United states

Investing Cash Flows

 

		Three Months Ended March 31,								Year Ended December 31,
(in thousands)		2016				2015				2015				2014				2013
Purchase of property and equipment		$	(10,888	)		$	(10,605	)		$	(26,361	)		$	(18,924	)		$	(7,065	)
Contribution to joint venture			—				—				—				—				(84	)
Proceeds from sale of assets			—				—				146				—				—
Net cash used in investing activities		$	(10,888	)		$	(10,605	)		$	(26,215	)		$	(18,924	)		$	(7,149	)

Net cash flows used in investing activities totaled $10.9 million and $10.6 million for the three months ended March 31, 2016 and 2015, respectively, as well as $26.2 million, $18.9 million and $7.1 million in the years ended December 31, 2015, 2014 and 2013, respectively, driven primarily by capital expenditures for new facilities and expansion or improvements at existing facilities. The capital expenditures for the three months ended March 31, 2016 primarily related to the construction of our second wind blade plants in Mexico and Turkey as well as the expansion of our original wind blade facilities in Mexico and Turkey. The capital expenditures for the three months ended March 31, 2015 primarily related to the expansion of our China and Iowa wind blade facilities. The capital expenditures for the year ended December 31, 2015 primarily related to the expansion of our China and Iowa wind blade facilities. For the years ended December 31, 2014 and 2013, the capital expenditures were primarily for the Turkey, Mexico and China plant build outs.

We anticipate fiscal year 2016 capital expenditures of approximately $60 million. We estimate that the cost after March 31, 2016 that we will incur to complete our current projects in process is approximately $9.1 million. We have used and will continue to use proceeds obtained prior to this offering for major projects currently being undertaken, which include new manufacturing facilities in Mexico and Turkey as well as continued investment in existing China and Turkey wind blade facilities.

Financing Cash Flows

 

		Three Months Ended March 31,								Year Ended December 31,
(in thousands)		2016				2015				2015				2014				2013
Net proceeds from term loans		$	—			$	—			$	19,375			$	23,901			$	14,797
Net proceeds from (repayments of) accounts receivable financing			6,800				(6,144	)			(2,472	)			34,450				2,183
Net proceeds from (repayments of) working capital loans			(4,958	)			(71	)			(12,572	)			5,999				3,393
Proceeds from subordinated debt arrangements			—				—				—				15,000				—
Net proceeds from (repayments of) other debt			(1,192	)			348				(2,777	)			(2,130	)			40
Net proceeds from (repayments of) customer advances			2,000				—				—				4,500				(5,007	)
Proceeds from issuance of preferred stock			—				—				—				6,846				—
Debt issuance costs			—				—				(1,113	)			(4,818	)			(1,154	)
Restricted cash and other			(647	)			(1,301	)			(2,864	)			273				(1,304	)
Net cash provided by (used in) financing activities		$	2,003				(7,168	)		$	(2,423	)		$	84,021			$	12,948

The net cash flows provided by financing activities totaled $2.0 million for the three months ended March 31, 2016 and $84.0 million and $12.9 million for the years ended December 31, 2014 and 2013, respectively. Net cash flows used in financing activities for the year ended December 31, 2015 and three months ended March 31, 2015 totaled $2.4 million and $7.2 million, respectively. The net cash flows provided by financing activities of $2.0 million for the three months ended March 31, 2016 primarily related to the proceeds

 

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of a customer advance. The net cash flows used in financing activities of $7.2 million for the three months ended March 31, 2015 was primarily the result of the repayment of accounts receivable loans. Net cash flows used in financing activities for the year ended December 31, 2015 primarily reflects the net repayments of working capital loans and accounts receivable loans as well as payments related to the acquisition of noncontrolling interest of our Turkey operation in 2013 and additions to restricted cash. This was partially offset by additional net proceeds from term loans. The net cash flows from financing activities for the years ended December 31, 2014 and 2013 were primarily comprised of additional indebtedness provided by our senior lenders, accounts receivable financings, working capital loans and subordinated debt. During 2014, we also received $6.8 million from preferred stock offerings. The net cash provided by financing activities in the years ended December 31, 2014 and 2013 was primarily used for capital expenditures for the Dafeng, China, Mexico and Turkey facility startups and production ramp-ups, working capital and operating loss funding for Dafeng, China, Mexico and Turkey and the startup costs of manufacturing for a new customer in Turkey.