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SEC Filings
10-K
TERRAFORM POWER, INC. filed this Form 10-K on 03/15/2019
Entire Document
 

Company’s Chief Executive Officer and Chief Financial Officer have been identified as the CODM. The Company’s operating segments consist of: (i) Distributed Generation, North America Utility and International Utility, which are aggregated into the Solar reportable segment; (ii) Northeast Wind, Central Wind, Hawaii Wind, Portugal Wind and Uruguay Wind operating segments, which are aggregated into the Wind reportable segment; and (iii) the Spanish Regulated Solar and Wind operating segments that are aggregated within the Regulated Solar and Wind reportable segment. Portugal Wind, Uruguay Wind, and the Spanish Regulated Solar and Wind segments are new operating segments that were added during the second quarter of 2018, and include Saeta’s entire operations. The operating segments have been aggregated as they have similar economic characteristics and meet the aggregation criteria. The CODM evaluates the performance of the Company’s operating segments principally based on operating income or loss. Certain other measures reviewed include Adjusted EBITDA and CAFD. Corporate expenses include general and administrative expenses, acquisition costs, interest expense on corporate-level indebtedness, stock-based compensation and depreciation, accretion and amortization expense. All net operating revenues for the years ended December 31, 2018, 2017 and 2016 were earned by the Company’s reportable segments from external customers in the United States (including Puerto Rico), Canada, Spain, Portugal, the United Kingdom, Uruguay and Chile, as applicable.

The following table reflects summarized financial information concerning the Company’s reportable segments for the years ended December 31, 2018, 2017 and 2016:
 
 
Year Ended December 31, 2018
(In thousands)
 
Solar
 
Wind
 
Regulated Solar and Wind
 
Corporate
 
Total
Operating revenues, net
 
$
298,966

 
$
280,949

 
$
186,655

 
$

 
$
766,570

Depreciation, accretion and amortization expense
 
109,809

 
151,472

 
79,026

 
1,530

 
341,837

Impairment of renewable energy facilities
 
15,240

 

 

 

 
15,240

Other operating costs and expenses
 
74,778

 
123,203

 
46,289

 
95,244

 
339,514

Operating income (loss)
 
99,139

 
6,274

 
61,340

 
(96,774
)
 
69,979

Interest expense, net
 
63,571

 
50,712

 
15,510

 
119,418

 
249,211

Loss on extinguishment of debt, net
 

 

 

 
1,480

 
1,480

Other non-operating income, net
 
(4,248
)
 
(108
)
 
(2,261
)
 
(8,478
)
 
(15,095
)
Income tax (benefit) expense
 
(20,346
)
 
79

 
10,558

 
(2,581
)
 
(12,290
)
Net income (loss)
 
$
60,162

 
$
(44,409
)
 
$
37,533

 
$
(206,613
)
 
$
(153,327
)
Cash Flows
 
 
 
 
 
 
 
 
 
 
Capital expenditures
 
$
4,325

 
$
12,219

 
$

 
$
5,901

 
$
22,445

Balance Sheet
 
 
 
 
 
 
 
 
 
 
Total assets1
 
2,762,977

 
3,733,049

 
2,748,126

 
86,202

 
9,330,354



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