EX-99 2 nepq22023exhibit99.htm EX-99 Document

Exhibit 99
neplogo2.jpg
NextEra Energy Partners, LP
Media Line: 561-694-4442
July 25, 2023
FOR IMMEDIATE RELEASE

NextEra Energy Partners, LP reports second-quarter 2023 financial results
•Grew limited partner distributions per unit approximately 12% year over year
•Completed previously announced acquisition of approximately 690 megawatts of renewable projects from NextEra Energy Resources
•Launched process to sell Texas natural gas pipeline portfolio

JUNO BEACH, Fla. - NextEra Energy Partners, LP (NYSE: NEP) today reported second-quarter 2023 net income attributable to NextEra Energy Partners of $49 million. NextEra Energy Partners also reported second-quarter 2023 adjusted EBITDA of $486 million and cash available for distribution (CAFD) of $200 million.

"NextEra Energy Partners remains well positioned to meet its 2023 run-rate expectations for adjusted EBITDA and CAFD," said John Ketchum, chairman and chief executive officer. "During the second quarter, NextEra Energy Partners continued to grow its renewables portfolio by adding approximately 690 megawatts of renewable assets from NextEra Energy Resources. With this acquisition, NextEra Energy Partners' renewables portfolio now totals more than 10,000 megawatts, further strengthening its position as the world's seventh largest producer of electricity from the wind and sun. In May, we launched the sales process for the Texas pipeline portfolio and are pleased with our progress as we remain on track to sell the assets by later this year. We believe NextEra Energy Partners offers a compelling investor proposition and is uniquely positioned to achieve Real Zero carbon emissions in 2025, while continuing to capitalize on long-term clean energy demand."

Renewable asset acquisition completion
During the second quarter, NextEra Energy Partners closed on its previously announced renewable acquisition of approximately 690 megawatts of long-term contracted operating wind and solar projects from NextEra Energy Resources. The portfolio, acquired at an attractive CAFD yield, has a CAFD-weighted average remaining contract life of approximately 16 years and an average customer credit rating of BBB at S&P and Baa2 at Moody's Investors Service.

Natural gas pipeline portfolio sale update
NextEra Energy Partners has launched the sale of its Texas natural gas pipeline portfolio and remains on track to sell the assets by the end of the year. NextEra Energy Partners expects to use the proceeds from the planned Texas pipeline portfolio sale, together with the Meade natural gas pipeline sale in 2025, to eliminate the equity buyouts on the three near-term convertible equity portfolio financings – STX Midstream, NEP Renewables II and 2019 NEP Pipelines. Upon successful execution of the Texas
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pipeline portfolio sale, the partnership does not expect to require equity through 2024, other than opportunistic equity issuances under its at-the-market equity program to fund future growth beyond 2024.

Quarterly distribution declaration
The board of directors of NextEra Energy Partners declared a quarterly distribution of $0.8540 per common unit (corresponding to an annualized rate of $3.42 per common unit) to the unitholders of NextEra Energy Partners. With the declaration, the distribution per unit has grown approximately 12% on an annualized basis versus the second quarter of 2022. The distribution will be payable on Aug. 14, 2023, to unitholders of record as of Aug. 4, 2023.

Outlook
From a base of its fourth-quarter 2022 distribution per common unit at an annualized rate of $3.25, NextEra Energy Partners continues to see 12% to 15% growth per year in limited partner distributions per unit as being a reasonable range of expectations through at least 2026. As previously communicated, the partnership expects to grow at or near the bottom end of this range. NextEra Energy Partners expects the annualized rate of the fourth-quarter 2023 distribution that is payable in February 2024 to be in a range of $3.64 to $3.74 per common unit.

NextEra Energy Partners continues to expect Dec. 31, 2023, run-rate expectations for adjusted EBITDA in a range of $2.220 billion to $2.420 billion and CAFD in a range of $770 million to $860 million, reflecting calendar year 2024 expectations for the portfolio at year-end 2023. These expectations are subject to the usual caveats.

Conference call information
As previously announced, NextEra Energy Partners' second-quarter 2023 conference call is scheduled for 9 a.m. ET today. Also discussed during the call will be second-quarter 2023 financial results for NextEra Energy, Inc. (NYSE: NEE). The listen-only webcast will be available on the website of NextEra Energy Partners by accessing the following link: www.NextEraEnergyPartners.com/FinancialResults. The news release and the slides accompanying the presentation may be downloaded at www.NextEraEnergyPartners.com/FinancialResults, beginning at 7:30 a.m. ET today. A replay will be available for 90 days by accessing the same link as listed above.

NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in geographically diverse wind, solar and energy storage projects in the U.S. as well as natural gas infrastructure assets in Texas and Pennsylvania. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.

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NextEra Energy Partners' management uses adjusted EBITDA and CAFD, which are non-GAAP financial measures, internally for financial planning, analysis of performance and reporting of results to the board of directors. NextEra Energy Partners also uses these measures when communicating its financial results and earnings outlook to analysts and investors. The attachments to this news release include a reconciliation of historical adjusted EBITDA and CAFD to net income (loss), which is the most directly comparable GAAP measure.

Adjusted EBITDA, CAFD and limited partner distributions and other expectations assume, among other things, normal weather and operating conditions; positive macroeconomic conditions in the U.S.; public policy support for wind and solar development and construction; market demand and transmission expansion support for wind and solar development; market demand for pipeline capacity; access to capital at reasonable cost and terms; and no changes to governmental policies or incentives. Please see the accompanying cautionary statements for a list of the risk factors that may affect future results. Adjusted EBITDA and CAFD do not represent substitutes for net income, as prepared in accordance with GAAP. The adjusted EBITDA and CAFD run-rate expectations have not been reconciled to expected net
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income because NextEra Energy Partners' net income includes unrealized mark-to-market gains and losses related to derivative transactions, which cannot be determined at this time.

This news release should be read in conjunction with the attached unaudited financial information.

Cautionary Statements and Risk Factors That May Affect Future Results

This news release contains "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy Partners, LP (together with its subsidiaries, NEP) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NEP's control. Forward-looking statements in this news release include, among others, statements concerning adjusted EBITDA, cash available for distribution (CAFD) and unit distribution expectations, as well as statements concerning NEP's future operating performance, financing needs, results of acquisitions and statements concerning Real ZeroTM carbon emissions. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "aim," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NEP and its business and financial condition are subject to risks and uncertainties that could cause NEP's actual results to differ materially from those expressed or implied in the forward-looking statements. These risks and uncertainties could require NEP to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: NEP's ability to make cash distributions to its unitholders is affected by the performance of its renewable energy projects which could be impacted by wind and solar conditions and in certain circumstances by market prices; operation and maintenance of renewable energy projects and pipelines involve significant risks that could result in unplanned power outages, reduced output or capacity, personal injury or loss of life; NEP's business, financial condition, results of operations and prospects can be materially adversely affected by weather conditions, including, but not limited to, the impact of severe weather; NEP depends on certain of the renewable energy projects and pipelines in its portfolio for a substantial portion of its anticipated cash flows; NEP may pursue the repowering of renewable energy projects or the expansion of natural gas pipelines that would require up-front capital expenditures and could expose NEP to project development risks; geopolitical factors, terrorist acts, cyberattacks or other similar events could impact NEP's projects, pipelines or surrounding areas and adversely affect its business; the ability of NEP to obtain insurance and the terms of any available insurance coverage could be materially adversely affected by international, national, state or local events and company-specific events, as well as the financial condition of insurers. NEP's insurance coverage does not provide protection against all significant losses; NEP relies on interconnection, transmission and other pipeline facilities of third parties to deliver energy from its renewable energy projects and to transport natural gas to and from its pipelines. If these facilities become unavailable, NEP's projects and pipelines may not be able to operate or deliver energy or may become partially or fully unavailable to transport natural gas; NEP's business is subject to liabilities and operating restrictions arising from environmental, health and safety laws and regulations, compliance with which may require significant capital expenditures, increase NEP's cost of operations and affect or limit its business plans; NEP's renewable energy projects or pipelines may be adversely affected by legislative changes or a failure to comply with applicable energy and pipeline regulations; Petroleos Mexicanos (Pemex) may claim certain immunities under the Foreign Sovereign Immunities Act and Mexican law, and the subsidiaries’ of NEP that directly own the natural gas pipeline assets located in Texas ability to sue or recover from Pemex for breach of contract may be limited and may be exacerbated if there is a deterioration in the economic relationship between the U.S. and Mexico; NEP does not own all of the land on which the projects in its portfolio are located and its use and enjoyment of the property may be adversely affected to the extent that there are any lienholders or land rights holders that have rights that are superior to NEP's rights or the U.S. Bureau of Land Management suspends its federal rights-of-way grants; NEP is subject to risks associated with litigation or administrative proceedings that could materially impact its operations, including, but not limited to, proceedings related to projects it acquires in the future; NEP's operations require NEP to comply with anti-corruption laws and regulations of the U.S. government and Mexico; NEP is subject to risks associated with its ownership interests in projects that are under construction, which could result in its inability to complete construction projects on time or at all, and make projects too expensive to complete or cause the return on an investment to be less than expected; NEP relies on a limited number of customers and is exposed to the risk that they may be unwilling or unable to fulfill their contractual obligations to NEP or that they otherwise terminate their agreements with NEP; NEP may not be able to extend, renew or replace expiring or terminated power purchase agreements (PPA), natural gas transportation agreements or other customer contracts at favorable rates or on a long-term basis; if the energy production by or availability of NEP's renewable energy projects is less than expected, they may not be able to satisfy minimum production or availability obligations under their PPAs; NEP's growth strategy depends on locating and acquiring interests in additional projects consistent with its business strategy at favorable prices; reductions in demand for natural gas in the United States or Mexico and low market prices of natural gas could materially adversely affect NEP's pipeline operations and cash flows; government laws, regulations and policies providing incentives and subsidies for clean energy could be changed, reduced or eliminated at any time and such changes may negatively impact NEP's growth strategy; NEP's growth strategy depends on the acquisition of projects developed by NextEra Energy, Inc. (NEE) and third parties, which face risks related to project siting, financing, construction, permitting, the environment, governmental approvals and the negotiation of project development agreements; acquisitions of existing clean energy projects involve numerous risks; NEP may continue to acquire other sources of clean energy and may expand to include other types of assets. Any further acquisition of non-renewable energy projects may present unforeseen challenges and result in a competitive disadvantage relative to NEP's more-established competitors; NEP faces substantial competition primarily from regulated utility holding companies, developers, independent power producers, pension funds and private equity funds for opportunities in North America; the natural gas pipeline industry is highly competitive, and increased competitive pressure could adversely affect NEP's business; NEP may not be able to access sources of capital on commercially reasonable terms, which would have a material adverse effect on its ability to consummate
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future acquisitions and pursue other growth opportunities; restrictions in NEP and its subsidiaries' financing agreements could adversely affect NEP's business, financial condition, results of operations and ability to make cash distributions to its unitholders; NEP's cash distributions to its unitholders may be reduced as a result of restrictions on NEP's subsidiaries' cash distributions to NEP under the terms of their indebtedness or other financing agreements; NEP's subsidiaries' substantial amount of indebtedness may adversely affect NEP's ability to operate its business, and its failure to comply with the terms of its subsidiaries' indebtedness could have a material adverse effect on NEP's financial condition; NEP’s plan to sell its natural gas pipeline assets for adequate proceeds may be unsuccessful, and NEP may have to rely on other sources of capital in order to purchase noncontrolling membership interests in certain subsidiaries and to finance future growth; NEP is exposed to risks inherent in its use of interest rate swaps; widespread public health crises and epidemics or pandemics may have material adverse impacts on NEP's business, financial condition, liquidity, results of operations and ability to make cash distributions to its unitholders; NEE has influence over NEP; under the cash sweep and credit support agreement, NEP receives credit support from NEE and its affiliates. NEP's subsidiaries may default under contracts or become subject to cash sweeps if credit support is terminated, if NEE or its affiliates fail to honor their obligations under credit support arrangements, or if NEE or another credit support provider ceases to satisfy creditworthiness requirements, and NEP will be required in certain circumstances to reimburse NEE for draws that are made on credit support; NextEra Energy Resources, LLC (NEER) and certain of its affiliates are permitted to borrow funds received by NextEra Energy Operating Partners, LP (NEP OpCo) or its subsidiaries and is obligated to return these funds only as needed to cover project costs and distributions or as demanded by NEP OpCo. NEP's financial condition and ability to make distributions to its unitholders, as well as its ability to grow distributions in the future, is highly dependent on NEER's performance of its obligations to return all or a portion of these funds; NEER's right of first refusal may adversely affect NEP's ability to consummate future sales or to obtain favorable sale terms; NextEra Energy Partners GP, Inc. (NEP GP) and its affiliates may have conflicts of interest with NEP and have limited duties to NEP and its unitholders; NEP GP and its affiliates and the directors and officers of NEP are not restricted in their ability to compete with NEP, whose business is subject to certain restrictions; NEP may only terminate the Management Services Agreement among, NEP, NextEra Energy Management Partners, LP (NEE Management), NEP OpCo and NextEra Energy Operating Partners GP, LLC under certain limited circumstances; if the agreements with NEE Management or NEER are terminated, NEP may be unable to contract with a substitute service provider on similar terms; NEP's arrangements with NEE limit NEE's potential liability, and NEP has agreed to indemnify NEE against claims that it may face in connection with such arrangements, which may lead NEE to assume greater risks when making decisions relating to NEP than it otherwise would if acting solely for its own account; NEP's ability to make distributions to its unitholders depends on the ability of NEP OpCo to make cash distributions to its limited partners; if NEP incurs material tax liabilities, NEP's distributions to its unitholders may be reduced, without any corresponding reduction in the amount of the IDR fee; holders of NEP's units may be subject to voting restrictions; NEP's partnership agreement replaces the fiduciary duties that NEP GP and NEP's directors and officers might have to holders of its common units with contractual standards governing their duties and the New York Stock Exchange does not require a publicly traded limited partnership like NEP to comply with certain of its corporate governance requirements; NEP's partnership agreement restricts the remedies available to holders of NEP's common units for actions taken by NEP's directors or NEP GP that might otherwise constitute breaches of fiduciary duties; certain of NEP's actions require the consent of NEP GP; holders of NEP's common units currently cannot remove NEP GP without NEE's consent and provisions in NEP's partnership agreement may discourage or delay an acquisition of NEP that NEP unitholders may consider favorable; NEE's interest in NEP GP and the control of NEP GP may be transferred to a third party without unitholder consent; reimbursements and fees owed to NEP GP and its affiliates for services provided to NEP or on NEP's behalf will reduce cash distributions from NEP OpCo and from NEP to NEP's unitholders, and there are no limits on the amount that NEP OpCo may be required to pay; increases in interest rates could adversely impact the price of NEP's common units, NEP's ability to issue equity or incur debt for acquisitions or other purposes and NEP's ability to make cash distributions to its unitholders; the liability of holders of NEP's units, which represent limited partnership interests in NEP, may not be limited if a court finds that unitholder action constitutes control of NEP's business; unitholders may have liability to repay distributions that were wrongfully distributed to them; the issuance of common units, or other limited partnership interests, or securities convertible into, or settleable with, common units, and any subsequent conversion or settlement, will dilute common unitholders' ownership in NEP, may decrease the amount of cash available for distribution for each common unit, will impact the relative voting strength of outstanding NEP common units and issuance of such securities, or the possibility of issuance of such securities, as well as the resale, or possible resale following conversion or settlement, may result in a decline in the market price for NEP's common units; NEP's future tax liability may be greater than expected if NEP does not generate net operating losses (NOLs) sufficient to offset taxable income or if tax authorities challenge certain of NEP's tax positions; NEP's ability to use NOLs to offset future income may be limited; NEP will not have complete control over NEP's tax decisions; and distributions to unitholders may be taxable as dividends. NEP discusses these and other risks and uncertainties in its annual report on Form 10-K for the year ended December 31, 2022 and other Securities and Exchange Commission (SEC) filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NEP undertakes no obligation to update any forward-looking statements.

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NEXTERA ENERGY PARTNERS, LP
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(millions, except per unit amounts)
(unaudited)
PRELIMINARY
Three Months Ended 
 June 30,		Six Months Ended 
 June 30,
2023202220232022
OPERATING REVENUES
Renewable energy sales$293 $302 $537 $526 
Texas pipelines service revenues5760 113 117 
Total operating revenues350362 650 643 
OPERATING EXPENSES
Operations and maintenance131 136 284 265 
Depreciation and amortization135 105 267 207 
Taxes other than income taxes and other20 15 32 31 
Total operating expenses – net286 256 583 503 
GAINS ON DISPOSAL OF BUSINESSES/ASSETS – NET— 27 — 27 
OPERATING INCOME64 133 67 167 
OTHER INCOME (DEDUCTIONS)
Interest expense(15)414 (224)698 
Equity in earnings of equity method investees45 55 74 101 
Equity in earnings of non-economic ownership interests11 18 3 37 
Other – net3 1 3 — 
Total other income (deductions) – net44 488 (144)836 
INCOME (LOSS) BEFORE INCOME TAXES108 621 (77)1,003 
INCOME TAX EXPENSE (BENEFIT)19 83 (15)133 
NET INCOME (LOSS)89 538 (62)870 
NET LOSS (INCOME) ATTRIBUTABLE TO NONCONTROLLING INTERESTS(40)(319)96 (507)
NET INCOME ATTRIBUTABLE TO NEXTERA ENERGY PARTNERS, LP$49 $219 $34 $363 
Earnings per common unit attributable to NextEra Energy Partners, LP – basic$0.53 $2.61 $0.38 $4.33 
Earnings per common unit attributable to NextEra Energy Partners, LP – assuming dilution(a)
$0.53 $2.61 $0.38 $4.33 
Weighted-average number of common units outstanding – basic92.3 83.9 89.8 83.9 
Weighted-average number of common units outstanding – assuming dilution92.3 83.9 89.8 83.9 
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(a)    Adjusted for impact of diluted securities

NEXTERA ENERGY PARTNERS, LP
Reconciliation of Net Income (Loss) to Adjusted EBITDA and Cash Available for Distribution (CAFD)
(millions)
Three Months Ended 
 June 30,		Six Months Ended 
 June 30,
2023202220232022
Net income (loss)$89 $538 $(62)$870 
Add back:
Depreciation and amortization135 105 267 207 
Interest expense15 (414)224 (698)
Income taxes19 83 (15)133 
Tax credits225 214 479 414 
Amortization of intangible assets/liabilities – PPAs – net20 37 40 73 
Noncontrolling interests in NET Mexico, Silver State, Star Moon Holdings, Emerald Breeze and Sunlight Renewables Holdings(27)(29)(41)(41)
Gains on disposal of businesses/asset – net— (27)— (27)
Equity in earnings of non-economic ownership interests(11)(18)(3)(37)
Depreciation and interest expense included within equity in earnings of equity method investees20 12 42 19 
Other1 (1)2 — 
Adjusted EBITDA$486 $500 $933 $913 
Tax credits(211)(214)(451)(414)
Other – net— (2)(3)(5)
Cash available for distribution before debt service payments$275 $284 $479 $494 
Cash interest paid(34)(35)(89)(89)
Debt repayment principal(a)
(41)(42)(34)(29)
Cash available for distribution$200 $207 $356 $376 
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(a)    Includes normal principal payments, including distributions/contributions to/from tax equity investors and payments to convertible equity portfolio investors.
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NEXTERA ENERGY PARTNERS, LP
CONDENSED CONSOLIDATED BALANCE SHEETS
(millions)
(unaudited)
PRELIMINARY
June 30,
2023		December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents$587 $235 
Accounts receivable152 137 
Other receivables52 41 
Due from related parties420 1,131 
Inventory71 51 
Derivatives71 65 
Other94 202 
Total current assets1,447 1,862 
Other assets:
Property, plant and equipment – net15,829 14,949 
Intangible assets – PPAs – net2,064 2,010 
Intangible assets – customer relationships – net519 526 
Derivatives153 369 
Goodwill898 891 
Investments in equity method investees1,960 1,917 
Deferred income taxes259 195 
Other437 333 
Total other assets22,119 21,190 
TOTAL ASSETS$23,566 $23,052 
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Current liabilities:
Accounts payable and accrued expenses$432 $868 
Due to related parties44 92 
Current portion of long-term debt573 38 
Accrued interest31 28 
Accrued property taxes33 31 
Other71 269 
Total current liabilities1,184 1,326 
Other liabilities and deferred credits:
Long-term debt5,918 5,250 
Asset retirement obligations324 299 
Due to related parties55 54 
Intangible liabilities – PPAs – net
1,242 1,153 
Other210 198 
Total other liabilities and deferred credits7,749 6,954 
TOTAL LIABILITIES8,933 8,280 
COMMITMENTS AND CONTINGENCIES
REDEEMABLE NONCONTROLLING INTERESTS105 101 
EQUITY
Common units (93.4 and 86.5 units issued and outstanding, respectively)3,565 3,332 
Accumulated other comprehensive loss(7)(7)
Noncontrolling interests10,970 11,346 
TOTAL EQUITY14,528 14,671 
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY$23,566 $23,052 


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NEXTERA ENERGY PARTNERS, LP
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(millions)
(unaudited)
PRELIMINARY
Six Months Ended June 30,
20232022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)$(62)$870 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization
267 207 
Intangible amortization – PPAs40 79 
Change in value of derivative contracts
225 (787)
Deferred income taxes
(16)133 
Equity in earnings of equity method investees, net of distributions received10 (19)
Equity in earnings of non-economic ownership interests, net of distributions received(3)(37)
Other – net
14 (23)
Changes in operating assets and liabilities:
Current assets(51)(45)
Noncurrent assets
(89)— 
Current liabilities
(33)31 
Noncurrent liabilities
(6)— 
Net cash provided by operating activities
296 409 
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of membership interests in subsidiaries – net(666)— 
Capital expenditures and other investments
(807)(749)
Proceeds from sale of a business55 193 
Payments from (to) related parties under CSCS agreement – net255 (499)
Reimbursements from related parties for capital expenditures732 749 
    Other1 4 
Net cash used in investing activities(430)(302)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of common units – net315 2 
Issuances of long-term debt, including premiums and discounts
1,069 92 
Retirements of long-term debt
(20)(130)
Debt issuance costs(2)(5)
Partner contributions— 1 
Partner distributions(348)(287)
    Proceeds on sale of Class B noncontrolling interests – net
— 408 
    Payments to Class B noncontrolling interest investors(89)(103)
Buyout of Class B noncontrolling interest investors(390)— 
Proceeds on sale of differential membership interests92 — 
Proceeds from differential membership investors61 46 
Payments to differential membership investors(211)(21)
Change in amounts due to related parties
(1)(2)
Other2 (2)
Net cash provided by (used in) financing activities478 (1)
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH344 106 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH – BEGINNING OF PERIOD284 151 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH – END OF PERIOD$628 $257 

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