TerraForm Power, Inc. TERP Cash Flow

Terraform power, inc. (TERP)

CashFlow / Yearly

Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12
Cash flows from operating activities:
Net loss
-206,585	-153,327	-236,303	-243,747	-208,135	-81,923	-1,912	-790
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, accretion and amortization expense
434,110	341,837	246,720	243,365	161,310	41,280	5,731	5,034
Amortization of favorable and unfavorable rate revenue contracts, net
39,940	38,767	39,576	40,219	5,304	4,190	0	0
Impairment of goodwill
-	-	-	55,900	0	0	-	-
Impairment of renewable energy facilities
0	15,240	1,429	18,951	0	0	-	-
Loss on disposal of renewable energy facilities
15,483	6,231	5,828	0	-	-	-	-
Amortization of deferred financing costs, debt premiums and discounts, net
14,224	11,009	23,729	24,160	27,028	25,793	198	161
Unrealized (gain) loss on interest rate swaps
4,658	13,116	-2,425	-24,209	0	0	-	-
(Reductions) charges to allowance for doubtful accounts, net
-4,239	4,510	339	0	-	-	-	-
Unrealized loss on interest rate swaps
-14,036	-4,497	-6,847	-11,773	-1,413	0	0	-
Recognition of deferred revenue
3,457	1,320	18,238	16,527	9,909	258	205	190
Non-cash incentive revenue
-	-	-	-	-	-	-	1,831
Non-cash interest expense
-	-	-	-	-	-	-	1,119
Stock-based compensation expense
492	257	16,778	6,059	13,125	5,787	0	0
Loss (gain) on modification and extinguishment of debt, net
-26,953	-1,480	-81,099	-1,079	-16,156	7,635	0	0
Gain on foreign currency exchange, net
11,480	12,899	5,583	-15,795	-22,343	-11,920	771	0
Deferred taxes
6,983	-14,891	-19,911	2,615	-13,497	-4,773	-253	-1,270
Loss on prepaid warranty - affiliate
-	-	-	-	45,380	0	0	-
Loss on investments and receivables - affiliate
-	-	-	3,336	16,079	0	0	-
Gain on sale of renewable energy facilities
2,252	0	37,116	0	0	-	-	-
Other, net
231	0	254	2,542	9,395	-9,257	-609	214
Changes in assets and liabilities, excluding the effect of acquisitions:
Accounts receivable
8,310	-12,569	2,939	-3,112	11,272	3,431	892	-106
Prepaid expenses and other current assets
-975	5,512	-803	8,585	-12,189	-22,921	33,698	-
Accounts payable, accrued expenses and other current liabilities
-17,000	-18,976	-42,537	-1,156	19,887	4,062	4,902	-613
VAT receivable, prepaid expenses and other current assets
-	-	-	-	-	-	-	786
Due to affiliates, net
4,215	3,023	3,968	0	0	4,422	18,865	1,563
Deferred revenue
-	-	-	4,803	19,383	71,129	792	173
Other, net
-28,783	-33,822	-29	-3,932	1,919	0	0	-
Net cash provided by operating activities
328,444	253,201	67,197	191,809	124,260	84,227	-7,852	2,890
Cash flows from investing activities:
Capital expenditures
21,184	22,445	8,392	45,869	647,561	1,122,293	210,360	2,274
Proceeds from divestiture of renewable energy facilities, net of cash and restricted cash disposed
10,848	0	183,235	0	0	-	-	-
Proceeds from energy rebate and reimbursable interconnection costs
5,117	8,733	25,679	0	0	-	-	-
Proceeds from the settlement of foreign currency contracts, net
29,806	47,590	0	0	0	-	-	-
Payments to acquire businesses, net of cash and restricted cash acquired
731,782	886,104	0	4,064	2,432,226	644,890	0	0
Payments to acquire renewable energy facilities from third parties, net of cash and restricted cash acquired
73,682	8,315	0	-	-	-	-	-
Other investing activities
0	1,543	0	0	-	-	-	-
Other investing activities
-6,244	0	-5,750	0	8,400	0	0	-
Change in restricted cash
-	-	-	-	-	-23,635	58,878	3,602
Receipts of grants in lieu of tax credits
-	-	-	-	-	-	-	5,466
Acquisition of Saeta business, net of cash and restricted cash acquired
-	-	-	0	26,153	56,088	0	0
Net cash used in investing activities
-774,633	-858,998	206,272	-49,933	-3,114,340	-1,799,636	-269,238	-410
Cash flows from financing activities:
Proceeds from issuance of Class A common stock, net of issuance costs
298,767	650,000	0	0	921,610	770,421	0	0
Purchase of treasury stock
8,353	0	0	-	-	-	-	-
Change in restricted cash for principal debt service
-	-	-	-	-	1,897	2,834	475
Revolver draws
492,500	679,000	265,000	0	0	575,000	0	0
Revolver repayments
-	-	-	-	573,500	1,500	0	-
Term Loan principal payments
-	-	-	0	517,600	341,191	5,928	2,291
Revolver draws
-	-	-	-	890,000	0	0	-
Revolver repayments
-	-	-	-	235,000	0	0	-
Proceeds from borrowings of non-recourse long-term debt
-	-	-	86,662	1,450,707	471,923	304,729	0
Senior Notes prepayment penalties
-	-	-	0	6,412	0	0	-
Principal payments and prepayments on non-recourse long-term debt
-	-	-	156,042	-	-	-	-
Proceeds from the Bridge Facility
-	-	-	0	-	400,000	0	0
Proceeds from the Sponsor Line - affiliate
0	86,000	0	0	-	-	-	-
Due to Affiliate for Acquisition of Call Right Projects
-	-	-	-	-	-	-	0
Revolver repayments
-	-	-	103,000	-	400,000	0	0
Repayments of the Sponsor Line - affiliate
0	86,000	0	0	-	-	-	-
Debt financing fees paid
37,597	9,318	29,972	17,436	59,672	54,060	10,516	13
Contributions from non-controlling interests
6,356	7,685	6,935	16,685	349,736	164,742	12,778	0
Purchase of membership interests and distributions to non-controlling interests
30,509	29,163	31,163	24,270	58,291	0	0	-
Repurchase of non-controlling interests in renewable energy facilities
-	-	-	-	63,198	0	0	-
Purchase of membership interests and distributions to non-controlling interests
-	-	-	-	28,145	1,323	0	0
Due to/from affiliates, net
0	-4,803	8,869	32,256	138,923	-199,369	-6,936	-
Proceeds from affiliates
0	0	7,694	42,463	149,936	405,062	-32,702	-648
Cash distributions to Class A common stockholders
171,503	135,234	285,497	0	88,705	7,249	0	0
Payments to terminate interest rate swaps
18,600	0	0	-	-	-	-	-
Payment to terminate interest rate swaps
0	2,994	0	0	-	-	-	-
Other financing activities
0	0	1,085	0	0	-	-	-
Net cash provided by (used in) financing activities
406,812	782,501	-789,513	-187,194	3,238,505	2,183,091	278,131	-2,477
Net increase in cash, cash equivalents and restricted cash
-	-	-	-	248,425	467,682	1,041	3
Net (decrease) increase in cash, cash equivalents and restricted cash
-39,377	176,704	-516,044	-45,318	0	-	-	-
Net change in cash, cash equivalents and restricted cash classified within assets held for sale
0	0	54,806	-54,806	-	-	-	-
Effect of exchange rate changes on cash, cash equivalents and restricted cash
-3,932	-8,682	3,188	-10,072	-4,946	-172	0	0
Supplemental Disclosures:
Cash paid for interest
294,145	250,734	260,685	257,269	114,452	79,867	8,564	4,946
Cash paid for income taxes
2,062	430	0	0	0	0	0	0
Schedule of non-cash activities:
Right-of-use assets recognized under Topic 842
262,142	-	-	-	-	-	-	-
Right-of-use liabilities recognized under Topic 842
256,015	-	-	-	-	-	-	-
Additions to renewable energy facilities in accounts payable and accrued expenses
1,455	4,000	1,622	0	6,034	15,046	0	0
Loss on disposal of wind power plant components
-	-	-	-	0	-	-	-
Write-off of payables to SunEdison
0	0	15,677	0	0	-	-	-
Additions to renewable energy facilities in Due from SunEdison
-	-	-	-	-	9,780	54,090	3,978
Additions of asset retirement obligation (ARO) assets and liabilities
-	-	-	2,132	52,181	34,414	4,518	37
Principal payments on long-term debt from solar renewable energy certificates
-	-	-	-	-	-	-	712
Adjustment to ARO related to change in accretion period
27,900	-15,734	0	-22,204	-	-	-	-
Adjustment to ARO related to change in accretion period
-	-	-	8,992	7,209	2,109	-	-
Amortization of deferred financing costs included as construction in progress
-	-	-	-	-	17,589	791	0
Decrease in Due to SunEdison in exchange for equity
-	-	-	-	-	14,768	0	0
Issuance of B1 common stock to Riverstone for Mt. Signal
-	-	-	-	-	146,000	0	-
Issuance of class A common stock to affiliates for settlement of litigation
0	881	0	0	-	634,963	0	-
ARO assets and obligations from acquisitions
33,143	68,441	0	136	74,293	29,450	0	0
Long-term debt assumed in connection with acquisitions
151,713	1,932,743	0	0	667,384	550,936	0	0
Non-controlling interest in Terra LLC (Class B1 units) issued in connection with the initial public offering
-	-	-	-	-	57,633	0	-
Write-off of pre-IPO U.S. deferred tax assets and liabilities
-	-	-	-	-	3,616	0	0
Restricted cash
-	-	-	-	-	-	-	0
Property and equipment
-	-	-	-	-	-	-	0
Debt and financing lease obligations
-	-	-	-	-	-	-	0
Deferred tax liability
-	-	-	-	-	-	-	0
Total non-cash contribution from SunEdison
-	-	-	-	-	-	-	0
Senior Notes Due 2025
Loss on modification and extinguishment of debt, net
-22,827	0	0	-	-	-	-	-
Old Revolver
Loss on modification and extinguishment of debt, net
0	0	-8,822	-	-	-	-	-
Revolver payments
0	0	552,000	-	-	-	-	-
Term Loan
Loss on modification and extinguishment of debt, net
-4,006	-1,480	0	-	-	-	-	-
Senior Notes due 2028
Proceeds from Senior Notes due
0	0	692,979	-	-	-	-	-
Proceeds from Senior Notes due
-	-	-	0	-	-	-	-
5.875% Senior Notes Due in 2023 Principal
Repayment of the Old Senior Notes due 2023
-	-	-	0	-	-	-	-
Senior Notes due 2023
Proceeds from Senior Notes due
-	-	-	0	-	-	-	-
Revolver
Revolver payments
869,500	362,000	205,000	-	-	-	-	-
Revolver repayments
-	-	-	0	-	-	-	-
Non-Recourse Long-Term Debt
Proceeds from Term Loan and non-recourse long-term debt
792,216	236,251	79,835	-	-	-	-	-
Principal payments and prepayments on non-recourse long-term debt
557,099	259,017	569,463	-	-	-	-	-
Scenario, Adjustment
Revisions in estimates for asset retirement obligations
-	-	-	-7,920	5,640	0	-	-