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SEC Filings
10-K
TERRAFORM POWER, INC. filed this Form 10-K on 07/21/2017
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Consolidated Results of Operations
    
For periods prior to the IPO on July 23, 2014, our consolidated results of operations represent the combination of TerraForm Power and Terra LLC, our accounting predecessor (the "Predecessor"). 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. The results of the Company include the operating results of Terra LLC for the years ended December 31, 2016, 2015 and 2014 and $3.4 million, $12.1 million and $5.8 million of stock-based compensation expense, respectively, which is reflected in the operating results of TerraForm Power, Inc. The following table illustrates the results of operations for the years ended December 31, 2016, 2015 and 2014:
 
 
Year Ended December 31,
(In thousands)
 
2016
 
2015
 
2014
Operating revenues, net
 
$
654,556

 
$
469,506

 
$
127,156

Operating costs and expenses:
 
 
 
 
 
 
Cost of operations
 
113,302

 
70,468

 
10,630

Cost of operations - affiliate
 
26,683

 
19,915

 
8,063

General and administrative expenses
 
89,995

 
55,811

 
20,984

General and administrative expenses - affiliate
 
14,666

 
55,330

 
19,144

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

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

Operating income
 
88,977

 
5,514

 
6,389

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

 
167,805

 
86,191

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

 
16,156

 
(7,635
)
Loss on foreign currency exchange, net
 
13,021

 
19,488

 
14,007

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

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

 
(13,241
)
 
(4,689
)
Net loss
 
(241,507
)
 
(208,135
)
 
(81,923
)
Less: Pre-acquisition net income (loss) of renewable energy facilities acquired from SunEdison
 

 
1,610

 
(1,498
)
Less: Predecessor loss prior to the IPO on July 23, 2014
 

 

 
(10,357
)
Net loss subsequent to IPO and excluding pre-acquisition net income (loss) of renewable energy facilities acquired from SunEdison
 
(241,507
)
 
(209,745
)
 
(70,068
)
Less: Net income attributable to redeemable non-controlling interests
 
18,365

 
8,512

 

Less: Net loss attributable to non-controlling interests
 
(130,025
)
 
(138,371
)
 
(44,451
)
Net loss attributable to Class A common stockholders
 
$
(129,847
)
 
$
(79,886
)
 
$
(25,617
)



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