TerraForm Global, Inc. (GLBL) saw its loss narrow to $53.03 million, or $0.47 a share for the year ended Dec. 31, 2016. In the previous year period, the company reported a loss of $211.80 million, or $2.10 a share. Revenue during the year surged 72.67 percent to $214.32 million from $124.12 million in the previous year.
Operating income for the year was $28.46 million, compared with an operating loss of $226.53 million in the previous year.
Adjusted EBITDA for the year stood at $151.05 million.
"TerraForm Global has made significant progress in meeting the closing conditions for the Brookfield transaction, including entry into a settlement agreement with Renova and the approval of our settlement agreement with SunEdison by the bankruptcy court," said Peter Blackmore, chairman and Interim chief executive officer of TerraForm Global. "Our team remains focused on meeting the outstanding closing conditions, which include the settlement of certain remaining litigation, receipt of certain regulatory approvals and shareholder approval of the transaction. We continue to expect the transaction to close in the second half of 2017."
Operating cash flow turns negative
TerraForm Global, Inc. has spent $14.24 million cash to meet operating activities during the year as against cash inflow of $5.01 million in the last year. The company has spent $37.25 million cash to meet investing activities during the year as against cash outgo of $747.03 million in the last year.
The company has spent $185.62 million cash to carry out financing activities during the year as against cash inflow of $1,536.46 million in the last year period.
Cash and cash equivalents stood at $680.89 million as on Dec. 31, 2016, down 26.18 percent or $241.42 million from $922.32 million on Dec. 31, 2015.
Debt comes down
TerraForm Global, Inc. has recorded a decline in total debt over the last one year. It stood at $1,086.07 million as on Dec. 31, 2016, down 14.63 percent or $186.08 million from $1,272.15 million on Dec. 31, 2015.
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