TerraForm Power Reports 2Q 2016 Financial Results and Files Form 10-Q
“The reporting of our second quarter 2016 results demonstrates TerraForm Power’s continued progress in positioning the Company for success,” said
As disclosed more fully in the Form 10-Q for 2Q 2016, the Company is continuing its efforts to regain compliance with Nasdaq’s continued listing requirements with respect to its delayed
2Q 2016 Results: Key Metrics
2Q 2016 | 2Q 2015 | % change YoY | ||||||
Revenue, net ($M) | $187 | $130 | 44 | % | ||||
Net Income / (Loss) ($M) | ($45 | ) | $29 | n/a | ||||
MW (net) in operation at end of period | 2,983 | 1,883 | 58 | % | ||||
Capacity Factor | 30 | % | 24 | % | +600 bps | |||
MWh (000s) | 2,038 | 944 | 116 | % | ||||
Adj. Revenue / MWh | $99 | $140 | -29 | % | ||||
Adj. Revenue ($M) | $201 | $132 | 53 | % | ||||
Adj. EBITDA ($M) | $151 | $108 | 40 | % | ||||
Adj. EBITDA margin | 75.1 | % | 81.6 | % | (650) bps | |||
CAFD ($M) | ($14 | ) | $63 | n/a | ||||
Unrestricted Cash ($M) at end of period | $562 | $391 | 44 | % |
Investor Conference Call
We will host an investor conference call and webcast to discuss our 2Q 2016 results.
Date: | Wednesday, February 22, 2017 |
Time: | 4:30 pm ET |
US Toll-Free #: | (844) 464-3938 |
International #: | (765) 507-2638 |
Code: | 61459006 |
Webcast: | http://edge.media-server.com/m/p/3b9ggtyn |
The webcast will also be available on
About
Safe Harbor Disclosure
This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. 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,” “goal,” “guidance,” “outlook,” “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
By their nature, forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Factors that might cause such differences include, but are not limited to, risks related to the
Adjusted Revenue
Adjusted Revenue is a supplemental non-GAAP measure used by our management for internal planning purposes, including for certain aspects of our consolidating operating budget. We believe Adjusted Revenue is useful to investors in evaluating our operating performance because securities analysts and other interested parties use such calculations as a measure of financial performance.
Adjusted EBITDA
Adjusted EBITDA is a supplemental non-GAAP financial measure which eliminates the impact on net income of certain unusual or non-recurring items and other factors that we do not consider representative of our core business or future operating performance. This measurement is not recognized in accordance with GAAP and should not be viewed as an alternative to GAAP measures of performance, including net income. The presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by non-operating, unusual or non-recurring items.
Cash Available for Distribution (CAFD)
CAFD is a supplemental non-GAAP measure of our ability to earn and distribute cash to investors. This measurement is not recognized in accordance with GAAP and should not be viewed as an alternative to GAAP measures of performance, including net income, net cash provided by (used in) operating activities or any other liquidity measure determined in accordance with GAAP, nor is it indicative of funds available to fund our cash needs.
TERRAFORM POWER, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) |
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Three Months Ended June 30, |
Six Months Ended June 30, |
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2016 | 2015 | 2016 | 2015 | ||||||||||||
Operating revenues, net | $ | 187,301 | $ | 130,046 | $ | 341,218 | $ | 200,561 | |||||||
Operating costs and expenses: | |||||||||||||||
Cost of operations | 31,518 | 18,409 | 61,714 | 35,229 | |||||||||||
Cost of operations - affiliate | 8,903 | 4,174 | 15,749 | 7,817 | |||||||||||
General and administrative expenses | 21,057 | 4,521 | 38,240 | 13,569 | |||||||||||
General and administrative expenses - affiliate | 2,234 | 17,857 | 7,671 | 24,775 | |||||||||||
Acquisition and related costs | — | 6,664 | 2,743 | 20,386 | |||||||||||
Acquisition and related costs - affiliate | — | 604 | — | 1,040 | |||||||||||
Depreciation, accretion and amortization expense | 61,031 | 38,136 | 120,038 | 70,027 | |||||||||||
Total operating costs and expenses | 124,743 | 90,365 | 246,155 | 172,843 | |||||||||||
Operating income | 62,558 | 39,681 | 95,063 | 27,718 | |||||||||||
Other expenses: | |||||||||||||||
Interest expense, net | 101,299 | 35,961 | 170,293 | 72,816 | |||||||||||
(Gain) loss on extinguishment of debt, net | — | (11,386 | ) | — | 8,652 | ||||||||||
Loss (gain) on foreign currency exchange, net | 4,741 | (14,439 | ) | 248 | (70 | ) | |||||||||
Loss on receivables - affiliate | — | — | 845 | — | |||||||||||
Other (income) expenses, net | (423 | ) | (803 | ) | 144 | (323 | ) | ||||||||
Total other expenses, net | 105,617 | 9,333 | 171,530 | 81,075 | |||||||||||
(Loss) income before income tax expense | (43,059 | ) | 30,348 | (76,467 | ) | (53,357 | ) | ||||||||
Income tax expense | 1,878 | 1,214 | 1,975 | 1,169 | |||||||||||
Net (loss) income | (44,937 | ) | 29,134 | (78,442 | ) | (54,526 | ) | ||||||||
Less: Pre-acquisition net income of renewable energy facilities acquired from SunEdison | — | 10,635 | — | 10,635 | |||||||||||
Net (loss) income excluding pre-acquisition net income of renewable energy facilities acquired from SunEdison | (44,937 | ) | 18,499 | (78,442 | ) | (65,161 | ) | ||||||||
Less: Net income attributable to redeemable non-controlling interests | 9,187 | 1,796 | 11,732 | 1,627 | |||||||||||
Less: Net (loss) income attributable to non-controlling interests | (33,217 | ) | 9,903 | (68,786 | ) | (45,472 | ) | ||||||||
Net (loss) income attributable to Class A common stockholders | $ | (20,907 | ) | $ | 6,800 | $ | (21,388 | ) | $ | (21,316 | ) | ||||
Weighted average number of shares: | |||||||||||||||
Class A common stock - Basic and diluted | 90,809 | 57,961 | 89,268 | 53,874 | |||||||||||
(Loss) earnings per share: | |||||||||||||||
Class A common stock - Basic and diluted | $ | (0.23 | ) | $ | 0.10 | $ | (0.24 | ) | $ | (0.41 | ) |
TERRAFORM POWER, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share data) |
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June 30, 2016 |
December 31, 2015 |
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Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 562,445 | $ | 626,595 | |||
Restricted cash, including consolidated VIEs of $88,509 and $57,372 in 2016 and 2015, respectively | 160,293 | 152,586 | |||||
Accounts receivable, net | 117,469 | 103,811 | |||||
Prepaid expenses and other current assets | 61,150 | 53,769 | |||||
Assets held for sale | 61,579 | — | |||||
Total current assets | 962,936 | 936,761 | |||||
Renewable energy facilities, net, including consolidated VIEs of $3,550,855 and $3,558,041 in 2016 and 2015, respectively | 5,156,083 | 5,834,234 | |||||
Intangible assets, net, including consolidated VIEs of $903,915 and $929,580 in 2016 and 2015, respectively | 1,219,242 | 1,246,164 | |||||
Goodwill | 55,874 | 55,874 | |||||
Deferred financing costs, net | 8,738 | 10,181 | |||||
Other assets | 96,449 | 120,343 | |||||
Restricted cash | 23,057 | 13,852 | |||||
Non-current assets held for sale | 582,366 | — | |||||
Total assets | $ | 8,104,745 | $ | 8,217,409 |
TERRAFORM POWER, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share data) (CONTINUED) |
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June 30, 2016 |
December 31, 2015 | ||||||
Liabilities, Non-controlling Interests and Stockholders' Equity | |||||||
Current liabilities: | |||||||
Current portion of long-term debt and financing lease obligations, including consolidated VIEs of $466,532 and $980,069 in 2016 and 2015, respectively | $ | 1,424,132 | $ | 2,037,919 | |||
Accounts payable, accrued expenses and other current liabilities, including consolidated VIEs of $56,024 and $48,359 in 2016 and 2015, respectively | 159,065 | 153,046 | |||||
Deferred revenue | 18,178 | 15,460 | |||||
Due to SunEdison, net | 26,637 | 26,598 | |||||
Liabilities related to assets held for sale | 431,688 | — | |||||
Total current liabilities | 2,059,700 | 2,233,023 | |||||
Long-term debt and financing lease obligations, less current portion, including consolidated VIEs of $553,760 and $59,706 in 2016 and 2015, respectively | 2,650,473 | 2,524,730 | |||||
Deferred revenue, less current portion | 62,855 | 70,492 | |||||
Deferred income taxes | 28,539 | 26,630 | |||||
Asset retirement obligations, including consolidated VIEs of $111,530 and $101,532 in 2016 and 2015, respectively | 184,274 | 215,146 | |||||
Other long-term liabilities | 41,198 | 31,408 | |||||
Non-current liabilities related to assets held for sale | 42,079 | — | |||||
Total liabilities | 5,069,118 | 5,101,429 | |||||
Redeemable non-controlling interests | 180,240 | 175,711 | |||||
Stockholders' equity: | |||||||
Preferred stock, $0.01 par value per share, 50,000,000 shares authorized, none issued and outstanding in 2016 and 2015, respectively | — | — | |||||
Class A common stock, $0.01 par value per share, 850,000,000 shares authorized, 91,455,316 and 79,734,265 shares issued in 2016 and 2015, respectively, and 91,312,642 and 79,612,533 shares outstanding in 2016 and 2015, respectively | 910 | 784 | |||||
Class B common stock, $0.01 par value per share, 140,000,000 shares authorized, 48,202,310 and 60,364,154 shares issued and outstanding in 2016 and 2015, respectively | 482 | 604 | |||||
Class B1 common stock, $0.01 par value per share, 260,000,000 shares authorized, none issued and outstanding in 2016 and 2015 | — | — | |||||
Additional paid-in capital | 1,465,350 | 1,267,484 | |||||
Accumulated deficit | (125,981 | ) | (104,593 | ) | |||
Accumulated other comprehensive income | 4,182 | 22,900 | |||||
Treasury stock, 142,674 and 121,732 shares in 2016 and 2015, respectively | (2,833 | ) | (2,436 | ) | |||
Total TerraForm Power, Inc. stockholders' equity | 1,342,110 | 1,184,743 | |||||
Non-controlling interests | 1,513,277 | 1,755,526 | |||||
Total non-controlling interests and stockholders' equity | 2,855,387 | 2,940,269 | |||||
Total liabilities, non-controlling interests and stockholders' equity | $ | 8,104,745 | $ | 8,217,409 |
TERRAFORM POWER, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) |
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Six Months Ended June 30, | |||||||
2016 | 2015 | ||||||
Cash flows from operating activities: | |||||||
Net loss | $ | (78,442 | ) | $ | (54,526 | ) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||
Depreciation, accretion and amortization expense | 120,038 | 70,027 | |||||
Amortization of favorable and unfavorable rate revenue contracts, net | 20,325 | 5,023 | |||||
Amortization of deferred financing costs and debt discounts | 15,219 | 11,506 | |||||
Unrealized loss on U.K. interest rate swaps | 30,647 | — | |||||
Unrealized loss on commodity contract derivatives, net | 5,201 | 1,814 | |||||
Unrealized loss on foreign currency exchange, net | 2,113 | 355 | |||||
Recognition of deferred revenue | (4,373 | ) | (972 | ) | |||
Stock-based compensation expense | 2,446 | 7,474 | |||||
Loss on extinguishment of debt, net | — | 8,652 | |||||
Loss on receivables - affiliate | 845 | — | |||||
Deferred taxes | 1,909 | 1,112 | |||||
Other, net | (86 | ) | (603 | ) | |||
Changes in assets and liabilities: | |||||||
Accounts receivable | (31,252 | ) | (54,889 | ) | |||
Prepaid expenses and other current assets | (9,143 | ) | 8,911 | ||||
Accounts payable, accrued expenses, and other current liabilities | 4,699 | 11,273 | |||||
Deferred revenue | (546 | ) | 14,323 | ||||
Other, net | 4,769 | 5,820 | |||||
Net cash provided by operating activities | 84,369 | 35,300 | |||||
Cash flows from investing activities: | |||||||
Cash paid to third parties for renewable energy facility construction | (37,372 | ) | (447,844 | ) | |||
Acquisitions of renewable energy facilities from third parties, net of cash acquired | (4,064 | ) | (1,159,269 | ) | |||
Change in restricted cash | (62,217 | ) | 4,343 | ||||
Due to SunEdison, net | — | (14,872 | ) | ||||
Other investments | — | (10,000 | ) | ||||
Net cash used in investing activities | $ | (103,653 | ) | $ | (1,627,642 | ) |
TERRAFORM POWER, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (CONTINUED) |
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Six Months Ended June 30, | |||||||
2016 | 2015 | ||||||
Cash flows from financing activities: | |||||||
Proceeds from issuance of Class A common stock | $ | — | $ | 921,610 | |||
Proceeds from Senior Notes due 2023 | — | 945,962 | |||||
Repayment of term loan | — | (573,500 | ) | ||||
Proceeds from Revolver | — | 235,000 | |||||
Repayment of Revolver | — | (235,000 | ) | ||||
Borrowings of non-recourse long-term debt | 3,980 | 344,884 | |||||
Principal payments on non-recourse long-term debt | (63,925 | ) | (134,333 | ) | |||
Due to SunEdison, net | (10,885 | ) | 44,998 | ||||
Sale of membership interests in renewable energy facilities | 15,266 | 44,792 | |||||
Distributions to non-controlling interests in renewable energy facilities | (13,788 | ) | (16,885 | ) | |||
Repurchase of non-controlling interest in renewable energy facilities | — | (54,694 | ) | ||||
Distributions to SunEdison | — | (31,555 | ) | ||||
Net SunEdison investment | 28,671 | 99,251 | |||||
Payment of dividends | — | (33,910 | ) | ||||
Debt prepayment premium | — | (6,412 | ) | ||||
Debt financing fees | (4,500 | ) | (35,392 | ) | |||
Net cash (used in) provided by financing activities | (45,181 | ) | 1,514,816 | ||||
Net decrease in cash and cash equivalents | (64,465 | ) | (77,526 | ) | |||
Effect of exchange rate changes on cash and cash equivalents | 315 | (396 | ) | ||||
Cash and cash equivalents at beginning of period | 626,595 | 468,554 | |||||
Cash and cash equivalents at end of period | $ | 562,445 | $ | 390,632 | |||
Supplemental Disclosures: | |||||||
Cash paid for interest, net of amounts capitalized of $804 and $11,419, respectively | $ | 118,942 | $ | 44,530 | |||
Cash paid for income taxes | — | — | |||||
Schedule of non-cash activities: | |||||||
Additions of asset retirement obligation (ARO) assets and liabilities | $ | 9,003 | $ | 36,176 | |||
ARO assets and obligations from acquisitions | 136 | 27,208 | |||||
Long-term debt assumed in connection with acquisitions | — | 136,174 |
Appendix Table A-1: Reg. G:
Reconciliation of Net Income (Loss) to Adjusted EBITDA to CAFD
Adjusted EBITDA
We believe Adjusted EBITDA is useful to investors in evaluating our operating performance because securities analysts and other interested parties use such calculations as a measure of financial performance and debt service capabilities. In addition, Adjusted EBITDA is used by our management for internal planning purposes, including for certain aspects of our consolidated operating budget.
We define Adjusted EBITDA as net income (loss) plus depreciation, accretion and amortization, non-cash affiliate general and administrative costs, acquisition related expenses, interest expense, gains (losses) on interest rate swaps, foreign currency gains (losses), income tax (benefit) expense and stock compensation expense, and certain other non-cash charges, unusual, non-operating or non-recurring items and other items that we believe are not representative of our core business or future operating performance. Our definitions and calculations of these items may not necessarily be the same as those used by other companies. Adjusted EBITDA is not a measure of liquidity or profitability and should not be considered as an alternative to net income, operating income, net cash provided by operating activities or any other measure determined in accordance with U.S. GAAP.
Cash Available for Distribution
We believe cash available for distribution is useful to investors in evaluating our operating performance because securities analysts and other interested parties use such calculations as a measure of financial performance. In addition, cash available for distribution is used by our management team for internal planning purposes.
We define “cash available for distribution” or “CAFD” as adjusted EBITDA of
The following table presents a reconciliation of net loss to Adjusted EBITDA to CAFD:
Three Months Ended June 30, |
Six Months Ended June 30, |
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(in thousands) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Net income (loss) | ($ | 44,937 | ) | $ | 29,134 | ($ | 78,442 | ) | ($ | 54,526 | ) | |||||
Interest expense, net | 101,299 | 35,961 | 170,293 | 72,816 | ||||||||||||
Income tax provision (benefit) | 1,878 | 1,214 | 1,975 | 1,169 | ||||||||||||
Depreciation, accretion and amortization expense (a) | 70,853 | 43,495 | 140,363 | 75,050 | ||||||||||||
General and administrative expenses (b) | 11,576 | 16,557 | 27,573 | 23,251 | ||||||||||||
Stock-based compensation expense (c) | 1,423 | 2,330 | 2,446 | 7,474 | ||||||||||||
Acquisition and related costs, including affiliate (d) | - | 7,268 | 2,743 | 21,426 | ||||||||||||
Unrealized loss on derivatives, net (e) | 5,553 | (2,488 | ) | 5,201 | 1,814 | |||||||||||
Loss (gain) on extinguishment of debt, net (f) | - | (11,386 | ) | - | 8,652 | |||||||||||
Non-recurring facility-level non-controlling interest member transaction fees (g) | - | - | - | 2,753 | ||||||||||||
Loss (gain) on foreign currency exchange, net (h) | 5,279 | (14,439 | ) | 2,113 | (70 | ) | ||||||||||
Loss on investments and receivables with affiliate (i) | - | - | 845 | - | ||||||||||||
Other non-cash operating revenues (j) | (1,502 | ) | - | (3,824 | ) | - | ||||||||||
Other non-operating expenses (k) | (423 | ) | - | 144 | - | |||||||||||
Adjusted EBITDA | $ | 150,999 | $ | 107,646 | $ | 271,430 | $ | 159,809 | ||||||||
Adjusted EBITDA | $ | 150,999 | $ | 107,646 | $ | 271,430 | $ | 159,809 | ||||||||
Interest payments | (59,563 | ) | (41,252 | ) | (117,487 | ) | (61,452 | ) | ||||||||
Principal payments | (32,805 | ) | (10,653 | ) | (40,768 | ) | (11,899 | ) | ||||||||
Cash distributions to non-controlling interests, net | (6,085 | ) | (2,970 | ) | (9,447 | ) | (12,317 | ) | ||||||||
Non-expansionary capital expenditures | (2,396 | ) | (4,495 | ) | (5,657 | ) | (4,495 | ) | ||||||||
(Deposits into)/withdrawals from restricted cash accounts | (65,724 | ) | 5,468 | (73,962 | ) | 13,498 | ||||||||||
Other: | ||||||||||||||||
Contributions received pursuant to agreements with SunEdison (l) | - | 3,313 | 8,000 | 9,466 | ||||||||||||
Economic ownership adjustments (m) | - | 6,379 | - | 13,590 | ||||||||||||
Other items | 1,542 | (162 | ) | 16,410 | 1,974 | |||||||||||
Estimated cash available for distribution | (14,032 | ) | 63,275 | 48,519 | 108,174 | |||||||||||
Impact of defaults on changes in restricted cash (n) | (67,321 | ) | – | (67,321 | ) | – | ||||||||||
Estimated cash available for distribution excluding defaults | $ | 53,289 | $ | 63,275 | $ | 115,840 | $ | 108,174 |
a) Includes the following reductions, (increases) within operating revenues, due to net amortization of favorable and unfavorable rate revenue contracts for the following periods:
2Q 2016 | 2Q 2015 | June 2016 YTD | June 2015 YTD |
$9.8M | $5.4M | $20.3M | $5.0M |
b) Pursuant to the MSA,
2Q 2016 | 2Q 2015 | June 2016 YTD | June 2015 YTD |
$5.7M | $1.3M | $8.0M | $2.0M |
c) Represents stock-based compensation expense recorded within general and administrative expenses and general and administrative expenses affiliate in the consolidated statements of operations.
d) Represents transaction related costs, including affiliate acquisition costs, associated with acquisitions.
e) Represents the unrealized change in the fair value of commodity contracts not designated as hedges.
f) Represents net losses and (gains) on extinguishment of debt for the following credit facilities during the periods shown:
2Q 2016 | 2Q 2015 | June 2016 YTD | June 2015 YTD | |
Term Loan / Sr. Notes extinguishment and related fees | -- | $0.0M | -- | $12.3M |
Revolver | -- | -- | -- | 1.3M |
First Wind | -- | -- | -- | 6.4M |
Duke Energy operating facility | -- | ($11.4M) | -- | ($11.4M) |
g) Represents professional fees for legal, tax, and accounting services related to entering into certain tax equity financing arrangements that were paid by
h) Represents unrealized net losses and (gains) on foreign currency exchange, primarily due to unrealized (gains)/losses on the re-measurement of intercompany loans which are primarily denominated in British pounds.
i) As a result of the SunEdison Bankruptcy, we recorded a bad debt reserve during the six months ended
j) Primarily represents deferred revenue recognized, related to the upfront sale of investment tax credits to non-controlling interest members.
k) Represents certain other non-cash charges or non-operating items that we believe are not representative of our core business or future operating performance.
l) We received an equity contribution of
m) Represents economic ownership of certain acquired operating assets which accrued to us prior to the acquisition close date. The amount recognized for year-to-date
n) Represents the impact of
Appendix Table A-2: Reg. G: TerraForm Power, Inc.
Reconciliation of Operating Revenues to Adjusted Revenue
Adjusted Revenue
We define Adjusted Revenue as operating revenues, net adjusted for non-cash items including unrealized gain/loss on derivatives, amortization of favorable and unfavorable revenue contracts and other non-cash items. We believe Adjusted Revenue is useful to investors in evaluating our operating performance because securities analysts and other interested parties use such calculations as a measure of financial performance. Adjusted Revenue is a non-GAAP measure used by our management for internal planning purposes, including for certain aspects of our consolidating operating budget.
The following table presents a reconciliation of Operating revenues, net to Adjusted Revenue:
Three Months Ended June 30, |
Six Months Ended June 30, |
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(in thousands) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Adjustments to reconcile Operating revenues, net to adjusted revenue | ||||||||||||||||
Operating revenues, net | $ | 187,301 | $ | 130,046 | $ | 341,218 | $ | 200,561 | ||||||||
Unrealized loss on derivatives, net (o) | 5,553 | (2,488 | ) | 5,201 | 1,814 | |||||||||||
Amortization of favorable and unfavorable rate revenue contracts, net (p) | 9,821 | 5,359 | 20,325 | 5,023 | ||||||||||||
Other non-cash items (q) | (1,502 | ) | (1,065 | ) | (3,824 | ) | (644 | ) | ||||||||
Adjusted revenue | $ | 201,173 | $ | 131,852 | $ | 362,920 | $ | 206,754 |
o) Represents the change in the fair value of commodity contracts not designated as hedges.
p) Represents net amortization of favorable and unfavorable rate revenue contracts included within operating revenues, net.
q) Primarily represents deferred revenue recognized related to the upfront sale of investment tax credits to non-controlling interest members.
Contacts: Investors:Brett Prior TerraForm Power investors@terraform.com Media:Meaghan Repko /Joseph Sala /Nicholas Leasure Joele Frank , Wilkinson Brimmer Katcher media@terraform.com (212) 355-4449