Short answer
Clearway Energy Inc (CWEN) filed its fiscal 2018 10-K annual report with the SEC on Feb 28, 2019. It reported revenue of $1.1B (+4.4% year over year) and net income of $48M.
- Top risk flagged: PG&E Chapter 11 bankruptcy: PG&E represented 23% of 2018 operating revenue and contracted six solar facilities totaling 480 MW plus Marsh Landing at 720 MW
FY2018 key financial metrics · XBRL
- Revenue
- $1.1B
- +4.4% YoY
- Net income
- $48M
- +400.0% YoY
- Operating margin
- 33.0%
- +4.9 pp YoY
- EPS (diluted)
- −$0.63
- +11.3% YoY
- ROE
- 2.2%
- +2.9 pp YoY
- Operating cash flow
- $498M
- −3.5% YoY
Source: XBRL data from the Clearway Energy Inc (CWEN) FY2018 10-K on SEC EDGAR. USD.
Clearway Energy Inc FY2018 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Section 'business' was empty or not found.
Management Discussion & Analysis
- Operating revenue $1,053M, up $44M from $1,009M in 2017
- Income tax expense $62M on pretax income $116M, versus $72M on $48M
- Renewables best segment, gross margin up $22M; Conventional worst, gross margin down $1M
- Operating cash flow declined $19M; capex $83M, including $36M maintenance
- $600M debt issuance and $79M ATM proceeds; PG&E bankruptcy drove dividend reduction to $0.20 per share and distribution risk
Risk Factors
- PG&E Chapter 11 bankruptcy: PG&E represented 23% of 2018 operating revenue and contracted six solar facilities totaling 480 MW plus Marsh Landing at 720 MW
- Customer concentration: SCE and PG&E generated 40% and 23% of 2018 consolidated revenue, respectively
- Transmission dependency: Third-party grid constraints could curtail generation without compensation and limit delivery to customers
- Competitive disruption: More advanced generation technologies could lower rivals’ production costs and undermine offtake renewals
- Leverage and control: $6,044 million consolidated debt, while GIP held 55.0% of combined voting power
Generated from the filing text; verify against the original. How to read a 10-K
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