EX-99.4 7 a994-recast2015form10xkxse.htm EXHIBIT 99.4 Exhibit


Exhibit 99.4
Item 6 — Selected Financial Data
The following table presents the Company's historical selected financial data, which has been recast to include the remaining 51.05% interest in CVSR Holdco LLC acquired by Yield Operating LLC on September 1, 2016, as if the transfer had taken place from the date the respective entity was under common control, which was September 30, 2011. The acquisition is further described in Item 15 Note 3, Business Acquisitions, to the Consolidated Financial Statements. Additionally, for all periods prior to the initial public offering, the data below reflects the Company's accounting predecessor, or NRG Yield, the financial statements of which were prepared on a ''carve-out'' basis from NRG and are intended to represent the financial results of the contracted renewable energy and conventional generation and thermal infrastructure assets in the U.S. that were acquired by NRG Yield LLC on July 22, 2013. For all periods subsequent to the initial public offering, the data below reflects the Company's consolidated financial results.
This historical data should be read in conjunction with the Consolidated Financial Statements and the related notes thereto in Item 15 and Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations.

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Fiscal year ended December 31,
(In millions, except per share data)
2015
 
2014
 
2013
 
2012
 
2011
Statement of Income Data:
 
 
 
Operating Revenues
 
 
 
 
 
 
 
 
 
Total operating revenues
$
953

 
$
828

 
$
434

 
$
186

 
$
173

Operating Costs and Expenses
 
 
 
 
 
 
 
 
 
Cost of operations
321

 
277

 
154

 
118

 
112

Depreciation and amortization
297

 
233

 
92

 
39

 
35

General and administrative
12

 
8

 
7

 
7

 
6

Acquisition-related transaction and integration costs
3

 
4

 

 

 

Total operating costs and expenses
633

 
522

 
253

 
164

 
153

Operating Income
320

 
306

 
181

 
22

 
20

Other Income (Expense)
 
 
 
 
 
 
 
 
 
Equity in earnings of unconsolidated affiliates
26

 
17

 
20

 
19

 
13

Other income, net
3

 
6

 
4

 
3

 
2

Loss on extinguishment of debt
(9
)
 
(1
)
 

 

 

Interest expense
(263
)
 
(216
)
 
(72
)
 
(29
)
 
(21
)
Total other expense, net
(243
)
 
(194
)
 
(48
)
 
(7
)
 
(6
)
Income Before Income Taxes
77

 
112

 
133

 
15

 
14

Income tax expense
12

 
4

 
8

 
10

 
9

Net Income
65

 
108

 
125

 
$
5

 
$
5

Less: Pre-acquisition net (loss) income of Drop Down Assets
(10
)
 
44

 
16

 
 
 
 
Net Income Excluding Pre-acquisition Net (Loss) Income of Drop Down Assets
75

 
64

 
109

 
 
 
 
Less: Predecessor income prior to initial public offering on July 22, 2013

 

 
54

 
 
 
 
Less: Net income attributable to noncontrolling interests
42

 
48

 
42

 
 
 
 
Net Income Attributable to NRG Yield, Inc.
$
33

 
$
16

 
$
13

 
 
 
 
Earnings Per Share Attributable to NRG Yield, Inc. Class A and Class C Common Stockholders
 
 
 
 
 
 
 
 
 
Earnings per Weighted Average Class A and Class C Common Share - Basic and Diluted
$
0.40

 
$
0.30

 
$
0.29

 
N/A

 
N/A

Dividends per Class A common share (a)
$
1.015

 
$
1.42

 
$
0.23

 
N/A

 
N/A

Dividends per Class C common share (a)
0.625

 
N/A

 
N/A

 
N/A

 
N/A

Other Financial Data:
 
 
 
 
 
 
 
 
 
  Capital expenditures
$
29

 
$
60

 
$
782

 
$
1,398

 
$
466

Cash Flow Data:
 
 
 
 
 
 
 
 
 
  Net cash provided by (used in):
 
 
 
 
 
 
 
 
 
    Operating activities
$
405

 
$
362

 
$
168

 
$
57

 
$
32

    Investing activities
(1,108
)
 
(739
)
 
(965
)
 
(1,421
)
 
(495
)
    Financing activities
385

 
747

 
834

 
1,362

 
454

Balance Sheet Data (at period end):
 
 
 
 
 
 
 
 
 
  Cash and cash equivalents
$
111

 
$
429

 
$
59

 
$
22

 
$
24

  Property, plant and equipment, net
5,878

 
6,009

 
3,388

 
3,392

 
1,290

  Total assets
8,689

 
8,794

 
4,717

 
3,790

 
1,636

  Long-term debt, including current maturities
5,593

 
5,731

 
2,849

 
1,880

 
445

  Total liabilities
5,951

 
6,062

 
3,129

 
2,449

 
743

  Total stockholders' equity
2,738

 
2,732

 
1,588

 
1,341

 
893

 
(a) The Company began paying dividends on Class A common stock after the initial public offering on July 22, 2013. The Company began paying dividends on Class C common stock after the Recapitalization on May 14, 2015.


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