Clearway Energy(CWEN) - 2025 Q1 - Quarterly Results

Financial Performance - Clearway Energy, Inc. reported a Net Loss of $104 million for Q1 2025, compared to a Net Loss of $46 million in Q1 2024[4] - Adjusted EBITDA for Q1 2025 was $252 million, an increase from $211 million in Q1 2024, driven by growth investments[5] - Total operating revenues increased to $298 million in Q1 2025, up from $263 million in Q1 2024, representing a growth of 13.3%[29] - Net loss attributable to Clearway Energy, Inc. was $4 million in Q1 2025, compared to a net loss of $2 million in Q1 2024[29] - The company reported a comprehensive loss of $109 million in Q1 2025, compared to a comprehensive loss of $47 million in Q1 2024[31] - Net income for the three months ended March 31, 2025, was a loss of $104 million, compared to a loss of $46 million for the same period in 2024[39] Cash Flow and Liquidity - Cash from Operating Activities increased to $95 million in Q1 2025, up from $81 million in Q1 2024[7] - Cash Available for Distribution (CAFD) rose to $77 million in Q1 2025, compared to $52 million in Q1 2024[8] - Total liquidity as of March 31, 2025, was $1,325 million, slightly down from $1,330 million at the end of 2024[10] - Net cash provided by operating activities was $95 million in Q1 2025, compared to $81 million in Q1 2024, indicating a 17.3% increase[36] - The net cash change for Q1 2025 was a decrease of $22 million, primarily due to dividend payments and long-term debt repayments[43] Dividends and Shareholder Returns - Clearway Energy, Inc. announced a 1.7% increase in quarterly dividend to $0.4384 per share, payable in Q2 2025[6] - Dividends per Class A and Class C common share increased to $0.4312 in Q1 2025, up from $0.4033 in Q1 2024, a rise of 6.5%[29] Acquisitions and Investments - The company closed the acquisition of Tuolumne Wind, a 137 MW project, for a corporate capital commitment of $61 million[14] - Clearway Energy, Inc. entered into a binding agreement to acquire a 100 MW operating solar project in California for $120 million to $125 million[13] - The company reported capital expenditures of $56 million for Q1 2025[43] Operational Metrics - The company reported a 13% increase in Renewables & Storage generation, with 4,481 MWh sold in Q1 2025 compared to 3,962 MWh in Q1 2024[9] - Total assets grew to $14,647 million as of March 31, 2025, compared to $14,329 million at the end of 2024, reflecting an increase of 2.2%[34] - Total liabilities increased to $9,227 million as of March 31, 2025, up from $8,765 million at the end of 2024, an increase of 5.3%[34] - Long-term debt increased to $7,231 million as of March 31, 2025, compared to $6,750 million at the end of 2024, reflecting a rise of 7.1%[34] Performance Metrics and Guidance - The company expects full-year 2025 Adjusted EBITDA guidance in the range of $1,195 million to $1,235 million[44] - For 2025, the company projects cash available for distribution between $400 million and $440 million[44] - Contributions from noncontrolling interests for Q1 2025 amounted to $44 million, compared to $215 million in Q1 2024[43] Interest and Financing Costs - Interest expense for Q1 2025 was $109 million, compared to $40 million in Q1 2024, reflecting an increase in financing costs[39] EBITDA and CAFD Definitions - EBITDA is a key performance measure for Clearway Energy, representing net income before interest, taxes, depreciation, and amortization, but has limitations as an analytical tool[48] - Adjusted EBITDA is used to provide a clearer picture of operating performance, adjusted for non-cash expenses and other items not indicative of future performance[50] - Cash Available for Distribution (CAFD) is defined as Adjusted EBITDA plus various cash receipts and distributions, minus certain cash outflows, and is considered a relevant measure for cash returns to investors[55] - Management believes CAFD is useful for evaluating the company's ability to make quarterly distributions and for planning future acquisitions[56] - Limitations of CAFD include exclusion of changes in operating assets and liabilities, which could materially affect financial condition[57] - Clearway Energy emphasizes that EBITDA and CAFD should not be viewed as alternatives to GAAP measures of performance[49] - Adjusted EBITDA is widely used by investors to compare operating performance across companies and periods, excluding items like interest and taxes[51] - The company acknowledges that other companies may calculate EBITDA differently, which limits its comparability[54] - Management uses Adjusted EBITDA for planning, forecasting, and evaluating actual results against expectations[53] - Clearway Energy compensates for the limitations of EBITDA by primarily relying on GAAP results[49]