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.
|
| | | | | | | | | | | | | | | | | | | |
| | 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.
