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SEC Filings

10-K
TERRAFORM GLOBAL, INC. filed this Form 10-K on 12/21/2016
Entire Document
 

Megawatt Hour Generation
Megawatt-hour (“MWh”) generation refers to the actual amount of electricity a power generator produces over a specific period of time. Management tracks the aggregate generation of the Company’s power generation assets as it is indicative of the periodic production of its business operations.
Megawatt Hours Sold
Megawatt-hours sold refers to the actual volume of electricity generated and sold by the Company’s power plants during a particular period. Management tracks megawatt-hours sold as an indicator of the ability to recognize revenue from the generation of electricity at the Company’s power plants. Our total MWh sold for the year ended December 31, 2015 was 1,055,640 MWh.
Consolidated Results of Operations
Year Ended December 31, 2015 Compared to Year Ended December 31, 2014
For all periods prior to the IPO, our consolidated results of operations represent the combination of TerraForm Global, Inc. and Global LLC, our accounting predecessor. For all periods subsequent to the IPO, the amounts shown in the table below represent the results of TerraForm Global, Inc., which consolidates Global LLC through its controlling interest. The results of the Company include the operating results of Global LLC for the years ended December 31, 2015 and 2014 and $0.1 million of stock-based compensation expense. There was no similar expense recorded during the year ended December 31, 2014 and 2013. The following table illustrates the consolidated results of operations for the years ended December 31, 2015 compared to December 31, 2014:
 
Year Ended December 31,
(In thousands)
2015
 
2014
Operating revenues, net
$
124,116

 
$
39,449

Operating costs and expenses:
 
 
 
Cost of operations
9,964

 
1,999

Cost of operations - affiliate
6,388

 
2,257

General and administrative expense
11,603

 
1,349

General and administrative expense - affiliate
20,668

 
10,850

Acquisition, formation and related costs
39,358

 

Depreciation, accretion and amortization expense
28,769

 
7,167

Provision for contingent loss on deposit for acquisitions
231,000

 

Total operating costs and expenses
347,750

 
23,622

Operating (loss) income
(223,634
)
 
15,827

Other expense (income):
 
 
 
Loss on extinguishment of debt, net
2,298

 

Interest expense, net
107,648

 
24,294

Gain on previously held equity investment
(1,426
)
 

Loss (gain) on foreign currency exchange, net
35,363

 
(4,038
)
Other income, net
(1,366
)
 
(1,090
)
Total other expenses, net
142,517

 
19,166

Loss before income tax expense
(366,151
)
 
(3,339
)
Income tax expense
4,858

 
1,700

Net loss
(371,009
)
 
$
(5,039
)
Less: Predecessor loss prior to initial public offering on August 5, 2015
(39,353
)
 
 
Net loss subsequent to initial public offering
(331,656
)
 
 
Less: Net loss attributable to non-controlling interests
(118,995
)
 
 
Net loss attributable to TerraForm Global, Inc. Class A common stockholders
$
(212,661
)
 
 


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