Print Page  |  Close Window

SEC Filings

10-Q
TERRAFORM GLOBAL, INC. filed this Form 10-Q on 11/08/2017
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 September 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 nine months ended September 30, 2017 was 713.8 GWh and 1,917.86 GWh, respectively, as compared to 623.9 GWh and 1,731.7 GWh for the same periods in the prior year.

Consolidated Results of Operations
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
(In thousands)
2017
 
2016
 
2017
 
2016
Operating revenues, net
$
67,427

 
$
55,055

 
$
186,413

 
$
159,171

Operating costs and expenses:
 
 
 
 
 
 
 
Cost of operations
11,407

 
10,291

 
34,441

 
32,320

General and administrative
19,006

 
16,315

 
58,341

 
40,724

Acquisition, formation and related costs
15

 
139

 
15

 
10,227

Depreciation, accretion and amortization
16,235

 
13,374

 
52,545

 
40,971

Costs associated with shareholder litigation
33,000

 

 
33,000

 

Total operating costs and expenses
79,663

 
40,119

 
178,342

 
124,242

Operating (loss) income
(12,236
)
 
14,936

 
8,071

 
34,929

Other expense (income):
 
 
 

 
 
 
 
(Gain) loss on the extinguishment of debt
(36
)
 
5

 
6,731

 
(5,730
)
Interest expense, net
29,121

 
33,159

 
88,578

 
95,797

(Gain) loss on foreign currency exchange
(7,114
)
 
4,268

 
(30,051
)
 
(21,963
)
Other income, net
14

 
(6,762
)
 
(8,218
)
 
(19,793
)
Total other expenses, net
21,985

 
30,670

 
57,040

 
48,311

Loss before income tax expense
(34,221
)
 
(15,734
)
 
(48,969
)
 
(13,382
)
Income tax expense
2,490

 
2,121

 
7,440

 
5,040

Net loss
$
(36,711
)
 
$
(17,855
)
 
$
(56,409
)
 
$
(18,422
)
Less: loss attributable to non-controlling interests
(13,416
)
 
(4,944
)
 
(21,020
)
 
(1,976
)
Net loss attributable to TerraForm Global, Inc. Class A common stockholders
$
(23,295
)
 
$
(12,911
)
 
$
(35,389
)
 
$
(16,446
)
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 nine months ended September 30, 2017 and 2016.

58