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ET | Source: Scatec Solar

Oslo, November 23, 2017: The Board of Directors of Scatec Solar ASA ('SSO') call for an Extraordinary General Meeting to be held at the Company's registered office in Karenslyst Allé 49, 0279 Oslo (4th floor) on 14 December 2017 at 09:00 (CET) for the purpose of electing a new Member of the Board of Directors.

The complete Notice of the Extraordinary General Meeting is enclosed, and will also be distributed by post to Scatec Solar's registered shareholders as of today. 

For further information, please contact:

- Mr. Raymond Carlsen, CEO, tel: +47 454 11 280,
  E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

- Mr. Mikkel Tørud, CFO, tel: +47 976 99 144,
  E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

About Scatec Solar
Scatec Solar is an integrated independent solar power producer, delivering affordable, rapidly deployable and sustainable source of clean energy worldwide. A long term player, Scatec Solar develops, builds, owns, operates and maintains solar power plants, and already has an installation track record of close to 600 MW.

Currently, the company is producing electricity from 322 MW of solar power plants in the Czech Republic, South Africa, Rwanda, Honduras and Jordan and another 394 MW are under construction.

 With an established global presence, the company is growing briskly with a project backlog and pipeline of more than 1.5 GW under development in the Americas, Africa, Asia and the Middle East. Scatec Solar is headquartered in Oslo, Norway.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Attachments:

http://www.globenewswire.com/NewsRoom/AttachmentNg/87fc1c84-6cf0-4738-9652-d6204aaa5a03

Read more: Scatec Solar ASA: Notice of Extraordinary...

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ET | Source: RGS Energy

DENVER, Nov. 20, 2017 (GLOBE NEWSWIRE) --  RGS Energy (NASDAQ:RGSE), America’s Original Solar Company since 1978, announced today the on-time launch of Solar 365™, its new mobile software and online dashboard suite, creating a better and more engaging customer experience every day of the year.

“We wanted to see if there was an innovative way we could use software to help us grow revenue,” said Dennis Lacey, RGS Energy’s CEO.  “We specifically focused on elements of our revenue growth strategy which include: increasing conversion rates, reducing our cycle time, decreasing contract cancellations and more satisfied customers resulting in more referrals. Solar 365™ was designed to address each of these elements of the customer experience to drive revenue growth.”

The new mobile app and customer portal provides several highly useful features and benefits designed to support today’s busy consumer lifestyle:

  • New and prospective customers can easily navigate Solar 365™ and conveniently access information and documents regarding their planned solar installation wherever and whenever it is convenient.
     
  • Customers can access important updates, schedule appointments, and submit requests via a new real-time communication tool, with instant access to the right team member working on their project.
     
  • After installation, customers can easily access and view their cost savings and production stats in kilowatts, as well as dollars earned if net metering.
     
  • Users can track the various ways their new solar installation has lowered their environmental impact, and proudly share their stats with friends and family via email, Facebook and Twitter.
     
  • Customers can earn up to $500 in bonus rewards for each successful referral. Customers can enter referral contact info, monitor progress and track their referral reward payouts.
     
  • Making payments is now easier and more convenient.

According to Dan Coffey, RGS Energy’s IT director who led the development of Solar 365™: “This brings our customers, sales and construction teams all together in a more dynamic, fun and easier way to go solar. Solar 365™ was installed on time and as budgeted.”

RGS Energy also expects to realize a number of new key benefits from the Solar 365 platform:

  • Raise awareness of RGS Energy’s industry-leading solar solutions and customer service through new social media channels.
     
  • Increase conversion rates of prospective customers through more engaging communication and interactivity.
     
  • Reduce solar installation cycle time by streamlining the scheduling process, and making the experience easier and more convenient for all.
     
  • Reduce cancellations by keeping new customers better informed of the status and progress of their solar project.
     
  • Boost sales by making customers referrals easier and more engaging, and encourage more referrals by allowing customers to track and share their cost savings, production and environmental impact stats with friends and family.
     
  • Improve timeliness of customer payments as well as provide other new operating efficiencies for driving revenue growth while lowering costs.

Anyone can register today for a Solar 365™ account by visiting http://solar365.rgsenergy.com/ or via the free Solar 365™ app available today from Apple Store or Google Play.

About RGS Energy
RGS Energy (NASDAQ:RGSE) is America’s Original Solar Company providing solar, storage and energy services, whose mission is to provide clean energy savings. The company sells, designs, installs solar systems for residential homeowners and small business companies.  The company is also the exclusive manufacturer of POWERHOUSE™, an innovative in-roof solar shingle using technology developed by The Dow Chemical Company. 

For more information, visit RGSEnergy.com, RGSPOWERHOUSE.com, on Facebook at www.facebook.com/rgsenergy and on Twitter at www.twitter.com/rgsenergy.  Information on such websites is not incorporated by reference into this press release.

RGS Energy is the company’s registered trade name. The company files periodic and other reports with the Securities and Exchange Commission under its official name “Real Goods Solar, Inc.”

Solar 365™ is a trademark of Real Goods Solar, Inc.

POWERHOUSE™ is a trademark of The Dow Chemical Company, used under license.

Forward-Looking Statements and Cautionary Statements
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, including statements regarding the RGS Energy’s strategy for revenue growth.  Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they provide our current beliefs, expectations, assumptions, forecasts, and hypothetical constructs about future events, and include statements regarding our future results of operations and financial position, business strategy, budgets, projected costs, plans and objectives of management for future operations. The words “expect,” “plan,” “future,” “may,” “will,” and similar expressions as they relate to us are intended to identify such forward-looking statements.

Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all.  Forward looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements.  Therefore, RGS Energy cautions you against relying on any of these forward-looking statements.

Key risks and uncertainties that may cause a change in any forward-looking statement or that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include: RGS Energy’s ability to utilize the software to improve the lead-to-conversion rate installation cycle time, and to reduce contract cancellations; RGS Energy’s ability to use the software to grow its revenue ; and customer acceptance of, experience with and satisfaction with the new software.

You should read the section entitled “Risk Factors” in our 2016 Annual Report on Form 10-K, as amended, and in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2017, which has been filed with the Securities and Exchange Commission, which identify certain of these and additional risks and uncertainties. Any forward-looking statements made by us in this press release speak only as of the date of this press release. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Investor Relations Contact
Ron Both
Managing Partner, CMA
Tel 1-949-432-7566
This email address is being protected from spambots. You need JavaScript enabled to view it.

Read more: RGS Energy Launches Solar 365™ to Further Drive...

Completed Acquisition of First Solar's 34 Percent Stake in 300-MW Stateline Project on December 1, 2016

Increased Fourth Quarter Distribution by 3.5 percent over Third Quarter Distribution

SAN JOSE, Calif., Jan. 26, 2017 /PRNewswire/ -- 8point3 Energy Partners LP (NASDAQ:CAFD) today announced financial results for its fourth fiscal quarter ended November 30, 2016.

8point3 Energy Partners LP Logo
  • Exceeded Q4 2016 revenue, net income and Adjusted EBITDA guidance
  • Completed acquisition of minority stakes in SunPower's Henrietta and First Solar's Stateline projects
  • Declared Q4 2016 distribution of $0.2490 per share, an increase of 3.5 percent over the Q3 2016 distribution
  • Forecasts Q1 2017 distribution of $0.2565per share, an increase of 3.0 percent compared to the Q4 2016 distribution

For the fourth quarter of fiscal 2016, 8point3 Energy Partners reported revenue of $14.5 million, net income of $4.2 million, adjusted EBITDA of $18.3 million and cash available for distribution (CAFD) of $20.4 million. The partnership's fourth quarter 2016 CAFD results do not include approximately $6.0 million in network upgrade reimbursements that were expected to be received in the fourth quarter per the partnership's existing interconnection agreement with a utility. The reimbursement was received shortly after the partnership's fiscal year end and will be reflected in the partnership's CAFD results in the first quarter of 2017.  

"We continued to benefit from our high-quality solar portfolio as we met or exceeded most key financial metrics for the quarter while increasing our distribution rate for the sixth quarter in a row," said Chuck Boynton, 8point3 Energy Partners CEO. "As of the end of November, our portfolio consisted of interests in 642-megawatts (MW) of U.S. solar generating assets including the acquisition of SunPower's 49 percent minority interest in its 102-MW Henrietta project that we completed during the quarter. Also, we were pleased to close the acquisition of First Solar's 34 percent minority interest in its 300-MW Stateline project on December 1, 2016 which brings our total portfolio to interests in 942-MW of assets as of today. The Henrietta and Stateline projects are expected to generate approximately $11 million and $32 million in annual cash distributions respectively and both have 20 year contract lives. We are pleased to add these assets to our portfolio as they are in line with our long-term strategic focus of acquiring solar assets with strong, cash flows with investment grade offtakes," concluded Boynton. 

Additionally, the partnership's sponsors have proposed to remove the 100-MW El Pelicano project and the 179-MW Switch Station project from the right of first offer (ROFO) portfolio as the partnership will likely not acquire these projects during its 2017 fiscal year.  The potential removal of these projects from the ROFO portfolio is subject to the approval of the partnership's Board of Directors and its Conflicts Committee.

Also, the Board of Directors of the partnership's general partner declared a cash distribution for its Class A shares of $0.2490 per share for the fourth quarter. The fourth quarter distribution was paid on January 13, 2017 to shareholders of record as of January 3, 2017.

"Our solid fourth quarter results reflect the stability and strength of our asset portfolio," said Bryan Schumaker, 8point3 Energy Partners chief financial officer.  "We achieved key financial goals and feel that with our differentiated model, predictable cash flows from high quality solar assets, committed sponsor support and our recent project acquisitions, we remain well positioned to drive long term sustainable cash flows for our shareholders."

Guidance

The partnership's first quarter 2017 guidance is as follows: revenue of $9.3 million to $9.8 million, net loss of ($6.4) million to ($5.6)  million, adjusted EBITDA of $11.8 million to $12.6 million, CAFD of $19.8 million to $20.3 million and a distribution of $0.2565 per share, a forecasted increase of 3.0 percent compared to the Q4 2016 distribution. 

The partnership's fiscal year 2017 guidance is as follows: 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 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, January 26, 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 Transition Report on Form 10-K for the transition period from December 28, 2014 to November 30, 2015, filed with the Securities and Exchange Commission on January 28, 2016. 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
Consolidated Balance Sheets
(In thousands, except share data)




November 30,



November 30,




2016



2015


Assets









Current assets:









Cash and cash equivalents


$

14,261



$

56,781


Accounts receivable and short-term financing receivables, net



5,401




4,289


Prepaid and other current assets1



15,745




8,033


Total current assets



35,407




69,103


Property and equipment, net



720,132




486,942


Long-term financing receivables, net



80,014




83,376


Investments in unconsolidated affiliates



475,078




352,070


Other long-term assets



24,432




26,142


Total assets


$

1,335,063



$

1,017,633


Liabilities and Equity









Current liabilities:









Accounts payable and other current liabilities1


$

23,771



$

2,612


Short-term debt and financing obligations



1,964




1,964


Deferred revenue, current portion



870




489


Total current liabilities



26,605




5,065


Long-term debt and financing obligations



384,436




297,206


Deferred revenue, net of current portion



308




746


Deferred tax liabilities



30,733




12,491


Asset retirement obligations



13,448




9,992


Total liabilities



455,530




325,500


Redeemable noncontrolling interests



17,624




89,747


Commitments and contingencies









Equity:









Class A shares, 28,072,680 and 20,007,281 issued and outstanding as of November 30, 2016 and November 30, 2015, respectively



249,138




392,748


Class B shares, 51,000,000 issued and outstanding as of November 30, 2016 and November 30, 2015







Accumulated earnings



22,440




15,580


Total shareholders' equity attributable to 8point3 Energy Partners LP



271,578




408,328


Noncontrolling interests



590,331




194,058


Total equity



861,909




602,386


Total liabilities and equity


$

1,335,063



$

1,017,633




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 consolidated balance sheets were $0.9 million due from Sponsors as of both November 30, 2016 and November 30, 2015. Related-party balances recorded within "Accounts payable and other current liabilities" in the consolidated balance sheets were $19.7 million and $0.2 million due to Sponsors as of November 30, 2016 and November 30, 2015, respectively, and $1.0 million and zero due to tax equity investors as of November 30, 2016 and November 30, 2015, respectively. 

8point3 Energy Partners LP
Consolidated Statements of Operations
(In thousands, except per share data)




Year Ended



Eleven Months Ended



Year Ended




November 30,



November 30,



December 28,




2016



2015



2014


Revenues:













Operating revenues1


$

61,198



$

10,660



$

9,231


Total revenues



61,198




10,660




9,231


Operating costs and expenses1:













Cost of operations



6,959




2,624




(3,195)


Cost of operations—SunPower, prior to IPO






468




937


Selling, general and administrative



7,003




10,702




4,818


Depreciation and accretion



22,792




4,291




2,339


Acquisition-related transaction costs



2,271




212





Total operating costs and expenses



39,025




18,297




4,899


Operating income (loss)



22,173




(7,637)




4,332


Other expense (income):













Interest expense



12,081




1,860




5,525


Interest income



(1,203)




(1,470)





Other expense (income)



(1,518)




12,536





Total other expense, net



9,360




12,926




5,525


Income (loss) before income taxes



12,813




(20,563)




(1,193)


Income tax provision



(18,244)




(12,503)




(23)


Equity in earnings of unconsolidated investees



18,341




9,055





Net income (loss)



12,910




(24,011)




(1,216)


Less: Predecessor loss prior to IPO on June 24, 2015






(20,095)






Net income (loss) subsequent to IPO



12,910




(3,916)






Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests



(14,191)




(22,642)






Net income attributable to 8point3 Energy Partners LP Class A shares


$

27,101



$

18,726






Net income per Class A share:













Basic


$

1.27



$

0.94






Diluted


$

1.27



$

0.94






Distributions per Class A share:


$

0.91



$

0.16






Weighted average number of Class A shares:













Basic



21,420




20,002






Diluted



36,920




35,034








1 

The Partnership has related-party activities for transactions made with the Sponsors. Related party transactions recorded within "Operating revenues" in the consolidated statement of operations were $5.2 million for the year ended November 30, 2016, $2.3 million for the eleven months ended November 30, 2015, and zero for the year ended December 28, 2014. Related party transactions recorded within "Operating costs and expenses" in the consolidated statement of operations were $7.0 million for the year ended November 30, 2016, $1.4 million for the eleven months ended November 30, 2015, and $0.9 million for the year ended December 28, 2014.

8point3 Energy Partners LP
Consolidated Statements of Cash Flows
(In thousands)




Year Ended



Eleven Months Ended



Year Ended




November 30,



November 30,



December 28,




2016



2015



2014


Cash flows from operating activities:













Net income (loss)


$

12,910



$

(24,011)



$

(1,216)


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













Depreciation, amortization and accretion



22,880




4,291




2,339


Unrealized loss (gain) on interest rate swap



(1,508)




611





Interest expense on financing obligation






1,193




4,838


Loss on termination of financing obligation






6,477





Reserve for rebates receivable






1,338





Distributions from unconsolidated investees



18,075




6,766





Equity in earnings of unconsolidated investees



(18,341)




(9,055)





Deferred income taxes



18,242




12,491





Share-based compensation



224




112





Amortization of debt issuance costs



626








Changes in allowance for doubtful accounts



370




328





Changes in operating assets and liabilities:













Accounts receivable and financing receivable, net



1,481




46




(4,118)


Cash grants receivable






146




1,099


Rebates receivable






(121)




2,685


Solar power systems to be leased under sales type leases






197




463


Prepaid and other current assets



(1,435)




(4,258)





Deferred revenue



(59)




(118)




(819)


Accounts payable and other current liabilities



1,171




5,403




(3,470)


Net cash provided by operating activities



54,636




1,836




1,801


Cash flows from investing activities:













Cash provided by (used in) purchases of property and equipment



1,167




(223,688)




(58,457)


Cash paid for acquisitions



(284,797)








Receipts of cash grants related to solar energy systems under operating leases









3,226


Distributions from unconsolidated investees



11,629




4,672





Net cash used in investing activities



(272,001)




(219,016)




(55,231)


Cash flows from financing activities:













Proceeds from issuance of Class A shares, net of issuance costs



113,325




393,750





Proceeds from issuance of bank loans, net of issuance costs



86,567




461,192




61,481


Proceeds from issuance of promissory note to First Solar






1,964





Repayment of bank loans






(264,143)





Capital contributions from SunPower



9,973




341,694




3,147


Capital distributions to SunPower






(3,163)




(11,198)


Cash distribution to First Solar at IPO






(283,697)





Cash distribution to SunPower at IPO






(371,527)





Cash distribution to SunPower for the remaining purchase price payments of initial projects






(202,680)





Cash distribution to Class A shareholders



(20,241)




(3,146)





Cash distributions to Sponsors as OpCo unitholders



(12,271)








Cash contributions from noncontrolling interests and redeemable noncontrolling interests - tax equity investors



3,671




203,717





Cash distributions to noncontrolling interests and redeemable noncontrolling interests - tax equity investors



(6,179)








Net cash provided by financing activities



174,845




273,961




53,430


Net increase (decrease) in cash and cash equivalents



(42,520)




56,781





Cash and cash equivalents, beginning of period



56,781








Cash and cash equivalents, end of period


$

14,261



$

56,781



$


Non-cash transactions:













Assignment of financing receivables to a third-party financial institution


$



$

1,279



$

7,815


Property and equipment acquisitions funded by liabilities



19,538







8,675


Property and equipment additions funded by SunPower post-IPO






50,683





Settlement of related party payable by capital contribution from tax equity investor



46,837








Predecessor liabilities assumed by SunPower






48,588





Accrued distributions to noncontrolling interests and redeemable noncontrolling interests - tax equity investors



975








Issuance by OpCo of OpCo common units, subordinated units and IDRs for acquisition of interests in First Solar Project Entities






408,820





Supplemental disclosures:













Cash paid for interest, net of amounts capitalized



11,525




437




688


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 distribution. 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 November 30, 2016, August 31, 2016, and November 30, 2015, and the year ended November 30, 2016, the eleven months ended November 30, 2015 and the year ended December 28, 2014, respectively:

8point3 Energy Partners LP
Reconciliation of Net Income (Loss) to Adjusted EBITDA and Cash Available for Distribution (CAFD)
(Unaudited)











Three Months Ended



Year Ended



Eleven Months Ended



Year Ended




November 30,



August 31,



November 30,



November 30,



November 30,



December 28,


(in thousands)


2016



2016



2015



2016



2015



2014


Net income (loss)


$

4,250



$

15,874



$

(8,644)



$

12,910



$

(24,011)



$

(1,216)


Add (Less):

























Interest expense, net of interest income



2,664




2,903




(33)




10,870




390




5,525


Income tax provision



2,963




5,063




11,796




18,244




12,503




23


Depreciation, amortization and accretion



6,556




6,311




1,917




22,880




4,291




2,339


Share-based compensation



56




56




56




224




112





Acquisition-related transaction costs (1)



10




599




212




2,271




212





Selling, general and administrative (2)















6,372




2,334


Loss on cash flow hedges related to

Quinto interest rate swaps















5,448





Loss on termination of residential

financing obligations















6,477





Unrealized loss (gain) on derivatives (3)



(972)




(285)




(159)




(1,508)




611





Add proportionate share from

equity method investments (4)

























Interest expense, net of interest income



(375)




(54)




(144)




(524)




(165)





Depreciation, amortization and accretion



3,142




2,397




3,052




10,825




5,212





Adjusted EBITDA


$

18,294



$

32,864



$

8,053



$

76,192



$

17,452



$

9,005


Less:

























Equity in earnings of unconsolidated affiliates, net with (4) above (5)



(7,604)




(10,418)




(5,849)




(28,642)




(14,102)





Cash interest paid (6)



(3,000)




(3,278)




(2,787)




(12,176)




(4,502)





Cash income taxes paid



(2)










(2)








Maintenance capital expenditures



(50)










(50)








Cash distributions to non-controlling interests



(2,412)




(2,826)







(6,142)








Add:

























Cash distributions from unconsolidated affiliates (7)



14,054




7,018




6,230




30,129




10,902





Indemnity payment from Sponsors (8)



279




64




3,900




10,316




3,900





Short-term Note (9)









1,964







1,964





Test electricity generation (10)









4,020




421




5,576





Cash proceeds (usage) from sales-type residential leases, net (11)



649




630




754




2,550




2,730




2,746


State and local rebates (12)












299








Cash proceeds for reimbursable network upgrade costs (13)



222










222








Cash available for distribution


$

20,430



$

24,054



$

16,285



$

73,117



$

23,920



$

11,751




(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 allocation of the Predecessor's corporate overhead in selling, general and administrative expenses.



(3)

Represents the changes in fair value of interest rate swaps that were not designated as cash flow hedges.



(4)

Represents our proportionate share of net interest expense, depreciation, amortization and accretion from our unconsolidated affiliates that are accounted for under the equity method.



(5)

Equity in earnings of unconsolidated affiliates represents the earnings from the Solar Gen 2 Project, the North Star Project, the Lost Hills Blackwell Project and the Henrietta Project and is included on our consolidated statements of operations.



(6)

Represents cash interest payments related to our term loan and revolving credit facilities post-IPO. The interest payments for the Quinto Credit Facility on the Predecessor's combined carve-out financial statements were excluded as they were funded by one of our Sponsors.



(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 and the Henrietta Project.



(8)

Represents indemnity payments from the Sponsors owed to OpCo in accordance with the Omnibus Agreement.



(9)

Represents a working capital loan from First Solar.



(10)

Test electricity generation represents the sale of electricity that was generated prior to COD by the Kingbird Project for the year ended November 30, 2016 and by the Quinto Project, the RPU Project, the UC Davis Project and the Macy's California Project for the eleven months ended November 30, 2015. 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.



(11)

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.



(12)

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.



(13)

Cash proceeds from a utility company related to reimbursable network upgrade costs associated with the Kingbird Project.

8point3 Energy Partners LP
FY 2017 Q1 Guidance
Reconciliation of Net Loss to Adjusted EBITDA and Cash Available for Distribution (CAFD)


 (in millions)


Low



High


Net loss


$

(6.4)



$

(5.6)


Add (Less):









Interest expense, net of interest income



5.5




5.5


Income tax provision



(0.1)




(0.1)


Depreciation, amortization and accretion



6.4




6.4


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


$

11.8



$

12.6


Less:









Equity in earnings of unconsolidated affiliates, net with (1)



(6.8)




(7.2)


Cash interest paid



(5.5)




(5.5)


Cash distributions to non-controlling interests



(2.0)




(2.0)


Add:









Cash distributions from unconsolidated affiliates



17.7




17.7


Network upgrade refund



6.0




6.1


Cash proceeds from sales-type residential leases



0.6




0.6


Repayment of working capital loan



(2.0)




(2.0)


Estimated cash available for distribution


$

19.8



$

20.3




(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-fourth-quarter-2016-results-300397671.html

SOURCE 8point3 Energy Partners LP

Investors, Bob Okunski, 408-240-5447, This email address is being protected from spambots. You need JavaScript enabled to view it.; Media, Natalie Wymer, 408-457-2348, This email address is being protected from spambots. You need JavaScript enabled to view it.

Read more: 8point3 Energy Partners Reports Fourth Quarter...

SAN JOSE, Calif., Sept. 22, 2017 /PRNewswire/ -- 8point3 Energy Partners LP (NASDAQ:CAFD) announces that the Board of Directors of its general partner declared a cash distribution for its Class A shares of $0.2721 per share for the third quarter of 2017.  This represents an increase of approximately 30 percent over the minimum quarterly distribution and an increase of 3.0 percent over the previous quarter's distribution of $0.2642 per share.  The third quarter distribution will be paid on October 13, 2017 to shareholders of record as of October 3, 2017.

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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.

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SOURCE 8point3 Energy Partners LP

Investors: Bob Okunski, 408-240-5447, This email address is being protected from spambots. You need JavaScript enabled to view it. or Media: Natalie Wymer, 650-223-9132, This email address is being protected from spambots. You need JavaScript enabled to view it.

Read more: 8point3 Energy Partners Declares 3.0 Percent...

8Point3 Energy Partners LP News Releases

http://ir.8point3energypartners.com/ 8Point3 Energy Partners LP News Releases en

8point3 Energy Partners Reports Third Quarter 2017 Results

http://ir.8point3energypartners.com/news-releases/news-release-details/8point3-energy-partners-reports-third-quarter-2017-results Partnership Raises 2017 Financial Guidance Increased Third Quarter Distribution by 3.0 percent over Second Quarter Distribution SAN JOSE, Calif. , Oct. 4, 2017 /PRNewswire/ --  8point3 Energy Partners LP (NASDAQ:CAFD) today announced financial results for its third fiscal quarter ended August 31, Wed, 04 Oct 2017 16:05:00 -0400 8Point3 Energy Partners LP News Releases 7391

8point3 Energy Partners Declares 3.0 Percent Increase in Quarterly Distribution

http://ir.8point3energypartners.com/news-releases/news-release-details/8point3-energy-partners-declares-30-percent-increase-quarterly-2 SAN JOSE, Calif. , Sept. 22, 2017 /PRNewswire/ --  8point3 Energy Partners LP (NASDAQ:CAFD) announces that the Board of Directors of its general partner declared a cash distribution for its Class A shares of $0.2721 per share for the third quarter of 2017.  This represents an increase of Fri, 22 Sep 2017 08:05:00 -0400 8Point3 Energy Partners LP News Releases 7376

8point3 Energy Partners to Announce Third-Quarter Results on October 4, 2017

http://ir.8point3energypartners.com/news-releases/news-release-details/8point3-energy-partners-announce-third-quarter-results-october-4 Event to be Webcast at: www.8point3energypartners.com SAN JOSE, Calif. , Sept. 18, 2017 /PRNewswire/ --  8point3 Energy Partners LP (NASDAQ: CAFD) will announce its third-quarter 2017 financial results on a conference call on Wednesday, October 4, 2017 at 1:30 p.m. Mon, 18 Sep 2017 16:05:00 -0400 8Point3 Energy Partners LP News Releases 7371

8point3 Energy Partners Reports Second Quarter 2017 Results

http://ir.8point3energypartners.com/news-releases/news-release-details/8point3-energy-partners-reports-second-quarter-2017-results Increased Second Quarter Distribution by 3.0 percent over First Quarter Distribution 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 . Thu, 29 Jun 2017 16:14:00 -0400 8Point3 Energy Partners LP News Releases 7291

8point3 Energy Partners Declares 3.0 Percent Increase in Quarterly Distribution

http://ir.8point3energypartners.com/news-releases/news-release-details/8point3-energy-partners-declares-30-percent-increase-quarterly-1 SAN JOSE, Calif. , June 26, 2017 /PRNewswire/ --  8point3 Energy Partners LP (NASDAQ: CAFD) announced that the Board of Directors of its general partner declared a cash distribution for its Class A shares of $0.2642 per share for the second quarter of 2017.  This represents an increase of Mon, 26 Jun 2017 08:00:42 -0400 8Point3 Energy Partners LP News Releases 7326

8point3 Energy Partners to Announce Second-Quarter Results on June 29, 2017

http://ir.8point3energypartners.com/news-releases/news-release-details/8point3-energy-partners-announce-second-quarter-results-june-1 Event to be Webcast at: www.8point3energypartners.com SAN JOSE, Calif. , June 19, 2017 /PRNewswire/ --  8point3 Energy Partners LP (NASDAQ:CAFD) will announce its second-quarter 2017 financial results on a conference call on Thursday, June 29, 2017 at 1:30 p.m. Mon, 19 Jun 2017 16:05:40 -0400 8Point3 Energy Partners LP News Releases 7321

8point3 Energy Partners Reports First Quarter 2017 Results

http://ir.8point3energypartners.com/news-releases/news-release-details/8point3-energy-partners-reports-first-quarter-2017-results Sponsors Considering Alternatives for their Partnership Interests Increased First Quarter Distribution by 3.0 percent over Fourth Quarter Distribution SAN JOSE, Calif. , April 5, 2017 /PRNewswire/ -- 8point3 Energy Partners LP (NASDAQ:CAFD) today announced financial results for its first fiscal Wed, 05 Apr 2017 16:07:00 -0400 8Point3 Energy Partners LP News Releases 6856

8point3 Energy Partners Declares 3.0 Percent Increase in Quarterly Distribution

http://ir.8point3energypartners.com/news-releases/news-release-details/8point3-energy-partners-declares-30-percent-increase-quarterly SAN JOSE, Calif. , March 24, 2017 /PRNewswire/ --  8point3 Energy Partners LP (NASDAQ:CAFD) announces that the Board of Directors of its general partner declared a cash distribution for its Class A shares of $0.2565 per share for the first quarter of 2017.  This represents an increase of Fri, 24 Mar 2017 08:00:36 -0400 8Point3 Energy Partners LP News Releases 6401

8point3 Energy Partners to Announce First-Quarter Results on April 5, 2017

http://ir.8point3energypartners.com/news-releases/news-release-details/8point3-energy-partners-announce-first-quarter-results-april-5 Event to be Webcast at: www.8point3energypartners.com SAN JOSE, Calif. , March 20, 2017 /PRNewswire/ -- 8point3 Energy Partners LP (NASDAQ:CAFD) will announce its first-quarter 2017 financial results on a conference call on Wednesday, April 5, 2017 at 1:30 p.m. Mon, 20 Mar 2017 16:06:08 -0400 8Point3 Energy Partners LP News Releases 6396

8point3 Energy Partners Reports Fourth Quarter 2016 Results

http://ir.8point3energypartners.com/news-releases/news-release-details/8point3-energy-partners-reports-fourth-quarter-2016-results Completed Acquisition of SunPower's 49 Percent Stake in 102-MW Henrietta Project Completed Acquisition of First Solar's 34 Percent Stake in 300-MW Stateline Project on December 1, 2016 Increased Fourth Quarter Distribution by 3.5 percent over Third Quarter Distribution SAN JOSE, Calif. , Jan. Thu, 26 Jan 2017 16:05:16 -0500 8Point3 Energy Partners LP News Releases 6391

Read more: 8Point3 Energy Partners LP News Releases

SAN JOSE, Calif., June 26, 2017 /PRNewswire/ -- 8point3 Energy Partners LP (NASDAQ: CAFD) announced that the Board of Directors of its general partner declared a cash distribution for its Class A shares of $0.2642 per share for the second quarter of 2017.  This represents an increase of approximately 26.0 percent over the minimum quarterly distribution and an increase of 3.0 percent over the previous quarter's distribution of $0.2565 per share.  The second quarter distribution will be paid on July 14, 2017 to shareholders of record as of July 6, 2017.

8point3 Energy Partners LP Logo

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.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/8point3-energy-partners-declares-30-percent-increase-in-quarterly-distribution-300479343.html

SOURCE 8point3 Energy Partners LP

Investors, Bob Okunski, 408-240-5447, This email address is being protected from spambots. You need JavaScript enabled to view it.; Media, Natalie Wymer, 650-223-9132, This email address is being protected from spambots. You need JavaScript enabled to view it.

Read more: 8point3 Energy Partners Declares 3.0 Percent...

SAN JOSE, Calif., Sept. 18, 2017 /PRNewswire/ -- 8point3 Energy Partners LP (NASDAQ: CAFD) will announce its third-quarter 2017 financial results on a conference call on Wednesday, October 4, 2017 at 1:30 p.m. Pacific Time.  The call-in number is 517-308-9098, passcode: 8point3 or the webcast can be accessed from the "Investors" section of 8point3 Energy Partners' website at www.8point3energypartners.com The earnings press release will be posted at the same location at approximately 1:05 p.m. Pacific Time on October 4, 2017.

8point3 Energy Partners LP Logo

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.

View original content with multimedia:http://www.prnewswire.com/news-releases/8point3-energy-partners-to-announce-third-quarter-results-on-october-4-2017-300521450.html

SOURCE 8point3 Energy Partners LP

Veronica Andrade, 408-514-4075, This email address is being protected from spambots. You need JavaScript enabled to view it.

Read more: 8point3 Energy Partners to Announce...

SAN JOSE, Calif., March 24, 2017 /PRNewswire/ -- 8point3 Energy Partners LP (NASDAQ:CAFD) announces that the Board of Directors of its general partner declared a cash distribution for its Class A shares of $0.2565 per share for the first quarter of 2017.  This represents an increase of approximately 22.3 percent over the minimum quarterly distribution and an increase of 3.0 percent over the previous quarter's distribution of $0.2490 per share.  The first quarter distribution will be paid on April 14, 2017 to shareholders of record as of April 4, 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.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/8point3-energy-partners-declares-30-percent-increase-in-quarterly-distribution-300428905.html

SOURCE 8point3 Energy Partners LP

Investors, Bob Okunski, 408-240-5447, This email address is being protected from spambots. You need JavaScript enabled to view it.; Media, Natalie Wymer, 650-223-9132, This email address is being protected from spambots. You need JavaScript enabled to view it.

Read more: 8point3 Energy Partners Declares 3.0 Percent...

SAN JOSE, Calif., June 19, 2017 /PRNewswire/ -- 8point3 Energy Partners LP (NASDAQ:CAFD) will announce its second-quarter 2017 financial results on a conference call on Thursday, June 29, 2017 at 1:30 p.m. Pacific Time.  The call-in number is 517-308-9098, passcode: 8point3 or the webcast can be accessed from the "Investors" section of 8point3 Energy Partners' website at www.8point3energypartners.comThe earnings press release will be posted at the same location at approximately 1:05 p.m. Pacific Time on June 29, 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.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/8point3-energy-partners-to-announce-second-quarter-results-on-june-29-2017-300476044.html

SOURCE 8point3 Energy Partners LP

Veronica Andrade, 408-514-4075, This email address is being protected from spambots. You need JavaScript enabled to view it.

Read more: 8point3 Energy Partners to Announce...

Increased Second Quarter Distribution by 3.0 percent over First Quarter Distribution

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.

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  • 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 $0.2721per 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 assets1


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 liabilities1


$

9,251



$

23,771


Short-term debt and financing obligations1


2,209



1,964


Deferred revenue, current portion


941



870


Total current liabilities


12,401



26,605


Long-term debt and financing obligations1


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 revenues1

$

16,678


$

13,517


$

26,575


$

20,619

  Total revenues

16,678


13,517


26,575


20,619

Operating costs and expenses1:








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,
2017


February 28,
2017


May 31,
2016


May 31,
2017


May 31,
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,
  net with (3) above (4)

(15,752)


(6,960)


(7,205)


(22,712)


(10,620)

  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

Investors, Bob Okunski, 408-240-5447, This email address is being protected from spambots. You need JavaScript enabled to view it., or Media, Natalie Wymer, 408-457-2348, This email address is being protected from spambots. You need JavaScript enabled to view it.

Read more: 8point3 Energy Partners Reports Second Quarter...

SAN JOSE, Calif., March 20, 2017 /PRNewswire/ -- 8point3 Energy Partners LP (NASDAQ:CAFD) will announce its first-quarter 2017 financial results on a conference call on Wednesday, April 5, 2017 at 1:30 p.m. Pacific Time.  The call-in number is 517-308-9098, passcode: 8point3 or the webcast can be accessed from the "Investors" section of 8point3 Energy Partners' website at www.8point3energypartners.com The earnings press release will be posted at the same location at approximately 1:05 p.m. Pacific Time on April 5, 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.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/8point3-energy-partners-to-announce-first-quarter-results-on-april-5-2017-300426270.html

SOURCE 8point3 Energy Partners LP

Veronica Andrade, 408-514-4075, This email address is being protected from spambots. You need JavaScript enabled to view it.

Read more: 8point3 Energy Partners to Announce...

Increased First Quarter Distribution by 3.0 percent over Fourth Quarter Distribution

SAN JOSE, Calif., April 5, 2017 /PRNewswire/ -- 8point3 Energy Partners LP (NASDAQ:CAFD) today announced financial results for its first fiscal quarter ended February 28, 2017.

  • Exceeded Q1 2017 revenue, net loss, Adjusted EBITDA and CAFD guidance
  • Completed acquisition of minority stake in First Solar's Stateline project
  • Declared Q1 2017 distribution of $0.2565 per share, an increase of 3.0 percent over the Q4 2016 distribution
  • Forecasts Q2 2017 distribution of $0.2642per share, an increase of 3.0 percent compared to the Q1 2017 distribution
  • 2017 financial guidance remains unchanged, reiterates fiscal year 2017 distribution growth of 12%

For the first quarter of fiscal 2017, 8point3 Energy Partners reported revenue of $9.9 million, net loss of $5.3 million, adjusted EBITDA of $13.1 million and cash available for distribution (CAFD) of $22.1 million.

"Our high-quality solar portfolio performed well as we exceeded our key financial metrics for the quarter while once again raising our quarterly distribution," said Chuck Boynton, 8point3 Energy Partners CEO. "As of the end of February, our portfolio consisted of interests in 945-megawatts (MW) of U.S. solar generating assets including the recent acquisition of First Solar's 34 percent minority interest in its 300-MW Stateline project.  The Stateline project is expected to generate approximately $32 million in annual cash distributions and has a 20 year contract life.  With this acquisition, our portfolio is now expected to generate annual CAFD of approximately $100 million in 2017." 

"We were pleased to achieve our financial goals for the quarter as we benefitted from the continued stable performance of our asset portfolio," said Bryan Schumaker, 8point3 Energy Partners chief financial officer.  "With the completion of our Stateline interest acquisition and the predictable cash flows from our other projects, we believe we will be able to reduce leverage and achieve our distribution growth rate target of 12 percent this year."

Also, First Solar, one of the Partnership's sponsors, has publicly announced and notified the general partner's Board of Directors of its intention to explore alternatives related to its interests in the Partnership.  Given First Solar's intention, SunPower, the Partnership's other sponsor, has likewise publicly announced and notified the general partner's Board of Directors that it is exploring alternatives related to its interests in the Partnership, including but not limited to, seeking a potential new joint venture partner in the Partnership.

The sponsors have stated that they will engage financial advisors to review their alternatives with respect to their interests in the Partnership and that they intend to coordinate their review process.  Although our sponsors have publicly announced their current intentions, there is no assurance that either or both of our sponsors will pursue or effect any particular alternative. The decision by the sponsors to consider their alternatives for their interests in the Partnership may result in interest from third parties about also acquiring the public ownership in the Partnership.  In such event, the Partnership would refer any such proposal to the Conflicts Committee of the Board of Directors of the Partnership's general partner for evaluation.  The Partnership does not intend to disclose further developments with respect to this evaluation process except as required by law or otherwise deemed appropriate.  The sponsor-appointed directors and officers of the general partner of the Partnership remain committed to prudently managing the partnership throughout this evaluation process.

"8point3's strong operating performance over the last two years has shown that owning a portfolio of high-quality solar assets can successfully generate long-term, stable cash flow growth for investors.  Despite the sponsors' review of alternatives with respect to their interests in the Partnership, I want to assure our investors that we do not expect this process to have an impact on our financial results for the year.  Given our cash flow profile, we are well positioned to achieve our guidance for the year as well as reach our 12 percent distribution growth rate for 2017," concluded Boynton.       

Additionally, the Conflicts Committee of the Board of Directors of the Partnership's general partner has agreed to waive the negotiation period with respect to First Solar's 179-MW Switch Station project, allowing for a potential third party sale.  Also, First Solar has formally offered its 280-MW California Flats and 40-MW Cuyama projects, currently included in the Right of First Offer (ROFO) portfolio, to the Partnership.  If the Partnership does not acquire these projects from First Solar, those projects are expected to be sold to third parties as permitted under our ROFO with First Solar. 

The Board of Directors of the Partnership's general partner also declared a cash distribution for its Class A shares of $0.2565 per share for the first quarter. The first quarter distribution will be paid on April 14, 2017 to shareholders of record as of April 4, 2017.

Additionally, the Partnership commenced a $125 million at-the-market (ATM) equity offering program during the quarter.  The Partnership did not utilize the facility during the first quarter of 2017.

Guidance
The Partnership's second quarter 2017 guidance is as follows: revenue of $14.0 million to $16.0 million, net income of $3.0 million to $5.0 million, adjusted EBITDA of $24.0 million to $26.5 million, CAFD of $15.0 million to $17.5 million and a distribution of $0.2642 per share, a forecasted increase of 3.0 percent compared to the Q1 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, April 5, 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. 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)




February 28,



November 30,




2017



2016


Assets









Current assets:









Cash and cash equivalents


$

7,010



$

14,261


Accounts receivable and short-term financing receivables, net



5,665




5,401


Prepaid and other current assets1



9,369




15,745


Total current assets



22,044




35,407


Property and equipment, net



726,189




720,132


Long-term financing receivables, net



79,232




80,014


Investments in unconsolidated affiliates



788,000




475,078


Other long-term assets



25,515




24,432


Total assets


$

1,640,980



$

1,335,063


Liabilities and Equity









Current liabilities:









Accounts payable and other current liabilities1


$

11,144



$

23,771


Short-term debt and financing obligations1



2,200




1,964


Deferred revenue, current portion



612




870


Total current liabilities



13,956




26,605


Long-term debt and financing obligations1



708,473




384,436


Deferred revenue, net of current portion



243




308


Deferred tax liabilities



31,264




30,733


Asset retirement obligations



14,129




13,448


Total liabilities



768,065




455,530


Redeemable noncontrolling interests



17,346




17,624


Commitments and contingencies









Equity:









Class A shares, 28,076,907 and 28,072,680 issued and outstanding as of February 28, 2017 and November 30, 2016, respectively



249,194




249,138


Class B shares, 51,000,000 issued and outstanding as of February 28, 2017 and November 30, 2016







Accumulated earnings



16,311




22,440


Total shareholders' equity attributable to 8point3 Energy Partners LP



265,505




271,578


Noncontrolling interests



590,064




590,331


Total equity



855,569




861,909


Total liabilities and equity


$

1,640,980



$

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 February 28, 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 $6.4 million and $19.7 million due to Sponsors as of February 28, 2017 and November 30, 2016, respectively, and $1.0 million due to tax equity investors as of both February 28, 2017 and November 30, 2016. 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 February 28, 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




February 28,



February 29,




2017



2016


Revenues:









Operating revenues1


$

9,897



$

7,102


Total revenues



9,897




7,102


Operating costs and expenses1:









Cost of operations



2,222




1,266


Selling, general and administrative



1,902




1,636


Depreciation and accretion



6,763




4,626


Acquisition-related transaction costs



13




833


Total operating costs and expenses



10,900




8,361


Operating loss



(1,003)




(1,259)


Other expense (income):









Interest expense



5,495




2,873


Interest income



(271)




(285)


Other expense (income):



(834)




74


Total other expense, net



4,390




2,662


Loss before income taxes



(5,393)




(3,921)


Income tax provision



(533)




(3,537)


Equity in earnings of unconsolidated investees



606




405


Net loss



(5,320)




(7,053)


Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests



(6,181)




(12,361)


Net income attributable to 8point3 Energy Partners LP Class A shares


$

861



$

5,308


Net income per Class A share:









Basic


$

0.03



$

0.27


Diluted


$

0.03



$

0.27


Distributions per Class A share:


$

0.25



$

0.22


Weighted average number of Class A shares:









Basic



28,073




20,007


Diluted



43,573




35,507




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 February 28, 2017 and February 29, 2016. Related party transactions recorded within "Operating costs and expenses" in the unaudited condensed consolidated statement of operations were $2.0 million and $1.4 million for the three months ended February 28, 2017 and February 29, 2016, respectively.

8point3 Energy Partners LP
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)




Three Months Ended




February 28,



February 29,




2017



2016


Cash flows from operating activities:









Net loss


$

(5,320)



$

(7,053)


Adjustments to reconcile net loss to net cash provided by operating activities:









Depreciation, amortization and accretion



6,871




4,626


Unrealized loss (gain) on interest rate swap



(670)




74


Distributions from unconsolidated investees



1,107




2,694


Equity in earnings of unconsolidated investees



(606)




(405)


Deferred income taxes



531




3,537


Share-based compensation



56




56


Amortization of debt issuance costs



237




153


Other, net



(8)




95


Changes in operating assets and liabilities:









Accounts receivable and financing receivable, net



501




(546)


Prepaid and other current assets



5,627




(550)


Deferred revenue



(319)




(336)


Accounts payable and other current liabilities



1,457




553


Net cash provided by operating activities



9,464




2,898


Cash flows from investing activities:









Cash provided by (used in) purchases of property and equipment



(86)




1,341


Cash paid for acquisitions



(304,432)




(4,887)


Distributions from unconsolidated investees



16,604




3,584


Net cash provided by (used in) investing activities



(287,914)




38


Cash flows from financing activities:









Proceeds from issuance of bank loans, net of issuance costs



275,987





Repayment of promissory note to First Solar



(1,964)





Capital contributions from SunPower






9,973


Cash distribution to Class A shareholders



(6,990)




(4,341)


Cash distributions to Sponsors as OpCo unit holders



(12,699)





Cash contributions from noncontrolling interests and redeemable noncontrolling interests - tax equity investors



18,750





Cash distributions to noncontrolling interests and redeemable noncontrolling interests - tax equity investors



(1,885)




(484)


Net cash provided by financing activities



271,199




5,148


Net increase (decrease) in cash and cash equivalents



(7,251)




8,084


Cash and cash equivalents, beginning of period



14,261




56,781


Cash and cash equivalents, end of period


$

7,010



$

64,865


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


Noncontrolling interests obtained through acquisition



1,078




864


Accrued distributions to noncontrolling interests and redeemable noncontrolling interests - tax equity investors



581




630


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 February 28, 2017, November 30, 2016 and February 29, 2016:

8point3 Energy Partners LP
Reconciliation of Net Income (Loss) to Adjusted EBITDA and Cash Available for Distribution (CAFD)
(Unaudited)




Three Months Ended




February 28,



November 30,



February 29,


(in thousands)


2017



2016



2016


Net income (loss)


$

(5,320)



$

4,250



$

(7,053)


Add (Less):













Interest expense, net of interest income



5,224




2,664




2,588


Income tax provision



533




2,963




3,537


Depreciation, amortization and accretion



6,871




6,556




4,626


Share-based compensation



56




56




56


Acquisition-related transaction costs (1)



13




10




833


Unrealized gain (loss) on derivatives (2)



(670)




(972)




74


Add proportionate share from equity method

   investments (3)













  Interest expense, net of interest income



130




(375)




(42)


  Depreciation, amortization and accretion



6,224




3,142




3,052


Adjusted EBITDA


$

13,061



$

18,294



$

7,671


Less:













Equity in earnings of unconsolidated affiliates, net with (3) above (4)



(6,960)




(7,604)




(3,415)


Cash interest paid (5)



(4,761)




(3,000)




(2,788)


Cash income taxes paid






(2)





Maintenance capital expenditures






(50)





Cash distributions to non-controlling interests



(1,885)




(2,412)




(484)


Short-term note (6)



(1,964)








Add:













Cash distributions from unconsolidated affiliates (7)



17,711




14,054




6,424


Indemnity payment from Sponsors (8)



65




279




9,973


State and local rebates (9)









299


Cash proceeds from sales-type residential leases, net (10)



671




649




641


Test electricity generation (11)



10








Cash proceeds for reimbursable network upgrade costs (12)



6,123




222





Cash available for distribution


$

22,071



$

20,430



$

18,321




(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)

Test electricity generation represents the sale of electricity that was generated prior to COD by Macy's Maryland Project for the three months ended February 28, 2017. 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 Q2 Guidance

Reconciliation of Net Income to Adjusted EBITDA and Cash Available for Distribution (CAFD)






(in millions)


Low


High

Net income


$    3.0


$    5.0

Add (Less):





Interest expense, net of interest income


6.3


6.3

Income tax provision


1.3


1.8

Depreciation, amortization and accretion


7.0


7.0

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


$  24.0


$  26.5

Less:





     Equity in earnings of unconsolidated affiliates, net with (1)


(13.6)


(13.6)

     Cash interest paid


(6.3)


(6.3)

     Cash distributions to non-controlling interests


(2.4)


(2.4)

Add:





     Cash distributions from unconsolidated affiliates


9.2


9.2

     Network upgrade refund


3.5


3.5

     Cash proceeds from sales-type residential leases


0.6


0.6

Estimated cash available for distribution


$  15.0


$  17.5



(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-first-quarter-2017-results-300435457.html

SOURCE 8point3 Energy Partners LP

Investors, Bob Okunski, 408-240-5447, This email address is being protected from spambots. You need JavaScript enabled to view it. or Media, Natalie Wymer, 408-457-2348, This email address is being protected from spambots. You need JavaScript enabled to view it.

Read more: 8point3 Energy Partners Reports First Quarter...

Increased Third Quarter Distribution by 3.0 percent over Second Quarter Distribution

SAN JOSE, Calif., Oct. 4, 2017 /PRNewswire/ -- 8point3 Energy Partners LP (NASDAQ:CAFD) today announced financial results for its third fiscal quarter ended August 31, 2017.

  • Exceeded Q3 2017 revenue, net income, Adjusted EBITDA and CAFD guidance
  • Sponsors' strategic review of Partnership interests continuing
  • Declared Q3 2017 distribution of $0.2721 per share, an increase of 3.0 percent over the Q2 2017 distribution
  • Forecasts Q4 2017 distribution of $0.2802per share, an increase of 3.0 percent compared to the Q3 2017 distribution
  • Partnership reiterates 2017 distribution growth of 12 percent

8point3 Energy Partners LP Logo

For the third quarter of fiscal 2017, 8point3 Energy Partners reported revenue of $27.7 million, net income of $28.7 million, Adjusted EBITDA of $53.5 million and cash available for distribution (CAFD) of $33.2 million.

"The stable performance of our high-quality solar portfolio enabled us to exceed our financial goals for the quarter and raise our quarterly distribution for the ninth consecutive quarter," said Chuck Boynton, 8point3 Energy Partners' CEO. "We expect that our current portfolio of interests in 946 megawatts (MW) of U.S. solar assets will generate annual CAFD of more than $106 million in 2017. 

"Also, our sponsors' strategic review related to their partnership interests in 8point3 is continuing. As SunPower announced last quarter, it has joined First Solar in its desire to sell its ownership stake in 8point3 though, as previously noted, there can be no assurances that a transaction will be consummated," concluded Boynton.

Additionally, during the quarter, the Board of Directors of the Partnership's general partner waived the negotiating period related to the offering of SunPower's 100-MW Boulder Solar 1 Right of First Offer (ROFO) project. As a result of this waiver, SunPower has the right to offer and sell this project 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 $0.2721 per share for the third quarter. The third quarter distribution will be paid on October 13, 2017 to shareholders of record as of October 3, 2017.

"We were pleased with our third quarter results as our portfolio continued to perform as expected," said Bryan Schumaker, 8point3 Energy Partners' chief financial officer. "We are well positioned to meet our financial and operational goals for this year and remain committed to 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 third quarter. 

Guidance
The Partnership's fourth quarter 2017 guidance is as follows: revenue of $12.0 million to $15.0 million, net income of $1.5 million to $4.0 million, Adjusted EBITDA of $22.0 million to $25.0 million, CAFD of $32.0 million to $35.0 million and a distribution of $0.2802 per share, a forecasted increase of 3.0 percent compared to the Q3 2017 distribution. 

As a result of its consistent asset performance, the Partnership is raising its fiscal year 2017 guidance. The Partnership now expects revenue of $66.5 million to $69.5 million, net income of $32.0 million to $34.5 million, Adjusted EBITDA of $117.0 million to $120.0 million and CAFD of $106.0 million to $109.0 million. The Partnership also reiterates its expected 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, net income, 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, October 4, 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 May 31, 2017, filed with the Securities and Exchange Commission on June 29, 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 CAFD. 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)




August 31, 2017


November 30, 2016

Assets





Current assets:





Cash and cash equivalents


$

10,361



$

14,261


Accounts receivable and short-term financing receivables, net


10,882



5,401


Prepaid and other current assets1


12,312



15,745


Total current assets


33,555



35,407


Property and equipment, net


719,868



720,132


Long-term financing receivables, net


77,484



80,014


Investments in unconsolidated affiliates


791,985



475,078


Other long-term assets


21,459



24,432


Total assets


$

1,644,351



$

1,335,063


Liabilities and Equity





Current liabilities:





Accounts payable and other current liabilities1


$

6,565



$

23,771


Short-term debt and financing obligations1


2,201



1,964


Deferred revenue, current portion


1,527



870


Total current liabilities


10,293



26,605


Long-term debt and financing obligations1


709,989



384,436


Deferred revenue, net of current portion


128



308


Deferred tax liabilities


38,591



30,733


Asset retirement obligations


14,796



13,448


Other long-term liabilities


1,853




Total liabilities


775,650



455,530


Redeemable noncontrolling interests


17,346



17,624


Equity:





Class A shares, 28,084,935 and 28,072,680 issued and outstanding as of August 31, 2017 and November 30, 2016, respectively


249,306



249,138


Class B shares, 51,000,000 issued and outstanding as of August 31, 2017 and November 30, 2016





Accumulated earnings


12,550



22,440


Total shareholders' equity attributable to 8point3 Energy Partners LP


261,856



271,578


Noncontrolling interests


589,499



590,331


Total equity


851,355



861,909


Total liabilities and equity


$

1,644,351



$

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 August 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 $3.5 million and $19.7 million due to Sponsors as of August 31, 2017 and November 30, 2016, respectively, and $0.9 million and $1.0 million due to tax equity investors as of August 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 August 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


Nine Months Ended


August 31, 2017


August 31, 2016


August 31, 2017


August 31, 2016

Revenues:








Operating revenues1

$

27,744



$

26,116



$

54,319



$

46,735


Total revenues

27,744



26,116



54,319



46,735


Operating costs and expenses1:








Cost of operations

2,064



1,928



6,396



4,953


Selling, general and administrative

2,050



1,804



5,894



5,096


Depreciation and accretion

7,220



6,311



20,875



16,325


Acquisition-related transaction costs

19



599



50



2,261


Total operating costs and expenses

11,353



10,642



33,215



28,635


Operating income

16,391



15,474



21,104



18,100


Other expense (income):








Interest expense

6,060



3,199



17,429



9,123


Interest income

(304)



(296)



(869)



(909)


Other expense (income)

283



(291)



(514)



(551)


Total other expense, net

6,039



2,612



16,046



7,663


Income before income taxes and equity in earnings of unconsolidated investees

10,352



12,862



5,058



10,437


Income tax provision

(5,012)



(5,063)



(7,860)



(15,281)


Equity in earnings of unconsolidated investees

23,322



8,075



33,287



13,504


Net income

28,662



15,874



30,485



8,660


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

21,189



8,281



18,765



(14,263)


Net income attributable to 8point3 Energy Partners LP Class A shares

$

7,473



$

7,593



$

11,720



$

22,923


Net income per Class A share:








Basic

$

0.27



$

0.38



$

0.42



$

1.15


Diluted

$

0.27



$

0.38



$

0.42



$

1.15


Distributions per Class A share:

$

0.26



$

0.23



$

0.77



$

0.67


Weighted average number of Class A shares:








Basic

28,081



20,015



28,077



20,011


Diluted

43,581



35,515



43,577



35,511




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 August 31, 2017 and August 31, 2016, and $3.9 million for each of the nine months ended August 31, 2017 and August 31, 2016. Related party transactions recorded within "Operating costs and expenses" in the unaudited condensed consolidated statement of operations were $2.1 million and $1.9 million for the three months ended August 31, 2017 and August 31, 2016, respectively, and $6.3 million and $5.0 million for the nine months ended August 31, 2017 and August 31, 2016, respectively.

8point3 Energy Partners LP

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)




Nine Months Ended



August 31, 2017


August 31, 2016

Cash flows from operating activities:





Net income


$

30,485



$

8,660


Adjustments to reconcile net income to net cash provided by operating activities:





Depreciation, amortization and accretion


21,198



16,325


Unrealized gain on interest rate swap


(349)



(536)


Distributions from unconsolidated investees


32,892



15,130


Equity in earnings of unconsolidated investees


(33,287)



(13,504)


Deferred income taxes


7,858



15,281


Share-based compensation


168



168


Amortization of debt issuance costs


737



442


Other, net


1



270


Changes in operating assets and liabilities:





Accounts receivable and financing receivable, net


(2,830)



(4,290)


Prepaid and other assets


6,170



(1,398)


Deferred revenue


482



467


Accounts payable and other liabilities


734



806


Net cash provided by operating activities


64,259



37,821


Cash flows from investing activities:





Cash provided by (used in) purchases of property and equipment, net


(314)



1,415


Cash paid for acquisitions


(313,183)



(124,326)


Distributions from unconsolidated investees


13,575



653


Net cash used in investing activities


(299,922)



(122,258)


Cash flows from financing activities:





Proceeds from issuance of Class A shares, net of issuance costs




(201)


Proceeds from issuance of bank loans, net of issuance costs


283,999



64,991


Repayment of bank loans


(7,000)




Repayment of promissory note to First Solar


(1,964)




Capital contributions from SunPower




9,973


Cash distribution to Class A shareholders


(21,610)



(13,487)


Cash distributions to Sponsors as OpCo unit holders


(39,255)




Cash contributions from noncontrolling interests and redeemable noncontrolling interests - tax equity investors


24,353



372


Cash distributions to noncontrolling interests and redeemable noncontrolling interests - tax equity investors


(6,760)



(4,102)


Net cash provided by financing activities


231,763



57,546


Net decrease in cash and cash equivalents


(3,900)



(26,891)


Cash and cash equivalents, beginning of period


14,261



56,781


Cash and cash equivalents, end of period


$

10,361



$

29,890


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


2,618



17,410


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


923



795


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 CAFD.

Adjusted EBITDA.

We define Adjusted EBITDA as net income 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. 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 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.

Cash Available for Distribution.

We use CAFD, 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 payments on any project-level indebtedness plus cash distributions from unconsolidated affiliates, indemnity payments and promissory notes 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 CAFD 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, CAFD is used by our management team for determining future acquisitions and managing our growth. The U.S. GAAP measure most directly comparable to CAFD is net income.

However, CAFD 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. CAFD is a non-U.S. GAAP measure and should not be considered an alternative to net income 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 CAFD are not necessarily comparable to CAFD as calculated by other companies. Investors should not rely on these measures as a substitute for any U.S. GAAP measure, including net income.

The following table presents a reconciliation of net income to Adjusted EBITDA and CAFD for the three months ended August 31, 2017, May 31, 2017 and August 31, 2016, respectively, and nine months ended August 31, 2017 and August 31, 2016, respectively:

8point3 Energy Partners LP

Reconciliation of Net Income to Adjusted EBITDA and CAFD

(Unaudited)



Three Months Ended


Nine Months Ended

(in thousands)

August 31,

2017


May 31,

2017


August 31,

2016


August 31,

2017


August 31,

2016

Net income

$

28,662



$

7,143



$

15,874



$

30,485



$

8,660


Add (Less):










Interest expense, net of interest income

5,756



5,580



2,903



16,560



8,206


Income tax provision

5,012



2,315



5,063



7,860



15,281


Depreciation, amortization and accretion

7,327



7,000



6,311



21,198



16,325


Share-based compensation

56



56



56



168



168


Acquisition-related transaction costs (1)

19



18



599



50



2,261


Unrealized gain (loss) on derivatives  (2)

284



37



(285)



(349)



(536)


Add proportionate share from equity method investments (3)










Interest expense, net of interest income

141



169



(54)



440



(149)


Depreciation, amortization and accretion

6,224



6,224



2,397



18,672



7,683


Adjusted EBITDA

$

53,481



$

28,542



$

32,864



$

95,084



$

57,899


Less:










Equity in earnings of unconsolidated affiliates, net with (3) above (4)

(29,687)



(15,752)



(10,418)



(52,399)



(21,038)


Cash interest paid (5)

(5,930)



(5,666)



(3,278)



(16,357)



(9,176)


Cash distributions to non-controlling interests

(2,599)



(2,276)



(2,826)



(6,760)



(3,730)


Maintenance capital expenditures

(177)







(177)




Short-term note (6)







(1,964)




Add:










Cash distributions from unconsolidated affiliates (7)

17,169



11,587



7,018



46,467



16,075


Indemnity payment from Sponsors (8)

41



27



64



133



10,037


State and local rebates (9)









299


Cash proceeds from sales-type residential leases (10)

746



695



630



2,112



1,901


Test electricity generation (11)

1



22





33



421


Cash proceeds for reimbursable network upgrade costs (12)

125



1,630





7,878




CAFD

$

33,170



$

18,809



$

24,054



$

74,050



$

52,688




(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 promissory note to 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 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 the three and nine months ended August 31, 2017, test electricity generation represents the sale of electricity that was generated prior to COD by the Macy's Maryland Project. For the nine months ended August 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 Q4 Guidance

Reconciliation of Net Income to Adjusted EBITDA and CAFD


(in millions)


Low


High

Net income


$

1.5



$

4.0


Add:





Interest expense, net of interest income


6.5



6.5


Income tax provision


0.3



0.8


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


$

22.0



$

25.0


Less:





Equity in earnings of unconsolidated affiliates, net with (1)


(13.5)



(14.0)


Cash interest paid


(6.5)



(6.5)


Cash distributions to non-controlling interests


(2.4)



(2.4)


Add:





Cash distributions from unconsolidated affiliates


30.5



30.5


Cash proceeds for reimbursable network upgrade costs


1.0



1.5


Cash proceeds from sales-type residential leases


0.9



0.9


CAFD


$

32.0



$

35.0




(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 CAFD


(in millions)


Low


High

Net income


$

32.0



$

34.5


Add:





Interest expense, net of interest income


23.1



23.1


Income tax provision


8.1



8.6


Depreciation, amortization and accretion


28.5



28.5


Share-based compensation


0.2



0.2


Add proportionate share from equity method investments (1):





Depreciation, amortization and accretion


25.1



25.1


Adjusted EBITDA


$

117.0



$

120.0


Less:





Equity in earnings of unconsolidated affiliates, net with (1)


(65.9)



(66.4)


Cash interest paid


(22.9)



(22.9)


Cash distributions to non-controlling interests


(9.2)



(9.2)


Short-term note


(2.0)



(2.0)


Add:





Cash distributions from unconsolidated affiliates


77.0



77.0


Cash proceeds for reimbursable network upgrade costs


8.9



9.4


Cash proceeds from sales-type residential leases


3.1



3.1


CAFD


$

106.0



$

109.0




(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.

View original content with multimedia:http://www.prnewswire.com/news-releases/8point3-energy-partners-reports-third-quarter-2017-results-300531263.html

SOURCE 8point3 Energy Partners LP

Investors, Bob Okunski, 408-240-5447, This email address is being protected from spambots. You need JavaScript enabled to view it.; Media, Natalie Wymer, 650-223-9132, This email address is being protected from spambots. You need JavaScript enabled to view it.

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