(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: August 2, 2022 |
($ millions) | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
Segment | 6/30/22 | 6/30/21 | 6/30/22 | 6/30/21 | ||||||||||||||||||||||
Conventional | 33 | 40 | 80 | 73 | ||||||||||||||||||||||
Renewables | 83 | 27 | (36) | (29) | ||||||||||||||||||||||
Thermal | 4 | 6 | 17 | 10 | ||||||||||||||||||||||
Corporate | 1,029 | (41) | 991 | (98) | ||||||||||||||||||||||
Net Income/(Loss) | $ | 1,149 | $ | 32 | $ | 1,052 | $ | (44) | ||||||||||||||||||
($ millions) | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
Segment | 6/30/22 | 6/30/21 | 6/30/22 | 6/30/21 | ||||||||||||||||||||||
Conventional | 85 | 96 | 183 | 183 | ||||||||||||||||||||||
Renewables | 285 | 257 | 439 | 360 | ||||||||||||||||||||||
Thermal | 5 | 19 | 23 | 36 | ||||||||||||||||||||||
Corporate | (9) | (7) | (19) | (16) | ||||||||||||||||||||||
Adjusted EBITDA | $ | 366 | $ | 365 | 626 | $ | 563 | |||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
($ millions) | 6/30/22 | 6/30/21 | 6/30/22 | 6/30/21 | ||||||||||||||||||||||
Cash from Operating Activities | $ | 186 | $ | 194 | 279 | 241 | ||||||||||||||||||||
Cash Available for Distribution (CAFD) | $ | 176 | $ | 155 | $ | 174 | $ | 140 | ||||||||||||||||||
(MWh and MWht in thousands) | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
6/30/22 | 6/30/21 | 6/30/22 | 6/30/21 | |||||||||||||||||||||||
Conventional Equivalent Availability Factor1 | 88.3 | % | 97.2 | % | 91.8 | % | 90.2 | % | ||||||||||||||||||
Renewables Generation Sold (MWh)2 | 4,416 | 3,370 | 7,735 | 5,900 | ||||||||||||||||||||||
($ millions) | 6/30/2022 | 12/31/2021 | ||||||||||||
Cash and Cash Equivalents: | ||||||||||||||
Clearway Energy, Inc. and Clearway Energy LLC, excluding subsidiaries | $ | 820 | $ | 33 | ||||||||||
Subsidiaries | 135 | 146 | ||||||||||||
Restricted Cash: | ||||||||||||||
Operating accounts | 143 | 246 | ||||||||||||
Reserves, including debt service, distributions, performance obligations and other reserves | 190 | 229 | ||||||||||||
Total Cash | $ | 1,288 | $ | 654 | ||||||||||
Revolving credit facility availability | 408 | 167 | ||||||||||||
Total Liquidity | $ | 1,696 | $ | 821 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
(In millions, except per share amounts) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Operating Revenues | |||||||||||||||||||||||
Total operating revenues | $ | 368 | $ | 380 | $ | 582 | $ | 617 | |||||||||||||||
Operating Costs and Expenses | |||||||||||||||||||||||
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below | 112 | 107 | 240 | 217 | |||||||||||||||||||
Depreciation, amortization and accretion | 126 | 128 | 250 | 256 | |||||||||||||||||||
General and administrative | 11 | 10 | 23 | 20 | |||||||||||||||||||
Transaction and integration costs | 3 | 1 | 5 | 3 | |||||||||||||||||||
Development costs | 1 | 1 | 2 | 2 | |||||||||||||||||||
Total operating costs and expenses | 253 | 247 | 520 | 498 | |||||||||||||||||||
Gain on sale of business | 1,291 | — | 1,291 | — | |||||||||||||||||||
Operating Income | 1,406 | 133 | 1,353 | 119 | |||||||||||||||||||
Other Income (Expense) | |||||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 10 | 8 | 14 | 12 | |||||||||||||||||||
Other income, net | 5 | 1 | 5 | 2 | |||||||||||||||||||
Loss on debt extinguishment | — | — | (2) | (42) | |||||||||||||||||||
Interest expense | (47) | (103) | (94) | (148) | |||||||||||||||||||
Total other expense, net | (32) | (94) | (77) | (176) | |||||||||||||||||||
Income (Loss) Before Income Taxes | 1,374 | 39 | 1,276 | (57) | |||||||||||||||||||
Income tax expense (benefit) | 225 | 7 | 224 | (13) | |||||||||||||||||||
Net Income (Loss) | 1,149 | 32 | 1,052 | (44) | |||||||||||||||||||
Less: Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests | 579 | (3) | 514 | (82) | |||||||||||||||||||
Net Income Attributable to Clearway Energy, Inc. | $ | 570 | $ | 35 | $ | 538 | $ | 38 | |||||||||||||||
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 | $ | 4.89 | $ | 0.30 | $ | 4.62 | $ | 0.32 | |||||||||||||||
Dividends Per Class A Common Share | $ | 0.3536 | $ | 0.3290 | $ | 0.7004 | $ | 0.6530 | |||||||||||||||
Dividends Per Class C Common Share | $ | 0.3536 | $ | 0.3290 | $ | 0.7004 | $ | 0.6530 | |||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
(In millions) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Net Income (Loss) | $ | 1,149 | $ | 32 | $ | 1,052 | $ | (44) | |||||||||||||||
Other Comprehensive Income | |||||||||||||||||||||||
Unrealized gain on derivatives, net of income tax expense of, $1, $— ,$3 and $2 | 6 | — | 20 | 11 | |||||||||||||||||||
Other comprehensive income | 6 | — | 20 | 11 | |||||||||||||||||||
Comprehensive Income (Loss) | 1,155 | 32 | 1,072 | (33) | |||||||||||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests | 583 | (3) | 526 | (75) | |||||||||||||||||||
Comprehensive Income Attributable to Clearway Energy, Inc. | $ | 572 | $ | 35 | $ | 546 | $ | 42 |
(In millions, except shares) | June 30, 2022 | December 31, 2021 | |||||||||
ASSETS | (Unaudited) | ||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | 955 | $ | 179 | |||||||
Restricted cash | 333 | 475 | |||||||||
Accounts receivable — trade | 222 | 144 | |||||||||
Accounts receivable — affiliates | 2 | — | |||||||||
Inventory | 39 | 37 | |||||||||
Derivative instruments | 9 | — | |||||||||
Current assets held-for-sale | — | 631 | |||||||||
Prepayments and other current assets | 75 | 65 | |||||||||
Total current assets | 1,635 | 1,531 | |||||||||
Property, plant and equipment, net | 7,545 | 7,650 | |||||||||
Other Assets | |||||||||||
Equity investments in affiliates | 375 | 381 | |||||||||
Intangible assets for power purchase agreements, net | 2,340 | 2,419 | |||||||||
Other intangible assets, net | 79 | 80 | |||||||||
Derivative instruments | 35 | 6 | |||||||||
Deferred income taxes | — | 95 | |||||||||
Right-of-use assets, net | 510 | 550 | |||||||||
Other non-current assets | 129 | 101 | |||||||||
Total other assets | 3,468 | 3,632 | |||||||||
Total Assets | $ | 12,648 | $ | 12,813 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current Liabilities | |||||||||||
Current portion of long-term debt | $ | 457 | $ | 772 | |||||||
Accounts payable — trade | 59 | 74 | |||||||||
Accounts payable — affiliates | 16 | 107 | |||||||||
Derivative instruments | 75 | 46 | |||||||||
Accrued interest expense | 57 | 54 | |||||||||
Current liabilities held-for-sale | — | 494 | |||||||||
Accrued expenses and other current liabilities | 85 | 84 | |||||||||
Total current liabilities | 749 | 1,631 | |||||||||
Other Liabilities | |||||||||||
Long-term debt | 6,605 | 6,939 | |||||||||
Deferred income taxes | 110 | 13 | |||||||||
Derivative instruments | 280 | 196 | |||||||||
Long-term lease liabilities | 527 | 561 | |||||||||
Other non-current liabilities | 184 | 173 | |||||||||
Total other liabilities | 7,706 | 7,882 | |||||||||
Total Liabilities | 8,455 | 9,513 | |||||||||
Redeemable noncontrolling interest in subsidiaries | 4 | — | |||||||||
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); 202,273,531 shares issued and outstanding (Class A 34,599,645, Class B 42,738,750, Class C 82,196,386, Class D 42,738,750) at June 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 | 1,785 | 1,872 | |||||||||
Retained earnings (accumulated deficit) | 505 | (33) | |||||||||
Accumulated other comprehensive income (loss) | 2 | (6) | |||||||||
Noncontrolling interest | 1,896 | 1,466 | |||||||||
Total Stockholders’ Equity | 4,189 | 3,300 | |||||||||
Total Liabilities and Stockholders’ Equity | $ | 12,648 | $ | 12,813 |
Six months ended June 30, | |||||||||||
(In millions) | 2022 | 2021 | |||||||||
Cash Flows from Operating Activities | |||||||||||
Net Income (Loss) | $ | 1,052 | $ | (44) | |||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
Equity in earnings of unconsolidated affiliates | (14) | (12) | |||||||||
Distributions from unconsolidated affiliates | 17 | 16 | |||||||||
Depreciation, amortization and accretion | 250 | 256 | |||||||||
Amortization of financing costs and debt discounts | 7 | 7 | |||||||||
Amortization of intangibles | 82 | 70 | |||||||||
Loss on debt extinguishment | 2 | 42 | |||||||||
Gain on sale of business | (1,291) | — | |||||||||
Reduction in carrying amount of right-of-use assets | 7 | 5 | |||||||||
Changes in deferred income taxes | 197 | (13) | |||||||||
Changes in derivative instruments | 92 | 20 | |||||||||
Cash used in changes in other working capital: | |||||||||||
Changes in prepaid and accrued liabilities for tolling agreements | (74) | (76) | |||||||||
Changes in other working capital | (48) | (30) | |||||||||
Net Cash Provided by Operating Activities | 279 | 241 | |||||||||
Cash Flows from Investing Activities | |||||||||||
Acquisitions, net of cash acquired | — | (211) | |||||||||
Acquisition of Drop Down Assets | (51) | (132) | |||||||||
Capital expenditures | (81) | (93) | |||||||||
Asset purchase from affiliate | — | (21) | |||||||||
Return of investment from unconsolidated affiliates | 6 | 20 | |||||||||
Cash receipts from notes receivable | — | 4 | |||||||||
Proceeds from sale of business | 1,457 | — | |||||||||
Other | — | 13 | |||||||||
Net Cash Provided by (Used in) Investing Activities | 1,331 | (420) | |||||||||
Cash Flows from Financing Activities | |||||||||||
(Distributions to) contributions from noncontrolling interests | (7) | 265 | |||||||||
Payments of dividends and distributions | (141) | (132) | |||||||||
Distributions to CEG of escrowed amounts | (64) | — | |||||||||
Proceeds from the revolving credit facility | 80 | 300 | |||||||||
Payments for the revolving credit facility | (325) | (233) | |||||||||
Proceeds from the issuance of long-term debt | 214 | 1,016 | |||||||||
Payments of debt issuance costs | (4) | (13) | |||||||||
Payments for short-term and long-term debt | (722) | (1,028) | |||||||||
Other | (7) | 9 | |||||||||
Net Cash (Used in) Provided by Financing Activities | (976) | 184 | |||||||||
Net Increase in Cash, Cash Equivalents and Restricted Cash | 634 | 5 | |||||||||
Cash, Cash Equivalents and Restricted Cash at beginning of period | 654 | 465 | |||||||||
Cash, Cash Equivalents and Restricted Cash at end of period | $ | 1,288 | $ | 470 |
(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, 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, 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 | |||||||||||||||||||||||||||
(In millions) | Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Noncontrolling Interest | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||||||
Contributions from CEG, non-cash | — | — | — | — | — | 27 | 27 | ||||||||||||||||||||||||||||||||||
Contributions from CEG, cash | — | — | — | — | — | 103 | 103 | ||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests, net of distributions, cash | — | — | — | — | — | 126 | 126 | ||||||||||||||||||||||||||||||||||
Net proceeds from the issuance of common stock under the ATM Program | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Distributions to tax equity investors, non-cash | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Agua Caliente acquisition | — | — | — | — | — | 273 | 273 | ||||||||||||||||||||||||||||||||||
Stock based compensation | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
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, 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 | |||||||||||||||||||||||||||
($ in millions) | Conventional | Renewables | Thermal | Corporate | Total | |||||||||||||||||||||||||||
Net Income (Loss) | $ | 33 | $ | 83 | $ | 4 | $ | 1,029 | $ | 1,149 | ||||||||||||||||||||||
Plus: | ||||||||||||||||||||||||||||||||
Income Tax Expense | — | — | — | 225 | 225 | |||||||||||||||||||||||||||
Interest Expense, net | 10 | 10 | 1 | 24 | 45 | |||||||||||||||||||||||||||
Depreciation, Amortization, and ARO | 33 | 93 | — | — | 126 | |||||||||||||||||||||||||||
Contract Amortization | 6 | 35 | — | — | 41 | |||||||||||||||||||||||||||
Mark to Market (MtM) Losses on economic hedges | — | 52 | — | — | 52 | |||||||||||||||||||||||||||
Transaction and integration costs | — | — | — | 3 | 3 | |||||||||||||||||||||||||||
Other non-recurring | — | — | — | (1,291) | (1,291) | |||||||||||||||||||||||||||
Adjustments to reflect CWEN’s pro-rata share of Adjusted EBITDA from Unconsolidated Affiliates | 3 | 12 | — | — | 15 | |||||||||||||||||||||||||||
Non-Cash Equity Compensation | — | — | — | 1 | 1 | |||||||||||||||||||||||||||
Adjusted EBITDA | $ | 85 | $ | 285 | $ | 5 | $ | (9) | $ | 366 | ||||||||||||||||||||||
($ in millions) | Conventional | Renewables | Thermal | Corporate | Total | |||||||||||||||||||||||||||
Net Income (Loss) | $ | 40 | $ | 27 | $ | 6 | $ | (41) | $ | 32 | ||||||||||||||||||||||
Plus: | ||||||||||||||||||||||||||||||||
Income Tax Expense | — | — | — | 7 | 7 | |||||||||||||||||||||||||||
Interest Expense, net | 16 | 58 | 4 | 25 | 103 | |||||||||||||||||||||||||||
Depreciation, Amortization, and ARO | 31 | 89 | 8 | — | 128 | |||||||||||||||||||||||||||
Contract Amortization | 6 | 30 | 1 | — | 37 | |||||||||||||||||||||||||||
Mark to Market (MtM) Losses on economic hedges | — | 31 | — | — | 31 | |||||||||||||||||||||||||||
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 | 21 | — | — | 24 | |||||||||||||||||||||||||||
Non-Cash Equity Compensation | — | — | — | 1 | 1 | |||||||||||||||||||||||||||
Adjusted EBITDA | $ | 96 | $ | 257 | $ | 19 | $ | (7) | $ | 365 | ||||||||||||||||||||||
Conventional | Renewables | Thermal | Corporate | Total | ||||||||||||||||||||||||||||
Net Income (Loss) | $ | 80 | $ | (36) | $ | 17 | $ | 991 | $ | 1,052 | ||||||||||||||||||||||
Plus: | ||||||||||||||||||||||||||||||||
Income Tax Expense | — | — | — | 224 | 224 | |||||||||||||||||||||||||||
Interest Expense, net | 18 | 18 | 6 | 50 | 92 | |||||||||||||||||||||||||||
Depreciation, Amortization, and ARO | 66 | 184 | — | — | 250 | |||||||||||||||||||||||||||
Contract Amortization | 12 | 71 | — | — | 83 | |||||||||||||||||||||||||||
Loss on Debt Extinguishment | — | 2 | — | — | 2 | |||||||||||||||||||||||||||
Mark to Market (MtM) Losses on Economic Hedges | — | 178 | — | — | 178 | |||||||||||||||||||||||||||
Transaction and Integration costs | — | — | — | 5 | 5 | |||||||||||||||||||||||||||
Other Non-recurring | 1 | — | — | (1,291) | (1,290) | |||||||||||||||||||||||||||
Adjustments to reflect CWEN’s pro-rata share of Adjusted EBITDA from Unconsolidated Affiliates | 6 | 22 | — | — | 28 | |||||||||||||||||||||||||||
Non-Cash Equity Compensation | — | — | — | 2 | 2 | |||||||||||||||||||||||||||
Adjusted EBITDA | $ | 183 | $ | 439 | $ | 23 | $ | (19) | $ | 626 | ||||||||||||||||||||||
Conventional | Renewables | Thermal | Corporate | Total | ||||||||||||||||||||||||||||
Net Income (Loss) | $ | 73 | $ | (29) | $ | 10 | $ | (98) | $ | (44) | ||||||||||||||||||||||
Plus: | ||||||||||||||||||||||||||||||||
Income Tax Benefit | — | — | — | (13) | (13) | |||||||||||||||||||||||||||
Interest Expense, net | 27 | 62 | 9 | 50 | 148 | |||||||||||||||||||||||||||
Depreciation, Amortization, and ARO | 65 | 176 | 15 | — | 256 | |||||||||||||||||||||||||||
Contract Amortization | 12 | 55 | 2 | — | 69 | |||||||||||||||||||||||||||
Loss on Debt Extinguishment | — | 1 | — | 41 | 42 | |||||||||||||||||||||||||||
Mark to Market (MtM) Losses on economic hedges | — | 55 | — | — | 55 | |||||||||||||||||||||||||||
Transaction and Integration costs | — | — | — | 3 | 3 | |||||||||||||||||||||||||||
Other Non-recurring | — | 1 | — | — | 1 | |||||||||||||||||||||||||||
Adjustments to reflect CWEN’s pro-rata share of Adjusted EBITDA from Unconsolidated Affiliates | 6 | 39 | — | — | 45 | |||||||||||||||||||||||||||
Non-Cash Equity Compensation | — | — | — | 1 | 1 | |||||||||||||||||||||||||||
Adjusted EBITDA | $ | 183 | $ | 360 | $ | 36 | $ | (16) | $ | 563 | ||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
($ in millions) | 6/30/22 | 6/30/21 | 6/30/22 | 6/30/21 | |||||||||||||||||||
Adjusted EBITDA | $ | 366 | $ | 365 | $ | 626 | $ | 563 | |||||||||||||||
Cash interest paid | (62) | (72) | (159) | (165) | |||||||||||||||||||
Changes in prepaid and accrued liabilities for tolling agreements | (30) | (32) | (74) | (76) | |||||||||||||||||||
Adjustments to reflect sale-type leases and payments for lease expenses | 2 | — | 3 | — | |||||||||||||||||||
Pro-rata Adjusted EBITDA from unconsolidated affiliates | (25) | (32) | (41) | (57) | |||||||||||||||||||
Distributions from unconsolidated affiliates | 6 | 3 | 17 | 16 | |||||||||||||||||||
Changes in working capital and other | (71) | (38) | (93) | (40) | |||||||||||||||||||
Cash from Operating Activities | 186 | 194 | 279 | 241 | |||||||||||||||||||
Changes in working capital and other | 71 | 38 | 93 | 40 | |||||||||||||||||||
Development Expenses5 | 1 | 1 | 2 | 2 | |||||||||||||||||||
Return of investment from unconsolidated affiliates | 3 | 12 | 6 | 20 | |||||||||||||||||||
Net contributions (to)/from non-controlling interest6 | (10) | (12) | (20) | 15 | |||||||||||||||||||
Maintenance capital expenditures | (5) | (6) | (12) | (12) | |||||||||||||||||||
Principal amortization of indebtedness7 | (70) | (72) | (174) | (166) | |||||||||||||||||||
Cash Available for Distribution | $ | 176 | $ | 155 | $ | 174 | $ | 140 | |||||||||||||||
Six Months Ended | ||||||||
($ in millions) | 6/30/22 | |||||||
Sources: | ||||||||
Proceeds from sale of business | 1,457 | |||||||
Net cash provided by operating activities | 279 | |||||||
Proceeds from issuance of long-term debt | 214 | |||||||
Proceeds from the revolving credit facility | 80 | |||||||
Return of investment from unconsolidated affiliates | 6 | |||||||
Uses: | ||||||||
Payments for long-term debt | (722) | |||||||
Payments for the revolving credit facility | (325) | |||||||
Payments of dividends and distributions | (141) | |||||||
Capital expenditures | (81) | |||||||
Distributions to CEG of escrowed amounts | (64) | |||||||
Acquisition of Drop Down Assets, net of cash acquired | (51) | |||||||
Other net cash outflows | (18) | |||||||
Change in total cash, cash equivalents, and restricted cash | $ | 634 | ||||||
($ in millions) | 2022 Full Year Guidance | Prior Pro Forma CAFD Outlook | Pro Forma CAFD Outlook | |||||||||||||||||
Net Income | $ | 110 | $ | 75 | $ | 100 | ||||||||||||||
Income Tax Expense | 20 | 15 | 20 | |||||||||||||||||
Interest Expense, net | 445 | 385 | 395 | |||||||||||||||||
Depreciation, Amortization, and ARO Expense | 585 | 530 | 545 | |||||||||||||||||
Adjustment to reflect CWEN share of Adjusted EBITDA in unconsolidated affiliates | 60 | 45 | 45 | |||||||||||||||||
Non-Cash Equity Compensation | 5 | 5 | 5 | |||||||||||||||||
Adjusted EBITDA | 1,225 | 1,055 | 1,110 | |||||||||||||||||
Cash interest paid | (317) | (285) | (296) | |||||||||||||||||
Changes in prepaid and accrued liabilities for tolling agreements | 10 | (5) | (5) | |||||||||||||||||
Adjustments to reflect sale-type leases and payments for lease expenses | 7 | 6 | 6 | |||||||||||||||||
Pro-rata Adjusted EBITDA from unconsolidated affiliates | (85) | (86) | (86) | |||||||||||||||||
Cash distributions from unconsolidated affiliates8 | 45 | 48 | 48 | |||||||||||||||||
Income Tax Payment | (2) | — | — | |||||||||||||||||
Cash from Operating Activities | 883 | 733 | 777 | |||||||||||||||||
Development Expense9 | 3 | — | — | |||||||||||||||||
Net distributions to non-controlling interest10 | (64) | (67) | (67) | |||||||||||||||||
Maintenance capital expenditures | (30) | (20) | (23) | |||||||||||||||||
Principal amortization of indebtedness | (427) | (261) | (287) | |||||||||||||||||
Cash Available for Distribution | $ | 365 | $ | 385 | $ | 400 | ||||||||||||||
($ 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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