EX-99.1 3 a991recastinc2016form10-kx.htm EXHIBIT 99.1 Exhibit
Exhibit 99.1
    

Item 6 — Selected Financial Data
The following table presents the Company's historical selected financial data, which has been recast to include the Drop Down Assets, as if the transfers had taken place from the beginning of the financial statements period, or from the date the respective entities were under common control (if later than the beginning of the financial statements period). Collectively, Drop Down Assets include the following: the June 2014 Drop Down Assets, January 2015 Drop Down Assets, November 2015 Drop Down Assets, CVSR Drop Down and March 2017 Drop Down Assets. The acquisitions are 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.

1

 
Fiscal year ended December 31,
(In millions, except per share data)
2016
 
2015
 
2014
 
2013
 
2012
Statement of Income Data:
 
 
 
Operating Revenues
 
 
 
 
 
 
 
 
 
Total operating revenues
$
1,021

 
$
953

 
$
828

 
$
434

 
$
186

Operating Costs and Expenses
 
 
 
 
 
 
 
 
 
Cost of operations
306

 
321

 
277

 
154

 
118

Depreciation and amortization
297

 
297

 
233

 
92

 
39

Impairment losses
183

 
—

 
—

 
—

 
—

General and administrative
16

 
12

 
8

 
7

 
7

Acquisition-related transaction and integration costs
1

 
3

 
4

 
—

 
—

Total operating costs and expenses
803

 
633

 
522

 
253

 
164

Operating Income
218

 
320

 
306

 
181

 
22

Other Income (Expense)
 
 
 
 
 
 
 
 
 
Equity in earnings of unconsolidated affiliates
60

 
31

 
22

 
27

 
26

Other income, net
3

 
3

 
6

 
4

 
3

Loss on debt extinguishment
—

 
(9
)
 
(1
)
 
—

 
—

Interest expense
(280
)
 
(263
)
 
(216
)
 
(72
)
 
(29
)
Total other expense, net
(217
)
 
(238
)
 
(189
)
 
(41
)
 
—

Income Before Income Taxes
1

 
82

 
117

 
140

 
22

Income tax (benefit) expense
(1
)
 
12

 
4

 
8

 
10

Net Income
2

 
70

 
113

 
132

 
$
12

Less: Pre-acquisition net income (loss) of Drop Down Assets
27

 
(5
)
 
49

 
23

 
 
Net (Loss) Income Excluding Pre-acquisition Net Income (Loss) of Drop Down Assets
(25
)
 
75

 
64

 
109

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

 
—

 
—

 
54

 
 
Less: Net (loss) income attributable to noncontrolling interests
(82
)
 
42

 
48

 
42

 
 
Net Income Attributable to NRG Yield, Inc.
$
57

 
$
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
$
0.58

 
$
0.40

 
$
0.30

 
$
0.29

 
N/A

Dividends per Class A common share (a)
$
0.945

 
$
1.015

 
$
1.42

 
$
0.23

 
N/A

Dividends per Class C common share (a)
$
0.945

 
$
0.625

 
N/A

 
N/A

 
N/A

Other Financial Data:
 
 
 
 
 
 
 
 
 
  Capital expenditures
$
20

 
$
29

 
$
60

 
$
782

 
$
1,398

Cash Flow Data:
 
 
 
 
 
 
 
 
 
  Net cash provided by (used in):
 
 
 
 
 
 
 
 
 
    Operating activities
$
569

 
$
422

 
$
362

 
$
168

 
$
57

    Investing activities
(165
)
 
(1,108
)
 
(741
)
 
(979
)
 
(1,435
)
    Financing activities
(193
)
 
368

 
749

 
848

 
1,376

Balance Sheet Data (at period end):
 
 
 
 
 
 
 
 
 
  Cash and cash equivalents
$
322

 
$
111

 
$
429

 
$
59

 
$
22

  Property, plant and equipment, net
5,460

 
5,878

 
6,009

 
3,388

 
3,392

  Total assets
8,836

 
8,789

 
8,906

 
4,822

 
3,874

  Long-term debt, including current maturities
5,987

 
5,593

 
5,731

 
2,849

 
1,880

  Total liabilities
6,297

 
5,951

 
6,062

 
3,129

 
2,449

  Total stockholders' equity
$
2,539

 
$
2,838

 
$
2,844

 
$
1,693

 
$
1,425

 
(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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