Financial Performance - Clearway Energy, Inc. reported a full year 2024 Net Loss of $63 million, Adjusted EBITDA of $1,146 million, Cash from Operating Activities of $770 million, and Cash Available for Distribution (CAFD) of $425 million[2][9]. - The company achieved a 7% increase in Adjusted EBITDA compared to 2023, driven by growth investments and improved cash flows from its operating fleet[3][9]. - For the fourth quarter of 2024, Clearway reported a Net Loss of $48 million, with Adjusted EBITDA of $228 million, Cash from Operating Activities of $192 million, and CAFD of $40 million[8][9]. - Total operating revenues for 2024 reached $1,371 million, a 4.3% increase from $1,314 million in 2023[31]. - Operating income decreased to $196 million in 2024 from $263 million in 2023, reflecting a decline of 25.5%[31]. - Net income attributable to Clearway Energy, Inc. was $88 million in 2024, compared to $79 million in 2023, representing an increase of 11.4%[31]. - Earnings per share for Class A and Class C common stock increased to $0.75 in 2024 from $0.67 in 2023, a rise of 11.9%[31]. - The company reported a comprehensive loss income of $67 million in 2024, compared to a loss of $20 million in 2023[33]. - For the year ended December 31, 2024, the company reported a net loss of $63 million, compared to a net loss of $14 million in 2023 and a net income of $1,060 million in 2022[38]. - The company reported a net loss of $14 million for the three months ended December 31, 2023, with total interest expense of $285 million[45]. Cash Flow and Liquidity - Clearway's liquidity as of December 31, 2024, was $1,330 million, a decrease of $175 million from the previous year, primarily due to growth investments[12][13]. - Net cash provided by operating activities increased to $770 million in 2024 from $702 million in 2023, while cash used in investing activities was $725 million, up from $523 million in the previous year[38]. - The total cash, cash equivalents, and restricted cash at the end of the period was $733 million, down from $1,051 million at the end of 2023[38]. - Cash Available for Distribution for the twelve months ended December 31, 2024, was $425 million, compared to $342 million for the previous year[46]. - The company reported cash interest paid of $315 million for the twelve months ended December 31, 2024, compared to $304 million in the previous year[46]. - The company incurred payments for long-term debt totaling $1,966 million during the twelve months ended December 31, 2024[47]. Investments and Growth - The company committed approximately $450 million in new long-term corporate capital investments for 2024, including a binding agreement to acquire a 137 MW wind project[6][19]. - The company expects the Mt. Storm Wind project repowering to contribute an incremental asset CAFD of approximately $26-28 million annually starting in 2028[15]. - Contributions from noncontrolling interests increased to $1,493 million in 2024, up from $1,028 million in 2023[38]. - The company acquired Drop Down Assets for $678 million in 2024, significantly higher than the $45 million in 2023[38]. Dividends - Clearway increased its quarterly dividend by 1.7% to $0.4312 per share, annualizing to $1.7248 per share[6][21]. - Dividends per Class A and Class C common share were $1.65 in 2024, up from $1.54 in 2023, marking a 7.1% increase[31]. Segment Performance - The Renewables segment generated 4,132 MWh in Q4 2024, a 24% increase compared to Q4 2023, attributed to growth investments and favorable wind resources[10]. - Adjusted EBITDA for the total segments was reported at $228 million, with Flexible Generation contributing $58 million and Renewables contributing $178 million[41]. - Adjusted EBITDA for the twelve months ended December 31, 2023, was $1,058 million, with Flexible Generation contributing $301 million and Renewables contributing $787 million[45]. Future Guidance - Clearway reaffirmed its 2025 full year CAFD guidance range of $400 million to $440 million, reflecting expected renewable energy production and completion of committed growth investments[23]. - The company expects Adjusted EBITDA for 2025 to be in the range of $1,195 million to $1,235 million, with net income guidance between a loss of $40 million and breakeven[49]. Financial Metrics and Definitions - Management uses Adjusted EBITDA as a measure of operating performance to assist in comparing performance from period to period[58]. - Adjusted EBITDA is defined as EBITDA adjusted for impairment losses, non-cash equity compensation, and other extraordinary items[57]. - Cash Available for Distribution (CAFD) is defined as Adjusted EBITDA plus cash distributions from unconsolidated affiliates and other adjustments, less certain cash distributions and expenditures[59]. - CAFD is considered a relevant measure of the company's ability to earn and distribute cash returns to investors[60]. - CAFD does not include changes in operating assets and liabilities, which could materially affect financial condition[61]. - EBITDA does not reflect cash expenditures, working capital needs, or significant interest expenses[58]. - The company believes that CAFD is useful for determining future acquisitions and managing growth[60]. - Adjusted EBITDA provides an additional tool for investors to compare business performance across companies and periods[56]. - The company emphasizes that its calculations of CAFD may not be comparable to those of other companies[61]. - Management communicates financial performance using Adjusted EBITDA to evaluate actual results against expectations[58].
Clearway Energy(CWEN_A) - 2024 Q4 - Annual Results