Segment and geographic information

3 Months Ended

Mar. 31, 2012

Segment and geographic information

Segment and geographic information

11. Segment and geographic information

        We revised our reportable business segments during the fourth quarter of 2011 subsequent to our acquisition of the Partnership. The new operating segments are Northeast, Northwest, Southeast, Southwest and Un-allocated Corporate. Financial results for the three months ended March 31, 2012 and 2011 have been presented to reflect the change in operating segments. We revised our segments to align with changes in management's resource allocation and assessment of performance. These changes reflect our current operating focus. The segment classified as Un-allocated Corporate includes activities that support the executive offices, capital structure and costs of being a public registrant. These costs are not allocated to the operating segments when determining segment profit or loss.

        We analyze the performance of our operating segments based on Project Adjusted EBITDA which is defined as project income plus interest, taxes, depreciation and amortization (including non-cash impairment charges) and changes in fair value of derivative instruments. Project Adjusted EBITDA is not a measure recognized under GAAP and does not have a standardized meaning prescribed by GAAP and is therefore unlikely to be comparable to similar measures presented by other companies. We use Project Adjusted EBITDA to provide comparative information about project performance without considering how projects are capitalized or whether they contain derivative contracts that are required to be recorded at fair value. A reconciliation of project income to Project Adjusted EBITDA is included in the tables below.

	Northeast			Southeast		Northwest		Southwest		Un-allocated Corporate			Consolidated
Three month period ended March 31, 2012:
Operating revenues	$	66,926		$	41,751	$	15,300	$	42,696	$	937		$	167,610
Segment assets		1,198,652			431,046		825,138		940,675		80,199			3,475,710
Project Adjusted EBITDA	$	42,398		$	21,674	$	13,439	$	18,764	$	(3,424	)	$	92,851
Change in fair value of derivative instruments		58,016			406		—		—		—			58,422
Depreciation and amortization		17,447			9,372		10,426		12,657		43			49,945
Interest, net		4,738			169		1,096		2,808		57			8,868
Other project (income) expense		242			14		7		82		(79	)		266
Project (loss) income		(38,045	)		11,713		1,910		3,217		(3,445	)		(24,650	)
Administration		—			—		—		—		7,833			7,833
Interest, net		—			—		—		—		22,036			22,036
Foreign exchange loss		—			—		—		—		986			986
Loss from operations before income taxes		(38,045	)		11,713		1,910		3,217		(34,300	)		(55,505	)
Income tax expense (benefit)		—			—		—		—		(16,291	)		(16,291	)
Net income (loss)	$	(38,045	)	$	11,713	$	1,910	$	3,217	$	(18,009	)	$	(39,214	)

	Northeast			Southeast			Northwest		Southwest		Un-allocated Corporate			Consolidated
Three month period ended March 31, 2011:
Operating revenues	$	4,547		$	41,426		$	—	$	7,644	$	48		$	53,665
Segment assets		288,774			360,763			47,156		226,542		84,566			1,007,801
Project Adjusted EBITDA	$	7,488		$	19,588		$	866	$	8,501	$	(450	)	$	35,993
Change in fair value of derivative instruments		490			(3,274	)		—		—		—			(2,784	)
Depreciation and amortization		4,596			9,434			439		2,961		7			17,437
Interest, net		2,434			309			370		3,089		38			6,240
Other project (income) expense		200			31			—		—		—			231
Project income		(232	)		13,088			57		2,451		(495	)		14,869
Administration		—			—			—		—		4,054			4,054
Interest, net		—			—			—		—		3,968			3,968
Foreign exchange loss		—			—			—		—		(658	)		(658	)
Income from operations before income taxes		(232	)		13,088			57		2,451		(7,859	)		7,505
Income tax expense		—			—			—		—		1,523			1,523
Net income (loss)	$	(232	)	$	13,088		$	57	$	2,451	$	(9,382	)	$	5,982

        The table below provides information, by country, about our consolidated operations for the three months ended March 31, 2012 and 2011. Revenue is recorded in the country in which it is earned and assets are recorded in the country in which they are located.

	Revenue				Property, Plant and Equipment, net
	2012		2011		2012		2011
United States	$	104,325	$	53,665	$	972,213	$	284,018
Canada		63,285		—		577,413		—
Total	$	167,610	$	53,665	$	1,549,626	$	284,018

        Progress Energy Florida ("PEF") and the Ontario Electricity Financial Corp ("OEFC") provided 40.1% and 28.5%, respectively, of total consolidated revenues for the three months ended March 31, 2012. PEF and the California Independent System Operator ("CAISO") provided 71.7% and 14.2%, respectively, of total consolidated revenues for the three months ended March 31, 2011. PEF purchases electricity from the Auburndale and Lake projects in the Southeast segment, OEFC purchases electricity from the Calstock, Kapuskasing, Nipigon, North Bay and Tunis projects in the Northeast segment and the CAISO makes payments to Path 15 in the Southwest segment.