NextEra Energy Partners(NEP) - 2025 Q1 - Quarterly Results

Financial Performance - XPLR Infrastructure reported a first-quarter 2025 net loss of $98 million, with adjusted EBITDA of $471 million, up approximately 2% year-over-year [2]. - Operating revenues for Q1 2025 increased to $282 million, up from $257 million in Q1 2024, representing a growth of 9.7% [17]. - Total operating expenses surged to $515 million in Q1 2025, compared to $278 million in Q1 2024, primarily due to a goodwill impairment charge of $253 million [17]. - Net loss attributable to XPLR was $98 million in Q1 2025, a significant decline from a net income of $70 million in Q1 2024, marking a year-over-year change of 240% [17]. - Adjusted EBITDA for Q1 2025 was $471 million, slightly up from $462 million in Q1 2024, indicating a marginal increase of 1.9% [19]. - Free cash flow before growth (FCFBG) was $194 million in Q1 2025, compared to $195 million in Q1 2024, showing a slight decrease of 0.5% [19]. Future Projections - The company expects adjusted EBITDA for 2025 to be between $1.85 billion and $2.05 billion, and for 2026 to be between $1.75 billion and $1.95 billion, primarily due to the exclusion of contributions from the Meade pipeline investment [4]. - Free cash flow before growth (FCFBG) for 2025 is not provided due to transition year impacts, but is expected to be in the range of $600 million to $700 million in 2026 [5]. Financing and Investments - XPLR Infrastructure executed a financing plan through the issuance of $1,750 million in senior unsecured notes [6]. - The company completed the buyout of the XPLR Renewables II convertible equity portfolio financing in April 2025 [6]. - XPLR Infrastructure is focused on strengthening its balance sheet and investing in high-quality assets, including the buyout of third-party ownership interests in its 1.1-gigawatt XPLR Renewables II portfolio [3]. - The company anticipates using proceeds from the expected Meade pipeline investment sale to repay associated project-level debt [4]. Asset and Debt Management - Cash and cash equivalents rose significantly to $1.53 billion as of March 31, 2025, compared to $283 million at the end of 2024, reflecting a substantial increase of 441% [22]. - Total assets increased to $21.4 billion as of March 31, 2025, up from $20.3 billion at the end of 2024, representing a growth of 5.5% [22]. - Long-term debt increased to $5.99 billion as of March 31, 2025, compared to $4.61 billion at the end of 2024, indicating a rise of 30% [22]. Operational Updates - The company remains on track for its previously announced repowering program [6]. - XPLR Infrastructure's portfolio includes diversified clean energy assets across wind, solar, and battery storage projects in the U.S. [7]. - The weighted-average number of common units outstanding remained stable at approximately 93.7 million for both Q1 2025 and Q1 2024 [17].