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SEC Filings

10-Q
TERRAFORM GLOBAL, INC. filed this Form 10-Q on 11/08/2017
Entire Document
 

(In thousands, except per share amounts)
Three Months Ended
September 30, 2017
 
Three Months Ended
September 30, 2016
 
Nine Months Ended
September 30, 2017
 
Nine Months Ended
September 30, 2016
Basic and diluted (loss) income per share:
 
 
 
 
 
 
 
Net (loss) income attributable to Class A common stockholders
$
(23,295
)
 
$
(12,911
)
 
$
(35,389
)
 
$
(16,446
)
Less: dividends paid on Class A common stock and participating RSAs

 

 

 
30,674

Undistributed (loss) income attributable to Class A stockholders
$
(23,295
)
 
$
(12,911
)
 
$
(35,389
)
 
$
(47,120
)

 
 
 
 
 
 
 
Weighted-average shares outstanding
111,847,123

 
107,685,964

 
112,487,074

 
107,135,203


 
 
 
 
 
 
 
Distributed earnings per share
$

 
$

 
$

 
$
0.29

Undistributed (loss) income per share
(0.21
)
 
(0.12
)
 
(0.31
)
 
(0.44
)
Basic and diluted (loss) earnings per share
$
(0.21
)
 
$
(0.12
)
 
$
(0.31
)
 
$
(0.15
)
The computations for diluted loss per share for the three and nine months ended September 30, 2017 exclude 61,343,054 shares of Class B common stock, 2,981,414 unvested RSAs and 2,146,377 unvested RSUs because the effect would have been anti-dilutive. The computations for diluted loss per share for the three and nine months ended September 30, 2016 exclude 61,343,054 shares of Class B common stock, 6,245,398 unvested RSAs and 2,515,947 unvested RSUs because the effect would have been anti-dilutive.

14. NON-CONTROLLING INTERESTS
Non-controlling interests represent the portion of net assets in consolidated entities that are not owned by the Company. The following table presents the non-controlling interest balances by entity, reported in stockholders’ equity in the unaudited condensed consolidated balance sheets as of September 30, 2017 and December 31, 2016:
(in thousands)
As of September 30, 2017
 
As of December 31, 2016
SunEdison’s non-controlling interests in Global LLC
$
356,931

 
$
370,117

Non-controlling interests in power plants
72,405

 
92,308

Total non-controlling interests
$
429,336

 
$
462,425

As of September 30, 2017, TerraForm Global, Inc. owned 64.85% of Global LLC and consolidated the results of Global LLC through its controlling interest, with SunEdison's 35.15% interest shown as a non-controlling interest.


15. COMMITMENTS AND CONTINGENCIES
Commitments to Acquire Power Plants
In April 2015, the Company entered into purchase and sale agreements to acquire controlling interests in three operating power plants located in South Africa with an aggregate net capacity of 32.6 MW from BioTherm. The aggregate consideration payable for these three power plants is approximately $75.1 million. See Note 2 - Acquisitions for additional discussion of these commitments.    
Legal Proceedings Initiated Against the Company
Project Litigation
GUVNL Litigation
The Company is subject to litigation with Gujarat Urja Vikas Nigam Limited (“GUVNL”), the offtake counterparty for certain power plants in India, which is seeking a reduction of the tariff set forth in the applicable PPAs. In separate litigation, GUVNL also claims that there has been a violation of the terms of certain PPAs between GUVNL and the applicable project

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