8POINT3 ENERGY PARTNERS LP SAN JOSE, Calif., June 29, 2017 /PRNewswire/ -- 8point3 Energy Partners LP (NASDAQ:CAFD) today announced financial results for its second fiscal quarter ended May 31, 2017.
-- Exceeded Q2 2017 revenue, net income, Adjusted EBITDA and CAFD guidance
-- Sponsors' strategic review of Partnership interests continuing
-- Declared Q2 2017 distribution of $0.2642 per share, an increase of 3.0
percent over the Q1 2017 distribution
-- Forecasts Q3 2017 distribution of $0.2721 per share, an increase of 3.0
percent compared to the Q2 2017 distribution
-- Partnership reiterates fiscal year 2017 financial guidance and
distribution growth of 12 percent
For the second quarter of fiscal 2017, 8point3 Energy Partners reported revenue of $16.7 million, net income of $7.1 million, Adjusted EBITDA of $28.5 million and cash available for distribution (CAFD) of $18.8 million.
"We were pleased with our performance as we exceeded our key financial metrics for the second quarter in addition to raising our quarterly distribution by 3 percent," said Chuck Boynton, 8point3 Energy Partners' CEO. "Our portfolio, which consisted of interests in 945 megawatts (MW) of U.S. solar generating assets at the end of the second quarter, continues to perform well and is expected to generate annual CAFD of approximately $100 million in 2017."
Additionally, during the quarter, the Board of Directors of the Partnership's general partner waived the negotiating period related to the offering of First Solar's 280-MW California Flats and 40-MW Cuyama Right of First Offer (ROFO) projects. As a result of this waiver, First Solar has the right to offer and sell these projects to a third party in accordance with the terms of the ROFO agreement.
The Board of Directors of the Partnership's general partner also declared a cash distribution for its Class A shares of $0.2642 per share for the second quarter. The second quarter distribution will be paid on July 14, 2017 to shareholders of record as of July 6, 2017.
"Our solid second quarter results reflect the continued stable performance of our asset portfolio," said Bryan Schumaker, 8point3 Energy Partners' chief financial officer. "Given our predictable cash flows, we remain committed to reducing the Partnership's leverage while maintaining our 12 percent targeted distribution growth rate for 2017."
The Partnership did not utilize its $125 million at-the-market (ATM) equity offering program during the second quarter.
Guidance
The Partnership's third quarter 2017 guidance is as follows: revenue of $25.0 million to $26.0 million, net income of $21.0 million to $24.0 million, Adjusted EBITDA of $44.0 million to $47.5 million, CAFD of $28.0 million to $30.0 million and a distribution of $0.2721 per share, a forecasted increase of 3.0 percent compared to the Q2 2017 distribution.
The Partnership's fiscal year 2017 guidance remains unchanged: revenue of $63.3 million to $66.7 million, net income of $27.0 million to $32.6 million, Adjusted EBITDA of $106.5 million to $113.1 million and CAFD of $91.5 million to $101.0 million. The Partnership also expects a distribution growth rate of 12 percent for fiscal year 2017.
About 8point3 Energy Partners
8point3 Energy Partners LP (NASDAQ:CAFD) is a growth-oriented limited partnership formed by First Solar, Inc. and SunPower Corporation to own, operate and acquire solar energy generation projects. 8point3 Energy Partners' primary objective is to generate predictable cash distributions that grow at a sustainable rate. The Partnership owns interests in projects in the United States that generate long-term contracted cash flows and serve utility, commercial and residential customers. For more information about 8point3 Energy Partners, please visit: www.8point3energypartners.com.
For 8point3 Energy Partners Investors
This press release includes various "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management's current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements expressing management's expectations, beliefs, estimates, forecasts, projections and assumptions. You can identify our forward-looking statements by words such as "anticipate", "believe", "estimate", "expect", "forecast", "goals", "objectives", "outlook", "intend", "plan", "predict", "project", "risks", "schedule", "seek", "target", "could", "may", "will", "should" or "would" or other similar expressions that convey the uncertainty of future events or outcomes. In accordance with "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, these statements are accompanied by cautionary language identifying important factors, though not necessarily all such factors, which could cause future outcomes to differ materially from those set forth in forward-looking statements. In particular, expressed or implied statements concerning the sponsors' ownership interest in the Partnership, expectations of plans, strategies, objectives and growth and anticipated financial and operational performance of the Partnership and its subsidiaries, including guidance regarding the Partnership's revenue, Adjusted EBITDA, cash available for distribution and distributions, other future actions, conditions or events such as the projected commercial operation dates of projects, future operating results or the ability to generate sales, income or cash flow or to make distributions are forward-looking statements. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future actions, conditions or events and future results of operations may differ materially from those expressed in these forward-looking statements. Forward-looking statements speak only as of the date of this press release, June 29, 2017, and we disclaim any obligation to update such statements for any reason, except as required by law. All forward-looking statements contained in this press release are expressly qualified in their entirety by the cautionary statements contained or referred to in this paragraph. Many of the factors that will determine these results are beyond our ability to control or predict. These factors include the risk factors described under "Risk Factors" in the Partnership's Annual Report on Form 10-K for the fiscal year ended November 30, 2016, filed with the Securities and Exchange Commission on January 26, 2017 and the Partnership's Quarterly Report on Form 10-Q for the quarterly period ended February 28, 2017, filed with the Securities and Exchange Commission on April 5, 2017. If any of those risks occur, it could cause our actual results to differ materially from those contained in any forward-looking statement. Because of these risks and uncertainties, you should not place undue reliance on any forward-looking statement.
Non-GAAP Financial Information
This earnings release includes certain financial measures that are not defined under U.S. generally accepted accounting principles (GAAP), including Adjusted EBITDA and cash available for distribution. Such non-GAAP financial measures should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with GAAP. We reconcile these non-GAAP financial measures to the most directly comparable financial measure prepared in accordance with GAAP in the tables that accompany this release. In the introduction to such reconciliation tables that accompany this release, we disclose the reasons why we believe our use of the non-GAAP financial measures in this release provides useful information. Please read "Non-GAAP Financial Measures" below for further details on our use of non-GAAP financial measures.
8point3 Energy Partners LP
Condensed Consolidated Balance Sheets
(In thousands, except share data)
(Unaudited)
May 31, 2017 November 30, 2016
------------ -----------------
Assets
Current assets:
Cash and cash equivalents $10,633 $14,261
Accounts receivable and short-
term financing receivables,
net 8,591 5,401
Prepaid and other current
assets(1) 9,574 15,745
----- ------
Total current assets 28,798 35,407
Property and equipment, net 719,372 720,132
Long-term financing
receivables, net 78,455 80,014
Investments in unconsolidated
affiliates 785,832 475,078
Other long-term assets 23,778 24,432
------ ------
Total assets $1,636,235 $1,335,063
========== ==========
Liabilities and Equity
Current liabilities:
Accounts payable and other
current liabilities(1) $9,251 $23,771
Short-term debt and financing
obligations(1) 2,209 1,964
Deferred revenue, current
portion 941 870
--- ---
Total current liabilities 12,401 26,605
Long-term debt and financing
obligations(1) 716,723 384,436
Deferred revenue, net of
current portion 172 308
Deferred tax liabilities 33,579 30,733
Asset retirement obligations 14,319 13,448
Other long-term liabilities 1,692 -
----- ---
Total liabilities 778,886 455,530
------- -------
Redeemable noncontrolling
interests 17,346 17,624
Equity:
Class A shares, 28,081,032 and
28,072,680 issued and
outstanding as of May 31, 2017
and November 30, 2016,
respectively 249,250 249,138
Class B shares, 51,000,000
issued and outstanding as of
May 31, 2017 and November 30,
2016 - -
Accumulated earnings 12,494 22,440
------ ------
Total shareholders' equity
attributable to 8point3 Energy
Partners LP 261,744 271,578
Noncontrolling interests 578,259 590,331
------- -------
Total equity 840,003 861,909
------- -------
Total liabilities and equity $1,636,235 $1,335,063
========== ==========
1 The Partnership has related-party
balances for transactions made
with the Sponsors and tax equity
investors. Related-party
balances recorded within "Prepaid
and other current assets" in the
unaudited condensed consolidated
balance sheets were $0.8 million
and $0.9 million as of May 31,
2017 and November 30, 2016,
respectively. Related-party
balances recorded within
"Accounts payable and other
current liabilities" in the
unaudited condensed consolidated
balance sheets were $6.3 million
and $19.7 million due to Sponsors
as of May 31, 2017 and November
30, 2016, respectively, and $0.8
million and $1.0 million due to
tax equity investors as of May
31, 2017 and November 30, 2016,
respectively. Related-party
balances recorded within "Short-
term debt and financing
obligations" and "Long-term debt
and financing obligations" in the
unaudited condensed consolidated
balance sheets were $2.2 million
and $47.8 million, respectively,
as of May 31, 2017, and $2.0
million and zero, respectively,
as of November 30, 2016.
8point3 Energy Partners LP
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
Three Months Ended Six Months Ended
------------------ ----------------
May 31, 2017 May 31, 2016 May 31, 2017 May 31, 2016
------------ ------------ ------------ ------------
Revenues:
Operating revenues(1) $16,678 $13,517 $26,575 $20,619
------- ------- ------- -------
Total revenues 16,678 13,517 26,575 20,619
Operating costs and expenses(1):
Cost of operations 2,110 1,759 4,332 3,025
Selling, general and
administrative 1,942 1,656 3,844 3,292
Depreciation and
accretion 6,892 5,388 13,655 10,014
Acquisition-related
transaction costs 18 829 31 1,662
--- --- --- -----
Total operating costs
and expenses 10,962 9,632 21,862 17,993
------ ----- ------ ------
Operating income 5,716 3,885 4,713 2,626
Other expense (income):
Interest expense 5,874 3,051 11,369 5,924
Interest income (294) (328) (565) (613)
Other expense (income) 37 (334) (797) (260)
--- ---- ---- ----
Total other expense, net 5,617 2,389 10,007 5,051
Income (loss) before
income taxes and equity
in earnings of
unconsolidated
investees 99 1,496 (5,294) (2,425)
Income tax provision (2,315) (6,681) (2,848) (10,218)
Equity in earnings of
unconsolidated
investees 9,359 5,024 9,965 5,429
----- ----- ----- -----
Net income (loss) 7,143 (161) 1,823 (7,214)
Less: Net income (loss)
attributable to
noncontrolling
interests and
redeemable
noncontrolling
interests 3,757 (10,183) (2,424) (22,544)
----- ------- ------ -------
Net income attributable
to 8point3 Energy
Partners LP Class A
shares 3,386 $10,022 4,247 $15,330
===== ======= ===== =======
Net income per Class A share:
Basic $0.12 $0.50 $0.15 $0.77
Diluted $0.12 $0.50 $0.15 $0.77
Distributions per Class
A share: $0.26 $0.22 $0.51 $0.44
Weighted average number of Class A shares:
Basic 28,077 20,011 28,075 20,009
Diluted 43,577 35,511 43,575 35,509
1 The Partnership has related-
party activities for
transactions made with the
Sponsors. Related party
transactions recorded within
"Operating revenues" in the
unaudited condensed
consolidated statement of
operations were $1.3 million
for each of the three months
ended May 31, 2017 and May 31,
2016, and $2.6 million for each
of the six months ended May 31,
2017 and May 31, 2016. Related
party transactions recorded
within "Operating costs and
expenses" in the unaudited
condensed consolidated
statement of operations were
$2.2 million and $1.7 million
for the three months ended May
31, 2017 and May 31, 2016,
respectively, and $4.2 million
and $3.1 million for the six
months ended May 31, 2017 and
May 31, 2016, respectively.
8point3 Energy Partners LP
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Six Months Ended
May 31, 2017 May 31, 2016
------------ ------------
Cash flows from operating
activities:
Net income (loss) $1,823 $(7,214)
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depreciation, amortization and
accretion 13,871 10,014
Unrealized gain on interest rate
swap (633) (251)
Distributions from unconsolidated
investees 9,965 7,718
Equity in earnings of unconsolidated
investees (9,965) (5,429)
Deferred income taxes 2,846 10,218
Share-based compensation 112 112
Amortization of debt issuance costs 487 306
Other, net (62) 166
Changes in operating assets and
liabilities:
Accounts receivable and financing
receivable, net (1,559) (2,432)
Prepaid and other assets 7,104 (464)
Deferred revenue (59) (68)
Accounts payable and other
liabilities 1,050 951
----- ---
Net cash provided by operating
activities 24,980 13,627
------ ------
Cash flows from investing
activities:
Cash provided by (used in) purchases
of property and equipment, net (114) 1,143
Cash paid for acquisitions (304,465) (117,974)
Distributions from unconsolidated
investees 19,333 1,193
------ -----
Net cash used in investing
activities (285,246) (115,638)
-------- --------
Cash flows from financing
activities:
Proceeds from issuance of bank
loans, net of issuance costs 283,987 64,991
Repayment of promissory note to
First Solar (1,964) -
Capital contributions from SunPower - 9,973
Cash distribution to Class A
shareholders (14,193) (8,835)
Cash distributions to Sponsors as
OpCo unit holders (25,781) -
Cash contributions from
noncontrolling interests and
redeemable noncontrolling interests
-tax equity investors 18,750 372
Cash distributions to noncontrolling
interests and redeemable
noncontrolling interests -tax
equity investors (4,161) (1,276)
------ ------
Net cash provided by financing
activities 256,638 65,225
------- ------
Net decrease in cash and cash
equivalents (3,628) (36,786)
Cash and cash equivalents, beginning
of period 14,261 56,781
------ ------
Cash and cash equivalents, end of
period $10,633 $19,995
======= =======
Non-cash transactions:
Issuance by OpCo of promissory note
to First Solar in connection with
the Stateline Acquisition $50,000 $ -
Property and equipment acquisitions
funded by liabilities 4,287 3,435
Settlement of related party payable
by capital contribution from tax
equity investor - 46,837
Accrued distributions to
noncontrolling interests and
redeemable noncontrolling interests
-tax equity investors 785 1,616
Non-GAAP Financial Measures
Our management uses a variety of financial metrics to analyze our performance. The key financial metrics we evaluate are Adjusted EBITDA and cash available for distribution.
Adjusted EBITDA.
We define Adjusted EBITDA as net income (loss) plus interest expense, net of interest income, income tax provision, depreciation, amortization and accretion, including our proportionate share of net interest expense, income taxes and depreciation, amortization and accretion from our unconsolidated affiliates that are accounted for under the equity method, and share-based compensation and transaction costs incurred for our acquisitions of projects; and excluding the effect of certain other non-cash or non-recurring items that we do not consider to be indicative of our ongoing operating performance such as, but not limited to, mark to market adjustments to the fair value of derivatives related to our interest rate hedges. Adjusted EBITDA is a non-U.S. GAAP financial measure. This measurement is not recognized in accordance with U.S. GAAP and should not be viewed as an alternative to U.S. GAAP measures of performance. The U.S. GAAP measure most directly comparable to Adjusted EBITDA is net income (loss). The presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.
We believe Adjusted EBITDA is useful to investors in evaluating our operating performance because securities analysts and other interested parties use such calculations as a measure of financial performance and borrowers' ability to service debt. In addition, Adjusted EBITDA is used by our management for internal planning purposes including certain aspects of our consolidated operating budget and capital expenditures. It is also used by investors to assess the ability of our assets to generate sufficient cash flows to make distributions to our Class A shareholders.
However, Adjusted EBITDA has limitations as an analytical tool because it does not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments, does not reflect changes in, or cash requirements for, working capital, does not reflect significant interest expense or the cash requirements necessary to service interest or principal payments on our outstanding debt or cash distributions on tax equity, does not reflect payments made or future requirements for income taxes, and excludes the effect of certain other cash flow items, all of which could have a material effect on our financial condition and results of operations. Adjusted EBITDA is a non-U.S. GAAP measure and should not be considered an alternative to net income (loss) or any other performance measure determined in accordance with U.S. GAAP, nor is it indicative of funds available to fund our cash needs. In addition, our calculations of Adjusted EBITDA are not necessarily comparable to EBITDA as calculated by other companies. Investors should not rely on these measures as a substitute for any U.S. GAAP measure, including net income (loss).
Cash Available for Distribution.
We use cash available for distribution, which we define as Adjusted EBITDA less equity in earnings of unconsolidated affiliates, cash interest paid, cash income taxes paid, maintenance capital expenditures, cash distributions to noncontrolling interests and principal amortization of indebtedness plus cash distributions from unconsolidated affiliates, indemnity payments and working capital loans from Sponsors, test electricity generation, cash proceeds from sales-type residential leases, state and local rebates and cash proceeds for reimbursable network upgrade costs. Our cash flow is generated from distributions we receive from OpCo each quarter. OpCo's cash flow is generated primarily from distributions from the Project Entities. As a result, our ability to make distributions to our Class A shareholders depends primarily on the ability of the Project Entities to make cash distributions to OpCo and the ability of OpCo to make cash distributions to its unitholders.
We believe cash available for distribution is useful to investors in evaluating our operating performance because securities analysts and other interested parties use such calculations as a measure of our ability to make our distributions. In addition, cash available for distribution is used by our management team for determining future acquisitions and managing our growth. The U.S. GAAP measure most directly comparable to cash available for distribution is net income (loss).
However, cash available for distribution has limitations as an analytical tool because it does not capture the level of capital expenditures necessary to maintain the operating performance of our projects, does not include changes in operating assets and liabilities and excludes the effect of certain other cash flow items, all of which could have a material effect on our financial condition and results from operations. Cash available for distribution is a non-U.S. GAAP measure and should not be considered an alternative to net income (loss) or any other performance measure determined in accordance with U.S. GAAP, nor is it indicative of funds available to fund our cash needs. In addition, our calculations of cash available for distribution are not necessarily comparable to cash available for distribution as calculated by other companies. Investors should not rely on these measures as a substitute for any U.S. GAAP measure, including net income (loss).
The following table presents a reconciliation of net income (loss) to Adjusted EBITDA and cash available for distribution for the three months ended May 31, 2017, February 28, 2017, and May 31, 2016, respectively, and six months ended May 31, 2017 and May 31, 2016, respectively:
8point3 Energy Partners LP
Reconciliation of Net Income to Adjusted EBITDA and Cash Available for Distribution (CAFD)
(Unaudited)
Three Months Ended Six Months Ended
------------------ ----------------
(in thousands) May 31, February 28, May 31, May 31, May 31,
2017 2017 2016 2017 2016
---- ---- ---- ---- ----
Net income (loss) $7,143 $(5,320) $(161) $1,823 $(7,214)
Add (Less):
Interest expense, net of interest income 5,580 5,224 2,715 10,804 5,303
Income tax provision 2,315 533 6,681 2,848 10,218
Depreciation, amortization and accretion 7,000 6,871 5,388 13,871 10,014
Share-based compensation 56 56 56 112 112
Acquisition-related transaction costs (1) 18 13 829 31 1,662
Unrealized gain (loss) on derivatives
(2) 37 (670) (325) (633) (251)
Add proportionate share from equity method investments
(3)
Interest expense, net of interest income 169 130 (53) 299 (95)
Depreciation, amortization and accretion 6,224 6,224 2,234 12,448 5,286
----- ----- ----- ------ -----
Adjusted EBITDA $28,542 $13,061 $17,364 $41,603 $25,035
Less:
Equity in earnings of unconsolidated
affiliates, (15,752) (6,960) (7,205) (22,712) (10,620)
net with (3) above (4)
Cash interest paid (5) (5,666) (4,761) (3,110) (10,427) (5,898)
Cash distributions to non-controlling
interests (2,276) (1,885) (420) (4,161) (904)
Short-term note (6) - (1,964) - (1,964) -
Add:
Cash distributions from unconsolidated
affiliates (7) 11,587 17,711 2,633 29,298 9,057
Indemnity payment from Sponsors (8) 27 65 - 92 9,973
State and local rebates (9) - - - - 299
Cash proceeds from sales-type
residential leases (10) 695 671 630 1,366 1,271
Test electricity generation (11) 22 10 421 32 421
Cash proceeds for reimbursable network
upgrade costs (12) 1,630 6,123 - 7,753 -
----- ----- --- ----- ---
Cash available for distribution $18,809 $22,071 $10,313 $40,880 $28,634
======= ======= ======= ======= =======
(1) Represents acquisition-related financial
advisory, legal and accounting fees
associated with ROFO Project interests
purchased and expected to be purchased by
us in the future.
(2) Represents the changes in fair value of
interest rate swaps that were not
designated as cash flow hedges.
(3) Represents our proportionate share of net
interest expense, depreciation,
amortization and accretion from our
unconsolidated affiliates that are
accounted for under the equity method.
(4) Equity in earnings of unconsolidated
affiliates represents the earnings from
the Solar Gen 2 Project, the North Star
Project, the Lost Hills Blackwell
Project, the Henrietta Project, and the
Stateline Project and is included on our
unaudited condensed consolidated
statements of operations.
(5) Represents cash interest payments related
to OpCo's senior secured credit facility
and the Stateline Promissory Note.
(6) Represents repayment of a working capital
loan from First Solar.
(7) Cash distributions from unconsolidated
affiliates represent the cash received by
OpCo with respect to its 49% interest in
the Solar Gen 2 Project, the North Star
Project, the Lost Hills Blackwell
Project, the Henrietta Project, and its
34% interest in the Stateline Project.
(8) Represents indemnity payments from the
Sponsors owed to OpCo in accordance with
the Omnibus Agreement.
(9) State and local rebates represent cash
received from state or local governments
for owning certain solar power systems.
The receipt of state and local rebates is
accounted for as a reduction in the asset
carrying value rather than operating
revenue.
(10) Cash proceeds from sales-type residential
leases, net, represent gross rental cash
receipts for sales-type leases, less
sales-type revenue and lease interest
income that is already reflected in net
income (loss) during the period. The
corresponding revenue for such leases was
recognized in the period in which such
lease was placed in service, rather than
in the period in which the rental payment
was received, due to the characterization
of these leases under U.S. GAAP.
(11) For three and six months ended May 31,
2017, test electricity generation
represents the sale of electricity that
was generated prior to COD by Macy's
Maryland Project. For the three and six
months ended May 31, 2016, test
electricity generation represents the
sale of electricity that was generated
prior to COD by the Kingbird Project.
Solar systems may begin generating
electricity prior to COD as a result of
the installation and interconnection of
individual solar modules, which occurs
over time during the construction and
commission period. The sale of test
electricity generation is accounted for
as a reduction in the asset carrying
value rather than operating revenue prior
to COD, even though it generates cash for
the related Project Entity.
(12) Cash proceeds from a utility company
related to reimbursable network upgrade
costs associated with the Quinto Project
and the Kingbird Project.
8point3 Energy Partners LP
FY 2017 Q3 Guidance
Reconciliation of Net Income to Adjusted EBITDA and Cash Available for Distribution (CAFD)
(in millions) Low High
--- ----
Net income 21.0 24.0
Add (Less):
Interest expense, net of interest
income 6.3 6.3
Income tax provision 3.0 3.5
Depreciation, amortization and
accretion 7.3 7.3
Share-based compensation 0.1 0.1
Add proportionate share from equity
method investments (1):
Depreciation, amortization and
accretion 6.3 6.3
Adjusted EBITDA $44.0 $47.5
----- -----
Less:
Equity in earnings of
unconsolidated affiliates, net
with (1) (25.6) (27.1)
Cash interest paid (6.3) (6.3)
Cash distributions to non-
controlling interests (2.6) (2.6)
Add:
Cash distributions from
unconsolidated affiliates 17.7 17.7
Network upgrade refund 0.1 0.1
Cash proceeds from sales-type
residential leases 0.7 0.7
Estimated cash available for
distribution $28.0 $30.0
===== =====
(1) Represents our proportionate share of
net interest expense, depreciation,
amortization and accretion from our
unconsolidated affiliates that are
accounted for under the equity
method.
8point3 Energy Partners LP
FY 2017 Guidance
Reconciliation of Net Income to Adjusted EBITDA and Cash Available for Distribution (CAFD)
(in millions) Low High
--- ----
Net income $27.0 $32.6
Add (Less):
Interest expense, net of interest
income 24.3 24.3
Income tax provision 3.4 4.4
Depreciation, amortization and
accretion 26.3 26.3
Share-based compensation 0.2 0.2
Add proportionate share from equity
method investments (1):
Depreciation, amortization and
accretion 25.3 25.3
Adjusted EBITDA $106.5 $113.1
Less:
Equity in earnings of
unconsolidated affiliates, net
with (1) (60.4) (63.5)
Cash interest paid (24.3) (24.3)
Cash distributions to non-
controlling interests (9.2) (9.2)
Add:
Cash distributions from
unconsolidated affiliates 65.1 71.1
Network upgrade refund 13.2 13.2
Cash proceeds from sales-type
residential leases 2.6 2.6
Repayment of working capital loan (2.0) (2.0)
Estimated cash available for
distribution $91.5 $101.0
===== ======
(1) Represents our proportionate share of
net interest expense, depreciation,
amortization and accretion from our
unconsolidated affiliates that are
accounted for under the equity
method.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/8point3-energy-partners-reports-second-quarter-2017-results-300482210.html
SOURCE 8point3 Energy Partners LP
