NextEra Energy Partners, LP reports 2017 fourth-quarter and full-year financial results
Delivers 15 percent growth in per unit distributions over the past year and a total unitholder return of more than 75 percent, while ending 2017 with adjusted EBITDA and CAFD run rates in line with previously shared expectations
Maintains outstanding growth prospects with clear visibility to support distribution growth through at least 2022
Acquires approximately 940 megawatts of new wind and solar projects, growing its portfolio of renewables projects to more than 3,700 megawatts
Improves unitholder value proposition through enhanced governance rights, stand-alone issuer credit ratings and the ability to access additional low-cost financing
JUNO BEACH, Fla. - NextEra Energy Partners, LP (NYSE: NEP) today reported a 2017 fourth-quarter net loss attributable to NextEra Energy Partners of $91 million. For the full year 2017, NextEra Energy Partners reported a net loss attributable to NextEra Energy Partners of $65 million. The net loss in both periods primarily was attributable to a $101 million tax reform-related charge reflecting the revaluation of its deferred tax assets at the lower corporate rate of 21 percent.
NextEra Energy Partners reported 2017 fourth-quarter adjusted EBITDA of $199 million. For the fourth quarter of 2017, cash available for distribution (CAFD) before debt service payments was $127 million and after debt service payments was $76 million.
NextEra Energy Partners reported full-year 2017 adjusted EBITDA of $743 million, representing growth of approximately 16 percent year-over-year. For the full year 2017, CAFD before debt service payments was $527 million and after debt service payments was $246 million, representing growth of approximately 9 and 11 percent year-over-year, respectively.
NextEra Energy Partners' management uses adjusted EBITDA and CAFD, which are non-GAAP financial measures, internally for financial planning, analysis of performance and reporting of results to the board of directors. NextEra Energy Partners also uses these measures when communicating its financial results and earnings outlook to analysts and investors. The attachments to this news release include a reconciliation of historical adjusted EBITDA and CAFD to net income, which is the most directly comparable GAAP measure.
The following information was filed by Nextera Energy Partners, Lp (NEP) on Friday, January 26, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: NEP CIK: 1603145 Form Type:10-K Annual Report Accession Number: 0001603145-18-000007 Submitted to the SEC: Wed Feb 21 2018 9:46:15 AM EST Accepted by the SEC: Wed Feb 21 2018 Period: Sunday, December 31, 2017 Industry: Electric Services