TerraForm Power, Inc. TERP Cash Flow

Terraform power, inc. (TERP)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14
Cash flows from operating activities:
Net loss
-67,246	-91,388	-62,313	-16,827	-36,057	-30,351	-19,051	-27,612	-76,313	-141,804	-36,354	-1,872	-56,273	-137,594	-27,711	-44,937	-33,505	-156,027	2,418	29,134	-83,660	-62,826	-2,195	-15,821	-1,081
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, accretion and amortization expense
122,391	112,505	114,282	100,354	106,969	102,660	103,593	69,994	65,590	60,681	61,830	63,222	60,987	65,339	57,988	61,031	59,007	47,616	43,667	38,136	31,891	19,648	13,245	5,146	3,241
Amortization of favorable and unfavorable rate revenue contracts, net
9,903	11,295	9,791	9,716	9,138	9,289	9,911	9,750	9,817	10,117	9,935	9,697	9,827	10,091	9,803	9,822	10,503	3,705	-3,424	5,359	-336	632	2,787	771	0
Impairment of renewable energy facilities
-	-	-	-	-	0	0	0	15,240	0	0	1,429	0	-	-	-	-	-	-	-	-	-	-	-	-
Loss on disposal of renewable energy facilities
-889	28,776	-3,147	-8,213	-1,933	12,995	0	-6,764	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of deferred financing costs, debt premiums and discounts, net
3,464	6,504	3,577	1,690	2,453	3,040	3,711	1,574	2,684	4,000	9,716	5,374	4,639	4,581	4,360	6,465	8,754	1,721	13,801	3,797	7,709	8,951	2,985	13,369	488
Unrealized loss on interest rate swaps
-3,131	9,058	-10,244	1,075	-13,925	-16,185	2,911	8,777	0	-4,422	0	-4,656	2,231	-6,767	195	-5,553	352	-2,268	2,669	2,488	-4,302	0	0	0	0
Unrealized loss (gain) on commodity contract derivatives, net
-1,300	-	1,277	1,759	804	-	-1,447	7,440	-2,148	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Recognition of deferred revenue
-	-	-	-	-	-24	415	465	464	6,728	5,441	2,082	3,987	7,019	5,135	2,051	2,322	4,506	4,431	899	73	66	67	61	64
Non-cash incentive revenue
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	579	127
Non-cash interest expense
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	218	81
Stock-based compensation expense
329	24	265	43	160	96	88	73	0	9,729	1,849	2,691	2,509	2,202	1,411	1,423	1,023	3,095	2,556	2,330	5,144	4,220	1,567	0	0
Loss (gain) on modification and extinguishment of debt, net
-3,593	-31,141	-1,355	0	5,543	0	0	-1,480	0	-	-	-	-	-	-	-	-	-7,504	0	11,386	-20,038	-8,680	18,260	-1,945	0
Gain on foreign currency exchange, net
1,753	-	-9,812	7,743	6,718	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on foreign currency exchange, net
-	-	-	-	-	-	-	-	-779	308	939	5,084	-748	-9,446	-4,236	-5,279	3,166	-11,074	-10,914	14,014	-14,369	-6,883	-6,683	2,241	-595
Deferred taxes
24,281	6,844	1,321	3,136	-4,318	-19,779	1,882	3,942	-936	-27,803	3,007	4,246	639	-399	1,105	1,847	62	-16,266	1,657	1,112	0	-705	2,612	-6,229	-451
Loss on investments and receivables - affiliate
-	-	-	-	-	-	-	-	-	-	-	-	-	2,491	0	0	845	16,079	0	0	0	-	-	-	-
Charges to allowance for doubtful accounts
500	-	-	-	200	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other, net
207	539	-337	91	-62	393	-737	-2,563	2,907	-5,724	1,056	4,944	-22	255	2,373	-638	552	9,395	603	-1,154	551	-	-	-	-348
Changes in assets and liabilities, excluding the effect of acquisitions:
Accounts receivable
-8,454	-23,888	10,793	12,347	9,058	-31,327	12,369	-21	6,410	-15,921	-11,576	19,454	10,982	-33,614	-750	16,757	14,495	-50,880	7,263	33,904	20,985	-29,527	18,784	6,667	7,507
Prepaid expenses and other current assets
3,847	8,303	-977	2,044	-10,345	14,666	9,167	-2,931	-15,390	-5,800	5,209	6,812	-7,024	-3,242	2,684	6,591	2,552	-5,382	2,104	-4,491	-4,420	-	-	-	-
Accounts payable, accrued expenses and other current liabilities
-9,825	-22,238	4,513	2,613	-1,888	-5,974	-5,254	-26,643	18,895	-41,779	-12,200	-8,416	19,858	-11,191	5,336	-2,667	7,366	-717	9,331	10,856	417	-24,340	14,067	-3,777	18,112
VAT receivable, prepaid expenses and other current assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	7,470
Due to affiliates, net
-1,046	2,397	576	1,777	-535	-1,135	1,850	2,907	-599	3,769	199	0	0	-	-	-	-	-	-	-	-390	13,001	-8,655	27,733	-27,657
Deferred revenue
-	-	-	-	-	-	-	-	-	-	-	-	186	2,346	3,003	90	-636	358	4,702	7,665	6,658	33,656	15,124	20,772	1,577
Other, net
8,998	-6,212	-10,268	-7,410	-4,893	-20,461	-6,077	-3,923	-3,361	3,878	569	-2,170	-2,306	1,551	-714	-579	-4,190	7,937	-198	-5,820	0	6,424	-6,448	24	0
Restricted cash from operating activities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	664	-	-	-	-
Net cash provided by operating activities
85,767	60,241	91,716	91,488	84,999	102,174	75,542	23,396	52,089	-25,168	37,078	20,059	35,228	46,893	60,547	49,095	35,274	19,004	69,956	45,909	-10,609	57,449	14,542	32,847	-20,611
Cash flows from investing activities:
Capital expenditures
1,006	4,676	5,886	3,254	7,368	7,125	4,987	7,613	2,720	920	2,404	2,992	2,076	4,171	4,326	5,661	31,711	59,528	140,189	265,479	182,365	355,457	242,731	421,058	103,047
Proceeds from energy rebate and reimbursable interconnection costs
406	-6	1,497	790	2,836	509	2,218	1,922	4,084	2,058	1,433	22,188	0	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from the settlement of foreign currency contracts, net
38,753	1,743	-2,466	30,529	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments to acquire businesses, net of cash and restricted cash acquired
79,433	114,195	617,587	0	0	-	-	-	-	-	-	-	-	0	0	0	4,064	1,273,327	-370	161,301	997,968	289,354	164,406	176,919	14,211
Other investing activities
0	-2,476	1,312	435	729	1,543	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other investing activities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1,600	0	0	10,000	0	0	0	0
Change in restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-5,638	-	27,605	-6,393	2,050	-23,635	9,015	10,840	-19,855
Acquisition of Saeta business, net of cash and restricted cash acquired
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	11,281	0	-207	15,079	56,088	3,313	-3,313	0
Net cash used in investing activities
-41,280	-43,750	-737,325	10,245	-3,803	15,878	-34,960	-841,280	1,364	6,888	5,029	196,431	-2,076	-4,171	-4,326	-11,299	-30,137	-1,319,274	-167,424	-420,180	-1,207,462	-677,264	-419,465	-605,504	-97,403
Cash flows from financing activities:
Proceeds from issuance of Class A common stock, net of issuance costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	579,418	342,192	336,800	433,621	0	0
Change in restricted cash for principal debt service
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-26,733	28,295	-203	538
Proceeds from Senior Notes due
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	152,250	793,712	-	-	0	0
Repayment of term loan
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-573,500	-	0	0	0
Revolver draws
127,000	-	-	-	50,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Revolver repayments
66,000	-	-	-	15,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Term Loan principal payments
0	-	875	875	875	-	875	875	875	-	0	-11,870	11,870	-122,597	58,672	34,213	29,712	367,706	15,561	118,439	15,894	224,140	74,128	42,355	568
Revolver repayments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-
Proceeds from borrowings of non-recourse long-term debt
-	-	-	-	-	-	-	-	-	-	-	-	79,835	82,682	0	3,980	0	1,013,950	91,873	8,446	336,438	273,586	-353,273	237,441	314,169
Borrowings of non-recourse long-term debt
275,624	-	132,644	179,409	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Senior Notes prepayment penalties
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-17	6,429	0	0	0	0
Principal payments and prepayments on non-recourse long-term debt
242,113	-	39,702	96,433	50,194	-	77,867	93,576	8,681	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from the Bridge Facility
-	-	-	-	-	-	-539,053	487,053	52,000	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Revolver repayments
-	-	-	-	-	-	-	115,244	42,000	-	220,000	50,000	5,000	-	-	-	-	-	-	-	-	-	-	-	-
Debt financing fees paid
3,250	21,625	5,937	8,838	1,197	1,894	3,772	1,518	2,134	19,744	6,493	944	2,791	4,478	8,458	0	4,500	16,584	7,696	4,725	30,667	11,239	19,732	7,822	15,267
Contributions from non-controlling interests
3,008	794	0	0	5,562	0	0	0	7,685	0	0	0	6,935	1,184	235	-346	15,612	266,860	38,084	34,295	10,497	158,430	4,382	1,385	545
Purchase of membership interests and distributions to non-controlling interests
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	6,514	20,222	14,896	16,659	0	0	0	0
Repurchase of non-controlling interests in renewable energy facilities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	8,504	0	0	54,694	0	0	0	0
Purchase of membership interests and distributions to non-controlling interests
30,762	-	5,638	5,463	6,103	-	9,285	6,721	5,786	-	5,892	7,433	9,692	-	5,577	7,616	6,172	6,508	4,752	4,001	12,884	1,172	151	0	0
Due to/from affiliates, net
-	-	-	-	-	-	-	0	-3,214	5,772	-214	-1,530	4,841	3,220	18,151	-729	11,614	148,688	35,233	48,518	-93,516	-53,123	-146,246	4,514	-4,514
Proceeds from affiliates
-	-	-	-	-	-	-	-	-	258	0	65	7,371	5,263	8,529	-1,076	29,747	26,740	23,945	46,231	53,020	3,930	183,452	182,151	35,529
Cash distributions to Class A common stockholders
45,488	-	-	-	41,987	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash distributions to Class A common stockholders
-	-	-	-	-	-	-	28,008	28,008	285,497	0	0	0	-	-	-	-	27,998	26,797	18,785	15,125	7,249	0	0	0
Payment to terminate interest rate swaps
-16,331	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other financing activities
-971	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash provided by (used in) financing activities
717	-16,704	679,502	-196,192	-59,794	-230,306	-46,352	1,083,744	-24,585	-371,866	-290,936	-186,658	59,947	-59,919	-82,094	-38,542	-6,639	1,380,048	343,641	611,293	903,523	828,836	648,712	366,083	339,460
Net increase in cash, cash equivalents and restricted cash
45,204	-	33,893	-94,459	21,402	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net increase in cash, cash equivalents and restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	93,099	-	-25,873	-746	-1,502	79,778	246,173	237,022	-314,548	209,021	243,789	-206,574	221,446
Net change in cash, cash equivalents and restricted cash classified within assets held for sale
-	-	-	-	-	-	-	-	-	-	-	-	19,440	-	-	-	-21,697	-	-	-	0	-	-	-	-
Net (decrease) increase in cash, cash equivalents and restricted cash
-	-	-	-	-	-	-	-	28,868	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Effect of exchange rate changes on cash, cash equivalents and restricted cash
-4,203	5,482	-7,181	2,144	-4,377	-4,932	-320	-3,172	-258	-76	928	2,807	-471	-4,139	-2,839	-3,159	65	-3,566	-984	187	-583	170	-442	100	0
Supplemental Disclosures:
Cash paid for interest
51,449	82,628	57,481	82,218	71,818	80,185	75,956	74,420	20,173	78,664	60,327	60,376	61,318	73,692	64,635	57,843	61,099	40,026	29,896	32,033	12,497	63,803	7,323	8,741	0
interest capitalized
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	641	-	-	-	-
Cash paid for income taxes
117	-2,090	2,598	1,554	0	-237	667	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	0
Schedule of non-cash activities:
Additions of asset retirement obligation (ARO) assets and liabilities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	12,205	3,800	12,361	23,815	19,112	12,180	3,122	0
Principal payments on long-term debt from solar renewable energy certificates
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
ARO assets and obligations from acquisitions
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	42,932	4,153	9,503	17,705	11,518	7,749	10,183	0
Long-term debt assumed in connection with acquisitions
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	531,210	0	3,477	132,697	24,546	417,318	109,072	0