過去的分析師日有一個 65% 的目標。所以只是好奇 2023 年是不是曇花一現？我們將來會回到那裡嗎？

Yes. Paul, the free cash flow conversion from a historical standpoint, we've obviously seen revenues go up because we have inflation that's affected some of the raw commodities. Some of that also affects our cost of doing business, including our CapEx assumption. So we have more outages next year. It's actually just a function of the starts of the units and the run hours. So we have more outages planned for actually '23 and '24, and that's predictable. We can see that peak in '23 and '24, and then it comes off for the next 3 to 4 years.

是的。保羅，從歷史的角度來看，自由現金流轉換，我們顯然看到收入增加，因為我們的通貨膨脹影響了一些原材料商品。其中一些還會影響我們的經營成本，包括我們的資本支出假設。所以明年我們會有更多的停電。它實際上只是單元啟動和運行時間的函數。因此，我們實際上計劃在 23 年和 24 年發生更多停機，這是可以預見的。我們可以在 23 和 24 年看到高峰，然後在接下來的 3 到 4 年內下降。

So we have higher CapEx, and some of the CapEx is more expensive because of the inflation drivers. We also have more interest expense. That's a function of our comprehensive hedging program. You can see some of those drivers, obviously, in the back of the release in terms of some of the reconciliations between our EBITDA and our free cash flow. Obviously, the inflation does affect the revenue line, but it does affect some of the cost drivers, as I just mentioned, interest rates. We have more borrowings at this point, and we have slightly higher interest that's unhedged that we have. But we do have some interest rate swaps in place as well. But those are the key drivers. And Kris, if there's something you'd like to add there, please?

所以我們有更高的資本支出，而且由於通脹驅動因素，一些資本支出更加昂貴。我們還有更多的利息支出。這是我們綜合對沖計劃的一個功能。顯然，您可以在我們的 EBITDA 和我們的自由現金流之間的一些對賬方面看到其中一些驅動因素。顯然，通貨膨脹確實影響了收入線，但它確實影響了一些成本驅動因素，正如我剛才提到的，利率。此時我們有更多的借款，我們的未對沖利息略高。但我們也有一些利率互換。但這些是關鍵驅動因素。 Kris，如果你想補充什麼，好嗎？

No, Jim, I think you've covered the drivers well.

不，吉姆，我認為你已經很好地介紹了驅動程序。

Okay. Great. And then separately, I know you're running a lot of promotions in Texas over the summer. Could you just discuss what you've seen on kind of retail customer attrition? And just unpacking a little bit. It looks like customer count was down quarter-over-quarter, and you talked about like value-accretive exits. If you could just elaborate a little bit there.

好的。偉大的。然後另外，我知道你在德克薩斯州整個夏天都在進行很多促銷活動。你能談談你在零售客戶流失方面看到的情況嗎？只是打開一點包裝。看起來客戶數量環比下降，你談到了增值退出。如果你能在那裡詳細說明一下。

Yes. Thank you, Paul. The retail market in Texas is a robust market. We have done extremely well this year. Part of it is the innovation that you mentioned. We've been able -- in fact, we rolled out an EV miles program just this week. We have a lot of those flexibilities in Texas because the retailer gets to do the billing. We get to design the products that customers are looking for, and that gives us a chance to differentiate.

是的。謝謝你，保羅。得克薩斯州的零售市場是一個強勁的市場。今年我們做得非常好。其中一部分是你提到的創新。我們已經能夠——事實上，我們就在本週推出了 EV 里程計劃。我們在得克薩斯州有很多這樣的靈活性，因為零售商可以開賬單。我們開始設計客戶正在尋找的產品，這讓我們有機會脫穎而出。

And our accounts have actually been very strong in ERCOT and we've seen ourselves hold, I think, this position of a trusted brand, and that is one of the positives from '22 going into '23. These exits that have occurred in other markets are a function of the fact that some of these other market designs, they still don't let the retailer do the billing. You're still competing against default rates. And if those default rates lag, like we've seen a lag this year in particular, it becomes unprofitable to stay in some of these markets. And so you end up in these boom-bust cycles. In fact, I think the default markets could end up seeing peak pricing, and then you'll see the retailers rush back in and pull these customers off default.

我們在 ERCOT 中的賬戶實際上非常強大，我認為我們已經看到自己擁有這個值得信賴的品牌的地位，這是從 22 年到 23 年的積極因素之一。在其他市場發生的這些退出是由於這些其他市場設計中的一些，他們仍然不讓零售商進行計費。您仍在與違約率競爭。如果這些違約率滯後，尤其是今年我們已經看到滯後，那麼留在其中一些市場將變得無利可圖。因此，您最終會陷入這些繁榮-蕭條週期。事實上，我認為違約市場最終可能會出現定價高峰，然後你會看到零售商重新湧入並將這些客戶從違約中拉出來。

So there were 2 things happened. On New York, we actually left the New York market because the regulatory scheme said you had to offer a discount to the default rate. So that became untenable. Once the default rate is not moving, and you have to offer a discount to that, it becomes unprofitable. It's unfortunate because it was a very good customer base. But we have to look at this and be realistic that if the market design is not there to be able to recover your cost, you need to exit. Connecticut was a different story prior to our acquisition of Crius. There was concern from the regulatory body about some of the bill disclosures and when contract term would end for customers, they wanted to see us settle that matter.

所以發生了兩件事。在紐約，我們實際上離開了紐約市場，因為監管計劃說你必須提供違約率的折扣。所以這變得站不住腳了。一旦違約率沒有變動，而你必須為其提供折扣，它就會變得無利可圖。這很不幸，因為它是一個非常好的客戶群。但我們必須審視這一點並現實一點，如果市場設計無法收回您的成本，您就需要退出。在我們收購 Crius 之前，康涅狄格州是一個不同的故事。監管機構對某些賬單披露以及客戶的合同期限何時結束表示擔憂，他們希望看到我們解決這個問題。

And one of the terms of settlement was they asked us to give up our licenses in Connecticut. It's happened before we ever got the business. It seemed shortsighted from the standpoint that the customer impact wasn't even determined to necessarily be negative. It was a question about how clear was the disclosure around the termination of a contract plan. But as I mentioned earlier, if you're competing at default rates, and you do not have the ability to differentiate your product with the customer, you're essentially a line item on a bill and you're competing on price and that's a difficult proposition.

和解條款之一是他們要求我們放棄在康涅狄格州的執照。這是在我們開展業務之前發生的。從甚至沒有確定客戶影響一定是負面的角度來看，這似乎是短視的。這是一個關於合同計劃終止的披露有多清楚的問題。但正如我之前提到的，如果你在違約率上競爭，並且你沒有能力將你的產品與客戶區分開來，那麼你本質上就是賬單上的一個項目，你在價格上競爭，這是困難的命題。

So we have to work to change the mindset of some of these marketplaces to be able to open them up to differentiation. I do think other brands entering the space like Tesla, Shell, BP, can help bring other voices to the table. I think a lot of this is the follow on to the polar vortex in 2014, where there was a lot of concern about how retailers needed to try to recover their cost and prices were moving very, very quickly. And we've got to restore confidence in some of these other markets outside of Texas to be able to differentiate like we do here.

因此，我們必須努力改變其中一些市場的心態，以便能夠讓它們向差異化開放。我確實認為進入該領域的其他品牌，如特斯拉、殼牌、英國石油公司，可以幫助將其他聲音帶到桌面上。我認為這在很大程度上是 2014 年極地渦旋的後續，當時人們非常擔心零售商需要如何努力收回成本，而且價格變化非常非常快。我們必須恢復對得克薩斯州以外的其他一些市場的信心，才能像我們在這裡一樣脫穎而出。

And the final question for today will come from Angie Storozynski with Seaport.

今天的最後一個問題將來自 Seaport 的 Angie Storozynski。

So just first, one follow-up on the free cash flow projections. It's actually for both 2022 and 2023. I think I'm a little bit confused about working capital changes and new collateral postings. I'm assuming that collateral is coming back. So I was actually hoping for some boost to free cash flow in '23. So again, maybe if you could talk both about collateral postings and the free cash flow projection.

因此，首先，對自由現金流量預測進行跟進。它實際上適用於 2022 年和 2023 年。我想我對營運資本的變化和新的抵押品過賬有點困惑。我假設抵押品會回來。所以我實際上希望在 23 年能增加一些自由現金流。再一次，也許你可以談談抵押品過帳和自由現金流量預測。

Yes, Angie, thanks for the question. So we do expect the collateral to be posted. As you can -- as you saw, we just -- we have just over $3 billion of cash still posted as of 9/30. We expect a significant amount of that to come back over the balance of the year and into 2023. What you would note though is the margin deposits and working capital, we don't -- that doesn't get reflected in our adjusted free cash flow number. So it's below that line. But we do expect over the next 14 months to receive a substantial portion of the cash flow, that $3 billion that we have to return to us. And that's factored into our capital allocation discussions as far as the amount of share repurchases that we plan, the dividends and the debt repayments.

是的，安吉，謝謝你的提問。因此，我們確實希望發布抵押品。如您所見——正如您所見，我們只是——截至 9 月 30 日，我們仍有超過 30 億美元的現金過賬。我們預計其中很大一部分將在今年餘下時間和 2023 年恢復。你會注意到保證金存款和營運資金，但我們沒有——這沒有反映在我們調整後的自由現金中流量數。所以它低於那條線。但我們確實希望在未來 14 個月內收到很大一部分現金流，即我們必須返還給我們的 30 億美元。就我們計劃的股票回購數量、股息和債務償還而言，這已被納入我們的資本分配討論中。

Okay. So what's the reason why there is this big positive from working capital perspective this year and basically offsetting negative next year?

好的。那麼，從營運資本的角度來看，今年有這麼大的積極因素，明年基本抵消消極因素的原因是什麼？

I think, Angie, what we're seeing in the disclosures from the EBITDA to free cash flow is that we are seeing -- obviously, from EBITDA to free cash flow, we see some drivers through CapEx and interest expense. We are expecting the return of working capital and margin deposits net through 2023, and we'll see that as part of our capital allocation, as Kris mentioned, with our share buybacks or dividends and obviously, our debt pay down.

我認為，安吉，我們在從 EBITDA 到自由現金流的披露中看到的是我們看到的——顯然，從 EBITDA 到自由現金流，我們通過資本支出和利息支出看到了一些驅動因素。我們預計到 2023 年營運資金和保證金存款淨額的回報，正如 Kris 提到的那樣，我們將看到這是我們資本配置的一部分，包括我們的股票回購或股息，顯然，我們的債務會減少。

Okay. Okay. And then secondly, on the guidance, right, for '23. So you were 90% hedged, and I appreciate all the volatility that you're seeing in energy markets. But that's quite a wide range. So can you just give me a sense, for example, what is it that you're trying to hedge against? Is it, as you mentioned, some issues with coal supplies? Is it performance issues of your power plants? Again, just what can take me to the high end versus the low end?

好的。好的。其次，關於 23 年的指導，對。所以你進行了 90% 的對沖，我很欣賞你在能源市場上看到的所有波動。但這是一個相當廣泛的範圍。那麼你能不能給我一個感覺，例如，你試圖對沖的是什麼？是否如您所說，煤炭供應存在一些問題？是你們發電廠的性能問題嗎？再說一次，到底什麼能讓我進入高端與低端？

Sure. Well, there's a number of things. Even the 90% still has quite a bit at elevated prices. That unhedged part is still a meaningful part of the various drivers. We also assume that there's volatility in the marketplace, and that volatility is something we can capture, and that's what we did over the month of July when we had higher prices, tighter supply-demand. We saw that some in PJM. We obviously saw it a little bit in CAISO.

當然。好吧，有很多事情。即使是 90% 的價格仍然很高。未對沖的部分仍然是各種驅動因素中有意義的部分。我們還假設市場存在波動，而這種波動是我們可以捕捉到的，這就是我們在 7 月份所做的，當時我們的價格更高，供需更緊。我們在 PJM 中看到了一些。我們顯然在 CAISO 中看到了一點點。

So we assume that there's an element of volatility in the marketplace and that we can capture some of that, either because prices move up and we're able to capture that incremental output at a higher margin, or if prices actually move down, we can actually not run the assets and buy back in the marketplace. And that's sort of what we call extrinsic value, is part of the value that we anticipate when we set guidance. So that's part of the expectations that we said when we put the $3.7 billion out in the market.

因此，我們假設市場存在波動因素，並且我們可以捕捉到其中的一部分，要么是因為價格上漲，我們能夠以更高的利潤率捕捉到增量產出，要么如果價格實際上下跌，我們可以實際上並沒有運行資產並在市場上回購。這就是我們所說的外在價值，是我們在製定指導時預期的價值的一部分。所以這是我們在向市場投放 37 億美元時所說的預期的一部分。

We also have some assumption. I said it's modest of coal being able to be delivered slight improvement over 2022 actuals. It could still move south from here. I mean we do not know how all of this is going to get resolved. They're still in negotiation. They're trying to get the rail agreement that would work for all of the unions involved. But we don't have perfect foresight into how that will play out. That also could be a positive. We can actually get past that and get to the sense that we already have security to get the cycle times where they need to be. That would be upside potentially to our guidance.

我們也有一些假設。我說過，與 2022 年的實際情況相比，能夠交付的煤炭數量很少。它仍然可以從這裡向南移動。我的意思是我們不知道所有這一切將如何得到解決。他們還在談判中。他們正試圖達成一項適用於所有相關工會的鐵路協議。但我們對這將如何發揮作用並沒有完美的預見。這也可能是積極的。我們實際上可以克服這一點，並意識到我們已經有了安全性，可以在需要的地方獲得周期時間。這可能對我們的指導有利。

And then lastly, we still have weather variance even in Retail. We do hedge Retail conservatively and have paid off for our customer base this year. It's paid off for our Retail performance. But if you had mild weather, you could actually find yourself long power in the Retail business and having to sell that back in the market at reduced prices. And so when prices get elevated, then the variances around and volumetrically become bigger on a dollar basis. That's why we kept about an 8% band around the midpoint similar to prior years, just larger on an absolute basis.

最後，即使在零售業，我們仍然存在天氣差異。我們保守地對沖零售，並在今年為我們的客戶群帶來了回報。我們的零售業績得到了回報。但如果你的天氣溫和，你實際上會發現自己在零售業務中擁有長期的權力，並且不得不以較低的價格在市場上出售。因此，當價格上漲時，以美元為基礎的周圍和數量上的差異就會變得更大。這就是為什麼我們在中點附近保持大約 8% 的區間，與往年相似，只是絕對值更大。

Okay. And then lastly, again, I might have missed it in your deck -- in your slides. I was hoping for more disclosures on cash available for distributions and drivers year-over-year. And I appreciate some of the comments you have made in your prepared remarks. But should we expect something like that, like cash available for distribution, so we have a better sense of how much can be deployed into either additional buybacks and/or dividends?

好的。最後，再一次，我可能在你的幻燈片中錯過了它。我希望能夠逐年披露更多可用於分配和司機的現金。我很欣賞你在準備好的發言中發表的一些評論。但是我們是否應該期待類似的東西，比如可用於分配的現金，以便我們更好地了解可以將多少資金用於額外的回購和/或股息？

Yes, Angie. So thank you, again. We continue to talk about being able and in position to spend $300 million a year on the dividend, $1 billion -- at least $1 billion a year on share repurchases and paying down debt to get to 3x, which, primarily, we can get there, as you can see, as working capital comes back -- as margin deposits come back, we could use that money to pay down debt.

是的，安吉。所以再次謝謝你。我們繼續談論能夠並且有能力每年花費 3 億美元用於股息，10 億美元 - 每年至少 10 億美元用於股票回購和償還債務以達到 3 倍，這主要是我們可以實現的，正如你所看到的，隨著營運資金的回歸——隨著保證金存款的回歸，我們可以用這筆錢來償還債務。

We also still have some proceeds from the green preferred to allocate. But we're tracking well right at where we thought we would track when we came out with that cash available for allocation last year in November. We did upsize the share repurchases by 250 million to reflect some confidence in additional free cash flow. We'll continue to evaluate as we move through the time period and we -- as we have additional cash to allocate what's the best use of that cash. But we're still committed to at least $1 billion a year of share repurchases and the $300 million dividend and getting our leverage to 3x -- just under 3x.

我們還有一些優先分配的綠色收益。但是當我們去年 11 月拿出可用於分配的現金時，我們正在跟踪我們認為我們會跟踪的地方。我們確實將股票回購增加了 2.5 億美元，以反映對額外自由現金流的一些信心。隨著時間的推移，我們將繼續進行評估，因為我們有額外的現金來分配現金的最佳用途。但我們仍然致力於每年至少 10 億美元的股票回購和 3 億美元的股息，並將我們的槓桿率提高到 3 倍——略低於 3 倍。

Okay. This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Jim Burke for any closing remarks. Please go ahead, sir.

好的。我們的問答環節到此結束。我想將會議轉回 Jim Burke 先生的閉幕詞。請繼續，先生。

Yes, I want to thank you again for joining us this morning. We're excited about Vistra's continued value proposition, and we appreciate your continued interest in Vistra, and we look forward to speaking to you again in a few months when we will discuss our fourth quarter and our full year performance. Have a good morning. Thank you.

是的，我想再次感謝你今天早上加入我們。我們對 Vistra 的持續價值主張感到興奮，我們感謝您對 Vistra 的持續關注，我們期待在幾個月後再次與您交談，屆時我們將討論我們的第四季度和全年業績。祝你早上好。謝謝你。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。