Key Highlights
- Launched Transformation Plan
targeting cost savings, asset sales and debt reduction
- Reaffirming 2017 Adjusted EBITDA and
Free Cash Flow before Growth (FCFbG) guidance
- Closed drop down of remaining 25%
interest in NRG Wind TE Holdco to NRG Yield; offered 38 MW
portfolio of distributed and small utility-scale solar assets to
NRG Yield; offered NRG Yield the opportunity to form a new
distributed solar partnership
- Reached agreement with creditors to
restructure GenOn Energy, Inc. and its subsidiaries through
consensual bankruptcy process
NRG Energy, Inc. (NYSE:NRG) today reported second quarter income
from continuing operations of $99 million. The loss from continuing
operations for the first six months in 2017 of $70 million, or
$0.05 per diluted common share, compared to a loss from continuing
operations of $220 million, or $0.34 per diluted common share for
the first six months in 2016. Adjusted EBITDA for the three and six
months ended June 30, 2017, was $685 million and $1,071 million,
respectively. Year-to-date cash from continuing operations totaled
$112 million.
“NRG delivered another quarter of solid operational and
financial performance,” said Mauricio Gutierrez, NRG President and
Chief Executive Officer. “We are fully engaged in implementing the
Transformation Plan we announced in July that will enhance our
leading integrated platform, provide a low-cost structure, and
create a best-in-class balance sheet needed to thrive in all market
cycles.”
Consolidated Financial Results
GenOn's results are excluded from the results
for three and six months ended June 30, 2017 and for 2016 following
the bankruptcy filing of GenOn and certain of its subsidiaries on
June 14, 2017. As a result, NRG no longer consolidates GenOn and
its subsidiaries for financial reporting purposes.
Three Months Ended Six Months Ended ($
in millions)
6/30/17 6/30/16 6/30/17
6/30/16 Income/(Loss) from Continuing Operations $ 99
$ (163 ) $ (70 ) $ (220 ) Cash From Continuing Operations $ 195 $
533 $ 112 $ 880 Adjusted EBITDA $ 685 $ 698 $ 1,071 $ 1,339 Free
Cash Flow Before Growth Investments (FCFbG) $ 240
$ 209 $ 208 $ 259
Segment Results
Table 1: Income/(Loss) from Continuing Operations
($ in millions)
Three Months Ended Six
Months Ended Segment
6/30/17 6/30/16
6/30/17 6/30/16 Generation $ (90 ) $ (458 ) $
(56 ) $ (433 ) Retail 341 657 311 807 Renewables 1 (47 ) (71 ) (79
) (111 ) NRG Yield 1 45 64 44 66 Corporate (150 ) (355 ) (290 )
(549 ) Income/(Loss) from Continuing Operations 2 $ 99 $
(163 ) $ (70 ) $ (220 )
1. In accordance with GAAP, 2016 results have been restated to
include full impact of the assets in the NRG Yield Drop Down
transactions which closed on September 1, 2016, and March 27,
2017.
2. Includes mark-to-market gains and losses of economic
hedges.
Table 2: Adjusted EBITDA
($ in millions)
Three Months Ended Six
Months Ended Segment
6/30/17 6/30/16
6/30/17 6/30/16 Generation 1 $ 152 $ 203 $ 205
$ 471 Retail 203 216 336 372 Renewables 2 56 33 82 65 NRG Yield 2
270 257 454 455 Corporate 4 (11 ) (6 ) (24 ) Adjusted EBITDA
3 $ 685 $ 698 $ 1,071 $ 1,339
1. Generation regional Reg G reconciliations are included in
Appendices A-1 through A-4.
2. In accordance with GAAP, 2016 results have been restated to
include full impact of the assets in the NRG Yield Drop Down
transactions, which closed on September 1, 2016, and March 27,
2017.
3. See Appendices A-1 through A-4 for Operating Segment Reg G
reconciliations.
Generation: Second quarter Adjusted EBITDA was $152
million, $51 million lower than second quarter 2016 primarily
driven by:
- Gulf Coast Region: $70 million decrease
due primarily to lower realized energy margins in Texas from lower
hedged prices and higher coal transportation costs, which was
partially offset by lower operating expenses in South Central
- East/West1: $19 million increase
following the distribution from our Doga (Turkey) asset and
favorable trading results in BETM
Retail: Second quarter Adjusted EBITDA was $203 million,
$13 million lower than second quarter 2016 due primarily to lower
margins from mild weather and higher supply costs, which was
partially offset by customer growth and reduced operating
costs.
Renewables: Second quarter Adjusted EBITDA was $56
million, $23 million higher than second quarter 2016 due to higher
solar and wind generation, and insurance recoveries at Ivanpah for
property damage incurred during 2016.
NRG Yield: Second quarter Adjusted EBITDA was $270
million, $13 million higher than second quarter 2016 due to the
acquisition of the Utah utility-scale solar assets, partially
offset by a forced outage at Walnut Creek.
Corporate: Second quarter Adjusted EBITDA was $4 million,
$15 million higher than the second quarter 2016 due to the
elimination of operating losses at residential solar following its
full wind down of operations.
1 Includes International, BETM and generation eliminations.
Liquidity and Capital Resources
Table 3: Corporate Liquidity
($ in millions)
6/30/17 12/31/16 Cash
at NRG-Level 1 $ 514 $ 570 Revolver Availability 1,497 989
NRG-Level Liquidity $
2,011
$
1,559
Restricted Cash 469 446 Cash at Non-Guarantor Subsidiaries
238 368
Total Liquidity $ 2,718
$ 2,373
1. Includes unrestricted cash held at Midwest Generation (a
non-guarantor subsidiary), which can be distributed to NRG without
limitation.
NRG-Level Cash as of June 30, 2017, was $514 million, a decrease
of $56 million from December 31, 2016, and $1.5 billion was
available under the Company’s credit facilities at the end of the
second quarter 2017. Total liquidity was $2.7 billion, including
restricted cash and cash at non-guarantor subsidiaries (primarily
NRG Yield).
NRG Strategic Developments
Transformation Plan
On July 12, 2017, NRG announced its Transformation Plan designed
to significantly strengthen earnings and cost competitiveness,
lower risk and volatility, and create significant shareholder
value. The three-part, three-year plan is comprised of the
following targets:
Operations and cost excellence — Cost savings
and margin enhancement of $1,065 million recurring, which consists
of $590 million of annual cost savings, $215 million net margin
enhancement program, $50 million annual reduction in maintenance
capital expenditures, and $210 million in permanent SG&A
reduction associated with asset sales.
Portfolio optimization — Targeting $2.5-$4.0
billion of asset sale net cash proceeds, including divestitures of
6 GWs of conventional generation and businesses (excluding GenOn)
and the monetization of 50-100% of its interest in NRG Yield, Inc.
and its renewables platform.
Capital structure and allocation — A
prioritized capital allocation strategy that targets a reduction in
consolidated total (net) debt from $19.5 billion ($18 billion, net)
to $6.5 billion ($6 billion, net). Following the completion of the
contemplated asset sales, the Company expects $4.8-$6.3 billion in
excess cash to be available for allocation through 2020 after
achieving its targeted 3.0x net debt / Adjusted EBITDA corporate
credit ratio.
The Company expects to fully implement the Transformation Plan
by the end of 2020, with significant completion by the end of 2018.
The plan also expects to realize (i) $370 million non-recurring
working capital improvements through 2020 and (ii) approximately
$290 million in one-time costs to achieve.
The full Board of Directors will maintain oversight of the
execution of the Transformation Plan with monthly updates provided
to the Board’s Finance and Risk Management Committee. A scorecard
will be provided to the investment community and will be updated on
future quarterly earnings calls.
NRG Yield Drop Downs
On August 1, 2017, the Company closed on the sale of its
remaining 25% interest in NRG Wind TE Holdco, a portfolio of 12
wind projects, to NRG Yield for total cash consideration of $41.5
million, excluding working capital adjustments. The transaction
also includes potential additional payments to NRG dependent upon
actual energy prices for merchant periods beginning in 2027.
The Company offered NRG Yield a 38 MW portfolio of distributed
and small utility-scale solar assets, primarily comprised of assets
from NRG's Solar Power Partners (SPP) funds, in addition to other
projects developed since the acquisition of SPP. NRG’s interest in
SPP is not part of the ROFO Agreement.
In addition, NRG offered NRG Yield, Inc. the opportunity to form
a new distributed solar partnership enabling up to $50 million in
investment by NRG Yield, Inc.
GenOn Energy Chapter 11 Bankruptcy Filing
On June 12, 2017, NRG, GenOn and certain of its subsidiaries,
and the ad hoc group of Noteholders entered into a restructuring
support agreement (RSA). Pursuant to the RSA, on June 14, 2017,
GenOn, GenOn Americas Generation and certain of their directly and
indirectly-owned subsidiaries, (collectively the GenOn Entities)
filed voluntary petitions for relief under Chapter 11 of Title 11
of the U.S. Bankruptcy Code, in the United States Bankruptcy Court
for the Southern District of Texas, Houston Division.
As a result of the bankruptcy filings and beginning on June 14,
2017, GenOn and its subsidiaries were deconsolidated from NRG’s
consolidated financial statements. NRG has determined that this
disposal of GenOn and its subsidiaries is a discontinued operation;
and, accordingly, the financial information for all historical
periods have been recast to reflect GenOn as a discontinued
operation. In connection with the disposal, NRG has recorded a loss
on disposal of $208 million during the three months ended June 30,
2017.
2017 Guidance
After adjusting for the deconsolidation of GenOn and the impact
of the Transformation Plan on 2017 as announced on July 12, 2017,
NRG is reaffirming its guidance range for fiscal year 2017 with
respect to both Adjusted EBITDA and FCFbG.
Table 4: 2017 Adjusted EBITDA and FCF before
Growth Investments Guidance
2017 ($ in millions)
Guidance Range
Adjusted EBITDA1 $2,565 - $2,765 Cash From Operations $1,760 -
$1,960 Free Cash Flow Before Growth Investments (FCFbG) $1,290 -
$1,490
1. Non-GAAP financial measure; see Appendix Tables A-1 through
A-5 for GAAP Reconciliation to Net Income that excludes fair value
adjustments related to derivatives. The Company is unable to
provide guidance for Net Income due to the impact of such fair
value adjustments related to derivatives in a given year.
Capital Allocation Update
On July 20, 2017, NRG declared a quarterly dividend on the
company's common stock of $0.03 per share, payable August 15, 2017,
to stockholders of record as of August 1, 2017, representing $0.12
on an annualized basis.
The Company’s common stock dividend, debt reduction and share
repurchases are subject to available capital, market conditions and
compliance with associated laws and regulations.
Earnings Conference Call
On August 3, 2017, NRG will host a conference call at 8:00 a.m.
Eastern to discuss these results. Investors, the news media and
others may access the live webcast of the conference call and
accompanying presentation materials by logging on to NRG’s website
at http://www.nrg.com and clicking on
“Investors.” The webcast will be archived on the site for those
unable to listen in real time.
About NRG
NRG is the leading integrated power company in the U.S., built
on the strength of our diverse competitive electric generation
portfolio and leading retail electricity platform. A Fortune 500
company, NRG creates value through best in class operations,
reliable and efficient electric generation, and a retail platform
serving residential and commercial businesses. Working with
electricity customers, large and small, we implement sustainable
solutions for producing and managing energy, developing smarter
energy choices and delivering exceptional service as our retail
electricity providers serve almost three million residential and
commercial customers throughout the country. More information is
available at www.nrg.com. Connect with NRG Energy on Facebook and
follow us on Twitter @nrgenergy.
Safe Harbor Disclosure
In addition to historical information, the information presented
in this communication includes forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Exchange Act. These statements involve
estimates, expectations, projections, goals, assumptions, known and
unknown risks and uncertainties and can typically be identified by
terminology such as “may,” “should,” “could,” “objective,”
“projection,” “forecast,” “goal,” “guidance,” “outlook,” “expect,”
“intend,” “seek,” “plan,” “think,” “anticipate,” “estimate,”
“predict,” “target,” “potential” or “continue” or the negative of
these terms or other comparable terminology. Such forward-looking
statements include, but are not limited to, statements about the
Company’s future revenues, income, indebtedness, capital structure,
plans, expectations, objectives, projected financial performance
and/or business results and other future events, and views of
economic and market conditions.
Although NRG believes that its expectations are reasonable, it
can give no assurance that these expectations will prove to be
correct, and actual results may vary materially. Factors that could
cause actual results to differ materially from those contemplated
herein include, among others, general economic conditions, hazards
customary in the power industry, weather conditions, including wind
and solar performance, competition in wholesale power markets, the
volatility of energy and fuel prices, failure of customers to
perform under contracts, changes in the wholesale power markets,
changes in government regulations, the condition of capital markets
generally, our ability to access capital markets, unanticipated
outages at our generation facilities, adverse results in current
and future litigation, failure to identify, execute or successfully
implement acquisitions, repowerings or asset sales, our ability to
implement value enhancing improvements to plant operations and
companywide processes, our ability to implement and execute on our
publicly announced transformation plan, including any cost savings,
margin enhancement, asset sale, and net debt targets, our ability
to proceed with projects under development or the inability to
complete the construction of such projects on schedule or within
budget, risks related to project siting, financing, construction,
permitting, government approvals and the negotiation of project
development agreements, our ability to progress development
pipeline projects, the timing or completion of the GenOn
restructuring, the inability to maintain or create successful
partnering relationships, our ability to operate our businesses
efficiently, our ability to retain retail customers, our ability to
realize value through our commercial operations strategy and the
creation of NRG Yield, the ability to successfully integrate
businesses of acquired companies, our ability to realize
anticipated benefits of transactions (including expected cost
savings and other synergies) or the risk that anticipated benefits
may take longer to realize than expected, our ability to close the
Drop Down transactions with NRG Yield, and our ability to execute
our Capital Allocation Plan. Debt and share repurchases may be made
from time to time subject to market conditions and other factors,
including as permitted by United States securities laws.
Furthermore, any common stock dividend is subject to available
capital and market conditions.
NRG undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law. The adjusted
EBITDA and free cash flow guidance are estimates as of August 3,
2017. These estimates are based on assumptions the company believed
to be reasonable as of that date. NRG disclaims any current
intention to update such guidance, except as required by law. The
foregoing review of factors that could cause NRG’s actual results
to differ materially from those contemplated in the forward-looking
statements included in this presentation should be considered in
connection with information regarding risks and uncertainties that
may affect NRG's future results included in NRG's filings with the
Securities and Exchange Commission at www.sec.gov.
NRG ENERGY, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(Unaudited)
Three months endedJune
30,
Six months endedJune 30,
(In millions, except for per share amounts)
2017 2016 2017 2016
Operating Revenues Total operating revenues $ 2,701 $
2,248 $ 5,083 $ 4,907
Operating Costs and
Expenses Cost of operations 1,837 1,443 3,696 3,271
Depreciation and amortization 260 262 517 528 Impairment losses 63
56 63 56 Selling, general and administrative 223 266 482 520
Acquisition-related transaction and integration costs 1 5 2 6
Development activity expenses 18 18 35 44
Total operating costs and expenses 2,402 2,050 4,795 4,425
Other income - affiliate 42 48 90 96 Gain/(loss) on sale of assets
2 (83 ) 4 (83 )
Operating Income 343
163 382 495
Other Income/(Expense)
Equity in (losses)/earnings of unconsolidated affiliates (3 ) 4 2
(3 ) Gain/(impairment loss) on investment — 7 — (139 ) Other
income, net 10 5 18 22 Loss on debt extinguishment, net — (80 ) (2
) (69 ) Interest expense (247 ) (237 ) (471 ) (479 ) Total other
expense (240 ) (301 ) (453 ) (668 )
Income/(Loss) from
Continuing Operations Before Income Taxes 103 (138 ) (71 ) (173
) Income tax expense/(benefit) 4 25 (1 ) 47
Income/(Loss) from Continuing Operations 99 (163 ) (70 )
(220 ) Loss from discontinued operations, net of income tax (741 )
(113 ) (775 ) (9 )
Net Loss (642 ) (276 ) (845 ) (229 )
Less: Net loss attributable to
noncontrolling interest and redeemablenoncontrolling interests
(16 ) (5 ) (55 ) (40 )
Net Loss Attributable to NRG Energy,
Inc. (626 ) (271 ) (790 ) (189 ) Dividends for preferred shares
— — — 5 Gain on redemption of preferred shares — (78 ) —
(78 )
Loss Available for Common Stockholders $ (626 )
$ (193 ) $ (790 ) $ (116 )
Loss per Share Attributable to NRG
Energy, Inc. Common Stockholders
Weighted average number of common shares
outstanding — basic anddiluted
316 315 316 315
Income/(loss) from continuing operations
per weighted average commonshare — basic and diluted
$ 0.36 $ (0.25 )
$
(0.05
) $ (0.34 )
Loss from discontinued operations per
weighted average common share —basic and diluted
$ (2.34 ) $ (0.36 ) $ (2.45 ) $ (0.03 )
Loss per Weighted
Average Common Share — Basic and Diluted
$
(1.98
) $ (0.61 ) $ (2.50 ) $ (0.37 )
Dividends Per Common Share $
0.03 $ 0.03 $ 0.06 $ 0.18
NRG ENERGY, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME/(LOSS)
(Unaudited)
Three months ended
June30,
Six months ended June30,
2016 2015 2017 2016
(In millions) Net loss $ (642 ) $ (276 )
$
(845 ) $ (229 )
Other comprehensive income/(loss), net of
tax
Unrealized loss on derivatives, net of
income tax expense of$0, $1, $1, and $2
(5 ) (3 ) (1 ) (35 )
Foreign currency translation adjustments,
net of income taxexpense of $0, $0, $0, and $0
1 (3 ) 8 3
Available-for-sale securities, net of
income tax expense of$0, $0, $0, and $0
1 (2 ) 1 1
Defined benefit plans, net of income tax
expense of $0, $0,$0, and $0
27 — 27 1 Other comprehensive
income/(loss) 24 (8 ) 35 (30 )
Comprehensive
loss (618 ) (284 ) (810 ) (259 )
Less: Comprehensive loss attributable to
noncontrollinginterest and redeemable noncontrolling interests
(17 ) (16 ) (56 ) (68 )
Comprehensive loss attributable to NRG
Energy, Inc. (601 ) (268 ) (754 ) (191 ) Dividends for
preferred shares — — — 5 Gain on redemption of preferred shares —
(78 ) — (78 )
Comprehensive loss available for
common stockholders $ (601 ) $ (190 ) $ (754 ) $ (118 )
NRG ENERGY, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS
June 30, 2017 December 31, 2016 (In
millions, except shares) (unaudited)
ASSETS Current Assets Cash and cash equivalents $ 752
$ 938 Funds deposited by counterparties 19 2 Restricted cash 469
446 Accounts receivable, net 1,162 1,058 Inventory 713 721
Derivative instruments 644 1,067 Cash collateral paid in support of
energy risk management activities 277 150 Current assets - held for
sale 33 9 Prepayments and other current assets 400 404 Current
assets - discontinued operations —
1,919
Total current assets 4,469 6,714
Property, plant and
equipment, net 15,302 15,369
Other Assets Equity
investments in affiliates 1,127 1,120 Notes receivable, less
current portion 9 16 Goodwill 662 662
Intangible assets, net
1,893 1,973 Nuclear decommissioning trust fund 637 610 Derivative
instruments 226 181 Deferred income taxes 211 225 Non-current
assets held-for-sale 10 10 Other non-current assets 659 841
Non-current assets - discontinued operations — 2,961 Total
other assets 5,434 8,599
Total Assets $ 25,205
$ 30,682
LIABILITIES AND STOCKHOLDERS’ EQUITY Current
Liabilities Current portion of long-term debt and capital
leases $ 1,042 $ 516 Accounts payable 757 782 Accounts payable -
affiliate 17 31 Derivative instruments 711 1,092 Cash collateral
received in support of energy risk management activities 19 81
Accrued expenses and other current liabilities 810 990 Accrued
expenses and other current liabilities - affiliate 164 — Current
liabilities - discontinued operations — 1,210 Total current
liabilities 3,520 4,702
Other Liabilities Long-term
debt and capital leases 15,842 15,957 Nuclear decommissioning
reserve 262 287 Nuclear decommissioning trust liability 367 339
Deferred income taxes 20 20 Derivative instruments 293 284
Out-of-market contracts, net 219 230 Non-current liabilities
held-for-sale 13 11 Other non-current liabilities 1,135 1,151
Non-current liabilities - discontinued operations — 3,209
Total non-current liabilities 18,151 21,488
Total
Liabilities 21,671 26,190
Redeemable noncontrolling
interest in subsidiaries 51 46
Commitments and
Contingencies Stockholders’ Equity Common stock 4 4
Additional paid-in capital 8,383 8,358 Retained deficit (4,874 )
(3,787
)
Less treasury stock, at cost — 101,858,284 and 102,140,814 shares,
respectively (2,392 )
(2,399
)
Accumulated other comprehensive loss (100 )
(135
)
Noncontrolling interest 2,462 2,405
Total Stockholders’
Equity 3,483 4,446
Total Liabilities and
Stockholders’ Equity $ 25,205 $ 30,682
NRG ENERGY, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
(Unaudited)
Six months ended June 30, 2017 2016
(In millions) Cash Flows from Operating Activities
Net loss (845 ) (229 ) Loss from discontinued operations, net of
income tax (775 ) (9 ) Loss from continuing operations $ (70 ) $
(220 ) Adjustments to reconcile net loss to net cash provided by
operating activities: Distributions and equity in earnings of
unconsolidated affiliates 26 32 Depreciation and amortization 517
528 Provision for bad debts 18 20 Amortization of nuclear fuel 24
26 Amortization of financing costs and debt discount/premiums 29 29
Adjustment for debt extinguishment — 14 Amortization of intangibles
and out-of-market contracts 51 82 Amortization of unearned equity
compensation 16 16 Impairment losses 63 195 Changes in deferred
income taxes and liability for uncertain tax benefits 8 1 Changes
in nuclear decommissioning trust liability 2 13 Changes in
derivative instruments 7 (7 ) Changes in collateral posted in
support of risk management activities (189 ) 323 Proceeds from sale
of emission allowances 11 17 Loss on sale of assets (22 ) 83
Changes in other working capital (379 ) (272 )
Cash provided by
continuing operations 112 880
Cash (used) by discontinued
operations (38 ) (69 )
Net Cash Provided by Operating
Activities 74 811
Cash Flows from Investing
Activities Acquisitions of businesses, net of cash acquired (16
) (17 ) Capital expenditures (542 ) (442 ) Increase in notes
receivable 8 (3 ) Purchases of emission allowances (30 ) (27 )
Proceeds from sale of emission allowances 59 25 Investments in
nuclear decommissioning trust fund securities (279 ) (280 )
Proceeds from the sale of nuclear decommissioning trust fund
securities 277 267 Proceeds from renewable energy grants and state
rebates 8 10 Proceeds from sale of assets, net of cash disposed of
35 25 Investments in unconsolidated affiliates (30 ) 1 Other 18
31
Cash used by continuing operations (492 )
(410 )
Cash used by discontinued operations (53 ) (60 )
Net Cash Used by Investing Activities (545 ) (470 )
Cash
Flows from Financing Activities Payment of dividends to common
and preferred stockholders (19 ) (57 ) Payment for preferred shares
— (226 ) Net receipts from settlement of acquired derivatives that
include financing elements 2 4 Proceeds from issuance of long-term
debt 946 3,223 Payments for short and long-term debt (530 ) (3,505
) Receivable from affiliate (125 ) — Distributions to, net of
contributions from, noncontrolling interest in subsidiaries 14 (21
) Payment of debt issuance costs (36 ) (35 ) Other - contingent
consideration (10 ) (10 )
Cash provided/(used) by continuing
operations 242 (627 )
Cash used by discontinued
operations (224 ) 97
Net Cash provided/(used) by
Financing Activities 18 (530 ) Effect of exchange rate
changes on cash and cash equivalents (8 ) (3 )
Change in Cash
from discontinued operations (315 ) (32 )
Net Decrease in
Cash and Cash Equivalents, Funds Deposited by Counterparties and
Restricted Cash (146 ) (160 )
Cash and Cash Equivalents, Funds
Deposited by Counterparties and Restricted Cash at
Beginningof Period
1,386 1,322
Cash and Cash Equivalents, Funds
Deposited by Counterparties and Restricted Cash at End
ofPeriod
$ 1,240 $ 1,162
Appendix Table A-1: Second Quarter 2017 Adjusted EBITDA
Reconciliation by Operating Segment
The following table summarizes the calculation of Adj. EBITDA
and provides a reconciliation to income/(loss) from continuing
operations:
($ in millions)
GulfCoast
East/West(a)
Generation
Retail Renewables
NRGYield
Corp/Elim Total
(Loss)/Income fromContinuing
Operations
(148
)
58
(90
)
341
(47
)
45
(150
)
99 Plus: — Interest expense, net 0 8 8 1 29 84 122
244 Income tax
(2
)
3 1
(11
)
(5
)
8 11 4 Depreciation and amortization 69 26 95 29 50 78 8 260 ARO
Expense 4 2 6 — 1 1
(1
)
7 Contract amortization 4 1 5 — — 17 — 22 Lease amortization
0
(2
)
(2
)
— — — —
(2
)
EBITDA
(73
)
96 23 360 28 233
(10
)
634
Adjustment to reflect NRGshare of adjusted
EBITDA inunconsolidated affiliates
15 5 20
(3
)
(5
)
34 1 47
Acquisition-related transaction&
integration costs
(10
)
— (10) — — 1 —
(9
)
Reorganization costs — — — — — — 9 9 Deactivation costs —
(1
)
(1
)
— — — 5 4 Other non recurring charges
(13
)
(3
)
(16
)
2 8 2
(4
)
Impairments 41 —
41
— 22 — — 63
Mark to market (MtM)(gains)/losses on
economichedges
105
(11
)
94
(156
)
3 — —
(59
)
Adjusted EBITDA 65 87 152 203
56 270 4 685
(a) Includes International, BETM and generation
eliminations.
Second Quarter 2017 condensed financial information by Operating
Segment:
($ in millions)
GulfCoast
East/West(a)
Generation Retail Renewables NRG Yield
Corp/Elim Total Operating revenues 607 349 956
1,605 126 301
(314
)
2,674 Cost of sales 363 134 497 1,213
3 14
(305
)
1,422
Economic gross margin 244 215
459 392 123 287
(9
)
1,252
Operations & maintenance and othercost
of operations (b)
130 124 254 80 39 63
(15
)
421
Selling, marketing,general
andadministrative(c)
29 19 48 106 14 6 40 214 Other expense/(income) 20
(15
)
5 3 14
(52
)
(38
)
(68
)
Adjusted EBITDA 65 87
152 203 56 270
4 685
(a) Includes International, BETM and generation
eliminations.
(b) Excludes deactivation costs of $4 million.
(c) Excludes reorganization costs of $9 million.
The following table reconciles the condensed financial
information to Adjusted EBITDA:
($ in millions)
Condensedfinancialinformation
Interest, tax,depr. amort.
MtM Deactivation Other adj.
AdjustedEBITDA
Operating revenues 2,701 14
(41
)
— —
2,674
Cost of operations 1,412
(8
)
18 — — 1,422
Gross margin
1,289 22
(59
)
— —
1,252
Operations & maintenanceand other cost
of operations
425 —
(4
)
— 421
Selling, marketing, general
&administrative (a)
223 — — —
(9
)
214 Other expense/(income) 542
(260
)
— —
(348
)
(66
)
Income/(Loss) fromContinuing
Operations
99 282
(59
)
4 357 685
(a) Other adj. includes reorganization costs of $9 million.
Appendix Table A-2: Second Quarter 2016 Adjusted EBITDA
Reconciliation by Operating Segment
The following table summarizes the calculation of Adjusted
EBITDA and provides a reconciliation to income/(loss) from
continuing operations:
($ in millions)
GulfCoast
East/West(a) Generation Retail
Renewables
NRGYield
Corp/Elim Total
(Loss)/Income from
Continuing Operations
(341
)
(117
)
(458
)
657
(71
)
64
(355
)
(163
)
Plus: Interest expense, net — 11 11 — 24 68 133 236 Income tax — —
— —
(4
)
12 17 25 Loss on debt extinguishment — — — — — — 80 80 Depreciation
and amortization 70 27 97 29 47 75 14 262 ARO Expense 3 4 7 — — — —
7 Contract amortization 3 1 4 2 — 17 — 23 Lease amortization
—
(2
)
(2
)
— — — —
(2
)
EBITDA
(265
)
(76
)
(341
)
688
(4
)
236
(111
)
468
Adjustment to reflect NRGshare of adjusted
EBITDA inunconsolidated affiliates
2 6 8 — 2 18 4 32
Acquisition-relatedtransaction &
integration costs
— 1 1 — — — 4 5 Reorganization costs — — — — 1 — 8 9 Deactivation
costs — 5 5 — — — — 5 Loss on sale of business — — — — — — 83 83
Other non recurring charges 9
(1
)
8 2 5 3
(11
)
7 Impairments — 17 17 — 27 — 12 56
Mark to market (MtM)(gains)/losses on
economichedges
389 116 505
(474
)
2 — — 33
Adjusted EBITDA
135 68 203 216
33 257
(11
)
698
(a) Includes International, BETM and generation
eliminations.
Second Quarter 2016 condensed financial information by Operating
Segment:
($ in millions)
GulfCoast
East/West(a)
Generation Retail Renewables
NRGYield
Corp/Elim
Total Operating revenues 655 389 1,044 1,539 103 300
(251 ) 2,735 Cost of sales 334 138 472
1,123 4 14 (250 ) 1,363
Economic
gross margin 321 251 572 416
99 286 (1 ) 1,372
Operations & maintenance andother cost
of operations (b)
164 155 319 84 48 63 (8 ) 506
Selling, marketing, general&
administrative (c)
35 39 74 112 14 3 54 257 Other expense/(income) (d)
(13
)
(11
)
(24
)
4 4
(37
)
(36 ) (89 )
Adjusted EBITDA 135
68 203 216 33
257 (11 ) 698
(a) Includes International, BETM and generation
eliminations.
(b) Excludes deactivation costs of $5 million.
(c) Excludes reorganization costs of $9 million.
(d) Excludes loss on sale of business of $83 million, loss on
debt extinguishment of $80 million, and impairments of $56
million.
The following table reconciles the condensed financial
information to Adjusted EBITDA:
($ in millions)
Condensedfinancialinformation
Interest, tax,depr. amort.
MtM Deactivation Other adj.
AdjustedEBITDA
Operating revenues 2,248 14 473 — — 2,735 Cost of operations
932 (9 ) 440 — — 1,363
Gross margin 1,316 23 33 —
— 1,372
Operations & maintenanceand other cost
of operations
511 — (5 ) — 506
Selling, marketing, general
&administrative (a)
266 — — — (9 ) 257 Other expense/(income) (b) 702
(555 ) — — (226 ) (89 )
(Loss)/Income fromContinuing
Operations
(163 ) 578 33
5 235 698
(a) Other adj. includes reorganization costs of $9 million.
(b) Other adj. includes loss on sale of business of $83 million,
loss on debt extinguishment of $80 million, and impairments of $56
million.
Appendix Table A-3: YTD Second Quarter 2017 Adjusted EBITDA
Reconciliation by Operating Segment
The following table summarizes the calculation of Adj. EBITDA
and provides a reconciliation to income/(loss) from continuing
operations:
($ in millions)
GulfCoast
East/West(a)
Generation Retail Renewables NRG Yield
Corp/Elim
Total
(Loss)/Income from
ContinuingOperations
(105 ) 49 (56 )
311 (79 ) 44 (290
) (70 ) Plus: Interest expense, net — 17 17 3
50 160 236 466 Income tax — 2 2 (8 ) (10 ) 7 8 (1 ) Loss on debt
extinguishment — — — — 2 — — 2 Depreciation and amortization 138 54
192 57 99 153 16 517 ARO Expense 7 6 13 — 1 2 — 16 Contract
Amortization 8 2 10 1 — 34 — 45 Lease amortization — (4 ) (4
) — — — — (4 )
EBITDA 48
126 174 364 63 400 (30
) 971
Adjustment to reflect NRG shareof adjusted
EBITDA inunconsolidated affiliates
21 12 33 (6 ) (10 ) 47 1 65
Acquisition-related transaction
&integration costs
(10 ) — (10 ) — — 2 — (8 ) Reorganization costs — — — — — — 16 16
Deactivation costs — 1 1 — — — 4 5 Other non recurring charges (13
) (3 ) (16 ) (2 ) 10 5 3 — Impairments 41 — 41 — 22 — — 63
Market to market (MtM)(gains)/losses on
economichedges
(17 ) (1 ) (18 ) (20 ) (3 ) — — (41 )
Adjusted
EBITDA 70 135 205
336 82 454 (6
) 1,071
(a) Includes International, BETM and generation
eliminations.
YTD Second Quarter 2017 condensed financial information by
Operating Segment:
($ in millions)
GulfCoast
East/West(a)
Generation Retail Renewables
NRGYield
Corp/Elim
Total Operating revenues 1,103 694 1,797 2,939 217
536 (536 ) 4,953 Cost of sales 655 294 949
2,211 7 30 (514 ) 2,683
Economic gross margin 448 400 848
728 210 506 (22 ) 2,270
Operations & maintenance and othercost
of operations (b)
298 236 534 159 73 131 (23 ) 874
Selling, marketing, general
&administrative (c)
35 69 104 226 28 10 98 466 Other expense/(income) (d) 45
(40 ) 5 7 27 (89 ) (91 ) (141 )
Adjusted EBITDA 70 135
205 336 82 454
(6 ) 1,071
(a) Includes International, BETM and generation
eliminations.
(b) Excludes deactivation costs of $5 million.
(c) Excludes reorganization costs of $16 million.
(d) Excludes impairments of $63 million, acquisition-related
transaction & integration costs of $8 million, and loss on debt
extinguishment of $2 million.
The following table reconciles the condensed financial
information to Adjusted EBITDA:
($ in millions)
Condensedfinancialinformation
Interest, tax,depr. amort.
MtM Deactivation
Other adj.
AdjustedEBITDA
Operating revenues 5,083 29 (159 ) — — 4,953 Cost of
operations 2,817 (16 ) (118 ) — — 2,683
Gross margin 2,266 45 (41
) — —
2,270
Operations & maintenance andother cost
of operations
879 — (5 ) — 874
Selling, marketing, general
&administrative(a)
482 (16 ) 466 Other expense/(income) (b) 975 (1,039 )
— — (136 ) (141 )
(Loss)/Income from
ContinuingOperations
(70 ) 1,084 (41 )
5 152 1,071
(a) Other adj. includes reorganization costs of $16 million.
(b) Other adj. includes impairments of $63 million,
acquisition-related transaction & integration costs of $8
million, and loss on debt extinguishment of $2 million.
Appendix Table A-4: YTD Second Quarter 2016 Adjusted EBITDA
Reconciliation by Operating Segment
The following table summarizes the calculation of Adjusted
EBITDA and provides a reconciliation to income/(loss) from
continuing operations:
($ in millions)
GulfCoast
East/West(a)
Generation Retail Renewables
NRGYield
Corp/Elim
Total
(Loss)/Income from
ContinuingOperations
(471 ) 38 (433 )
807 (111 ) 66 (549
) (220 ) Plus: Interest expense, net — 17 17 —
51 142 266 476 Income tax — — — 1 (11 ) 12 45 47 Loss on debt
extinguishment — — — — — — 69 69 Depreciation and amortization 143
54 197 57 95 149 30 528 ARO Expense 5 8 13 — 1 1 (1 ) 14 Contract
Amortization 6 4 10 4 — 40 (2 ) 52 Lease amortization — (4 )
(4 ) — — — — (4 )
EBITDA
(317 ) 117 (200 ) 869
25 410 (142 ) 962
Adjustment to reflect NRGshare of adjusted
EBITDA inunconsolidated affiliates
5 12 17 — 2 42 5 66
Acquisition-related transaction&
integration costs
— 1 1 — — — 6 7 Reorganization costs 1 — 1 5 3 — 10 19 Deactivation
costs — 13 13 — — — — 13 Loss on sale of business — — — — — — 83 83
Other non recurring charges 10 (4 ) 6 6 7 3 — 22 Impairments — 17
17 — 27 — 12 56 Impairment loss on investment 137 — 137 — — — 2 139
MtM (gains)/losses oneconomic hedges
414 65 479 (508 ) 1 — —
(28
)
Adjusted EBITDA 250 221
471 372 65 455
(24 ) 1,339
(a) Includes International, BETM and generation
eliminations.
YTD Second Quarter 2016 condensed financial information by
Operating Segment:
($ in millions)
GulfCoast
East/West(a)
Generation Retail Renewables
NRGYield
Corp/Elim
Total Operating revenues 1,229 916 2,145 2,909 198
551 (445 ) 5,358 Cost of sales 596 343 939
2,148 9 30 (447 ) 2,679
Economic
gross margin 633 573 1,206 761
189 521 2 2,679
Operations & maintenanceand other cost
of operations (b)
329 305 634 168 82 126 (4 ) 1,006
Selling, marketing, general
&administrative (c)
35 100 135 221 28 6 111 501 Other expense/(income) (d) 19
(53 ) (34 ) 0 14 (66 ) (81 ) (167 )
Adjusted
EBITDA 250 221 471
372 65 455 (24
) 1,339
(a) Includes International, BETM and generation
eliminations.
(b) Excludes deactivation costs of $13 million.
(c) Excludes reorganization costs of $19 million.
(d) Excludes loss on sale of business of $83 million, loss on
debt extinguishment of $69 million, impairments of $56 million, and
acquisition-related transaction & integration costs of $7
million.
The following table reconciles the condensed financial
information to Adjusted EBITDA:
($ in millions)
Condensedfinancialinformation
Interest, tax,depr. amort.
MtM Deactivation Other adj.
AdjustedEBITDA
Operating revenues 4,907 29 422 — — 5,358 Cost of operations
2,252 (23 ) 450 — — 2,679
Gross margin 2,655 52 (28 ) — —
2,679
Operations & maintenance andother cost
of operations
1,019 — — (13 ) — 1,006
Selling, marketing, general
&administrative (a)
520 (19 ) 501 Other expense/(income) (b) 1,336 (1,961 ) —
— 458 (167 )
(Loss)/Income from
ContinuingOperations
(220 ) 2,013 (28 )
13 (439 ) 1,339
(a) Other adj. includes reorganization costs of $19 million.
(a) Other adj. includes loss on sale of business of $83 million,
loss on debt extinguishment of $69 million, impairments of $56
million, and acquisition-related transaction & integration
costs of $7 million.
Appendix Table A-5: 2017 and 2016 QTD and YTD Second Quarter
Adjusted Cash Flow from Operations Reconciliations
The following table summarizes the calculation of adjusted cash
flow operating activities providing a reconciliation to net cash
provided by operating activities:
Three Months Ended ($ in millions)
June 30,
2017 June 30, 2016 Net Cash Provided by
Operating Activities 195 533
Reclassifying of net receipts for
settlement of acquired derivatives that includefinancing
elements
1 (35 ) Sale of Land — — Merger, integration and cost-to-achieve
expenses (1) — 6 Return of capital from equity investments 5 6
Adjustment for change in collateral 140 (140 )
Adjusted Cash Flow from Operating Activities
341 370 Maintenance CapEx, net (2) (49
) (26 ) Environmental CapEx, net (7 ) (95 ) Preferred dividends — —
Distributions to non-controlling interests (45 ) (40 )
Free Cash Flow Before Growth Investments (FCFbG)
240 209
(1) 2016 includes cost-to-achieve expenses associated with the
$150 million savings announced on September 2015 call.
(2) Includes insurance proceeds of $27 million in 2016
Six Months Ended ($ in millions)
June 30,
2017 June 30, 2016 Net Cash Provided by
Operating Activities 112 880
Reclassifying of net receipts for
settlement of acquired derivativesthat include financing
elements
2 4 Sale of Land 8 — Merger, integration and cost-to-achieve
expenses (1) — 25 Return of capital from equity investments 18 11
Adjustment for change in collateral (2) 268 (323 )
Adjusted Cash Flow from Operating Activities
408 597 Maintenance CapEx, net (3) (84
) (92 ) Environmental CapEx, net (25 ) (162 ) Preferred dividends —
(2 ) Distributions to non-controlling interests (91 ) (82 )
Free Cash Flow Before Growth Investments (FCFbG)
208 259
(1) 2016 includes cost-to-achieve expenses associated with the
$150 million savings announced on September 2015 call.
(2) Reflects change in NRG’s cash collateral balance as of
2Q2017 including $79MM of collateral postings from our
deconsolidated affiliate (GenOn)
(3) Includes insurance proceeds of $18 million and $30 million
in 2017 and 2016, respectively
Appendix Table A-6: Second Quarter YTD 2017 Sources and Uses
of Liquidity
The following table summarizes the sources and uses of liquidity
through second quarter of 2017:
($ in millions)
Six Months EndedJune 30,
2017
Sources: Adjusted cash flow from operations 408
Increase in credit facility 508 Issuance of Agua Caliente HoldCo
debt 130 Growth investments and acquisitions, net 112 Asset sales
27 NYLD Equity Issuance 16 Tax Equity Proceeds 16
Uses: Debt Repayments, net of proceeds (381 ) Collateral (1)
(268 ) Maintenance and environmental capex, net (2) (109 )
Distributions to non-controlling interests (91 ) Common Stock
Dividends (19 ) Other Investing and Financing (4 )
Change in
Total Liquidity 345
(1) Reflects change in NRG’s cash collateral balance as of
2Q2017 including $79MM of collateral postings from our
deconsolidated affiliate (GenOn)
(2) Includes insurance proceeds of $18 million.
Appendix Table A-7: 2017 Adjusted EBITDA Guidance
Reconciliation
The following table summarizes the calculation of Adjusted
EBITDA providing reconciliation to net income:
2017 Adjusted EBITDA Prior Guidance ($
in millions)
Low High GAAP Net
Income 1 150 350 Income Tax 80 80 Interest Expense &
Debt Extinguishment Costs 1,065 1,065 Depreciation, Amortization,
Contract Amortization and ARO Expense 1,235 1,235
Adjustment to reflect NRG share of
adjusted EBITDA inunconsolidated affiliates
110 110 Other Costs 2 60 60
Adjusted EBITDA
2,700 2,900 2017
Adjusted EBITDA Revised Guidance ($ in millions)
Low High GAAP Net Income 1 360
560 Income Tax 80 80 Interest Expense & Debt Extinguishment
Costs 825 825 Depreciation, Amortization, Contract Amortization and
ARO Expense 1,150 1,150
Adjustment to reflect NRG share of
adjusted EBITDA inunconsolidated affiliates
110 110 Other Costs 2 40 40
Adjusted EBITDA
2,565 2,765
(1) For purposes of guidance, fair value adjustments related to
derivatives are assumed to be zero.
(2) Includes deactivation costs, gain on sale of businesses,
asset write-offs, impairments and other non-recurring charges.
Appendix Table A-8: 2017 FCFbG Guidance
Reconciliation
The following table summarizes the calculation of Free Cash Flow
before Growth providing reconciliation to Cash from Operations:
2017 2017 ($ in millions)
PriorGuidance
RevisedGuidance
Adjusted EBITDA $2,700 - $2,900 $2,565 - $2,765 Cash Interest
payments (1,065 ) (825 ) Cash Income tax (40 ) (40 ) Collateral /
working capital / other (240 ) 60 Cash From
Operations $1,355 - $1,555 $1,760 - $1,960
Adjustments: Acquired Derivatives,
Cost-to-Achieve, Return of CapitalDividends, Collateral and
Other
— — Adjusted Cash flow from operations
$1,355 - $1,555 $1,760 - $1,960 Maintenance capital expenditures,
net
(280) - (310
)
(210) - (240
)
Environmental capital expenditures, net
(40) - (60
)
(25) - (45
)
Distributions to non-controlling interests
(185) - (205
)
(185) - (205
)
Free Cash Flow - before Growth Investments $800 - $1,000
$1,290 - $1,490
EBITDA and Adjusted EBITDA are non-GAAP financial measures.
These measurements are not recognized in accordance with GAAP and
should not be viewed as an alternative to GAAP measures of
performance. The presentation of Adjusted EBITDA should not be
construed as an inference that NRG’s future results will be
unaffected by unusual or non-recurring items.
EBITDA represents net income before interest (including loss on
debt extinguishment), taxes, depreciation and amortization. EBITDA
is presented because NRG considers it an important supplemental
measure of its performance and believes debt-holders frequently use
EBITDA to analyze operating performance and debt service capacity.
EBITDA has limitations as an analytical tool, and you should not
consider it in isolation, or as a substitute for analysis of our
operating results as reported under GAAP. Some of these limitations
are:
- EBITDA does not reflect cash
expenditures, or future requirements for capital expenditures, or
contractual commitments;
- EBITDA does not reflect changes in, or
cash requirements for, working capital needs;
- EBITDA does not reflect the significant
interest expense, or the cash requirements necessary to service
interest or principal payments, on debt or cash income tax
payments;
- Although depreciation and amortization
are non-cash charges, the assets being depreciated and amortized
will often have to be replaced in the future, and EBITDA does not
reflect any cash requirements for such replacements; and
- Other companies in this industry may
calculate EBITDA differently than NRG does, limiting its usefulness
as a comparative measure.
Because of these limitations, EBITDA should not be considered as
a measure of discretionary cash available to use to invest in the
growth of NRG’s business. NRG compensates for these limitations by
relying primarily on our GAAP results and using EBITDA and Adjusted
EBITDA only supplementally. See the statements of cash flow
included in the financial statements that are a part of this news
release.
Adjusted EBITDA is presented as a further supplemental measure
of operating performance. As NRG defines it, Adjusted EBITDA
represents EBITDA excluding impairment losses, gains or losses on
sales, dispositions or retirements of assets, any mark-to-market
gains or losses from accounting for derivatives, adjustments to
exclude the Adjusted EBITDA related to the non-controlling
interest, gains or losses on the repurchase, modification or
extinguishment of debt, the impact of restructuring and any
extraordinary, unusual or non-recurring items plus adjustments to
reflect the Adjusted EBITDA from our unconsolidated investments.
The reader is encouraged to evaluate each adjustment and the
reasons NRG considers it appropriate for supplemental analysis. As
an analytical tool, Adjusted EBITDA is subject to all of the
limitations applicable to EBITDA. In addition, in evaluating
Adjusted EBITDA, the reader should be aware that in the future NRG
may incur expenses similar to the adjustments in this news
release.
Management believes Adjusted EBITDA is useful to investors and
other users of NRG's financial statements in evaluating its
operating performance because it provides an additional tool to
compare business performance across companies and across periods
and adjusts for items that we do not consider indicative of NRG’s
future operating performance. This measure is widely used by
debt-holders to analyze operating performance and debt service
capacity and by equity investors to measure our operating
performance without regard to items such as interest expense,
taxes, depreciation and amortization, which can vary substantially
from company to company depending upon accounting methods and book
value of assets, capital structure and the method by which assets
were acquired. Management uses Adjusted EBITDA as a measure of
operating performance to assist in comparing performance from
period to period on a consistent basis and to readily view
operating trends, as a measure for planning and forecasting overall
expectations, and for evaluating actual results against such
expectations, and in communications with NRG's Board of Directors,
shareholders, creditors, analysts and investors concerning its
financial performance.
Adjusted cash flow from operating activities is a non-GAAP
measure NRG provides to show cash from operations with the
reclassification of net payments of derivative contracts acquired
in business combinations from financing to operating cash flow, as
well as the add back of merger, integration and related
restructuring costs. The Company provides the reader with this
alternative view of operating cash flow because the cash settlement
of these derivative contracts materially impact operating revenues
and cost of sales, while GAAP requires NRG to treat them as if
there was a financing activity associated with the contracts as of
the acquisition dates. The Company adds back merger, integration
related restructuring costs as they are one time and unique in
nature and do not reflect ongoing cash from operations and they are
fully disclosed to investors.
Free cash flow (before Growth Investments) is adjusted cash flow
from operations less maintenance and environmental capital
expenditures, net of funding, preferred stock dividends and
distributions to non-controlling interests and is used by NRG
predominantly as a forecasting tool to estimate cash available for
debt reduction and other capital allocation alternatives. The
reader is encouraged to evaluate each of these adjustments and the
reasons NRG considers them appropriate for supplemental analysis.
Because we have mandatory debt service requirements (and other
non-discretionary expenditures) investors should not rely on Free
Cash Flow before Growth Investments as a measure of cash available
for discretionary expenditures.
Free Cash Flow before Growth Investments is utilized by
Management in making decisions regarding the allocation of capital.
Free Cash Flow before Growth Investment is presented because the
Company believes it is a useful tool for assessing the financial
performance in the current period. In addition, NRG’s peers
evaluate cash available for allocation in a similar manner and
accordingly, it is a meaningful indicator for investors to
benchmark NRG's performance against its peers. Free Cash Flow
before Growth Investment is a performance measure and is not
intended to represent net income (loss), cash from operations (the
most directly comparable U.S. GAAP measure), or liquidity and is
not necessarily comparable to similarly titled measures reported by
other companies.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170803005544/en/
NRG Energy, Inc.Media:Sheri Woodruff,
609-524-4608orMarijke Shugrue, 609-524-5262orInvestors:Kevin
L. Cole, CFA, 609-524-4526orLindsey Puchyr, 609-524-4527
NRG Energy (NYSE:NRG)
Historical Stock Chart
From Apr 2024 to May 2024
NRG Energy (NYSE:NRG)
Historical Stock Chart
From May 2023 to May 2024