November 9, 2017

Pattern Energy Reports Third Quarter 2017 Financial Results

- Increases dividend to $0.422 per Class A common share for Q4 2017 -

SAN FRANCISCO, Nov. 9, 2017 /CNW/ -- Pattern Energy Group Inc. (the "Company" or "Pattern Energy") (NASDAQ & TSX: PEGI) today announced its financial results for the 2017 third quarter.

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

Highlights

(Figures reported below are for the third quarter of fiscal 2017, unless otherwise noted)

  • Proportional gigawatt hours ("GWh") sold of 1,514 GWh
  • Net cash provided by operating activities of $2.1 million
  • Cash available for distribution ("CAFD") of $9.5 million, and on track to meet the narrowed full year guidance(1)
  • Net loss of $48.4 million
  • Adjusted EBITDA of $54.7 million
  • Revenue of $92.0 million
  • Declared a fourth quarter dividend of $0.422 per Class A common share or $1.69 on an annualized basis, subsequent to the end of the period, representing a 0.5% increase over the previous quarter's dividend
  • Completed the acquisition of a 51% interest in the 179 MW Meikle Wind facility from Pattern Energy Group LP ("Pattern Development 1.0")(2) for a total investment of approximately $68 million
  • Announced the addition of the 100 megawatt ("MW") Ishikari wind project in Japan to the Company's identified ROFO ("right of first offer") list, and as such the identified ROFO list now totals 1,150 MW of potential owned capacity
  • Completed an equity offering of approximately $215 million in gross proceeds, subsequent to the end of the period

"The strategic transactions we announced earlier this year together with the new capital we raised last month represent the beginning of the next phase of our growth strategy," said Mike Garland, President and CEO of Pattern Energy. "With the steps we have taken this year, the business is significantly stronger today. We have a clear opportunity to capitalize on the assets from the identified ROFO list and our investment in Pattern Development 2.0. The expansion of the identified ROFO list demonstrates the progress we are making toward achieving our goal of 5 gigawatts ("GW") by 2020."

(1)

The forward looking measure of 2017 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 2017 Quarterly Report on Form 10-Q for the period ended September 30, 2017 .

(2)

In December 2016, Pattern Energy Group LP ("Pattern Development 1.0") formed Pattern Energy Group 2 LP ("Pattern Development 2.0"), and together such companies are referred to as "Pattern Development".

Financial and Operating Results

Pattern Energy sold 1,513,997 megawatt hours ("MWh") of electricity on a proportional basis in the third quarter of 2017 compared to 1,472,300 MWh sold in the same period last year. Pattern Energy sold 5,663,782 MWh of electricity on a proportional basis for the nine months ended September 30, 2017 (YTD 2017) compared to 4,988,621 MWh sold in the same period last year. The 3% increase in the quarterly period was primarily attributable to the acquisition of new projects, specifically Armow in the fourth quarter of 2016, Broadview in the second quarter 2017 and Meikle in the third quarter of 2017, offset by unfavorable wind conditions as previously announced in the press release dated September 29, 2017. Production for the quarter was 15% below the long-term average forecast for the period.

Net cash provided by operating activities was $2.1 million for the third quarter of 2017 compared to $37.4 million for the same period last year. Net cash provided by operating activities was $159.3 million for YTD 2017 compared to $107.4 million for the same period last year. The change in the quarterly period was primarily due to increases of $21.6 million in cash payments for accounts payable and accrued liabilities due to timing of payments, $13.8 million in interest payments due to the issuance of the Unsecured Senior Notes in January 2017 and debt associated with the acquisitions in 2017, $7.3 million in transmission costs and $2.7 million in project expenses, as well as a decrease of $4.7 million in cash receipts due to timing of collections from trade receivables. These changes to net cash from operating activities were partially offset by a $11.4 million increase in distributions from unconsolidated investments and by a $2.6 million increase in revenues (excluding unrealized loss on energy derivative and amortization of PPAs).

Cash available for distribution was $9.5 million for the third quarter of 2017, which is above the midpoint of the guidance provided in the Company's press release dated September 29, 2017, compared to $20.2 million for the same period last year. Cash available for distribution was $103.8 million for YTD 2017 compared to $96.7 million for the same period in the prior year. The $10.7 million change in the quarterly period was primarily due to increases of $7.3 million in interest expense from the issuance of the Unsecured Senior Notes in January 2017 and debt associated with the acquisitions in 2017, $7.3 million in transmission costs, $2.7 million in project expenses and $1.0 million in distributions to noncontrolling interests. The change was partially offset by increases of $5.9 million in total distributions from unconsolidated investments, $2.6 million in revenues (excluding unrealized loss on energy derivative and amortization of PPAs), $0.3 million network upgrade reimbursement related to Broadview, as well as a decrease of $0.5 million in operating expense.

Net loss was $48.4 million in the third quarter of 2017, compared to $11.1 million for the same period last year. Net loss was $60.5 million for YTD 2017 compared to $55.7 million in the same period last year. The change in the quarterly period was primarily attributable to increases of $18.7 million in cost of revenues due to the acquisitions in 2017 and $24.4 million in other expense related to a decrease in earnings in unconsolidated investments, net of increases to interest expense, loss on undesignated derivatives and realized loss on designated derivatives. The impact of these items was partially offset by an increase in tax benefit of $5.2 million.

Adjusted EBITDA was $54.7 million for the third quarter of 2017 compared to $62.3 million for the same period last year. Adjusted EBITDA was $244.8 million for YTD 2017 compared to $219.0 million for the same period last year. The $7.6 million change in the quarterly period was primarily due to increases of $7.3 million in transmission costs and $2.7 million in project expense, and a decrease of $0.7 million in the proportionate share of Adjusted EBITDA from unconsolidated investments. These changes were partially offset by a $2.6 million increase in revenues (excluding unrealized loss on energy derivative and amortization of PPAs) and a $0.5 million decrease in operating expense.

Fourth Quarter Wind Conditions

Based on conditions to date in the fourth quarter of 2017, wind levels for the fourth quarter are in line with the long-term average forecast, which represents a substantial improvement from the wind levels in the first two months of the third quarter.

2017 Financial Guidance

Pattern Energy is narrowing its targeted annual cash available for distribution for 2017 to a range of $145 million to $160 million. The new range maintains the midpoint of the original range and that midpoint represents an increase of 15% compared to cash available for distribution in 2016. The range assumes long-term average proportionate production of the fleet for the remainder of 2017 and takes into account a potential adverse impact of any extended electric grid outage in Puerto Rico during the fourth quarter of 2017. 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 fourth quarter 2017, payable on January 31, 2018, to holders of record on December 29, 2017 in the amount of $0.422 per Class A common share, which represents $1.69 on an annualized basis. This is a 0.5% increase from the third quarter 2017 dividend of $0.42.

Operations Update

The completed evaluation of the 101 MW Santa Isabel project in Puerto Rico reported no material damage to the turbines or the project. While all of the turbines are operational, at present Santa Isabel has not been reconnected to the high voltage grid and the timing of when the project will be reconnected is not certain. Pattern Energy is working with the Puerto Rico Electric Power Authority ("PREPA"), the offtaker for the Santa Isabel project, to support PREPA's broader efforts to restore the high voltage grid so the project can help support providing much needed power to the Puerto Rican communities.

Project Acquisition

During the third quarter, Pattern Energy acquired a 91 MW owned interest in the 179 MW Meikle project, with PSP Investments acquiring the remaining 88 MW interest. The Meikle project, located in the Peace River Regional District of British Columbia, commenced commercial operations in the first quarter of 2017 and operates under a 25-year power purchase agreement with BC Hydro, which has a AAA/Aaa2 credit rating.

Pattern Energy acquired its 51% interest in Meikle for a total investment of approximately $68 million(1), paid at closing, which represents a CAFD multiple of 10x of the project's five-year average CAFD(2).

Construction Pipeline

Pattern Energy has agreed to acquire a 51% interest in the 143 MW Mont Sainte-Marguerite project, located in the Chaudière-Appalaches region south of Québec City. The project is currently in the final stages of construction and commissioning and is expected to commence commercial operations in late 2017. The project will operate under a 25-year power purchase agreement with Hydro-Québec, which has a AA-/Aa2 credit rating.

Pattern Energy will acquire its 51% interest in Mont Sainte-Marguerite for a total investment of approximately $40 million(3), which represents a CAFD multiple of 10x of the five-year average CAFD(2). The acquisition is expected to close during the first quarter of 2018, following the commencement of commercial operations and subject to customary closing conditions. It will be funded at the time of closing using available liquidity.

(1)

Based on a CAD to USD exchange rate of $1.27

(2)

This forward looking measure of five-year average annual purchase price multiple of CAFD contribution from the Meikle and Mont Sainte-Marguerite projects 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 2017 Quarterly Report on Form 10-Q for the period ended September 30, 2017.

(3)

Based on a CAD to USD exchange rate of $1.32

Acquisition Pipeline

Pattern Development's pipeline of development projects totals more than 10 GW. Pattern Energy has a ROFO on a pipeline of acquisition opportunities from Pattern Development. The identified ROFO list stands at 1,150 MW of potential owned capacity and represents a portion of the Pattern Development pipeline of development projects, all of which are subject to Pattern Energy's ROFO. Since its IPO, Pattern Energy has purchased, or agreed to purchase, 1,358 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 expects to acquire from Pattern Development 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













Otsuki Wind


Operational


Japan


n/a


2006


PPA


12


12

Kanagi Solar


Operational


Japan


2014


2016


PPA


10


10

Futtsu Solar


Operational


Japan


2014


2016


PPA


31


31

Conejo Solar(5)


Operational


Chile


2015


2016


PPA


104


104

El Cabo


In construction


New Mexico


2016


2017


PPA


298


125

Belle River


In construction


Ontario


2016


2017


PPA


100


43

Ohorayama


In construction


Japan


2016


2018


PPA


33


33

North Kent


In construction


Ontario


2017


2018


PPA


100


35

Henvey Inlet


Late stage development


Ontario


2017


2019


PPA


300


150

Tsugaru


Late stage development


Japan


2017


2020


PPA


122


122

Sumita


Late stage development


Japan


2019


2021


PPA


100


62

Pattern Development 2.0 Projects













Stillwater Big Sky


Late stage development


Montana


2017


2018


PPA


79


67

Crazy Mountain


Late stage development


Montana


2017


2019


PPA


80


68

Grady


Late stage development


New Mexico


2018


2019


PPA


220


188

Ishikari


Late stage development


Japan


2019


2022


PPA


100


100













1,689


1,150



(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, the Company conducts strategic reviews of its markets. Pattern Energy is conducting a strategic review of the market, growth, and opportunities in Chile. In the event management believes the Company 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, the Company 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
September 30,


Nine months ended
September 30,


2017


2016


2017


2016

Net cash provided by operating activities(1)

$

2,147



$

37,395



$

159,330



$

107,371


Changes in operating assets and liabilities

25,481



(4,513)



(22,475)



800


Network upgrade reimbursement

346





8,936




Release of restricted cash to fund project and general and administrative costs







590


Operations and maintenance capital expenditures

(254)



(133)



(517)



(879)


Distributions from unconsolidated investments

2,821



8,292



11,211



40,066


Other

598



(195)



1,974



(130)


Less:








Distributions to noncontrolling interests

(4,537)



(3,584)



(13,701)



(11,771)


Principal payments paid from operating cash flows

(17,140)



(17,060)



(40,911)



(39,322)


Cash available for distribution

$

9,462



$

20,202



$

103,847



$

96,725




(1)

Included in net cash provided by operating activities is the portion of distributions from unconsolidated investments paid from cumulative earnings representing the return on investment.

 


Three months ended
September 30,


Nine months ended
September 30,


2017


2016


2017


2016

Net loss

$

(48,376)



$

(11,050)



$

(60,521)



$

(55,744)


Plus:








Interest expense, net of interest income

26,710



19,583



73,009



60,906


Tax (benefit) provision

(3,839)



1,311



5,477



4,038


Depreciation, amortization and accretion

56,650



45,755



156,629



136,974


EBITDA

31,145



55,599



174,594



146,174


Unrealized loss on energy derivative (1)

3,113



818



10,134



14,970


Gain (loss) on undesignated derivatives, net

4,081



(1,825)



9,480



17,685


Realized loss on derivatives

2,207





2,207




Net loss on transactions

466



314



1,585



353


Adjustments from unconsolidated investments



(8,439)





(19,573)


Plus, proportionate share from unconsolidated investments:








Interest expense, net of interest income

10,270



7,634



29,108



22,778


Depreciation, amortization and accretion

9,361



6,660



26,390



19,624


(Gain) loss on undesignated derivatives, net

(5,908)



1,544



(8,696)



17,015


Adjusted EBITDA

$

54,735



$

62,305



$

244,802



$

219,026




(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, today, November 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 8787979. The replay recording will be available until 11:59 p.m. Eastern Time, November 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 20 wind power facilities, including one project it has agreed to acquire, with a total owned interest of 2,736 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; achieve the five year average annual CAFD generated by Meikle and Mont Sainte-Marguerite; achieve the next phase of its growth strategy; capitalize on the assets from the iROFO list and investment in Pattern Development 2.0; achieve its target of 5 GW by 2020; the outcome of wind conditions in the fourth quarter; the timing for the Santa Isabel project to be reconnected to the high voltage grid or for PREPA to restore the high voltage grid in Puerto Rico; the timing of the consummation of the acquisition of Mont Sainte-Marguerite; and the ability of the Company to consummate additional acquisitions from the iROFO list. 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)


September 30,


December 31,


2017


2016

Assets




Current assets:




Cash and cash equivalents

$

91,057



$

83,932


Restricted cash

7,150



11,793


Funds deposited by counterparty

33,530



43,635


Trade receivables

48,960



37,510


Derivative assets, current

18,824



17,578


Prepaid expenses

18,405



13,803


Deferred financing costs, current, net of accumulated amortization of $11,360 and $9,350 as of September 30, 2017 and December 31, 2016, respectively

2,514



2,456


Other current assets

19,058



7,350


Total current assets

239,498



218,057


Restricted cash

19,866



13,646


Property, plant and equipment, net

4,023,355



3,135,162


Unconsolidated investments

303,833



233,294


Derivative assets

14,865



26,712


Deferred financing costs

4,339



4,052


Net deferred tax assets

6,107



5,559


Finite-lived intangible assets, net

138,516



91,895


Other assets

22,649



24,390


Total assets

$

4,773,028



$

3,752,767






Liabilities and equity




Current liabilities:




Accounts payable and other accrued liabilities

$

53,200



$

31,305


Accrued construction costs

2,765



1,098


Counterparty deposit liability

33,530



43,635


Accrued interest

7,043



9,545


Dividends payable

37,645



35,960


Derivative liabilities, current

12,095



11,918


Revolving credit facility

253,000



180,000


Current portion of long-term debt, net

58,213



48,716


Other current liabilities

13,133



4,698


Total current liabilities

470,624



366,875


Long-term debt, net

1,871,607



1,334,956


Derivative liabilities

21,979



24,521


Net deferred tax liabilities

50,573



31,759


Finite-lived intangible liability, net

52,062



54,663


Contingent liabilities

58,820



576


Other long-term liabilities

98,519



60,673


Total liabilities

2,624,184



1,874,023


Commitments and contingencies




Equity:




Class A common stock, $0.01 par value per share: 500,000,000 shares authorized; 88,569,377 and 87,410,687 shares outstanding as of September 30, 2017 and December 31, 2016, respectively

886



875


Additional paid-in capital

1,062,252



1,145,760


Accumulated loss

(104,225)



(94,270)


Accumulated other comprehensive loss

(24,821)



(62,367)


Treasury stock, at cost; 115,146 and 110,964 shares of Class A common stock as of September 30, 2017 and December 31, 2016, respectively

(2,597)



(2,500)


Total equity before noncontrolling interest

931,495



987,498


Noncontrolling interest

1,217,349



891,246


Total equity

2,148,844



1,878,744


Total liabilities and equity

$

4,773,028



$

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
September 30,


Nine months ended
September 30,


2017


2016


2017


2016

Revenue:








Electricity sales

$

89,807



$

89,919



$

293,977



$

266,952


Other revenue

2,223



1,995



6,646



6,039


Total revenue

92,030



91,914



300,623



272,991


Cost of revenue:








Project expense

33,932



31,271



96,437



96,711


Transmission costs

7,421



113



12,213



278


Depreciation and accretion

52,379



43,693



144,637



130,782


Total cost of revenue

93,732



75,077



253,287



227,771


Gross profit (loss)

(1,702)



16,837



47,336



45,220


Operating expenses:








General and administrative

9,068



9,598



31,969



27,425


Related party general and administrative

3,587



3,553



10,589



7,381


Total operating expenses

12,655



13,151



42,558



34,806


Operating income (loss)

(14,357)



3,686



4,778



10,414


Other income (expense):








Interest expense

(27,147)



(19,798)



(74,541)



(62,134)


Gain (loss) on undesignated derivatives, net

(4,081)



1,825



(9,480)



(17,685)


Realized loss on designated derivatives

(2,207)





(2,207)




Earnings (loss) in unconsolidated investments, net

(3,964)



4,685



27,431



15,755


Net loss on transactions

(466)



(314)



(1,585)



(353)


Other income, net

7



177



560



2,297


Total other expense

(37,858)



(13,425)



(59,822)



(62,120)


Net loss before income tax

(52,215)



(9,739)



(55,044)



(51,706)


Tax (benefit) provision

(3,839)



1,311



5,477



4,038


Net loss

(48,376)



(11,050)



(60,521)



(55,744)


Net loss attributable to noncontrolling interest

(18,548)



(7,037)



(50,566)



(24,838)


Net loss attributable to Pattern Energy

$

(29,828)



$

(4,013)



$

(9,955)



$

(30,906)










Weighted-average number of common shares outstanding








Basic and diluted

87,370,979



81,531,775



87,146,465



76,821,811


Loss per share attributable to Pattern Energy








Class A common stock:








Basic and diluted

$

(0.34)



$

(0.05)



$

(0.12)



$

(0.40)


Dividends declared per Class A common share

$

0.42



$

0.40



$

1.25



$

1.17


 

Pattern Energy Group Inc.

Consolidated Statements of Cash Flows

(In thousands of U.S. dollars)

(Unaudited)


Nine months ended
September 30,


2017


2016

Operating activities




Net loss

$

(60,521)



$

(55,744)


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




Depreciation and accretion

144,637



130,782


Amortization of financing costs

5,879



5,242


Amortization of debt discount/premium, net

3,379



3,147


Amortization of power purchase agreements, net

2,435



2,278


Loss on derivatives, net

15,662



29,757


Realized loss on derivatives, net

2,207




Stock-based compensation

4,085



4,362


Deferred taxes

9,133



3,681


Intraperiod tax allocation

(3,656)




Earnings in unconsolidated investments, net

(27,431)



(15,755)


Distributions from unconsolidated investments

43,093



377


Other reconciling items

(2,047)



44


Changes in operating assets and liabilities:




   Funds deposited by counterparty

10,105



(46,643)


   Trade receivables

(2,861)



6,078


   Prepaid expenses

(3,187)



(1,005)


   Other current assets

(9,790)



(3,709)


   Other assets (non-current)

2,457



865


   Accounts payable and other accrued liabilities

16,389



(2,658)


   Counterparty deposit liability

(10,105)



46,643


   Accrued interest

(3,884)



(6,017)


   Other current liabilities

8,040



811


   Long-term liabilities

14,569



4,952


   Contingent liabilities

742



(117)


Net cash provided by operating activities

159,330



107,371


Investing activities




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

(289,329)



(4,024)


Capital expenditures

(44,295)



(31,554)


Distributions from unconsolidated investments

11,211



40,066


Other assets

7,607



1,619


Other investing activities



(136)


Net cash provided by (used in) investing activities

(314,806)



5,971


Financing activities




Proceeds from public offering, net of issuance costs

$

22,431



$

286,583


Dividends paid

(107,943)



(85,159)


Capital distributions - noncontrolling interest

(13,701)



(11,771)


Payment for deferred financing costs

(7,763)



(134)


Proceeds from revolving credit facility

323,000



20,000


Repayment of revolving credit facility

(250,000)



(340,000)


Proceeds from debt

404,395




Repayment of debt

(192,109)



(39,322)


Payment for interest rate swaps

(14,372)




Other financing activities

(3,712)



(634)


Net cash provided by (used in) financing activities

160,226



(170,437)


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

3,952



1,750


Net change in cash, cash equivalents and restricted cash

8,702



(55,345)


Cash, cash equivalents and restricted cash at beginning of period

109,371



146,292


Cash, cash equivalents and restricted cash at end of period

$

118,073



$

90,947


Supplemental disclosures




Cash payments for income taxes

$

335



$

233


Cash payments for interest expense

$

70,100



$

59,172


Schedule of non-cash activities




Change in property, plant and equipment

$

619



$

6,132


 

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SOURCE Pattern Energy Group Inc.

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