SunEdison Reports First Quarter Results
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SunEdison Reports First Quarter Results

(PRNewswire) —  SunEdison, Inc. (NYSE: SUNE) today announced financial results for the 2015 first quarter.

"During the first quarter, the team continued our exceptional record of balancing operational execution while accomplishing our strategic initiatives. On the operations front, the team delivered 273 MW, a first quarter record, while also achieving new records in our pipeline, backlog, and projects under construction," said Ahmad Chatila, Chief Executive Officer. "Our asset ownership platform, TerraForm Power, increased its CAFD and dividend guidance as it reached 1.7 GW of operating assets. In addition, we closed the First Wind acquisition, while making significant progress on our strategic emerging market initiatives."

Quarterly Review:

Key Operating Metrics

1Q 2015
Guidance

1Q 2015
Actual

Annualized Unlevered CAFD for Retained MW ($M)1

22-26

33

Total MW

220-250

273

Retained MW1

145-160

202

3rd Party Sales MW1

75-90

71

1 Defined in Supplemental Definitions






Renewable Energy Development - Operating Metrics

Pipeline Summary (MW)

1Q'15

4Q'14

1Q'14

Qtr/Qtr

Yr/Yr

Pipeline 1

7,519

5,113

3,575

2,406


or

47%

3,944


or

110%

Backlog 2

5,201

2,595

984

2,606


or

100%

4,217


or

429%

Construction

774

467

463

307


or

66%

311


or

67%

Pipeline Additions 3

2,679

973








  Note: Table unaudited



(1) Includes Backlog and Construction



(2) Includes Construction



(3) Additions net of losses






























 

52.7 GW of Market Opportunities

GW

34.9

10.3

2.3

5.2

Stage

Leads

Qualified Leads

Pipeline Ex. Backlog

Backlog

Conversion %1

10.0%

40.0%

60.0%

90.0%

1 The percentages noted above are the historic rates at which projects in each stage have converted to completed projects










Based on historical conversion rates, these combined leads, qualified leads, pipeline and backlog are forecasted to convert into 13.7 GW of completed projects.

$8.3 Billion of Opportunity CAFD

$B Annualized Unlevered CAFD

5.4

1.6

0.6

0.7

Stage

Leads

Qualified Leads

Pipeline Ex. Backlog

Backlog

Conversion %1

10.0%

40.0%

60.0%

90.0%

1 The percentages noted above are the historic rates at which projects in each stage have converted to completed projects










Based on historical conversions, these combined leads, qualified leads, pipeline and backlog are forecasted to convert into $2.2B of CAFD from completed projects.

Discontinued Operations

As of March 31, 2015, we own 10,608,904 shares of SunEdison Semiconductor Limited ("SSL"), which represents a 25.6% ownership interest in SSL. The disposal of our controlling interest in SSL represents a strategic shift that has a major effect on our operations and financial results.  As a result, our Semiconductor Materials segment is no longer considered a reportable segment and we have reported the historical results of operations and financial position of SSL as discontinued operations in the condensed consolidated financial statements for all periods presented.

TerraForm Power

TerraForm Power, Inc. (Nasdaq: TERP), a subsidiary of SunEdison, increases its 2015 CAFD guidance from $214 million to $225 million, and raises its 2015 dividend per share guidance from $1.30 to $1.35.  The  first quarter dividend increased 20% to $1.30 per share on an annualized basis.  Since December 31, 2014, TERP has grown its portfolio by 70% from 986 MW to 1,675 MW.

For the first quarter of 2015, TERP's quarterly distribution will be $0.325 per class A share.  The cash distribution received by SunEdison on its class B units in TerraForm Power, LLC will be $16.9 million due to forbearance agreements on certain projects of approximately $3.4 million for the first quarter of 2015.

Outlook

The company has provided the following key metrics for the first quarter and full year 2015. The company expects the following, assuming no significant worldwide economic issues or other significant events in these periods.

Key Metrics

2Q 2015 Outlook

FY 2015 Outlook

Unlevered Annualized CAFD for Retained MW ($M)

35 to 40

275 to 325

Total MW

300 to 340

2,100 to 2,300

Retained MW

245 to 270

1,840 to 2,000

3rd Party Sales MW

55 to 70

260 to 300

Conference Call

SunEdison will host a conference call today, May 7, 2015, at 8:30 a.m. ET to discuss the company's 2015 first quarter results and related business matters.  A live webcast will be available on the company's web site at www.SunEdison.com, or by dialing (612) 332-0107 at least five minutes prior to the scheduled start time, and referencing "SunEdison."  A copy of the slide presentation related to the conference call will be posted on the company's web site prior to the start of the call.

A replay of the conference call will be available from 10:30 a.m. ET on May 7, 2015, until 11:59 a.m. ET on May 21, 2015. To access the replay, please dial (320) 365-3844 at any time during that period, using pass code 359417. A replay will also be available on the company's web site at www.SunEdison.com.

About SunEdison

SunEdison is the world's largest renewable energy development company and is transforming the way energy is generated, distributed, and owned around the globe. The company develops, finances, installs, owns and operates renewable power plants, delivering predictably priced electricity to its residential, commercial, government and utility customers.  SunEdison is one of the world's largest renewable energy asset managers and provides customers with asset management, operations and maintenance, monitoring and reporting services. Corporate headquarters are in the United States with additional offices and technology manufacturing around the world. SunEdison's common stock is listed on the New York Stock Exchange under the symbol "SUNE." To learn more visit www.SunEdison.com.

Forward-Looking Statements

Certain matters discussed in this press release are forward-looking statements, including that for the second quarter of 2015, the company expects Unlevered Annualized CAFD for Retained MW to be between $35 million and $40 million, Third Party Sales MW to be in the range of 55 MW to 70 MW,  Retained MW to be between 245 MW and 270 MW, Total MW to be between 300 MW and 340 MW; that for the 2015 full year, expects Unlevered Annualized CAFD for Retained MW to be between $275 million and $325 million,  Third Party Sales MW to be between 260 MW and 300 MW,  Retained MW to be between 1,840 MW and 2,000 MW, Total MW to be between 2100 MW and 2300 MW and that we expect to retain on the balance sheet most of the projects currently under construction.  Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Potential risks and uncertainties include concentrated project development risks related to large scale solar projects; the availability of attractive project finance and other capital for Solar Energy projects; market demand for our products and services; changes in the pricing environment for silicon wafers and polysilicon, as well as solar power systems; the availability and size of government and economic incentives to adopt solar power, including tax policy and credits and renewable portfolio standards; the ability to effectuate and realize the savings from the restructuring plan; our ability to maintain adequate liquidity and compliance with our debt covenants; the need to impair long lived assets or other intangible assets due to changes in the carrying value or realizability of such assets; the effect of any antidumping or countervailing duties imposed on photovoltaic cells and/or modules in connection with any trade complaints in the United States, Europe or elsewhere; the result of any Chinese government investigations of unfair trade practices in connection with polysilicon exported from the United States or South Korea into China; changes to accounting interpretations or accounting rules; existing or new regulations and policies governing the electric utility industry; our ability to convert solar project pipeline into completed projects in accordance with our current expectations; dependence on single and limited source suppliers; utilization of our manufacturing volume and capacity; the terms of any potential future amendments to or terminations of our long-term agreements with our solar wafer customers or any of our suppliers; general economic conditions, including interest rates; the ability of our customers to pay their debts as they become due; changes in the composition of worldwide taxable income and applicable tax laws and regulations, including our ability to utilize any net operating losses; failure of third-party subcontractors to construct and install our solar energy systems; quarterly fluctuations in our Solar Energy business; the impact of competitive products and technologies; inventory levels of our customers; supply chain difficulties or problems; interruption of production; outcome of pending and future litigation matters; good working order of our manufacturing facilities; our ability to reduce manufacturing and operating costs; assumptions underlying management's financial estimates; actions by competitors, customers and suppliers; changes in the retail industry; damage to our brand; acquisitions of pipeline in our Solar Energy segment; changes in product specifications and manufacturing processes; changes in financial market conditions; changes in foreign economic and political conditions; changes in technology; changes in currency exchange rates; with respect to the separation of the semiconductor business, SunEdison Semiconductor Limited, our publicly traded subsidiary TerraForm Power, Inc.:  (i) which may involve a greater exposure to liability than our historic business operations, and (ii) we may be involved in various conflicts of interest which could be resolved in a manner unfavorable to us, we may not be able to achieve some or all of the expected benefits; anticipated benefits in connection with the First Wind acquisition; and other risks described in the company's filings with the Securities and Exchange Commission. In addition, we are exposed to risks associated with certain obligations to TerraForm Power associated with the initial portfolio, future Call Right Projects and interests in additional clean energy projects. The forward-looking statements contained in this press release represent the company's judgment as of the date of this press release. The company disclaims, however, any intent or obligation to update these forward-looking statements.


 

-tables to follow-

 

 


SUNEDISON, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

(In millions; except per share data)



Three Months Ended,


March 31, 2015


December 31,

 2014


March 31, 2014

Net sales

$

323



$

406



$

340


Cost of goods sold

289



348



302


Gross profit

34



58



38


Operating expenses:






Marketing and administration

193



174



88


Research and development

5



8



5


Restructuring charges

53





7


Long-lived asset impairment charges



33




Operating loss

(217)



(157)



(62)


Non-operating expense (income):






Interest expense

156



134



67


Interest income

(2)



(2)



(3)


Loss on early extinguishment of debt

20






Loss on convertible notes derivatives, net





452


Other, net

16



14



7


Total non-operating expense

190



146



523


Loss from continuing operations before income tax (benefit) expense and equity in
(loss) earnings of equity method investments

(407)



(303)



(585)


Income tax (benefit) expense

(106)



(27)



17


Loss from continuing operations before equity in (loss) earnings of equity method investments

(301)



(276)



(602)


Equity in (loss) earnings of equity method investments, net of tax

(4)



(1)



1


Loss from continuing operations

(305)



(277)



(601)


Loss from discontinued operations, net of tax

(119)



(11)



(15)


Net loss

(424)



(288)



(616)


Net loss attributable to noncontrolling interests and redeemable noncontrolling interests

52



46



2


Net loss attributable to SunEdison stockholders

$

(372)



$

(242)



$

(614)








Amounts attributable to SunEdison stockholders:






Loss from continuing operations

$

(251)



$

(231)



$

(599)


Loss from discontinued operations, net of tax

(121)



(11)



(15)


Net loss attributable to SunEdison stockholders

$

(372)



$

(242)



$

(614)








Basic loss per share:






Continuing operations [*]

$

(0.92)



$

(0.85)



$

(2.25)


Discontinued operations

(0.44)



(0.04)



(0.06)


Total basic loss per share [*]

$

(1.36)



$

(0.89)



$

(2.31)








Diluted loss per share:






Continuing operations [*]

$

(0.92)



$

(0.85)



$

(2.25)


Discontinued operations

(0.44)



(0.04)



(0.06)


Total diluted loss per share [*]

$

(1.36)



$

(0.89)



$

(2.31)








Weighted-average shares used in computing basic loss per share

273



271



267


Weighted-average shares used in computing diluted loss per share

273



271



267


[*] For the three months ended March 31, 2014, the numerator of the EPS calculation was reduced by $3 million for the holder's share of the net income of the subsidiaries as a result of a share sale agreement entered into with the noncontrolling interest holder.

 

SUNEDISON, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions)



March 31,
 2015


December 31, 2014

Assets




Current assets:




Cash and cash equivalents

$

789



$

856


Cash committed for construction projects

130



131


Current portion of restricted cash

174



156


Accounts receivable

290



373


Prepaid and other current assets

1,032



909


Current assets of discontinued operations



365


Total current assets

2,415



2,790


Investments

261



149


Property, plant and equipment, net:




Renewable energy systems

6,931



5,336


Other property, plant and equipment

1,311



1,140


Restricted cash

117



115


Goodwill

402



73


Other intangible assets

1,625



586


Other assets

750



626


Non-current assets of discontinued operations



685


Total assets

$

13,812



$

11,500






Liabilities, Redeemable Noncontrolling Interests and Stockholders' Equity




Current liabilities:




Current portion of long-term debt and short-term borrowings

$

1,414



$

1,078


Accounts payable

1,050



1,098


Accrued and other current liabilities

772



660


Current portion of deferred revenue

83



92


Current portion of contingent consideration related to acquisitions

399



26


Current liabilities of discontinued operations



192


Total current liabilities

3,718



3,146


Long-term debt, less current portion

7,747



5,915


Deferred revenue, less current portion

186



204


Contingent consideration related to acquisitions

118



17


Other liabilities

548



442


Non-current liabilities of discontinued operations



291


Total liabilities

12,317



10,015






Redeemable noncontrolling interests

34




Stockholders' equity:




Common stock

3



3


Additional paid-in capital

1,868



1,698


Accumulated deficit

(1,721)



(1,348)


Accumulated other comprehensive loss

(22)



(111)


Treasury stock

(10)



(9)


Total SunEdison stockholders' equity

118



233


Noncontrolling interests

$

1,343



$

1,252


Total stockholders' equity

1,461



1,485


Total liabilities, redeemable noncontrolling interests and stockholders' equity

$

13,812



$

11,500


 


SUNEDISON, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)



Three Months Ended,

March 31,
 2015


December 31, 2014


March 31,
 2014

Cash flows from operating activities:






Net loss

$

(424)



$

(288)



$

(616)


Adjustments to reconcile net loss to net cash used in operating activities:






Depreciation and amortization

84



97



62


Stock-based compensation

19



18



9


Deferred tax benefit

(97)



(9)



(3)


Deferred revenue

(15)



(23)



(50)


Restructuring charges

53






Loss on sale of equity interest in SSL

123






Loss on convertible notes derivatives, net





452


Loss on early extinguishment of debt

20






Long-lived asset impairment charges



34




Other non-cash

12



(10)



2


Changes in operating assets and liabilities:






Accounts receivable

82



(35)



54


Prepaid and other current assets

(33)



(78)



(31)


Accounts payable

(131)



47



(114)


Deferred revenue for renewable energy systems

18



45



58


Accrued liabilities

13



(33)



32


Other assets and liabilities

(32)



35



(70)


Net cash used in operating activities

(308)



(200)



(215)


Cash flows from investing activities:






Capital expenditures

(62)



(48)



(20)


Construction of renewable energy systems

(344)



(483)



(326)


Proceeds from sale of equity interest in SSL

188






Deposits on wind turbine equipment



(159)




Purchases of cost and equity method investments

(10)



(5)



(19)


Change in restricted cash

29



(15)



(14)


Change in cash committed for construction projects

(2)



(56)



81


Cash paid for acquisitions, net of cash acquired

(1,530)



(304)



(14)


Other

(31)



3




Net cash used in investing activities

(1,762)



(1,067)



(312)


Cash flows from financing activities:






Proceeds from short-term and long-term debt

2,386



1,333



462


Principal payments on short-term and long-term debt

(619)



(421)



(21)


Payment for capped call option

(38)






Net repayments of customer deposits related to long-term supply agreements



(12)




Proceeds from TerraForm equity offering

391



337




Common stock issued and repurchased

4



11




Contributions from noncontrolling interests

4



182



10


Cash paid for contingent consideration for acquisitions

(9)





(2)


Debt financing fees

(67)



(31)



(32)


Dividends paid by TerraForm Power

(17)



(8)




Other

(55)



(10)



2


Net cash provided by financing activities

1,980



1,381



419


Effect of exchange rate changes on cash and cash equivalents

(2)



(11)



(2)


Net (decrease) increase in cash and cash equivalents

(92)



103



(110)


Cash used by discontinued operations

(25)



(15)



(3)


Net change in cash and cash equivalents from continuing operations

(67)



118



(107)


Cash and cash equivalents at beginning of period

856



738



533


Cash and cash equivalents at end of period

$

789



$

856



$

426


 

 

SUNEDISON, INC. AND SUBSIDIARIES

UNAUDITED SUPPLEMENTAL INFORMATION

(In millions)


SUMMARY OF CONSOLIDATED DEBT OUTSTANDING







Weighted Average
Annual Interest
Rate


March 31,
 2015


December 31,
 2014

Renewable Energy Development segment debt:






Convertible senior notes due 2018, net of discount

2.00%


$

492



$

485


Convertible senior notes due 2020, net of discount

0.25%


438



432


Convertible senior notes due 2021, net of discount

2.75%


435



429


Convertible senior notes due 2022, net of discount

2.38%


334




System pre-construction, construction and term debt

12.00%


8



8


Financing leaseback obligations

5.15%


32



32


Other credit facilities

2.76%


284



215


Total recourse to SunEdison, Inc.



2,023



1,601


Margin loan due 2017

6.25%


410




Exchangeable notes due 2020

3.75%


336




Acquisition facility

8.50%


150



150


SMP Ltd. credit facilities

5.40%


366



355


System pre-construction, construction and term debt

5.26%


2,056



1,760


Capital leaseback obligations

2.98%


80



81


Financing leaseback obligations

4.57%


1,355



1,372


Other credit facilities

5.04%


190



76


Total non-recourse to SunEdison, Inc.



4,943



3,794


Total Renewable Energy Development segment debt



$

6,966



$

5,395








TerraForm Power segment debt(a):






Senior notes due 2023, net of discount

5.88%


$

795



$


Term loan facility

5.33%




574


Revolving credit facility

2.68%


150




Total recourse to TerraForm Power, Inc.



945



574


Other system financing transactions

4.80%


1,250



1,024


Total non-recourse to TerraForm Power, Inc.



1,250



1,024


Total TerraForm Power segment debt



$

2,195



$

1,598


Total debt outstanding



$

9,161



$

6,993


___________________________

(a)  Non-recourse to SunEdison

 

 

SUNEDISON, INC. AND SUBSIDIARIES

UNAUDITED SUPPLEMENTAL INFORMATION

(In millions, except MWs)


Supplemental Revenue Schedule


Three Months Ended,


March 31,

 2015


December 31,

 2014


March 31,

 2014

Previously deferred GAAP revenue recognized due to the expiration of guarantees
related to the sale of renewable energy systems(1)

$

11



$

22



$

25


Revenue from our sale-leaseback transactions accounted for as financings(2)

13



14



13


(1) On certain direct sales of renewable energy systems we are required to defer profit up to the amount of our maximum exposure for power warranties, system uptime guarantees and breach of contract provisions offered to the direct sale customers, as these contract provisions are considered continuing involvement by us in the sold renewable energy systems. This revenue is not recognized in the period in which the sale occurred under GAAP real estate accounting rules because the renewable energy systems are considered integral to the real estate on which they were built. Absent real estate accounting requirements, deferred revenues related to continuing involvement would be recognized under GAAP during the reporting period because we have historically experienced minimal losses related to these guarantees.

(2) For our sale-leaseback transactions accounted for as financings, we received cash at the transaction date for the legal sale of the solar energy system to the purchaser that was not recognized as revenue under GAAP real estate accounting rules due to the system being considered integral to the land or building on which it resides and because we have continuing involvement with the system through a purchase option. Instead, revenue from our sale-leaseback transactions is recognized through the sale of electricity and energy credits which are generated as energy is produced. Upon termination of the related lease through the non-cash extinguishment of the debt offset by any remaining net book value of the solar energy system asset, we will recognize a system development margin equal to the difference between (a) the cash proceeds from our financing partners in sale-leaseback transactions considered financings and (b) our total costs to construct the solar energy systems sold under the sale-leaseback transactions.

 

 

SUNEDISON, INC. AND SUBSIDIARIES

UNAUDITED SUPPLEMENTAL INFORMATION FOR THE RESULTS OF OPERATIONS

FOR THE THREE MONTHS ENDED MARCH 31, 2015

(In millions)





Supplemental Consolidating Data



Consolidated


Renewable Energy Development


TerraForm Power


Consolidating Adjustments


Net sales

$

323



$

262



$

71



$

(10)


(1)

Cost of goods sold

289



243



56



(10)


(1)

Gross profit

34



19



15





Operating expenses:









Marketing and administration

193



166



27





Research and development

5



5







Restructuring charges

53



53







Operating loss

(217)



(205)



(12)





Non-operating expense (income):









Interest expense

156



119



37





Interest income

(2)



(2)







Loss on early extinguishment of debt

20





20





Other, net

16



1



15





Total non-operating expense

190



118



72





Loss from continuing operations before income tax benefit and equity
      in loss of equity method investments

(407)



(323)



(84)





Income tax benefit

(106)



(106)







Loss from continuing operations before equity in loss of equity method
investments

(301)



(217)



(84)





Equity in loss of equity method investments, net of tax

(4)



(4)







Loss from continuing operations

(305)



(221)



(84)





Loss from discontinued operations, net of tax

(119)







(119)


(2)

Net loss

(424)



(221)



(84)



(119)



Net loss (income) attributable to noncontrolling interests and 
     redeemable noncontrolling interests

52



(2)



56



(2)


(3)

Net loss attributable to SunEdison stockholders

$

(372)



$

(223)



$

(28)



$

(121)



__________________________


(1)           Adjustment represents the elimination of net sales, cost of goods sold and intercompany profit in inventory related to intercompany sales

               transactions.

(2)           Adjustment represents $3 million in net income from SunEdison Semiconductor Ltd. prior to the disposal of our controlling interest on January 20,

               2015 offset by a loss on disposal of $123 million

(3)           Adjustments represents $2 million in net income attributable to noncontrolling interests in SunEdison Semiconductor Ltd. prior to the disposal of our

               controlling interest on January 20, 2015.

 

SUNEDISON, INC. AND SUBSIDIARIES

UNAUDITED SUPPLEMENTAL INFORMATION FOR THE RESULTS OF OPERATIONS

FOR THE THREE MONTHS ENDED DECEMBER 31, 2014

(In millions)





Supplemental Consolidating Data



Consolidated


Renewable Energy Development


TerraForm Power


Consolidating Adjustments


Net sales

$

406



$

382



$

43



$

(19)


(1)

Cost of goods sold

348



335



32



(19)


(1)

Gross profit

58



47



11





Operating expenses:









Marketing and administration

174



139



35





Research and development

8



8







Long-lived asset impairment charges

33



33







Operating loss

(157)



(133)



(24)





Non-operating expense (income):









Interest expense

134



103



31





Interest income

(2)



(2)







Other, net

14



7



7





Total non-operating expense

146



108



38





Loss from continuing operations before income tax benefit and equity in 
     (loss) earnings of equity method investments

(303)



(241)



(62)





Income tax benefit

(27)



(26)



(1)





Loss from continuing operations before equity in loss of equity method 
 investments

(276)



(215)



(61)





Equity in loss of equity method investments, net of tax

(1)



(1)







Loss from continuing operations

(277)



(216)



(61)





Loss from discontinued operations, net of tax

(11)







(11)


(2)

Net loss

(288)



(216)



(61)



(11)



Net loss attributable to noncontrolling interests

46



5



41





Net loss attributable to SunEdison stockholders

$

(242)



$

(211)



$

(20)



$

(11)



__________________________


(1)           Adjustment represents the elimination of net sales, cost of goods sold and intercompany profit in inventory related to intercompany sales transactions.

(2)           Adjustment represents $11 million in net loss from SunEdison Semiconductor Ltd.

 

 

SUNEDISON, INC. AND SUBSIDIARIES

UNAUDITED SUPPLEMENTAL INFORMATION FOR THE RESULTS OF OPERATIONS

FOR THE THREE MONTHS ENDED MARCH 31, 2014

(In millions)





Supplemental Consolidating Data



Consolidated


Renewable Energy Development


TerraForm Power


Consolidating Adjustments


Net sales

$

340



$

346



$

8



$

(14)


(1)

Cost of goods sold

302



312



4



(14)


(1)

Gross profit

38



34



4





Operating expenses:









Marketing and administration

88



86



2





Research and development

5



5







Restructuring charges

7



7







Operating loss

(62)



(64)



2





Non-operating expense (income):









Interest expense

67



60



7





Interest income

(3)



(3)







Loss on convertible notes derivatives, net

452



452







Other, net

7



6



1





Total non-operating expense

523



515



8





Loss from continuing operations before income tax expense (benefit)
      and equity in earnings of equity method investments

(585)



(579)



(6)





Income tax expense (benefit)

17



19



(2)





Loss from continuing operations before equity in earnings of equity 
     method investments

(602)



(598)



(4)





Equity in earnings of equity method investments, net of tax

1



1







Loss from continuing operations

(601)



(597)



(4)





Loss from discontinued operations, net of tax

(15)







(15)


(2)

Net loss

(616)



(597)



(4)



(15)



Net loss attributable to noncontrolling interests

2



2







Net loss attributable to SunEdison stockholders

$

(614)



$

(595)



$

(4)



$

(15)



__________________________


(1)           Adjustment represents the elimination of net sales, cost of goods sold and intercompany profit in inventory related to intercompany sales

               transactions.

(2)           Adjustment represents $15 million in net loss from SunEdison Semiconductor Ltd.

 

SUNEDISON, INC. AND SUBSIDIARIES

UNAUDITED SUPPLEMENTAL INFORMATION FOR CASH FLOW

FOR THE THREE MONTHS ENDED MARCH 31, 2015

(In millions)





Supplemental Consolidating Data


Consolidated


Renewable Energy Development


TerraForm Power


Discontinued Operations


Consolidating Adjustments

Cash flows from operating activities:










Net loss

$

(424)



$

(221)



$

(84)



$

(119)



$


Adjustments to reconcile net loss to net cash used in operating
activities:










Depreciation and amortization

84



35



39



10




Stock-based compensation

19



13



5



1




Deferred tax (benefit) expense

(97)



(97)








Deferred revenue

(15)



(15)








Restructuring charges

53



53








Loss on sale of equity interest in SSL

123







123




Loss on early extinguishment of debt

20





20






Other non-cash

12



(8)



20






Changes in operating assets and liabilities

(83)



(56)



(11)



(16)




Net cash used in operating activities

(308)



(296)



(11)



(1)




Cash flows from investing activities:










Capital expenditures

(62)



(48)





(14)




Construction of renewable energy systems

(344)



(343)



(83)





82


Contribution of renewable energy systems



82







(82)


Proceeds from sale of equity interest in SSL

188



188








Purchases of cost and equity method investments

(10)



(10)








Change in restricted cash

29



29








Change in cash committed for construction projects

(2)



(2)








Cash paid for acquisitions, net of cash acquired

(1,530)



(719)



(811)






Change in intercompany note balances



15



(15)






Other

(31)



(13)



(9)



(9)




Net cash used in investing activities

(1,762)



(821)



(918)



(23)




Cash flows from financing activities:










Proceeds from short-term and long-term debt

2,386



1,316



1,070






Principal payments on short-term and long-term debt

(619)



(43)



(576)






Payment for capped call option

(38)



(38)








Proceeds from TerraForm equity offering

391



49



342






Net parent investment and other intercompany financing activity



112



(112)






Common stock issued and repurchased

4



4








Contributions from noncontrolling interests

4



6



(2)






Cash paid for contingent consideration for acquisitions

(9)



(9)








Debt financing fees

(67)



(30)



(37)






Dividends paid by TerraForm Power

(17)





(17)






Other

(55)



(1)



(54)






Net cash provided by financing activities

1,980



1,366



614






Effect of exchange rate changes on cash and cash equivalents

(2)



(1)





(1)




Net (decrease) increase in cash and cash equivalents

(92)



248



(315)



(25)




Cash used by discontinued operations

(25)







(25)




Net change in cash and cash equivalents from
continuing operations

(67)



248



(315)






Cash and cash equivalents at beginning of period

856



388



468






Cash and cash equivalents at end of period

$

789



$

636



$

153






 

SUNEDISON, INC. AND SUBSIDIARIES

UNAUDITED SUPPLEMENTAL INFORMATION FOR CASH FLOW

FOR THE THREE MONTHS ENDED DECEMBER 31, 2014

(In millions)





Supplemental Consolidating Data


Consolidated


Renewable Energy Development


TerraForm Power


Discontinued Operations


Consolidating Adjustments

Cash flows from operating activities:










Net loss

$

(288)



$

(216)



$

(61)



$

(11)



$


Adjustments to reconcile net loss to net cash (used in) provided by 
     operating activities:










Depreciation and amortization

97



39



29



29




Stock-based compensation

18



10



4



4




Deferred tax (benefit) expense

(9)



(14)





5




Deferred revenue

(23)



(23)








Long-lived asset impairment charges

34



33





1




Other non-cash

(10)



(22)



7



5




Changes in operating assets and liabilities

(19)



(73)



78



(24)




Net cash (used in) provided by operating activities

(200)



(266)



57



9




Cash flows from investing activities:










Capital expenditures

(48)



(25)





(23)




Construction of renewable energy systems

(483)



(480)



(203)





200


Contribution of renewable energy systems



200







(200)


Deposits on wind turbine equipment

(159)



(159)








Purchases of cost and equity method investments

(5)



(5)








Change in restricted cash

(15)



(39)



24






Change in cash committed for construction projects

(56)



(56)








Cash paid for acquisitions, net of cash acquired

(304)



(15)



(289)






Change in intercompany note balances



94



(94)






Other

3



1





2




Net cash used in investing activities

(1,067)



(484)



(562)



(21)




Cash flows from financing activities:










Proceeds from short-term and long-term debt

1,333



849



484






Principal payments on short-term and long-term debt

(421)



(194)



(226)



(1)




Net repayments of customer deposits related to long-term 
     supply agreements

(12)



(12)








Proceeds from TerraForm equity offering

337





337






Net parent investment and other intercompany financing 
     activity



(8)



8






Common stock issued and repurchased

11



11








Contributions from noncontrolling interests

182



23



159






Debt financing fees

(31)



(20)



(11)






Dividends paid by TerraForm Power

(8)



1



(9)






Other

(10)



18



(28)






Net cash provided by (used in) financing activities

1,381



668



714



(1)




Effect of exchange rate changes on cash and cash equivalents

(11)



(9)





(2)




Net increase (decrease) in cash and cash equivalents

103



(91)



209



(15)




Cash used by discontinued operations

(15)







(15)




Net change in cash and cash equivalents from continuing 
     operations

118



(91)



209






Cash and cash equivalents at beginning of period

738



479



259






Cash and cash equivalents at end of period

$

856



$

388



$

468






 

 

SUNEDISON, INC. AND SUBSIDIARIES

UNAUDITED SUPPLEMENTAL INFORMATION FOR CASH FLOW

FOR THE THREE MONTHS ENDED MARCH 31, 2014

(In millions)





Supplemental Consolidating Data


Consolidated


Renewable Energy Development


TerraForm Power


Discontinued Operations


Consolidating Adjustments

Cash flows from operating activities:










Net loss

$

(616)



$

(597)



$

(4)



$

(15)



$


Adjustments to reconcile net loss to net cash used in operating 
     activities:










Depreciation and amortization

62



30



4



28




Stock-based compensation

9



7





2




Deferred tax benefit

(3)





(1)



(2)




Deferred revenue

(50)



(50)








Loss on convertible notes derivatives, net

452



452








Other non-cash

2



2








Changes in operating assets and liabilities

(71)



(82)



(20)



31




Net cash (used in) provided by operating activities

(215)



(238)



(21)



44




Cash flows from investing activities:










Capital expenditures

(20)



(1)





(19)




Construction of renewable energy systems

(326)



(326)



(99)





99


Contribution of renewable energy systems



99







(99)


Purchases of cost and equity method investments

(19)



(19)








Change in restricted cash

(14)



(34)



20






Change in cash committed for construction projects

81



81








Cash paid for acquisitions, net of cash acquired

(14)





(14)






Change in intercompany note balances



(3)





3




Net cash used in investing activities

(312)



(203)



(93)



(16)




Cash flows from financing activities:










Proceeds from short-term and long-term debt

462



148



314






Principal payments on short-term and long-term debt

(21)



(20)



(1)






Net parent investment and other intercompany financing 
     activity



(5)



36



(31)




Contributions from noncontrolling interests

10



9



1






Cash paid for contingent consideration for acquisitions

(2)



(2)








Debt financing fees

(32)



(17)



(15)






Other

2



2








Net cash provided by (used in) financing activities

419



115



335



(31)




Effect of exchange rate changes on cash and cash equivalents

(2)



(2)








Net (decrease) increase in cash and cash equivalents

(110)



(328)



221



(3)




Cash used by discontinued operations

(3)







(3)




Net change in cash and cash equivalents from continuing 
     operations

(107)



(328)



221






Cash and cash equivalents at beginning of period

533



532



1






Cash and cash equivalents at end of period

$

426



$

204



$

222






 

 

Supplemental Definitions

Annualized Unlevered CAFD: 12 months of post-completion project operating cash flow, calculated as project revenue, inclusive of cash received directly or indirectly due to governmental incentive programs (including but not limited to feed-in-tariffs,  and sale or allocation of solar renewable energy credits, production tax credits, etc.), less project operating expenses but prior to interest payments for project level debt.

Backlog: A project that qualifies for pipeline that has an associated executed PPA, other executed off-take agreement, such as a feed-in-tariff, or an un-executed, alternative energy off-take agreement (i.e. hedge) in advanced stages of negotiation and in a liquid market where the off-take agreement is readily available.

Cash Available for Distribution (CAFD): A supplemental non-GAAP measure. This measurement is not recognized in accordance with GAAP and should not be viewed as an alternative to GAAP measures of performance, including net income, net cash provided by (used in) operating activities or any other liquidity measure determined in accordance with GAAP, nor is it indicative of funds available to fund our cash needs

Delivered MW: The aggregate of Retained MW and 3rd Party Sales MW for the period.

Lead: An early stage project for which a potential customer or offtake has been identified.

MW: All references to watts (e.g., Megawatts, Gigawatts, MW, GW, etc.) refer to measurements of direct current, or "DC," with respect to solar generation assets, and measurements of alternating current, or "AC," with respect to wind generation assets. Represents the nameplate production capacity.  Nameplate capacity for solar projects represents the maximum generating capacity at standard test conditions of a facility.  Nameplate capacity for wind facilities represents the manufacturer's maximum nameplate generating capacity of each turbine multiplied by the number of turbines at a facility.

Pipeline: A project with either a signed or awarded PPA or other energy offtake agreement or that has achieved each of the following three items: a) site control, b) an identified interconnection point with an estimate of the interconnection costs, and c) a determination that there is a reasonable likelihood that an energy offtake agreement will be signed.

Qualified Lead: A project with an identified customer or offtake and more clearly identified characteristics including but not limited to governmental program qualification and interconnection point.

Retained MW: Represents the number of MW for completed projects and percentage of completion for projects under construction during that period that are associated with the expected receipt of ongoing cash flow due to control or contract with SunEdison, a subsidiary, or affiliate.

Retained Annualized Unlevered CAFD:  12 months of post-completion cash flows expected to be received by SunEdison, a subsidiary, or affiliate from Annualized Unlevered CAFD or other ongoing cash flows associated with Retained MW.

TERP Drops: Represents the number of MW for completed and operational projects that were dropped down to TerraForm during the period.

3rd Party Sales MW: Represents the number of MW for completed projects and percentage of completion for projects under construction during the period that will be sold to third parties. Also included are cash sales through channel partners including installations, kits, modules, solar water pumps, and other residential and small commercial equipment and system sales.

Under Construction: A project within pipeline and backlog, in various stages of completion, which is not yet operational.

To view the original version on PR Newswire, visit: http://www.prnewswire.com/news-releases/sunedison-reports-first-quarter-results-300079480.html

SOURCE SunEdison, Inc.

Contact:
SunEdison, Inc.
Investors/Analysts: R. Phelps Morris, Vice President, Investor Relations, (314) 770-7325
Email Contact Kurt S. Wittenauer, Senior Manager, Investor Relations, (314) 770-7450
Email Contact
Web: http://www.sunedison.com