Financial Performance - Total operating revenues for Q1 2024 were $263 million, a decrease of 8.7% compared to $288 million in Q1 2023[4] - Operating costs and expenses increased to $292 million in Q1 2024, up 18.7% from $246 million in Q1 2023[4] - Net loss attributable to Clearway Energy, Inc. was $2 million in Q1 2024, compared to a net loss of $40 million in Q1 2023[4] - The company reported a net loss of $46 million for the three months ended March 31, 2024, compared to a net loss of $13 million for the same period in 2023[30] - Adjusted EBITDA for Q1 2024 was $218 million, reflecting a strong operational performance despite the net loss[9] - Adjusted EBITDA decreased from $218 million in Q1 2023 to $211 million in Q1 2024, primarily due to the expiration of certain tolling agreements[47] Cash Flow and Liquidity - Cash provided by operating activities was $81 million in Q1 2024, an increase from $75 million in Q1 2023[7] - Net cash used in investing activities was $203 million in Q1 2024, compared to $86 million in Q1 2023[7] - Net cash provided by financing activities was $34 million in Q1 2024, up from $28 million in Q1 2023[7] - Cash, cash equivalents, and restricted cash at the end of Q1 2024 totaled $963 million, down from $1,013 million at the end of Q1 2023[7] - Clearway Energy's liquidity as of March 31, 2024, was $1.435 billion, down from $1.505 billion at the end of 2023[49] - Total liquidity as of March 31, 2024, was $1,435 million, a decrease of $70 million from December 31, 2023, primarily due to debt repayment and growth investments[72] Dividends and Shareholder Returns - Dividends per Class A and Class C common share increased to $0.4033 in Q1 2024, compared to $0.3745 in Q1 2023[4] - The company reaffirmed its 2024 financial guidance and increased the quarterly dividend by 1.7% to $0.4102 per share, annualized at $1.64 per share[44] - A quarterly dividend of $0.4102 per share was declared, payable on June 17, 2024, to stockholders of record as of June 3, 2024[77] - Clearway Energy continues to target annual dividend per share growth in the upper range of 5% to 8% through 2026[44] Assets and Liabilities - Total assets as of March 31, 2024, increased to $14,862 million from $14,701 million as of December 31, 2023, reflecting a growth of approximately 1.1%[23] - Total liabilities increased to $9,815 million as of March 31, 2024, from $9,706 million at the end of 2023, marking an increase of about 1.1%[23] - Long-term debt rose to $7,579 million from $7,479 million, an increase of approximately 1.3%[23] - Retained earnings decreased to $311 million as of March 31, 2024, down from $361 million, a decline of about 13.9%[23] Operational Highlights - Generation in the Renewables segment increased by 10% in Q1 2024 compared to Q1 2023, driven by growth investments[48] - The Conventional Equivalent Availability Factor improved to 86.3% for the three months ended March 31, 2024, compared to 74.4% for the same period in 2023[61] - Solar MWh generated/sold increased to 1,443, up from 866 MWh year-over-year, while Wind MWh generated/sold decreased to 2,519 from 2,744 MWh[61] Strategic Investments - Clearway Energy, Inc. continues to focus on strategic investments and market expansion to enhance future growth prospects[12] - The company committed to acquire a 50% cash equity interest in the Dan's Mountain wind project for $44 million, expected to contribute approximately $4 million in CAFD annually starting in 2026[52] - The Company committed to acquire a 50% cash equity interest in the Rosamond South I solar plus storage project for approximately $21 million, expected to contribute asset CAFD of about $2 million annually starting January 1, 2026[66] - The Cedar Creek wind project was acquired for $117 million, expected to contribute asset CAFD of approximately $13 million annually starting January 1, 2025[74] Cash Available for Distribution (CAFD) - Cash Available for Distribution (CAFD) is defined as Adjusted EBITDA plus cash distributions from unconsolidated affiliates, indicating the company's ability to earn and distribute cash returns to investors[18] - For Q1 2024, Clearway Energy reported a Net Loss of $(46) million, Adjusted EBITDA of $211 million, Cash from Operating Activities of $81 million, and Cash Available for Distribution (CAFD) of $52 million[57] - Cash Available for Distribution (CAFD) increased from $(4) million in Q1 2023 to $52 million in Q1 2024, attributed to lower debt service and higher wind generation[47] - The Company reaffirmed its 2024 full-year CAFD guidance of $395 million, factoring in committed growth investments and median renewable energy production estimates[80] Management Insights - Management emphasizes the use of Adjusted EBITDA as a measure for planning and forecasting overall expectations and evaluating actual results against such expectations[16] - The company acknowledges the limitations of CAFD as it does not include changes in operating assets and liabilities, which could materially affect financial condition and results from operations[20] Seasonal Impact - Seasonal factors significantly impact the Company's quarterly operating results, with most revenues generated from May through September[78]
Clearway Energy(CWEN_A) - 2024 Q1 - Quarterly Results