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SEC Filings

10-Q
TERRAFORM GLOBAL, INC. filed this Form 10-Q on 08/09/2017
Entire Document
 

Six Months Ended June 30, 2017 Compared to Six Months Ended June 30, 2016
The following table reflects the changes in cash flows for the comparative periods:
 
Six Months Ended June 30,
 
 
(In thousands)
2017
 
2016
 
Change
Net cash (used in) provided by operating activities
$
(13,432
)
 
$
3,590

 
$
(17,022
)
Net cash provided by (used in) investing activities
1,722

 
(10,333
)
 
12,055

Net cash used in financing activities
(7,906
)
 
(46,609
)
 
38,703

Net Cash (Used in) Provided by Operating Activities
Net cash used in operating activities for the six months ended June 30, 2017 was $13.4 million, compared to net cash provided by operating activities for the six months ended June 30, 2016 of $3.6 million. The increase in net cash used in operations of $17.0 million was primarily driven by increased general and administrative costs associated with operating as a stand-alone organization, including consulting, professional and legal fees.
Net Cash Provided by (Used in) Investing Activities
Net cash provided by investing activities for the six months ended June 30, 2017 was $1.7 million, compared to $10.3 million used in investing activities for the six months ended June 30, 2016. The decrease in net cash used in investing activities of $12.1 million was driven by a decrease in capital expenditure of $43.6 million, as more projects were under development during 2016, and a decrease in cash paid for acquisitions of $32.1 million compared to the same period in 2016. This was partially offset by an increase in restricted cash of $54.3 million as less cash became available for use in the six months ended June 30, 2017 as compared to the six months ended June 30, 2016, and a decrease in cash acquired from acquisitions of $8.0 million due to the consolidation of the wind power plants in India acquired from FERSA in 2016.
Net Cash Used in Financing Activities
Net cash used in financing activities for the six months ended June 30, 2017 was $7.9 million, compared to $46.6 million for the six months ended June 30, 2016. The decrease in net cash used in financing activities of $38.7 million was driven by $35.4 million of cash used to repay the Senior Notes, $30.7 million of cash used to pay dividends and a net $21.6 million borrowed for project debt financing in the six months ended June 30, 2016, offset by cash provided by net parent investments in the amount of $49.0 million for the same period.
Off-Balance Sheet Arrangements
As of June 30, 2017, the Company did not have any off-balance sheet arrangements. As of December 31, 2016, the Company had one outstanding $0.4 million letter of credit issued in August 2016 under the Revolver in support of the Alto Cielo acquisition. This letter of credit was terminated on March 23, 2017 in connection with the Fifth Amendment.

Recently Issued Accounting Standards
See Item 1. Note 1 - Nature of Operations for information regarding recently issued accounting standards that are relevant to the Company.
CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS
This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. These statements involve estimates, expectations, projections, goals, assumptions, known and unknown risks, and uncertainties and typically include words or variations of words such as “expect,” “anticipate,” “believe,” “intend,” “plan,” “seek,” “estimate,” “predict,” “project,” “goal,” “guidance,” “outlook,” “objective,” “forecast,” “target,” “potential,” “continue,” “would,” “will,” “should,” “could,” or “may” or other comparable terms and phrases. All statements that address operating performance, events, or developments that TerraForm Global, Inc. and its subsidiaries (together, the “Company”) expect or anticipate will occur in the future are forward-looking statements. They may include estimates of cash available for distribution to shareholders, earnings, revenues, capital expenditures, liquidity, capital structure, future growth, financing arrangements and other financial performance items (including future dividends per share), descriptions of management’s plans or objectives for future operations, products, services, or descriptions of assumptions

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