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SEC Filings
10-Q
TERRAFORM POWER, INC. filed this Form 10-Q on 11/09/2018
Entire Document
 


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,
 
2018
 
2017
 
2018
 
2017
Operating revenues, net
$
246,042

 
$
153,430

 
$
553,477

 
$
474,932

Operating costs and expenses:
 
 
 
 
 
 
 
Cost of operations
59,027

 
41,859

 
146,155

 
108,402

Cost of operations - affiliate

 
1,199

 

 
10,224

General and administrative expenses
21,334

 
21,664

 
65,483

 
99,644

General and administrative expenses - affiliate
3,432

 
2,192

 
10,929

 
6,893

Acquisition-related costs
1,655

 

 
7,612

 

Acquisition-related costs - affiliate
335

 

 
6,965

 

Impairment of renewable energy facilities

 

 
15,240

 
1,429

Depreciation, accretion and amortization expense
103,593

 
61,830

 
239,177

 
186,039

Total operating costs and expenses
189,376

 
128,744

 
491,561

 
412,631

Operating income
56,666

 
24,686

 
61,916

 
62,301

Other expenses (income):
 
 
 
 
 
 
 
Interest expense, net
72,416

 
70,232

 
176,862

 
206,749

Gain on sale of renewable energy facilities

 

 

 
(37,116
)
Gain on foreign currency exchange, net
(3,070
)
 
(1,078
)
 
(4,257
)
 
(5,695
)
Other expenses (income), net
358

 
(7,015
)
 
2,870

 
(4,882
)
Total other expenses, net
69,704

 
62,139

 
175,475

 
159,056

Loss before income tax expense (benefit)
(13,038
)
 
(37,453
)
 
(113,559
)
 
(96,755
)
Income tax expense (benefit)
6,013

 
(1,099
)
 
9,417

 
(2,256
)
Net loss
(19,051
)
 
(36,354
)
 
(122,976
)
 
(94,499
)
Less: Net income attributable to redeemable non-controlling interests
12,443

 
4,895

 
15,101

 
10,264

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

 
(14,949
)
 
(165,946
)
 
(57,272
)
Net (loss) income attributable to Class A common stockholders
$
(33,590
)
 
$
(26,300
)
 
$
27,869

 
$
(47,491
)
 
 
 
 
 
 
 
 
Weighted average number of shares:
 
 
 
 
 
 
 
Class A common stock - Basic
209,142

 
92,352

 
173,173

 
92,228

Class A common stock - Diluted
209,142

 
92,352

 
173,186

 
92,228

 
 
 
 
 
 
 
 
(Loss) earnings per share:
 
 
 
 
 
 
 
Class A common stock - Basic and diluted
$
(0.16
)
 
$
(0.31
)
 
$
0.16

 
$
(0.59
)
 
 
 
 
 
 
 
 
Dividends declared per share:
 
 
 
 
 
 
 
Class A common stock
$
0.19

 
$

 
$
0.57

 
$



See accompanying notes to unaudited condensed consolidated financial statements.

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