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SEC Filings

10-Q
TERRAFORM GLOBAL, INC. filed this Form 10-Q on 06/27/2017
Entire Document
 

Key Metrics
Operating Metrics
Net Capacity
The Company measures the electricity-generating production capacity of its power generation assets in net capacity (measured in megawatts of direct current, or “DC,” with respect to solar power plants, and megawatts of alternating current, or “AC,” with respect to wind power plants). Net capacity represents the rated generation capacity at standard test conditions of a power plant multiplied by either the Company’s percentage of economic ownership of that power plant after taking into account any redeemable preference shares and shareholder loans held by the Company or percentage of equity ownership of that power plant, as applicable. Rated capacity is the expected maximum output a power plant can produce without exceeding its design limits. The size of the Company’s power generation assets varies significantly among the assets comprising the portfolio. Management believes the aggregate net capacity of the Company’s portfolio is indicative of the overall production capacity and period-to-period comparisons of net capacity are indicative of the growth rate of the Company’s business. Our power plants had a net capacity (based on our share of economic ownership) of 919.0 MW as of May 31, 2017.
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 (“GWh”) sold refers to the actual volume of electricity generated and sold by the Company’s power plants during a particular period. Management tracks gigawatt-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 three months ended March 31, 2017 was 539.0 GWh as compared to 505.9 GWh for the same period in the prior year.
Consolidated Results of Operations
 
Three Months Ended March 31,
(In thousands)
2017
 
2016
Operating revenues, net
$
56,484

 
$
47,686

Operating costs and expenses:
 
 
 
Cost of operations
11,339

 
10,232

General and administrative
18,969

 
10,184

Acquisition, formation and related costs

 
10,005

Depreciation, accretion and amortization
15,101

 
14,572

Total operating costs and expenses
45,409

 
44,993

Operating income
11,075

 
2,693

Other expense (income):
 
 
 

Loss (gain) on extinguishment of debt
6,767

 
(6,261
)
Interest expense, net
30,489

 
33,663

Gain on foreign currency exchange
(21,642
)
 
(12,349
)
Other income, net
(5,051
)
 
(6,970
)
Total other expenses, net
10,563

 
8,083

Income (loss) before income tax expense
512

 
(5,390
)
Income tax expense
2,465

 
858

Net loss
$
(1,953
)
 
$
(6,248
)
Less: loss attributable to non-controlling interests
(240
)
 
(1,616
)
Net loss attributable to TerraForm Global, Inc. Class A common stockholders
$
(1,713
)
 
$
(4,632
)
In our results of operations, we define existing power plants as any power plant which was operational from the first day of the respective reporting period. Power plants acquired from a third party relate to any power plant acquired during the respective reporting period. Power plants achieving commercial operations are power plants with a commercial operation date

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