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SEC Filings

10-Q
TERRAFORM GLOBAL, INC. filed this Form 10-Q on 08/09/2017
Entire Document
 

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 919.2 MW as of June 30, 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 and six months ended June 30, 2017 was 662.8 GWh and 1,201.7 GWh, respectively, as compared to 601.9 GWh and 1,107.8 GWh for the same periods in the prior year.

Consolidated Results of Operations
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(In thousands)
2017
 
2016
 
2017
 
2016
Operating revenues, net
$
62,502

 
$
56,430

 
$
118,986

 
$
104,116

Operating costs and expenses:
 
 
 
 
 
 
 
Cost of operations
11,695

 
11,797

 
23,034

 
22,029

General and administrative
20,366

 
14,225

 
39,335

 
24,409

Acquisition, formation and related costs

 
83

 

 
10,088

Depreciation, accretion and amortization
21,209

 
13,025

 
36,310

 
27,597

Total operating costs and expenses
53,270

 
39,130

 
98,679

 
84,123

Operating income
9,232

 
17,300

 
20,307

 
19,993

Other expense (income):
 
 
 

 
 
 
 
Loss (gain) on the extinguishment of debt

 
526

 
6,767

 
(5,735
)
Interest expense, net
28,968

 
28,975

 
59,457

 
62,638

Gain on foreign currency exchange
(1,295
)
 
(13,882
)
 
(22,937
)
 
(26,231
)
Other income, net
(3,181
)
 
(6,061
)
 
(8,232
)
 
(13,031
)
Total other expenses, net
24,492

 
9,558

 
35,055

 
17,641

(Loss) income before income tax expense
(15,260
)
 
7,742

 
(14,748
)
 
2,352

Income tax expense
2,485

 
2,061

 
4,950

 
2,919

Net (loss) income
$
(17,745
)
 
$
5,681

 
$
(19,698
)
 
$
(567
)
Less:(loss) income attributable to non-controlling interests
(7,364
)
 
4,584

 
(7,604
)
 
2,968

Net (loss) income attributable to TerraForm Global, Inc. Class A common stockholders
$
(10,381
)
 
$
1,097

 
$
(12,094
)
 
$
(3,535
)
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 within the respective reporting period. Alto Cielo, which was acquired on April 8, 2016, is the only non-comparable acquisition between the six months ended June 30, 2017 and 2016.

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