VISTRA ENERGY CORP. SELECTED CONSOLIDATED FINANCIAL INFORMATION (Millions of Dollars, Except Per Share Amounts and Ratios
Successor
Predecessor
Year Ended December 31, 2017
Period from October 3, 2016 through December 31, 2016
Period from January 1, 2016 through October 2, 2016
Year Ended December 31,
2015
2014
2013
Operating revenues
$
5,430
$
1,191
$
3,973
$
5,370
$
5,978
$
5,899
Impairment of goodwill
$
—
$
—
$
—
$
(2,200
)
$
(1,600
)
$
(1,000
)
Impairment of long-lived assets
$
(25
)
$
—
$
—
$
(2,541
)
$
(4,670
)
$
(140
)
Operating income (loss)
$
198
$
(161
)
$
568
$
(4,091
)
$
(6,015
)
$
(1,113
)
Net income (loss) (a)
$
(254
)
$
(163
)
$
22,851
$
(4,677
)
$
(6,229
)
$
(2,197
)
Cash provided by (used in) operating activities
$
1,386
$
81
$
(238
)
$
237
$
444
$
(270
)
Net loss per weighted average share of common stock outstanding — basic
$
(0.59
)
$
(0.38
)
Net loss per weighted average share of common stock outstanding — diluted
$
(0.59
)
$
(0.38
)
Dividend declared per share of common stock
$
—
$
2.32
Successor
Predecessor
At December 31,
At December 31,
2017
2016
2015
2014
2013
Balance Sheet Information:
Total assets (b)(c)
$
14,600
$
15,167
$
15,658
$
21,343
$
28,822
Property, plant and equipment — net (b)(c)
$
4,820
$
4,443
$
9,349
$
12,288
$
17,649
Goodwill and intangible assets
$
4,437
$
5,112
$
1,331
$
3,688
$
5,669
Long-term debt including current maturities (d)
$
4,423
$
4,623
$
19
$
73
$
31,758
Borrowings under debtor-in-possession credit facility
$
—
$
—
$
1,425
$
1,425
$
—
Pre-Petition notes, loans and other debt reported as liabilities subject to compromise (e)
$
—
$
—
$
31,668
$
31,856
$
—
Total equity/membership interests
$
6,342
$
6,597
$
(22,884
)
$
(18,209
)
$
(11,982
)
(a)
For the Predecessor period from January 1, 2016 through October 2, 2016, net income includes net gains totaling $22.121 billion related to bankruptcy-related reorganization items including gains on extinguishing claims pursuant to the Plan of Reorganization (see Notes 5 and 6 to the Financial Statements).
(b)
At December 31, 2017 and 2016, includes the Lamar and Forney natural gas generation facilities purchased in April 2016, and at December 31, 2017 includes the Odessa-Ector natural gas generation facility purchased in August 2017 (see Note 3 to the Financial Statements).
(c)
Reflects the impacts of impairment charges related to long-lived assets of $2.541 billion and $4.670 billion in the years ended December 31, 2015 and 2014, respectively (see Note 4 to the Financial Statements).
(d)
As of December 31, 2013, includes borrowings under Predecessor's credit facilities of $2.054 billion.
(e)
As of December 31, 2015 and 2014, includes both unsecured and under secured obligations incurred prior to the Petition Date, but excludes pre-petition obligations that were fully secured and other obligations that were allowed to be paid as ordered by the Bankruptcy Court. As of December 31, 2014, also excludes $702 million of deferred debt issuance and extension costs.
Quarterly Information (Unaudited)
Results of operations by quarter are summarized below. In our opinion, all adjustments (consisting of normal recurring accruals) necessary for a fair statement of such amounts have been made. Quarterly results are not necessarily indicative of a full year's operations because of seasonal and other factors. All amounts are in millions of dollars, except per share amounts, and may not add to full year amounts due to rounding.
Successor
Quarter Ended
March 31
June 30
September 30
December 31 (a)
2017:
Operating revenues
$
1,357
$
1,296
$
1,833
$
944
Operating income (loss)
$
155
$
53
$
452
$
(462
)
Net income (loss)
$
78
$
(26
)
$
273
$
(579
)
Net income (loss) per weighted average share of common stock outstanding — basic
$
0.18
$
(0.06
)
$
0.64
$
(1.35
)
Net income (loss) per weighted average share of common stock outstanding — diluted
$
0.18
$
(0.06
)
$
0.64
$
(1.35
)
Predecessor
Successor
Quarter Ended
Period from July 1 through October 2 (b)
Period from October 3 through December 31
March 31
June 30
2016:
Operating revenues
$
1,049
$
1,233
$
1,690
$
1,191
Operating income (loss)
$
39
$
(112
)
$
640
$
(161
)
Net income (loss)
$
(343
)
$
(499
)
$
23,693
$
(163
)
Net loss per weighted average share of common stock outstanding — basic
$
(0.38
)
Net loss per weighted average share of common stock outstanding — diluted
$
(0.38
)
(a)
For the Successor quarter ended December 31, 2017, operating loss includes noncash charges of $183 million related to the generation facilities retirement announcements. Net loss reflects the retirements mentioned above as well as a $451 million reduction of deferred tax assets related to the decrease in the corporate tax rate due to the TCJA (see Note 8 to the Financial Statements), partially offset by $117 million of impacts of the TRA.
(b)
For the Predecessor period from July 1, 2016 through October 2, 2016, net income includes net gains totaling $22.239 billion related to bankruptcy-related reorganization items including gains on extinguishing claims pursuant to the Plan of Reorganization (see Notes 5 and 6 to the Financial Statements).
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