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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 _____________________________________________________________________________
FORM 10-Q
 _____________________________________________________________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission File Number: 001-36542
 ______________________________________________________________
TerraForm Power, Inc.
(Exact name of registrant as specified in its charter)
 _____________________________________________________________________________
Delaware
46-4780940
(State or other jurisdiction of incorporation or organization)
(I. R. S. Employer Identification No.)
200 Liberty Street,
14th Floor
New York,
New York
10281
(Address of principal executive offices)
(Zip Code)
646-992-2400
(Registrant’s telephone number, including area code)
 _________________________________________________

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol
 
Name of each exchange on which registered
Common Stock, Class A, par value $0.01
 
TERP
 
Nasdaq Global Select Market
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
 
Accelerated filer
 
Non-accelerated filer
 
 
Smaller reporting company
 
Emerging growth company
 
 
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes      No  
As of October 31, 2019, there were 227,044,072 shares of Class A common stock outstanding.
 




TerraForm Power, Inc. and Subsidiaries
Table of Contents
Form 10-Q

 
 
Page
 
 
 
 
 
Item 1.
 
 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
 
 
 
 
 
 
 
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
 





CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q (the “Quarterly Report”) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. These statements involve estimates, expectations, projections, goals, assumptions, known and unknown risks, and uncertainties and typically include words or variations of words such as “expect,” “anticipate,” “believe,” “intend,” “plan,” “seek,” “estimate,” “predict,” “project,” “opportunities,” “goal,” “guidance,” “outlook,” “initiatives,” “objective,” “forecast,” “target,” “potential,” “continue,” “would,” “will,” “should,” “could,” or “may” or other comparable terms and phrases. All statements that address operating performance, events, or developments that the Company expects or anticipates will occur in the future are forward-looking statements. They may include estimates of expected cash available for distribution, distributions growth, earnings, revenues, income, loss, capital expenditures, liquidity, capital structure, margin enhancements, cost savings, future growth, financing arrangements and other financial performance items (including future distributions per share), descriptions of management’s plans or objectives for future operations, products, or services, or descriptions of assumptions underlying any of the above. Forward-looking statements provide the Company’s current expectations or predictions of future conditions, events, or results and speak only as of the date they are made. Although the Company believes its expectations and assumptions are reasonable, it can give no assurance that these expectations and assumptions will prove to have been correct and actual results may vary materially.

Important factors that could cause actual results to differ materially from our expectations, or cautionary statements, are listed below and further disclosed under the section entitled Item 1A. Risk Factors in this Quarterly Report and in
our Annual Report on Form 10-K for the year ended December 31, 2018:

risks related to weather conditions at our wind and solar assets;
our ability to enter into contracts to sell power on acceptable prices and terms, including as our offtake agreements expire;
government regulation, including compliance with regulatory and permit requirements and changes in tax laws, market rules, rates, tariffs, environmental laws and policies affecting renewable energy;
our ability to compete against traditional utilities and renewable energy companies;
pending and future litigation;
our ability to successfully close the acquisitions of, and integrate the projects that we expect to acquire from, third parties, including our ability to successfully integrate our recently acquired portfolio of distributed generation assets;
our ability to successfully achieve expected synergies and to successfully execute on the funding plan for our recently acquired portfolio of distributed generation assets, including our ability to successfully close any contemplated capital recycling initiatives;
our ability to realize the anticipated benefits from acquisitions;
our ability to close, implement and realize the benefit of our cost and performance enhancement initiatives, including long-term service agreements and our ability to realize the anticipated benefits from such initiatives;
the willingness and ability of counterparties to fulfill their obligations under offtake agreements;
price fluctuations, termination provisions and buyout provisions in offtake agreements;
risks related to the ability of our hedging activities to adequately manage our exposure to commodity and financial risk;
risks related to our operations being located internationally, including our exposure to foreign currency exchange rate fluctuations and political and economic uncertainties;
the regulated rate of return of renewable energy facilities in our Regulated Solar and Wind segment, a reduction of which could have a material negative impact on our results of operations;
the condition of the debt and equity capital markets and our ability to borrow additional funds and access capital markets, as well as our substantial indebtedness and the possibility that we may incur additional indebtedness in the future;
operating and financial restrictions placed on us and our subsidiaries related to agreements governing indebtedness;
our ability to identify or consummate any future acquisitions, including those identified by Brookfield Asset Management Inc.;
our ability to grow and make acquisitions with cash on hand, which may be limited by our cash distribution policy;
risks related to the effectiveness of our internal control over financial reporting; and


3



risks related to our relationship with Brookfield Asset Management Inc., including our ability to realize the expected benefits of the sponsorship.

The Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions, factors, or expectations, new information, data, or methods, future events, or other changes, except as required by law. The foregoing list of factors that might cause results to differ materially from those contemplated in the forward-looking statements should be considered in connection with information regarding risks and uncertainties, which are described in our Annual Report on Form 10-K for the year ended December 31, 2018 and in subsequent Quarterly Reports, as well as additional factors we may describe from time to time in our other filings with the Securities and Exchange Commission (the “SEC”). We operate in a competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and you should understand that it is not possible to predict or identify all such factors and, consequently, you should not consider any such list to be a complete set of all potential risks or uncertainties.


4



PART I - Financial Information

Item 1. Financial Statements.

TERRAFORM POWER, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)


 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019

2018
Operating revenues, net
$
253,808

 
$
246,042

 
$
734,506

 
$
553,477

Operating costs and expenses:
 
 
 
 
 
 
 
Cost of operations
75,037

 
59,027

 
207,363

 
146,155

General and administrative expenses
15,397

 
21,334

 
60,616

 
65,483

General and administrative expenses - affiliate
7,764

 
3,432

 
19,087

 
10,929

Acquisition costs
963

 
1,655

 
1,438

 
7,612

Acquisition costs - affiliate

 
335

 

 
6,965

Impairment of renewable energy facilities

 

 

 
15,240

Depreciation, accretion and amortization expense
114,282

 
103,593

 
321,605

 
239,177

Total operating costs and expenses
213,443

 
189,376

 
610,109

 
491,561

Operating income
40,365

 
56,666

 
124,397

 
61,916

Other expenses (income):
 
 
 
 
 
 
 
Interest expense, net
89,393

 
72,416

 
246,721

 
176,862

Loss (gain) on extinguishment of debt, net
1,355

 

 
(4,188
)
 
1,480

Loss (gain) on foreign currency exchange, net
10,975

 
(3,070
)
 
(4,217
)
 
(4,257
)
Other (income) expenses, net
(557
)
 
358

 
(1,752
)
 
1,390

Total other expenses, net
101,166

 
69,704

 
236,564

 
175,475

Loss before income tax expense
(60,801
)
 
(13,038
)
 
(112,167
)
 
(113,559
)
Income tax expense
1,512

 
6,013

 
3,030

 
9,417

Net loss
(62,313
)
 
(19,051
)
 
(115,197
)
 
(122,976
)
Less: Net (loss) income attributable to redeemable non-controlling interests
(7,341
)
 
12,443

 
(14,241
)
 
15,101

Less: Net (loss) income attributable to non-controlling interests
(135
)
 
2,096

 
(33,897
)
 
(165,946
)
Net (loss) income attributable to Class A common stockholders
$
(54,837
)
 
$
(33,590
)
 
$
(67,059
)
 
$
27,869

 
 
 
 
 
 
 
 
Weighted average number of shares:
 
 
 
 
 
 
 
Class A common stock - Basic
209,155

 
209,142

 
209,149

 
173,173

Class A common stock - Diluted
209,155

 
209,142

 
209,149

 
173,186

 
 
 
 
 
 
 
 
(Loss) earnings per share:
 
 
 
 
 
 
 
Class A common stock - Basic and diluted
$
(0.26
)
 
$
(0.16
)
 
$
(0.32
)
 
$
0.16

 
 
 
 
 
 
 
 
Distributions declared per share:
 
 
 
 
 
 
 
Class A common stock
$
0.2014

 
$
0.19

 
$
0.6042

 
$
0.57



See accompanying notes to unaudited condensed consolidated financial statements.

5



TERRAFORM POWER, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In thousands)



 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2019
 
2018
 
2019
 
2018
Net loss
 
$
(62,313
)
 
$
(19,051
)
 
$
(115,197
)
 
$
(122,976
)
Other comprehensive (loss) income, net of tax:
 
 
 
 
 
 
 
 
Foreign currency translation adjustments:
 
 
 
 
 
 
 
 
Net unrealized gain (loss) arising during the period
 
6,934

 
446

 
15,806

 
(8,229
)
Hedging activities:
 
 
 
 
 
 
 
 
Net unrealized (loss) gain arising during the period
 
(16,653
)
 
10,621

 
(43,941
)
 
12,528

Reclassification of net realized loss (gain) into earnings
 
3,389

 
(5,832
)
 
(2,439
)
 
(6,755
)
Other comprehensive (loss) income, net of tax
 
(6,330
)
 
5,235

 
(30,574
)
 
(2,456
)
Total comprehensive loss
 
(68,643
)
 
(13,816
)
 
(145,771
)
 
(125,432
)
Less comprehensive (loss) income attributable to non-controlling interests:
 
 
 
 
 
 
 
 
Net (loss) income attributable to redeemable non-controlling interests
 
(7,341
)
 
12,443

 
(14,241
)
 
15,101

Net (loss) income attributable to non-controlling interests
 
(135
)
 
2,096

 
(33,897
)
 
(165,946
)
Hedging activities
 
188

 
(1,801
)
 
920

 
(3,038
)
Comprehensive (loss) income attributable to non-controlling interests
 
(7,288
)
 
12,738

 
(47,218
)
 
(153,883
)
Comprehensive (loss) income attributable to Class A common stockholders
 
$
(61,355
)
 
$
(26,554
)
 
$
(98,553
)
 
$
28,451




See accompanying notes to unaudited condensed consolidated financial statements.

6



TERRAFORM POWER, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)


 
September 30,
2019
 
December 31, 2018
Assets
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
239,297

 
$
248,524

Restricted cash, current
31,140

 
27,784

Accounts receivable, net
176,883

 
145,161

Derivative assets, current
28,908

 
14,371

Prepaid expenses and other current assets
61,642

 
65,149

Due from affiliates
265

 
196

Deposit on acquisitions
114,195

 

Total current assets
652,330

 
501,185

 
 
 
 
Renewable energy facilities, net, including consolidated variable interest entities of $3,238,298 and $3,064,675 in 2019 and 2018, respectively
6,967,149

 
6,470,026

Intangible assets, net, including consolidated variable interest entities of $697,744 and $751,377 in 2019 and 2018, respectively
1,957,146

 
1,996,404

Goodwill
145,616

 
120,553

Restricted cash
73,794

 
116,501

Derivative assets
97,096

 
90,984

Other assets
36,060

 
34,701

Total assets
$
9,929,191

 
$
9,330,354

 
 
 
 
Liabilities, Redeemable Non-controlling Interests and Stockholders Equity
 
 
 
Current liabilities:
 
 
 
Current portion of long-term debt, including consolidated variable interest entities of $266,423 and $64,251 in 2019 and 2018, respectively
$
635,929

 
$
464,332

Accounts payable, accrued expenses and other current liabilities
186,170

 
181,400

Due to affiliates
8,878

 
6,991

Derivative liabilities, current portion
38,729

 
35,559

Total current liabilities
869,706

 
688,282

 
 
 
 
Long-term debt, less current portion, including consolidated variable interest entities of $640,050 and $885,760 in 2019 and 2018, respectively
5,624,514

 
5,297,513

Operating lease obligations, less current portion, including consolidated variable interest entities of $141,683 in 2019
255,507

 

Asset retirement obligations, including consolidated variable interest entities of $118,406 and $86,456 in 2019 and 2018, respectively
286,282

 
212,657

Derivative liabilities
141,155

 
93,848

Deferred income taxes
152,948

 
178,849

Other liabilities
110,651

 
90,788

Total liabilities
7,440,763

 
6,561,937

 
 
 
 
Redeemable non-controlling interests
20,994

 
33,495

Stockholders’ equity:
 
 
 
Class A common stock, $0.01 par value per share, 1,200,000,000 shares authorized, 209,663,018 and 209,642,140 shares issued in 2019 and 2018, respectively
2,097

 
2,096

Additional paid-in capital
2,259,812

 
2,391,435

Accumulated deficit
(426,662
)
 
(359,603
)
Accumulated other comprehensive income
8,744

 
40,238

Treasury stock, 508,033 and 500,420 shares in 2019 and 2018, respectively
(6,815
)
 
(6,712
)
Total TerraForm Power, Inc. stockholders’ equity
1,837,176

 
2,067,454

Non-controlling interests
630,258

 
667,468

Total stockholders’ equity
2,467,434

 
2,734,922

Total liabilities, redeemable non-controlling interests and stockholders’ equity
$
9,929,191

 
$
9,330,354


See accompanying notes to unaudited condensed consolidated financial statements.

7



TERRAFORM POWER, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In thousands)


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-controlling Interests
 
 
 
Class A Common Stock Issued
 
Additional Paid-in Capital
 
Accumulated Deficit
 
Accumulated Other Comprehensive Income
 
Common Stock Held in Treasury
 
 
 
 
 
Accumulated Deficit
 
Accumulated Other Comprehensive Income (Loss)
 
 
 
Total Equity
 
Shares
 
Amount
 
 
 
 
Shares
 
Amount
 
Total
 
Capital
 
 
 
Total
 
Balance as of December 31, 2017
148,586

 
$
1,486

 
$
1,872,125

 
$
(387,204
)
 
$
48,018

 
(500
)
 
$
(6,712
)
 
$
1,527,713

 
$
1,057,301

 
$
(198,196
)
 
$
894

 
$
859,999

 
$
2,387,712

Cumulative-effect adjustment

 

 

 
24,578

 
(4,164
)
 

 

 
20,414

 

 
(308
)
 

 
(308
)
 
20,106

Net income (loss)

 

 

 
82,796

 

 

 

 
82,796

 

 
(157,087
)
 

 
(157,087
)
 
(74,291
)
Distributions to Class A common stockholders

 

 
(28,008
)
 

 

 

 

 
(28,008
)
 

 

 

 

 
(28,008
)
Other comprehensive loss

 

 

 

 
(13,494
)
 

 

 
(13,494
)
 

 

 
(1,243
)
 
(1,243
)
 
(14,737
)
Contributions from non-controlling interests in renewable energy facilities

 

 

 

 

 

 

 

 
7,685

 

 

 
7,685

 
7,685

Distributions to non-controlling interests in renewable energy facilities

 

 

 

 

 

 

 

 
(5,204
)
 

 

 
(5,204
)
 
(5,204
)
Other

 

 
3,494

 

 

 

 

 
3,494

 

 
(500
)
 

 
(500
)
 
2,994

Balance as of March 31, 2018
148,586

 
1,486

 
1,847,611

 
(279,830
)
 
30,360

 
(500
)
 
(6,712
)
 
1,592,915

 
1,059,782

 
(356,091
)
 
(349
)
 
703,342

 
2,296,257

Issuance of Class A common stock to affiliates
60,976

 
610

 
649,390

 

 

 

 

 
650,000

 

 

 

 

 
650,000

Stock-based compensation

 

 
73

 

 

 

 

 
73

 

 

 

 

 
73

Net loss

 

 

 
(21,337
)
 

 

 

 
(21,337
)
 

 
(10,955
)
 

 
(10,955
)
 
(32,292
)
Distributions to Class A common stockholders

 

 
(28,008
)
 

 

 

 

 
(28,008
)
 

 

 

 

 
(28,008
)
Other comprehensive income

 

 

 

 
7,040

 

 

 
7,040

 

 

 
6

 
6

 
7,046

Distributions to non-controlling interests in renewable energy facilities

 

 

 

 

 

 

 

 
(6,185
)
 

 

 
(6,185
)
 
(6,185
)
Other

 

 
(295
)
 

 

 

 

 
(295
)
 
102

 

 

 
102

 
(193
)
Balance as of June 30, 2018
209,562

 
2,096

 
2,468,771

 
(301,167
)
 
37,400

 
(500
)
 
(6,712
)
 
2,200,388

 
1,053,699

 
(367,046
)
 
(343
)
 
686,310

 
2,886,698

Issuances of Class A common stock to affiliates
80

 

 
881

 

 

 

 

 
881

 

 

 

 

 
881

Stock-based compensation

 

 
88

 

 

 

 

 
88

 

 

 

 

 
88

Net income (loss)

 

 

 
(33,590
)
 

 

 

 
(33,590
)
 

 
2,096

 

 
2,096

 
(31,494
)
Distributions to Class A common stockholders

 

 
(39,609
)
 

 

 

 

 
(39,609
)