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

Item 6. Selected Financial Data.

Our historical selected financial data is presented in the following table. For all periods prior to our initial public offering (“IPO”) on July 23, 2014, the amounts shown in the table below represent the combination of TerraForm Power and Terra LLC, the accounting predecessor, and were prepared using SunEdison's historical basis in assets and liabilities. 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. This historical data should be read in conjunction with the consolidated financial statements and the related notes thereto in Item 15. Exhibits, Financial Statements and Schedules and with Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.
 
 
Year Ended December 31,
(In thousands, except per share data)
 
2018
 
2017
 
2016
 
2015
 
2014
Statements of Operations Data:
 
 
 
 
 
 
 
 
 
 
Operating revenues, net
 
$
766,570

 
$
610,471

 
$
654,556

 
$
469,506

 
$
127,156

Operating costs and expenses:
 
 
 
 
 
 
 
 
 
 
Cost of operations
 
220,907

 
150,733

 
113,302

 
70,468

 
10,630

Cost of operations - affiliate
 

 
17,601

 
26,683

 
19,915

 
8,063

General and administrative expenses
 
87,722

 
139,874

 
89,995

 
55,811

 
20,984

General and administrative expenses - affiliate
 
16,239

 
13,391

 
14,666

 
55,330

 
19,144

Acquisition costs
 
7,721

 

 
2,743

 
49,932

 
10,177

Acquisition costs - affiliate
 
6,925

 

 

 
5,846

 
5,049

Loss on prepaid warranty - affiliate
 

 

 

 
45,380

 

Impairment of goodwill
 

 

 
55,874

 

 

Impairment of renewable energy facilities
 
15,240

 
1,429

 
18,951

 

 

Depreciation, accretion and amortization expense
 
341,837

 
246,720

 
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
 
696,591

 
569,748

 
565,579

 
463,992

 
120,767

Operating income
 
69,979

 
40,723

 
88,977

 
5,514

 
6,389

Other expenses (income):
 
 
 
 
 
 
 
 
 
 
Interest expense, net
 
249,211

 
262,003

 
310,336

 
167,805

 
86,191

Loss on extinguishment of debt, net
 
1,480

 
81,099

 
1,079

 
16,156

 
(7,635
)
Gain on sale of renewable energy facilities
 

 
(37,116
)
 

 

 

(Gain) loss on foreign currency exchange, net
 
(10,993
)
 
(6,061
)
 
13,021

 
19,488

 
14,007

Loss on investments and receivables - affiliate
 

 
1,759

 
3,336

 
16,079

 

Other (income) expenses, net
 
(4,102
)
 
(5,017
)
 
2,218

 
7,362

 
438

Total other expenses, net
 
235,596

 
296,667

 
329,990

 
226,890

 
93,001

Loss before income tax (benefit) expense
 
(165,617
)
 
(255,944
)
 
(241,013
)
 
(221,376
)
 
(86,612
)
Income tax (benefit) expense
 
(12,290
)
 
(19,641
)
 
2,734

 
(12,584
)
 
(4,689
)
Net loss
 
$
(153,327
)
 
$
(236,303
)
 
$
(243,747
)
 
$
(208,792
)
 
$
(81,923
)
Net income (loss) attributable to Class A common stockholders
 
$
12,380

 
$
(160,154
)
 
$
(123,511
)
 
$
(78,832
)
 
$
(25,617
)
Basic and diluted loss per Class A common share
 
0.07

 
(1.61
)
 
(1.40
)
 
(1.24
)
 
(0.87
)
Dividends declared per Class A common share
 
0.76

 
1.94

 

 
1.01

 
0.44

 
 
 
 
 
 
 
 
 
 
 



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