Financial Performance - For Q2 2025, Clearway Energy reported a Net Income of $12 million, Adjusted EBITDA of $343 million, Cash from Operating Activities of $191 million, and Cash Available for Distribution (CAFD) of $152 million[2][8]. - Adjusted EBITDA for Q2 2025 was lower than Q2 2024, primarily due to reduced renewable production and lower energy margins, despite contributions from growth investments[8][9]. - Total operating revenues for Q2 2025 were $392 million, an increase of 7.1% compared to $366 million in Q2 2024[29]. - Operating income for the first half of 2025 was $85 million, compared to $55 million in the same period of 2024, reflecting a 54.5% increase[29]. - Net income attributable to Clearway Energy, Inc. for Q2 2025 was $33 million, down from $51 million in Q2 2024, representing a decrease of 35.3%[29]. - Comprehensive income attributable to Clearway Energy, Inc. for Q2 2025 was $29 million, down from $51 million in Q2 2024, a decrease of 43.1%[31]. - The net income (loss) for the six months ended June 30, 2025, was $(92) million, a decline from $(42) million in the same period of 2024[43][44]. - The company reported a net loss for the three months ended June 30, 2025, was $12 million, compared to a net income of $4 million for the same period in 2024[41]. - The company reported a decrease in retained earnings to $188 million as of June 30, 2025, down from $254 million at December 31, 2024[37]. Cash Flow and Distribution - Cash available for distribution is estimated at $286 million for the first half of 2025, compared to $277 million in the same period of 2024[35]. - The quarterly dividend was increased by 1.6% to $0.4456 per share, reflecting the company's commitment to returning value to shareholders[17]. - Dividends per Class A and Class C common share were $0.4384 for Q2 2025, up from $0.4102 in Q2 2024, reflecting a 6.5% increase[29]. - Cash Available for Distribution (CAFD) for the six months ended June 30, 2025, was $229 million, compared to $239 million for the same period in 2024, reflecting a decrease of 4.2%[45]. - Total cash from operating activities for the six months ended June 30, 2025, was $286 million, compared to $277 million for the same period in 2024, indicating a 3.2% increase[45]. - The company reported cash interest paid of $171 million for the six months ended June 30, 2025, compared to $156 million for the same period in 2024, an increase of 9.6%[45]. - The company reported a net cash increase of $53 million in total cash, cash equivalents, and restricted cash for the six months ended June 30, 2025[46]. Guidance and Future Plans - The company increased its 2025 CAFD guidance range to $405 million to $440 million, reflecting contributions from recently closed third-party acquisitions[19]. - The company plans to increase its 2027 CAFD per share target range to $2.50 to $2.70, supported by ongoing growth initiatives including a wind repowering campaign[3]. - The company expects full-year 2025 Adjusted EBITDA guidance to be in the range of $1,195 million to $1,235 million, slightly lower than the previous year's guidance range[47]. Assets and Liabilities - Clearway Energy's total liquidity as of June 30, 2025, was $1,298 million, a decrease of $32 million from December 31, 2024, mainly due to growth investments[10]. - Total assets increased to $16,033 million as of June 30, 2025, up from $14,329 million at the end of 2024, marking an increase of 11.9%[33]. - Long-term debt rose to $8,251 million as of June 30, 2025, compared to $6,750 million at the end of 2024, indicating a 22.2% increase[33]. - Payments for long-term debt in the first half of 2025 totaled $498 million, reflecting the company's ongoing debt management strategy[46]. Operational Performance - The company reported a 1% increase in solar generation in Q2 2025 compared to Q2 2024, driven by growth investments, despite lower wind resources[9]. - Clearway Energy's operational performance is influenced by seasonal factors, with most revenues generated from May to September due to higher contracted pricing and renewable resources[17]. - The company has made significant progress in its repowering program, with Goat Mountain project expected to commercialize in 2027 and a new partnership for a 291 MW storage portfolio[7][14][15]. - Clearway Energy acquired Catalina Solar for approximately $127 million, which is expected to enhance its operational capacity and revenue stream[16]. Non-GAAP Measures and Cautions - CAFD is a non-GAAP measure and should not be considered an alternative to cash provided by operating activities[60]. - CAFD calculations may not be comparable to those of other companies[60]. - Changes in operating assets and liabilities are not included in the CAFD calculation[60]. - Certain cash flow items are excluded from CAFD, which could materially affect financial condition[60]. - Investors should not rely on CAFD as a substitute for any GAAP measure[60]. - The company emphasizes the limitations of CAFD as an analytical tool[60]. - CAFD does not indicate funds available to meet cash needs[60]. - The company advises caution in interpreting CAFD figures[60]. - The financial results may be significantly impacted by the excluded items in CAFD[60]. - The company highlights the importance of GAAP measures for assessing performance[60].
Clearway Energy(CWEN_A) - 2025 Q2 - Quarterly Results