Vistra Corp.

Ladies and gentlemen, thank you for standing by, and welcome to the Vistra second quarter 2020 results conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 on your telephone. If you require any further assistance, please press star 0. I would now like to hand the conference over to your speaker today. Thank you. Please go ahead, Molly.

Thank you, and good morning, everyone. Welcome to Vistra's investor webcast covering second quarter 2020 results, which is being broadcast live from the investor relations section of our website at www.vistracorp.com. Also available on our website are a copy of today's investor presentation, our form 10-Q, and the related earnings release. Joining me for today's call are Kurt Morgan, President and Chief Executive Officer of and David Campbell, Executive Vice President and Chief Financial Officer. We have a few additional senior executives on the call to address questions in the second part of today's webcast as necessary. Before we begin our presentation, I encourage all listeners to review the safe harbor statements included on slides two and three 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 provided in the earnings release, and in the appendix to the investor presentation. I will now turn the call over to Kurt Morgan to kick off our discussion.

Thank you, Molly, and good morning to everyone on the call. As always, we appreciate your interest in Vistra, especially during these uncertain times. Cases of COVID-19 have been rising throughout the country, including in many of the states where we operate. Cities are facing social unrest. as citizens are fighting for equality and demanding change, while the political climate is polarizing en masse by uncertainty heading into this presidential election season. While it all seems overwhelming, I remain convinced that we will get through this and we will be better than ever. I have seen proof of the resiliency of the American people through the lens of our own team members and their dedication and commitment to keeping the lights on in the face of these macro challenges. And instead of the strife in our country dividing us, we have rallied together as a team and as a family, seeking a better understanding of one another and recognizing that the only way we advance as a company and as a country is to listen and take action to ensure equality for all. We say at Vistra, we want to be a company that works for everyone. Our people are our number one asset, and they have continued to show up day after day to maintain the level of operational excellence our stakeholders expect from us and our customers deserve. The second quarter results we are announcing today are evidence of this dedication. On slide six, we show our strong second quarter and year-to-date results. In the second quarter, Vistra delivered adjusted EBITDA from ongoing operations of 900 and $29 million, which is 30% above second quarter 2019 results. The quarter-over-quarter favorability was driven by the acquisitions of Creus and Ambit in the second half of 2019, as well as strong execution by our retail, generation and commercial teams.