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SEC Filings

10-K
TERRAFORM GLOBAL, INC. filed this Form 10-K on 06/15/2017
Entire Document
 

Megawatt Hour Generation
Megawatt-hour (“MWh”) generation refers to the actual amount of electricity a power generator produces over a specific period. Management tracks the aggregate generation of the Company’s power generation assets as it is indicative of the periodic production of its business operations.
Gigawatt-hours Sold
Gigawatt-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 GWh sold for the year ended December 31, 2016 was 2,272.9 GWh as compared to 1,055.6 GWh for the same period in the prior year.
Consolidated Results of Operations
The Company is required to recast historical financial statements when power plants are acquired from SunEdison. The recast reflects the assets and liabilities and the results of operations of the acquired power plants for the period the power plants were owned by SunEdison, which is in accordance with the rules applicable to transactions between entities under common control. We modified the presentation of our consolidated statements of operations for the year ended December 31, 2015 to reflect the recast results. There is no recast impact to the 2014 financial statements. See Item 15. Note 3 - Transactions Between Entities Under Common Control.
Year Ended December 31, 2016 Compared to Year Ended December 31, 2015
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 following table illustrates the consolidated results of operations for the year ended December 31, 2016 compared to the year ended December 31, 2015:
 
Year Ended December 31,
(In thousands)
2016
 
2015
Operating revenues, net
$
214,317

 
$
124,116

Operating costs and expenses:
 
 
 
Cost of operations
46,935

 
19,041

General and administrative
72,857

 
32,315

Acquisition, formation and related costs
10,872

 
39,358

Depreciation, accretion and amortization
55,188

 
28,931

Provision for contingent loss on deposit for acquisitions

 
231,000

Total operating costs and expenses
185,852

 
350,645

Operating income (loss)
28,465

 
(226,529
)
Other expense (income):
 
 
 
(Gain) loss on the extinguishment of debt
(5,857
)
 
2,298

Interest expense, net
129,276

 
107,648

Gain on previously held equity investment

 
(1,426
)
(Gain) loss on foreign currency exchange
(4,899
)
 
35,720

Other (income) loss, net
(20,239
)
 
(6,422
)
Total other expenses, net
98,281

 
137,818

Loss before income tax expense
(69,816
)
 
(364,347
)
Income tax expense (benefit)
8,682

 
5,335

Net loss
(78,498
)
 
(369,682
)
Less: Predecessor loss prior to initial public offering on August 5, 2015

 
(39,353
)
Net loss subsequent to initial public offering
(78,498
)
 
(330,329
)
Less: loss attributable to non-controlling interests
(25,466
)
 
(118,532
)
Net loss attributable to TerraForm Global, Inc. Class A common stockholders
$
(53,032
)
 
$
(211,797
)


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