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TerraForm Power, Inc. - Selected Financial Data

TerraForm Power, Inc. - Selected Financial Data

 

Our consolidated financial statements were prepared assuming we would continue as a going concern (which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business). Our ability to continue as a going concern is dependent on many factors, including among other things, the resolution of the SunEdison Bankruptcy absent claims from interested parties that the assets and liabilities of the Company be substantively consolidated with SunEdison and that the Company and/or its assets and liabilities be included in the SunEdison Bankruptcy as well as our ability to comply with or modify our existing debt covenant requirements. Management’s plans with respect to these conditions are further described in Note 1 to our consolidated financial statements included in this annual report on Form 10-K. The following Selected Financial Data taken from our accompanying financial statements have been prepared assuming that we will continue as a going concern. These financial statements do not include any adjustments that might result from the outcome of this uncertainty.

                                 

 

 

Year Ended December 31,

(in thousands, except per share data)

 

2015

 

2014

 

2013

 

2012

Statement of Operations Data:

 

 

 

 

 

 

 

 

Operating revenues, net

 

$

469,506

 

 

$

127,156

 

 

$

18,716

 

 

$

16,992

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

Cost of operations

 

70,468

 

 

10,630

 

 

1,112

 

 

917

 

Cost of operations - affiliate

 

19,915

 

 

8,063

 

 

1,068

 

 

834

 

General and administrative expenses

 

55,811

 

 

20,984

 

 

289

 

 

177

 

General and administrative expenses - affiliate

 

55,330

 

 

19,144

 

 

5,158

 

 

4,425

 

Acquisition and related costs

 

49,932

 

 

10,177

 

 

 

 

 

Acquisition and related costs - affiliate

 

5,846

 

 

5,049

 

 

 

 

 

Loss on prepaid warranty - affiliate

 

45,380

 

 

 

 

 

 

 

Depreciation, accretion and amortization expense

 

161,310

 

 

41,280

 

 

5,731

 

 

5,034

 

Formation and offering related fees and expenses

 

 

 

3,570

 

 

 

 

 

Formation and offering related fees and expenses - affiliate

 

 

 

1,870

 

 

 

 

 

Total operating costs and expenses

 

463,992

 

 

120,767

 

 

13,358

 

 

11,387

 

Operating income

 

5,514

 

 

6,389

 

 

5,358

 

 

5,605

 

Other expenses:

 

 

 

 

 

 

 

 

Interest expense, net

 

167,805

 

 

86,191

 

 

8,129

 

 

7,665

 

Loss (gain) on extinguishment of debt, net

 

16,156

 

 

(7,635

)

 

 

 

 

Loss (gain) on foreign currency exchange, net

 

19,488

 

 

14,007

 

 

(771

)

 

 

Loss on investments and receivables - affiliate

 

16,079

 

 

 

 

 

 

 

Other expenses, net

 

7,362

 

 

438

 

 

 

 

 

Total other expenses, net

 

226,890

 

 

93,001

 

 

7,358

 

 

7,665

 

Loss before income tax benefit

 

(221,376

)

 

(86,612

)

 

(2,000

)

 

(2,060

)

Income tax benefit

 

(13,241

)

 

(4,689

)

 

(88

)

 

(1,270

)

Net loss

 

$

(208,135

)

 

$

(81,923

)

 

$

(1,912

)

 

$

(790

)

Net loss attributable to Class A common stockholders

 

$

(79,886

)

 

$

(25,617

)

 

N/A

 

 

N/A

 

Basic and diluted loss per Class A common share

 

(1.25

)

 

(0.87

)

 

N/A

 

 

N/A

 

Dividends declared per Class A common share

 

1.01

 

 

0.44

 

 

N/A

 

 

N/A

 

 

 

 

 

 

 

 

 

 

 


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