- Increases dividend to $0.40 per Class A common share for Q3 2016 -
SAN FRANCISCO, Aug. 5, 2016 /PRNewswire/ -- Pattern Energy Group Inc. (the "Company" or "Pattern Energy") (NASDAQ: PEGI) (TSX: PEG) today announced its financial results for the 2016 second quarter.
Highlights
(Comparisons made between fiscal Q2 2016 and fiscal Q2 2015 results, unless otherwise noted)
- Proportional GWh sold of 1,715 GWh, up 40%
- Net cash provided by operating activities of $54.3 million, up 68%
- Cash available for distribution (CAFD) of $35.5 million, up 27% on track to meet full year guidance
- Net loss of $15.6 million compared to net income of $5.7 million
- Adjusted EBITDA of $78.6 million, up 18%
- Revenue of $93.4 million, up 10%
- Declared a third quarter dividend of $0.40 per Class A common share or $1.60 on an annualized basis, subsequent to the end of the period, representing a 2.6% increase over the previous quarter's dividend
- Added 272 MW in owned capacity, which brings the total portfolio owned capacity to 2,554 MW, with the agreement to acquire the Broadview Wind project (Broadview), located in New Mexico, from Pattern Energy Group LP (Pattern Development)
"We remain on track to achieve our cash available for distribution target for 2016, reporting $35.5 million in the second quarter. Our prudent capital and cost management more than offset the expected lower wind levels," said Mike Garland, President and CEO of Pattern Energy. "We continue to grow our portfolio, which now stands at 2,554 MW – an increase of 12% this quarter, with the agreement to acquire 272 MW of owned capacity in Broadview from Pattern Development at a 9.6x average cash available for distribution multiple over five years. As the capital markets improve, our identified ROFO list of assets provides clear visibility to 40% growth on our existing portfolio and we expect to add new projects to the list in the coming year."
Financial and Operating Results
Pattern Energy sold 1,715,286 MWh of electricity on a proportional basis in the second quarter of 2016 compared to 1,225,374 MWh sold in the same period last year. Pattern Energy sold 3,516,321 MWh of electricity on a proportional basis for the six-months ended June 30, 2016 (YTD 2016) compared to 2,161,408 MWh sold in the same period last year. The increase for the quarterly period was primarily attributable to volume increases of 444,745 MWh from controlling interests in consolidated MWh for projects which commenced commercial operations or were acquired since May 2015 and 45,167 MWh from unconsolidated investments primarily due to the acquisition of K2 in June 2015. As expected and planned for, El Niño conditions continued into the second quarter of 2016 which resulted in lower wind speeds and lower production than Pattern Energy's long-term average forecast.
Net cash provided by operating activities was $54.3 million for the second quarter of 2016 compared to $32.4 million for the same period last year. Net cash provided by operating activities was $69.0 million for YTD 2016 compared to $48.6 million for the same period last year. The change quarter over quarter is primarily due to higher revenues of $13.6 million (excluding unrealized loss on energy derivative and amortization of power purchase agreements) from projects which were acquired since May 2015 or which commenced commercial operations since the third quarter of 2015. Also increasing cash flows from operations was the timing of payments associated with accruals and other long term liabilities. These increases were partially offset by increases of $5.4 million in project expenses and $1.8 million in operating expenses.
Cash available for distribution was $35.5 million for the second quarter of 2016 compared to $28.0 million for the same period in the prior year. Cash available for distribution was $76.5 million for YTD 2016 compared to $37.3 million for the same period in the prior year. The $7.5 million increase for the quarterly period was due to additional revenues of $13.6 million (excluding unrealized loss on energy derivative and amortization of power purchase agreements) primarily from projects which were acquired since May 2015 or which commenced commercial operation since the third quarter of 2015. Pattern Energy also received an increase of $4.2 million in cash distributions from its unconsolidated investments when compared to the same period last year due to a full period of operations at each of its unconsolidated investments in 2016. These increases were partially offset by increases in project expenses of $5.4 million and operating expenses of $1.8 million, primarily from projects which commenced commercial operations or were acquired during 2015, as well as, increased distributions to noncontrolling interests of $3.5 million.
Net loss was $15.6 million in the second quarter of 2016, compared to net income of $5.7 million for the same period in the prior year. Net loss was $44.7 million for YTD 2016 compared to $16.4 million in the same period last year. The change quarter over quarter of $21.3 million was primarily attributable to projects which were acquired since May 2015 or became commercially operable in late 2015. Also contributing to the change were increases in other expense items related to interest expense and net losses on undesignated derivatives.
Adjusted EBITDA was $78.6 million for the second quarter of 2016 compared to $66.8 million for the same period last year. Adjusted EBITDA was $156.7 million for YTD 2016 compared to $113.6 million for the same period last year. The increase for the quarterly period was primarily attributable to projects which commenced commercial operations or were acquired since May 2015.
2016 Financial Guidance
Pattern Energy reaffirms its targeted annual cash available for distribution for 2016 in a range of $125 million to $145 million, representing an increase of 46% at the midpoint of the range, compared to cash available for distribution in 2015. The forward-looking cash available for distribution is a non-GAAP measure that cannot be reconciled to net cash provided by operating activities as the most directly comparable GAAP financial measure, without unreasonable effort primarily because of the uncertainties involved in estimating forward-looking changes in working capital balances which are added to earnings to arrive at cash provided by operations and subtracted therefrom to arrive at cash available for distribution. A description of the adjustments to determine cash available for distribution can be found within Item 2, Management's Discussion and Analysis of Financial Condition and Results of Operations-Key Metrics, of Pattern Energy's 2016 Quarterly Report on Form 10-Q for the period ended June 30, 2016.
Quarterly Dividend
Pattern Energy declared an increased dividend for the third quarter 2016, payable on October 31, 2016, to holders of record on September 30, 2016 in the amount of $0.40 per Class A common share, which represents $1.60 on an annualized basis. This is a 2.6% increase from the second quarter 2016 dividend of $0.39.
Construction Pipeline
In June 2016, Pattern Energy agreed to acquire 272 MW of owned capacity in the 324 MW Broadview project, and the associated independent 35-mile 345 kV Western Interconnect transmission line, from Pattern Development for $269 million. Pattern Energy will fund the cash purchase price for its interest in the project, including the associated transmission line, at the commencement of commercial operations of the project which is expected in the first half of 2017. Pattern Energy's commitment to own and operate the facility was a core component of securing high-quality institutional equity investors for the project financing.
Pattern Energy can meet the contemplated cash purchase consideration using part of its available liquidity and the long-term project holding company debt financing commitments arranged at the time of the purchase commitment which total up to $160 million with various maturities from five to ten years. Management believes that Pattern Energy does not need to raise equity in order to complete the Broadview acquisition; however, it retains the flexibility to use retained cash flow or raise equity, corporate debt, project holding company debt or other financing arrangements prior to the closing of the Broadview acquisition in lieu of using one or more of project holding company debt financing commitments.
Broadview has entered into two 20-year power purchase agreements with Southern California Edison, which has a BBB+/A2 credit rating, for sale of 100 percent of its output, up to a total of 297 MW, which has been factored into the project's economics.
The Broadview power facility, located 30 miles north of Clovis, New Mexico, will consist of 141 Siemens 2.3 MW wind turbines and has the capacity to generate 324 MW of energy, the power equivalent to the annual energy usage of approximately 180,000 California homes.
Acquisition Pipeline
Pattern Energy has the Right of First Offer (ROFO) on a pipeline of acquisition opportunities from Pattern Development. The identified ROFO list stands at 1,032 MW of total owned capacity. This list of identified ROFO projects represents a portion of Pattern Development's 5,900 MW pipeline of development projects, all of which are subject to Pattern Energy's ROFO.
Since its IPO, Pattern Energy has purchased 1,104 MW from Pattern Development and in aggregate grown the identified ROFO list from 746 MW to a total of 2,136 MW. The table below sets forth the current list of identified ROFO projects:
Asset |
Location |
Owned MW |
Status |
|||
Armow |
Ontario |
90 |
Operational |
|||
Kanagi Solar |
Japan |
6 |
Operational |
|||
Futtsu Solar |
Japan |
19 |
Operational |
|||
Meikle |
British Columbia |
180 |
In construction |
|||
Conejo Solar |
Chile |
84 |
In construction |
|||
Belle River |
Ontario |
43 |
Securing final permits |
|||
North Kent |
Ontario |
43 |
Securing final permits |
|||
Grady |
New Mexico |
176 |
Late stage development |
|||
Henvey Inlet |
Ontario |
150 |
Late stage development |
|||
Mont Sainte-Marguerite |
Québec |
147 |
Late stage development |
|||
Ohorayama |
Japan |
31 |
Late stage development |
|||
Tsugaru |
Japan |
63 |
Late stage development |
|||
Total |
1,032 |
Cash Available for Distribution and Adjusted EBITDA Non-GAAP Reconciliations
The following tables reconcile non-GAAP net cash provided by operating activities to cash available for distribution and net loss to adjusted EBITDA, respectively, for the periods presented (in thousands):
Three months ended June 30, |
Six months ended June 30, |
||||||||||||||
2016 |
2015 |
2016 |
2015 |
||||||||||||
Net cash provided by operating activities |
$ |
54,270 |
$ |
32,361 |
$ |
68,991 |
$ |
48,600 |
|||||||
Changes in operating assets and liabilities |
(12,669) |
2,521 |
6,298 |
(2,136) |
|||||||||||
Network upgrade reimbursement |
— |
618 |
— |
1,236 |
|||||||||||
Release of restricted cash to fund project and general and administrative costs |
— |
1,501 |
590 |
1,501 |
|||||||||||
Operations and maintenance capital expenditures |
(516) |
(283) |
(746) |
(321) |
|||||||||||
Transaction costs for acquisitions |
52 |
1,357 |
65 |
1,777 |
|||||||||||
Distributions from unconsolidated investments |
11,960 |
7,771 |
31,774 |
13,847 |
|||||||||||
Other |
— |
(148) |
— |
(292) |
|||||||||||
Less: |
|||||||||||||||
Distributions to noncontrolling interests |
(4,270) |
(763) |
(8,187) |
(1,511) |
|||||||||||
Principal payments paid from operating cash flows |
(13,319) |
(16,948) |
(22,262) |
(25,383) |
|||||||||||
Cash available for distribution |
$ |
35,508 |
$ |
27,987 |
$ |
76,523 |
$ |
37,318 |
Three months ended June 30, |
Six months ended June 30, |
||||||||||||||
2016 |
2015 |
2016 |
2015 |
||||||||||||
Net income (loss) |
$ |
(15,646) |
$ |
5,657 |
$ |
(44,694) |
$ |
(16,402) |
|||||||
Plus: |
|||||||||||||||
Interest expense, net of interest income |
21,008 |
18,715 |
41,323 |
36,414 |
|||||||||||
Tax provision |
1,429 |
3,603 |
2,727 |
2,857 |
|||||||||||
Depreciation, amortization and accretion |
45,835 |
34,785 |
91,219 |
63,841 |
|||||||||||
EBITDA |
52,626 |
62,760 |
90,575 |
86,710 |
|||||||||||
Unrealized loss on energy derivative (1) |
9,327 |
6,002 |
14,152 |
3,030 |
|||||||||||
(Gain) loss on undesignated derivatives, net |
5,879 |
(4,178) |
19,510 |
(778) |
|||||||||||
Net loss on transactions |
72 |
1,305 |
39 |
2,589 |
|||||||||||
Adjustments from unconsolidated investments (2) |
(9,422) |
— |
(11,134) |
— |
|||||||||||
Plus, proportionate share from unconsolidated investments: |
|||||||||||||||
Interest expense, net of interest income |
7,925 |
5,181 |
15,144 |
10,619 |
|||||||||||
Depreciation, amortization and accretion |
6,671 |
4,991 |
12,964 |
9,500 |
|||||||||||
(Gain) loss on undesignated derivatives, net |
5,555 |
(9,240) |
15,471 |
1,894 |
|||||||||||
Adjusted EBITDA |
$ |
78,633 |
$ |
66,821 |
$ |
156,721 |
$ |
113,564 |
(1) |
Amount is included in electricity sales on the consolidated statements of operations. |
(2) |
Amount consists of gains on distributions from unconsolidated investments and suspended equity losses of $7.5 million and $1.9 million for the three months ended June 30, 2016, respectively and $9.2 million and $1.9 million for the six months ended June 30, 2016, respectively. |
Conference Call and Webcast
Pattern Energy will host a conference call and webcast to discuss these results at 10:30 a.m. Eastern Time on Friday, August 5, 2016. Mike Garland, President and CEO, and Mike Lyon, CFO, will co-chair the call. Participants should call (888) 231-8191 or (647) 427-7450 and ask an operator for the Pattern Energy earnings call. Please dial in 10 minutes prior to the call to secure a line. A replay will be available shortly after the call. To access the replay, please dial (855) 859-2056 or (416) 849-0833 and enter access code 51243882. The replay recording will be available until 11:59 p.m. Eastern Time, August 19, 2016.
A live webcast of the conference call will be also available on the events page in the investor section of Pattern Energy's website at www.patternenergy.com. An archived webcast will be available for one year.
About Pattern Energy
Pattern Energy Group Inc. is an independent power company listed on The NASDAQ Global Select Market and Toronto Stock Exchange. Pattern Energy has a portfolio of 17 wind power facilities, including one it has agreed to acquire, with a total owned interest of 2,554 MW in the United States, Canada and Chile that use proven, best-in-class technology. Pattern Energy's wind power facilities generate stable long-term cash flows in attractive markets and provide a solid foundation for the continued growth of the business. For more information, visit www.patternenergy.com.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements contained in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of Canadian securities laws, including statements regarding the ability to consummate the agreement to acquire Broadview, the ability to achieve the 2016 cash available for distribution target, the ability to fund the contemplated cash purchase consideration for Broadview using available liquidity and long-term project holding company debt financing commitments, the ability to not need to raise equity in order to complete the Broadview acquisition, and the number of homes Broadview has the capacity to generate energy. These forward-looking statements represent the Company's expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of the Company's control, which could cause actual results to differ materially from the results discussed in the forward-looking statements.
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the Company to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the Company's annual report on Form 10-K and any quarterly reports on Form 10-Q. The risk factors and other factors noted therein could cause actual events or the Company's actual results to differ materially from those contained in any forward-looking statement.
Contacts: |
|||
Media Relations Matt Dallas 917-363-1333 |
Investor Relations Ross Marshall 416-526-1563 |
Pattern Energy Group Inc. |
|||||||
June 30, |
December 31, |
||||||
Assets |
|||||||
Current assets: |
|||||||
Cash and cash equivalents |
$ |
87,641 |
$ |
94,808 |
|||
Restricted cash |
12,228 |
14,609 |
|||||
Funds deposited by counterparty |
49,480 |
— |
|||||
Trade receivables |
49,329 |
45,292 |
|||||
Related party receivable |
689 |
734 |
|||||
Reimbursable interconnection costs |
— |
38 |
|||||
Derivative assets, current |
18,381 |
24,338 |
|||||
Prepaid expenses |
11,128 |
14,498 |
|||||
Other current assets |
10,102 |
6,891 |
|||||
Deferred financing costs, current, net of accumulated amortization of $6,310 and $5,192 as of June 30, 2016 and December 31, 2015, respectively |
2,158 |
2,121 |
|||||
Total current assets |
241,136 |
203,329 |
|||||
Restricted cash |
16,372 |
36,875 |
|||||
Property, plant and equipment, net of accumulated depreciation of $498,867 and $409,161 as of June 30, 2016 and December 31, 2015, respectively |
3,225,658 |
3,294,620 |
|||||
Unconsolidated investments |
92,792 |
116,473 |
|||||
Derivative assets |
31,704 |
44,014 |
|||||
Deferred financing costs |
3,572 |
4,572 |
|||||
Net deferred tax assets |
10,888 |
6,804 |
|||||
Finite-lived intangible assets, net of accumulated amortization of $7,734 and $4,357 as of June 30, 2016 and December 31, 2015, respectively |
94,256 |
97,722 |
|||||
Other assets |
23,930 |
25,183 |
|||||
Total assets |
$ |
3,740,308 |
$ |
3,829,592 |
|||
Liabilities and equity |
|||||||
Current liabilities: |
|||||||
Accounts payable and other accrued liabilities |
$ |
29,923 |
$ |
42,776 |
|||
Accrued construction costs |
4,494 |
23,565 |
|||||
Counterparty deposit liability |
49,480 |
— |
|||||
Related party payable |
833 |
1,646 |
|||||
Accrued interest |
8,916 |
9,035 |
|||||
Dividends payable |
29,711 |
28,022 |
|||||
Derivative liabilities, current |
15,711 |
14,343 |
|||||
Revolving credit facility |
335,000 |
355,000 |
|||||
Current portion of long-term debt, net of financing costs of $3,638 and $3,671 as of June 30, 2016 and December 31, 2015, respectively |
45,721 |
44,144 |
|||||
Other current liabilities |
2,557 |
2,156 |
|||||
Total current liabilities |
522,346 |
520,687 |
|||||
Long-term debt, net of financing costs of $21,036 and $22,632 as of June 30, 2016 and December 31, 2015, respectively |
1,163,229 |
1,174,380 |
|||||
Convertible senior notes, net of financing costs of $4,449 and $5,014 as of June 30, 2016 and December 31, 2015, respectively |
200,103 |
197,362 |
|||||
Derivative liabilities |
69,842 |
28,659 |
|||||
Net deferred tax liabilities |
22,860 |
22,183 |
|||||
Finite-lived intangible liability, net of accumulated amortization of $3,902 and $2,168 as of June 30, 2016 and December 31, 2015, respectively |
56,398 |
58,132 |
|||||
Other long-term liabilities |
60,004 |
52,427 |
|||||
Total liabilities |
2,094,782 |
2,053,830 |
|||||
Commitments and contingencies |
|||||||
Equity: |
|||||||
Class A common stock, $0.01 par value per share: 500,000,000 shares authorized; 74,930,002 and 74,644,141 shares outstanding as of June 30, 2016 and December 31, 2015, respectively |
750 |
747 |
|||||
Additional paid-in capital |
927,812 |
982,814 |
|||||
Accumulated loss |
(104,052) |
(77,159) |
|||||
Accumulated other comprehensive loss |
(94,037) |
(73,325) |
|||||
Treasury stock, at cost; 67,344 and 65,301 shares of Class A common stock as of June 30, 2016 and December 31, 2015, respectively |
(1,617) |
(1,577) |
|||||
Total equity before noncontrolling interest |
728,856 |
831,500 |
|||||
Noncontrolling interest |
916,670 |
944,262 |
|||||
Total equity |
1,645,526 |
1,775,762 |
|||||
Total liabilities and equity |
$ |
3,740,308 |
$ |
3,829,592 |
Pattern Energy Group Inc. |
|||||||||||||||
Three months ended June 30, |
Six months ended June 30, |
||||||||||||||
2016 |
2015 |
2016 |
2015 |
||||||||||||
Revenue: |
|||||||||||||||
Electricity sales |
$ |
91,370 |
$ |
82,871 |
$ |
177,033 |
$ |
146,996 |
|||||||
Related party revenue |
1,332 |
872 |
2,547 |
1,675 |
|||||||||||
Other revenue |
736 |
928 |
1,497 |
866 |
|||||||||||
Total revenue |
93,438 |
84,671 |
181,077 |
149,537 |
|||||||||||
Cost of revenue: |
|||||||||||||||
Project expense |
33,359 |
27,981 |
65,605 |
53,227 |
|||||||||||
Depreciation and accretion |
43,678 |
34,342 |
87,089 |
63,398 |
|||||||||||
Total cost of revenue |
77,037 |
62,323 |
152,694 |
116,625 |
|||||||||||
Gross profit |
16,401 |
22,348 |
28,383 |
32,912 |
|||||||||||
Operating expenses: |
|||||||||||||||
General and administrative |
10,362 |
8,870 |
19,931 |
15,091 |
|||||||||||
Related party general and administrative |
1,931 |
1,621 |
3,828 |
3,429 |
|||||||||||
Total operating expenses |
12,293 |
10,491 |
23,759 |
18,520 |
|||||||||||
Operating income |
4,108 |
11,857 |
4,624 |
14,392 |
|||||||||||
Other income (expense): |
|||||||||||||||
Interest expense |
(21,275) |
(18,943) |
(42,336) |
(36,861) |
|||||||||||
Gain (loss) on undesignated derivatives, net |
(5,879) |
4,178 |
(19,510) |
778 |
|||||||||||
Earnings in unconsolidated investments, net |
7,240 |
13,801 |
11,070 |
10,719 |
|||||||||||
Related party income |
1,097 |
756 |
2,104 |
1,424 |
|||||||||||
Net loss on transactions |
(72) |
(1,305) |
(39) |
(2,589) |
|||||||||||
Other income (expense), net |
564 |
(1,084) |
2,120 |
(1,408) |
|||||||||||
Total other expense |
(18,325) |
(2,597) |
(46,591) |
(27,937) |
|||||||||||
Net income (loss) before income tax |
(14,217) |
9,260 |
(41,967) |
(13,545) |
|||||||||||
Tax provision |
1,429 |
3,603 |
2,727 |
2,857 |
|||||||||||
Net income (loss) |
(15,646) |
5,657 |
(44,694) |
(16,402) |
|||||||||||
Net loss attributable to noncontrolling interest |
(12,423) |
(8,660) |
(17,801) |
(10,820) |
|||||||||||
Net income (loss) attributable to Pattern Energy |
$ |
(3,223) |
$ |
14,317 |
$ |
(26,893) |
$ |
(5,582) |
|||||||
Weighted average number of shares: |
|||||||||||||||
Class A common stock - Basic |
74,443,901 |
68,943,707 |
74,440,950 |
67,426,286 |
|||||||||||
Class A common stock - Diluted |
74,443,901 |
69,147,260 |
74,440,950 |
67,426,286 |
|||||||||||
Earnings (loss) per share |
|||||||||||||||
Class A common stock: |
|||||||||||||||
Basic earnings (loss) per share |
$ |
(0.04) |
$ |
0.21 |
$ |
(0.36) |
$ |
(0.08) |
|||||||
Diluted earnings (loss) per share |
$ |
(0.04) |
$ |
0.21 |
$ |
(0.36) |
$ |
(0.08) |
|||||||
Dividends declared per Class A common share |
$ |
0.39 |
$ |
0.35 |
$ |
0.77 |
$ |
0.71 |
Pattern Energy Group Inc. |
|||||||
Six months ended June 30, |
|||||||
2016 |
2015 |
||||||
Operating activities |
|||||||
Net loss |
$ |
(44,694) |
$ |
(16,402) |
|||
Adjustments to reconcile net loss to net cash provided by operating activities: |
|||||||
Depreciation and accretion |
87,089 |
63,841 |
|||||
Amortization of financing costs |
3,498 |
3,636 |
|||||
Amortization of debt discount/premium, net |
2,074 |
— |
|||||
Amortization of power purchase agreements, net |
1,507 |
— |
|||||
Loss on derivatives, net |
32,209 |
333 |
|||||
Stock-based compensation |
2,777 |
1,989 |
|||||
Deferred taxes |
2,487 |
2,616 |
|||||
Earnings in unconsolidated investments |
(11,070) |
(10,719) |
|||||
Distributions from unconsolidated investments |
377 |
— |
|||||
Other reconciling items |
(965) |
1,170 |
|||||
Changes in operating assets and liabilities: |
|||||||
Funds deposited by counterparty |
(49,480) |
— |
|||||
Trade receivables |
(3,753) |
(4,924) |
|||||
Prepaid expenses |
3,400 |
3,107 |
|||||
Other current assets |
(2,998) |
334 |
|||||
Other assets (non-current) |
1,839 |
(99) |
|||||
Accounts payable and other accrued liabilities |
(9,631) |
615 |
|||||
Counterparty deposit liability |
49,480 |
— |
|||||
Related party receivable/payable |
(735) |
(7) |
|||||
Accrued interest |
(178) |
689 |
|||||
Other current liabilities |
381 |
1,151 |
|||||
Long-term liabilities |
6,363 |
1,270 |
|||||
Increase in restricted cash |
(986) |
— |
|||||
Net cash provided by operating activities |
68,991 |
48,600 |
|||||
Investing activities |
|||||||
Cash paid for acquisitions, net of cash acquired |
— |
(404,377) |
|||||
Decrease in restricted cash |
20,561 |
25,277 |
|||||
Increase in restricted cash |
(64) |
(6,966) |
|||||
Capital expenditures |
(25,953) |
(216,499) |
|||||
Distributions from unconsolidated investments |
31,774 |
13,847 |
|||||
Reimbursable interconnection receivable |
38 |
1,246 |
|||||
Other assets (non-current) |
— |
(6,074) |
|||||
Other investing activities |
(163) |
— |
|||||
Net cash provided by (used in) investing activities |
26,193 |
(593,546) |
|||||
Financing activities |
|||||||
Proceeds from public offering, net of issuance costs |
$ |
— |
$ |
196,591 |
|||
Repurchase of shares for employee tax withholding |
(40) |
(310) |
|||||
Dividends paid |
(56,097) |
(39,170) |
|||||
Payment for deferred equity issuance costs |
(677) |
(2,204) |
|||||
Capital distributions - noncontrolling interest |
(8,187) |
(1,511) |
|||||
Decrease in restricted cash |
25,714 |
18,532 |
|||||
Increase in restricted cash |
(22,342) |
(21,718) |
|||||
Refund of deposit for letters of credit |
— |
3,425 |
|||||
Payment for deferred financing costs |
(134) |
(5,614) |
|||||
Proceeds from revolving credit facility |
20,000 |
250,000 |
|||||
Repayment of revolving credit facility |
(40,000) |
(50,000) |
|||||
Proceeds from construction loans |
— |
206,184 |
|||||
Repayment of long-term debt |
(22,262) |
(25,383) |
|||||
Other financing activities |
(343) |
— |
|||||
Net cash provided by (used in) financing activities |
(104,368) |
528,822 |
|||||
Effect of exchange rate changes on cash and cash equivalents |
2,017 |
(2,596) |
|||||
Net change in cash and cash equivalents |
(7,167) |
(18,720) |
|||||
Cash and cash equivalents at beginning of period |
94,808 |
101,656 |
|||||
Cash and cash equivalents at end of period |
$ |
87,641 |
$ |
82,936 |
|||
Supplemental disclosures |
|||||||
Cash payments for income taxes |
$ |
155 |
$ |
186 |
|||
Cash payments for interest expense, net of capitalized interest |
36,535 |
24,447 |
|||||
Acquired property, plant and equipment from acquisitions |
— |
579,712 |
|||||
Schedule of non-cash activities |
|||||||
Change in property, plant and equipment |
1,302 |
21,094 |
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SOURCE Pattern Energy Group Inc.
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