Clearway Energy (CWEN) FY2022 results: revenue $1.2 billion, down 7.5% on the year

Clearway Energy, Inc. (CWEN) reported revenue of $1.2 billion for fiscal 2022, the year ended 31 December 2022, down 7.5% on the year before. Net income was $582 million, up 1041.2%, and diluted earnings per share $4.99. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2023.

Revenue

$1.2 billion

-7.5% on the year

FY2015FY2022

Operating margin

123.5%

20.8% a year earlier

FY2015FY2022

Net income

$582 million

+1,041.2% on the year

FY2015FY2022

Diluted EPS

$4.99

+1,034.1% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	1,190	1,286	1,199	-7.5%
Cost of revenue	435	451	366	-3.5%
Gross profit	755	835	833	-9.6%
Gross margin	63.4%	64.9%	69.5%
Operating income	1,470	267	333	+450.6%
Operating margin	123.5%	20.8%	27.8%
Interest expense	232	312	415	-25.6%
Pre-tax income	1,282	-63.0	-54.0
Income tax	222	12.0	8.0	+1,750.0%
Effective tax rate	17.3%	n/a	n/a
Net income	582	51.0	25.0	+1,041.2%
Net margin	48.9%	4.0%	2.1%
Diluted EPS	$4.99	$0.44	$0.22	+1,034.1%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	787	701	545	+12.3%
Capital expenditure	112	151	124	-25.8%
Free cash flow	675	550	421	+22.7%
Free cash flow margin	56.7%	42.8%	35.1%
Cash from investing	1,065	-865	-62.0
Cash from financing	-1,510	367	-435
Depreciation and amortisation	512	509	428	+0.6%
Share-based compensation	n/a	4.0	3.0
Dividends paid	289	268	211	+7.8%
Diluted shares, weighted	35m	35m	35m	0.0%
Shares outstanding at period end	202m	202m	202m	+0.1%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	4,026	3,300	2,715	+22.0%
Redeemable equity	7.0	0.0	n/a
Debt	6,870	8,201	7,043	-16.2%
Operating lease liabilities	548	561	345	-2.3%
Other liabilities	861	751	489	+14.6%
Total liabilities and equity	12,312	12,813	10,592	-3.9%
Fixed assets	7,421	7,650	7,217	-3.0%
Intangible assets	2,565	2,499	1,370	+2.6%
Cash and equivalents	657	179	268	+267.0%
Receivables	153	144	143	+6.2%
Inventory	47.0	37.0	42.0	+27.0%
Other assets	1,469	2,304	1,552	-36.2%
Total assets	12,312	12,813	10,592	-3.9%

10-K for the year ended 31 December 2022, filed 23 February 2023: the filing.