XPLR Infrastructure LP · Q1 2020 earnings

Briefing

Reported a net loss but maintained significant liquidity and access to capital.

NextEra Energy Partners reported a net loss of $222 million for Q1 2020, but adjusted EBITDA was $294 million and cash available for distribution (CAFD), excluding Desert Sunlight projects, was $130 million. The company maintains significant liquidity and expects no material financial or operational impacts from the COVID-19 pandemic. They also grew distributions approximately 15% year-over-year.

• Partnership now expects it can achieve long-term distribution growth objectives without additional acquisitions until 2022, one year later than previously disclosed
• Maintains significant liquidity and continued access to capital
• Currently expects no material financial or operational impacts as a result of the COVID-19 pandemic
• Grows distributions approximately 15% year-over-year

Headline financials

Revenue & EPS history

NextEra Energy Partners' expectations of run-rate adjusted EBITDA and CAFD for year-end 2020 remain unchanged. They continue to expect 12% to 15% per year growth in limited partner distributions as being a reasonable range of expectations through at least 2024, and they now expect to be able to achieve its long-term distribution growth expectations without the need for additional asset acquisitions until 2022 at the earliest.