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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 _____________________________________________________________________________
FORM 10-Q
 _____________________________________________________________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission File Number: 001-36542
 ______________________________________________________________
https://cdn.kscope.io/ac980dee19447f2a84f2ed14595c34ef-image0a22.jpg
TerraForm Power, Inc.
(Exact name of registrant as specified in its charter)
 _____________________________________________________________________________
Delaware
46-4780940
(State or other jurisdiction of incorporation or organization)
(I. R. S. Employer Identification No.)
200 Liberty Street,
14th Floor
New York,
New York
10281
(Address of principal executive offices)
(Zip Code)
646-992-2400
(Registrant’s telephone number, including area code)
 _________________________________________________

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
Common Stock, Class A, par value $0.01
TERP
Nasdaq Global Select Market
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
 
Accelerated filer
 
Non-accelerated filer
 
 
Smaller reporting company
 
Emerging growth company
 
 
 
 
 



If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes      No  
As of July 31, 2019, there were 209,154,985 shares of Class A common stock outstanding.
 




TerraForm Power, Inc. and Subsidiaries
Table of Contents
Form 10-Q

 
 
Page
 
 
 
 
 
Item 1.
 
 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
 
 
 
 
 
 
 
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
 





CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). 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,” “opportunities,” “goal,” “guidance,” “outlook,” “initiatives,” “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 the Company expects or anticipates will occur in the future are forward-looking statements. They may include estimates of expected cash available for distribution, dividend growth, earnings, revenues, income, loss, capital expenditures, liquidity, capital structure, margin enhancements, cost savings, future growth, financing arrangements and other financial performance items (including future dividends per share), descriptions of management’s plans or objectives for future operations, products, or services, or descriptions of assumptions underlying any of the above. Forward-looking statements provide the Company’s current expectations or predictions of future conditions, events, or results and speak only as of the date they are made. Although the Company believes its expectations and assumptions are reasonable, it can give no assurance that these expectations and assumptions will prove to have been correct and actual results may vary materially.

Important factors that could cause actual results to differ materially from our expectations, or cautionary statements, are listed below and further disclosed under the section entitled Item 1A. Risk Factors in this Quarterly Report on Form 10-Q and in
our Annual Report on Form 10-K for the year ended December 31, 2018:

risks related to weather conditions at our wind and solar assets;
our ability to enter into contracts to sell power on acceptable prices and terms, including as our offtake agreements expire;
government regulation, including compliance with regulatory and permit requirements and changes in tax laws, market rules, rates, tariffs, environmental laws and policies affecting renewable energy;
our ability to compete against traditional utilities and renewable energy companies;
pending and future litigation;
our ability to successfully close the acquisitions of, and integrate the projects that we expect to acquire from, third parties, including the distributed generation (“DG”) portfolio that we have agreed (subject to certain terms and conditions and post-closing adjustments) to acquire from subsidiaries of AltaGas Ltd. (“AltaGas”);
our ability to successfully achieve expected synergies and to successfully execute on the funding plan for the acquisition of the DG portfolio from AltaGas, including our ability to successfully close any contemplated capital recycling initiatives;
our ability to realize the anticipated benefits from acquisitions;
our ability to implement and realize the benefit of our cost and performance enhancement initiatives, including the long-term service agreements with an affiliate of General Electric and our ability to realize the anticipated benefits from such initiatives;
the willingness and ability of counterparties to fulfill their obligations under offtake agreements;
price fluctuations, termination provisions and buyout provisions in offtake agreements;
risks related to the ability of our hedging activities to adequately manage our exposure to commodity and financial risk;
risks related to our operations being located internationally, including our exposure to foreign currency exchange rate fluctuations and political and economic uncertainties;
the regulated rate of return of renewable energy facilities in our Regulated Wind and Solar segment, a reduction of which could have a material negative impact on our results of operations;
the condition of the debt and equity capital markets and our ability to borrow additional funds and access capital markets, as well as our substantial indebtedness and the possibility that we may incur additional indebtedness in the future;
operating and financial restrictions placed on us and our subsidiaries related to agreements governing indebtedness;
our ability to identify or consummate any future acquisitions, including those identified by Brookfield Asset Management Inc. (“Brookfield”);
our ability to grow and make acquisitions with cash on hand, which may be limited by our cash dividend policy;
risks related to the effectiveness of our internal control over financial reporting; and


4



risks related to our relationship with Brookfield, including our ability to realize the expected benefits of sponsorship.

The Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions, factors, or expectations, new information, data, or methods, future events, or other changes, except as required by law. The foregoing list of factors that might cause results to differ materially from those contemplated in the forward-looking statements should be considered in connection with information regarding risks and uncertainties, which are described in our Annual Report on Form 10-K for the year ended December 31, 2018 and in subsequent Quarterly Reports on Form 10-Q, as well as additional factors we may describe from time to time in our other filings with the Securities and Exchange Commission (the “SEC”). We operate in a competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and you should understand that it is not possible to predict or identify all such factors and, consequently, you should not consider any such list to be a complete set of all potential risks or uncertainties.


5



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 June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Operating revenues, net
$
255,366

 
$
179,888

 
$
480,698

 
$
307,435

Operating costs and expenses:
 
 
 
 
 
 
 
Cost of operations
71,575

 
49,805

 
132,326

 
87,128

General and administrative expenses
22,057

 
19,865

 
45,219

 
44,149

General and administrative expenses - affiliate
6,159

 
4,023

 
11,323

 
7,497

Acquisition costs
293

 
2,877

 
475

 
5,957

Acquisition costs - affiliate

 
6,025

 

 
6,630

Impairment of renewable energy facilities

 

 

 
15,240

Depreciation, accretion and amortization expense
100,354

 
69,994

 
207,323

 
135,584

Total operating costs and expenses
200,438

 
152,589

 
396,666

 
302,185

Operating income
54,928

 
27,299

 
84,032

 
5,250

Other expenses (income):
 
 
 
 
 
 
 
Interest expense, net
71,041

 
50,892

 
157,328

 
104,446

Gain on extinguishment of debt, net

 

 
(5,543
)
 

Gain on foreign currency exchange, net
(6,440
)
 
(2,078
)
 
(15,192
)
 
(1,187
)
Other expenses (income), net
1,485

 
1,663

 
(1,195
)
 
2,512

Total other expenses, net
66,086

 
50,477

 
135,398

 
105,771

Loss before income tax expense
(11,158
)
 
(23,178
)
 
(51,366
)
 
(100,521
)
Income tax expense
5,669

 
4,434

 
1,518

 
3,404

Net loss
(16,827
)
 
(27,612
)
 
(52,884
)
 
(103,925
)
Less: Net income (loss) attributable to redeemable non-controlling interests
2,481

 
4,680

 
(6,900
)
 
2,658

Less: Net loss attributable to non-controlling interests
(15,713
)
 
(10,955
)
 
(33,762
)
 
(168,042
)
Net (loss) income attributable to Class A common stockholders
$
(3,595
)
 
$
(21,337
)
 
$
(12,222
)
 
$
61,459

 
 
 
 
 
 
 
 
Weighted average number of shares:
 
 
 
 
 
 
 
Class A common stock - Basic
209,142

 
161,568

 
209,142

 
154,890

Class A common stock - Diluted
209,142

 
161,568

 
209,142

 
154,905

 
 
 
 
 
 
 
 
(Loss) earnings per share:
 
 
 
 
 
 
 
Class A common stock - Basic and diluted
$
(0.02
)
 
$
(0.13
)
 
$
(0.06
)
 
$
0.40

 
 
 
 
 
 
 
 
Dividends declared per share:
 
 
 
 
 
 
 
Class A common stock
$
0.2014

 
$
0.19

 
$
0.4028

 
$
0.38



See accompanying notes to unaudited condensed consolidated financial statements.

6



TERRAFORM POWER, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In thousands)



 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2019
 
2018
 
2019
 
2018
Net loss
 
$
(16,827
)
 
$
(27,612
)
 
$
(52,884
)
 
$
(103,925
)
Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
 
Foreign currency translation adjustments:
 
 
 
 
 
 
 
 
Net unrealized gain (loss) arising during the period
 
4,050

 
(5,392
)
 
8,872

 
(8,675
)
Hedging activities:
 
 
 
 
 
 
 
 
Net unrealized (loss) gain arising during the period
 
(18,128
)
 
12,399

 
(27,288
)
 
1,907

Reclassification of net realized (gain) loss into earnings
 
(2,917
)
 
39

 
(5,828
)
 
(923
)
Other comprehensive (loss) income, net of tax
 
(16,995
)
 
7,046

 
(24,244
)
 
(7,691
)
Total comprehensive loss
 
(33,822
)
 
(20,566
)
 
(77,128
)
 
(111,616
)
Less comprehensive (loss) income attributable to non-controlling interests:
 
 
 
 
 
 
 
 
Net income (loss) attributable to redeemable non-controlling interests
 
2,481

 
4,680

 
(6,900
)
 
2,658

Net loss attributable to non-controlling interests
 
(15,713
)
 
(10,955
)
 
(33,762
)
 
(168,042
)
Hedging activities
 
56

 
6

 
732

 
(1,237
)
Comprehensive loss attributable to non-controlling interests
 
(13,176
)
 
(6,269
)
 
(39,930
)
 
(166,621
)
Comprehensive (loss) income attributable to Class A common stockholders
 
$
(20,646
)
 
$
(14,297
)
 
$
(37,198
)
 
$
55,005




See accompanying notes to unaudited condensed consolidated financial statements.

7



TERRAFORM POWER, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)


 
June 30,
2019
 
December 31, 2018
Assets
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
204,148

 
$
248,524

Restricted cash, current
30,876

 
27,784

Accounts receivable, net
164,476

 
145,161

Derivative assets, current
16,573

 
14,371

Prepaid expenses and other current assets
55,814

 
65,149

Due from affiliate

 
196

Total current assets
471,887

 
501,185

 
 
 
 
Renewable energy facilities, net, including consolidated variable interest entities of $3,136,579 and $3,064,675 in 2019 and 2018, respectively
6,564,873

 
6,470,026

Intangible assets, net, including consolidated variable interest entities of $715,086 and $751,377 in 2019 and 2018, respectively
1,890,615

 
1,996,404

Goodwill
150,785

 
120,553

Restricted cash
82,495

 
116,501

Derivative assets
81,140

 
90,984

Other assets
35,299

 
34,701

Total assets
$
9,277,094

 
$
9,330,354

 
 
 
 
Liabilities, Redeemable Non-controlling Interests and Stockholders' Equity
 
 
 
Current liabilities:
 
 
 
Current portion of long-term debt, including consolidated variable interest entities of $119,176 and $64,251 in 2019 and 2018, respectively
$
496,189

 
$
464,332

Accounts payable, accrued expenses and other current liabilities
184,104

 
181,400

Due to affiliates
8,233

 
6,991

Derivative liabilities, current portion
33,693

 
35,559

Total current liabilities
722,219

 
688,282

 
 
 
 
Long-term debt, less current portion, including consolidated variable interest entities of $795,723 and $885,760 in 2019 and 2018, respectively
5,105,373

 
5,297,513

Operating lease obligations, less current portion, including consolidated variable interest entities of $137,278 in 2019
237,486

 

Asset retirement obligations, including consolidated variable interest entities of $88,844 and $86,456 in 2019 and 2018, respectively
219,385

 
212,657

Derivative liabilities
132,912

 
93,848

Deferred income taxes
160,235

 
178,849

Other liabilities
97,973

 
90,788

Total liabilities
6,675,583

 
6,561,937

 
 
 
 
Redeemable non-controlling interests
33,344

 
33,495

Stockholders' equity:
 
 
 
Class A common stock, $0.01 par value per share, 1,200,000,000 shares authorized, 209,642,140 shares issued in 2019 and 2018
2,096

 
2,096

Additional paid-in capital
2,299,628

 
2,391,435

Accumulated deficit
(371,825
)
 
(359,603
)
Accumulated other comprehensive income
15,262

 
40,238

Treasury stock, 500,420 shares in 2019 and 2018
(6,712
)
 
(6,712
)
Total TerraForm Power, Inc. stockholders' equity
1,938,449

 
2,067,454

Non-controlling interests
629,718

 
667,468

Total stockholders' equity
2,568,167

 
2,734,922

Total liabilities, redeemable non-controlling interests and stockholders' equity
$
9,277,094

 
$
9,330,354


See accompanying notes to unaudited condensed consolidated financial statements.

8



TERRAFORM POWER, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In thousands)


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-controlling Interests
 
 
 
Class A Common Stock Issued
 
Additional Paid-in Capital
 
Accumulated Deficit
 
Accumulated Other Comprehensive Income (Loss)
 
Common Stock Held in Treasury
 
 
 
 
 
Accumulated Deficit
 
Accumulated Other Comprehensive Income (Loss)
 
 
 
Total Equity
 
Shares
 
Amount
 
 
 
 
Shares
 
Amount
 
Total
 
Capital
 
 
 
Total
 
Balance as of December 31, 2017
148,586

 
$
1,486

 
$
1,872,125

 
$
(387,204
)
 
$
48,018

 
(500
)
 
$
(6,712
)
 
$
1,527,713

 
$
1,057,301

 
$
(198,196
)
 
$
894

 
$
859,999

 
$
2,387,712

Cumulative-effect adjustment

 

 

 
24,578

 
(4,164
)
 

 

 
20,414

 

 
(308
)
 

 
(308
)
 
20,106

Net income (loss)

 

 

 
82,796

 

 

 

 
82,796

 

 
(157,087
)
 

 
(157,087
)
 
(74,291
)
Dividends

 

 
(28,008
)
 

 

 

 

 
(28,008
)
 

 

 

 

 
(28,008
)
Other comprehensive loss

 

 

 

 
(13,494
)
 

 

 
(13,494
)
 

 

 
(1,243
)
 
(1,243
)
 
(14,737
)
Contributions from non-controlling interests in renewable energy facilities

 

 

 

 

 

 

 

 
7,685

 

 

 
7,685

 
7,685

Distributions to non-controlling interests in renewable energy facilities

 

 

 

 

 

 

 

 
(5,204
)
 

 

 
(5,204
)
 
(5,204
)
Other

 

 
3,494

 

 

 

 

 
3,494

 

 
(500
)
 

 
(500
)
 
2,994

Balance as of March 31, 2018
148,586

 
1,486

 
1,847,611

 
(279,830
)
 
30,360

 
(500
)
 
(6,712
)
 
1,592,915

 
1,059,782

 
(356,091
)
 
(349
)
 
703,342

 
2,296,257

Issuance of Class A common stock to affiliates
60,976

 
610

 
649,390

 

 

 

 

 
650,000

 

 

 

 

 
650,000

Stock-based compensation

 

 
73

 

 

 

 

 
73

 

 

 

 

 
73

Net loss

 

 

 
(21,337
)
 

 

 

 
(21,337
)
 

 
(10,955
)
 

 
(10,955
)
 
(32,292
)
Dividends

 

 
(28,008
)
 

 

 

 

 
(28,008
)
 

 

 

 

 
(28,008
)
Other comprehensive income

 

 

 

 
7,040

 

 

 
7,040

 

 

 
6

 
6

 
7,046

Distributions to non-controlling interests in renewable energy facilities

 

 

 

 

 

 

 

 
(6,185
)
 

 

 
(6,185
)
 
(6,185
)
Other

 

 
(295
)
 

 

 

 

 
(295
)
 
102

 

 

 
102

 
(193
)
Balance as of June 30, 2018
209,562

 
$
2,096

 
$
2,468,771

 
$
(301,167
)
 
$
37,400

 
(500
)
 
$
(6,712
)
 
$
2,200,388

 
$
1,053,699

 
$
(367,046
)
 
$
(343
)
 
$
686,310

 
$
2,886,698


See accompanying notes to unaudited condensed consolidated financial statements.

9



TERRAFORM POWER, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In thousands)


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-controlling Interests
 
 
 
Class A Common Stock Issued
 
Additional Paid-in Capital
 
Accumulated Deficit
 
Accumulated Other Comprehensive Income
 
Common Stock Held in Treasury
 
 
 
 
 
Accumulated Deficit
 
Accumulated Other Comprehensive Income
 
 
 
Total Equity
 
Shares
 
Amount
 
 
 
 
Shares
 
Amount
 
Total
 
Capital
 
 
 
Total
 
Balance as of December 31, 2018
209,642

 
$
2,096

 
$
2,391,435

 
$
(359,603
)
 
$
40,238

 
(500
)
 
$
(6,712
)
 
$
2,067,454

 
$
1,040,771

 
$
(373,420
)
 
$
117

 
$
667,468

 
$
2,734,922

Stock-based compensation

 

 
160

 

 

 

 

 
160

 

 

 

 

 
160

Net loss

 

 

 
(8,627
)
 

 

 

 
(8,627
)
 

 
(18,049
)
 

 
(18,049
)
 
(26,676
)
Dividends

 

 
(41,987
)
 

 

 

 

 
(41,987
)
 

 

 

 

 
(41,987
)
Other comprehensive (loss) income

 

 

 

 
(7,925
)
 

 

 
(7,925
)