Print Page  Close Window

SEC Filings
10-K
TERRAFORM POWER, INC. filed this Form 10-K on 07/21/2017
Entire Document
 

second, to holders of Class A units, until an amount has been distributed to such holders of Class A units that would result, after taking account of all taxes payable by the Company in respect of the taxable income attributable to such distribution, in a distribution to holders of shares of Class A common stock of $0.93 per share (subject to adjustment for distributions, combinations or subdivisions of shares of Class A common stock) if such amount were distributed to all holders of shares of Class A common stock;
third, 15% to the holders of the IDRs and 85% to the holders of Class A units until a further amount has been distributed to holders of Class A units in such quarter that would result, after taking account of all taxes payable by the Company in respect of the taxable income attributable to such distribution, in a distribution to holders of shares of Class A common stock of an additional $0.12 per share (subject to adjustment for distributions, combinations or subdivisions of shares of Class A common stock) if such amount were distributed to all holders of shares of Class A common stock; and
thereafter, 75% to holders of Class A units and 25% to holders of the IDRs.

Cash Flow Discussion
    
We use traditional measures of cash flow, including net cash provided by operating activities, net cash used in investing activities and net cash (used in) provided by financing activities to evaluate our periodic cash flow results.

Year Ended December 31, 2016 Compared to Year Ended December 31, 2015

The following table reflects the changes in cash flows for the comparative periods:
(In thousands)
 
Year Ended December 31,
 
 
 
2016
 
2015
 
Change
Net cash provided by operating activities
 
$
191,809

 
$
124,260

 
$
67,549

Net cash used in investing activities
 
(63,705
)
 
(3,202,323
)
 
3,138,618

Net cash (used in) provided by financing activities
 
(187,194
)
 
3,238,505

 
(3,425,699
)

Net Cash Provided By Operating Activities

Net cash provided by operating activities for the year ended December 31, 2016 was $191.8 million, which represents an increase of $67.5 million compared to the prior year. The increase was driven by the growth of our portfolio resulting from acquisitions from SunEdison and unaffiliated third parties, which was partially offset by higher interest paid under long-term indebtedness.

Net Cash Used In Investing Activities

Net cash used in investing activities for the year ended December 31, 2016 was $63.7 million, which includes $45.9 million of cash paid to third parties for the construction of renewable energy facilities, $4.1 million of cash paid for third party acquisitions and a $13.8 million net increase in restricted cash balances. Net cash used in investing activities for the year ended December 31, 2015 was $3.2 billion, which primarily consisted of $647.6 million of cash paid to third parties for the construction of renewable energy facilities, $2.5 billion of cash paid to third parties for acquisitions of renewable energy facilities and a $48.6 million net increase in restricted cash balances.

Net Cash (Used In) Provided By Financing Activities

Net cash used in financing activities for the year ended December 31, 2016 was $187.2 million, which was primarily driven by $156.0 million of principal payments on non-recourse long-term debt and $103.0 million repayment of Revolver borrowings, partially offset by $86.7 million of net proceeds from non-recourse financing arrangements. Net cash provided by financing activities for the year ended December 31, 2015 was $3.2 billion, which consisted of $921.6 million of net proceeds from the issuance of Class A common stock, $946.0 million of proceeds from the issuance of the Senior Notes due 2023, $300.0 million of proceeds from the issuance of the Senior Notes due 2025, $655.0 million of net proceeds from Revolver borrowings and $1.5 billion of net proceeds from non-recourse financing arrangements, partially offset by $573.5 million repayment of our term loan, $517.6 million of principal payments on non-recourse long-term debt and dividend payments of $88.7 million.



96