(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Exhibit Number | Document | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
Clearway Energy, Inc. | ||||||||
(Registrant) | ||||||||
By: | /s/ Kevin P. Malcarney | |||||||
Kevin P. Malcarney | ||||||||
General Counsel and Corporate Secretary | ||||||||
Dated: November 2, 2022 |
($ millions) | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
Segment | 9/30/22 | 9/30/21 | 9/30/22 | 9/30/21 | ||||||||||||||||||||||
Conventional | 41 | 52 | 121 | 125 | ||||||||||||||||||||||
Renewables | 62 | 6 | 26 | (23) | ||||||||||||||||||||||
Thermal | — | 4 | 17 | 14 | ||||||||||||||||||||||
Corporate | (41) | (37) | 950 | (135) | ||||||||||||||||||||||
Net Income/(Loss) | $ | 62 | $ | 25 | $ | 1,114 | $ | (19) | ||||||||||||||||||
($ millions) | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
Segment | 9/30/22 | 9/30/21 | 9/30/22 | 9/30/21 | ||||||||||||||||||||||
Conventional | 94 | 109 | 277 | 292 | ||||||||||||||||||||||
Renewables | 236 | 221 | 675 | 581 | ||||||||||||||||||||||
Thermal | — | 17 | 23 | 53 | ||||||||||||||||||||||
Corporate | (8) | (10) | (27) | (26) | ||||||||||||||||||||||
Adjusted EBITDA | $ | 322 | $ | 337 | $ | 948 | $ | 900 | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
($ millions) | 9/30/22 | 9/30/21 | 9/30/22 | 9/30/21 | ||||||||||||||||||||||
Cash from Operating Activities | $ | 328 | $ | 288 | $ | 607 | $ | 529 | ||||||||||||||||||
Cash Available for Distribution (CAFD)1 | $ | 154 | $ | 161 | $ | 328 | $ | 301 | ||||||||||||||||||
(MWh and MWht in thousands) | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
9/30/22 | 9/30/21 | 9/30/22 | 9/30/21 | |||||||||||||||||||||||
Conventional Equivalent Availability Factor2 | 93.9 | % | 99.8 | % | 92.5 | % | 93.4 | % | ||||||||||||||||||
Renewables Generation Sold (MWh)3 | 3,367 | 2,740 | 11,102 | 8,640 | ||||||||||||||||||||||
($ millions) | 9/30/2022 | 12/31/2021 | ||||||||||||
Cash and Cash Equivalents: | ||||||||||||||
Clearway Energy, Inc. and Clearway Energy LLC, excluding subsidiaries | $ | 625 | $ | 33 | ||||||||||
Subsidiaries | 168 | 146 | ||||||||||||
Restricted Cash: | ||||||||||||||
Operating accounts | 144 | 246 | ||||||||||||
Reserves, including debt service, distributions, performance obligations and other reserves | 219 | 229 | ||||||||||||
Total Cash | $ | 1,156 | $ | 654 | ||||||||||
Revolving credit facility availability | 383 | 167 | ||||||||||||
Total Liquidity | $ | 1,539 | $ | 821 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
(In millions, except per share amounts) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Operating Revenues | |||||||||||||||||||||||
Total operating revenues | $ | 340 | $ | 351 | $ | 922 | $ | 968 | |||||||||||||||
Operating Costs and Expenses | |||||||||||||||||||||||
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below | 98 | 117 | 338 | 334 | |||||||||||||||||||
Depreciation, amortization and accretion | 129 | 131 | 379 | 387 | |||||||||||||||||||
General and administrative | 8 | 10 | 31 | 30 | |||||||||||||||||||
Transaction and integration costs | — | 1 | 5 | 4 | |||||||||||||||||||
Development costs | — | 3 | 2 | 5 | |||||||||||||||||||
Total operating costs and expenses | 235 | 262 | 755 | 760 | |||||||||||||||||||
Gain on sale of business | — | — | 1,291 | — | |||||||||||||||||||
Operating Income | 105 | 89 | 1,458 | 208 | |||||||||||||||||||
Other Income (Expense) | |||||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 14 | 20 | 28 | 32 | |||||||||||||||||||
Other income, net | 5 | 1 | 10 | 3 | |||||||||||||||||||
Loss on debt extinguishment | — | — | (2) | (42) | |||||||||||||||||||
Interest expense | (49) | (84) | (143) | (232) | |||||||||||||||||||
Total other expense, net | (30) | (63) | (107) | (239) | |||||||||||||||||||
Income (Loss) Before Income Taxes | 75 | 26 | 1,351 | (31) | |||||||||||||||||||
Income tax expense (benefit) | 13 | 1 | 237 | (12) | |||||||||||||||||||
Net Income (Loss) | 62 | 25 | 1,114 | (19) | |||||||||||||||||||
Less: Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests | 30 | 4 | 544 | (78) | |||||||||||||||||||
Net Income Attributable to Clearway Energy, Inc. | $ | 32 | $ | 21 | $ | 570 | $ | 59 | |||||||||||||||
Earnings 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 | 35 | 35 | |||||||||||||||||||
Weighted average number of Class C common shares outstanding - basic and diluted | 82 | 82 | 82 | 82 | |||||||||||||||||||
Earnings per Weighted Average Class A and Class C Common Share - Basic and Diluted | $ | 0.28 | $ | 0.18 | $ | 4.89 | $ | 0.51 | |||||||||||||||
Dividends Per Class A Common Share | $ | 0.3604 | $ | 0.3345 | $ | 1.0608 | $ | 0.9875 | |||||||||||||||
Dividends Per Class C Common Share | $ | 0.3604 | $ | 0.3345 | $ | 1.0608 | $ | 0.9875 | |||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
(In millions) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Net Income (Loss) | $ | 62 | $ | 25 | $ | 1,114 | $ | (19) | |||||||||||||||
Other Comprehensive Income | |||||||||||||||||||||||
Unrealized gain on derivatives and changes in accumulated OCI/OCL, net of income tax expense (benefit), of $3, $(2), $6 and $(3) | 11 | 3 | 31 | 14 | |||||||||||||||||||
Other comprehensive income | 11 | 3 | 31 | 14 | |||||||||||||||||||
Comprehensive Income (Loss) | 73 | 28 | 1,145 | (5) | |||||||||||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests | 37 | 6 | 563 | (70) | |||||||||||||||||||
Comprehensive Income Attributable to Clearway Energy, Inc. | $ | 36 | $ | 22 | $ | 582 | $ | 65 |
(In millions, except shares) | September 30, 2022 | December 31, 2021 | |||||||||
ASSETS | (Unaudited) | ||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | 793 | $ | 179 | |||||||
Restricted cash | 363 | 475 | |||||||||
Accounts receivable — trade | 200 | 144 | |||||||||
Inventory | 48 | 37 | |||||||||
Derivative instruments | 23 | — | |||||||||
Current assets held-for-sale | — | 631 | |||||||||
Prepayments and other current assets | 61 | 65 | |||||||||
Total current assets | 1,488 | 1,531 | |||||||||
Property, plant and equipment, net | 7,437 | 7,650 | |||||||||
Other Assets | |||||||||||
Equity investments in affiliates | 377 | 381 | |||||||||
Intangible assets for power purchase agreements, net | 2,537 | 2,419 | |||||||||
Other intangible assets, net | 78 | 80 | |||||||||
Derivative instruments | 71 | 6 | |||||||||
Deferred income taxes | — | 95 | |||||||||
Right-of-use assets, net | 519 | 550 | |||||||||
Other non-current assets | 89 | 101 | |||||||||
Total other assets | 3,671 | 3,632 | |||||||||
Total Assets | $ | 12,596 | $ | 12,813 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current Liabilities | |||||||||||
Current portion of long-term debt | $ | 493 | $ | 772 | |||||||
Accounts payable — trade | 53 | 74 | |||||||||
Accounts payable — affiliates | 15 | 107 | |||||||||
Derivative instruments | 79 | 46 | |||||||||
Accrued interest expense | 41 | 54 | |||||||||
Current liabilities held-for-sale | — | 494 | |||||||||
Accrued expenses and other current liabilities | 127 | 84 | |||||||||
Total current liabilities | 808 | 1,631 | |||||||||
Other Liabilities | |||||||||||
Long-term debt | 6,519 | 6,939 | |||||||||
Deferred income taxes | 125 | 13 | |||||||||
Derivative instruments | 291 | 196 | |||||||||
Long-term lease liabilities | 541 | 561 | |||||||||
Other non-current liabilities | 196 | 173 | |||||||||
Total other liabilities | 7,672 | 7,882 | |||||||||
Total Liabilities | 8,480 | 9,513 | |||||||||
Redeemable noncontrolling interest in subsidiaries | 7 | — | |||||||||
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); 201,872,521 shares issued and outstanding (Class A 34,599,645, Class B 42,738,750, Class C 82,197,376, Class D 42,336,750) at September 30, 2022 and 201,856,166 shares issued and outstanding (Class A 34,599,645, Class B 42,738,750, Class C 81,779,021, Class D 42,738,750) at December 31, 2021 | 1 | 1 | |||||||||
Additional paid-in capital | 1,786 | 1,872 | |||||||||
Retained earnings (accumulated deficit) | 494 | (33) | |||||||||
Accumulated other comprehensive income (loss) | 10 | (6) | |||||||||
Noncontrolling interest | 1,818 | 1,466 | |||||||||
Total Stockholders’ Equity | 4,109 | 3,300 | |||||||||
Total Liabilities and Stockholders’ Equity | $ | 12,596 | $ | 12,813 |
Nine months ended September 30, | |||||||||||
(In millions) | 2022 | 2021 | |||||||||
Cash Flows from Operating Activities | |||||||||||
Net Income (Loss) | $ | 1,114 | $ | (19) | |||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
Equity in earnings of unconsolidated affiliates | (28) | (32) | |||||||||
Distributions from unconsolidated affiliates | 25 | 25 | |||||||||
Depreciation, amortization and accretion | 379 | 387 | |||||||||
Amortization of financing costs and debt discounts | 10 | 10 | |||||||||
Amortization of intangibles | 123 | 107 | |||||||||
Loss on debt extinguishment | 2 | 42 | |||||||||
Gain on sale of business | (1,291) | — | |||||||||
Reduction in carrying amount of right-of-use assets | 10 | 8 | |||||||||
Changes in deferred income taxes | 207 | (12) | |||||||||
Changes in derivative instruments and amortization of accumulated OCI/OCL | 77 | 50 | |||||||||
Cash used in changes in other working capital: | |||||||||||
Changes in prepaid and accrued liabilities for tolling agreements | 24 | 20 | |||||||||
Changes in other working capital | (45) | (57) | |||||||||
Net Cash Provided by Operating Activities | 607 | 529 | |||||||||
Cash Flows from Investing Activities | |||||||||||
Acquisitions, net of cash acquired | — | (211) | |||||||||
Acquisition of Drop Down Assets | (51) | (132) | |||||||||
Acquisition of Capistrano Wind Portfolio, net of cash acquired | (223) | — | |||||||||
Capital expenditures | (95) | (124) | |||||||||
Asset purchase from affiliate | — | (21) | |||||||||
Return of investment from unconsolidated affiliates | 12 | 37 | |||||||||
Proceeds from sale of business | 1,457 | — | |||||||||
Other | — | 21 | |||||||||
Net Cash Provided by (Used in) Investing Activities | 1,100 | (430) | |||||||||
Cash Flows from Financing Activities | |||||||||||
(Distributions to) contributions from noncontrolling interests | (14) | 251 | |||||||||
Payments of dividends and distributions | (214) | (199) | |||||||||
Distributions to CEG of escrowed amounts | (64) | — | |||||||||
Tax-related distributions | (8) | — | |||||||||
Proceeds from the revolving credit facility | 80 | 377 | |||||||||
Payments for the revolving credit facility | (325) | (300) | |||||||||
Proceeds from the issuance of long-term debt | 219 | 1,037 | |||||||||
Payments of debt issuance costs | (4) | (13) | |||||||||
Payments for short-term and long-term debt | (868) | (1,170) | |||||||||
Other | (7) | 8 | |||||||||
Net Cash Used in Financing Activities | (1,205) | (9) | |||||||||
Net Increase in Cash, Cash Equivalents and Restricted Cash | 502 | 90 | |||||||||
Cash, Cash Equivalents and Restricted Cash at beginning of period | 654 | 465 | |||||||||
Cash, Cash Equivalents and Restricted Cash at end of period | $ | 1,156 | $ | 555 |
(In millions) | Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Noncontrolling Interest | Total Stockholders' Equity | ||||||||||||||||||||||||||||||||||
Balances at December 31, 2021 | $ | — | $ | 1 | $ | 1,872 | $ | (33) | $ | (6) | $ | 1,466 | $ | 3,300 | |||||||||||||||||||||||||||
Net loss | — | — | — | (32) | — | (67) | (99) | ||||||||||||||||||||||||||||||||||
Unrealized gain on derivatives and changes in accumulated OCL, net of tax | — | — | — | — | 6 | 8 | 14 | ||||||||||||||||||||||||||||||||||
Distributions to CEG, net of contributions, cash | — | — | — | — | — | (3) | (3) | ||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests, net of distributions, cash | — | — | — | — | — | 28 | 28 | ||||||||||||||||||||||||||||||||||
Mesquite Sky Drop Down | — | — | (1) | — | — | (7) | (8) | ||||||||||||||||||||||||||||||||||
Black Rock Drop Down | — | — | — | — | — | 1 | 1 | ||||||||||||||||||||||||||||||||||
Mililani I Drop Down | — | — | (11) | — | — | (19) | (30) | ||||||||||||||||||||||||||||||||||
Non-cash adjustments for change in tax basis | — | — | 8 | — | — | — | 8 | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | (2) | — | — | — | (2) | ||||||||||||||||||||||||||||||||||
Common stock dividends and distributions to CEG unit holders | — | — | (40) | — | — | (30) | (70) | ||||||||||||||||||||||||||||||||||
Balances at March 31, 2022 | $ | — | $ | 1 | $ | 1,826 | $ | (65) | $ | — | $ | 1,377 | $ | 3,139 | |||||||||||||||||||||||||||
Net income | — | — | — | 570 | — | 575 | 1,145 | ||||||||||||||||||||||||||||||||||
Unrealized gain on derivatives and changes in accumulated OCI, net of tax | — | — | — | — | 2 | 4 | 6 | ||||||||||||||||||||||||||||||||||
Distributions to CEG, net of contributions, cash | — | — | — | — | — | (20) | (20) | ||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests, net of contributions, cash | — | — | — | — | — | (10) | (10) | ||||||||||||||||||||||||||||||||||
Non-cash adjustments for change in tax basis | — | — | (1) | — | — | — | (1) | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 1 | — | — | — | 1 | ||||||||||||||||||||||||||||||||||
Common stock dividends and distributions to CEG unit holders | — | — | (41) | — | — | (30) | (71) | ||||||||||||||||||||||||||||||||||
Balances at June 30, 2022 | $ | — | $ | 1 | $ | 1,785 | $ | 505 | $ | 2 | $ | 1,896 | $ | 4,189 | |||||||||||||||||||||||||||
Net income | — | — | — | 32 | — | 27 | 59 | ||||||||||||||||||||||||||||||||||
Unrealized gain on derivatives and changes in accumulated OCI, net of tax | — | — | — | — | 4 | 7 | 11 | ||||||||||||||||||||||||||||||||||
Distributions to CEG, non-cash | — | — | — | — | — | (4) | (4) | ||||||||||||||||||||||||||||||||||
Contributions from CEG, net of distributions, cash | — | — | — | — | — | 7 | 7 | ||||||||||||||||||||||||||||||||||
Tax-related distributions | — | — | — | — | — | (8) | (8) | ||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests, net of contributions, cash | — | — | — | — | — | (14) | (14) | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 1 | (1) | — | — | — | ||||||||||||||||||||||||||||||||||
Capistrano Wind Portfolio Acquisition | — | — | — | — | 4 | 7 | 11 | ||||||||||||||||||||||||||||||||||
Kawailoa Sale to Clearway Renew LLC | — | — | — | — | — | (69) | (69) | ||||||||||||||||||||||||||||||||||
Common stock dividends and distributions to CEG unit holders | — | — | — | (42) | — | (31) | (73) | ||||||||||||||||||||||||||||||||||
Balances at September 30, 2022 | $ | — | $ | 1 | $ | 1,786 | $ | 494 | $ | 10 | $ | 1,818 | $ | 4,109 |
(In millions) | Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Noncontrolling Interest | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||||||
Balances at December 31, 2020 | $ | — | $ | 1 | $ | 1,922 | $ | (84) | $ | (14) | $ | 890 | $ | 2,715 | |||||||||||||||||||||||||||
Net income (loss) | — | — | — | 3 | — | (81) | (78) | ||||||||||||||||||||||||||||||||||
Unrealized gain on derivatives and changes in accumulated OCL, net of tax | — | — | — | — | 4 | 7 | 11 | ||||||||||||||||||||||||||||||||||
Contributions from CEG, non-cash | — | — | — | — | — | 27 | 27 | ||||||||||||||||||||||||||||||||||
Contributions from CEG, cash | — | — | — | — | — | 103 | 103 | ||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests, net of distributions, cash | — | — | — | — | — | 126 | 126 | ||||||||||||||||||||||||||||||||||
Agua Caliente acquisition | — | — | — | — | — | 273 | 273 | ||||||||||||||||||||||||||||||||||
Rattlesnake Drop Down | — | — | — | — | — | (118) | (118) | ||||||||||||||||||||||||||||||||||
Non-cash adjustments for change in tax basis | — | — | 2 | — | — | — | 2 | ||||||||||||||||||||||||||||||||||
Common stock dividends and distributions to CEG unit holders | — | — | (38) | — | — | (28) | (66) | ||||||||||||||||||||||||||||||||||
Balances at March 31, 2021 | $ | — | $ | 1 | $ | 1,886 | $ | (81) | $ | (10) | $ | 1,199 | $ | 2,995 | |||||||||||||||||||||||||||
Net income (loss) | — | — | — | 35 | — | (4) | 31 | ||||||||||||||||||||||||||||||||||
Unrealized gain (loss) on derivatives and changes in accumulated OCL, net of tax | — | — | — | — | 1 | (1) | — | ||||||||||||||||||||||||||||||||||
Contributions from CEG, non-cash | — | — | — | — | — | 3 | 3 | ||||||||||||||||||||||||||||||||||
Contributions from CEG, cash | — | — | — | — | — | 1 | 1 | ||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests, net of distributions, cash | — | — | — | — | — | 38 | 38 | ||||||||||||||||||||||||||||||||||
Rattlesnake Drop Down | — | — | — | — | — | 1 | 1 | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 1 | — | — | — | 1 | ||||||||||||||||||||||||||||||||||
Non-cash adjustment for change in tax basis | — | — | (1) | — | — | — | (1) | ||||||||||||||||||||||||||||||||||
Common stock dividends and distributions to CEG unit holders | — | — | (38) | — | — | (28) | (66) | ||||||||||||||||||||||||||||||||||
Balances at June 30, 2021 | $ | — | $ | 1 | $ | 1,848 | $ | (46) | $ | (9) | $ | 1,209 | $ | 3,003 | |||||||||||||||||||||||||||
Net income | — | — | — | 21 | — | 3 | 24 | ||||||||||||||||||||||||||||||||||
Changes in accumulated OCL, net of tax | — | — | — | — | 1 | 2 | 3 | ||||||||||||||||||||||||||||||||||
Contributions from CEG, non-cash | — | — | — | — | — | 2 | 2 | ||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests, net of contributions, cash | — | — | — | — | — | (11) | (11) | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 1 | — | — | — | 1 | ||||||||||||||||||||||||||||||||||
Common stock dividends and distributions to CEG unit holders | — | — | (39) | — | — | (28) | (67) | ||||||||||||||||||||||||||||||||||
Balances at September 30, 2021 | $ | — | $ | 1 | $ | 1,810 | $ | (25) | $ | (8) | $ | 1,177 | $ | 2,955 |
($ in millions) | Conventional | Renewables | Thermal | Corporate | Total | |||||||||||||||||||||||||||
Net Income (Loss) | $ | 41 | $ | 62 | $ | — | $ | (41) | $ | 62 | ||||||||||||||||||||||
Plus: | ||||||||||||||||||||||||||||||||
Income Tax Expense | — | — | — | 13 | 13 | |||||||||||||||||||||||||||
Interest Expense, net | 11 | 14 | — | 20 | 45 | |||||||||||||||||||||||||||
Depreciation, Amortization, and ARO | 33 | 96 | — | — | 129 | |||||||||||||||||||||||||||
Contract Amortization | 6 | 36 | — | — | 42 | |||||||||||||||||||||||||||
Mark to Market (MtM) Losses on economic hedges | — | 17 | — | — | 17 | |||||||||||||||||||||||||||
Other non-recurring | — | 1 | — | — | 1 | |||||||||||||||||||||||||||
Adjustments to reflect CWEN’s pro-rata share of Adjusted EBITDA from Unconsolidated Affiliates | 3 | 10 | — | — | 13 | |||||||||||||||||||||||||||
Adjusted EBITDA | $ | 94 | $ | 236 | $ | — | $ | (8) | $ | 322 | ||||||||||||||||||||||
($ in millions) | Conventional | Renewables | Thermal | Corporate | Total | |||||||||||||||||||||||||||
Net Income (Loss) | $ | 52 | $ | 6 | $ | 4 | $ | (37) | $ | 25 | ||||||||||||||||||||||
Plus: | ||||||||||||||||||||||||||||||||
Income Tax Expense | — | — | — | 1 | 1 | |||||||||||||||||||||||||||
Interest Expense, net | 14 | 41 | 5 | 24 | 84 | |||||||||||||||||||||||||||
Depreciation, Amortization, and ARO | 34 | 90 | 7 | — | 131 | |||||||||||||||||||||||||||
Contract Amortization | 5 | 32 | 1 | — | 38 | |||||||||||||||||||||||||||
Mark to Market (MtM) Losses on economic hedges | — | 35 | — | — | 35 | |||||||||||||||||||||||||||
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 | 4 | 18 | — | — | 22 | |||||||||||||||||||||||||||
Non-Cash Equity Compensation | — | — | — | 1 | 1 | |||||||||||||||||||||||||||
Adjusted EBITDA | $ | 109 | $ | 221 | $ | 17 | $ | (10) | $ | 337 | ||||||||||||||||||||||
($ in millions) | Conventional | Renewables | Thermal | Corporate | Total | |||||||||||||||||||||||||||
Net Income (Loss) | $ | 121 | $ | 26 | $ | 17 | $ | 950 | $ | 1,114 | ||||||||||||||||||||||
Plus: | ||||||||||||||||||||||||||||||||
Income Tax Expense | — | — | — | 237 | 237 | |||||||||||||||||||||||||||
Interest Expense, net | 29 | 32 | 6 | 70 | 137 | |||||||||||||||||||||||||||
Depreciation, Amortization, and ARO | 99 | 280 | — | — | 379 | |||||||||||||||||||||||||||
Contract Amortization | 18 | 107 | — | — | 125 | |||||||||||||||||||||||||||
Loss on Debt Extinguishment | — | 2 | — | — | 2 | |||||||||||||||||||||||||||
Mark to Market (MtM) Losses on Economic Hedges | — | 195 | — | — | 195 | |||||||||||||||||||||||||||
Transaction and Integration costs | — | — | — | 5 | 5 | |||||||||||||||||||||||||||
Other Non-recurring6 | 1 | 1 | — | (1,291) | (1,289) | |||||||||||||||||||||||||||
Adjustments to reflect CWEN’s pro-rata share of Adjusted EBITDA from Unconsolidated Affiliates | 9 | 32 | — | — | 41 | |||||||||||||||||||||||||||
Non-Cash Equity Compensation | — | — | — | 2 | 2 | |||||||||||||||||||||||||||
Adjusted EBITDA | $ | 277 | $ | 675 | $ | 23 | $ | (27) | $ | 948 | ||||||||||||||||||||||
($ in millions) | Conventional | Renewables | Thermal | Corporate | Total | |||||||||||||||||||||||||||
Net Income (Loss) | $ | 125 | $ | (23) | $ | 14 | $ | (135) | $ | (19) | ||||||||||||||||||||||
Plus: | ||||||||||||||||||||||||||||||||
Income Tax Benefit | — | — | — | (12) | (12) | |||||||||||||||||||||||||||
Interest Expense, net | 41 | 103 | 14 | 74 | 232 | |||||||||||||||||||||||||||
Depreciation, Amortization, and ARO | 99 | 266 | 22 | — | 387 | |||||||||||||||||||||||||||
Contract Amortization | 17 | 87 | 3 | — | 107 | |||||||||||||||||||||||||||
Loss on Debt Extinguishment | — | 1 | — | 41 | 42 | |||||||||||||||||||||||||||
Mark to Market (MtM) Losses on economic hedges | — | 90 | — | — | 90 | |||||||||||||||||||||||||||
Transaction and Integration costs | — | — | — | 4 | 4 | |||||||||||||||||||||||||||
Adjustments to reflect CWEN’s pro-rata share of Adjusted EBITDA from Unconsolidated Affiliates | 10 | 57 | — | — | 67 | |||||||||||||||||||||||||||
Non-Cash Equity Compensation | — | — | — | 2 | 2 | |||||||||||||||||||||||||||
Adjusted EBITDA | $ | 292 | $ | 581 | $ | 53 | $ | (26) | $ | 900 | ||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
($ in millions) | 9/30/22 | 9/30/21 | 9/30/22 | 9/30/21 | |||||||||||||||||||
Adjusted EBITDA | $ | 322 | $ | 337 | $ | 948 | $ | 900 | |||||||||||||||
Cash interest paid | (95) | (100) | (254) | (265) | |||||||||||||||||||
Changes in prepaid and accrued liabilities for tolling agreements | 98 | 96 | 24 | 20 | |||||||||||||||||||
Adjustments to reflect sale-type leases and payments for lease expenses | 1 | — | 4 | — | |||||||||||||||||||
Pro-rata Adjusted EBITDA from unconsolidated affiliates | (28) | (42) | (69) | (99) | |||||||||||||||||||
Distributions from unconsolidated affiliates | 8 | 9 | 25 | 25 | |||||||||||||||||||
Changes in working capital and other | 22 | (12) | (71) | (52) | |||||||||||||||||||
Cash from Operating Activities | 328 | 288 | 607 | 529 | |||||||||||||||||||
Changes in working capital and other | (22) | 12 | 71 | 52 | |||||||||||||||||||
Development Expenses7 | — | 3 | 2 | 5 | |||||||||||||||||||
Return of investment from unconsolidated affiliates | 6 | 17 | 12 | 37 | |||||||||||||||||||
Net contributions (to)/from non-controlling interest8 | (12) | (11) | (32) | 4 | |||||||||||||||||||
Maintenance capital expenditures | (4) | (5) | (16) | (17) | |||||||||||||||||||
Principal amortization of indebtedness9 | (147) | (143) | (321) | (309) | |||||||||||||||||||
Cash Available for Distribution before Adjustments | $ | 149 | $ | 161 | $ | 323 | $ | 301 | |||||||||||||||
Net Impact of Capistrano given timing of project debt service | 5 | — | 5 | — | |||||||||||||||||||
Cash Available for Distribution10 | $ | 154 | $ | 161 | $ | 328 | $ | 301 | |||||||||||||||
Nine Months Ended | ||||||||
($ in millions) | 9/30/22 | |||||||
Sources: | ||||||||
Proceeds from sale of business | 1,457 | |||||||
Net cash provided by operating activities | 607 | |||||||
Proceeds from issuance of long-term debt | 219 | |||||||
Proceeds from the revolving credit facility | 80 | |||||||
Return of investment from unconsolidated affiliates | 12 | |||||||
Uses: | ||||||||
Payments for long-term debt | (868) | |||||||
Payments for the revolving credit facility | (325) | |||||||
Acquisition of Capistrano Wind Portfolio, net of cash acquired | (223) | |||||||
Payments of dividends and distributions | (214) | |||||||
Capital expenditures | (95) | |||||||
Distributions to CEG of escrowed amounts | (64) | |||||||
Acquisition of Drop Down Assets, net of cash acquired | (51) | |||||||
Other net cash outflows | (33) | |||||||
Change in total cash, cash equivalents, and restricted cash | $ | 502 | ||||||
($ in millions) | Prior 2022 Full Year Guidance | 2022 Full Year Guidance | 2023 Full Year Guidance | |||||||||||||||||
Net Income | $ | 110 | $ | 95 | $ | 165 | ||||||||||||||
Income Tax Expense | 20 | 20 | 30 | |||||||||||||||||
Interest Expense, net | 445 | 445 | 300 | |||||||||||||||||
Depreciation, Amortization, and ARO Expense | 585 | 585 | 620 | |||||||||||||||||
Adjustment to reflect CWEN share of Adjusted EBITDA in unconsolidated affiliates | 60 | 60 | 50 | |||||||||||||||||
Non-Cash Equity Compensation | 5 | 5 | 5 | |||||||||||||||||
Adjusted EBITDA | 1,225 | 1,210 | 1,170 | |||||||||||||||||
Cash interest paid | (317) | (317) | (300) | |||||||||||||||||
Changes in prepaid and accrued liabilities for tolling agreements | 10 | 10 | (32) | |||||||||||||||||
Adjustments to reflect sale-type leases and payments for lease expenses | 7 | 7 | 10 | |||||||||||||||||
Pro-rata Adjusted EBITDA from unconsolidated affiliates | (85) | (85) | (85) | |||||||||||||||||
Cash distributions from unconsolidated affiliates11 | 45 | 45 | 45 | |||||||||||||||||
Income Tax Payment | (2) | (2) | — | |||||||||||||||||
Cash from Operating Activities | 883 | 868 | 808 | |||||||||||||||||
Development Expense12 | 3 | 3 | — | |||||||||||||||||
Net distributions to non-controlling interest13 | (64) | (64) | (60) | |||||||||||||||||
Maintenance capital expenditures | (30) | (30) | (35) | |||||||||||||||||
Principal amortization of indebtedness | (427) | (427) | (303) | |||||||||||||||||
Cash Available for Distribution14 | $ | 365 | $ | 350 | $ | 410 | ||||||||||||||
($ in millions) | Prior Pro Forma CAFD Outlook | Pro Forma CAFD Outlook | ||||||||||||
Net Income | $ | 100 | $ | 90 | ||||||||||
Income Tax Expense | 20 | 20 | ||||||||||||
Interest Expense, net | 395 | 395 | ||||||||||||
Depreciation, Amortization, and ARO Expense | 545 | 545 | ||||||||||||
Adjustment to reflect CWEN share of Adjusted EBITDA in unconsolidated affiliates | 45 | 45 | ||||||||||||
Non-Cash Equity Compensation | 5 | 5 | ||||||||||||
Adjusted EBITDA | 1,110 | 1,100 | ||||||||||||
Cash interest paid | (296) | (296) | ||||||||||||
Changes in prepaid and accrued liabilities for tolling agreements | (5) | (5) | ||||||||||||
Adjustments to reflect sale-type leases and payments for lease expenses | 6 | 6 | ||||||||||||
Pro-rata Adjusted EBITDA from unconsolidated affiliates | (86) | (86) | ||||||||||||
Cash distributions from unconsolidated affiliates | 48 | 48 | ||||||||||||
Cash from Operating Activities | 777 | 767 | ||||||||||||
Net distributions to non-controlling interest | (67) | (67) | ||||||||||||
Maintenance capital expenditures | (23) | (23) | ||||||||||||
Principal amortization of indebtedness | (287) | (287) | ||||||||||||
Cash Available for Distribution | $ | 400 | $ | 390 | ||||||||||
($ in millions) | 413 MW Wind Portfolio 5 Year Ave. 2023-2027 | |||||||
Net Income | 29 - 30 | |||||||
Interest Expense, net | 12 - 10 | |||||||
Depreciation, Amortization, and ARO Expense | 13 | |||||||
Adjusted EBITDA | 53 | |||||||
Cash interest paid | (12) - (10) | |||||||
Cash from Operating Activities | 41 - 43 | |||||||
Maintenance capital expenditures | (3) | |||||||
Principal amortization of indebtedness | (26) | |||||||
Estimated Cash Available for Distribution | 12 - 14 | |||||||
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