Clearway Energy, Inc. Reports First Quarter 2024 Financial Results
Clearway Energy, Inc. Reports First Quarter 2024 Financial Results
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Signed agreements with Clearway Group to commit to invest in 55 MW of wind and 257 MW of solar plus storage projects
- Entered into new Resource Adequacy Contracts for Marsh Landing and Walnut Creek
- Reaffirming 2024 financial guidance
- Increasing the quarterly dividend by 1.7% to $0.4102 per share in the second quarter of 2024, or $1.64 per share annualized
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Continue to target annual dividend per share growth in the upper range of 5% to 8% through 2026
- 與Clearway集團簽署協議,承諾投資55兆瓦的風能和257兆瓦的太陽能和儲能項目
- 簽訂了馬什蘭丁和核桃溪的新資源充足合同
- 重申 2024 年財務指導
- 將2024年第二季度的季度股息增加1.7%,至每股0.4102美元,按年計算每股1.64美元
- 繼續將目標定在2026年之前將每股年度股息增長在5%至8%的上限範圍內
PRINCETON, N.J., May 09, 2024 (GLOBE NEWSWIRE) -- Clearway Energy, Inc. (NYSE: CWEN, CWEN.A) today reported first quarter 2024 financial results, including Net Loss of $(46) million, Adjusted EBITDA of $211 million, Cash from Operating Activities of $81 million, and Cash Available for Distribution (CAFD) of $52 million.
新澤西州普林斯頓,2024年5月9日(GLOBE NEWSWIRE)——Clearway Energy, Inc.(紐約證券交易所代碼:CWEN,CWEN.A)今天公佈了2024年第一季度財務業績,包括淨虧損(4,600萬美元)、調整後息稅折舊攤銷前利潤2.11億美元、經營活動現金8,100萬美元和可供分配的現金(CAFD)5200萬美元。
"Clearway remains well positioned to achieve its 2024 financial objectives. We reported solid first quarter results highlighting the benefits of our fleet's geographic and technological diversification," said Craig Cornelius, Clearway Energy, Inc.'s incoming President and Chief Executive Officer. "Furthermore, we have made additional progress on the execution toward our long-term objectives with the commitments to invest in Dan's Mountain and Rosamond South and new resource adequacy contracts for our Conventional fleet. CWEN continues to expect to achieve the upper range of its 5% to 8% annual dividend growth objective without needing external capital through at least 2026. In 2027 we continue to see the potential for CAFD per share growth to be in that same range if the balance of our gas fleet contracts its capacity to deliver resource adequacy at the same or better pricing as recently disclosed contract awards."
“Clearway仍然有能力實現其2024年的財務目標。我們公佈了穩健的第一季度業績,突顯了我們機隊地域和技術多元化的好處。” Clearway Energy, Inc.的克雷格·科尼利厄斯說。是即將上任的總裁兼首席執行官。“此外,我們在實現長期目標方面取得了更多進展,承諾投資丹斯山和南羅莎蒙德,併爲我們的常規艦隊簽訂了新的資源充足合同。CWEN繼續預計,至少到2026年,無需外部資本即可實現其5%至8%的年度股息增長目標的上限。2027年,我們繼續看到,如果我們的天然氣船隊餘額以與最近披露的合同授予相同或更好的價格提供資源充足的能力收縮,則每股CAFD的增長有可能保持在相同區間內。”
Adjusted EBITDA and Cash Available for Distribution used in this press release are non-GAAP measures and are explained in greater detail under "Non-GAAP Financial Information" below.
本新聞稿中使用的調整後息稅折舊攤銷前利潤和可供分配現金是非公認會計准則指標,將在下文 “非公認會計准則財務信息” 下進行更詳細的解釋。
Overview of Financial and Operating Results
財務和經營業績概覽
Segment Results
分部業績
Table 1: Net Income/(Loss)
表 1:淨收入/(虧損)
($ millions) | Three Months Ended | |||||||
Segment |
3/31/24 |
3/31/23 | ||||||
Conventional | 16 | 24 | ||||||
Renewables | (44) | (48) | ||||||
Corporate | (18) | (16) | ||||||
Net Income/(Loss) | $ | (46) | $ | (40) |
(百萬美元) | 三個月已結束 | |||||||
細分市場 | 3/31/24 | 3/31/23 | ||||||
常規 | 16 | 24 | ||||||
可再生能源 | (44) | (48) | ||||||
企業 | (18) | (16) | ||||||
淨收益/(虧損) | $ | (46) | $ | (40) |
Table 2: Adjusted EBITDA
表 2:調整後的息稅折舊攤銷前利潤
($ millions) | Three Months Ended | |||||||
Segment |
3/31/24 |
3/31/23 | ||||||
Conventional | 51 | 76 | ||||||
Renewables | 169 | 151 | ||||||
Corporate | (9) | (9) | ||||||
Adjusted EBITDA | $ | 211 | $ | 218 |
(百萬美元) | 三個月已結束 | |||||||
細分市場 | 3/31/24 | 3/31/23 | ||||||
常規 | 51 | 76 | ||||||
可再生能源 | 169 | 151 | ||||||
企業 | (9) | (9) | ||||||
調整後 EBITDA | $ | 211 | $ | 218 |
Table 3: Cash from Operating Activities and Cash Available for Distribution (CAFD)
表 3:來自經營活動的現金和可供分配的現金(CAFD)
Three Months Ended | ||||||||
($ millions) |
3/31/24 |
3/31/23 | ||||||
Cash from Operating Activities | $ | 81 | $ | 75 | ||||
Cash Available for Distribution (CAFD) | $ | 52 | $ | (4) |
三個月已結束 | ||||||||
(百萬美元) | 3/31/24 | 3/31/23 | ||||||
來自經營活動的現金 | $ | 81 | $ | 75 | ||||
可供分配的現金 (CAFD) | $ | 52 | $ | (4) |
For the first quarter of 2024, the Company reported Net Loss of $(46) million, Adjusted EBITDA of $211 million, Cash from Operating Activities of $81 million, and CAFD of $52 million. Net Loss increased versus 2023 primarily due to higher depreciation expense from growth projects achieving commercial operations. Adjusted EBITDA results in the first quarter of 2024 were lower than 2023 primarily due to the expiration of certain tolling agreements in the Conventional fleet, partially offset by the contribution from growth investments. Cash from Operating Activities increased versus 2023 primarily due to higher distributions from unconsolidated affiliates and lower interest payments related to the Conventional fleet. CAFD results in the first quarter of 2024 were higher than 2023 primarily due to lower debt service in the Conventional fleet coinciding with the expiration of the tolling agreements as well as higher wind generation for certain facilities during the first quarter.
2024年第一季度,該公司報告的淨虧損爲4,600萬美元,調整後的息稅折舊攤銷前利潤爲2.11億美元,經營活動現金爲8,100萬美元,CAFD爲5200萬美元。與 2023 年相比,淨虧損增加,主要是由於實現商業運營的增長項目產生的折舊費用增加。2024年第一季度調整後的息稅折舊攤銷前利潤低於2023年,這主要是由於常規機隊的某些通行費協議到期,但部分被增長投資的貢獻所抵消。與2023年相比,來自運營活動的現金有所增加,這主要是由於未合併關聯公司的分配增加以及與常規機隊相關的利息支付減少。CAFD在2024年第一季度的業績高於2023年,這主要是由於常規機隊的還本付息減少,恰逢通行費協議的到期,以及第一季度某些設施的風力發電量增加。
Operational Performance
運營績效
Table 4: Selected Operating Results1
表 4:選定的運營業績1
(MWh in thousands) | Three Months Ended | |||||
3/31/24 |
3/31/23 | |||||
Conventional Equivalent Availability Factor | 86.3% | 74.4% | ||||
Solar MWh generated/sold | 1,443 | 866 | ||||
Wind MWh generated/sold | 2,519 | 2,744 | ||||
Renewables generated/sold | 3,962 | 3,610 |
(千兆瓦時) | 三個月已結束 | |||||
3/31/24 | 3/31/23 | |||||
常規等效可用性係數 | 86.3% | 74.4% | ||||
太陽能兆瓦時發電量/已售出 | 1,443 | 866 | ||||
發電量/已售出風力 mWh | 2,519 | 2,744 | ||||
生產/銷售的可再生能源 | 3,962 | 3,610 |
In the first quarter of 2024, availability at the Conventional segment was higher than the first quarter of 2023 primarily due to the timing and duration of maintenance outages in the segment in 2023. Generation in the Renewables segment during the first quarter of 2024 was 10% higher than the first quarter of 2023 primarily due to the contribution of growth investments.
在2024年第一季度,常規細分市場的可用性高於2023年第一季度,這主要是由於該細分市場在2023年維護中斷的時間和持續時間。2024年第一季度,可再生能源領域的發電量比2023年第一季度增長了10%,這主要是由於增長投資的貢獻。
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1 Excludes equity method investments
2 Generation sold excludes MWh that are reimbursable for economic curtailment
1 不包括權益法投資
2 售出的發電量不包括可補償經濟削減的兆瓦時
Liquidity and Capital Resources
流動性和資本資源
Table 5: Liquidity
表 5:流動性
($ millions) | 3/31/2024 | 12/31/2023 | ||||
Cash and Cash Equivalents: | ||||||
Clearway Energy, Inc. and Clearway Energy LLC, excluding subsidiaries | $ | 337 | $ | 410 | ||
Subsidiaries | 141 | 125 | ||||
Restricted Cash: | ||||||
Operating accounts | 173 | 176 | ||||
Reserves, including debt service, distributions, performance obligations and other reserves | 312 | 340 | ||||
Total Cash | $ | 963 | $ | 1,051 | ||
Revolving credit facility availability | 472 | 454 | ||||
Total Liquidity | $ | 1,435 | $ | 1,505 |
(百萬美元) | 3/31/2024 | 12/31/2023 | ||||
現金和現金等價物: | ||||||
Clearway Energy, Inc. 和 Clearway Energy | $ | 337 | $ | 410 | ||
子公司 | 141 | 125 | ||||
限制性現金: | ||||||
運營賬戶 | 173 | 176 | ||||
儲備金,包括還本付息、分配、履約義務和其他儲備金 | 312 | 340 | ||||
現金總額 | $ | 963 | $ | 1,051 | ||
循環信貸額度的可用性 | 472 | 454 | ||||
總流動性 | $ | 1,435 | $ | 1,505 |
Total liquidity as of March 31, 2024, was $1,435 million, which was $70 million lower than as of December 31, 2023, primarily due to the repayment of debt and execution of growth investments.
截至2024年3月31日,總流動性爲14.35億美元,比2023年12月31日減少了7,000萬美元,這主要是由於償還債務和執行成長型投資。
As of March 31, 2024, the Company's liquidity included $485 million of restricted cash. Restricted cash consists primarily of funds to satisfy the requirements of certain debt arrangements and funds held within the Company's projects that are restricted in their use. As of March 31, 2024, these restricted funds were comprised of $173 million designated to fund operating expenses, approximately $187 million designated for current debt service payments, and $87 million of reserves for debt service, performance obligations and other items including capital expenditures. The remaining $38 million is held in distribution reserve accounts.
截至2024年3月31日,該公司的流動性包括4.85億美元的限制性現金。限制性現金主要包括用於滿足某些債務安排要求的資金和公司項目中持有的使用受限的資金。截至2024年3月31日,這些限制性基金包括指定爲運營費用提供資金的1.73億美元、用於當前還本付息的約1.87億美元以及用於償債、履約義務和其他項目(包括資本支出)的8700萬美元儲備金。其餘的3 800萬美元存放在分配儲備金賬戶中。
Potential future sources of liquidity include excess operating cash flow, availability under the revolving credit facility, asset dispositions, and, subject to market conditions, new corporate debt and equity financings.
未來潛在的流動性來源包括過剩的運營現金流、循環信貸額度的可用性、資產處置以及視市場條件而定的新公司債務和股權融資。
Growth Investments
成長投資
Cedar Creek Wind
雪松溪風
On April 16, 2024, the Company, through an indirect subsidiary, acquired the Cedar Creek wind project, a 160 MW project located in Bingham County, Idaho, for $117 million in cash. The project achieved commercial operations in the second quarter of 2024 and sells its power under a 25-year PPA with an investment grade utility. The Company expects the project to contribute asset CAFD on a five-year average annual basis of approximately $13 million beginning January 1, 2025.
2024年4月16日,該公司通過間接子公司以1.17億美元現金收購了位於愛達荷州賓厄姆縣的160兆瓦的Cedar Creek風能項目。該項目於2024年第二季度實現商業運營,並根據爲期25年的PPA與一家投資級公用事業公司出售其電力。該公司預計,從2025年1月1日起,該項目將在五年內平均每年貢獻約1300萬美元的資產CAFD。
Dan's Mountain Wind
丹的山風
On May 3, 2024, the Company, through an indirect subsidiary, committed to acquire 50% cash equity interest in the Dan's Mountain wind project, a 55 MW project located in Allegany County, Maryland, for $44 million in cash, subject to closing adjustments. The project is expected to achieve commercial operations in the first half of 2025 and sell its power primarily under a 12-year PPA with an investment grade offtaker. The Company expects the project to contribute asset CAFD on a five-year average annual basis of approximately $4 million beginning January 1, 2026.
2024年5月3日,該公司通過間接子公司承諾以4400萬美元現金收購位於馬里蘭州阿勒格尼縣的丹斯山風電項目50%的現金股權,該項目位於馬里蘭州阿勒格尼縣,但須視收盤調整而定。該項目預計將在2025年上半年實現商業運營,並主要根據12年的PPA與投資級承購商出售其電力。該公司預計,從2026年1月1日起,該項目將在五年內平均每年貢獻約400萬美元的資產CAFD。
Rosamond South I
南羅莎蒙德 I
On May 7, 2024, the Company, through an indirect subsidiary, committed to acquire 50% cash equity interest in the Rosamond South I solar plus storage project, a 257 MW project located in Rosamond, California, for approximately $21 million in cash, subject to closing adjustments. The project is expected to achieve commercial operations in the first half of 2025 and sell its power, RECs, and capacity under agreements with creditworthy counterparties with a weighted average contract duration of approximately 15 years. The Company expects the project to contribute asset CAFD on a five-year average annual basis of approximately $2 million beginning January 1, 2026.
2024年5月7日,該公司通過間接子公司承諾以約2100萬美元現金收購位於加利福尼亞州羅薩蒙德的257兆瓦的Rosamond South I太陽能加儲能項目50%的現金股權,但須視收盤調整而定。該項目預計將在2025年上半年實現商業運營,並根據與信譽良好的交易對手達成的協議出售其電力、可再生能源和產能,加權平均合同期限約爲15年。該公司預計,從2026年1月1日起,該項目將在五年內平均每年貢獻約200萬美元的CAFD資產。
Strategic Announcements
戰略公告
Resource Adequacy Agreement at Walnut Creek
核桃溪資源充足協議
On May 6, 2024, the Company contracted with a load serving entity to sell approximately 97 MW of Resource Adequacy commencing January 2027 and ending December 2027. With this transaction, approximately 20% of Walnut Creek's net qualifying capacity is contracted through 2027 at terms providing for higher project level CAFD in 2027 relative to current run-rate expectations.
2024年5月6日,公司與一家負載服務實體簽訂合同,從2027年1月起至2027年12月結束出售約97兆瓦的資源充足率。通過此次交易,到2027年,核桃溪淨合格產能中約有20%簽訂合同,其條款規定在2027年提高CAFD的項目水平,高於當前的運行率預期。
Resource Adequacy Agreement at Marsh Landing
Marsh Landing 的資源充足協議
On March 28, 2024, the Company contracted with a load serving entity to sell approximately 90 MW of Resource Adequacy commencing September 2026 and ending December 2030. With this transaction, approximately 74% of Marsh Landing's net qualifying capacity is contracted through 2027 at terms providing for higher project level CAFD in 2027 relative to current run-rate expectations.
2024年3月28日,公司與一家負荷服務實體簽訂合同,從2026年9月開始到2030年12月結束出售約90兆瓦的資源充足率。通過此次交易,Marsh Landing約74%的淨合格容量將在2027年之前簽約,其條款規定在2027年提高CAFD的項目水平,高於當前的運行率預期。
Quarterly Dividend
季度分紅
On May 9, 2024, Clearway Energy, Inc.'s Board of Directors declared a quarterly dividend on Class A and Class C common stock of $0.4102 per share payable on June 17, 2024, to stockholders of record as of June 3, 2024.
2024 年 5 月 9 日,Clearway Energy, Inc.s 董事會宣佈,A類和C類普通股的季度股息爲每股0.4102美元,將於2024年6月17日支付給截至2024年6月3日的登記股東。
Seasonality
季節性
Clearway Energy, Inc.'s quarterly operating results are impacted by seasonal factors, as well as weather variability which can impact renewable energy resource throughout the year. Most of the Company's revenues are generated from the months of May through September, as contracted pricing and renewable resources are at their highest levels in the Company's portfolio. Factors driving the fluctuation in Net Income, Adjusted EBITDA, Cash from Operating Activities, and CAFD include the following:
Clearway Energy, Inc.”的季度經營業績受季節性因素以及可能影響全年可再生能源資源的天氣變化的影響。公司的大部分收入來自5月至9月,因爲合同定價和可再生資源處於公司投資組合的最高水平。推動淨收益、調整後息稅折舊攤銷前利潤、經營活動現金和CAFD波動的因素包括:
- Higher summer capacity and energy prices from conventional assets;
- Higher solar insolation during the summer months;
- Higher wind resources during the spring and summer months;
- Renewable energy resource throughout the year
- Debt service payments which are made either quarterly or semi-annually;
- Timing of maintenance capital expenditures and the impact of both unforced and forced outages; and
- Timing of distributions from unconsolidated affiliates
- 常規資產的夏季產能和能源價格上漲;
- 夏季太陽日照量較高;
- 春季和夏季風力資源增加;
- 全年可再生能源資源
- 按季度或每半年支付一次的還本付息;
- 維護資本支出的時間以及非強制和強制停機的影響;以及
- 未合併子公司的分配時間
The Company takes into consideration the timing of these factors to ensure sufficient funds are available for distributions and operating activities on a quarterly basis.
公司考慮了這些因素的時機,以確保每季度有足夠的資金用於分配和運營活動。
Financial Guidance
財務指導
The Company is reaffirming its 2024 full year CAFD guidance of $395 million. The Company's 2024 financial guidance factors in the contribution of committed growth investments based on current expected closing timelines and estimates for merchant energy gross margin at the conventional fleet. 2024 CAFD guidance does not factor in the timing of when CAFD is realized from new growth investments pursuant to 5-year averages beyond 2024. Financial guidance is based on median renewable energy production estimates for the full year.
該公司重申其2024年全年CAFD預期爲3.95億美元。根據目前的預期成交時間表和常規機隊商用能源毛利率的估計,公司2024年的財務指導考慮了承諾增長投資的貢獻。2024年CAFD指引並未考慮根據2024年以後的5年平均水平從新的增長投資中實現CAFD的時機。財務指導基於全年可再生能源產量中位數估計。
Earnings Conference Call
業績電話會議
On May 9, 2024, Clearway Energy, Inc. will host a conference call at 8:00 a.m. Eastern to discuss these results. Investors, the news media and others may access the live webcast of the conference call and accompanying presentation materials by logging on to Clearway Energy, Inc.'s website at http://www.clearwayenergy.com and clicking on "Presentations & Webcasts" under "Investor Relations."
2024年5月9日,Clearway Energy, Inc.將在美國東部時間上午8點舉行電話會議,討論這些結果。投資者、新聞媒體和其他人可以通過登錄Clearway Energy, Inc.觀看電話會議的網絡直播和隨附的演示材料。”的網站位於 http://www.clearwayenergy.com 然後單擊 “投資者關係” 下的 “演示和網絡直播”。
About Clearway Energy, Inc.
Clearway Energy, Inc.
Clearway Energy, Inc. is one of the largest renewable energy owners in the US with approximately 6,200 net MW of installed wind, solar, and battery energy storage systems. The Company's approximately 8,700 net MW of assets also include approximately 2,500 net MW of environmentally-sound, highly efficient natural gas generation facilities. Through this environmentally-sound diversified and primarily contracted portfolio, Clearway Energy endeavors to provide its investors with stable and growing dividend income. Clearway Energy, Inc.'s Class C and Class A common stock are traded on the New York Stock Exchange under the symbols CWEN and CWEN.A, respectively. Clearway Energy, Inc. is sponsored by its controlling investor, Clearway Energy Group LLC. For more information, visit investor.clearwayenergy.com.
Clearway Energy, Inc. 是美國最大的可再生能源所有者之一,淨安裝的風能、太陽能和電池儲能系統約爲6,200兆瓦。該公司約8,700兆瓦的淨資產還包括約2,500兆瓦的環保、高效天然氣發電設施。通過這種環保的多元化且以合同爲主的投資組合,Clearway Energy努力爲其投資者提供穩定且不斷增長的股息收入。Clearway Energy, Inc.”s C類和A類普通股分別在紐約證券交易所上市,股票代碼分別爲CWEN和CWEN.A。Clearway Energy, Inc. 由其控股投資者克利爾韋能源集團有限責任公司贊助。欲了解更多信息,請訪問 投資者.clearwayenergy.com。
Safe Harbor Disclosure
安全港披露
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are subject to certain risks, uncertainties and assumptions, and typically can be identified by the use of words such as "expect," "estimate," "target," "anticipate," "forecast," "plan," "outlook," "believe" and similar terms. Such forward-looking statements include, but are not limited to, statements regarding, the Company's dividend expectations and its operations, its facilities and its financial results, statements regarding the anticipated consummation of the transactions described above, the anticipated benefits, opportunities, and results with respect to the transactions, including the Company's future relationship and arrangements with Global Infrastructure Partners, TotalEnergies, and Clearway Energy Group, as well as the Company's Net Income, Adjusted EBITDA, Cash from Operating Activities, Cash Available for Distribution, the Company's future revenues, income, indebtedness, capital structure, strategy, plans, expectations, objectives, projected financial performance and/or business results and other future events, and views of economic and market conditions.
本新聞稿包含1933年《證券法》第27A條和1934年《證券交易法》第21E條所指的前瞻性陳述。此類前瞻性陳述受某些風險、不確定性和假設的影響,通常可以通過使用 “預期”、“估計”、“目標”、“預測”、“預測”、“計劃”、“展望”、“前景”、“相信” 等詞語來識別。此類前瞻性陳述包括但不限於有關公司股息預期及其運營、設施和財務業績的陳述、有關上述交易預期完成的陳述、交易的預期收益、機會和業績的陳述,包括公司與全球基礎設施合作伙伴、TotalEnergies和Clearway Energy集團的未來關係和安排,以及公司的淨收入、調整後息稅折舊攤銷前利潤、來自的現金經營活動、可供分配的現金、公司未來收入、收入、負債、資本結構、戰略、計劃、預期、目標、預期財務業績和/或業務業績以及其他未來事件,以及對經濟和市場狀況的看法。
Although Clearway Energy, Inc. believes that the expectations are reasonable, it can give no assurance that these expectations will prove to be correct, and actual results may vary materially. Factors that could cause actual results to differ materially from those contemplated above include, among others, the Company's ability to maintain and grow its quarterly dividend, impacts related to COVID-19 (including any variant of the virus) or any other pandemic, risks relating to the Company's relationships with its sponsors, the failure to identify, execute or successfully implement acquisitions or dispositions (including receipt of third party consents and regulatory approvals), the Company's ability to acquire assets from its sponsors, the Company's ability to borrow additional funds and access capital markets due to its indebtedness, corporate structure, market conditions or otherwise, hazards customary in the power industry, weather conditions, including wind and solar performance, the Company's ability to operate its businesses efficiently, manage maintenance capital expenditures and costs effectively, and generate earnings and cash flows from its asset-based businesses in relation to its debt and other obligations, the willingness and ability of counterparties to the Company's offtake agreements to fulfill their obligations under such agreements, the Company's ability to enter into new contracts as existing contracts expire, changes in government regulations, operating and financial restrictions placed on the Company that are contained in the project-level debt facilities and other agreements of the Company and its subsidiaries, and cyber terrorism and inadequate cybersecurity. Furthermore, any dividends are subject to available capital, market conditions, and compliance with associated laws and regulations.
儘管Clearway Energy, Inc.認爲預期是合理的,但它無法保證這些預期會被證明是正確的,實際結果可能會有重大差異。可能導致實際業績與上述因素存在重大差異的因素包括公司維持和增加季度股息的能力、與 COVID-19(包括病毒的任何變體)或任何其他疫情相關的影響、與公司與贊助商的關係相關的風險、未能確定、執行或成功實施收購或處置(包括獲得第三方同意和監管部門的批准)、公司從中收購資產的能力其贊助商,該公司的贊助商由於其債務、公司結構、市場狀況或其他因素而借入額外資金和進入資本市場的能力、電力行業的慣常危險、包括風能和太陽能業績在內的天氣狀況、公司高效運營業務、有效管理維護資本支出和成本、從資產業務中產生與債務和其他義務相關的收益和現金流的能力、公司承購協議交易對手的意願和能力履行此類協議規定的義務、公司在現有合同到期時簽訂新合同的能力、政府法規的變化、公司及其子公司的項目級債務安排和其他協議中對公司的運營和財務限制,以及網絡恐怖主義和網絡安全不足。此外,任何股息都受可用資本、市場狀況以及相關法律法規的遵守情況的約束。
Clearway Energy, Inc. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The Cash Available for Distribution are estimates as of today's date, May 9, 2024, and are based on assumptions believed to be reasonable as of this date. Clearway Energy, Inc. expressly disclaims any current intention to update such guidance. The foregoing review of factors that could cause Clearway Energy, Inc.'s actual results to differ materially from those contemplated in the forward-looking statements included in this news release should be considered in connection with information regarding risks and uncertainties that may affect Clearway Energy, Inc.'s future results included in Clearway Energy, Inc.'s filings with the Securities and Exchange Commission at www.sec.gov. In addition, Clearway Energy, Inc. makes available free of charge at www.clearwayenergy.com, copies of materials it files with, or furnishes to, the Securities and Exchange Commission.
Clearway Energy, Inc. 沒有義務更新或修改任何前瞻性陳述,無論是由於新信息、未來事件還是其他原因。可供分配的現金是截至今天(2024年5月9日)的估計值,並基於截至該日被認爲合理的假設。Clearway Energy, Inc.明確表示目前不打算更新此類指南。上述對可能導致Clearway Energy, Inc.的因素的回顧在有關可能影響Clearway Energy, Inc.的風險和不確定性的信息時,應考慮實際業績與本新聞稿中包含的前瞻性陳述中設想的結果存在重大差異。”的未來業績已包含在Clearway Energy, Inc.'s 向美國證券交易委員會提交的文件地址爲 www.sec.gov。此外,Clearway Energy, Inc. 在以下網址免費提供 www.clearwayenergy.com,它向美國證券交易委員會提交或提供給美國證券交易委員會的材料的副本。
Contacts:
聯繫人:
Investors: | Media: |
Akil Marsh | Zadie Oleksiw |
investor.relations@clearwayenergy.com | media@clearwayenergy.com |
609-608-1500 | 202-836-5754 |
投資者: | 媒體: |
Akil Marsh | Zadie Oleksiw |
investor.relations@clearwayenergy.com | media@clearwayenergy.com |
609-608-1500 | 202-836-5754 |
CLEARWAY ENERGY, INC. | |||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
(Unaudited) | |||||||
Three months ended March 31, | |||||||
(In millions, except per share amounts) |
2024 |
2023 | |||||
Operating Revenues | |||||||
Total operating revenues | $ | 263 | $ | 288 | |||
Operating Costs and Expenses | |||||||
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below | 126 | 108 | |||||
Depreciation, amortization and accretion | 154 | 128 | |||||
General and administrative | 11 | 10 | |||||
Transaction and integration costs | 1 | — | |||||
Total operating costs and expenses | 292 | 246 | |||||
Operating (Loss) Income | (29) | 42 | |||||
Other Income (Expense) | |||||||
Equity in earnings (losses) of unconsolidated affiliates | 12 | (3) | |||||
Other income, net | 16 | 8 | |||||
Loss on debt extinguishment | (1) | — | |||||
Interest expense | (57) | (99) | |||||
Total other expense, net | (30) | (94) | |||||
Loss Before Income Taxes | (59) | (52) | |||||
Income tax benefit | (13) | (12) | |||||
Net Loss | (46) | (40) | |||||
Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests | (44) | (40) | |||||
Net Loss Attributable to Clearway Energy, Inc. | $ | (2) | $ | — | |||
Loss Per Share Attributable to Clearway Energy, Inc. Class A and Class C Common Stockholders | |||||||
Weighted average number of Class A common shares outstanding - basic and diluted | 35 | 35 | |||||
Weighted average number of Class C common shares outstanding - basic and diluted | 82 | 82 | |||||
Loss Per Weighted Average Class A and Class C Common Share - Basic and Diluted | $ | (0.02) | $ | — | |||
Dividends Per Class A Common Share | $ | 0.4033 | $ | 0.3745 | |||
Dividends Per Class C Common Share | $ | 0.4033 | $ | 0.3745 |
CLEARWAY 能源公司 | |||||||
合併運營報表 | |||||||
(未經審計) | |||||||
截至3月31日的三個月 | |||||||
(以百萬計,每股金額除外) | 2024 | 2023 | |||||
營業收入 | |||||||
總營業收入 | $ | 263 | $ | 288 | |||
運營成本和費用 | |||||||
運營成本,不包括折舊、攤銷和增值,如下所示 | 126 | 108 | |||||
折舊、攤銷和增值 | 154 | 128 | |||||
一般和行政 | 11 | 10 | |||||
交易和整合成本 | 1 | — | |||||
運營成本和支出總額 | 292 | 246 | |||||
營業(虧損)收入 | (29) | 42 | |||||
其他收入(支出) | |||||||
未合併關聯公司的收益(虧損)權益 | 12 | (3) | |||||
其他收入,淨額 | 16 | 8 | |||||
債務清償損失 | (1) | — | |||||
利息支出 | (57) | (99) | |||||
其他支出總額,淨額 | (30) | (94) | |||||
所得稅前虧損 | (59) | (52) | |||||
所得稅優惠 | (13) | (12) | |||||
淨虧損 | (46) | (40) | |||||
減去:歸因於非控股權益和可贖回的非控股權益的淨虧損 | (44) | (40) | |||||
歸因於 Clearway Energy, Inc. 的淨虧損 | $ | (2) | $ | — | |||
歸因於Clearway Energy, Inc. A類和C類普通股股東的每股虧損 | |||||||
已發行A類普通股的加權平均數——基本和攤薄後 | 35 | 35 | |||||
已發行C類普通股的加權平均數——基本和攤薄後 | 82 | 82 | |||||
每股加權平均A類和C類普通股的虧損——基本和攤薄後 | $ | (0.02) | $ | — | |||
每股A類普通股的股息 | $ | 0.4033 | $ | 0.3745 | |||
每股C類普通股的股息 | $ | 0.4033 | $ | 0.3745 |
CLEARWAY ENERGY, INC. | |||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | |||||||
(Unaudited) | |||||||
Three months ended March 31, | |||||||
(In millions) |
2024 |
2023 | |||||
Net Loss | $ | (46) | $ | (40) | |||
Other Comprehensive Loss | |||||||
Unrealized loss on derivatives and changes in accumulated OCI, net of income tax benefit, of $—, and $1 | (1) | (3) | |||||
Other comprehensive loss | (1) | (3) | |||||
Comprehensive Loss | (47) | (43) | |||||
Less: Comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interests | (43) | (42) | |||||
Comprehensive Loss Attributable to Clearway Energy, Inc. | $ | (4) | $ | (1) |
CLEARWAY 能源公司 | |||||||
綜合損失合併報表 | |||||||
(未經審計) | |||||||
截至3月31日的三個月 | |||||||
(以百萬計) | 2024 | 2023 | |||||
淨虧損 | $ | (46) | $ | (40) | |||
其他綜合損失 | |||||||
扣除所得稅優惠後的衍生品未實現虧損和累計OCI的變動,分別爲美元和1美元 | (1) | (3) | |||||
其他綜合損失 | (1) | (3) | |||||
綜合損失 | (47) | (43) | |||||
減去:歸因於非控股權益和可贖回的非控股權益的綜合虧損 | (43) | (42) | |||||
歸因於 Clearway Energy, Inc. 的綜合虧損 | $ | (4) | $ | (1) |
CLEARWAY ENERGY, INC. | |||||
CONSOLIDATED BALANCE SHEETS | |||||
(In millions, except shares) | March 31, 2024 | December 31, 2023 | |||
ASSETS | (Unaudited) | ||||
Current Assets | |||||
Cash and cash equivalents | $ | 478 | $ | 535 | |
Restricted cash | 485 | 516 | |||
Accounts receivable — trade | 184 | 171 | |||
Inventory | 58 | 55 | |||
Derivative instruments | 54 | 41 | |||
Note receivable — affiliate | 178 | 174 | |||
Prepayments and other current assets | 60 | 68 | |||
Total current assets | 1,497 | 1,560 | |||
Property, plant and equipment, net | 9,746 | 9,526 | |||
Other Assets | |||||
Equity investments in affiliates | 349 | 360 | |||
Intangible assets for power purchase agreements, net | 2,259 | 2,303 | |||
Other intangible assets, net | 72 | 71 | |||
Derivative instruments | 111 | 82 | |||
Right-of-use assets, net | 615 | 597 | |||
Other non-current assets | 213 | 202 | |||
Total other assets | 3,619 | 3,615 | |||
Total Assets | $ | 14,862 | $ | 14,701 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
Current Liabilities | |||||
Current portion of long-term debt | $ | 565 | $ | 558 | |
Accounts payable — trade | 123 | 130 | |||
Accounts payable — affiliates | 28 | 31 | |||
Derivative instruments | 52 | 51 | |||
Accrued interest expense | 42 | 57 | |||
Accrued expenses and other current liabilities | 64 | 79 | |||
Total current liabilities | 874 | 906 | |||
Other Liabilities | |||||
Long-term debt | 7,579 | 7,479 | |||
Deferred income taxes | 111 | 127 | |||
Derivative instruments | 309 | 281 | |||
Long-term lease liabilities | 642 | 627 | |||
Other non-current liabilities | 300 | 286 | |||
Total other liabilities | 8,941 | 8,800 | |||
Total Liabilities | 9,815 | 9,706 | |||
Redeemable noncontrolling interest in subsidiaries | 2 | 1 | |||
Commitments and Contingencies | |||||
Stockholders' Equity | |||||
Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued | — | — | |||
Class A, Class B, Class C and Class D common stock, $0.01 par value; 3,000,000,000 shares authorized (Class A 500,000,000, Class B 500,000,000, Class C 1,000,000,000, Class D 1,000,000,000); 202,080,794 shares issued and outstanding (Class A 34,613,853, Class B 42,738,750, Class C 82,391,441, Class D 42,336,750) at March 31, 2024 and 202,080,794 shares issued and outstanding (Class A 34,613,853, Class B 42,738,750, Class C 82,391,441, Class D 42,336,750) at December 31, 2023 | 1 | 1 | |||
Additional paid-in capital | 1,741 | 1,732 | |||
Retained earnings | 311 | 361 | |||
Accumulated other comprehensive income | 5 | 7 | |||
Noncontrolling interest | 2,987 | 2,893 | |||
Total Stockholders' Equity | 5,045 | 4,994 | |||
Total Liabilities and Stockholders' Equity | $ | 14,862 | $ | 14,701 |
CLEARWAY 能源公司 | |||||
合併資產負債表 | |||||
(以百萬計,股票除外) | 2024年3月31日 | 2023年12月31日 | |||
資產 | (未經審計) | ||||
流動資產 | |||||
現金和現金等價物 | $ | 478 | $ | 535 | |
受限制的現金 | 485 | 516 | |||
應收賬款——貿易 | 184 | 171 | |||
庫存 | 58 | 55 | |||
衍生工具 | 54 | 41 | |||
應收票據——關聯公司 | 178 | 174 | |||
預付款和其他流動資產 | 60 | 68 | |||
流動資產總額 | 1,497 | 1,560 | |||
財產、廠房和設備,淨額 | 9,746 | 9,526 | |||
其他資產 | |||||
對關聯公司的股權投資 | 349 | 360 | |||
購電協議的無形資產,淨額 | 2,259 | 2,303 | |||
其他無形資產,淨額 | 72 | 71 | |||
衍生工具 | 111 | 82 | |||
使用權資產,淨額 | 615 | 597 | |||
其他非流動資產 | 213 | 202 | |||
其他資產總額 | 3,619 | 3,615 | |||
總資產 | $ | 14,862 | $ | 14,701 | |
負債和股東權益 | |||||
流動負債 | |||||
長期債務的當前部分 | $ | 565 | $ | 558 | |
應付賬款——貿易 | 123 | 130 | |||
應付賬款——關聯公司 | 28 | 31 | |||
衍生工具 | 52 | 51 | |||
應計利息支出 | 42 | 57 | |||
應計費用和其他流動負債 | 64 | 79 | |||
流動負債總額 | 874 | 906 | |||
其他負債 | |||||
長期債務 | 7,579 | 7,479 | |||
遞延所得稅 | 111 | 127 | |||
衍生工具 | 309 | 281 | |||
長期租賃負債 | 642 | 627 | |||
其他非流動負債 | 300 | 286 | |||
其他負債總額 | 8,941 | 8,800 | |||
負債總額 | 9,815 | 9,706 | |||
子公司可贖回的非控股權益 | 2 | 1 | |||
承付款和或有開支 | |||||
股東權益 | |||||
優先股,面值0.01美元;已授權1,000萬股;未發行任何股票 | — | — | |||
A類、B類、C類和D類普通股,面值0.01美元;授權3,000,000股(A類 500,000,000 股,C 類 1,000,000,000,D 類 1,000,000,000 股);已發行和流通的202,080,794股(A類 34,613,853,B類 42,738,750,C類 82,391,441,D 類 42,391,441,D 類 42,391,441)截至2024年3月31日的336,750)以及截至2023年12月31日已發行和流通的202,080,794股股票(A類 34,613,853,B類42,738,750,C類82,391,441,D類 42,336,750) | 1 | 1 | |||
額外的實收資本 | 1,741 | 1,732 | |||
留存收益 | 311 | 361 | |||
累計其他綜合收益 | 5 | 7 | |||
非控股權益 | 2,987 | 2,893 | |||
股東權益總額 | 5,045 | 4,994 | |||
負債總額和股東權益 | $ | 14,862 | $ | 14,701 |
CLEARWAY ENERGY, INC. | |||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
(Unaudited) | |||||||
Three months ended March 31, | |||||||
(In millions) | 2024 | 2023 | |||||
Cash Flows from Operating Activities | |||||||
Net Loss | $ | (46) | $ | (40) | |||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||
Equity in (earnings) losses of unconsolidated affiliates | (12) | 3 | |||||
Distributions from unconsolidated affiliates | 9 | 6 | |||||
Depreciation, amortization and accretion | 154 | 128 | |||||
Amortization of financing costs and debt discounts | 4 | 3 | |||||
Amortization of intangibles | 46 | 47 | |||||
Loss on debt extinguishment | 1 | — | |||||
Reduction in carrying amount of right-of-use assets | 4 | 4 | |||||
Changes in deferred income taxes | (10) | (11) | |||||
Changes in derivative instruments and amortization of accumulated OCI | 2 | 3 | |||||
Cash used in changes in other working capital: | |||||||
Changes in prepaid and accrued liabilities for tolling agreements | (10) | (39) | |||||
Changes in other working capital | (61) | (29) | |||||
Net Cash Provided by Operating Activities | 81 | 75 | |||||
Cash Flows from Investing Activities | |||||||
Acquisition of Drop Down Assets, net of cash acquired | (111) | (7) | |||||
Capital expenditures | (98) | (88) | |||||
Return of investment from unconsolidated affiliates | 4 | 9 | |||||
Other | 2 | — | |||||
Net Cash Used in Investing Activities | (203) | (86) | |||||
Cash Flows from Financing Activities | |||||||
Contributions from noncontrolling interests, net of distributions | 207 | 273 | |||||
Payments of dividends and distributions | (81) | (76) | |||||
Proceeds from the issuance of long-term debt | 74 | 42 | |||||
Payments of debt issuance costs | — | (7) | |||||
Payments for long-term debt | (166) | (204) | |||||
Net Cash Provided by Financing Activities | 34 | 28 | |||||
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash | (88) | 17 | |||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 1,051 | 996 | |||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 963 | $ | 1,013 |
CLEARWAY 能源公司 | |||||||
合併現金流量表 | |||||||
(未經審計) | |||||||
截至3月31日的三個月 | |||||||
(以百萬計) | 2024 | 2023 | |||||
來自經營活動的現金流 | |||||||
淨虧損 | $ | (46) | $ | (40) | |||
爲使淨虧損與經營活動提供的淨現金保持一致而進行的調整: | |||||||
未合併關聯公司(收益)虧損的權益 | (12) | 3 | |||||
來自未合併關聯公司的分配 | 9 | 6 | |||||
折舊、攤銷和增值 | 154 | 128 | |||||
融資成本的攤銷和債務折扣 | 4 | 3 | |||||
無形資產的攤銷 | 46 | 47 | |||||
債務清償損失 | 1 | — | |||||
減少使用權資產的賬面金額 | 4 | 4 | |||||
遞延所得稅的變化 | (10) | (11) | |||||
衍生工具的變動和累計OCI的攤銷 | 2 | 3 | |||||
用於其他營運資金變動的現金: | |||||||
通行費協議的預付負債和應計負債的變化 | (10) | (39) | |||||
其他營運資金的變化 | (61) | (29) | |||||
經營活動提供的淨現金 | 81 | 75 | |||||
來自投資活動的現金流 | |||||||
收購 Drop Down Assets,扣除收購的現金 | (111) | (7) | |||||
資本支出 | (98) | (88) | |||||
未合併子公司的投資回報 | 4 | 9 | |||||
其他 | 2 | — | |||||
用於投資活動的淨現金 | (203) | (86) | |||||
來自融資活動的現金流 | |||||||
來自非控股權益的出資,扣除分配 | 207 | 273 | |||||
分紅和分紅的支付 | (81) | (76) | |||||
發行長期債務的收益 | 74 | 42 | |||||
債務發行成本的支付 | — | (7) | |||||
償還長期債務 | (166) | (204) | |||||
融資活動提供的淨現金 | 34 | 28 | |||||
現金、現金等價物和限制性現金的淨增加(減少) | (88) | 17 | |||||
期初現金、現金等價物和限制性現金 | 1,051 | 996 | |||||
期末現金、現金等價物和限制性現金 | $ | 963 | $ | 1,013 |
CLEARWAY ENERGY, INC. | ||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
(In millions) | Preferred Stock | Common Stock |
Additional Paid-In Capital | Retained Earnings |
Accumulated Other Comprehensive Income |
Noncontrolling Interest |
Total Stockholders' Equity | |||||||||||||||||
Balances at December 31, 2023 | $ | — | $ | 1 | $ | 1,732 | $ | 361 | $ | 7 | $ | 2,893 | $ | 4,994 | ||||||||||
Net loss | — | — | — | (2) | — | (45) | (47) | |||||||||||||||||
Unrealized (loss) gain on derivatives and changes in accumulated OCI, net of tax | — | — | — | — | (2) | 1 | (1) | |||||||||||||||||
Distributions to CEG, net of contributions, cash | — | — | — | — | — | (1) | (1) | |||||||||||||||||
Contributions from noncontrolling interests, net of distributions, cash | — | — | — | — | — | 215 | 215 | |||||||||||||||||
Transfers of assets under common control | — | — | 2 | — | — | (42) | (40) | |||||||||||||||||
Non-cash adjustments for change in tax basis | — | — | 6 | — | — | — | 6 | |||||||||||||||||
Stock-based compensation | — | — | 1 | — | — | — | 1 | |||||||||||||||||
Common stock dividends and distributions to CEG unit holders | — | — | — | (47) | — | (34) | (81) | |||||||||||||||||
Other | — | — | — | (1) | — | — | (1) | |||||||||||||||||
Balances at March 31, 2024 | $ | — | $ | 1 | $ | 1,741 | $ | 311 | $ | 5 | $ | 2,987 | $ | 5,045 |
CLEARWAY 能源公司 | ||||||||||||||||||||||||
股東權益合併報表 | ||||||||||||||||||||||||
(未經審計) | ||||||||||||||||||||||||
(以百萬計) | 首選 股票 | 常見 股票 | 額外 付費 資本 | 已保留 收益 | 累積的 其他 全面 收入 | 非控制性 利息 | 總計 股東 公平 | |||||||||||||||||
截至 2023 年 12 月 31 日的餘額 | $ | — | $ | 1 | $ | 1,732 | $ | 361 | $ | 7 | $ | 2,893 | $ | 4,994 | ||||||||||
淨虧損 | — | — | — | (2) | — | (45) | (47) | |||||||||||||||||
扣除稅款的衍生品未實現(虧損)收益和累計OCI的變動 | — | — | — | — | (2) | 1 | (1) | |||||||||||||||||
向CEG的分配,扣除繳款和現金 | — | — | — | — | — | (1) | (1) | |||||||||||||||||
來自非控股權益的出資,扣除分配,現金 | — | — | — | — | — | 215 | 215 | |||||||||||||||||
共同控制下的資產的轉移 | — | — | 2 | — | — | (42) | (40) | |||||||||||||||||
因稅基變更而進行的非現金調整 | — | — | 6 | — | — | — | 6 | |||||||||||||||||
基於股票的薪酬 | — | — | 1 | — | — | — | 1 | |||||||||||||||||
普通股股息和向CEG單位持有者分配 | — | — | — | (47) | — | (34) | (81) | |||||||||||||||||
其他 | — | — | — | (1) | — | — | (1) | |||||||||||||||||
截至 2024 年 3 月 31 日的餘額 | $ | — | $ | 1 | $ | 1,741 | $ | 311 | $ | 5 | $ | 2,987 | $ | 5,045 |
(In millions) | Preferred Stock | Common Stock |
Additional Paid-In Capital | Retained Earnings |
Accumulated Other Comprehensive Income |
Noncontrolling Interest |
Total Stockholders' Equity | ||||||||||||||||||
Balances at December 31, 2022 | $ | — | $ | 1 | $ | 1,761 | $ | 463 | $ | 9 | $ | 1,792 | $ | 4,026 | |||||||||||
Net loss | — | — | — | — | — | (43) | (43) | ||||||||||||||||||
Unrealized loss on derivatives and changes in accumulated OCI, net of tax | — | — | — | — | (1) | (2) | (3) | ||||||||||||||||||
Contributions from CEG, net of distributions, cash | — | — | — | — | — | 30 | 30 | ||||||||||||||||||
Contributions from noncontrolling interests, net of distributions, cash | — | — | — | — | — | 215 | 215 | ||||||||||||||||||
Transfers of assets under common control | — | — | (52) | — | — | 46 | (6) | ||||||||||||||||||
Non-cash adjustments for change in tax basis | — | — | 9 | — | — | — | 9 | ||||||||||||||||||
Stock based compensation | — | — | 1 | — | — | — | 1 | ||||||||||||||||||
Common stock dividends and distributions to CEG unit holders | — | — | — | (44) | — | (32) | (76) | ||||||||||||||||||
Balances at March 31, 2023 | $ | — | $ | 1 | $ | 1,719 | $ | 419 | $ | 8 | $ | 2,006 | $ | 4,153 |
(以百萬計) | 首選 股票 | 常見 股票 | 額外 付費 資本 | 已保留 收益 | 累積的 其他 全面 收入 | 非控制性 利息 | 總計 股東 公平 | ||||||||||||||||||
截至2022年12月31日的餘額 | $ | — | $ | 1 | $ | 1,761 | $ | 463 | $ | 9 | $ | 1,792 | $ | 4,026 | |||||||||||
淨虧損 | — | — | — | — | — | (43) | (43) | ||||||||||||||||||
衍生品未實現虧損和累計 OCI 變動(扣除稅款) | — | — | — | — | (1) | (2) | (3) | ||||||||||||||||||
來自CEG的繳款,扣除分配,現金 | — | — | — | — | — | 30 | 30 | ||||||||||||||||||
來自非控股權益的出資,扣除分配,現金 | — | — | — | — | — | 215 | 215 | ||||||||||||||||||
共同控制下的資產的轉移 | — | — | (52) | — | — | 46 | (6) | ||||||||||||||||||
因稅基變更而進行的非現金調整 | — | — | 9 | — | — | — | 9 | ||||||||||||||||||
基於股票的薪酬 | — | — | 1 | — | — | — | 1 | ||||||||||||||||||
普通股股息和向CEG單位持有者分配 | — | — | — | (44) | — | (32) | (76) | ||||||||||||||||||
截至2023年3月31日的餘額 | $ | — | $ | 1 | $ | 1,719 | $ | 419 | $ | 8 | $ | 2,006 | $ | 4,153 |
Appendix Table A-1: Three Months Ended March 31, 2024, Segment Adjusted EBITDA Reconciliation
The following table summarizes the calculation of Adjusted EBITDA and provides a reconciliation to Net Income/(Loss):
附錄表 A-1:截至2024年3月31日的三個月,分部調整後的息稅折舊攤銷前利潤對賬
下表彙總了調整後息稅折舊攤銷前利潤的計算,並提供了與淨收入/(虧損)的對賬:
($ in millions) |
Conventional |
Renewables |
Corporate |
Total | ||||||||||||
Net Income (Loss) | $ | 16 | $ | (44) | $ | (18) | $ | (46) | ||||||||
Plus: | ||||||||||||||||
Income Tax Benefit | — | — | (13) | (13) | ||||||||||||
Interest Expense, net | 6 | 14 | 20 | 40 | ||||||||||||
Depreciation, Amortization, and ARO | 32 | 122 | — | 154 | ||||||||||||
Contract Amortization | 5 | 41 | — | 46 | ||||||||||||
Loss on Debt Extinguishment | — | 1 | — | 1 | ||||||||||||
Mark to Market (MtM) Losses/(Gains) on economic hedges | (11) | 35 | — | 24 | ||||||||||||
Transaction and integration costs | — | — | 1 | 1 | ||||||||||||
Other non-recurring | — | (1) | — | (1) | ||||||||||||
Adjustments to reflect CWEN's pro-rata share of Adjusted EBITDA from Unconsolidated Affiliates | 3 | 1 | — | 4 | ||||||||||||
Non-Cash Equity Compensation | — | — | 1 | 1 | ||||||||||||
Adjusted EBITDA | $ | 51 | $ | 169 | $ | (9) | $ | 211 |
(百萬美元) | 常規 | 可再生能源 | 企業 | 總計 | ||||||||||||
淨收益(虧損) | $ | 16 | $ | (44) | $ | (18) | $ | (46) | ||||||||
另外: | ||||||||||||||||
所得稅優惠 | — | — | (13) | (13) | ||||||||||||
利息支出,淨額 | 6 | 14 | 20 | 40 | ||||||||||||
折舊、攤銷和 ARO | 32 | 122 | — | 154 | ||||||||||||
合同攤銷 | 5 | 41 | — | 46 | ||||||||||||
債務清償造成的損失 | — | 1 | — | 1 | ||||||||||||
經濟套期保值的市值(mTM)虧損/(收益) | (11) | 35 | — | 24 | ||||||||||||
交易和整合成本 | — | — | 1 | 1 | ||||||||||||
其他非經常性的 | — | (1) | — | (1) | ||||||||||||
調整以反映CWEN在未合併關聯公司調整後的息稅折舊攤銷前利潤中按比例分配 | 3 | 1 | — | 4 | ||||||||||||
非現金股權補償 | — | — | 1 | 1 | ||||||||||||
調整後 EBITDA | $ | 51 | $ | 169 | $ | (9) | $ | 211 |
Appendix Table A-2: Three Months Ended March 31, 2023, Segment Adjusted EBITDA Reconciliation
The following table summarizes the calculation of Adjusted EBITDA and provides a reconciliation to Net Income/(Loss):
附錄表 A-2:截至2023年3月31日的三個月,分部調整後的息稅折舊攤銷前利潤對賬
下表彙總了調整後息稅折舊攤銷前利潤的計算,並提供了與淨收入/(虧損)的對賬:
($ in millions) | Conventional | Renewables | Corporate | Total | ||||||||||||
Net Income (Loss) | $ | 24 | $ | (48) | $ | (16) | $ | (40) | ||||||||
Plus: | ||||||||||||||||
Income Tax Benefit | — | — | (12) | (12) | ||||||||||||
Interest Expense, net | 10 | 62 | 18 | 90 | ||||||||||||
Depreciation, Amortization, and ARO | 33 | 95 | — | 128 | ||||||||||||
Contract Amortization | 6 | 41 | — | 47 | ||||||||||||
Mark to Market (MtM) Gains on economic hedges | — | (19) | — | (19) | ||||||||||||
Other non-recurring | — | 4 | — | 4 | ||||||||||||
Adjustments to reflect CWEN's pro-rata share of Adjusted EBITDA from Unconsolidated Affiliates | 3 | 16 | — | 19 | ||||||||||||
Non-Cash Equity Compensation | — | — | 1 | 1 | ||||||||||||
Adjusted EBITDA | $ | 76 | $ | 151 | $ | (9) | $ | 218 |
(百萬美元) | 常規 | 可再生能源 | 企業 | 總計 | ||||||||||||
淨收益(虧損) | $ | 24 | $ | (48) | $ | (16) | $ | (40) | ||||||||
另外: | ||||||||||||||||
所得稅優惠 | — | — | (12) | (12) | ||||||||||||
利息支出,淨額 | 10 | 62 | 18 | 90 | ||||||||||||
折舊、攤銷和 ARO | 33 | 95 | — | 128 | ||||||||||||
合同攤銷 | 6 | 41 | — | 47 | ||||||||||||
按市值計價(mTM)經濟套期保值的收益 | — | (19) | — | (19) | ||||||||||||
其他非經常性的 | — | 4 | — | 4 | ||||||||||||
調整以反映CWEN在未合併關聯公司調整後的息稅折舊攤銷前利潤中按比例分配 | 3 | 16 | — | 19 | ||||||||||||
非現金股權補償 | — | — | 1 | 1 | ||||||||||||
調整後 EBITDA | $ | 76 | $ | 151 | $ | (9) | $ | 218 |
Appendix Table A-3: Cash Available for Distribution Reconciliation
The following table summarizes the calculation of Cash Available for Distribution and provides a reconciliation to Cash from Operating Activities:
附錄表 A-3:可用於分配對賬的現金
下表彙總了可供分配的現金的計算結果,並提供了與經營活動現金的對賬:
Three Months Ended | |||||||
($ in millions) |
3/31/24 |
3/31/23 | |||||
Adjusted EBITDA | $ | 211 | $ | 218 | |||
Cash interest paid | (90) | (93) | |||||
Changes in prepaid and accrued liabilities for tolling agreements | (10) | (39) | |||||
Adjustments to reflect sale-type leases and payments for lease expenses | 3 | 1 | |||||
Pro-rata Adjusted EBITDA from unconsolidated affiliates | (17) | (15) | |||||
Distributions from unconsolidated affiliates | 9 | 6 | |||||
Changes in working capital and other | (25) | (3) | |||||
Cash from Operating Activities | 81 | 75 | |||||
Changes in working capital and other | 25 | 3 | |||||
Return of investment from unconsolidated affiliates | 4 | 9 | |||||
Net distributions (to)/from non-controlling interest3 | (5) | (10) | |||||
Maintenance capital expenditures | (2) | (7) | |||||
Principal amortization of indebtedness4 | (51) | (74) | |||||
Cash Available for Distribution | $ | 52 | $ | (4) |
三個月已結束 | |||||||
(百萬美元) | 3/31/24 | 3/31/23 | |||||
調整後 EBITDA | $ | 211 | $ | 218 | |||
已支付的現金利息 | (90) | (93) | |||||
通行費協議的預付負債和應計負債的變化 | (10) | (39) | |||||
爲反映銷售類租賃和租賃費用支付而進行的調整 | 3 | 1 | |||||
未合併關聯公司按比例調整後的息稅折舊攤銷前利潤 | (17) | (15) | |||||
來自未合併關聯公司的分配 | 9 | 6 | |||||
營運資金和其他的變化 | (25) | (3) | |||||
來自經營活動的現金 | 81 | 75 | |||||
營運資金和其他的變化 | 25 | 3 | |||||
未合併子公司的投資回報 | 4 | 9 | |||||
(向)非控股權益/來自非控股權益的淨分配3 | (5) | (10) | |||||
維護資本支出 | (2) | (7) | |||||
債務本金攤銷4 | (51) | (74) | |||||
可供分配的現金 | $ | 52 | $ | (4) |
Appendix Table A-4: Three Months Ended March 31, 2024, Sources and Uses of Liquidity
The following table summarizes the sources and uses of liquidity in 2024:
附錄表 A-4:截至2024年3月31日的三個月,流動性的來源和用途
下表總結了2024年流動性的來源和用途:
Three Months Ended | ||||
($ in millions) | 3/31/24 | |||
Sources: | ||||
Contributions from noncontrolling interests, net of distributions | 207 | |||
Net cash provided by operating activities | 81 | |||
Proceedsfrom the issuance of long-term debt | 74 | |||
Return of investment from unconsolidated affiliates | 4 | |||
Other net cash inflows | 2 | |||
Uses: | ||||
Payments for long-term debt | (166) | |||
Acquisition of Drop Down Assets, net of cash acquired | (111) | |||
Capital expenditures | (98) | |||
Payments of dividends and distributions | (81) | |||
Change in total cash, cash equivalents, and restricted cash | $ | (88) |
三個月已結束 | ||||
(百萬美元) | 3/31/24 | |||
來源: | ||||
來自非控股權益的出資,扣除分配 | 207 | |||
經營活動提供的淨現金 | 81 | |||
發行長期債務的收益 | 74 | |||
未合併子公司的投資回報 | 4 | |||
其他淨現金流入 | 2 | |||
用途: | ||||
償還長期債務 | (166) | |||
收購 Drop Down Assets,扣除收購的現金 | (111) | |||
資本支出 | (98) | |||
分紅和分紅的支付 | (81) | |||
現金總額、現金等價物和限制性現金的變化 | $ | (88) |
____________________________________
__________________________
3 2024 excludes $224 million of contributions related to Texas Solar Nova 2; 2023 excludes $224 million of contributions related to the funding of Waiawa and Daggett 3
4 2024 excludes $115 for the repayment of bridge loans in connection with Texas Solar Nova 2; 2023 excludes $55 million for the repayment of bridge loans in connection with Waiawa
3 2024 年不包括與 Texas Solar Nova 2 相關的2.24 億美元捐款;2023 年不包括與 Waiawa 和 Daggett 3 融資相關的2.24億美元捐款
4 2024 年不包括用於償還與 Texas Solar Nova 2 相關的過渡貸款的 115 美元;2023 年不包括用於償還與 Waiawa 相關的過渡貸款的 5,500 萬美元
Appendix Table A-5: Adjusted EBITDA and Cash Available for Distribution Guidance
附錄表 A-5:調整後的息稅折舊攤銷前利潤和可用於分配的現金指導
($ in millions) | 2024 Full Year Guidance | |
Net Income | 90 | |
Income Tax Expense | 20 | |
Interest Expense, net | 330 | |
Depreciation, Amortization, and ARO Expense | 680 | |
Adjustment to reflect CWEN share of Adjusted EBITDA in unconsolidated affiliates | 50 | |
Non-Cash Equity Compensation | 5 | |
Adjusted EBITDA | 1,175 | |
Cash interest paid | (310) | |
Changes in prepaid and accrued liabilities for tolling agreements | (5) | |
Adjustments to reflect sale-type leases and payments for lease expenses | 10 | |
Pro-rata Adjusted EBITDA from unconsolidated affiliates | (85) | |
Cash distributions from unconsolidated affiliates5 | 45 | |
Cash from Operating Activities | 830 | |
Net distributions to non-controlling interest6 | (100) | |
Maintenance capital expenditures | (40) | |
Principal amortization of indebtedness7 | (295) | |
Cash Available for Distribution | 395 |
(百萬美元) | 2024 完整版 年 指導 | |
淨收入 | 90 | |
所得稅支出 | 20 | |
利息支出,淨額 | 330 | |
折舊、攤銷和 ARO 費用 | 680 | |
調整以反映CWEN在未合併子公司調整後息稅折舊攤銷前利潤中所佔份額 | 50 | |
非現金股權補償 | 5 | |
調整後 EBITDA | 1,175 | |
已支付的現金利息 | (310) | |
通行費協議的預付負債和應計負債的變化 | (5) | |
爲反映銷售類租賃和租賃費用支付而進行的調整 | 10 | |
未合併關聯公司按比例調整後的息稅折舊攤銷前利潤 | (85) | |
未合併關聯公司的現金分配5 | 45 | |
來自經營活動的現金 | 830 | |
非控股權益的淨分配6 | (100) | |
維護資本支出 | (40) | |
債務本金攤銷7 | (295) | |
可供分配的現金 | 395 |
Appendix Table A-6: Adjusted EBITDA and Cash Available for Distribution Growth Projects
附錄表 A-6:調整後的息稅折舊攤銷前利潤和可用於分銷增長項目的現金
($ in millions) |
Cedar Creek Wind 5 Year Ave. 2025-2029 |
Dan's Mountain Wind 5 Year Ave. 2026-2030 |
Rosamond South I 5 Year Ave. 2026-2030 | ||||
Net Income | 3 | 1 | — | ||||
Interest Expense, net | 5 | — | 12 | ||||
Depreciation, Amortization, and ARO Expense | 8 | 8 | 17 | ||||
Adjusted EBITDA | 16 | 9 | 29 | ||||
Cash interest paid | (5) | — | (12) | ||||
Cash from Operating Activities | 11 | 9 | 17 | ||||
Net distributions (to)/from non-controlling interest | 3 | (5) | (6) | ||||
Network Upgrade Reimbursements | 2 | — | — | ||||
Maintenance capital expenditures | — | — | (1) | ||||
Principal amortization of indebtedness | (3) | — | (8) | ||||
Estimated Cash Available for Distribution | 13 | 4 | 2 |
(百萬美元) | 雪松溪風 5 年大道 2025-2029 | 丹的山風 5 年大道 2026-2030 | 南羅莎蒙德 I 5 年大道 2026-2030 | ||||
淨收入 | 3 | 1 | — | ||||
利息支出,淨額 | 5 | — | 12 | ||||
折舊、攤銷和 ARO 費用 | 8 | 8 | 17 | ||||
調整後 EBITDA | 16 | 9 | 29 | ||||
已支付的現金利息 | (5) | — | (12) | ||||
來自經營活動的現金 | 11 | 9 | 17 | ||||
(至)/來自非控股權益的淨分配 | 3 | (5) | (6) | ||||
網絡升級補償 | 2 | — | — | ||||
維護資本支出 | — | — | (1) | ||||
債務本金攤銷 | (3) | — | (8) | ||||
預計可供分配的現金 | 13 | 4 | 2 |
____________________________________
__________________________
5 Distribution from unconsolidated affiliates can be classified as Return of Investment on Unconsolidated Affiliates when actuals are reported. This is below cash from operating activities
6 Includes tax equity proceeds and distributions to tax equity partners
7 2024 excludes maturities assumed to be refinanced
5 在報告實際情況時,來自未合併關聯公司的分配可以歸類爲未合併關聯公司的投資回報。這低於來自經營活動的現金
6 包括稅收權益收益和對稅收權益合作伙伴的分配
7 2024 年不包括假定爲再融資的到期日
Non-GAAP Financial Information
非公認會計准則財務信息
EBITDA and Adjusted EBITDA
息稅折舊攤銷前利潤和調整後的息稅折舊攤銷
EBITDA, Adjusted EBITDA, and Cash Available for Distribution (CAFD) are non-GAAP financial measures. These measurements are not recognized in accordance with GAAP and should not be viewed as an alternative to GAAP measures of performance. The presentation of non-GAAP financial measures should not be construed as an inference that Clearway Energy's future results will be unaffected by unusual or non-recurring items.
息稅折舊攤銷前利潤、調整後息稅折舊攤銷前利潤和可供分配現金(CAFD)是非公認會計准則財務指標。這些衡量標準不符合公認會計原則,不應被視爲公認會計原則績效衡量標準的替代方案。不應將非公認會計准則財務指標的列報解釋爲推斷Clearway Energy的未來業績不會受到異常或非經常性項目的影響。
EBITDA represents net income before interest (including loss on debt extinguishment), taxes, depreciation and amortization. EBITDA is presented because Clearway Energy considers it an important supplemental measure of its performance and believes debt and equity holders frequently use EBITDA to analyze operating performance and debt service capacity. EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for analysis of our operating results as reported under GAAP. Some of these limitations are:
息稅折舊攤銷前利潤是指扣除利息(包括債務清償損失)、稅項、折舊和攤銷前的淨收益。之所以列出息稅折舊攤銷前利潤,是因爲Clearway Energy認爲這是衡量其業績的重要補充指標,並認爲債務和股東經常使用息稅折舊攤銷前利潤來分析經營業績和還本付息能力。息稅折舊攤銷前利潤作爲分析工具存在侷限性,您不應將其孤立地考慮,也不應將其作爲根據公認會計原則報告的經營業績分析的替代品。其中一些限制是:
- EBITDA does not reflect cash expenditures, or future requirements for capital expenditures, or contractual commitments;
- EBITDA does not reflect changes in, or cash requirements for, working capital needs;
- EBITDA does not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on debt or cash income tax payments;
- Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA does not reflect any cash requirements for such replacements; and
- Other companies in this industry may calculate EBITDA differently than Clearway Energy does, limiting its usefulness as a comparative measure.
- 息稅折舊攤銷前利潤不反映現金支出、未來資本支出需求或合同承諾;
- 息稅折舊攤銷前利潤不反映營運資金需求的變化或現金需求;
- 息稅折舊攤銷前利潤未反映債務或現金所得稅的巨額利息支出或償還利息或本金所需的現金;
- 儘管折舊和攤銷是非現金費用,但折舊和攤銷的資產將來通常必須更換,息稅折舊攤銷前利潤並未反映此類替代資產的任何現金需求;以及
- 該行業的其他公司計算息稅折舊攤銷前利潤的方式可能與Clearway Energy不同,這限制了其作爲比較衡量標準的用處。
Because of these limitations, EBITDA should not be considered as a measure of discretionary cash available to use to invest in the growth of Clearway Energy's business. Clearway Energy compensates for these limitations by relying primarily on our GAAP results and using EBITDA and Adjusted EBITDA only supplementally. See the statements of cash flow included in the financial statements that are a part of this news release.
由於這些限制,不應將息稅折舊攤銷前利潤視爲可用於投資Clearway Energy業務增長的全權現金的衡量標準。Clearway Energy主要依靠我們的公認會計准則業績,僅補充使用息稅折舊攤銷前利潤和調整後的息稅折舊攤銷前利潤,來彌補這些限制。請參閱作爲本新聞稿一部分的財務報表中包含的現金流量表。
Adjusted EBITDA is presented as a further supplemental measure of operating performance. Adjusted EBITDA represents EBITDA adjusted for mark-to-market gains or losses, non-cash equity compensation expense, asset write offs and impairments; and factors which we do not consider indicative of future operating performance such as transition and integration related costs. The reader is encouraged to evaluate each adjustment and the reasons Clearway Energy considers it appropriate for supplemental analysis. As an analytical tool, Adjusted EBITDA is subject to all of the limitations applicable to EBITDA. In addition, in evaluating Adjusted EBITDA, the reader should be aware that in the future Clearway Energy may incur expenses similar to the adjustments in this news release.
調整後的息稅折舊攤銷前利潤是衡量經營業績的進一步補充指標。調整後的息稅折舊攤銷前利潤是根據按市值計價的收益或虧損、非現金股權薪酬支出、資產註銷和減值調整後的息稅折舊攤銷前利潤;以及我們認爲不代表未來經營業績的因素,例如過渡和整合相關成本。鼓勵讀者評估每項調整以及Clearway Energy認爲適合進行補充分析的原因。作爲一種分析工具,調整後的息稅折舊攤銷前利潤受適用於息稅折舊攤銷前利潤的所有限制的約束。此外,在評估調整後的息稅折舊攤銷前利潤時,讀者應該意識到,Clearway Energy將來可能會產生與本新聞稿中的調整類似的費用。
Management believes Adjusted EBITDA is useful to investors and other users of our financial statements in evaluating our operating performance because it provides them with an additional tool to compare business performance across companies and across periods. This measure is widely used by investors to measure a company's operating performance without regard to items such as interest expense, taxes, depreciation and amortization, which can vary substantially from company to company depending upon accounting methods and book value of assets, capital structure and the method by which assets were acquired.
管理層認爲,調整後的息稅折舊攤銷前利潤有助於投資者和財務報表的其他用戶評估我們的經營業績,因爲調整後的息稅折舊攤銷前利潤爲他們提供了另一種比較公司和不同時期業務表現的工具。投資者廣泛使用這一衡量標準來衡量公司的經營業績,不考慮利息支出、稅收、折舊和攤銷等項目,這些項目可能因會計方法和資產賬面價值、資本結構和收購資產的方法而異。
Additionally, Management believes that investors commonly adjust EBITDA information to eliminate the effect of restructuring and other expenses, which vary widely from company to company and impair comparability. As we define it, Adjusted EBITDA represents EBITDA adjusted for the effects of impairment losses, gains or losses on sales, non-cash equity compensation expense, dispositions or retirements of assets, any mark-to-market gains or losses from accounting for derivatives, adjustments to exclude gains or losses on the repurchase, modification or extinguishment of debt, and any extraordinary, unusual or non-recurring items plus adjustments to reflect the Adjusted EBITDA from our unconsolidated investments. We adjust for these items in our Adjusted EBITDA as our management believes that these items would distort their ability to efficiently view and assess our core operating trends.
此外,管理層認爲,投資者通常會調整息稅折舊攤銷前利潤信息,以消除重組和其他支出的影響,這些影響因公司而異,會損害可比性。正如我們所定義的那樣,調整後的息稅折舊攤銷前利潤是根據減值損失、銷售收益或虧損、非現金股權補償支出、資產處置或報廢、衍生品會計的任何按市值計價的收益或虧損、爲排除回購、修改或清償債務的收益或損失而進行的調整,以及任何特別、不尋常或非經常性項目的影響調整後的息稅折舊攤銷前利潤,以及爲反映未合併投資中調整後的息稅折舊攤銷前利潤而進行的調整。我們在調整後的息稅折舊攤銷前利潤中對這些項目進行了調整,因爲我們的管理層認爲這些項目將扭曲他們有效查看和評估我們核心運營趨勢的能力。
In summary, our management uses Adjusted EBITDA as a measure of operating performance to assist in comparing performance from period to period on a consistent basis and to readily view operating trends, as a measure for planning and forecasting overall expectations and for evaluating actual results against such expectations, and in communications with our Board of Directors, shareholders, creditors, analysts and investors concerning our financial performance.
總而言之,我們管理層使用調整後的息稅折舊攤銷前利潤作爲經營業績的衡量標準,以幫助持續比較不同時期的業績並隨時查看經營趨勢,作爲規劃和預測總體預期以及根據此類預期評估實際業績的衡量標準,以及與董事會、股東、債權人、分析師和投資者就財務業績進行溝通。
Cash Available for Distribution
可供分配的現金
A non-GAAP measure, Cash Available for Distribution is defined as of March 31, 2024 as Adjusted EBITDA plus cash distributions/return of investment from unconsolidated affiliates, cash receipts from notes receivable, cash distributions from noncontrolling interests, adjustments to reflect sales-type lease cash payments and payments for lease expenses, less cash distributions to noncontrolling interests, maintenance capital expenditures, pro-rata Adjusted EBITDA from unconsolidated affiliates, cash interest paid, income taxes paid, principal amortization of indebtedness, changes in prepaid and accrued capacity payments, and adjusted for development expenses. Management believes CAFD is a relevant supplemental measure of the Company's ability to earn and distribute cash returns to investors.
作爲一項非公認會計准則衡量標準,截至2024年3月31日,可供分配的現金定義爲調整後的息稅折舊攤銷前利潤加上未合併關聯公司的現金分配/投資回報、應收票據的現金收入、非控股權益的現金分配、反映銷售類租賃現金支付和租賃費用支付的調整、減去對非控股權益的現金分配、維護資本支出、未合併關聯公司按比例調整後的息稅折舊攤銷前利潤、已支付的現金利息、已付的所得稅,本金攤銷債務, 預付和應計產能付款的變化, 以及經發展費用調整後的情況.管理層認爲,CAFD是衡量公司賺取和向投資者分配現金回報能力的相關補充指標。
We believe CAFD is useful to investors in evaluating our operating performance because securities analysts and other interested parties use such calculations as a measure of our ability to make quarterly distributions. In addition, CAFD is used by our management team for determining future acquisitions and managing our growth. The GAAP measure most directly comparable to CAFD is cash provided by operating activities.
我們認爲,CAFD對投資者評估我們的經營業績很有用,因爲證券分析師和其他利益相關方使用此類計算來衡量我們進行季度分配的能力。此外,我們的管理團隊還使用CAFD來確定未來的收購和管理我們的增長。與CAFD最直接可比的GAAP指標是經營活動提供的現金。
However, CAFD has limitations as an analytical tool because it does not include changes in operating assets and liabilities and excludes the effect of certain other cash flow items, all of which could have a material effect on our financial condition and results from operations. CAFD is a non-GAAP measure and should not be considered an alternative to cash provided by operating activities or any other performance or liquidity measure determined in accordance with GAAP, nor is it indicative of funds available to fund our cash needs. In addition, our calculations of CAFD are not necessarily comparable to CAFD as calculated by other companies. Investors should not rely on these measures as a substitute for any GAAP measure, including cash provided by operating activities.
但是,CAFD作爲分析工具存在侷限性,因爲它不包括運營資產和負債的變化,也不包括某些其他現金流項目的影響,所有這些項目都可能對我們的財務狀況和運營業績產生重大影響。CAFD是一項非公認會計准則指標,不應被視爲運營活動或根據公認會計原則確定的任何其他業績或流動性衡量標準提供的現金的替代方案,也不表示可用於滿足我們的現金需求的資金。此外,我們對CAFD的計算不一定與其他公司計算的CAFD相提並論。投資者不應依賴這些指標來替代任何公認會計原則指標,包括經營活動提供的現金。
Source: Clearway Energy, Inc
來源:Clearway Energy, Inc
譯文內容由第三人軟體翻譯。