Pattern Energy Reports Second Quarter 2018 Financial Results

August 9, 2018 at 12:00 PM EDT

- Declares dividend of $0.4220 per Class A common share for third quarter 2018 -

SAN FRANCISCO, Aug. 9, 2018 /CNW/ -- Pattern Energy Group Inc. (the "Company" or "Pattern Energy") (NASDAQ & TSX: PEGI) today announced its financial results for the 2018 second quarter.

Pattern Energy Group Inc. Logo (PRNewsFoto/Pattern Energy Group LP)

Highlights
(Comparisons made between fiscal Q2 2018 and fiscal Q2 2017 results, unless otherwise noted)

  • Proportional gigawatt hours ("GWh") sold of 2,263 GWh, up 7%
  • Net cash provided by operating activities of $95.7 million
  • Cash available for distribution ("CAFD") of $58.7 million, up 19% and on track to meet full year guidance(1)
  • Net loss of $1.8 million
  • Adjusted EBITDA of $108.4 million, up 18%
  • Revenue of $139.9 million, up 30%
  • Declared a third quarter dividend of $0.4220 per Class A common share or $1.688 on an annualized basis, subsequent to the end of the period, unchanged from the previous quarter's dividend
  • Announced an agreement to sell the Company's operations in Chile, which principally consist of its 81 megawatt ("MW") owned interest in the 115 MW El Arrayán Wind project ("El Arrayán Wind") for which Pattern Energy will receive cash consideration of $68.5 million
  • Returned the Santa Isabel project in Puerto Rico to full generating capacity with the consent of the Puerto Rico Electric Power Authority ("PREPA")
  • Since April 1, 2018, and including a funding to be made today, invested $50.9 million in Pattern Energy Group 2 LP ("Pattern Development 2.0"); Pattern Energy's ownership level will increase to approximately 29% following a redemption to occur shortly at Pattern Development 2.0

"It was a great quarter with CAFD up 19%, as production was solid and our disciplined cost management initiatives delivering results. We are on track to achieve our targeted CAFD(1) for the year," said Mike Garland, President and CEO of Pattern Energy. "At 29% ownership of Pattern Development 2.0, we will have achieved our target ownership level in the development business which we believe will provide meaningful value to shareholders. Our identified ROFO ("right of first offer") list with Pattern Development 2.0 has grown by four new projects since our original investment in June of last year. We anticipate the first realized development transaction gains by the end of 2018 or early 2019, and returns from those gains will be retained and reinvested in the development business. Developing, owning and operating one of the very best portfolios in the renewables market can be challenging, but we are in a great position to generate long-term value in this exciting market."

(1) The forward looking measure of 2018 full year cash available for distribution (CAFD) 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 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 2018 Quarterly Report on Form 10-Q for the period ended June 30, 2018.

Financial and Operating Results

Pattern Energy sold 2,262,811 megawatt hours ("MWh") of electricity on a proportional basis in the second quarter of 2018 compared to 2,111,627 MWh sold in the same period last year.  Pattern Energy sold 4,398,526 MWh of electricity on a proportional basis for the six months ended June 30, 2018 ("YTD 2018") compared to 4,135,510 MWh sold in the same period last year. The 7% increase in the quarterly period was primarily due to volume increases as a result of acquisitions in 2017 and 2018 and favorable wind compared to last year, partially offset by curtailment at the Santa Isabel project. Production for the quarter was 2% below the long-term average forecast for the period.

Net cash provided by operating activities was $95.7 million for the second quarter of 2018 compared to $113.4 million for the same period last year. Net cash provided by operating activities was $123.5 million for YTD 2018 as compared to $157.2 million for the same period last year. The decrease in the quarterly period of $17.7 million was primarily due to $2.9 million in increased transmission costs due to acquisitions in 2017, increased interest payments of $3.6 million, and increased payments of $43.1 million in payable, accrued and current liabilities, due primarily to the timing of payments. The decrease to net cash provided by operating activities was partially offset by a $32.9 million increase in revenue (excluding unrealized loss on energy derivative and amortization of power purchase agreements ("PPAs")).

Cash available for distribution was $58.7 million for the second quarter of 2018, compared to $49.2 million for the same period last year. Cash available for distribution was $101.7 million for YTD 2018 compared to $94.4 million for the same period in the prior year. The $9.4 million, or 19.1% increase in the quarterly period was primarily due to a $32.9 million increase in revenues (excluding the unrealized loss on the energy derivative and amortization of PPAs) due to acquisitions in 2017 and early 2018 and a $4.4 million increase in total distributions from unconsolidated investments. The improvement was partially offset by a $8.0 million decrease in network upgrade reimbursement, a $5.6 million increase in distributions to noncontrolling interests, a $3.6 million increase in interest expense (excluding amortization of financing costs and debt discount/premium), a $2.9 million increase in transmission costs, a $2.7 million decrease in other and a $1.9 million increase in principal payments of project-level debt.

Net loss was $1.8 million in the second quarter of 2018, compared to a net loss of $14.7 million for the same period last year. Net loss was $14.4 million for YTD 2018 compared to $12.1 million in the same period last year. The improvement of $12.9 million in the quarterly period was primarily attributable to a $32.2 million increase in revenues due to acquisitions in 2017 and 2018, and a $2.7 million decrease in general and administrative expenses. These improvements were partially offset by increases of $9.6 million in cost of revenues due to the acquisitions in 2017 and 2018, a $4.2 million increase in impairment loss related to Chile assets held for sale, and a $8.1 million increase in other expense primarily related to decreased earnings from unconsolidated investments.

Adjusted EBITDA was $108.4 million for the second quarter of 2018 compared to $91.9 million for the same period last year. Adjusted EBITDA was $212.6 million for YTD 2018 compared to $190.1 million for the same period last year. The $16.5 million increase in the quarterly period was primarily due to a $32.9 million increase in revenue (excluding unrealized loss on energy derivative and amortization of PPAs) primarily attributable to volume increases as a result of the 2017 and 2018 acquisitions and favorable wind compared to last year, partially offset by curtailment at the Santa Isabel project and a $2.7 million decrease in general and administrative expenses primarily due to lower audit and consulting fees in 2018 compared to 2017. The increase was partially offset by a $17.2 million decrease in earnings from unconsolidated investments, a $2.9 million increase in transmission costs, and a $1.2 million increase in net loss on transactions, primarily related to the Chile assets held for sale.

2018 Financial Guidance

Pattern Energy is re-confirming its targeted annual cash available for distribution(2) for 2018 within a range of $151 million to $181 million, representing an increase of 14% compared to cash available for distribution in 2017.

(2) The forward looking measure of 2018 full year cash available for distribution (CAFD) 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 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 2018 Quarterly Report on Form 10-Q for the period ended June 30, 2018.

Quarterly Dividend

Pattern Energy declared a dividend for the third quarter 2018, payable on October 31, 2018, to holders of record on September 28, 2018 in the amount of $0.4220 per Class A common share, which represents $1.688 on an annualized basis. The amount of the third quarter 2018 dividend is unchanged from the second quarter 2018 dividend.

Acquisition Pipeline

Pattern Development 1.0 and Pattern Development 2.0 (together, the "Pattern Development Companies") have a pipeline of development projects totaling more than 10 GW. Pattern Energy has a ROFO on the pipeline of acquisition opportunities from the Pattern Development Companies. The identified ROFO list stands at 706 MW of potential owned capacity and represents a portion of the pipeline of development projects of the Pattern Development Companies, which are subject to Pattern Energy's ROFO. Since its IPO, Pattern Energy has purchased, or agreed to purchase, 1,564 MW from Pattern Development 1.0 and in aggregate grown the identified ROFO list from 746 MW to more than 2 GW.

Below is a summary of the identified ROFO projects that Pattern Energy has the right to purchase from the Pattern Development Companies in connection with its respective 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

                       

Belle River

 

Operational

 

Ontario

 

2016

 

2017

 

PPA

 

100

 

43

North Kent

 

Operational

 

Ontario

 

2017

 

2018

 

PPA

 

100

 

35

Henvey Inlet

 

In construction

 

Ontario

 

2017

 

2019

 

PPA

 

300

 

150

Pattern Development 2.0 Projects

                       

Stillwater Big Sky

 

In construction

 

Montana

 

2017

 

2018

 

PPA

 

79

 

67

Crazy Mountain

 

Late stage development

 

Montana

 

2019

 

2019

 

PPA

 

80

 

68

Grady

 

In construction

 

New Mexico

 

2018

 

2019

 

PPA

 

220

 

188

Sumita

 

Late stage development

 

Japan

 

2019

 

2021

 

PPA

 

100

 

55

Ishikari

 

Late stage development

 

Japan

 

2019

 

2022

 

PPA

 

100

 

100

                       

1,079

 

706

   

(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 weather 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.

 

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,

 

2018

 

2017

 

2018

 

2017

Net cash provided by operating activities(1)

$

95,720

   

$

113,431

   

$

123,544

   

$

157,183

 

Changes in operating assets and liabilities

(10,079)

   

(61,379)

   

18,497

   

(47,956)

 

Network upgrade reimbursement

294

   

8,273

   

576

   

8,590

 

Release of restricted cash

   

   

2,488

   

 

Operations and maintenance capital expenditures

(10)

   

(117)

   

(271)

   

(263)

 

Distributions from unconsolidated investments(2)

(1,948)

   

4,185

   

4,333

   

8,390

 

Other

2,147

   

4,808

   

3,007

   

1,376

 

Less:

             

Distributions to noncontrolling interests

(12,088)

   

(6,517)

   

(21,275)

   

(9,164)

 

Principal payments paid from operating cash flows

(15,374)

   

(13,445)

   

(29,177)

   

(23,771)

 

Cash available for distribution

$

58,662

   

$

49,239

   

$

101,722

   

$

94,385

 
   

(1)

Included in net cash provided by operating activities for the three and six months ended June 30, 2018 and 2017 are the portions of distributions from unconsolidated investments paid from cumulative earnings representing the return on investment.

   

(2)

Distributions from unconsolidated investments for the three months ended June 30, 2018 includes an adjustment for a March 2018 distribution received in April 2018 previously included in the first quarter 2018 cash available for distribution.

   
 

Three months ended June 30,

 

Six months ended June 30,

 

2018

 

2017

 

2018

 

2017

Net loss

$

(1,774)

   

$

(14,684)

   

$

(14,394)

   

$

(12,145)

 

Plus:

             

Interest expense, net of interest income

27,284

   

24,238

   

52,394

   

46,299

 

Tax provision

4,410

   

4,541

   

11,194

   

9,316

 

Depreciation, amortization and accretion

62,766

   

52,752

   

125,416

   

99,979

 

EBITDA

92,686

   

66,847

   

174,610

   

143,449

 

Unrealized loss on energy derivative (1)

3,626

   

4,663

   

14,673

   

7,021

 

(Gain) loss on derivatives

(8,801)

   

4,751

   

(14,461)

   

5,399

 

Impairment loss

4,238

   

   

4,238

   

 

Other

   

807

   

   

1,119

 

Adjustments from unconsolidated investments

             

Plus, proportionate share from unconsolidated investments:

             

Interest expense, net of interest income

9,506

   

9,498

   

18,974

   

18,838

 

Tax benefit

(207)

   

   

(207)

   

 

Depreciation, amortization and accretion

8,741

   

8,575

   

17,509

   

17,029

 

Gain on derivatives

(1,379)

   

(3,272)

   

(2,714)

   

(2,788)

 

Adjusted EBITDA

$

108,410

   

$

91,869

   

$

212,622

   

$

190,067

 
   

(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 Thursday, August 9, 2018. 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 3199694. The replay recording will be available until 11:59 p.m. Eastern Time, August 30, 2018.

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 24 wind and solar power facilities, including one project it has agreed to acquire and one project it has agreed to sell, with a total owned interest of 2,861 MW in the United States, Canada, Japan and Chile that use proven, best-in-class technology. Pattern Energy's wind and solar 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 2018 cash available for distribution target; the ability to fund an additional investment into Pattern Development 2.0 shortly and for redemptions of certain other investors in Pattern Development 2.0 to occur; the ability to consummate the agreement to sell the Company's operations in Chile; the ability of the investments in development to provide meaningful value to shareholders; the timing of the receipt of the first development profits (if ever); and the ability of the Company's portfolio to generate long-term value. 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)

 

June 30,

 

December 31,

 

2018

 

2017

Assets

     

Current assets:

     

Cash and cash equivalents

$

116,538

   

$

116,753

 

Restricted cash

4,336

   

9,065

 

Counterparty collateral

5,824

   

29,780

 

Trade receivables

59,371

   

54,900

 

Derivative assets, current

16,148

   

19,445

 

Prepaid expenses

18,660

   

17,847

 

Deferred financing costs, current, net of accumulated amortization of $2,409 and $2,580 as of June 30, 2018 and December 31, 2017, respectively

1,422

   

1,415

 

Assets held for sale

307,231

   

 

Other current assets

21,726

   

21,105

 

Total current assets

551,256

   

270,310

 

Restricted cash

10,004

   

12,162

 

Major construction advances

48,898

   

 

Construction in progress

192,317

   

 

Property, plant and equipment, net

3,797,098

   

3,965,121

 

Unconsolidated investments

343,512

   

311,223

 

Derivative assets

17,341

   

9,628

 

Deferred financing costs

8,744

   

7,784

 

Net deferred tax assets

3,353

   

6,349

 

Finite-lived intangible assets, net

226,422

   

136,048

 

Goodwill

57,736

   

 

Other assets

27,421

   

22,906

 

Total assets

$

5,284,102

   

$

4,741,531

 
       

Liabilities and equity

     

Current liabilities:

     

Accounts payable and other accrued liabilities

$

38,799

   

$

53,615

 

Accrued construction costs

9,383

   

1,369

 

Counterparty collateral liability

5,824

   

29,780

 

Accrued interest

14,383

   

16,460

 

Dividends payable

42,072

   

41,387

 

Derivative liabilities, current

3,188

   

8,409

 

Revolving credit facility

201,000

   

 

Current portion of long-term debt, net

61,583

   

51,996

 

Liabilities related to assets held for sale

207,073

   

 

Other current liabilities

25,643

   

14,018

 

Total current liabilities

608,948

   

217,034

 

Long-term debt, net

1,923,743

   

1,878,735

 

Derivative liabilities

24,464

   

20,972

 

Net deferred tax liabilities

116,849

   

56,491

 

Finite-lived intangible liability, net

58,195

   

51,194

 

Contingent liabilities

165,214

   

62,398

 

Other long-term liabilities

152,998

   

106,565

 

Total liabilities

3,050,411

   

2,393,389

 

Commitments and contingencies

     

Equity:

     

Class A common stock, $0.01 par value per share: 500,000,000 shares authorized; 98,096,323 and 97,860,048 shares outstanding as of June 30, 2018 and December 31, 2017, respectively

983

   

980

 

Additional paid-in capital

1,210,610

   

1,234,846

 

Accumulated income (loss)

   

(112,175)

 

Accumulated other comprehensive loss

(32,756)

   

(25,691)

 

Treasury stock, at cost; 178,346 and 157,812 shares of Class A common stock as of June 30, 2018 and December 31, 2017, respectively

(3,892)

   

(3,511)

 

Total equity before noncontrolling interest

1,174,945

   

1,094,449

 

Noncontrolling interest

1,058,746

   

1,253,693

 

Total equity

2,233,691

   

2,348,142

 

Total liabilities and equity

$

5,284,102

   

$

4,741,531

 

 

Pattern Energy Group Inc.

Consolidated Statements of Operations

(In thousands of U.S. dollars, except per share data)

(Unaudited)

       
 

Three months ended June 30,

 

Six months ended June 30,

 

2018

 

2017

 

2018

 

2017

Revenue:

             

Electricity sales

$

135,951

   

$

105,736

   

$

238,098

   

$

204,170

 

Other revenue

3,989

   

2,024

   

13,501

   

4,423

 

Total revenue

139,940

   

107,760

   

251,599

   

208,593

 

Cost of revenue:

             

Project expense

33,665

   

33,405

   

68,227

   

62,505

 

Transmission costs

7,643

   

4,722

   

14,833

   

4,792

 

Depreciation, amortization and accretion

54,979

   

48,518

   

110,431

   

92,258

 

Total cost of revenue

96,287

   

86,645

   

193,491

   

159,555

 

Gross profit

43,653

   

21,115

   

58,108

   

49,038

 

Operating expenses:

             

General and administrative

9,089

   

11,777

   

19,795

   

22,901

 

Related party general and administrative

3,663

   

3,576

   

7,731

   

7,002

 

Impairment loss

4,238

   

   

4,238

   

 

Total operating expenses

16,990

   

15,353

   

31,764

   

29,903

 

Operating income

26,663

   

5,762

   

26,344

   

19,135

 

Other expense:

             

Interest expense

(27,709)

   

(24,839)

   

(53,153)

   

(47,394)

 

Gain (loss) on derivatives

8,801

   

(4,751)

   

14,461

   

(5,399)

 

Earnings (loss) in unconsolidated investments, net

(742)

   

14,519

   

17,470

   

31,395

 

Net loss on transactions

(2,002)

   

(807)

   

(3,100)

   

(1,119)

 

Other income (expense), net

(2,375)

   

(27)

   

(5,222)

   

553

 

Total other expense

(24,027)

   

(15,905)

   

(29,544)

   

(21,964)

 

Net income (loss) before income tax

2,636

   

(10,143)

   

(3,200)

   

(2,829)

 

Tax provision

4,410

   

4,541

   

11,194

   

9,316

 

Net loss

(1,774)

   

(14,684)

   

(14,394)

   

(12,145)

 

Net loss attributable to noncontrolling interest

(34,492)

   

(28,904)

   

(183,034)

   

(32,018)

 

Net income attributable to Pattern Energy

$

32,718

   

$

14,220

   

$

168,640

   

$

19,873

 
               

Weighted-average number of common shares outstanding

             

Basic

97,459,472

   

87,065,591

   

97,444,016

   

87,064,110

 

Diluted

97,496,217

   

87,217,381

   

105,662,687

   

87,257,130

 

Earnings per share attributable to Pattern Energy

             

Class A common stock:

             

Basic

$

0.34

   

$

0.16

   

$

1.73

   

$

0.23

 

Diluted

$

0.34

   

$

0.16

   

$

1.67

   

$

0.23

 

Dividends declared per Class A common share

$

0.42

   

$

0.42

   

$

0.84

   

$

0.83

 

 

Pattern Energy Group Inc.

Consolidated Statements of Cash Flows

(In thousands of U.S. dollars)

(Unaudited)

   
 

Six months ended June 30,

 

2018

 

2017

Operating activities

     

Net loss

$

(14,394)

   

$

(12,145)

 

Adjustments to reconcile net loss to net cash provided by operating activities:

     

Depreciation, amortization and accretion

110,431

   

92,258

 

Contingent liability accretion

5,716

   

 

Impairment loss

4,238

   

 

Amortization of financing costs

2,526

   

3,852

 

Amortization of debt discount/premium, net

2,477

   

2,227

 

Amortization of power purchase agreements, net

3,894

   

1,489

 

Loss (gain) on derivatives

(1,542)

   

10,331

 

Stock-based compensation

2,277

   

2,768

 

Deferred taxes

10,914

   

9,149

 

Earnings in unconsolidated investments, net

(17,470)

   

(31,395)

 

Distributions from unconsolidated investments

33,041

   

31,710

 

Other reconciling items

(67)

   

(1,017)

 

Changes in operating assets and liabilities:

     

 Counterparty collateral asset

23,956

   

9,199

 

 Trade receivables

(9,689)

   

(7,995)

 

 Prepaid expenses

899

   

2,202

 

 Other current assets

6,316

   

(3,638)

 

 Other assets (non-current)

(1,737)

   

2,561

 

 Accounts payable and other accrued liabilities

(13,889)

   

31,001

 

 Counterparty collateral liability

(23,956)

   

(9,199)

 

 Accrued interest

166

   

8,569

 

 Other current liabilities

(7,141)

   

4,333

 

 Long-term liabilities

7,858

   

10,648

 

 Contingent liabilities

(1,508)

   

275

 

 Derivatives

228

   

 

Net cash provided by operating activities

123,544

   

157,183

 

Investing activities

     

Cash paid for acquisitions, net of cash and restricted cash acquired

(157,543)

   

(170,028)

 

Payment for construction advances/deposits

(53,727)

   

 

Payment for construction in progress

(24,644)

   

 

Capital expenditures

(7,441)

   

(39,087)

 

Distributions from unconsolidated investments

4,333

   

8,390

 

Other assets

(319)

   

7,552

 

Investment in Pattern Development 2.0

(57,055)

   

 

Other investing activities

   

12

 

Net cash used in investing activities

(296,396)

   

(193,161)

 

Financing activities

     

Dividends paid

(82,487)

   

(71,544)

 

Capital distributions - noncontrolling interest

(21,274)

   

(9,163)

 

Payment for financing fees

(6,954)

   

(7,740)

 

Proceeds from revolving credit facility

333,000

   

85,000

 

Repayment of revolving credit facility

(132,000)

   

(205,000)

 

Proceeds from long-term debt

126,775

   

404,395

 

Repayment of long-term debt

(34,541)

   

(74,824)

 

Repayment of note payable - related party

(909)

   

 

Other financing activities

154

   

(3,618)

 

Net cash provided by financing activities

181,764

   

117,506

 

Effect of exchange rate changes on cash, cash equivalents and restricted cash

(2,388)

   

2,248

 

Net increase in cash, cash equivalents and restricted cash including cash classified within current assets and liabilities held for sale

6,524

   

83,776

 

Add: Net (decrease) in cash classified within current assets and liabilities held for sale

(13,626)

   

 

Net change in cash, cash equivalents and restricted cash

(7,102)

   

83,776

 

Cash, cash equivalents and restricted cash at beginning of period

137,980

   

109,371

 

Cash, cash equivalents and restricted cash at end of period

$

130,878

   

$

193,147

 

Supplemental disclosures

     

Cash payments for income taxes

$

443

   

$

288

 

Cash payments for interest expense

$

48,721

   

$

33,666

 

Business combination:

     

 Assets acquired, net of cash and restricted cash acquired

$

627,241

   

$

665,014

 

 Liabilities assumed

352,570

   

148,456

 

 Less: Noncontrolling interests

11,113

   

325,600

 

 Net assets acquired, net of cash and restricted cash acquired

$

263,558

   

$

190,958

 

Schedule of non-cash activities

     

Change in property, plant and equipment

$

117,103

   

$

1,110

 

Change in other assets

$

202

   

$

2,492

 

Accrual of dividends

$

87

   

$

 

 

 

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SOURCE Pattern Energy Group Inc.