Financial Performance - In 2023, the company reported a Net Loss of $14 million, Adjusted EBITDA of $1,058 million, Cash from Operating Activities of $702 million, and Cash Available for Distribution (CAFD) of $342 million[26]. - Clearway Energy, Inc. reported a full year 2023 Net Loss of $14 million, Adjusted EBITDA of $1,058 million, Cash from Operating Activities of $702 million, and Cash Available for Distribution (CAFD) of $342 million[43]. - For Q4 2023, the company experienced a Net Loss of $73 million, Adjusted EBITDA of $201 million, Cash from Operating Activities of $206 million, and CAFD of $53 million, with the Net Loss increasing due to higher interest expenses[45]. - Clearway Energy, Inc. reported a net loss of $14 million for the year ended December 31, 2023, compared to a net income of $1,060 million in 2022[58]. - Total operating revenues for 2023 reached $1,314 million, an increase of 10.4% compared to $1,190 million in 2022[68]. - Adjusted EBITDA for the twelve months ended December 31, 2023, was $1,058 million, down from $1,160 million in 2022, representing a decrease of 8.8%[73]. - Operating income for 2023 was $263 million, a decrease of 82.1% from $1,470 million in 2022, primarily due to the absence of a gain on the sale of business[68]. - Interest expense increased to $337 million in 2023, compared to $232 million in 2022, marking a rise of 45.2%[68]. Cash Flow and Liquidity - Cash from operating activities decreased to $702 million in 2023 from $787 million in 2022, reflecting a decline of approximately 10.8%[58]. - The company had total liquidity of $1,505 million as of December 31, 2023, which includes $516 million of restricted cash[48]. - Future liquidity sources may include excess operating cash flow, availability under the revolving credit facility, and potential new corporate debt and equity financings[31]. - Cash provided by operating activities for the three months ended December 31, 2023, was $206 million, compared to $180 million for the same period in 2022, reflecting a growth of 14.4%[73]. - Cash available for distribution before adjustments was $52 million for the three months ended December 31, 2023, compared to a negative $2 million in the same period of 2022[73]. Investments and Capital Expenditures - The company committed approximately $215 million to new long-term corporate capital investments in 2023[21]. - Clearway Energy, Inc. acquired an ownership interest in Texas Solar Nova 1, a 252 MW operational solar project, for cash consideration of $23 million, supported by long-term power purchase agreements[49]. - Capital expenditures rose to $212 million in 2023, compared to $112 million in 2022, indicating an increase of 89.3%[58]. Dividends - The quarterly dividend was increased by 1.7% to $0.4033 per share in Q1 2024, annualized to $1.61 per share[22]. - The company declared a quarterly dividend of $0.4033 per share on Class A and Class C common stock, payable on March 15, 2024[50]. - Dividends per Class A and Class C common share for 2023 were both $1.54, an increase from $1.43 in 2022[68]. Asset and Liability Management - As of December 31, 2023, total assets amounted to $14,701 million, an increase from $12,312 million in 2022[40]. - Total liabilities as of December 31, 2023, were $9,706 million, up from $8,279 million in 2022[40]. - Total stockholders' equity increased to $4,994 million as of December 31, 2023, up from $4,026 million in 2022, reflecting a growth of 24%[59]. Operational Performance - The company experienced a decrease in Adjusted EBITDA compared to 2022 primarily due to the expiration of certain tolling agreements and the divestiture of the Thermal Business[26]. - Conventional Equivalent Availability Factor improved to 90.2% for the twelve months ended December 31, 2023, compared to 92.2% in the previous year[27]. - Generation in the Renewables segment during Q4 2023 was 3% higher than Q4 2022, primarily due to contributions from growth investments[47]. - The company generated 5,425 MWh of solar energy and 9,414 MWh of wind energy for the twelve months ended December 31, 2023[27]. Noncontrolling Interests and Other Financial Metrics - Contributions from noncontrolling interests increased significantly to $1,028 million in 2023, compared to $60 million in 2022[58]. - Contributions from noncontrolling interests, net of distributions, cash amounted to $1,123 million in 2022, showing a strong inflow of cash from these interests[62]. - The company reported a loss on debt extinguishment of $6 million in 2023, compared to no loss in 2022[58]. - The company experienced unrealized losses on derivatives and changes in accumulated OCI, net of tax, totaling $(6) million for the year ended December 31, 2022[62].
Clearway Energy(CWEN_A) - 2023 Q4 - Annual Results