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SEC Filings
10-K
TERRAFORM POWER, INC. filed this Form 10-K on 07/21/2017
Entire Document
 

Item 6. Selected Financial Data.

The Company's historical selected financial data is presented in the following table. For all periods prior to the IPO, the amounts shown in the table below represent the combination of TerraForm Power and Terra LLC, the accounting predecessor, and were prepared using SunEdison's historical basis in assets and liabilities. For all periods subsequent to the IPO, the amounts shown in the table below represent the results of TerraForm Power, which consolidates Terra LLC through its controlling interest. This historical data should be read in conjunction with the Consolidated Financial Statements and the related notes thereto in Item 15. Exhibits, Financial Statements and Schedules.

Our consolidated financial statements were prepared assuming we would continue as a going concern (which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business). Our ability to continue as a going concern is dependent on many factors, including among other things, the resolution of the SunEdison Bankruptcy absent claims from interested parties that the assets and liabilities of the Company be substantively consolidated with SunEdison and that the Company and/or its assets and liabilities be included in the SunEdison Bankruptcy as well as our ability to comply with or modify our existing debt covenant requirements. Management’s plans with respect to these conditions are further described in Note 1 to our consolidated financial statements included in this annual report on Form 10-K. The following Selected Financial Data taken from our accompanying financial statements have been prepared assuming that we will continue as a going concern. These financial statements do not include any adjustments that might result from the outcome of this uncertainty.
 
 
Year Ended December 31,
(in thousands, except per share data)
 
2016
 
2015
 
2014
 
2013
 
2012
Statement of Operations Data:
 
 
 
 
 
 
 
 
 
 
Operating revenues, net
 
$
654,556

 
$
469,506

 
$
127,156

 
$
18,716

 
$
16,992

Operating costs and expenses:
 
 
 
 
 
 
 
 
 
 
Cost of operations
 
113,302

 
70,468

 
10,630

 
1,112

 
917

Cost of operations - affiliate
 
26,683

 
19,915

 
8,063

 
1,068

 
834

General and administrative expenses
 
89,995

 
55,811

 
20,984

 
289

 
177

General and administrative expenses - affiliate
 
14,666

 
55,330

 
19,144

 
5,158

 
4,425

Acquisition and related costs
 
2,743

 
49,932

 
10,177

 

 

Acquisition and related costs - affiliate
 

 
5,846

 
5,049

 

 

Loss on prepaid warranty - affiliate
 

 
45,380

 

 

 

Goodwill impairment
 
55,874

 

 

 

 

Impairment of renewable energy facilities
 
18,951

 

 

 

 

Depreciation, accretion and amortization expense
 
243,365

 
161,310

 
41,280

 
5,731

 
5,034

Formation and offering related fees and expenses
 

 

 
3,570

 

 

Formation and offering related fees and expenses - affiliate
 

 

 
1,870

 

 

Total operating costs and expenses
 
565,579

 
463,992

 
120,767

 
13,358

 
11,387

Operating income
 
88,977

 
5,514

 
6,389

 
5,358

 
5,605

Other expenses (income):
 
 
 
 
 
 
 
 
 
 
Interest expense, net
 
310,336

 
167,805

 
86,191

 
8,129

 
7,665

Loss (gain) on extinguishment of debt, net
 
1,079

 
16,156

 
(7,635
)
 

 

Loss (gain) on foreign currency exchange, net
 
13,021

 
19,488

 
14,007

 
(771
)
 

Loss on investments and receivables - affiliate
 
3,336

 
16,079

 

 

 

Other expenses, net
 
2,218

 
7,362

 
438

 

 

Total other expenses, net
 
329,990

 
226,890

 
93,001

 
7,358

 
7,665

Loss before income tax expense (benefit)
 
(241,013
)
 
(221,376
)
 
(86,612
)
 
(2,000
)
 
(2,060
)
Income tax expense (benefit)
 
494

 
(13,241
)
 
(4,689
)
 
(88
)
 
(1,270
)
Net loss
 
$
(241,507
)
 
$
(208,135
)
 
$
(81,923
)
 
$
(1,912
)
 
$
(790
)
Net loss attributable to Class A common stockholders
 
$
(129,847
)
 
$
(79,886
)
 
$
(25,617
)
 
N/A

 
N/A

Basic and diluted loss per Class A common share
 
(1.47
)
 
(1.25
)
 
(0.87
)
 
N/A

 
N/A

Dividends declared per Class A common share
 

 
1.01

 
0.44

 
N/A

 
N/A

 
 
 
 
 
 
 
 
 
 
 


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