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Solar PV Corporate News Release
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JinkoSolar Announces Third Quarter 2015 Financial Results
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JA Solar Announces Third Quarter 2015 Results
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SunEdison Reports Third Quarter 2015 Results
Nov 10, 2015
Canadian Solar Reports Third Quarter 2015 Results
Nov 10, 2015
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Sep 08, 2015
Hanwha Q CELLS Reports Second Quarter 2015 Results
Aug 27, 2015
TSMC to Cease Solar Manufacturing Operations
Aug 25, 2015
JinkoSolar Announces Better-Than-Expected Second Quarter 2015 Financial Results
Aug 20, 2015
Trina Solar Announces $43.1 million of Net Profits for Second Quarter 2015 Results
Aug 18, 2015
First Solar, Inc. Announces Second Quarter 2015 Financial Results with $896 million of Net sales.
Aug 05, 2015
Sunpower announced financial results of 377 million net profits for its second fiscal quarter ended June 28, 2015.
Jul 29, 2015
8point3 Energy Partners LP, a YieldCo Formed by First Solar, Inc. and SunPower Corporation, Announces Pricing of its Ini
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JA Solar and Essel Infraprojects Limited Sign MOU on 500MW PV Joint Venture
May 25, 2015
First Solar, Inc. Announces First Quarter 2015 Financial Results with net loss of USD 62 million
May 01, 2015
Israeli Parliament Solar Project Adopts JA Solar Modules
Apr 07, 2015
JA Solar Supplies Modules Again to First Large-Scale Solar Farm in Central America
Mar 16, 2015
Hyundai offers compact 250W high-performance modules for UK rooftop market
Mar 12, 2015
JA Solar Launching 1500V PV Module
Mar 09, 2015
Trina Solar Announces New Efficiency Records for Silicon Solar Cells
Mar 05, 2015
Canadian Solar Reports Fourth Quarter and Full Year 2014 Results
Mar 05, 2015
JA Solar Makes Breakthrough in South Pacific Market in 2014
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First Solar Achieves Efficiency, Durability Milestones
Feb 05, 2015
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Jan 05, 2015
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Jan 05, 2015
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JA Solar Supplies 100MW of Modules to First Large-Scale Solar Farm in Pakistan
Dec 08, 2014
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Trina Solar Announces New Efficiency Records for Silicon Solar Cells
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SunEdison Reports Third Quarter 2015 Results

SunEdison Reports Third Quarter 2015 Results

MARYLAND HEIGHTS, Mo., Nov. 10, 2015 -- SunEdison, Inc. (NYSE: SUNE), the largest global renewable energy development company, today announced financial results for the 2015 third quarter.

Quarterly Review:

  • SunEdison Development: Continued Organic Execution
    • Record 640 MW delivered Q3 vs. guidance of 540-600 MW; up 343 MW year-over-year
    • 2.9 GW of projects under construction, up 1.0 GW quarter-over-quarter 
    • 7.9 GW Pipeline and 5.5 GW Backlog, 0.4 GW of pipeline additions
  • Business Optimization: Reflection of Current Yieldco Conditions
    • Streamlined organization and global footprint
    • Opex improvements via economies of scale
  • TerraForm Power: Delivering Quarterly Execution
    • $71 million Q3 cash available for distribution, up 9% quarter-over-quarter
    • Raised dividend to $0.35 per share, $1.40 annualized
  • TerraForm Global: Operating Fleet of 677 MW at Quarter End
    • $24 million Q3 cash available for distribution
    • Dividend of $0.17 per share ($0.275 prorated for partial quarter, $1.10 annualized)  

"During the third quarter, we continued our track record of execution within the development business by delivering over 600 MW, more than double versus the prior year," said Ahmad Chatila, SunEdison chief executive officer.  "In addition, we made the difficult, but necessary decision to optimize our organization in the face of the current market conditions within the yieldco space.  These changes will not only set up the business for long-term success, but also should position the development business to generate positive cash flow in mid 2016."

Key Operating Metrics

3Q 2015
Guidance

3Q 2015
Actual

Annualized Unlevered CAFD for Retained MW ($M)1

75-85

81

Delivered MW

540-600

640

Retained MW1

490-530

534

3rd Party Sales MW1

50-70

106

1 Defined in Supplemental Definitions

 

 

 

 

 

Overview

We develop, finance, install, sell, own and operate wind and solar power plants, delivering predictably priced electricity to our residential, commercial, government and utility customers. In addition, we manufacture advanced renewable energy materials and technologies.  The following discussion and analysis of SunEdison includes the consolidated results of TerraForm Power, Inc. ("TERP") and TerraForm Global, Inc. ("GLBL"), which are separate SEC registrants. Effective August 5, 2015, as a result of management reorganization effective upon the completion of the initial public offering of GLBL, we identified TerraForm Global as a new reportable segment. The results of TERP and GLBL are reported as our TerraForm Power and TerraForm Global reportable segments.  The remainder of SunEdison's activities are reported in our Renewable Energy Development segment.  On July 1, 2015, we effectively liquidated our investment in SunEdison Semiconductor.  The Semiconductor Materials segment is no longer considered a reportable segment and we have reported the historical results of operations and financial position of SunEdison Semiconductor as discontinued operations in the condensed consolidated financial statements for all periods presented.

Renewable Energy Development - Operating Metrics

Pipeline Summary (MW)

3Q'15

2Q'15

3Q'14

Qtr/Qtr

Yr/Yr

Pipeline 1

7,897

8,117

2,690

(220)

or

(3)%

5,207

or

194%

Backlog 2

5,453

5,598

1,223

(145)

or

(3)%

4,230

or

346%

Construction

2,884

1,853

610

1,031

or

56%

2,274

or

373%

Pipeline Additions 3

420

1,002

 

 

 

 

 

 

 

  Note: Table unaudited

 

 

(1) Includes Backlog and Construction

 

 

(2) Includes Construction

 

 

(3) Net additions

 

 

Renewable Energy Development ended the quarter with a project pipeline of 7.9 gigawatt (GW), down 220 MW quarter-over-quarter but up 5.2 GW year-over-year.  Net additions to pipeline projects were 420 MW.  Under construction projects for the quarter was a record 2.9 GW, up 1.0 GW quarter-over-quarter and 2.3 GW year-over-year. 

57.0 GW of Market Opportunities

GW

34.7

14.4

2.4

5.5

Stage

Leads

Qualified Leads

Pipeline Ex. Backlog

Backlog

Conversion %1

10.0%

40.0%

60.0%

90.0%

1 The percentages noted above are the historic rates at which projects in each stage have converted to completed projects

 

 

 

 

 

 

 

 

 

Renewable Energy Development ended the quarter with leads, qualified leads and pipeline totaling 57.0 GW of opportunities.  Based on historical conversion rates, these combined leads, qualified leads, pipeline and backlog are forecasted to convert into 15.6 GW of completed projects and $2.3 billion of Gross Annualized Unlevered CAFD from completed projects.

TerraForm Power

TerraForm Power reported adjusted revenue of $153 million, adjusted EBITDA of $126 million, and CAFD of $71 million in the third quarter.  TerraForm Power announced that its board of directors declared a third quarter dividend for TerraForm Power's Class A common stock of $0.35 per share, or $1.40 per share on an annualized basis. The cash distribution received by SunEdison on its class B units in TerraForm Power, LLC will be $21 million.

During the third quarter, TerraForm Power acquired 34 MW of contracted solar power plants from SunEdison located in the United States. All of these power plants were on TerraForm Power's call right list, which is comprised of SunEdison projects which TerraForm Power has the exclusive right to purchase upon completion.

TerraForm Global

TerraForm Global reported revenue of $29 million, adjusted EBITDA of $24 million, and CAFD of $24 million in the third quarter. TerraForm Global today announced that its board of directors declared a third quarter dividend for TerraForm Global's Class A common stock of $0.1704 per share, equal to $0.275 on a full quarter basis before proration for the August 5th IPO close date, or $1.10 per share on an annualized basis. The cash distribution received by SunEdison on its class B units in TerraForm Global, LLC will be $0 million.

Outlook

The company has provided the following key metrics for the fourth quarter and full year 2015. The company expects the following, assuming no significant worldwide economic issues or other material events in these periods.

Key Metrics

4Q'15 Outlook

FY 2015 Outlook

Unlevered Annualized CAFD for Retained MW ($M)

80 to 90

261 to 271

Total MW

833 to 933

2,150 to 2,250

Retained MW

515 to 590

1,610 to 1,685

3rd Party Sales MW

318 to 343

540 to 565

Conference Call

SunEdison will host a conference call today, Nov. 10, 2015, at 8:30 a.m. ET to discuss the company's 2015 third quarter results and related business matters. A live webcast will be available on the company's web site at investors.sunedison.com.  The call-in number for the U.S. and Canada is (800) 230-1074, and the international call-in number is (612) 234-9960.  Callers may join by referencing "SunEdison," or the conference code 373037.  A copy of the slide presentation related to the conference call will be posted on the company's web site prior to the start of the call.

Telephone replays will be available starting two hours after the call ends.  The U.S. and Canada number for replays is (800) 475-6701, and the international number is (320) 365-3844.  The access code is 373037.  A replay will also be available on the company's web site at investors.sunedison.com.  

About SunEdison

SunEdison is the largest global renewable energy development company and is transforming the way energy is generated, distributed, and owned around the world. The company develops, finances, installs, owns and operates renewable power plants, delivering predictably priced electricity to its residential, commercial, government and utility customers. SunEdison is one of the world's largest renewable energy asset managers and provides customers with asset management, operations and maintenance, monitoring and reporting services. Corporate headquarters are in the United States with additional offices and technology manufacturing around the world. SunEdison's common stock is listed on the New York Stock Exchange under the symbol "SUNE."  To learn more visit www.SunEdison.com.

Forward-Looking Statements

This communication may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. These statements involve estimates, expectations, projections, goals, assumptions, known and unknown risks, and uncertainties and typically include words or variation of words such as "expect," "anticipate," "believe," "intend," "plan," "seek," "estimate," "predict," "project," "goal," "guidance," "outlook," "objective," "forecast," "target," "potential," "continue," "would," "will," "should," "could," or "may" or other comparable terms and phrases. All statements that address operating performance, events, or developments that SunEdison expects or anticipates will occur in the future are forward-looking statements. They may include estimates of expected cash available for distribution (CAFD), earnings, revenues, capital expenditures, liquidity, capital structure, future growth, and other financial performance items (including future dividends per share), descriptions of management's plans or objectives for future operations, products, or services, or descriptions of assumptions underlying any of the above. Forward-looking statements provide SunEdison's current expectations or predictions of future conditions, events or results and speak only as of the date they are made.  Although SunEdison believes its expectations and assumptions are reasonable, it can give no assurance that these expectations and assumptions will prove to have been correct and actual results may vary materially.

By their nature, forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Factors that might cause such differences include, but are not limited to, delays or unexpected costs during the completion of projects under construction; regulatory requirements and incentives for production of renewable and solar power; operating and financial restrictions under agreements governing indebtedness; the condition of capital markets and our ability to borrow additional funds and access capital markets; the ability to compete against traditional and renewable energy companies; challenges inherent in constructing and maintaining renewable energy projects; the success of ongoing research and development efforts; the ability to successfully integrate the businesses of acquired companies and realize the benefits of such acquisitions; and hazards customary to the power production industry and power generation operations, such as unusual weather conditions and outages. Furthermore, any dividends are subject to available capital, market conditions and compliance with associated laws and regulations. Many of these factors are beyond SunEdison's control.

SunEdison disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions, factors, or expectations, new information, data, or methods, future events, or other changes, except as required by law. The foregoing list of factors that might cause results to differ materially from those contemplated in the forward-looking statements should be considered in connection with information regarding risks and uncertainties which are described in SunEdison's Form 10-K for the fiscal year ended December 31, 2014, as well as additional factors it may describe from time to time in other filings with the Securities and Exchange Commission. You should understand that it is not possible to predict or identify all such factors and, consequently, you should not consider any such list to be a complete set of all potential risks or uncertainties.

 

 

 

SUNEDISON, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions; except per share data)

 

 

Three Months Ended,

 

Nine Months Ended,

 

September 30, 2015

 

September 30, 2014

 

September 30, 2015

 

September 30, 2014

Net sales

$

476

 

 

$

469

 

 

$

1,254

 

 

$

1,241

 

Cost of goods sold

365

 

 

428

 

 

1,006

 

 

1,157

 

Gross profit

111

 

 

41

 

 

248

 

 

84

 

Operating expenses:

 

 

 

 

 

 

 

General and administrative

296

 

 

126

 

 

753

 

 

327

 

Restructuring charges

27

 

 

 

 

80

 

 

14

 

Long-lived asset impairment charges

38

 

 

42

 

 

55

 

 

42

 

Operating loss

(250)

 

 

(127)

 

 

(640)

 

 

(299)

 

Non-operating expense (income):

 

 

 

 

 

 

 

Interest expense

214

 

 

107

 

 

516

 

 

267

 

Interest income

(2)

 

 

(3)

 

 

(16)

 

 

(12)

 

Loss on early extinguishment of debt, net

1

 

 

 

 

85

 

 

 

Loss on convertible notes derivatives, net

 

 

 

 

 

 

499

 

Gain on previously held equity investments

(45)

 

 

 

 

(45)

 

 

(146)

 

Other, net

(51)

 

 

9

 

 

(53)

 

 

19

 

Total non-operating expense

117

 

 

113

 

 

487

 

 

627

 

Loss from continuing operations before income tax benefit and equity in earnings (loss) of equity method investments

(367)

 

 

(240)

 

 

(1,127)

 

 

(926)

 

Income tax benefit

(35)

 

 

(2)

 

 

(246)

 

 

(12)

 

Loss from continuing operations before equity in earnings (loss) of equity method investments

(332)

 

 

(238)

 

 

(881)

 

 

(914)

 

Equity in earnings (loss) of equity method investments, net of tax

1

 

 

 

 

(11)

 

 

10

 

Loss from continuing operations

(331)

 

 

(238)

 

 

(892)

 

 

(904)

 

Income (loss) from discontinued operations, net of tax

3

 

 

(79)

 

 

(116)

 

 

(81)

 

Net loss

(328)

 

 

(317)

 

 

(1,008)

 

 

(985)

 

Net loss attributable to noncontrolling interests and redeemable noncontrolling interests

44

 

 

34

 

 

89

 

 

46

 

Net loss attributable to SunEdison stockholders

$

(284)

 

 

$

(283)

 

 

$

(919)

 

 

$

(939)

 

 

 

 

 

 

 

 

 

Amounts attributable to SunEdison stockholders:

 

 

 

 

 

 

 

Loss from continuing operations

$

(287)

 

 

$

(204)

 

 

$

(801)

 

 

$

(858)

 

Income (loss) from discontinued operations

3

 

 

(79)

 

 

(118)

 

 

(81)

 

Net loss attributable to SunEdison stockholders

$

(284)

 

 

$

(283)

 

 

$

(919)

 

 

$

(939)

 

 

 

 

 

 

 

 

 

Basic and diluted (loss) income per share:

 

 

 

 

 

 

 

Continuing operations

$

(0.92)

 

 

$

(0.77)

 

 

$

(2.73)

 

 

$

(3.21)

 

Discontinued operations

0.01

 

 

(0.29)

 

 

(0.40)

 

 

(0.30)

 

Total loss per share

$

(0.91)

 

 

$

(1.06)

 

 

$

(3.13)

 

 

$

(3.51)

 

 

 

 

 

 

 

 

 

Weighted-average shares used in computing basic and diluted loss per share

316

 

 

270

 

 

295

 

 

268

 

 

 

 

SUNEDISON, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions)

 

 

September 30, 2015

 

December 31, 2014

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

2,393

 

 

856

 

Cash committed for construction projects

697

 

 

131

 

Current portion of restricted cash

367

 

 

156

 

Accounts receivable, net

448

 

 

373

 

Prepaid and other current assets

1,080

 

 

908

 

Current assets held for sale

800

 

 

 

Current assets of discontinued operations

 

 

364

 

Total current assets

5,785

 

 

2,788

 

Investments

156

 

 

149

 

Property, plant and equipment, net:

 

 

 

Renewable energy systems

10,201

 

 

5,336

 

Other property, plant and equipment

1,158

 

 

1,140

 

Restricted cash

265

 

 

115

 

Goodwill

511

 

 

73

 

Other intangible assets

1,490

 

 

586

 

Other assets

1,148

 

 

627

 

Non-current assets of discontinued operations

 

 

686

 

Total assets

$

20,714

 

 

$

11,500

 

 

 

 

 

Liabilities, Redeemable Noncontrolling Interests and Stockholders' Equity

 

 

 

Current liabilities:

 

 

 

Current portion of long-term debt and short-term borrowings

1,905

 

 

1,078

 

Accounts payable

1,105

 

 

1,098

 

Accrued and other current liabilities

950

 

 

660

 

Current portion of deferred revenue

69

 

 

92

 

Current portion of contingent consideration liabilities

449

 

 

26

 

Current liabilities held for sale

652

 

 

 

Current liabilities of discontinued operations

 

 

192

 

Total current liabilities

5,130

 

 

3,146

 

Long-term debt, less current portion

9,767

 

 

5,915

 

Deferred revenue, less current portion

603

 

 

204

 

Contingent consideration liabilities, less current portion

86

 

 

17

 

Other liabilities

555

 

 

442

 

Non-current liabilities of discontinued operations

 

 

291

 

Total liabilities

16,141

 

 

10,015

 

Redeemable noncontrolling interests

69

 

 

 

Stockholders' equity:

 

 

 

Preferred stock

 

 

 

Common stock

3

 

 

3

 

Additional paid-in capital

3,792

 

 

1,698

 

Accumulated deficit

(2,267)

 

 

(1,348)

 

Accumulated other comprehensive loss

(48)

 

 

(111)

 

Treasury stock

(78)

 

 

(9)

 

Total SunEdison stockholders' equity

1,402

 

 

233

 

Noncontrolling interests

3,102

 

 

1,252

 

Total stockholders' equity

4,504

 

 

1,485

 

Total liabilities, redeemable noncontrolling interests and stockholders' equity

$

20,714

 

 

$

11,500

 

  

  

 

SUNEDISON, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

 

 

Three Months Ended,

 

Nine Months Ended,

September 30, 2015

 

September 30, 2014

 

September 30, 2015

 

September 30, 2014

Cash flows from operating activities:

 

 

 

 

 

 

 

Net loss

(328)

 

 

(318)

 

 

(1,008)

 

 

(985)

 

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

 

Depreciation and amortization

125

 

 

107

 

 

331

 

 

261

 

Stock-based compensation

25

 

 

14

 

 

62

 

 

28

 

Deferred tax benefit

2

 

 

1

 

 

(217)

 

 

(41)

 

Deferred revenue

(8)

 

 

(2)

 

 

(47)

 

 

(142)

 

Restructuring charges

27

 

 

 

 

80

 

 

 

Long-lived asset impairment charges

38

 

 

100

 

 

55

 

 

100

 

Loss/(gain) on sale of equity interests in SSL

(3)

 

 

 

 

120

 

 

 

Loss on convertible notes derivatives, net

 

 

 

 

 

 

499

 

Loss on early extinguishment of debt, net

1

 

 

 

 

85

 

 

 

Gain on previously held equity investment

 

 

 

 

 

 

(146)

 

Other non-cash

(10)

 

 

(26)

 

 

9

 

 

(13)

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

Accounts receivable

(80)

 

 

(21)

 

 

16

 

 

22

 

Prepaid and other current assets

34

 

 

(63)

 

 

(108)

 

 

(167)

 

Accounts payable

198

 

 

(59)

 

 

(182)

 

 

(165)

 

Deferred revenue for renewable energy systems

30

 

 

21

 

 

66

 

 

180

 

Accrued liabilities

(91)

 

 

76

 

 

34

 

 

114

 

Other assets and liabilities

(165)

 

 

(106)

 

 

(432)

 

 

(115)

 

Net cash used in operating activities

(205)

 

 

(276)

 

 

(1,136)

 

 

(570)

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Capital expenditures

(66)

 

 

(87)

 

 

(193)

 

 

(182)

 

Construction of renewable energy systems

(750)

 

 

(376)

 

 

(1,619)

 

 

(1,028)

 

Proceeds from sale of equity interests in SSL

184

 

 

 

 

372

 

 

 

Purchases of cost and equity method investments, net of proceeds

45

 

 

6

 

 

22

 

 

(41)

 

Change in restricted cash

(67)

 

 

3

 

 

(122)

 

 

(46)

 

Change in cash committed for construction projects

6

 

 

59

 

 

(570)

 

 

142

 

Cash paid for acquisitions, net of cash acquired

(175)

 

 

(159)

 

 

(2,356)

 

 

(415)

 

Other

(139)

 

 

(3)

 

 

(166)

 

 

(3)

 

Net cash used in investing activities

(962)

 

 

(557)

 

 

(4,632)

 

 

(1,573)

 

Cash flows from financing activities:

 

 

 

 

 

 

 

Proceeds from short-term and long-term debt

2,043

 

 

719

 

 

7,303

 

 

2,618

 

Principal payments on short-term and long-term debt

(898)

 

 

(558)

 

 

(2,435)

 

 

(832)

 

Payments for capped call option

 

 

 

 

(161)

 

 

 

Proceeds from (payments for) note hedge

 

 

 

 

635

 

 

(174)

 

(Payments for) proceeds from warrant transactions

 

 

 

 

(632)

 

 

124

 

Proceeds from TerraForm Power and Global equity offerings

657

 

 

592

 

 

1,715

 

 

592

 

Proceeds from SSL IPO and private placement transactions

 

 

 

 

 

 

185

 

Proceeds from preferred stock offering

626

 

 

 

 

626

 

 

 

Contributions from noncontrolling interests, net

100

 

 

9

 

 

769

 

 

33

 

Cash paid for contingent consideration for acquisitions

(4)

 

 

(2)

 

 

(13)

 

 

(4)

 

Debt financing fees

(70)

 

 

(31)

 

 

(249)

 

 

(122)

 

Change in restricted cash

(152)

 

 

 

 

(152)

 

 

 

Dividends paid by TerraForm Power

(27)

 

 

 

 

(61)

 

 

 

Other

(2)

 

 

2

 

 

(57)

 

 

1

 

Net cash provided by financing activities

2,273

 

 

731

 

 

7,288

 

 

2,421

 

Effect of exchange rate changes on cash and cash equivalents

(7)

 

 

(12)

 

 

(8)

 

 

(11)

 

Net increase in cash and cash equivalents

1,099

 

 

(114)

 

 

1,512

 

 

267

 

Cash (used in) provided by discontinued operations

 

 

(13)

 

 

(25)

 

 

62

 

Net change in cash and cash equivalents from continuing operations

1,099

 

 

(101)

 

 

1,537

 

 

205

 

Cash and cash equivalents at beginning of period

1,294

 

 

839

 

 

856

 

 

533

 

Cash and cash equivalents at end of period

$

2,393

 

 

$

738

 

 

$

2,393

 

 

$

738

 

  

  

SUNEDISON, INC. AND SUBSIDIARIES

UNAUDITED SUPPLEMENTAL INFORMATION

(In millions)

 

Supplemental Debt Schedule

Weighted Average
Annual Interest
Rate

 

As of September 30, 2015

 

As of December 31, 2014

In millions

 

 

Renewable Energy Development segment debt:

 

 

 

 

 

Convertible senior notes, net of discounts

2.05%

 

$

1,862

 

 

$

1,346

 

Margin loan

6.25%

 

404

 

 

 

Exchangeable notes

3.75%

 

336

 

 

 

System pre-construction, construction and term debt

8.64%

 

54

 

 

8

 

Financing leaseback obligations

—%

 

 

 

32

 

Other credit facilities

4.96%

 

388

 

 

215

 

Total recourse to SunEdison, Inc.

 

 

3,044

 

 

1,601

 

SMP Ltd. credit facilities

5.40%

 

334

 

 

355

 

First Reserve warehouse term loan

5.25%

 

465

 

 

 

TerraForm Private warehouse term loan

5.00%

 

280

 

 

 

System pre-construction, construction and term debt

4.55%

 

2,011

 

 

1,352

 

Financing leaseback obligations

4.59%

 

1,468

 

 

1,372

 

Other credit facilities

3.77%

 

282

 

 

149

 

Total non-recourse to SunEdison, Inc.

 

 

4,840

 

 

3,228

 

Total Renewable Energy Development segment debt

 

 

7,884

 

 

4,829

 

TerraForm Power segment debt(a):

 

 

 

 

 

Senior notes, net of discounts

5.94%

 

1,250

 

 

 

Term loan facility

—%

 

 

 

574

 

Total recourse to TerraForm Power, Inc.

 

 

1,250

 

 

574

 

Other system financing transactions

5.22%

 

1,298

 

 

1,024

 

Total non-recourse to TerraForm Power, Inc.

 

 

1,298

 

 

1,024

 

Total TerraForm Power segment debt

 

 

2,548

 

 

1,598

 

TerraForm Global segment debt(a):

 

 

 

 

 

GLBL acquisition facility

—%

 

 

 

150

 

Senior notes

9.75%

 

800

 

 

 

Total recourse to TerraForm Global, Inc.

 

 

800

 

 

150

 

Other system financing transactions

12.15%

 

440

 

 

416

 

Total non-recourse to TerraForm Global, Inc.

 

 

440

 

 

416

 

Total TerraForm Global segment debt

 

 

1,240

 

 

566

 

Total debt outstanding

 

 

$

11,672

 

 

$

6,993

 

 

(a)  Non-recourse to SunEdison

 

 

SUNEDISON, INC. AND SUBSIDIARIES

UNAUDITED SUPPLEMENTAL INFORMATION

(In millions)

 

Supplemental Revenue Schedule

Three Months Ended,

In millions

September 30,
 2015

 

September 30,
 2014

Previously deferred GAAP revenue recognized due to the expiration of guarantees related to the sale of renewable energy systems(1)

$

1

 

 

$

4

 

Revenue from our sale-leaseback transactions accounted for as financings(2)

22

 

 

22

 

 

(1) On certain direct sales of renewable energy systems we are required to defer profit up to the amount of our maximum exposure for power warranties, system uptime guarantees and breach of contract provisions offered to the direct sale customers, as these contract provisions are considered continuing involvement by us in the sold renewable energy systems. This revenue is not recognized in the period in which the sale occurred under GAAP real estate accounting rules because the renewable energy systems are considered integral to the real estate on which they were built. Absent real estate accounting requirements, deferred revenues related to continuing involvement would be recognized under GAAP during the reporting period because we have historically experienced minimal losses related to these guarantees.

 

(2) For our sale-leaseback transactions accounted for as financings, we received cash at the transaction date for the legal sale of the solar energy system to the purchaser that was not recognized as revenue under GAAP real estate accounting rules due to the system being considered integral to the land or building on which it resides and because we have continuing involvement with the system through a purchase option. Instead, revenue from our sale-leaseback transactions is recognized through the sale of electricity and energy credits which are generated as energy is produced. Upon termination of the related lease through the non-cash extinguishment of the debt offset by any remaining net book value of the solar energy system asset, we will recognize a system development margin equal to the difference between (a) the cash proceeds from our financing partners in sale-leaseback transactions considered financings and (b) our total costs to construct the solar energy systems sold under the sale-leaseback transactions.

 

 

SUNEDISON, INC. AND SUBSIDIARIES

UNAUDITED SUPPLEMENTAL INFORMATION FOR THE RESULTS OF OPERATIONS

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2015

(In millions)

 

 

 

 

Supplemental Consolidating Data

 

 

Consolidated

 

Renewable Energy Development

 

TerraForm Power

 

TerraForm Global

 

Consolidating Adjustments

 

Net sales

$

476

 

 

$

293

 

 

$

163

 

 

$

29

 

 

$

(9)

 

(1)

Cost of goods sold

365

 

 

294

 

 

69

 

 

11

 

 

(9)

 

(1)

Gross profit

111

 

 

(1)

 

 

94

 

 

18

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

General and administrative

296

 

 

244

 

 

30

 

 

22

 

 

 

 

Restructuring charges

27

 

 

27

 

 

 

 

 

 

 

 

Long-lived asset impairment charges

38

 

 

38

 

 

 

 

 

 

 

 

Operating loss

(250)

 

 

(310)

 

 

64

 

 

(4)

 

 

 

 

Non-operating expense (income):

 

 

 

 

 

 

 

 

 

 

Interest expense

214

 

 

125

 

 

49

 

 

40

 

 

 

 

Interest income

(2)

 

 

(1)

 

 

 

 

(1)

 

 

 

 

Loss on early extinguishment of debt, net

1

 

 

(1)

 

 

 

 

2

 

 

 

 

Gain on previously held equity investment

(45)

 

 

(45)

 

 

 

 

 

 

 

 

Other, net

(51)

 

 

(100)

 

 

11

 

 

38

 

 

 

 

Total non-operating expense

117

 

 

(22)

 

 

60

 

 

79

 

 

 

 

(Loss) income from continuing operations before income tax (benefit) expense and equity in earnings (loss) of equity method investments

(367)

 

 

(288)

 

 

4

 

 

(83)

 

 

 

 

Income tax (benefit) expense

(35)

 

 

(37)

 

 

2

 

 

 

 

 

 

(Loss) income from continuing operations before equity in earnings of equity method investments

(332)

 

 

(251)

 

 

2

 

 

(83)

 

 

 

 

Equity in earnings of equity method investments, net of tax

1

 

 

1

 

 

 

 

 

 

 

 

(Loss) income from continuing operations

(331)

 

 

(250)

 

 

2

 

 

(83)

 

 

 

 

Income from discontinued operations, net of tax

3

 

 

 

 

 

 

 

 

3

 

(2)

Net (loss) income

(328)

 

 

(250)

 

 

2

 

 

(83)

 

 

3

 

 

Net loss attributable to noncontrolling interests and redeemable noncontrolling interests

44

 

 

 

 

 

 

 

 

 

 

Net loss attributable to SunEdison stockholders

$

(284)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Adjustment represents the elimination of net sales, cost of goods sold and intercompany profit in inventory related to intercompany sales transactions.

(2) Adjustment represents the $3 million gain from the sale of our remaining equity interest in SunEdison Semiconductor Ltd. on July 1, 2015.

 

 

SUNEDISON, INC. AND SUBSIDIARIES

UNAUDITED SUPPLEMENTAL INFORMATION FOR THE RESULTS OF OPERATIONS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015

(In millions)

 

 

 

 

Supplemental Consolidating Data

 

 

Consolidated

 

Renewable Energy Development

 

TerraForm Power

 

TerraForm Global

 

Consolidating Adjustments

 

Net sales

$

1,254

 

 

$

842

 

 

$

364

 

 

$

73

 

 

$

(25)

 

(1)

Cost of goods sold

1,006

 

 

813

 

 

195

 

 

23

 

 

(25)

 

(1)

Gross profit

248

 

 

29

 

 

169

 

 

50

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

General and administrative

753

 

 

626

 

 

77

 

 

50

 

 

 

 

Restructuring charges

80

 

 

80

 

 

 

 

 

 

 

 

Long-lived asset impairment charges

55

 

 

55

 

 

 

 

 

 

 

 

Operating loss

(640)

 

 

(732)

 

 

92

 

 

 

 

 

 

Non-operating expense (income):

 

 

 

 

 

 

 

 

 

 

Interest expense

516

 

 

309

 

 

122

 

 

85

 

 

 

 

Interest income

(16)

 

 

(15)

 

 

 

 

(1)

 

 

 

 

Loss on early extinguishment of debt, net

85

 

 

74

 

 

9

 

 

2

 

 

 

 

Gain on previously held equity investment

(45)

 

 

(45)

 

 

 

 

 

 

 

 

Other, net

(53)

 

 

(94)

 

 

11

 

 

30

 

 

 

 

Total non-operating expense

487

 

 

229

 

 

142

 

 

116

 

 

 

 

Loss from continuing operations before income tax (benefit) expense and equity in loss of equity method investments

(1,127)

 

 

(961)

 

 

(50)

 

 

(116)

 

 

 

 

Income tax (benefit) expense

(246)

 

 

(250)

 

 

3

 

 

1

 

 

 

 

Loss from continuing operations before equity in loss of equity method investments

(881)

 

 

(711)

 

 

(53)

 

 

(117)

 

 

 

 

Equity in loss of equity method investments, net of tax

(11)

 

 

(11)

 

 

 

 

 

 

 

 

Loss from continuing operations

(892)

 

 

(722)

 

 

(53)

 

 

(117)

 

 

 

 

Loss from discontinued operations, net of tax

(116)

 

 

 

 

 

 

 

 

(116)

 

(2)

Net loss

(1,008)

 

 

(722)

 

 

(53)

 

 

(117)

 

 

(116)

 

 

Net loss attributable to noncontrolling interests and redeemable noncontrolling interests

89

 

 

 

 

 

 

 

 

 

 

Net loss attributable to SunEdison stockholders

$

(919)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Adjustment represents the elimination of net sales, cost of goods sold and intercompany profit in inventory related to intercompany sales transactions.

(2) Adjustment represents $4 million in net income from SunEdison Semiconductor Ltd. ("SSL") prior to the disposal of our controlling interest on January 20, 2015, a loss associated with the January 20, 2015 disposal of SSL shares of $123 million and a gain associated with the July 1, 2015 disposal of SSL shares of $3 million.

 

 

SUNEDISON, INC. AND SUBSIDIARIES

UNAUDITED SUPPLEMENTAL INFORMATION FOR CASH FLOW

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2015

(In millions)

 

 

 

 

Supplemental Consolidating Data

 

Consolidated

 

Renewable Energy Development

 

TerraForm Power

 

TerraForm Global

 

Discontinued Operations

Net (loss) income

$

(328)

 

 

$

(250)

 

 

$

2

 

 

$

(83)

 

 

$

3

 

 

 

 

 

 

 

 

 

 

 

Net cash (used in) provided by operating activities

(205)

 

 

(246)

 

 

70

 

 

(29)

 

 

 

Net cash used in investing activities

(962)

 

 

(613)

 

 

(103)

 

 

(246)

 

 

 

Net cash provided by financing activities

2,273

 

 

1,278

 

 

279

 

 

716

 

 

 

Effect of exchange rate changes on cash and cash equivalents

(7)

 

 

(6)

 

 

(1)

 

 

 

 

 

Net decrease in cash and cash equivalents

1,099

 

 

413

 

 

245

 

 

441

 

 

 

Cash used by discontinued operations

 

 

 

 

 

 

 

 

 

Net change in cash and cash equivalents from continuing operations

1,099

 

 

413

 

 

245

 

 

441

 

 

 

Cash and cash equivalents at beginning of period

1,294

 

 

235

 

 

391

 

 

668

 

 

 

Cash and cash equivalents at end of period

$

2,393

 

 

$

648

 

 

$

636

 

 

$

1,109

 

 

 

 

SUNEDISON, INC. AND SUBSIDIARIES

UNAUDITED SUPPLEMENTAL INFORMATION FOR CASH FLOW

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015

(In millions)

 

 

 

 

Supplemental Consolidating Data

 

Consolidated

 

Renewable Energy Development

 

TerraForm Power(1)

 

TerraForm Global

 

Discontinued Operations

Net loss

$

(1,008)

 

 

$

(722)

 

 

$

(53)

 

 

$

(117)

 

 

$

(116)

 

 

 

 

 

 

 

 

 

 

 

Net cash (used in) provided by operating activities

(1,136)

 

 

(1,227)

 

 

105

 

 

(13)

 

 

(1)

 

Net cash used in investing activities

(4,632)

 

 

(2,640)

 

 

(1,479)

 

 

(490)

 

 

(23)

 

Net cash provided by financing activities

7,288

 

 

4,283

 

 

1,543

 

 

1,462

 

 

 

Effect of exchange rate changes on cash and cash equivalents

(8)

 

 

(6)

 

 

(1)

 

 

 

 

(1)

 

Net decrease in cash and cash equivalents

1,512

 

 

410

 

 

168

 

 

959

 

 

(25)

 

Cash used by discontinued operations

(25)

 

 

 

 

 

 

 

 

(25)

 

Net change in cash and cash equivalents from continuing operations

1,537

 

 

410

 

 

168

 

 

959

 

 

 

Cash and cash equivalents at beginning of period

856

 

 

238

 

 

468

 

 

150

 

 

 

Cash and cash equivalents at end of period

$

2,393

 

 

$

648

 

 

$

636

 

 

$

1,109

 

 

 

 

 

 

 

 

(1) TerraForm Power reflects amounts that have been recast for activity associated with assets and liabilities contributed by SunEdison in accordance with rules applicable to transactions between entities under common control.

 

 

SUNEDISON, INC. AND SUBSIDIARIES

UNAUDITED SUPPLEMENTAL SCHEDULES

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2015

(In millions)

 

Supplemental Schedule of Dividends and IDRs paid to the Parent

Three Months Ended
September 30, 2015

 

Nine Months Ended
September 30, 2015

Dividends paid to the Parent by TERP

$

20

 

 

$

37

 

IDRs paid to the Parent by TERP

 

 

 

Dividends paid to the Parent by GLBL

 

 

 

IDRs paid to the Parent by GLBL

 

 

 

Total dividends and IDRs paid to the Parent

$

20

 

 

$

37

 

 

 

Supplemental Interest Expense Schedule

Three Months Ended September 30, 2015

 

Nine Months Ended September 30, 2015

Interest expense on long-term debt with recourse to SunEdison, Inc.

$

35

 

 

$

85

 

TerraForm Power segment interest expense

49

 

 

122

 

TerraForm Global segment interest expense

40

 

 

85

 

Warehouse interest expense

11

 

 

11

 

Financing leaseback interest expense

16

 

 

48

 

Non-cash interest expense (excluding TerraForm Power and TerraForm Global)

63

 

 

165

 

Total interest expense

$

214

 

 

$

516

 

 

 

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