- Increases dividend to $0.418
per Class A common share for Q2 2017 -
SAN FRANCISCO, May 9, 2017 /CNW/ -- Pattern Energy Group
Inc. (the "Company" or "Pattern Energy") (NASDAQ & TSX: PEGI)
today announced its financial results for the 2017 first
quarter.
Highlights
(Comparisons made between fiscal Q1 2017 and fiscal Q1 2016
results, unless otherwise noted)
- Proportional gigawatt hours ("GWh") sold of 2,038 GWh, up
13%
- Net cash provided by operating activities of $43.8 million, up 197%
- Cash available for distribution ("CAFD") of $45.1 million, up 10% and on track to meet full
year guidance(1)
- Net income of $2.5 million
- Adjusted EBITDA of $98.2 million,
up 26%
- Revenue of $100.8 million, up
15%
- Declared a second quarter dividend of $0.418 per Class A common share or $1.672 on an annualized basis, subsequent to the
end of the period, representing a 1.0% increase over the previous
quarter's dividend.
- Acquired a 272 megawatt ("MW") interest in the Broadview Wind
("Broadview") power facilities and
the associated independent 345 kV Western Interconnect ("Western
Interconnect") transmission line from Pattern Development
1.0(1) for a 9.3x multiple of the five-year average
CAFD(2) starting in 2018, subsequent to the end of the
quarter
- Commenced commercial operations at Broadview in late March and as such, all 18
facilities in the Company's portfolio are fully operational with a
total owned capacity of 2,644 MW
- Published a white paper outlining the business model,
investment thesis and phases of renewable energy development,
subsequent to the end of the quarter
"Our fleet of high-quality wind assets continues to perform at a
high level and production met our expectation for the quarter. As
such, we are on track to achieve our CAFD target for
2017(2)," said Mike
Garland, President and CEO of Pattern Energy. "With the
acquisition and commencement of commercial operations at
Broadview, all 18 of our projects
are fully operational, providing a total owned capacity in excess
of 2.6 GW. We believe significant and diverse opportunities exist
to expand our portfolio on an accretive basis. Acquisitions from
our identified ROFO list provide near-term opportunities to grow
our CAFD per share in a manner, and at a pace, that reflects the
valuation of the business and our cost of capital. The opportunity
to potentially invest in the development business, through Pattern
Development 2.0(1), offers us secure access to
high-quality assets from a proven platform that can grow our CAFD
per share in the medium and long-term. We believe that the outlook
for renewable energy has never been better and we have the business
model to deliver sustainable and growing returns for our
shareholders."
(1) In December 2016, Pattern
Energy Group LP ("Pattern Development 1.0"), formed Pattern Energy
Group 2 LP ("Pattern Development 2.0")
(2) These forward looking measures of (a) 2017 full year cash
available for distribution (CAFD) and (b) five-year average annual
purchase price multiple of CAFD contribution from Broadview are non-GAAP measures 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 CAFD. A
description of the adjustments to determine CAFD can be found
within Item 2, Management's Discussion and Analysis of Financial
Condition and Results of Operations - Key Metrics, of Pattern
Energy's 2017 Quarterly Report on Form 10-Q for the period ended
March 31, 2017.
Financial and Operating Results
Pattern Energy sold 2,038,159 megawatt hours ("MWh") of
electricity on a proportional basis in the first quarter of 2017
compared to 1,801,034 MWh sold in the same period last year. The
increase was primarily attributable to volume increases of 133,297
MWh from controlling interests in consolidated MWh due to less
favorable wind conditions in the first quarter of 2016 compared to
the current period and a 103,828 MWh increase from unconsolidated
investments due to the acquisition of Armow in October 2016. Overall, production was at the
Company's expectation for the first quarter compared to its
long-term forecast.
Net cash provided by operating activities was $43.8 million for the first quarter of 2017
compared to $14.7 million for the
same period last year. The $29.0
million improvement was primarily due to higher revenues of
$10.7 million (excluding unrealized
loss on energy derivative and amortization of power purchase
agreements ("PPAs")), increased distributions from unconsolidated
investments of $16.5 million and
decreased project expense of $3.1
million. These increases were partially offset by a
$4.1 million increase in operating
expense.
Cash available for distribution was $45.1
million for the first quarter of 2017 compared to
$41.0 million for the same period
last year. The increase of $4.1
million, or approximately 10%, was primarily due to a
$10.7 million increase in revenues
(excluding unrealized loss on energy derivative and amortization of
PPAs, a $3.1 million decrease in
project expense, a $1.3 million
decrease in distribution to noncontrolling interests, and a
$0.9 million increase in total
distributions from unconsolidated investment, as reported in
operating and investing activities on the consolidated statements
of cash flows. These increases were partially offset by increases
in operating expense of $4.1 million,
project reserve funding of $3.5
million, interest expense of $2.0
million and principal payments of $1.4 million.
Net income was $2.5 million in the
first quarter of 2017, compared to a net loss of $29.0 million for the same period last year. The
improvement of $31.6 million was
primarily attributable to an increase in revenues of $13.2 million and decreases of $23.2 million in other expense and $3.1 million in project expense. These increases
were partially offset by increases of $4.1
million in operating expense and $3.5
million in tax provision.
Adjusted EBITDA was $98.2 million
for the first quarter of 2017 compared to $78.1 million for the same period last year. The
26% increase was primarily due to a $10.7
million increase in revenues (excluding unrealized loss on
energy derivative and amortization of PPAs), a $9.6 million increase in our proportionate share
of Adjusted EBITDA from unconsolidated investments, and a
$3.1 million decrease in project
expense. These increases were partially offset by an increase to
operating expense of $4.1
million.
2017 Financial Guidance
Pattern Energy is re-confirming its targeted annual cash
available for distribution for 2017 within a range of $140 million to $165 million, representing an
increase of 15% at the midpoint of the range, compared to cash
available for distribution in 2016. As noted above, 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 for the reasons stated above.
Quarterly Dividend
Pattern Energy declared an increased dividend for the second
quarter 2017, payable on July 31, 2017, to holders of record
on June 30, 2017 in the amount of $0.418 per Class A common share, which represents
$1.672 on an annualized basis. This
is a 1.0% increase from the first quarter 2017 dividend of
$0.41375.
Acquisitions
Subsequent to the end of the quarter, Pattern Energy acquired a
272 MW interest in the 324 MW Broadview projects and the 35-mile
345 kV Western Interconnect transmission line from Pattern
Development 1.0 for $269 million. The
funding of the purchase price from Pattern Energy consisted of cash
consideration of approximately $215
million from currently available liquidity and a project
loan of approximately $54 million
secured by Western Interconnect.
Based on the expected timing of cash flows and assuming normal
wind conditions, Pattern Energy expects the CAFD contribution,
after deduction of Western Interconnect financing costs, to be
$18 million in 2018 and to increase
approximately $2.5 million per year
thereafter through 2022. This results in a five-year average CAFD
of $23 million per year and a 9.3x
CAFD multiple, based on the cash consideration of $215 million paid to acquire Broadview and Western Interconnect. As noted
above, forward-looking five-year average and anticipated 2018 and
annual 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 for the reasons stated above.
Broadview, which is located 30
miles north of Clovis, New Mexico,
commenced commercial operations in late March. 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.
Acquisition Pipeline
Pattern Energy has the Right of First Offer (ROFO) on a pipeline
of acquisition opportunities from Pattern Development 1.0 and
Pattern Development 2.0 (together, the "Pattern Development
Companies"). The identified ROFO list stands at 962 MW of total
owned capacity. This list of identified ROFO projects represents a
portion of the Pattern Development Companies' 5,900 MW pipeline of
development projects, all of which are subject to Pattern Energy's
ROFO.
Since its IPO, Pattern Energy has purchased 1,194 MW from
Pattern Development 1.0 and in aggregate grown the identified ROFO
list from 746 MW to a total of 2,156 MW. Below is a summary of the
Identified ROFO Projects that the Company expects to acquire from
the Pattern Development Companies in connection with Pattern
Energy's project purchase rights:
|
|
|
|
|
|
|
|
|
|
|
|
Capacity
(MW)
|
Identified
ROFO Projects
|
|
Status
|
|
Location
|
|
Construction
Start (1)
|
|
Commercial
Operations (2)
|
|
Contract
Type
|
|
Rated
(3)
|
|
Pattern
Development-
Owned (4)
|
Pattern
Development 1.0 Projects
|
Kanagi
Solar
|
|
Operational
|
|
Japan
|
|
2014
|
|
2016
|
|
PPA
|
|
14
|
|
6
|
Futtsu
Solar
|
|
Operational
|
|
Japan
|
|
2014
|
|
2016
|
|
PPA
|
|
42
|
|
19
|
Conejo
Solar(5)
|
|
Operational
|
|
Chile
|
|
2015
|
|
2016
|
|
PPA
|
|
104
|
|
104
|
Meikle
|
|
Operational
|
|
British Columbia
|
|
2015
|
|
2017
|
|
PPA
|
|
180
|
|
180
|
Belle
River
|
|
In
construction
|
|
Ontario
|
|
2016
|
|
2017
|
|
PPA
|
|
100
|
|
43
|
Ohorayama
|
|
In
construction
|
|
Japan
|
|
2016
|
|
2018
|
|
PPA
|
|
33
|
|
31
|
Mont
Sainte-Marguerite
|
|
In
construction
|
|
Québec
|
|
2017
|
|
2017
|
|
PPA
|
|
147
|
|
147
|
North Kent
|
|
In
construction
|
|
Ontario
|
|
2017
|
|
2018
|
|
PPA
|
|
100
|
|
43
|
Henvey
Inlet
|
|
Late stage
development
|
|
Ontario
|
|
2017
|
|
2018
|
|
PPA
|
|
300
|
|
150
|
Tsugaru
|
|
Late stage
development
|
|
Japan
|
|
2017
|
|
2020
|
|
PPA
|
|
126
|
|
63
|
Pattern
Development 2.0 Projects
|
Grady
|
|
Late stage
development
|
|
New Mexico
|
|
2018
|
|
2019
|
|
PPA
|
|
220
|
|
176
|
|
|
|
|
|
|
|
|
|
|
|
|
1366
|
|
962
|
|
|
(1)
|
Represents year of
actual or anticipated commencement of construction.
|
(2)
|
Represents year of
actual or anticipated commencement of commercial
operations.
|
(3)
|
Rated capacity
represents the maximum electricity generating capacity of a project
in MW. As a result of wind and other conditions, a project or a
turbine will not operate at its rated capacity at all times and the
amount of electricity generated will be less than its rated
capacity. The amount of electricity generated may vary based on a
variety of factors.
|
(4)
|
Pattern
Development-Owned capacity represents the maximum, or rated,
electricity generating capacity of the project in MW multiplied by
Pattern Development 1.0's or Pattern Development 2.0's percentage
ownership interest in the distributable cash flow of the
project.
|
(5)
|
From time to time, we
conduct strategic reviews of our markets. We have been
conducting a strategic review of the market, growth, and
opportunities in Chile. In the event we believe we can utilize
funds that have already been invested in Chile or funds that might
otherwise be invested in Chile in a more productive manner
elsewhere that could generate a higher return on investment, we may
decide to exit Chile for other opportunities with greater
potential. In addition, Pattern Development 1.0 is also
concurrently exploring strategic alternatives for its assets in
Chile.
|
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
income (loss) to Adjusted EBITDA, respectively, for the periods
presented (in thousands):
|
Three months ended
March 31,
|
|
2017
|
|
2016
|
Net cash provided by
operating activities
|
$
|
43,752
|
|
|
$
|
14,721
|
|
Changes in operating
assets and liabilities
|
13,423
|
|
|
18,967
|
|
Network upgrade
reimbursement
|
317
|
|
|
—
|
|
Release of restricted
cash to fund project and general and administrative
costs
|
—
|
|
|
590
|
|
Operations and
maintenance capital expenditures
|
(146)
|
|
|
(230)
|
|
Distributions from
unconsolidated investments
|
4,205
|
|
|
19,814
|
|
Other
|
(3,432)
|
|
|
13
|
|
Less:
|
|
|
|
Distributions to
noncontrolling interests
|
(2,647)
|
|
|
(3,917)
|
|
Principal payments
paid from operating cash flows
|
(10,326)
|
|
|
(8,943)
|
|
Cash available for
distribution
|
$
|
45,146
|
|
|
$
|
41,015
|
|
|
Three months ended
March 31,
|
|
2017
|
|
2016
|
Net income
(loss)
|
$
|
2,539
|
|
|
$
|
(29,048)
|
|
Plus:
|
|
|
|
Interest expense, net
of interest income
|
22,061
|
|
|
20,315
|
|
Tax
provision
|
4,775
|
|
|
1,298
|
|
Depreciation,
amortization and accretion
|
47,227
|
|
|
45,384
|
|
EBITDA
|
76,602
|
|
|
37,949
|
|
Unrealized loss on
energy derivative (1)
|
2,358
|
|
|
4,825
|
|
Loss on undesignated
derivatives, net
|
648
|
|
|
13,631
|
|
Net (gain) loss on
transactions
|
312
|
|
|
(33)
|
|
Adjustments from
unconsolidated investments
|
—
|
|
|
(1,712)
|
|
Plus,
proportionate share from unconsolidated investments:
|
|
|
|
Interest expense, net
of interest income
|
9,340
|
|
|
7,219
|
|
Depreciation,
amortization and accretion
|
8,454
|
|
|
6,293
|
|
Loss on undesignated
derivatives, net
|
484
|
|
|
9,916
|
|
Adjusted
EBITDA
|
$
|
98,198
|
|
|
$
|
78,088
|
|
|
|
(1)
|
Amount is included in
electricity sales on the consolidated statements of
operations.
|
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 Tuesday May 9, 2017.
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 13895652. The replay
recording will be available until 11:59 p.m.
Eastern Time, May 30,
2017.
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. (Pattern Energy) is an independent
power company listed on The NASDAQ Global Select Market and Toronto
Stock Exchange. Pattern Energy has a portfolio of 18 wind power
facilities with a total owned interest of 2,644 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 achieve the 2017 cash available for distribution target,
the 2018 and five year average annual CAFD generated by
Broadview, the ability for a
potential investment in Pattern Development 2.0 to offer the
Company secure access to high-quality assets to grow CAFD per
share, the outlook for renewable energy and the ability of the
Company's business model to deliver sustainable and growing returns
for the Company's shareholders. 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
matt.dallas@patternenergy.com
|
|
Investor
Relations
Ross
Marshall
416-526-1563
ross.marshall@loderockadvisors.com
|
|
Pattern Energy
Group Inc.
Consolidated
Balance Sheets
(In thousands of
U.S. Dollars, except share data)
(Unaudited)
|
|
March
31,
|
|
December
31,
|
|
2017
|
|
2016
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
244,675
|
|
|
$
|
83,932
|
|
Restricted
cash
|
8,493
|
|
|
11,793
|
|
Funds deposited by
counterparty
|
41,977
|
|
|
43,635
|
|
Trade
receivables
|
45,998
|
|
|
37,510
|
|
Derivative assets,
current
|
18,098
|
|
|
17,578
|
|
Prepaid
expenses
|
12,857
|
|
|
13,803
|
|
Deferred financing
costs, current, net of accumulated amortization of $9,964 and
$9,350 as of March 31, 2017 and December 31, 2016,
respectively
|
2,449
|
|
|
2,456
|
|
Other current
assets
|
11,387
|
|
|
7,350
|
|
Total current
assets
|
385,934
|
|
|
218,057
|
|
Restricted
cash
|
17,117
|
|
|
13,646
|
|
Property, plant and
equipment, net
|
3,095,179
|
|
|
3,135,162
|
|
Unconsolidated
investments
|
232,735
|
|
|
233,294
|
|
Derivative
assets
|
23,385
|
|
|
26,712
|
|
Deferred financing
costs
|
3,370
|
|
|
4,052
|
|
Net deferred tax
assets
|
5,903
|
|
|
5,559
|
|
Finite-lived
intangible assets, net
|
90,202
|
|
|
91,895
|
|
Other
assets
|
21,399
|
|
|
24,390
|
|
Total
assets
|
$
|
3,875,224
|
|
|
$
|
3,752,767
|
|
Liabilities and
equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts payable and
other accrued liabilities
|
$
|
26,847
|
|
|
$
|
31,305
|
|
Accrued construction
costs
|
848
|
|
|
1,098
|
|
Counterparty deposit
liability
|
41,977
|
|
|
43,635
|
|
Accrued
interest
|
6,802
|
|
|
9,545
|
|
Dividends
payable
|
36,527
|
|
|
35,960
|
|
Derivative
liabilities, current
|
11,877
|
|
|
11,918
|
|
Revolving credit
facility
|
—
|
|
|
180,000
|
|
Current portion of
long-term debt, net
|
50,715
|
|
|
48,716
|
|
Other current
liabilities
|
3,723
|
|
|
4,698
|
|
Total current
liabilities
|
179,316
|
|
|
366,875
|
|
Long-term debt,
net
|
1,669,680
|
|
|
1,334,956
|
|
Derivative
liabilities
|
21,553
|
|
|
24,521
|
|
Net deferred tax
liabilities
|
37,435
|
|
|
31,759
|
|
Finite-lived
intangible liability, net
|
53,796
|
|
|
54,663
|
|
Other long-term
liabilities
|
65,212
|
|
|
61,249
|
|
Total
liabilities
|
2,026,992
|
|
|
1,874,023
|
|
Commitments and
contingencies
|
|
|
|
Equity:
|
|
|
|
Class A common stock,
$0.01 par value per share: 500,000,000 shares authorized;
87,616,747 and 87,410,687 shares outstanding as of March 31, 2017
and December 31, 2016, respectively
|
877
|
|
|
875
|
|
Additional paid-in
capital
|
1,110,412
|
|
|
1,145,760
|
|
Accumulated
loss
|
(88,617)
|
|
|
(94,270)
|
|
Accumulated other
comprehensive loss
|
(57,492)
|
|
|
(62,367)
|
|
Treasury stock, at
cost; 110,964 and 110,964 shares of Class A common stock as of
March 31, 2017 and December 31, 2016, respectively
|
(2,500)
|
|
|
(2,500)
|
|
Total equity before
noncontrolling interest
|
962,680
|
|
|
987,498
|
|
Noncontrolling
interest
|
885,552
|
|
|
891,246
|
|
Total
equity
|
1,848,232
|
|
|
1,878,744
|
|
Total liabilities and
equity
|
$
|
3,875,224
|
|
|
$
|
3,752,767
|
|
Pattern Energy Group Inc.
Consolidated
Statements of Operations
(In thousands of
U.S. dollars, except per share
data) (Unaudited)
|
|
|
Three months ended
March 31,
|
|
2017
|
|
2016
|
Revenue:
|
|
|
|
Electricity
sales
|
$
|
98,434
|
|
|
$
|
85,663
|
|
Other
revenue
|
2,399
|
|
|
1,976
|
|
Total
revenue
|
100,833
|
|
|
87,639
|
|
Cost of
revenue:
|
|
|
|
Project
expense
|
29,170
|
|
|
32,246
|
|
Depreciation and
accretion
|
43,740
|
|
|
43,411
|
|
Total cost of
revenue
|
72,910
|
|
|
75,657
|
|
Gross
profit
|
27,923
|
|
|
11,982
|
|
Operating
expenses:
|
|
|
|
General and
administrative (Note 13)
|
11,124
|
|
|
8,562
|
|
Related party general
and administrative
|
3,426
|
|
|
1,897
|
|
Total operating
expenses
|
14,550
|
|
|
10,459
|
|
Operating
income
|
13,373
|
|
|
1,523
|
|
Other income
(expense):
|
|
|
|
Interest
expense
|
(22,555)
|
|
|
(21,061)
|
|
Loss on undesignated
derivatives, net
|
(648)
|
|
|
(13,631)
|
|
Earnings in
unconsolidated investments
|
16,876
|
|
|
3,830
|
|
Net (loss) gain on
transactions
|
(312)
|
|
|
33
|
|
Other income,
net
|
580
|
|
|
1,556
|
|
Total other
expense
|
(6,059)
|
|
|
(29,273)
|
|
Net income (loss)
before income tax
|
7,314
|
|
|
(27,750)
|
|
Tax
provision
|
4,775
|
|
|
1,298
|
|
Net income
(loss)
|
2,539
|
|
|
(29,048)
|
|
Net loss attributable
to noncontrolling interest
|
(3,114)
|
|
|
(5,378)
|
|
Net income (loss)
attributable to Pattern Energy
|
$
|
5,653
|
|
|
$
|
(23,670)
|
|
|
|
|
|
Weighted-average
number of common shares outstanding
|
|
|
|
Basic
|
87,062,612
|
|
|
74,437,998
|
|
Diluted
|
87,131,280
|
|
|
74,437,998
|
|
Earnings (loss) per
share attributable to Pattern Energy
|
|
|
|
Class A common
stock:
|
|
|
|
Basic and
diluted
|
$
|
0.06
|
|
|
$
|
(0.32)
|
|
Dividends declared
per Class A common share
|
$
|
0.41
|
|
|
$
|
0.38
|
|
Pattern Energy
Group Inc.
Consolidated
Statements of Cash Flows
(In thousands of
U.S. dollars)
(Unaudited)
|
|
Three months ended
March 31,
|
|
2017
|
|
2016
|
Operating
activities
|
|
|
|
Net income
(loss)
|
$
|
2,539
|
|
|
$
|
(29,048)
|
|
Adjustments to
reconcile net income (loss) to net cash provided by operating
activities:
|
|
|
|
Depreciation and
accretion
|
43,740
|
|
|
43,411
|
|
Amortization of
financing costs
|
1,858
|
|
|
1,746
|
|
Amortization of debt
discount/premium, net
|
1,102
|
|
|
1,032
|
|
Amortization of power
purchase agreements, net
|
736
|
|
|
753
|
|
Loss on derivatives,
net
|
2,350
|
|
|
17,757
|
|
Stock-based
compensation
|
985
|
|
|
1,195
|
|
Deferred
taxes
|
4,693
|
|
|
1,143
|
|
Earnings in
unconsolidated investments, net
|
(16,876)
|
|
|
(3,517)
|
|
Distributions from
unconsolidated investments
|
16,487
|
|
|
—
|
|
Other reconciling
items
|
(439)
|
|
|
(784)
|
|
Changes in operating
assets and liabilities:
|
|
|
|
Funds
deposited by counterparty
|
1,658
|
|
|
(61,177)
|
|
Trade
receivables
|
(8,432)
|
|
|
3,215
|
|
Prepaid
expenses
|
946
|
|
|
1,360
|
|
Other
current assets
|
(4,083)
|
|
|
1,114
|
|
Other
assets (non-current)
|
2,992
|
|
|
(236)
|
|
Accounts
payable and other accrued liabilities
|
(4,418)
|
|
|
(18,671)
|
|
Counterparty deposit liability
|
(1,658)
|
|
|
61,177
|
|
Accrued
interest
|
(2,725)
|
|
|
(6,235)
|
|
Other
current liabilities
|
(975)
|
|
|
(1,218)
|
|
Long-term liabilities
|
3,272
|
|
|
1,704
|
|
Net cash provided by
operating activities
|
43,752
|
|
|
14,721
|
|
Investing
activities
|
|
|
|
Cash paid for
acquisitions, net of cash acquired
|
(275)
|
|
|
—
|
|
Capital
expenditures
|
(1,328)
|
|
|
(24,084)
|
|
Distributions from
unconsolidated investments
|
4,205
|
|
|
19,814
|
|
Other investing
activities
|
83
|
|
|
(125)
|
|
Net cash provided by
(used in) investing activities
|
2,685
|
|
|
(4,395)
|
|
Financing
activities
|
|
|
|
Dividends
paid
|
(35,522)
|
|
|
(27,711)
|
|
Capital distributions
- noncontrolling interest
|
(2,647)
|
|
|
(3,917)
|
|
Payment for deferred
financing costs
|
(5,025)
|
|
|
—
|
|
Proceeds from
revolving credit facility
|
—
|
|
|
20,000
|
|
Repayment of
revolving credit facility
|
(180,000)
|
|
|
(20,000)
|
|
Proceeds from
long-term debt
|
350,000
|
|
|
—
|
|
Repayment of
long-term debt
|
(10,326)
|
|
|
(8,943)
|
|
Other financing
activities
|
(2,003)
|
|
|
(143)
|
|
Net cash provided by
(used in) financing activities
|
114,477
|
|
|
(40,714)
|
|
Effect of exchange
rate changes on cash, cash equivalents and restricted
cash
|
—
|
|
|
1,837
|
|
Net change in cash,
cash equivalents and restricted cash
|
160,914
|
|
|
(28,551)
|
|
Cash, cash
equivalents and restricted cash at beginning of period
|
109,371
|
|
|
146,292
|
|
Cash, cash
equivalents and restricted cash at end of period
|
$
|
270,285
|
|
|
$
|
117,741
|
|
Supplemental
disclosures
|
|
|
|
Cash payments
for income taxes
|
$
|
247
|
|
|
$
|
97
|
|
Cash payments
for interest expense, net of capitalized interest
|
$
|
22,607
|
|
|
$
|
24,204
|
|
Schedule of
non-cash activities
|
|
|
|
Change in
property, plant and equipment
|
$
|
956
|
|
|
$
|
11,599
|
|
Accrual of
deferred financing costs
|
$
|
1,640
|
|
|
$
|
—
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/pattern-energy-reports-first-quarter-2017-financial-results-300453929.html
SOURCE Pattern Energy Group Inc.