Financial Performance - For Q2 2024, Clearway Energy reported Adjusted EBITDA of $353 million, up from $316 million in Q2 2023, reflecting a 12% increase[1] - Net Income for Q2 2024 was $4 million, a decrease from $84 million in Q2 2023, primarily due to non-cash impacts from economic hedges[3] - Total operating revenues for Q2 2024 were $366 million, a decrease of 9.8% compared to $406 million in Q2 2023[20] - Operating income for Q2 2024 was $84 million, down 43.6% from $149 million in Q2 2023[20] - Net income attributable to Clearway Energy, Inc. for Q2 2024 was $51 million, an increase of 34.2% from $38 million in Q2 2023[20] - Earnings per share for Q2 2024 were $0.43, compared to $0.33 in Q2 2023, reflecting a 30.3% increase[20] - Comprehensive income attributable to Clearway Energy, Inc. for Q2 2024 was $51 million, compared to $39 million in Q2 2023, reflecting a positive trend in overall financial performance[21] - Total net income for the six months ended June 30, 2024, was $44 million, compared to a net loss of $67 million in the same period of 2023[35] Cash Flow and Distribution - Cash Available for Distribution (CAFD) for Q2 2024 was $187 million, compared to $137 million in Q2 2023, marking a 36% increase[3] - The company reaffirmed its 2024 full-year CAFD guidance of $395 million, factoring in committed growth investments[14] - Clearway Energy increased its quarterly dividend by 1.7% to $0.4171 per share for Q3 2024, with an annualized dividend of $1.6684 per share[1] - The company reported cash available for distribution of $239 million for the six months ended June 30, 2024, compared to $133 million in the same period of 2023[37] - Management emphasizes that Cash Available for Distribution (CAFD) is a key measure for assessing the company's ability to distribute cash returns to investors[51] - CAFD is calculated as Adjusted EBITDA plus cash distributions from unconsolidated affiliates, less various expenses, totaling $395 million for the year[51] - The company plans to utilize CAFD for future acquisitions and growth management[52] Investments and Growth - The company signed an agreement to invest in 314 MW of solar plus storage projects and received an offer for a 500 MW solar plus storage project[1] - Generation in the Renewables segment increased by 40% in Q2 2024 compared to Q2 2023, driven by growth investments and higher wind resources[4] - Clearway Energy contracted to sell approximately 195 MW of Marsh Landing's Resource Adequacy starting in October 2026, enhancing project-level CAFD[7] - The company is exploring future growth investments in the Pine Forest and Honeycomb project complexes, as well as targeted third-party M&A opportunities[2] Liquidity and Debt - Total liquidity as of June 30, 2024, was $1,065 million, down $440 million from December 31, 2023, due to growth investments[5] - Current liabilities decreased to $701 million from $906 million at the end of 2023, indicating improved short-term financial health[24] - Long-term debt as of June 30, 2024, was $6.797 billion, down from $7.479 billion at the end of 2023, showing a reduction in leverage[24] - Cash and cash equivalents decreased to $226 million from $535 million at the end of 2023, indicating a tighter liquidity position[23] - The company reported a total of $1,577 million in payments for long-term debt during the six months ended June 30, 2024[39] Capital Expenditures - Cash used in investing activities rose significantly to $647 million, compared to $116 million in the prior year, primarily due to the acquisition of Drop Down Assets[27] - The company incurred capital expenditures of $202 million during the six months ended June 30, 2024[39] - The company’s capital expenditures for the six months ended June 30, 2024, were $202 million, compared to $109 million in the same period of 2023, reflecting an 85.3% increase[27] Non-GAAP Measures - The company acknowledges the limitations of non-GAAP measures like EBITDA and CAFD, which do not reflect cash expenditures or changes in working capital[53] - Management uses Adjusted EBITDA to compare performance across periods and for planning and forecasting purposes[50]
Clearway Energy(CWEN_A) - 2024 Q2 - Quarterly Results