Company Quick10K Filing
Terraform Power
Price17.73 EPS-1
Shares209 P/E-29
MCap3,708 P/FCF14
Net Debt6,177 EBIT-122
TEV9,885 TEV/EBIT-81
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-03-17
10-Q 2019-09-30 Filed 2019-11-12
10-Q 2019-06-30 Filed 2019-08-09
10-Q 2019-03-31 Filed 2019-05-10
10-K 2018-12-31 Filed 2019-03-15
10-Q 2018-09-30 Filed 2018-11-09
10-Q 2018-06-30 Filed 2018-08-14
10-Q 2018-03-31 Filed 2018-05-21
S-1 2018-03-19 Public Filing
10-K 2017-12-31 Filed 2018-03-07
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-09-29
10-Q 2017-03-31 Filed 2017-08-29
10-K 2016-12-31 Filed 2017-07-21
10-Q 2016-09-30 Filed 2017-02-24
10-Q 2016-06-30 Filed 2017-02-07
10-Q 2016-03-31 Filed 2016-12-06
10-K 2015-12-31 Filed 2016-12-05
10-Q 2015-09-30 Filed 2015-11-09
10-Q 2015-06-30 Filed 2015-08-06
10-Q 2015-03-31 Filed 2015-05-07
10-K 2014-12-31 Filed 2015-03-13
10-Q 2014-09-30 Filed 2014-11-06
10-Q 2014-06-30 Filed 2014-09-02
8-K 2020-07-31 Enter Agreement, Leave Agreement, M&A, Shareholder Rights, Officers, Amend Bylaw, Exhibits
8-K 2020-07-29 Shareholder Vote, Other Events, Exhibits
8-K 2020-07-22 Other Events
8-K 2020-07-15 Other Events, Exhibits
8-K 2020-07-14 Other Events, Exhibits
8-K 2020-06-25 Other Events, Exhibits
8-K 2020-05-11
8-K 2020-03-16
8-K 2020-03-16
8-K 2020-02-11
8-K 2020-01-11
8-K 2019-11-14
8-K 2019-11-06
8-K 2019-10-16
8-K 2019-10-10
8-K 2019-10-03
8-K 2019-10-03
8-K 2019-10-02
8-K 2019-08-08
8-K 2019-07-19
8-K 2019-06-20
8-K 2019-05-09
8-K 2019-03-14
8-K 2018-11-08
8-K 2018-10-05
8-K 2018-08-13
8-K 2018-07-31
8-K 2018-06-19
8-K 2018-06-12
8-K 2018-05-24
8-K 2018-05-21
8-K 2018-05-18
8-K 2018-05-01
8-K 2018-03-19
8-K 2018-03-08
8-K 2018-02-07
8-K 2018-02-05

TERP 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II - Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-3.3 ex-33byxlawsofterrafor.htm
EX-3.4 ex-34certificateofinco.htm
EX-31.1 terp-063020xexx311.htm
EX-31.2 terp-063020xexx312.htm
EX-32 terp-063020xexx32.htm

Terraform Power Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02014201620182020
Assets, Equity
0.30.20.10.0-0.1-0.22014201620182020
Rev, G Profit, Net Income
1.71.00.3-0.3-1.0-1.72014201620182020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 _____________________________________________________________________________
FORM 10-Q
 _____________________________________________________________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission File Number: 001-36542
 ______________________________________________________________
TerraForm Power NY Holdings, Inc.
(As successor by merger to TerraForm Power, Inc.)
(Exact name of registrant as specified in its charter)
 _____________________________________________________________________________
New York84-5729672
(State or other jurisdiction of incorporation or organization)(I. R. S. Employer Identification No.)
200 Liberty Street,14th FloorNew York,New York10281
(Address of principal executive offices)(Zip Code)
646-992-2400
(Registrant’s telephone number, including area code)

TerraForm Power, Inc.
(Former name, if changed since last report)
 _________________________________________________

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, Class A, par value $0.01TERPNasdaq Global Select Market
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer 
Non-accelerated filer 
Smaller reporting company 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes      No  
As of June 30, 2020, there were 226,531,665 shares of Class A common stock outstanding. As of July 31, 2020, there were no shares of Class A common stock outstanding.







TerraForm Power, Inc. and Subsidiaries
Table of Contents
Form 10-Q

Page
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.




EXPLANATORY NOTE

On July 31, 2020, TerraForm Power, Inc. (“TerraForm Power” or the “Company”) completed the previously announced reincorporation merger and share exchange contemplated by the (i) Agreement and Plan of Reorganization, dated as of March 16, 2020 (the “Reorganization Agreement”), among the Company, TerraForm Power NY Holdings, Inc. (“TERP NY”), Brookfield Renewable Partners L.P. (“BEP”), Brookfield Renewable Corporation (“BEPC”), and 2252876 Alberta ULC, a wholly owned subsidiary of BEP (“Acquisition Sub”), and (ii) Plan of Merger, dated as of March 16, 2020 (the “Plan of Merger”), by and between TerraForm Power and Terra Form New York. As a result, on July 31, 2020, TerraForm Power merged with and into TERP NY, with TERP NY as the surviving corporation of the merger (the “reincorporation merger”), and (i) BBHC Orion Holdco L.P. and Orion U.S. Holdings 1 L.P. (collectively, the “Brookfield stockholders”), each an affiliate of BEP, received shares of TERP NY Class A common stock, par value $0.01, (ii) holders of public TerraForm Power shares who did not make an election to receive non-voting limited partnership units of BEP (the “BEP units”) received shares of TerraForm TERP NY Class B common stock, par value $0.01, and (iii) holders of Class A common stock of TerraForm Power who made an election to receive BEP units received shares of TERP NY Class C common stock, par value $0.01. Immediately thereafter, (i) pursuant to a binding share exchange, BEPC acquired each share of TERP NY Class B common stock that was issued and outstanding after the reincorporation merger effective time in exchange for BEPC Class A exchangeable subordinate voting shares, no par value (the “BEPC exchangeable shares”) and cash in lieu of fractional BEPC exchangeable shares and (ii) pursuant to a binding share exchange, Acquisition Sub acquired each share of TERP NY Class C common stock that was issued and outstanding after the reincorporation merger effective time in exchange for BEP units and cash in lieu of fractional BEP units (such exchanges collectively, the “share exchange” and, together with the reincorporation merger, the “Merger Transaction”).

This Quarterly Report on Form 10-Q (the “Quarterly Report”) of the Company for the period ended June 30, 2020, is being filed by its successor company, TERP NY. The financial information in this Quarterly Report and the accompanying management’s discussion and analysis reflect the corporate status of the reporting entity as it was at June 30, 2020.

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS
        
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. These statements involve estimates, expectations, projections, goals, assumptions, known and unknown risks, and uncertainties and typically include words or variations of words such as “expect,” “anticipate,” “believe,” “intend,” “plan,” “seek,” “estimate,” “predict,” “project,” “opportunities,” “goal,” “guidance,” “outlook,” “initiatives,” “objective,” “forecast,” “target,” “potential,” “continue,” “would,” “will,” “should,” “could,” or “may” or other comparable terms and phrases. All statements that address operating performance, events, or developments that TerraForm Power, Inc. (“TerraForm Power” and, together with its subsidiaries, the “Company”) expects or anticipates will occur in the future are forward-looking statements. They may include estimates of expected cash available for distribution, distributions growth, earnings, revenues, income, loss, capital expenditures, liquidity, capital structure, margin enhancements, cost savings, future growth, financing arrangements and other financial performance items (including future distributions per share), descriptions of management’s plans or objectives for future operations, products, or services, or descriptions of assumptions underlying any of the above. Forward-looking statements provide the Company’s current expectations or predictions of future conditions, events, or results and speak only as of the date they are made. Although the Company believes its expectations and assumptions are reasonable, it can give no assurance that these expectations and assumptions will prove to have been correct, and actual results may vary materially.

Important factors that could cause actual results to differ materially from our expectations, or cautionary statements, are listed below and further disclosed under the section entitled Item 1A. Risk Factors in this Quarterly Report, in our Annual Report on Form 10-K for the year ended December 31, 2019 and in subsequent fillings with the Securities and Exchange Commission (“SEC”):

risks related to our acquisition by Brookfield Renewable Partners L.P. (“Brookfield Renewable”), including our ability to realize the expected benefits of this transaction;
risks related to weather conditions at our wind and solar assets;
the willingness and ability of contract counterparties to fulfill their obligations under offtake agreements amd other contracts;
price fluctuations, termination provisions and buyout provisions in offtake agreements;



our ability to enter into contracts to sell power at acceptable prices and terms, including as our offtake agreements expire;
our ability to compete against traditional utilities and renewable energy companies;
pending and future litigation;
risks related to the COVID-19 pandemic, including its impact on personnel, contract counterparties, power prices and financial markets, as well as its impact on our business, results of operations, financial condition and/or cash flows;
our ability to successfully close the acquisitions of, integrate or realize the anticipated benefits from the projects that we acquire from third parties;
our ability to close, implement and realize the benefit of our cost and performance enhancement initiatives, including long-term service agreements and our ability to realize the anticipated benefits from such initiatives;
equipment failure;
risks related to the ability of our hedging activities to adequately manage our exposure to commodity and financial risk;
risks related to our operations being located internationally, including our exposure to foreign currency exchange rate fluctuations and political and economic uncertainties;
government regulation, including compliance with regulatory and permit requirements and changes in tax laws, market rules, rates, tariffs, environmental laws, consumer protection laws, data privacy laws and policies affecting renewable energy;
the regulated rate of return of renewable energy facilities in our Regulated Solar and Wind segment, a reduction of which could have a material negative impact on our results of operations;
our ability to grow and make acquisitions with cash on hand, which may be limited by our cash distribution policy;
fraud, bribery, corruption or other illegal acts;
health, safety, security and environmental risk;
the condition of the debt and equity capital markets and our ability to borrow additional funds and access capital markets, as well as our substantial indebtedness and the possibility that we may incur additional indebtedness in the future;
operating and financial restrictions placed on us and our subsidiaries related to agreements governing indebtedness; and
risks related to the effectiveness of our internal control over financial reporting.

The Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions, factors, or expectations, new information, data, or methods, future events, or other changes, except as required by law. The foregoing list of factors that might cause results to differ materially from those contemplated in the forward-looking statements should be considered in connection with information regarding risks and uncertainties, which are described in our Annual Report on Form 10-K for the year ended December 31, 2019 and in subsequent Quarterly Reports, as well as additional factors we may describe from time to time in our other filings with the SEC. We operate in a competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and you should understand that it is not possible to predict or identify all such factors and, consequently, you should not consider any such list to be a complete set of all potential risks or uncertainties.

5


PART I - Financial Information

Item 1. Financial Statements.

TERRAFORM POWER, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)


 Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
Operating revenues, net$277,329  $255,366  $524,091  $480,698  
Operating costs and expenses:
Cost of operations61,926  71,575  119,790  132,326  
General and administrative expenses18,351  22,057  44,568  45,219  
General and administrative expenses - affiliate10,717  6,159  20,494  11,323  
Acquisition costs114  293  469  475  
Acquisition costs - affiliate10    664    
Depreciation, accretion and amortization expense127,908  100,354  250,299  207,323  
Total operating costs and expenses219,026  200,438  436,284  396,666  
Operating income58,303  54,928  87,807  84,032  
Other expenses (income):
Interest expense, net85,332  71,041  163,291  157,328  
Loss (gain) on modification and extinguishment of debt, net    3,593  (5,543) 
Gain on foreign currency exchange, net(116) (6,440) (4,987) (15,192) 
Other (income) expenses, net(2,747) 1,485  (7,139) (1,195) 
Total other expenses, net82,469  66,086  154,758  135,398  
Loss before income tax expense(24,166) (11,158) (66,951) (51,366) 
Income tax (benefit) expense(10,832) 5,669  13,629  1,518  
Net loss(13,334) (16,827) (80,580) (52,884) 
Less: Net income (loss) attributable to redeemable non-controlling interests9  2,481  21  (6,900) 
Less: Net loss attributable to non-controlling interests(13,282) (15,713) (25,469) (33,762) 
Net loss attributable to Class A common stockholders$(61) $(3,595) $(55,132) $(12,222) 
Weighted average number of shares:
Class A common stock - Basic and diluted226,528  209,142  226,520  209,142  
Loss per share:
Class A common stock - Basic and diluted$  $(0.02) $(0.24) $(0.06) 
Distributions declared per share:
Class A common stock$0.2014  $0.2014  $0.4028  $0.4028  

See accompanying notes to unaudited condensed consolidated financial statements.

6


TERRAFORM POWER, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In thousands)



 Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
Net loss$(13,334) $(16,827) $(80,580) $(52,884) 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments:
Net unrealized gain arising during the period8,545  4,050  18,809  8,872  
Hedging activities:
Net unrealized loss arising during the period(3,159) (18,128) (40,136) (27,288) 
Reclassification of net realized gain into earnings(1,255) (2,917) (3,097) (5,828) 
Other comprehensive income (loss), net of tax4,131  (16,995) (24,424) (24,244) 
Total comprehensive loss(9,203) (33,822) (105,004) (77,128) 
Less comprehensive income (loss) attributable to non-controlling interests:
Net income (loss) attributable to redeemable non-controlling interests9  2,481  21  (6,900) 
Net loss attributable to non-controlling interests(13,282) (15,713) (25,469) (33,762) 
Hedging activities(187) 56  (433) 732  
Comprehensive loss attributable to non-controlling interests(13,460) (13,176) (25,881) (39,930) 
Comprehensive income (loss) attributable to Class A common stockholders$4,257  $(20,646) $(79,123) $(37,198) 

See accompanying notes to unaudited condensed consolidated financial statements.

7



TERRAFORM POWER, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)


June 30,
2020
December 31, 2019
Assets
Current assets:
Cash and cash equivalents$259,753  $237,480  
Restricted cash, current37,886  35,657  
Accounts receivable, net206,955  167,865  
Due from affiliates2,704  499  
Derivative assets, current7,688  15,819  
Deposit on acquisitions2,648  24,831  
Prepaid expenses19,724  13,514  
Other current assets44,714  57,682  
Total current assets582,072  553,347  
Renewable energy facilities, net, including consolidated variable interest entities of $3,121,220 and $3,188,508 in 2020 and 2019, respectively
7,734,185  7,405,461  
Intangible assets, net, including consolidated variable interest entities of $666,109 and $690,594 in 2020 and 2019, respectively
1,904,582  1,793,292  
Goodwill172,181  127,952  
Restricted cash60,156  76,363  
Derivative assets45,161  57,717  
Other assets41,602  44,504  
Total assets$10,539,939  $10,058,636  
Liabilities, Redeemable Non-controlling Interests and Stockholders’ Equity
Current liabilities:
Current portion of long-term debt, including consolidated variable interest entities of $70,175 and $55,089 in 2020 and 2019, respectively
$484,570  $441,951  
Accounts payable, accrued expenses and other current liabilities192,023  178,796  
Due to affiliates12,794  11,510  
Derivative liabilities, current portion63,596  33,969  
Total current liabilities752,983  666,226  
Long-term debt, less current portion, including consolidated variable interest entities of $1,137,671 and $932,862 in 2020 and 2019, respectively
6,262,346  5,793,431  
Operating lease obligations, less current portion, including consolidated variable interest entities of $137,307 and $138,816 in 2020 and 2019, respectively
286,142  272,894  
Asset retirement obligations, including consolidated variable interest entities of $120,525 and $116,159 in 2020 and 2019, respectively
321,183  287,288  
Derivative liabilities237,017  101,394  
Deferred income taxes185,127  194,539  
Other liabilities93,283  112,072  
Total liabilities8,138,081  7,427,844  
Redeemable non-controlling interests7,990  22,884  
Stockholders’ equity:
Class A common stock, $0.01 par value per share, 1,200,000,000 shares authorized, 227,601,982 and 227,552,105 shares issued in 2020 and 2019, respectively
2,278  2,276  
Additional paid-in capital2,435,521  2,512,891  
Accumulated deficit(563,419) (508,287) 
Accumulated other comprehensive (loss) income(12,346) 11,645  
Treasury stock, 1,070,317 and 1,051,298 shares in 2020 and 2019, respectively
(15,516) (15,168) 
Total TerraForm Power, Inc. stockholders’ equity1,846,518  2,003,357  
Non-controlling interests547,350  604,551  
Total stockholders’ equity2,393,868  2,607,908  
Total liabilities, redeemable non-controlling interests and stockholders’ equity$10,539,939  $10,058,636  
See accompanying notes to unaudited condensed consolidated financial statements.

8



TERRAFORM POWER, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)


See accompanying notes to unaudited condensed consolidated financial statements.

9



TERRAFORM POWER, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In thousands)


Non-controlling Interests
Class A Common Stock IssuedAdditional Paid-in CapitalAccumulated DeficitAccumulated Other Comprehensive IncomeCommon Stock Held in TreasuryAccumulated DeficitAccumulated Other Comprehensive IncomeTotal Equity
SharesAmountSharesAmountTotalCapitalTotal
Balance as of December 31, 2018
209,642  $2,096  $2,391,435  $(359,603) $40,238  (500) $(6,712) $2,067,454  $1,040,771  $(373,420) $117  $667,468  $2,734,922  
Stock-based compensation—  —  160  —  —  —  —  160  —    —  —  160  
Net loss—  —  —  (8,627) —  —  —  (8,627) —  (18,049) —  (18,049) (26,676) 
Distributions to Class A common stockholders—  —  (41,987) —  —  —  —  (41,987) —  —  —  —  (41,987) 
Other comprehensive (loss) income—  —  —  —  (7,925) —  —  (7,925) —  —  676  676  (7,249) 
Contributions from non-controlling interests—  —  —  —  —  —  —  —