XPLR Infrastructure LP · Q3 2020 earnings

Briefing

Reported third-quarter financial results, grew distributions approximately 15% year-over-year, and successfully completed first two organic growth investments ahead of schedule and on budget.

NextEra Energy Partners reported a net income of $56 million for the third quarter of 2020. Adjusted EBITDA was $312 million and cash available for distribution (CAFD) was $162 million. The company completed the conversion of approximately $300 million of convertible debt into common units and its first two organic growth investments.

• Grows distributions approximately 15% year-over-year
• Year-to-date cash available for distribution increased 50% versus 2019
• Successfully uses low-cost financing to complete the conversion of approximately $300 million of convertible debt into NextEra Energy Partners common units
• Completes first two organic growth investments ahead of schedule and on budget

Headline financials

Revenue & EPS history

NextEra Energy Partners expects a Dec. 31, 2020, run rate for adjusted EBITDA in a range of $1.225 billion to $1.4 billion and CAFD in a range of $560 million to $640 million, reflecting calendar year 2021 expectations for the portfolio at year-end 2020. NextEra Energy Partners continues to expect 12% to 15% per year growth in limited partner distributions as being a reasonable range of expectations through at least 2024.