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 2020-03-31 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 2020-05-11 Earnings, Regulation FD, Other Events, Exhibits
8-K 2020-03-16 Enter Agreement, Exhibits
8-K 2020-03-16 Earnings, Officers, Regulation FD, Other Events, Exhibits
8-K 2020-02-11 M&A, Exhibits
8-K 2020-01-11 Other Events, Exhibits
8-K 2019-11-14 Regulation FD
8-K 2019-11-06 Earnings, Regulation FD, Other Events, Exhibits
8-K 2019-10-16 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-10-10 Other Events, Exhibits
8-K 2019-10-03 Other Events, Exhibits
8-K 2019-10-03 Enter Agreement, Sale of Shares, Exhibits
8-K 2019-10-02 M&A, Exhibits
8-K 2019-08-08 Earnings, Officers, Regulation FD, Other Events, Exhibits
8-K 2019-07-19 Enter Agreement, Officers, Regulation FD, Exhibits
8-K 2019-06-20 Shareholder Vote
8-K 2019-05-09 Earnings, Regulation FD, Exhibits
8-K 2019-03-14 Earnings, Regulation FD, Exhibits
8-K 2018-11-08 Earnings, Officers, Regulation FD, Exhibits
8-K 2018-10-05 Enter Agreement, Exhibits
8-K 2018-08-13 Earnings, Exhibits
8-K 2018-07-31 Officers
8-K 2018-06-19 Regulation FD, Exhibits
8-K 2018-06-12 M&A, Sale of Shares, Exhibits
8-K 2018-05-24 Shareholder Vote
8-K 2018-05-21 Regulation FD, Exhibits
8-K 2018-05-18 Enter Agreement, Exhibits
8-K 2018-05-01 Earnings, Exhibits
8-K 2018-03-19 Accountant, Exhibits
8-K 2018-03-08 Earnings, Exhibits
8-K 2018-02-07 Enter Agreement, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2018-02-05 Officers

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-31.1 terp-033120xexx311.htm
EX-31.2 terp-033120xexx312.htm
EX-32 terp-033120xexx32.htm

Terraform Power Earnings 2020-03-31

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 March 31, 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, Inc.
(Exact name of registrant as specified in its charter)
 _____________________________________________________________________________
Delaware46-4780940
(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)
 _________________________________________________

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 April 30, 2020, there were 226,521,289 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.




CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS
        
This Quarterly Report on Form 10-Q (the “Quarterly Report”) 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 and in our Annual Report on Form 10-K for the year ended December 31, 2019:

risks related to the proposed acquisition of all our outstanding Class A common stock by an affiliate of Brookfield Asset Management Inc. (“Brookfield”) including whether it will be approved by shareholders and ultimately consummated;
risks related to weather conditions at our wind and solar assets;
the willingness and ability of counterparties to fulfill their obligations under offtake agreements;
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;
our ability to successfully close the acquisitions of, integrate or realize the anticipated benefits from the projects that we acquire from third parties, including our recently acquired portfolio of distributed generation assets;
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 the COVID-19 pandemic, including its impact on personnel, contract counterparties, power prices and financial markets;
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;

3


risks related to our relationship with Brookfield, including our ability to realize the expected benefits of sponsorship; 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 Securities and Exchange Commission (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.

4


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 March 31,
20202019
Operating revenues, net$246,762  $225,332  
Operating costs and expenses:
Cost of operations57,864  60,751  
General and administrative expenses26,217  23,162  
General and administrative expenses - affiliate9,777  5,164  
Acquisition costs355  182  
Acquisition costs - affiliate654    
Depreciation, accretion and amortization expense122,391  106,969  
Total operating costs and expenses217,258  196,228  
Operating income29,504  29,104  
Other expenses (income):
Interest expense, net77,959  86,287  
Loss (gain) on modification and extinguishment of debt, net3,593  (5,543) 
Gain on foreign currency exchange, net(4,871) (8,752) 
Other income, net(4,392) (2,680) 
Total other expenses, net72,289  69,312  
Loss before income tax expense(42,785) (40,208) 
Income tax expense (benefit)24,461  (4,151) 
Net loss(67,246) (36,057) 
Less: Net income (loss) attributable to redeemable non-controlling interests12  (9,381) 
Less: Net loss attributable to non-controlling interests(12,187) (18,049) 
Net loss attributable to Class A common stockholders$(55,071) $(8,627) 
Weighted average number of shares:
Class A common stock - Basic and diluted226,513  209,142  
Loss per share:
Class A common stock - Basic and diluted$(0.24) $(0.04) 
Distributions declared per share:
Class A common stock$0.2014  $0.2014  

See accompanying notes to unaudited condensed consolidated financial statements.

5


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



 Three Months Ended March 31,
20202019
Net loss$(67,246) $(36,057) 
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments:
Net unrealized gain arising during the period10,264  4,822  
Hedging activities:
Net unrealized loss arising during the period(36,977) (9,160) 
Reclassification of net realized gain into earnings(1,842) (2,911) 
Other comprehensive loss, net of tax(28,555) (7,249) 
Total comprehensive loss(95,801) (43,306) 
Less comprehensive income (loss) attributable to non-controlling interests:
Net income (loss) attributable to redeemable non-controlling interests12  (9,381) 
Net loss attributable to non-controlling interests(12,187) (18,049) 
Hedging activities(246) 676  
Comprehensive loss attributable to non-controlling interests(12,421) (26,754) 
Comprehensive loss attributable to Class A common stockholders$(83,380) $(16,552) 

See accompanying notes to unaudited condensed consolidated financial statements.

6



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


March 31,
2020
December 31, 2019
Assets
Current assets:
Cash and cash equivalents$249,220  $237,480  
Restricted cash, current42,907  35,657  
Accounts receivable, net190,745  167,865  
Due from affiliates1,729  499  
Derivative assets, current23,260  15,819  
Deposit on acquisitions12,985  24,831  
Prepaid expenses16,728  13,514  
Other current assets56,863  57,682  
Total current assets594,437  553,347  
Renewable energy facilities, net, including consolidated variable interest entities of $3,156,511 and $3,188,508 in 2020 and 2019, respectively
7,759,853  7,405,461  
Intangible assets, net, including consolidated variable interest entities of $678,894 and $690,594 in 2020 and 2019, respectively
1,921,229  1,793,292  
Goodwill167,989  127,952  
Restricted cash98,374  76,363  
Derivative assets50,217  57,717  
Other assets43,030  44,504  
Total assets$10,635,129  $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 $65,959 and $55,089 in 2020 and 2019, respectively
$475,662  $441,951  
Accounts payable, accrued expenses and other current liabilities188,612  178,796  
Due to affiliates13,073  11,510  
Derivative liabilities, current portion63,515  33,969  
Total current liabilities740,862  666,226  
Long-term debt, less current portion, including consolidated variable interest entities of $1,162,180 and $932,862 in 2020 and 2019, respectively
6,287,131  5,793,431  
Operating lease obligations, less current portion, including consolidated variable interest entities of $138,486 and $138,816 in 2020 and 2019, respectively
286,620  272,894  
Asset retirement obligations, including consolidated variable interest entities of $118,961 and $116,159 in 2020 and 2019, respectively
315,146  287,288  
Derivative liabilities242,494  101,394  
Deferred income taxes197,850  194,539  
Other liabilities103,191  112,072  
Total liabilities8,173,294  7,427,844  
Redeemable non-controlling interests8,010  22,884  
Stockholders’ equity:
Class A common stock, $0.01 par value per share, 1,200,000,000 shares authorized, 227,585,636 and 227,552,105 shares issued in 2020 and 2019, respectively
2,277  2,276  
Additional paid-in capital2,480,684  2,512,891  
Accumulated deficit(563,358) (508,287) 
Accumulated other comprehensive (loss) income(16,664) 11,645  
Treasury stock, 1,064,347 and 1,051,298 shares in 2020 and 2019, respectively
(15,412) (15,168) 
Total TerraForm Power, Inc. stockholders’ equity1,887,527  2,003,357  
Non-controlling interests566,298  604,551  
Total stockholders’ equity2,453,825  2,607,908  
Total liabilities, redeemable non-controlling interests and stockholders’ equity$10,635,129  $10,058,636  

See accompanying notes to unaudited condensed consolidated financial statements.

7



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 Income (Loss)Total 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—  —  —  —  —  —  —  —  5,562  —  —  5,562  5,562  
Distributions to non-controlling interests—  —  —  —  —  —  —  —  (5,023) —  —  (5,023) (5,023) 
Purchase of non-controlling interests—  —  (687) —  —  —  —  (687) (393) —  —  (393) (1,080) 
Non-cash redemption of redeemable non-controlling interests—  —  (7,345) —  —  —  —  (7,345) —  —  —  —  (7,345) 
Balance as of March 31, 2019
209,642  $2,096  $2,341,576  $(368,230) $32,313  (500) $(6,712) $2,001,043  $1,040,917  $(391,469) $793  $650,241  $2,651,284  

Non-controlling Interests
Class A Common Stock IssuedAdditional Paid-in CapitalAccumulated DeficitAccumulated Other Comprehensive Income (Loss)Common Stock Held in TreasuryAccumulated DeficitAccumulated Other Comprehensive IncomeTotal Equity
SharesAmountSharesAmountTotalCapitalTotal
Balance as of December 31, 2019227,552  $2,276  $2,512,891  $(508,287) $11,645  (1,051) $(15,168) $2,003,357  $1,024,396  $(419,338) $(507) $604,551  $2,607,908  
Stock-based compensation34  1  329  —  —  (13) (244) 86  —  —  —  —  86  
Net loss—  —  —  (55,071) —  —  —  (55,071) —  (12,187) —  (12,187) (67,258) 
Distributions to Class A common stockholders—  —  (45,488) —  —  —  —  (45,488) —  —  —  —  (45,488) 
Other comprehensive loss—  —  —  —  (28,309) —  —  (28,309) —  —  (246) (246) (28,555)