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[2][4][8] - Adjusted EBITDA for Q1 2025 was $252 million, an increase from $211 million in Q1 2024, driven by growth investments[2][5][8] - Total operating revenues increased to $298 million in Q1 2025, up 13.3% from $263 million in Q1 2024[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] - Comprehensive loss attributable to Clearway Energy, Inc. was $2 million in Q1 2025, compared to a comprehensive loss of $4 million in Q1 2024[31] - The company reported a net loss of $104 million for the three months ended March 31, 2025, compared to a net loss of $46 million for the same period in 2024[39] - Adjusted EBITDA for the three months ended March 31, 2025, was $252 million, an increase from $211 million in the same period of 2024, representing a growth of approximately 19.5%[41] - The company incurred interest expenses of $109 million for the three months ended March 31, 2025, compared to $40 million in the same period of 2024[39] Cash Flow and Liquidity - Cash from Operating Activities increased to $95 million in Q1 2025, up from $81 million in Q1 2024[2][7][8] - Cash Available for Distribution (CAFD) reached $77 million in Q1 2025, compared to $52 million in Q1 2024[2][7][8] - Total cash provided by operating activities for the three months ended March 31, 2025, was $95 million, compared to $81 million in the same period of 2024[43] - Cash and cash equivalents decreased to $297 million from $332 million at the end of 2024, a decline of 10.5%[34] - Total liquidity as of March 31, 2025, was $1,325 million, slightly down from $1,330 million at the end of 2024[10][12] 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][18] - Dividends per Class A and Class C common share increased to $0.4312 in Q1 2025, up from $0.4033 in Q1 2024, representing a growth of 6.5%[29] Acquisitions and Investments - The company closed the acquisition of Tuolumne Wind, a 137 MW project, for $61 million, expected to contribute approximately $9 million in asset CAFD annually starting in 2026[13][14] - Clearway entered into a binding agreement to acquire a 100 MW solar project in California for $120 million to $125 million, expected to close in H2 2025[13] 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][10] - Total assets increased to $14,647 million as of March 31, 2025, compared to $14,329 million at the end of 2024, reflecting a growth of 2.2%[34] - Total liabilities rose to $9,227 million as of March 31, 2025, compared to $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, an increase of 7.1%[34] Guidance and Future Expectations - The company reaffirmed its 2025 full-year CAFD guidance range of $400 million to $440 million[3][21] - The company provided full-year guidance for Adjusted EBITDA in the range of $1,195 million to $1,235 million for 2025[44] - The company expects net income for 2025 to range from a loss of $40 million to break-even[44] Non-GAAP Measures - EBITDA is presented as a key measure of performance, representing net income before interest, taxes, depreciation, and amortization[48] - Adjusted EBITDA is defined as EBITDA adjusted for non-cash equity compensation, asset write-offs, and other non-recurring items, providing a clearer view of operating performance[50] - Cash Available for Distribution (CAFD) is calculated as Adjusted EBITDA plus cash distributions from unconsolidated affiliates, less various cash expenditures, and is used to assess the company's ability to distribute cash returns to investors[55] - Management believes CAFD is a relevant measure for evaluating operating performance and planning future acquisitions[56] - EBITDA does not account for cash expenditures, working capital needs, or significant interest expenses, which limits its usefulness as a comparative measure[54] - Adjusted EBITDA is widely used by investors to compare business performance across companies and periods, excluding items that can vary significantly[51] - CAFD is not comparable to cash provided by operating activities and should not be viewed as an alternative to GAAP measures[57] - Management uses Adjusted EBITDA for planning, forecasting, and evaluating actual results against expectations[53] - The limitations of EBITDA and CAFD highlight the importance of considering GAAP results for a comprehensive analysis of financial performance[49] - Clearway Energy emphasizes the need for careful evaluation of non-GAAP measures to understand their implications on financial health[52]
Clearway Energy(CWEN_A) - 2025 Q1 - Quarterly Results