UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 | ||
FORM 8‑K CURRENT REPORT | ||
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | ||
Date of Report (Date of earliest event reported): November 6, 2018 | ||
CLEARWAY ENERGY, INC. (Exact name of Registrant as specified in its charter) | ||
Delaware (State or other jurisdiction of incorporation) | 001‑36002 (Commission File Number) | 46-1777204 (IRS Employer Identification No.) |
300 Carnegie Center, Suite 300, Princeton, New Jersey 08540 (Address of principal executive offices, including zip code) | ||
(609) 608‑1525 (Registrant’s telephone number, including area code) | ||
N/A (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8‑K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a‑12 under the Exchange Act (17 CFR 240.14a‑12) [ ] Pre‑commencement communications pursuant to Rule 14d‑2(b) under the Exchange Act (17 CFR 240.14d‑2(b)) [ ] Pre‑commencement communications pursuant to Rule 13e‑4(c) under the Exchange Act (17 CFR 240.13e‑4(c)) Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company [ ] If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ] |
(d) | Exhibits |
Exhibit Number | Document | |
99.1 |
Clearway Energy, Inc. | ||
(Registrant) | ||
By: | /s/ Kevin P. Malcarney | |
Kevin P. Malcarney | ||
General Counsel and Corporate Secretary | ||
Dated: November 6, 2018 |
• | Announced new sponsorship with Global Infrastructure Partners with the closing of the NRG Transaction |
• | Maintaining 2018 financial guidance |
• | Initiating 2019 guidance while targeting 5-8% annualized dividend per share growth |
• | Raised $675 million of new corporate level capital to support committed growth investments and balance sheet management |
• | Repurchased $352 million of convertible notes through Fundamental Change Tender Offer |
• | Pursuant to the Right of First Offer (ROFO) Agreement, received an offer from NRG Energy, Inc. to acquire NRG's remaining interest in the Agua Caliente solar project; closing expected in the first quarter of 2019 |
• | Increasing quarterly dividend by 3.4%, achieving 15% year-over-year dividend per share growth in 2018 |
($ millions) | Three Months Ended | Nine Months Ended | ||||||||||
Segment | 9/30/18 | 9/30/17 | 9/30/18 | 9/30/17 | ||||||||
Conventional | 39 | 36 | 107 | 87 | ||||||||
Renewables | 55 | 18 | 131 | 57 | ||||||||
Thermal | 10 | 10 | 24 | 22 | ||||||||
Corporate | (55 | ) | (33 | ) | (117 | ) | (93 | ) | ||||
Net Income | 49 | 31 | 145 | 73 |
($ millions) | Three Months Ended | Nine Months Ended | ||||||||||
Segment | 9/30/18 | 9/30/17 | 9/30/18 | 9/30/17 | ||||||||
Conventional | 82 | 82 | 225 | 221 | ||||||||
Renewables | 194 | 173 | 524 | 476 | ||||||||
Thermal | 20 | 18 | 50 | 46 | ||||||||
Corporate | (6 | ) | (3 | ) | (16 | ) | (13 | ) | ||||
Adjusted EBITDA | 290 | 270 | 783 | 730 |
Three Months Ended | Nine Months Ended | |||||||||||
($ millions) | 9/30/18 | 9/30/17 | 9/30/18 | 9/30/17 | ||||||||
Cash from Operating Activities | 215 | 204 | 396 | 373 | ||||||||
Cash Available for Distribution (CAFD) | 156 | 135 | 250 | 209 |
(MWh and MWht in thousands) | Three Months Ended | Nine Months Ended | ||||||||||
9/30/18 | 9/30/17 | 9/30/18 | 9/30/17 | |||||||||
Equivalent Availability Factor (Conventional) | 97.0 | % | 99.3 | % | 93.2 | % | 92.4 | % | ||||
Renewables Generation Sold (MWh) | 1,801 | 1,565 | 5,725 | 5,354 | ||||||||
Thermal Generation Sold (MWh/MWht) | 514 | 472 | 1,611 | 1,477 |
($ millions) | 9/30/18 | 6/30/18 | 12/31/17 | ||||||
Cash and Cash Equivalents: | |||||||||
Clearway Energy, Inc. and Clearway Energy LLC | 112 | 48 | 24 | ||||||
Subsidiaries | 120 | 82 | 124 | ||||||
Restricted Cash: | |||||||||
Operating Accounts | 65 | 43 | 25 | ||||||
Reserve Accounts | 92 | 96 | 143 | ||||||
Total Cash | 389 | 269 | 316 | ||||||
Revolver Availability | 425 | 428 | 366 | ||||||
Total Liquidity | 814 | 697 | 682 |
• | Higher summer capacity prices from conventional assets; |
• | Higher solar insolation during the summer months; |
• | Higher wind resources during the spring and summer months; |
• | Debt service payments which are made either quarterly or semi-annually; and |
• | Timing of maintenance capital expenditures and the impact of both unforced and forced outages. |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(In millions, except per share amounts) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Operating Revenues | |||||||||||||||
Total operating revenues | $ | 292 | $ | 269 | $ | 824 | $ | 778 | |||||||
Operating Costs and Expenses | |||||||||||||||
Cost of operations | 84 | 79 | 247 | 241 | |||||||||||
Depreciation and amortization | 84 | 90 | 247 | 246 | |||||||||||
Impairment losses | — | 12 | — | 12 | |||||||||||
General and administrative | 6 | 4 | 17 | 14 | |||||||||||
Acquisition-related transaction and integration costs | 17 | — | 19 | 2 | |||||||||||
Development costs | 1 | — | 1 | — | |||||||||||
Total operating costs and expenses | 192 | 185 | 531 | 515 | |||||||||||
Operating Income | 100 | 84 | 293 | 263 | |||||||||||
Other Income (Expense) | |||||||||||||||
Equity in earnings of unconsolidated affiliates | 32 | 28 | 65 | 63 | |||||||||||
Other income, net | 2 | 1 | 4 | 3 | |||||||||||
Loss on debt extinguishment | — | — | — | (2 | ) | ||||||||||
Interest expense | (74 | ) | (74 | ) | (200 | ) | (239 | ) | |||||||
Total other expense, net | (40 | ) | (45 | ) | (131 | ) | (175 | ) | |||||||
Income Before Income Taxes | 60 | 39 | 162 | 88 | |||||||||||
Income tax expense | 11 | 8 | 17 | 15 | |||||||||||
Net Income | 49 | 31 | 145 | 73 | |||||||||||
Less: Pre-acquisition net (loss) income of Drop Down Assets | — | (9 | ) | 4 | 6 | ||||||||||
Net Income Excluding Pre-acquisition Net Income of Drop Down Assets | 49 | 40 | 141 | 67 | |||||||||||
Less: Income attributable to noncontrolling interests | 28 | 11 | 25 | 13 | |||||||||||
Net Income Attributable to Clearway Energy, Inc. | $ | 21 | $ | 29 | $ | 116 | $ | 54 | |||||||
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 | 35 | 35 | 35 | 35 | |||||||||||
Weighted average number of Class A common shares outstanding - diluted | 35 | 49 | 35 | 35 | |||||||||||
Weighted average number of Class C common shares outstanding - basic | 69 | 64 | 67 | 63 | |||||||||||
Weighted average number of Class C common shares outstanding - diluted | 69 | 75 | 77 | 63 | |||||||||||
Earnings per Weighted Average Class A and Class C Common Share - Basic | $ | 0.20 | $ | 0.30 | $ | 1.14 | $ | 0.56 | |||||||
Earnings per Weighted Average Class A Common Share - Diluted | 0.20 | 0.27 | 1.14 | 0.56 | |||||||||||
Earnings per Weighted Average Class C Common Share - Diluted | 0.20 | 0.29 | 1.10 | 0.56 | |||||||||||
Dividends Per Class A Common Share | 0.320 | 0.28 | 0.927 | 0.81 | |||||||||||
Dividends Per Class C Common Share | $ | 0.320 | $ | 0.28 | $ | 0.927 | $ | 0.81 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(In millions) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Net Income | $ | 49 | $ | 31 | $ | 145 | $ | 73 | |||||||
Other Comprehensive Gain, net of tax | |||||||||||||||
Unrealized gain on derivatives, net of income tax expense of $1, $0, $4 and $0 | 6 | 7 | 30 | 7 | |||||||||||
Other comprehensive gain | 6 | 7 | 30 | 7 | |||||||||||
Comprehensive Income | 55 | 38 | 175 | 80 | |||||||||||
Less: Pre-acquisition net (loss) income of Drop Down Assets | — | (9 | ) | 4 | 6 | ||||||||||
Less: Comprehensive income attributable to noncontrolling interests | 31 | 17 | 41 | 19 | |||||||||||
Comprehensive Income Attributable to Clearway Energy, Inc. | $ | 24 | $ | 30 | $ | 130 | $ | 55 |
(In millions, except shares) | September 30, 2018 | December 31, 2017 | |||||
ASSETS | (unaudited) | ||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 232 | $ | 148 | |||
Restricted cash | 157 | 168 | |||||
Accounts receivable — trade | 141 | 95 | |||||
Inventory | 39 | 39 | |||||
Notes receivable | 3 | 13 | |||||
Prepayments and other current assets | 31 | 19 | |||||
Total current assets | 603 | 482 | |||||
Property, plant and equipment, net | 5,306 | 5,410 | |||||
Other Assets | |||||||
Equity investments in affiliates | 1,182 | 1,178 | |||||
Intangible assets, net | 1,177 | 1,228 | |||||
Derivative instruments | 32 | 1 | |||||
Deferred income taxes | 108 | 128 | |||||
Other non-current assets | 92 | 62 | |||||
Total other assets | 2,591 | 2,597 | |||||
Total Assets | $ | 8,500 | $ | 8,489 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current Liabilities | |||||||
Current portion of long-term debt | $ | 873 | $ | 339 | |||
Accounts payable — trade | 90 | 46 | |||||
Accounts payable — affiliate | 21 | 49 | |||||
Derivative instruments | 5 | 18 | |||||
Accrued expenses and other current liabilities | 96 | 88 | |||||
Total current liabilities | 1,085 | 540 | |||||
Other Liabilities | |||||||
Long-term debt | 4,928 | 5,659 | |||||
Derivative instruments | 9 | 31 | |||||
Other non-current liabilities | 103 | 100 | |||||
Total non-current liabilities | 5,040 | 5,790 | |||||
Total Liabilities | 6,125 | 6,330 | |||||
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); 193,137,143 shares issued and outstanding (Class A 34,586,250, Class B 42,738,750, Class C 73,073,393, Class D 42,738,750) at September 30, 2018 and 184,780,837 shares issued and outstanding (Class A 34,586,250, Class B 42,738,750, Class C 64,717,087, Class D 42,738,750) at December 31, 2017 | 1 | 1 | |||||
Additional paid-in capital | 1,935 | 1,843 | |||||
Retained earnings (accumulated deficit) | 13 | (69 | ) | ||||
Accumulated other comprehensive loss | (14 | ) | (28 | ) | |||
Noncontrolling interest | 440 | 412 | |||||
Total Stockholders' Equity | 2,375 | 2,159 | |||||
Total Liabilities and Stockholders' Equity | $ | 8,500 | $ | 8,489 |
Nine months ended September 30, | |||||||
2018 | 2017 | ||||||
(In millions) | |||||||
Cash Flows from Operating Activities | |||||||
Net income | $ | 145 | $ | 73 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Equity in earnings of unconsolidated affiliates | (65 | ) | (63 | ) | |||
Distributions from unconsolidated affiliates | 58 | 52 | |||||
Depreciation and amortization | 247 | 246 | |||||
Amortization of financing costs and debt discounts | 19 | 18 | |||||
Amortization of intangibles and out-of-market contracts | 52 | 52 | |||||
Adjustment for debt extinguishment | — | 2 | |||||
Impairment losses | — | 12 | |||||
Changes in deferred income taxes | 17 | 15 | |||||
Derivative interest income | (39 | ) | (5 | ) | |||
(Gain) loss on disposal of asset components | (2 | ) | 8 | ||||
Changes in prepaid and accrued liabilities for tolling agreements | 8 | 5 | |||||
Changes in other working capital | (44 | ) | (42 | ) | |||
Net Cash Provided by Operating Activities | 396 | 373 | |||||
Cash Flows from Investing Activities | |||||||
Acquisition of businesses, net of cash acquired | (11 | ) | — | ||||
Payments for the Drop Down Assets | (126 | ) | (176 | ) | |||
Capital expenditures | (62 | ) | (102 | ) | |||
Cash receipts from notes receivable | 10 | 11 | |||||
Return of investment from unconsolidated affiliates | 22 | 32 | |||||
Investments in unconsolidated affiliates | (16 | ) | (48 | ) | |||
Other | 8 | — | |||||
Net Cash Used in Investing Activities | (175 | ) | (283 | ) | |||
Cash Flows from Financing Activities | |||||||
Net contributions from noncontrolling interests | 93 | 13 | |||||
Net distributions and return of capital to NRG prior to the acquisition of Drop Down Assets | — | (26 | ) | ||||
Proceeds from the issuance of common stock | 151 | 34 | |||||
Payments of dividends and distributions | (174 | ) | (149 | ) | |||
Payments of debt issuance costs | (5 | ) | (12 | ) | |||
Proceeds from the revolving credit facility | 35 | — | |||||
Payments for the revolving credit facility | (90 | ) | — | ||||
Proceeds from the issuance of long-term debt | 227 | 130 | |||||
Payments for long-term debt | (385 | ) | (255 | ) | |||
Net Cash Used in Financing Activities | (148 | ) | (265 | ) | |||
Net Decrease in Cash, Cash Equivalents and Restricted Cash | 73 | (175 | ) | ||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 316 | 498 | |||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 389 | $ | 323 |
($ in millions) | Conventional | Renewables | Thermal | Corporate | Total | ||||||||||
Net (Loss) Income | 39 | 55 | 10 | (55 | ) | 49 | |||||||||
Plus: | |||||||||||||||
Income Tax Expense | — | — | — | 11 | 11 | ||||||||||
Interest Expense, net | 13 | 36 | 4 | 20 | 73 | ||||||||||
Depreciation, Amortization, and ARO | 26 | 53 | 6 | — | 85 | ||||||||||
Contract Amortization | 1 | 15 | 1 | — | 17 | ||||||||||
Acquisition-related transaction and integration costs | — | — | — | 17 | 17 | ||||||||||
Other non-recurring charges | — | 3 | (1 | ) | — | 2 | |||||||||
Adjustments to reflect CWEN’s pro-rata share of Adjusted EBITDA from Unconsolidated Affiliates | 3 | 32 | — | — | 35 | ||||||||||
Non-Cash Equity Compensation | — | — | — | 1 | 1 | ||||||||||
Adjusted EBITDA | 82 | 194 | 20 | (6 | ) | 290 |
($ in millions) | Conventional | Renewables | Thermal | Corporate | Total | ||||||||||
Net (Loss) Income | 36 | 18 | 10 | (33 | ) | 31 | |||||||||
Plus: | |||||||||||||||
Income Tax Expense | — | — | — | 8 | 8 | ||||||||||
Interest Expense, net | 13 | 38 | 2 | 21 | 74 | ||||||||||
Depreciation, Amortization, and ARO | 27 | 59 | 5 | — | 91 | ||||||||||
Contract Amortization | 1 | 16 | 1 | — | 18 | ||||||||||
Impairment Losses | — | 12 | — | — | 12 | ||||||||||
Other non-recurring charges | 2 | 1 | — | — | 3 | ||||||||||
Adjustments to reflect CWEN’s pro-rata share of Adjusted EBITDA from Unconsolidated Affiliates | 3 | 29 | — | — | 32 | ||||||||||
Non-Cash Equity Compensation | — | — | — | 1 | 1 | ||||||||||
Adjusted EBITDA | 82 | 173 | 18 | (3 | ) | 270 |
($ in millions) | Conventional | Renewables | Thermal | Corporate | Total | ||||||||||
Net Income (Loss) | 107 | 131 | 24 | (117 | ) | 145 | |||||||||
Plus: | |||||||||||||||
Income Tax Expense | — | — | — | 17 | 17 | ||||||||||
Interest Expense, net | 32 | 94 | 8 | 63 | 197 | ||||||||||
Depreciation, Amortization, and ARO | 76 | 157 | 17 | — | 250 | ||||||||||
Contract Amortization | 4 | 46 | 2 | — | 52 | ||||||||||
Acquisition-related transaction and integration costs | — | — | — | 19 | 19 | ||||||||||
Other non-recurring charges | (4 | ) | 4 | (1 | ) | — | (1 | ) | |||||||
Adjustments to reflect CWEN’s pro-rata share of Adjusted EBITDA from Unconsolidated Affiliates | 10 | 92 | — | — | 102 | ||||||||||
Non-Cash Equity Compensation | — | — | — | 2 | 2 | ||||||||||
Adjusted EBITDA | 225 | 524 | 50 | (16 | ) | 783 |
($ in millions) | Conventional | Renewables | Thermal | Corporate | Total | ||||||||||
Net (Loss) Income | 87 | 57 | 22 | (93 | ) | 73 | |||||||||
Plus: | |||||||||||||||
Income Tax Expense | — | — | — | 15 | 15 | ||||||||||
Interest Expense, net | 39 | 129 | 7 | 62 | 237 | ||||||||||
Depreciation, Amortization, and ARO | 77 | 157 | 15 | — | 249 | ||||||||||
Contract Amortization | 4 | 46 | 2 | — | 52 | ||||||||||
Impairment Losses | — | 12 | — | — | 12 | ||||||||||
Loss on Debt Extinguishment | — | 2 | — | — | 2 | ||||||||||
Acquisition-related transaction and integration costs | — | — | — | 2 | 2 | ||||||||||
Other non-recurring charges | 4 | 4 | — | — | 8 | ||||||||||
Adjustments to reflect CWEN’s pro-rata share of Adjusted EBITDA from Unconsolidated Affiliates | 10 | 69 | — | — | 79 | ||||||||||
Non-Cash Equity Compensation | — | — | — | 1 | 1 | ||||||||||
Adjusted EBITDA | 221 | 476 | 46 | (13 | ) | 730 |
Three Months Ended | Nine Months Ended | ||||||||||
($ in millions) | 9/30/18 | 9/30/17 | 9/30/18 | 9/30/17 | |||||||
Adjusted EBITDA | 290 | 270 | 783 | 730 | |||||||
Cash interest paid | (78 | ) | (79 | ) | (224 | ) | (229 | ) | |||
Changes in prepaid and accrued liabilities for tolling agreements | 70 | 69 | 8 | 5 | |||||||
Adjustment to reflect Walnut Creek investment payments | — | — | (1 | ) | — | ||||||
Pro-rata Adjusted EBITDA from unconsolidated affiliates | (67 | ) | (59 | ) | (166 | ) | (142 | ) | |||
Distributions from unconsolidated affiliates | 26 | 23 | 58 | 49 | |||||||
Changes in working capital and other | (26 | ) | (20 | ) | (62 | ) | (40 | ) | |||
Cash from Operating Activities | 215 | 204 | 396 | 373 | |||||||
Changes in working capital and other | 26 | 20 | 62 | 40 | |||||||
Development Expenses | 1 | — | 1 | — | |||||||
Return of investment from unconsolidated affiliates | 4 | 7 | 22 | 32 | |||||||
Net contributions from/(to) non-controlling interest8 | (1 | ) | (2 | ) | 8 | 5 | |||||
Maintenance capital expenditures9 | (8 | ) | (10 | ) | (24 | ) | (21 | ) | |||
Principal amortization of indebtedness10 | (84 | ) | (84 | ) | (225 | ) | (226 | ) | |||
Cash receipts from notes receivable11 | 3 | 2 | 10 | 11 | |||||||
Cash Available for Distribution (Recast) | 156 | 137 | 250 | 214 | |||||||
Adjustment to reflect CWEN's CAFD pre Drop Down acquisition12 | — | (2 | ) | — | (5 | ) | |||||
Cash Available for Distribution | 156 | 135 | 250 | 209 |
Nine Months Ended | |||
($ in millions) | 9/30/18 | ||
Sources: | |||
Net cash provided by operating activities | 396 | ||
Proceeds from the issuance of long-term debt | 227 | ||
Proceeds from the issuance of common stock | 151 | ||
Net contributions from noncontrolling interests | 93 | ||
Proceeds from the revolving credit facility | 35 | ||
Return of investment from unconsolidated affiliates | 22 | ||
Other net cash inflows | 2 | ||
Uses: | |||
Payments for long-term debt | (385 | ) | |
Payment of dividends and distributions | (174 | ) | |
Payments for the Drop Down Assets | (126 | ) | |
Payments for the revolving credit facility | (90 | ) | |
Capital expenditures | (62 | ) | |
Investments in unconsolidated affiliates | (16 | ) | |
Change in total cash, cash equivalents, and restricted cash | 73 |
($ in millions) | 2018 Full Year Guidance | 2019 Full Year Guidance13 | |||
Net Income | 130 | 160 | |||
Income Tax Expense | 25 | 30 | |||
Interest Expense, net | 320 | 355 | |||
Depreciation, Amortization, and Accretion Expense | 420 | 455 | |||
Integration related costs | — | 5 | |||
Adjustment to reflect CWEN share of Adjusted EBITDA in unconsolidated affiliates | 90 | 85 | |||
Adjusted EBITDA | 985 | 1,090 | |||
Cash interest paid | (293 | ) | (340 | ) | |
Changes in prepaid and accrued liabilities for tolling agreements | — | (3 | ) | ||
Adjustment to reflect Walnut Creek investment payments | (2 | ) | (1 | ) | |
Pro-rata Adjusted EBITDA from unconsolidated affiliates | (211 | ) | (215 | ) | |
Cash distributions from unconsolidated affiliates | 125 | 130 | |||
Cash from Operating Activities | 604 | 661 | |||
Development Expense | — | 4 | |||
Net contributions from non-controlling interest | 6 | (4 | ) | ||
Maintenance capital expenditures | (38 | ) | (33 | ) | |
Principal amortization of indebtedness | (300 | ) | (333 | ) | |
Cash receipts from notes receivable | 13 | — | |||
Cash Available for Distribution | 285 | 295 | |||
Add Back: Principal amortization of indebtedness | 300 | 333 | |||
Adjusted Cash from Operations | 585 | 628 |
($ in millions) | Carlsbad Drop Down - 5 Year Average from 2019-2023 | Hawaii Solar - 5 Year Average from 2020-2024 | Agua Caliente 35% - 5 Year Average from 2019-2023 | Mylan - 5 Year Average from 2019-2023 | |||||
Net Income | 38 | 7.2 | 13 | 1 | |||||
Interest Expense, net | 24 | 7.4 | 5 | — | |||||
Depreciation, Amortization, and ARO | 28 | 10.2 | — | 0.3 | |||||
Adjustment to reflect CWEN share of Adjusted EBITDA in unconsolidated affiliates | — | — | 22 | — | |||||
Adjusted EBITDA | 90 | 24.8 | 40 | 1.3 | |||||
Cash interest paid | (24 | ) | (7.4 | ) | (5 | ) | — | ||
Pro-rata Adjusted EBITDA from unconsolidated affiliates | — | — | (40 | ) | — | ||||
Cash distributions from unconsolidated affiliates | — | — | 20 | — | |||||
Changes in prepaid and accrued liabilities for tolling agreements | (6 | ) | — | ||||||
Cash from Operating Activities | 60 | 17.4 | 15 | 1.3 | |||||
Distributions to non-controlling interest | — | (9.7 | ) | — | — | ||||
Principal amortization of indebtedness | (20 | ) | (5.1 | ) | (3 | ) | — | ||
Estimated Cash Available for Distribution | 40 | 2.6 | 12 | 1.3 |
• | 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. |
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