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
- 与Clearway集团签署协议,承诺投资55兆瓦的风能和257兆瓦的太阳能和储能项目
- 签订了马什兰丁和核桃溪的新资源充足合同
- 重申 2024 年财务指导
- 将2024年第二季度的季度股息增加1.7%,至每股0.4102美元,按年计算每股1.64美元
- 继续将目标定在2026年之前将每股年度股息增长在5%至8%的上限范围内
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 $52 million.
新泽西州普林斯顿,2024年5月9日(GLOBE NEWSWIRE)——Clearway Energy, Inc.(纽约证券交易所代码:CWEN,CWEN.A)今天公布了2024年第一季度财务业绩,包括净亏损(4,600万美元)、调整后息税折旧摊销前利润2.11亿美元、经营活动现金8,100万美元和可供分配的现金(CAFD)5200万美元。
"Clearway remains well positioned to achieve its 2024 financial objectives. We reported solid first quarter results highlighting the benefits of our fleet's geographic and technological diversification," said Craig Cornelius, Clearway Energy, Inc.'s incoming President and Chief Executive Officer. "Furthermore, we have made additional progress on the execution toward our long-term objectives with the commitments to invest in Dan's Mountain and Rosamond South and new resource adequacy contracts for our Conventional fleet. CWEN continues to expect to achieve the upper range of its 5% to 8% annual dividend growth objective without needing external capital through at least 2026. In 2027 we continue to see the potential for CAFD per share growth to be in that same range if the balance of our gas fleet contracts its capacity to deliver resource adequacy at the same or better pricing as recently disclosed contract awards."
“Clearway仍然有能力实现其2024年的财务目标。我们公布了稳健的第一季度业绩,突显了我们机队地域和技术多元化的好处。” Clearway Energy, Inc.的克雷格·科尼利厄斯说。是即将上任的总裁兼首席执行官。“此外,我们在实现长期目标方面取得了更多进展,承诺投资丹斯山和南罗莎蒙德,并为我们的常规舰队签订了新的资源充足合同。CWEN继续预计,至少到2026年,无需外部资本即可实现其5%至8%的年度股息增长目标的上限。2027年,我们继续看到,如果我们的天然气船队余额以与最近披露的合同授予相同或更好的价格提供资源充足的能力收缩,则每股CAFD的增长有可能保持在相同区间内。”
Adjusted EBITDA and Cash Available for Distribution used in this press release are non-GAAP measures and are explained in greater detail under "Non-GAAP Financial Information" below.
本新闻稿中使用的调整后息税折旧摊销前利润和可供分配现金是非公认会计准则指标,将在下文 “非公认会计准则财务信息” 下进行更详细的解释。
Overview of Financial and Operating Results
财务和经营业绩概览
Segment Results
分部业绩
Table 1: Net Income/(Loss)
表 1:净收入/(亏损)
($ 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) |
(百万美元) | 三个月已结束 | |||||||
细分市场 | 3/31/24 | 3/31/23 | ||||||
常规 | 16 | 24 | ||||||
可再生能源 | (44) | (48) | ||||||
企业 | (18) | (16) | ||||||
净收益/(亏损) | $ | (46) | $ | (40) |
Table 2: Adjusted EBITDA
表 2:调整后的息税折旧摊销前利润
($ millions) | Three Months Ended | |||||||
Segment |
3/31/24 |
3/31/23 | ||||||
Conventional | 51 | 76 | ||||||
Renewables | 169 | 151 | ||||||
Corporate | (9) | (9) | ||||||
Adjusted EBITDA | $ | 211 | $ | 218 |
(百万美元) | 三个月已结束 | |||||||
细分市场 | 3/31/24 | 3/31/23 | ||||||
常规 | 51 | 76 | ||||||
可再生能源 | 169 | 151 | ||||||
企业 | (9) | (9) | ||||||
调整后 EBITDA | $ | 211 | $ | 218 |
Table 3: Cash from Operating Activities and Cash Available for Distribution (CAFD)
表 3:来自经营活动的现金和可供分配的现金(CAFD)
Three Months Ended | ||||||||
($ millions) |
3/31/24 |
3/31/23 | ||||||
Cash from Operating Activities | $ | 81 | $ | 75 | ||||
Cash Available for Distribution (CAFD) | $ | 52 | $ | (4) |
三个月已结束 | ||||||||
(百万美元) | 3/31/24 | 3/31/23 | ||||||
来自经营活动的现金 | $ | 81 | $ | 75 | ||||
可供分配的现金 (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,该公司报告的净亏损为4,600万美元,调整后的息税折旧摊销前利润为2.11亿美元,经营活动现金为8,100万美元,CAFD为5200万美元。与 2023 年相比,净亏损增加,主要是由于实现商业运营的增长项目产生的折旧费用增加。2024年第一季度调整后的息税折旧摊销前利润低于2023年,这主要是由于常规机队的某些通行费协议到期,但部分被增长投资的贡献所抵消。与2023年相比,来自运营活动的现金有所增加,这主要是由于未合并关联公司的分配增加以及与常规机队相关的利息支付减少。CAFD在2024年第一季度的业绩高于2023年,这主要是由于常规机队的还本付息减少,恰逢通行费协议的到期,以及第一季度某些设施的风力发电量增加。
Operational Performance
运营绩效
Table 4: Selected Operating Results1
表 4:选定的运营业绩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 |
(千兆瓦时) | 三个月已结束 | |||||
3/31/24 | 3/31/23 | |||||
常规等效可用性系数 | 86.3% | 74.4% | ||||
太阳能兆瓦时发电量/已售出 | 1,443 | 866 | ||||
发电量/已售出风力 mWh | 2,519 | 2,744 | ||||
生产/销售的可再生能源 | 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,常规细分市场的可用性高于2023年第一季度,这主要是由于该细分市场在2023年维护中断的时间和持续时间。2024年第一季度,可再生能源领域的发电量比2023年第一季度增长了10%,这主要是由于增长投资的贡献。
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1 Excludes equity method investments
2 Generation sold excludes MWh that are reimbursable for economic curtailment
1 不包括权益法投资
2 售出的发电量不包括可补偿经济削减的兆瓦时
Liquidity and Capital Resources
流动性和资本资源
Table 5: Liquidity
表 5:流动性
($ 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 |
(百万美元) | 3/31/2024 | 12/31/2023 | ||||
现金和现金等价物: | ||||||
Clearway Energy, Inc. 和 Clearway Energy | $ | 337 | $ | 410 | ||
子公司 | 141 | 125 | ||||
限制性现金: | ||||||
运营账户 | 173 | 176 | ||||
储备金,包括还本付息、分配、履约义务和其他储备金 | 312 | 340 | ||||
现金总额 | $ | 963 | $ | 1,051 | ||
循环信贷额度的可用性 | 472 | 454 | ||||
总流动性 | $ | 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,总流动性为14.35亿美元,比2023年12月31日减少了7,000万美元,这主要是由于偿还债务和执行成长型投资。
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,该公司的流动性包括4.85亿美元的限制性现金。限制性现金主要包括用于满足某些债务安排要求的资金和公司项目中持有的使用受限的资金。截至2024年3月31日,这些限制性基金包括指定为运营费用提供资金的1.73亿美元、用于当前还本付息的约1.87亿美元以及用于偿债、履约义务和其他项目(包括资本支出)的8700万美元储备金。其余的3 800万美元存放在分配储备金账户中。
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.
未来潜在的流动性来源包括过剩的运营现金流、循环信贷额度的可用性、资产处置以及视市场条件而定的新公司债务和股权融资。
Growth Investments
成长投资
Cedar Creek Wind
雪松溪风
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,该公司通过间接子公司以1.17亿美元现金收购了位于爱达荷州宾厄姆县的160兆瓦的Cedar Creek风能项目。该项目于2024年第二季度实现商业运营,并根据为期25年的PPA与一家投资级公用事业公司出售其电力。该公司预计,从2025年1月1日起,该项目将在五年内平均每年贡献约1300万美元的资产CAFD。
Dan's Mountain Wind
丹的山风
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,该公司通过间接子公司承诺以4400万美元现金收购位于马里兰州阿勒格尼县的丹斯山风电项目50%的现金股权,该项目位于马里兰州阿勒格尼县,但须视收盘调整而定。该项目预计将在2025年上半年实现商业运营,并主要根据12年的PPA与投资级承购商出售其电力。该公司预计,从2026年1月1日起,该项目将在五年内平均每年贡献约400万美元的资产CAFD。
Rosamond South I
南罗莎蒙德 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,该公司通过间接子公司承诺以约2100万美元现金收购位于加利福尼亚州罗萨蒙德的257兆瓦的Rosamond South I太阳能加储能项目50%的现金股权,但须视收盘调整而定。该项目预计将在2025年上半年实现商业运营,并根据与信誉良好的交易对手达成的协议出售其电力、可再生能源和产能,加权平均合同期限约为15年。该公司预计,从2026年1月1日起,该项目将在五年内平均每年贡献约200万美元的CAFD资产。
Strategic Announcements
战略公告
Resource Adequacy Agreement at Walnut Creek
核桃溪资源充足协议
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,公司与一家负载服务实体签订合同,从2027年1月起至2027年12月结束出售约97兆瓦的资源充足率。通过此次交易,到2027年,核桃溪净合格产能中约有20%签订合同,其条款规定在2027年提高CAFD的项目水平,高于当前的运行率预期。
Resource Adequacy Agreement at Marsh Landing
Marsh Landing 的资源充足协议
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,公司与一家负荷服务实体签订合同,从2026年9月开始到2030年12月结束出售约90兆瓦的资源充足率。通过此次交易,Marsh Landing约74%的净合格容量将在2027年之前签约,其条款规定在2027年提高CAFD的项目水平,高于当前的运行率预期。
Quarterly Dividend
季度分红
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 董事会宣布,A类和C类普通股的季度股息为每股0.4102美元,将于2024年6月17日支付给截至2024年6月3日的登记股东。
Seasonality
季节性
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.”的季度经营业绩受季节性因素以及可能影响全年可再生能源资源的天气变化的影响。公司的大部分收入来自5月至9月,因为合同定价和可再生资源处于公司投资组合的最高水平。推动净收益、调整后息税折旧摊销前利润、经营活动现金和CAFD波动的因素包括:
- 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
- 常规资产的夏季产能和能源价格上涨;
- 夏季太阳日照量较高;
- 春季和夏季风力资源增加;
- 全年可再生能源资源
- 按季度或每半年支付一次的还本付息;
- 维护资本支出的时间以及非强制和强制停机的影响;以及
- 未合并子公司的分配时间
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.
公司考虑了这些因素的时机,以确保每季度有足够的资金用于分配和运营活动。
Financial Guidance
财务指导
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.
该公司重申其2024年全年CAFD预期为3.95亿美元。根据目前的预期成交时间表和常规机队商用能源毛利率的估计,公司2024年的财务指导考虑了承诺增长投资的贡献。2024年CAFD指引并未考虑根据2024年以后的5年平均水平从新的增长投资中实现CAFD的时机。财务指导基于全年可再生能源产量中位数估计。
Earnings Conference Call
业绩电话会议
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.将在美国东部时间上午8点举行电话会议,讨论这些结果。投资者、新闻媒体和其他人可以通过登录Clearway Energy, Inc.观看电话会议的网络直播和随附的演示材料。”的网站位于 http://www.clearwayenergy.com 然后单击 “投资者关系” 下的 “演示和网络直播”。
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. 是美国最大的可再生能源所有者之一,净安装的风能、太阳能和电池储能系统约为6,200兆瓦。该公司约8,700兆瓦的净资产还包括约2,500兆瓦的环保、高效天然气发电设施。通过这种环保的多元化且以合同为主的投资组合,Clearway Energy努力为其投资者提供稳定且不断增长的股息收入。Clearway Energy, Inc.”s C类和A类普通股分别在纽约证券交易所上市,股票代码分别为CWEN和CWEN.A。Clearway Energy, Inc. 由其控股投资者克利尔韦能源集团有限责任公司赞助。欲了解更多信息,请访问 投资者.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.
本新闻稿包含1933年《证券法》第27A条和1934年《证券交易法》第21E条所指的前瞻性陈述。此类前瞻性陈述受某些风险、不确定性和假设的影响,通常可以通过使用 “预期”、“估计”、“目标”、“预测”、“预测”、“计划”、“展望”、“前景”、“相信” 等词语来识别。此类前瞻性陈述包括但不限于有关公司股息预期及其运营、设施和财务业绩的陈述、有关上述交易预期完成的陈述、交易的预期收益、机会和业绩的陈述,包括公司与全球基础设施合作伙伴、TotalEnergies和Clearway Energy集团的未来关系和安排,以及公司的净收入、调整后息税折旧摊销前利润、来自的现金经营活动、可供分配的现金、公司未来收入、收入、负债、资本结构、战略、计划、预期、目标、预期财务业绩和/或业务业绩以及其他未来事件,以及对经济和市场状况的看法。
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.
尽管Clearway Energy, Inc.认为预期是合理的,但它无法保证这些预期会被证明是正确的,实际结果可能会有重大差异。可能导致实际业绩与上述因素存在重大差异的因素包括公司维持和增加季度股息的能力、与 COVID-19(包括病毒的任何变体)或任何其他疫情相关的影响、与公司与赞助商的关系相关的风险、未能确定、执行或成功实施收购或处置(包括获得第三方同意和监管部门的批准)、公司从中收购资产的能力其赞助商,该公司的赞助商由于其债务、公司结构、市场状况或其他因素而借入额外资金和进入资本市场的能力、电力行业的惯常危险、包括风能和太阳能业绩在内的天气状况、公司高效运营业务、有效管理维护资本支出和成本、从资产业务中产生与债务和其他义务相关的收益和现金流的能力、公司承购协议交易对手的意愿和能力履行此类协议规定的义务、公司在现有合同到期时签订新合同的能力、政府法规的变化、公司及其子公司的项目级债务安排和其他协议中对公司的运营和财务限制,以及网络恐怖主义和网络安全不足。此外,任何股息都受可用资本、市场状况以及相关法律法规的遵守情况的约束。
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. 没有义务更新或修改任何前瞻性陈述,无论是由于新信息、未来事件还是其他原因。可供分配的现金是截至今天(2024年5月9日)的估计值,并基于截至该日被认为合理的假设。Clearway Energy, Inc.明确表示目前不打算更新此类指南。上述对可能导致Clearway Energy, Inc.的因素的回顾在有关可能影响Clearway Energy, Inc.的风险和不确定性的信息时,应考虑实际业绩与本新闻稿中包含的前瞻性陈述中设想的结果存在重大差异。”的未来业绩已包含在Clearway Energy, Inc.'s 向美国证券交易委员会提交的文件地址为 www.sec.gov。此外,Clearway Energy, Inc. 在以下网址免费提供 www.clearwayenergy.com,它向美国证券交易委员会提交或提供给美国证券交易委员会的材料的副本。
Contacts:
联系人:
Investors: | Media: |
Akil Marsh | Zadie Oleksiw |
investor.relations@clearwayenergy.com | media@clearwayenergy.com |
609-608-1500 | 202-836-5754 |
投资者: | 媒体: |
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 | |||||||
合并运营报表 | |||||||
(未经审计) | |||||||
截至3月31日的三个月 | |||||||
(以百万计,每股金额除外) | 2024 | 2023 | |||||
营业收入 | |||||||
总营业收入 | $ | 263 | $ | 288 | |||
运营成本和费用 | |||||||
运营成本,不包括折旧、摊销和增值,如下所示 | 126 | 108 | |||||
折旧、摊销和增值 | 154 | 128 | |||||
一般和行政 | 11 | 10 | |||||
交易和整合成本 | 1 | — | |||||
运营成本和支出总额 | 292 | 246 | |||||
营业(亏损)收入 | (29) | 42 | |||||
其他收入(支出) | |||||||
未合并关联公司的收益(亏损)权益 | 12 | (3) | |||||
其他收入,净额 | 16 | 8 | |||||
债务清偿损失 | (1) | — | |||||
利息支出 | (57) | (99) | |||||
其他支出总额,净额 | (30) | (94) | |||||
所得税前亏损 | (59) | (52) | |||||
所得税优惠 | (13) | (12) | |||||
净亏损 | (46) | (40) | |||||
减去:归因于非控股权益和可赎回的非控股权益的净亏损 | (44) | (40) | |||||
归因于 Clearway Energy, Inc. 的净亏损 | $ | (2) | $ | — | |||
归因于Clearway Energy, Inc. A类和C类普通股股东的每股亏损 | |||||||
已发行A类普通股的加权平均数——基本和摊薄后 | 35 | 35 | |||||
已发行C类普通股的加权平均数——基本和摊薄后 | 82 | 82 | |||||
每股加权平均A类和C类普通股的亏损——基本和摊薄后 | $ | (0.02) | $ | — | |||
每股A类普通股的股息 | $ | 0.4033 | $ | 0.3745 | |||
每股C类普通股的股息 | $ | 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 | |||||||
综合损失合并报表 | |||||||
(未经审计) | |||||||
截至3月31日的三个月 | |||||||
(以百万计) | 2024 | 2023 | |||||
净亏损 | $ | (46) | $ | (40) | |||
其他综合损失 | |||||||
扣除所得税优惠后的衍生品未实现亏损和累计OCI的变动,分别为美元和1美元 | (1) | (3) | |||||
其他综合损失 | (1) | (3) | |||||
综合损失 | (47) | (43) | |||||
减去:归因于非控股权益和可赎回的非控股权益的综合亏损 | (43) | (42) | |||||
归因于 Clearway Energy, Inc. 的综合亏损 | $ | (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 | |||||
合并资产负债表 | |||||
(以百万计,股票除外) | 2024年3月31日 | 2023年12月31日 | |||
资产 | (未经审计) | ||||
流动资产 | |||||
现金和现金等价物 | $ | 478 | $ | 535 | |
受限制的现金 | 485 | 516 | |||
应收账款——贸易 | 184 | 171 | |||
库存 | 58 | 55 | |||
衍生工具 | 54 | 41 | |||
应收票据——关联公司 | 178 | 174 | |||
预付款和其他流动资产 | 60 | 68 | |||
流动资产总额 | 1,497 | 1,560 | |||
财产、厂房和设备,净额 | 9,746 | 9,526 | |||
其他资产 | |||||
对关联公司的股权投资 | 349 | 360 | |||
购电协议的无形资产,净额 | 2,259 | 2,303 | |||
其他无形资产,净额 | 72 | 71 | |||
衍生工具 | 111 | 82 | |||
使用权资产,净额 | 615 | 597 | |||
其他非流动资产 | 213 | 202 | |||
其他资产总额 | 3,619 | 3,615 | |||
总资产 | $ | 14,862 | $ | 14,701 | |
负债和股东权益 | |||||
流动负债 | |||||
长期债务的当前部分 | $ | 565 | $ | 558 | |
应付账款——贸易 | 123 | 130 | |||
应付账款——关联公司 | 28 | 31 | |||
衍生工具 | 52 | 51 | |||
应计利息支出 | 42 | 57 | |||
应计费用和其他流动负债 | 64 | 79 | |||
流动负债总额 | 874 | 906 | |||
其他负债 | |||||
长期债务 | 7,579 | 7,479 | |||
递延所得税 | 111 | 127 | |||
衍生工具 | 309 | 281 | |||
长期租赁负债 | 642 | 627 | |||
其他非流动负债 | 300 | 286 | |||
其他负债总额 | 8,941 | 8,800 | |||
负债总额 | 9,815 | 9,706 | |||
子公司可赎回的非控股权益 | 2 | 1 | |||
承付款和或有开支 | |||||
股东权益 | |||||
优先股,面值0.01美元;已授权1,000万股;未发行任何股票 | — | — | |||
A类、B类、C类和D类普通股,面值0.01美元;授权3,000,000股(A类 500,000,000 股,C 类 1,000,000,000,D 类 1,000,000,000 股);已发行和流通的202,080,794股(A类 34,613,853,B类 42,738,750,C类 82,391,441,D 类 42,391,441,D 类 42,391,441)截至2024年3月31日的336,750)以及截至2023年12月31日已发行和流通的202,080,794股股票(A类 34,613,853,B类42,738,750,C类82,391,441,D类 42,336,750) | 1 | 1 | |||
额外的实收资本 | 1,741 | 1,732 | |||
留存收益 | 311 | 361 | |||
累计其他综合收益 | 5 | 7 | |||
非控股权益 | 2,987 | 2,893 | |||
股东权益总额 | 5,045 | 4,994 | |||
负债总额和股东权益 | $ | 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 | |||||||
合并现金流量表 | |||||||
(未经审计) | |||||||
截至3月31日的三个月 | |||||||
(以百万计) | 2024 | 2023 | |||||
来自经营活动的现金流 | |||||||
净亏损 | $ | (46) | $ | (40) | |||
为使净亏损与经营活动提供的净现金保持一致而进行的调整: | |||||||
未合并关联公司(收益)亏损的权益 | (12) | 3 | |||||
来自未合并关联公司的分配 | 9 | 6 | |||||
折旧、摊销和增值 | 154 | 128 | |||||
融资成本的摊销和债务折扣 | 4 | 3 | |||||
无形资产的摊销 | 46 | 47 | |||||
债务清偿损失 | 1 | — | |||||
减少使用权资产的账面金额 | 4 | 4 | |||||
递延所得税的变化 | (10) | (11) | |||||
衍生工具的变动和累计OCI的摊销 | 2 | 3 | |||||
用于其他营运资金变动的现金: | |||||||
通行费协议的预付负债和应计负债的变化 | (10) | (39) | |||||
其他营运资金的变化 | (61) | (29) | |||||
经营活动提供的净现金 | 81 | 75 | |||||
来自投资活动的现金流 | |||||||
收购 Drop Down Assets,扣除收购的现金 | (111) | (7) | |||||
资本支出 | (98) | (88) | |||||
未合并子公司的投资回报 | 4 | 9 | |||||
其他 | 2 | — | |||||
用于投资活动的净现金 | (203) | (86) | |||||
来自融资活动的现金流 | |||||||
来自非控股权益的缴款,扣除分配 | 207 | 273 | |||||
分红和分红的支付 | (81) | (76) | |||||
发行长期债务的收益 | 74 | 42 | |||||
债务发行成本的支付 | — | (7) | |||||
偿还长期债务 | (166) | (204) | |||||
融资活动提供的净现金 | 34 | 28 | |||||
现金、现金等价物和限制性现金的净增加(减少) | (88) | 17 | |||||
期初现金、现金等价物和限制性现金 | 1,051 | 996 | |||||
期末现金、现金等价物和限制性现金 | $ | 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 | ||||||||||||||||||||||||
股东权益合并报表 | ||||||||||||||||||||||||
(未经审计) | ||||||||||||||||||||||||
(以百万计) | 首选 股票 | 常见 股票 | 额外 付费 资本 | 已保留 收益 | 累积的 其他 全面 收入 | 非控制性 利息 | 总计 股东 公平 | |||||||||||||||||
截至 2023 年 12 月 31 日的余额 | $ | — | $ | 1 | $ | 1,732 | $ | 361 | $ | 7 | $ | 2,893 | $ | 4,994 | ||||||||||
净亏损 | — | — | — | (2) | — | (45) | (47) | |||||||||||||||||
扣除税款的衍生品未实现(亏损)收益和累计OCI的变动 | — | — | — | — | (2) | 1 | (1) | |||||||||||||||||
向CEG的分配,扣除缴款和现金 | — | — | — | — | — | (1) | (1) | |||||||||||||||||
来自非控股权益的出资,扣除分配,现金 | — | — | — | — | — | 215 | 215 | |||||||||||||||||
共同控制下的资产的转移 | — | — | 2 | — | — | (42) | (40) | |||||||||||||||||
因税基变更而进行的非现金调整 | — | — | 6 | — | — | — | 6 | |||||||||||||||||
基于股票的薪酬 | — | — | 1 | — | — | — | 1 | |||||||||||||||||
普通股股息和向CEG单位持有者分配 | — | — | — | (47) | — | (34) | (81) | |||||||||||||||||
其他 | — | — | — | (1) | — | — | (1) | |||||||||||||||||
截至 2024 年 3 月 31 日的余额 | $ | — | $ | 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 |
(以百万计) | 首选 股票 | 常见 股票 | 额外 付费 资本 | 已保留 收益 | 累积的 其他 全面 收入 | 非控制性 利息 | 总计 股东 公平 | ||||||||||||||||||
截至2022年12月31日的余额 | $ | — | $ | 1 | $ | 1,761 | $ | 463 | $ | 9 | $ | 1,792 | $ | 4,026 | |||||||||||
净亏损 | — | — | — | — | — | (43) | (43) | ||||||||||||||||||
衍生品未实现亏损和累计 OCI 变动(扣除税款) | — | — | — | — | (1) | (2) | (3) | ||||||||||||||||||
来自CEG的缴款,扣除分配,现金 | — | — | — | — | — | 30 | 30 | ||||||||||||||||||
来自非控股权益的出资,扣除分配,现金 | — | — | — | — | — | 215 | 215 | ||||||||||||||||||
共同控制下的资产的转移 | — | — | (52) | — | — | 46 | (6) | ||||||||||||||||||
因税基变更而进行的非现金调整 | — | — | 9 | — | — | — | 9 | ||||||||||||||||||
基于股票的薪酬 | — | — | 1 | — | — | — | 1 | ||||||||||||||||||
普通股股息和向CEG单位持有者分配 | — | — | — | (44) | — | (32) | (76) | ||||||||||||||||||
截至2023年3月31日的余额 | $ | — | $ | 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):
附录表 A-1:截至2024年3月31日的三个月,分部调整后的息税折旧摊销前利润对账
下表汇总了调整后息税折旧摊销前利润的计算,并提供了与净收入/(亏损)的对账:
($ 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 |
(百万美元) | 常规 | 可再生能源 | 企业 | 总计 | ||||||||||||
净收益(亏损) | $ | 16 | $ | (44) | $ | (18) | $ | (46) | ||||||||
另外: | ||||||||||||||||
所得税优惠 | — | — | (13) | (13) | ||||||||||||
利息支出,净额 | 6 | 14 | 20 | 40 | ||||||||||||
折旧、摊销和 ARO | 32 | 122 | — | 154 | ||||||||||||
合同摊销 | 5 | 41 | — | 46 | ||||||||||||
债务清偿造成的损失 | — | 1 | — | 1 | ||||||||||||
经济套期保值的市值(mTM)亏损/(收益) | (11) | 35 | — | 24 | ||||||||||||
交易和整合成本 | — | — | 1 | 1 | ||||||||||||
其他非经常性的 | — | (1) | — | (1) | ||||||||||||
调整以反映CWEN在未合并关联公司调整后的息税折旧摊销前利润中按比例分配 | 3 | 1 | — | 4 | ||||||||||||
非现金股权补偿 | — | — | 1 | 1 | ||||||||||||
调整后 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):
附录表 A-2:截至2023年3月31日的三个月,分部调整后的息税折旧摊销前利润对账
下表汇总了调整后息税折旧摊销前利润的计算,并提供了与净收入/(亏损)的对账:
($ 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 |
(百万美元) | 常规 | 可再生能源 | 企业 | 总计 | ||||||||||||
净收益(亏损) | $ | 24 | $ | (48) | $ | (16) | $ | (40) | ||||||||
另外: | ||||||||||||||||
所得税优惠 | — | — | (12) | (12) | ||||||||||||
利息支出,净额 | 10 | 62 | 18 | 90 | ||||||||||||
折旧、摊销和 ARO | 33 | 95 | — | 128 | ||||||||||||
合同摊销 | 6 | 41 | — | 47 | ||||||||||||
按市值计价(mTM)经济套期保值的收益 | — | (19) | — | (19) | ||||||||||||
其他非经常性的 | — | 4 | — | 4 | ||||||||||||
调整以反映CWEN在未合并关联公司调整后的息税折旧摊销前利润中按比例分配 | 3 | 16 | — | 19 | ||||||||||||
非现金股权补偿 | — | — | 1 | 1 | ||||||||||||
调整后 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:
附录表 A-3:可用于分配对账的现金
下表汇总了可供分配的现金的计算结果,并提供了与经营活动现金的对账:
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) |
三个月已结束 | |||||||
(百万美元) | 3/31/24 | 3/31/23 | |||||
调整后 EBITDA | $ | 211 | $ | 218 | |||
已支付的现金利息 | (90) | (93) | |||||
通行费协议的预付负债和应计负债的变化 | (10) | (39) | |||||
为反映销售类租赁和租赁费用支付而进行的调整 | 3 | 1 | |||||
未合并关联公司按比例调整后的息税折旧摊销前利润 | (17) | (15) | |||||
来自未合并关联公司的分配 | 9 | 6 | |||||
营运资金和其他的变化 | (25) | (3) | |||||
来自经营活动的现金 | 81 | 75 | |||||
营运资金和其他的变化 | 25 | 3 | |||||
未合并子公司的投资回报 | 4 | 9 | |||||
(向)非控股权益/来自非控股权益的净分配3 | (5) | (10) | |||||
维护资本支出 | (2) | (7) | |||||
债务本金摊销4 | (51) | (74) | |||||
可供分配的现金 | $ | 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:
附录表 A-4:截至2024年3月31日的三个月,流动性的来源和用途
下表总结了2024年流动性的来源和用途:
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) |
三个月已结束 | ||||
(百万美元) | 3/31/24 | |||
来源: | ||||
来自非控股权益的出资,扣除分配 | 207 | |||
经营活动提供的净现金 | 81 | |||
发行长期债务的收益 | 74 | |||
未合并子公司的投资回报 | 4 | |||
其他净现金流入 | 2 | |||
用途: | ||||
偿还长期债务 | (166) | |||
收购 Drop Down Assets,扣除收购的现金 | (111) | |||
资本支出 | (98) | |||
分红和分红的支付 | (81) | |||
现金总额、现金等价物和限制性现金的变化 | $ | (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 $55 million for the repayment of bridge loans in connection with Waiawa
3 2024 年不包括与 Texas Solar Nova 2 相关的2.24 亿美元捐款;2023 年不包括与 Waiawa 和 Daggett 3 融资相关的2.24亿美元捐款
4 2024 年不包括用于偿还与 Texas Solar Nova 2 相关的过渡贷款的 115 美元;2023 年不包括用于偿还与 Waiawa 相关的过渡贷款的 5,500 万美元
Appendix Table A-5: Adjusted EBITDA and Cash Available for Distribution Guidance
附录表 A-5:调整后的息税折旧摊销前利润和可用于分配的现金指导
($ 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 |
(百万美元) | 2024 完整版 年 指导 | |
净收入 | 90 | |
所得税支出 | 20 | |
利息支出,净额 | 330 | |
折旧、摊销和 ARO 费用 | 680 | |
调整以反映CWEN在未合并子公司调整后息税折旧摊销前利润中所占份额 | 50 | |
非现金股权补偿 | 5 | |
调整后 EBITDA | 1,175 | |
已支付的现金利息 | (310) | |
通行费协议的预付负债和应计负债的变化 | (5) | |
为反映销售类租赁和租赁费用支付而进行的调整 | 10 | |
未合并关联公司按比例调整后的息税折旧摊销前利润 | (85) | |
未合并关联公司的现金分配5 | 45 | |
来自经营活动的现金 | 830 | |
非控股权益的净分配6 | (100) | |
维护资本支出 | (40) | |
债务本金摊销7 | (295) | |
可供分配的现金 | 395 |
Appendix Table A-6: Adjusted EBITDA and Cash Available for Distribution Growth Projects
附录表 A-6:调整后的息税折旧摊销前利润和可用于分销增长项目的现金
($ 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 |
(百万美元) | 雪松溪风 5 年大道 2025-2029 | 丹的山风 5 年大道 2026-2030 | 南罗莎蒙德 I 5 年大道 2026-2030 | ||||
净收入 | 3 | 1 | — | ||||
利息支出,净额 | 5 | — | 12 | ||||
折旧、摊销和 ARO 费用 | 8 | 8 | 17 | ||||
调整后 EBITDA | 16 | 9 | 29 | ||||
已支付的现金利息 | (5) | — | (12) | ||||
来自经营活动的现金 | 11 | 9 | 17 | ||||
(至)/来自非控股权益的净分配 | 3 | (5) | (6) | ||||
网络升级补偿 | 2 | — | — | ||||
维护资本支出 | — | — | (1) | ||||
债务本金摊销 | (3) | — | (8) | ||||
预计可供分配的现金 | 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 在报告实际情况时,来自未合并关联公司的分配可以归类为未合并关联公司的投资回报。这低于来自经营活动的现金
6 包括税收权益收益和对税收权益合作伙伴的分配
7 2024 年不包括假定为再融资的到期日
Non-GAAP Financial Information
非公认会计准则财务信息
EBITDA and Adjusted EBITDA
息税折旧摊销前利润和调整后的息税折旧摊销
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.
息税折旧摊销前利润、调整后息税折旧摊销前利润和可供分配现金(CAFD)是非公认会计准则财务指标。这些衡量标准不符合公认会计原则,不应被视为公认会计原则绩效衡量标准的替代方案。不应将非公认会计准则财务指标的列报解释为推断Clearway Energy的未来业绩不会受到异常或非经常性项目的影响。
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:
息税折旧摊销前利润是指扣除利息(包括债务清偿损失)、税项、折旧和摊销前的净收益。之所以列出息税折旧摊销前利润,是因为Clearway Energy认为这是衡量其业绩的重要补充指标,并认为债务和股东经常使用息税折旧摊销前利润来分析经营业绩和还本付息能力。息税折旧摊销前利润作为分析工具存在局限性,您不应将其孤立地考虑,也不应将其作为根据公认会计原则报告的经营业绩分析的替代品。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.
- 息税折旧摊销前利润不反映现金支出、未来资本支出需求或合同承诺;
- 息税折旧摊销前利润不反映营运资金需求的变化或现金需求;
- 息税折旧摊销前利润未反映债务或现金所得税的巨额利息支出或偿还利息或本金所需的现金;
- 尽管折旧和摊销是非现金费用,但折旧和摊销的资产将来通常必须更换,息税折旧摊销前利润并未反映此类替代资产的任何现金需求;以及
- 该行业的其他公司计算息税折旧摊销前利润的方式可能与Clearway Energy不同,这限制了其作为比较衡量标准的用处。
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.
由于这些限制,不应将息税折旧摊销前利润视为可用于投资Clearway Energy业务增长的全权现金的衡量标准。Clearway Energy主要依靠我们的公认会计准则业绩,仅补充使用息税折旧摊销前利润和调整后的息税折旧摊销前利润,来弥补这些限制。请参阅作为本新闻稿一部分的财务报表中包含的现金流量表。
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.
调整后的息税折旧摊销前利润是衡量经营业绩的进一步补充指标。调整后的息税折旧摊销前利润是根据按市值计价的收益或亏损、非现金股权薪酬支出、资产注销和减值调整后的息税折旧摊销前利润;以及我们认为不代表未来经营业绩的因素,例如过渡和整合相关成本。鼓励读者评估每项调整以及Clearway Energy认为适合进行补充分析的原因。作为一种分析工具,调整后的息税折旧摊销前利润受适用于息税折旧摊销前利润的所有限制的约束。此外,在评估调整后的息税折旧摊销前利润时,读者应该意识到,Clearway Energy将来可能会产生与本新闻稿中的调整类似的费用。
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.
管理层认为,调整后的息税折旧摊销前利润有助于投资者和财务报表的其他用户评估我们的经营业绩,因为调整后的息税折旧摊销前利润为他们提供了另一种比较公司和不同时期业务表现的工具。投资者广泛使用这一衡量标准来衡量公司的经营业绩,不考虑利息支出、税收、折旧和摊销等项目,这些项目可能因会计方法和资产账面价值、资本结构和收购资产的方法而异。
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,管理层认为,投资者通常会调整息税折旧摊销前利润信息,以消除重组和其他支出的影响,这些影响因公司而异,会损害可比性。正如我们所定义的那样,调整后的息税折旧摊销前利润是根据减值损失、销售收益或亏损、非现金股权补偿支出、资产处置或报废、衍生品会计的任何按市值计价的收益或亏损、为排除回购、修改或清偿债务的收益或损失而进行的调整,以及任何特别、不寻常或非经常性项目的影响调整后的息税折旧摊销前利润,以及为反映未合并投资中调整后的息税折旧摊销前利润而进行的调整。我们在调整后的息税折旧摊销前利润中对这些项目进行了调整,因为我们的管理层认为这些项目将扭曲他们有效查看和评估我们核心运营趋势的能力。
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.
总而言之,我们管理层使用调整后的息税折旧摊销前利润作为经营业绩的衡量标准,以帮助持续比较不同时期的业绩并随时查看经营趋势,作为规划和预测总体预期以及根据此类预期评估实际业绩的衡量标准,以及与董事会、股东、债权人、分析师和投资者就财务业绩进行沟通。
Cash Available for Distribution
可供分配的现金
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.
作为一项非公认会计准则衡量标准,截至2024年3月31日,可供分配的现金定义为调整后的息税折旧摊销前利润加上未合并关联公司的现金分配/投资回报、应收票据的现金收入、非控股权益的现金分配、反映销售类租赁现金支付和租赁费用支付的调整、减去对非控股权益的现金分配、维护资本支出、未合并关联公司按比例调整后的息税折旧摊销前利润、已支付的现金利息、已付的所得税,本金摊销债务, 预付和应计产能付款的变化, 以及经发展费用调整后的情况.管理层认为,CAFD是衡量公司赚取和向投资者分配现金回报能力的相关补充指标。
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.
我们认为,CAFD对投资者评估我们的经营业绩很有用,因为证券分析师和其他利益相关方使用此类计算来衡量我们进行季度分配的能力。此外,我们的管理团队还使用CAFD来确定未来的收购和管理我们的增长。与CAFD最直接可比的GAAP指标是经营活动提供的现金。
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作为分析工具存在局限性,因为它不包括运营资产和负债的变化,也不包括某些其他现金流项目的影响,所有这些项目都可能对我们的财务状况和运营业绩产生重大影响。CAFD是一项非公认会计准则指标,不应被视为运营活动或根据公认会计原则确定的任何其他业绩或流动性衡量标准提供的现金的替代方案,也不表示可用于满足我们的现金需求的资金。此外,我们对CAFD的计算不一定与其他公司计算的CAFD相提并论。投资者不应依赖这些指标来替代任何公认会计原则指标,包括经营活动提供的现金。
Source: Clearway Energy, Inc
来源:Clearway Energy, Inc