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SEC Filings
10-K
TERRAFORM POWER, INC. filed this Form 10-K on 03/15/2019
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Quarterly results of operations for the year ended December 31, 2017 were as follows:
(In thousands, except per share data)
 
Q1
 
Q21
 
Q32
 
Q43
Operating revenues, net
 
$
151,135

 
$
170,367

 
$
153,430

 
$
135,539

Operating income (loss)
 
12,068

 
25,547

 
24,686

 
(21,578
)
Interest expense, net
 
68,312

 
68,205

 
70,232

 
55,254

Net loss
 
(56,622
)
 
(1,523
)
 
(36,354
)
 
(141,804
)
Net (loss) income attributable to Class A common stockholders
 
(30,797
)
 
9,606

 
(26,300
)
 
(112,663
)
Weighted average Class A common shares outstanding - basic
 
92,072

 
92,257

 
92,352

 
138,401

Weighted average Class A common shares outstanding - diluted
 
92,072
 
92,745
 
92,352
 
138,401

Net (loss) earnings per weighted average Class A common share - basic and diluted
 
$
(0.36
)
 
$
0.08

 
$
(0.31
)
 
$
(0.82
)
———
(1)
The Company closed on the sale of the U.K. Portfolio during the second quarter of 2017 and recognized a gain on the sale of $37.1 million which is reflected within gain on sale of renewable energy facilities in the consolidated statements of operations.
(2)
The Company entered into a settlement agreement in 2017 with insurers of one of its wind power plants with respect to insurance proceeds related to a battery fire that occurred at the wind power plant in 2012, and the Company received the insurance proceeds in the fourth quarter of 2017. The receipt of the proceeds became probable in the third quarter of 2017, and the Company recognized a $5.3 million gain in other (income) expenses, net.
(3)
The fourth quarter of 2017 includes a $78.6 million loss on extinguishment of debt, which is comprised of charges related to the Revolver, the Senior Notes due 2023 and the Midco Portfolio Term Loan (as discussed in Note 10. Long-term Debt), $27.0 million of charges recorded within general and administrative expenses related to success fees and advisory fees paid to third party advisers upon the closing of the Merger and a $7.0 million stock-based compensation charge recognized within general and administrative expenses as a result of the vesting of all previously unvested equity awards issued under the 2014 LTIP upon the consummation of the Merger. These charges were partially offset by a $6.4 million increase recorded to the income tax benefit in the fourth quarter of 2017 to adjust amounts previously reported in 2016 as discussed in Note 12. Income Taxes and a $4 million gain recognized within general and administrative expenses as a result of the final settlement of the EMEC litigation as discussed in Note 18. Commitments and Contingencies.

23. SUBSEQUENT EVENTS

First Quarter 2019 Dividends

On March 13, 2019, the Board declared a quarterly dividend with respect to our Class A common stock of $0.2014 per share. The dividend is payable on March 29, 2019 to stockholders of record as of March 24, 2019.

EXHIBIT INDEX
Exhibit
Number
 
Description
2.1
 
 
 
 
2.2
 
 
 
 
2.3***
 
 
 
 
2.4***
 
 
 
 


157