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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549 
 
 
 
FORM 10-Q
 
 
 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019.
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 001-36087
 
 
 
PATTERN ENERGY GROUP INC.
(Exact name of Registrant as specified in its charter)
 
 
 
Delaware
 
90-0893251
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
1088 Sansome Street, San Francisco, CA 94111
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (415283-4000
 
 
 
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading symbol
 
Name of each exchange on which registered
Class A common stock
 
PEGI
 
Nasdaq Global Select Market
 
 
 
 
Toronto Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes     No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes     No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.)    Yes      No 
As of July 31, 2019, there were 98,240,715 shares of Class A common stock outstanding with par value of $0.01 per share.
 




PATTERN ENERGY GROUP INC.
REPORT ON FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2019
TABLE OF CONTENTS
 
 
PART I. FINANCIAL INFORMATION
 
Item 1.
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
 
 
 
 
PART II. OTHER INFORMATION
 
 
 
 
Item 1.
Item 1A.
Item 2.
Item 6.
 



2


CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements and information in this Quarterly Report on Form 10-Q (Form 10-Q) may constitute “forward-looking statements.” You can identify these statements by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "should," "will," "would," or similar words. You should read statements that contain these words carefully because they discuss our current plans, strategies, prospects, and expectations concerning our business, operating results, financial condition, and other similar matters. While we believe that these forward-looking statements are reasonable as and when made, there may be events in the future that we are not able to predict accurately or control, and there can be no assurance that future developments affecting our business will be those that we anticipate. Our forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, those summarized below:
our electricity generation, our projections thereof and factors affecting production, including wind, solar and other conditions, other weather conditions, availability and curtailment;
our ability to manage exposure to project development risks;
our ability to complete acquisitions and dispositions of power projects;
our ability to complete construction of construction projects and transition them into financially successful operating projects;
fluctuations in supply, demand, prices and other conditions for electricity, other commodities and renewable energy credits (RECs);
changes in law, including applicable tax laws;
public response to and changes in the local, state, provincial and federal regulatory framework affecting renewable energy projects, including those related to taxation, the U.S. federal production tax credit (PTC), investment tax credit (ITC) and potential reductions in Renewable Portfolio Standards (RPS) requirements;
the ability of our counterparties to satisfy their financial commitments or business obligations;
the availability of financing, including tax equity financing, for our power projects;
an increase in interest rates and the discontinuation of LIBOR;
our substantial short-term and long-term indebtedness, including additional debt in the future;
competition from other power project developers;
development constraints, including the availability of interconnection and transmission;
potential environmental liabilities and the cost and conditions of compliance with applicable environmental laws and regulations;
our ability to operate our business efficiently, manage capital expenditures and costs effectively and generate cash flow;
our ability to retain and attract executive officers and key employees;
our ability to keep pace with and take advantage of new technologies;
the effects of litigation, including administrative and other proceedings or investigations, relating to our power projects in development, under construction and those in operation;
conditions in energy markets as well as financial markets generally, which will be affected by interest rates, foreign currency exchange rate fluctuations and general economic conditions;
the effectiveness of our currency risk management program;
the effective life and cost of maintenance of our wind turbines, solar panels and other equipment;
the increased costs of, and tariffs on, spare parts;
scarcity of necessary equipment;
negative public or community response to power projects;
the value of collateral in the event of liquidation; and

3


other factors discussed under “Risk Factors.”
For additional information regarding known material factors that could cause our actual results to differ from our projected results, please see Part II, "Item 1A. Risk Factors" in this Form 10-Q and Part I, "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2018.
Readers are cautioned to not place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.


4


MEANING OF CERTAIN REFERENCES
Unless the context provides otherwise, references herein to “we,” “our,” “us,” “our company” and “Pattern” refer to Pattern Energy Group Inc., a Delaware corporation, together with its consolidated subsidiaries. In addition, unless the context requires otherwise, any reference in this Form 10-Q to:
“Amazon Wind” refers to Fowler Ridge IV Wind Farm LLC, a wind project located in Benton County, Indiana;
“Armow” refers to SP Armow Wind Ontario LP, a wind project located in Kincardine, Ontario, Canada;
“Belle River” refers to SP Belle River Wind LP, a wind project located in Lakeshore, Ontario, Canada;
“Broadview” collectively refers to Broadview Finco Pledgor LLC (Broadview Project), consisting of Broadview Energy KW, LLC and Broadview Energy JN, LLC, a wind project located in Curry County, New Mexico, and Western Interconnect;
“El Arrayán” refers to Parque Eólico El Arrayán SpA, a wind farm located in Ovalle, Chile (we disposed of our interests in El Arrayán on August 20, 2018);
“ERCOT” refers to the Electric Reliability Council of Texas;
“Futtsu” refers to GK Green Power Futtsu, a solar project located in Chiba Prefecture, Japan;
“GPG” refers to Green Power Generation GK which consists primarily of 100% ownership in Ohorayama, Otsuki and Kanagi, and a consolidated controlling interest in Futtsu;
“GPI” refers to Green Power Investment Corporation;
“Grady” refers to Grady Wind Energy Center, LLC, a wind project located in Curry County, New Mexico;
“Grand” refers to Grand Renewable Wind LP, a wind project located in Haldimand County, Ontario, Canada;
“Gulf Wind” refers to Pattern Gulf Wind LLC, a wind project located in Kenedy County, Texas;
“Hatchet Ridge” refers to Hatchet Ridge Wind, LLC, a wind project located in Shasta County, California;
“Identified ROFO Projects” refers to projects that we have identified as development projects, owned by either of the Pattern Development Companies and subject to our Project Purchase Rights. See Identified ROFO Projects list in Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations;
“IPPs” refers to independent power producers;
“ISOs” refers to independent system organizations, which are organizations that administer wholesale electricity markets;
“ITCs” refers to investment tax credits;
“K2” refers to K2 Wind Ontario Limited Partnership, a wind project located in Ashfield-Colborne-Wawanosh, Ontario, Canada (we disposed of our interests in K2 on December 31, 2018);
“Kanagi” refers to GK Green Power Kanagi, a solar wind project located in Shimane Prefecture, Japan;
“kWh” refers to kilowatt hour;
“Logan's Gap” refers to Logan's Gap Wind LLC, a wind project located Comanche County, Texas;
“Lost Creek” refers to Lost Creek Wind, LLC, a wind project located in DeKalb County, Missouri;
“Meikle” refers to Meikle Wind Energy L.P., a wind project located in Peace Region, British Columbia, Canada;
“MSM” refers to Mont Sainte-Marguerite Wind Farm Limited Partnership, a wind project located in Chaudiére-Appalaches, Quebec, Canada;
“Multilateral Management Services Agreement” (MSA) refers to the amended and restated multilateral services agreement between us and each of the Pattern Development Companies;
“MW” refers to megawatts;
“MWh” refers to megawatt hours;

5


“Non-Competition Agreement” refers to the second amended and restated non-competition agreement between us and each of the Pattern Development Companies in which we and each of the Pattern Development Companies have agreed to various arrangements with respect to how we may and may not compete with each other;
“North Kent” refers to North Kent Wind 1 LP, a wind project located in Chatham-Kent, Ontario, Canada;
“Ocotillo” refers to Ocotillo Express LLC, a wind project located in Imperial County, California;
“Ohorayama” refers to GK Green Power Otsuki, a wind project located in Kochi Prefecture, Japan;
“Otsuki” refers to GK Otsuki Wind Power (formerly known as Otsuki Wind Power Corporation), a wind project located in Kochi Prefecture, Japan;
“Panhandle 1” refers to Pattern Panhandle Wind LLC, a wind project located in Carson County, Texas;
“Panhandle 2” refers to Pattern Panhandle Wind 2 LLC, a wind project located in Carson County, Texas;
“Pattern Canada Operations Holdings ULC” consists primarily of 100% ownership of St. Joseph, a consolidated controlling interest in Meikle and MSM, and a noncontrolling interest in Armow, Belle River, Grand, K2 (which we disposed of on December 31, 2018), North Kent, and South Kent, each of which are accounted for as unconsolidated investments;
“Pattern Development” refers to Pattern Energy Group 2 LP, a Delaware limited partnership, and, where the context so requires, its subsidiaries. We hold an approximate 29% ownership interest in Pattern Development;
“Pattern Development Companies” refers collectively to Pattern Energy Group LP and Pattern Development and their respective subsidiaries;
“Pattern Development Companies Purchase Rights” refer collectively to our right to acquire Pattern Energy Group LP or substantially all of its assets, as contemplated by the Amended and Restated Purchase Rights Agreement between us and Pattern Energy Group LP (Pattern Energy Group LP Purchase Right) and to our right to acquire Pattern Development or substantially all of its assets, as contemplated by the Amended and Restated Purchase Rights Agreement between us and Pattern Development (Pattern Development Purchase Right);
“Pattern Energy Group LP” refers to Pattern Energy Group LP, a Delaware limited partnership, and, where the context so requires, its subsidiaries;
“Pattern US Operations Holdings LLC” consists primarily of 100% ownership interest of Gulf Wind, Hatchet Ridge, Lost Creek, Ocotillo, Santa Isabel and Spring Valley, and a consolidated controlling interest in Amazon Wind, Broadview, Logan's Gap, Panhandle 1, Panhandle 2, Post Rock, Stillwater and Western Interconnect;
“Post Rock” refers to Post Rock Wind Power Project, LLC, a wind project located in Ellsworth and Lincoln counties, Kansas;
“PPAs” refer to power purchase agreements;
“Project Purchase Rights” refers collectively to our right of first offer with respect to power projects that Pattern Energy Group LP decides to sell, as contemplated by the Amended and Restated Purchase Rights Agreement between us and Pattern Energy Group LP, and our right of first offer with respect to power projects that Pattern Development decides to sell, as contemplated by the Amended and Restated Purchase Rights Agreement between us and Pattern Development (in each case including any Identified ROFO Projects);
“PSAs” or “power sale agreements” refer to PPAs and/or hedging arrangements, as applicable;
“PSP Investments” refers to the Public Sector Pension Investment Board;
“Purchase Rights” refers collectively to the Project Purchase Rights, and the Pattern Development Companies Purchase Rights, as contemplated by the Amended and Restated Purchase Rights Agreement between us and Pattern Energy Group LP and the Amended and Restated Purchase Rights Agreement between us and Pattern Development;
“RECs” refers to renewable energy credits;
“Riverstone” refers to Riverstone Holdings LLC;
“ROFO” refers to right of first offer;
“RPS” refers to Renewable Portfolio Standards;
“Santa Isabel” refers to Pattern Santa Isabel LLC, a wind project located in Santa Isabel, Puerto Rico;

6


“Sarbanes-Oxley Act” refers to the Sarbanes-Oxley Act of 2002;
“South Kent” refers to South Kent Wind LP, a wind project located in Chatham-Kent, Ontario, Canada;
“Spring Valley” refers to Spring Valley Wind LLC, a wind project located in White Pine County, Nevada;
“St. Joseph” refers to St. Joseph Windfarm Inc., a wind project located in Montcalm, Manitoba, Canada;
“Stillwater” refers to Stillwater Wind, LLC, a wind project located in Stillwater County, Montana;
“Tsugaru” refers to Green Power Tsugaru GK, a wind project located in Aomori Prefecture, Japan;
“Tsugaru Holdings” refers to Green Power Tsugaru Holdings GK, which consists primarily of 100% ownership of Tsugaru; and
“Western Interconnect” refers to Western Interconnect LLC, a transmission line located in Curry County, New Mexico.


7


PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Pattern Energy Group Inc.
Consolidated Balance Sheets
(In millions of U.S. dollars, except share and par value data)
(Unaudited)
 
June 30,
 
December 31,

2019
 
2018
Assets

 

Current assets:

 

Cash and cash equivalents (Note 7)
$
124

 
$
101

Restricted cash (Note 7)

 
4

Counterparty collateral
1

 
6

Trade receivables (Note 7)
68

 
50

Derivative assets, current
3

 
14

Prepaid expenses (Note 7)
13

 
18

Deferred financing costs, current, net of accumulated amortization of $4 and $3 as of June 30, 2019 and December 31, 2018, respectively
2

 
2

Other current assets (Note 7)
29

 
16

Total current assets
240

 
211

Restricted cash (Note 7)
12

 
18

Major construction advances
40

 
84

Construction in progress
415

 
259

Property, plant and equipment, net (Note 7)
4,002

 
4,119

Unconsolidated investments
246

 
270

Derivative assets
6

 
9

Deferred financing costs
8

 
8

Net deferred tax assets
11

 
5

Intangible assets, net (Note 7)
215

 
219

Goodwill
60

 
58

Other assets (Note 7)
116

 
34

Total assets
$
5,371

 
$
5,294

 
 
 
 
Liabilities and equity

 

Current liabilities:

 

Accounts payable and other accrued liabilities (Note 7)
$
54

 
$
67

Accrued construction costs (Note 7)
63

 
27

Counterparty collateral liability
1

 
6

Accrued interest (Note 7)
14

 
14

Dividends payable
42

 
42

Derivative liabilities, current
5

 
2

Revolving credit facility, current
269

 
198

Current portion of long-term debt, net
61

 
56

Asset retirement obligation, current
24

 
24

Contingent liabilities, current
118

 
31

Other current liabilities (Note 7)
21

 
11

Total current liabilities
672

 
478

Revolving credit facility
25

 
25

Long-term debt, net
2,084

 
2,004

Derivative liabilities
71

 
31

Net deferred tax liabilities
123

 
117

Intangible liabilities, net (Note 7)
46

 
56

Contingent liabilities (Note 7)
37

 
142

Asset retirement obligations (Note 7)
206

 
185

Other long-term liabilities (Note 7)
130

 
71

Contract liability
27

 
26

Total liabilities
3,421

 
3,135

Commitments and contingencies (Note 16)


 


Equity:

 

Class A common stock, $0.01 par value per share: 500,000,000 shares authorized; 98,240,715 and 98,051,629 shares outstanding as of June 30, 2019 and December 31, 2018, respectively
1

 
1

Additional paid-in capital
1,050

 
1,130

Accumulated loss
(64
)
 
(27
)
Accumulated other comprehensive loss
(87
)
 
(52
)
Treasury stock, at cost; 249,481 and 223,040 shares of Class A common stock as of June 30, 2019 and December 31, 2018, respectively
(5
)
 
(5
)
Total equity before noncontrolling interest
895

 
1,047

Noncontrolling interest
1,055

 
1,112

Total equity
1,950

 
2,159

Total liabilities and equity
$
5,371

 
$
5,294

See accompanying notes to consolidated financial statements.

8


Pattern Energy Group Inc.
Consolidated Statements of Operations
(In millions of U.S. dollars, except share data)
(Unaudited)

 
Three months ended June 30,
 
Six months ended June 30,
 
2019

2018
 
2019
 
2018
Revenue:



 
 
 
 
Electricity sales
$
135


$
136

 
$
258

 
$
238

Other revenue
5


4

 
17

 
14

Total revenue
140


140

 
275

 
252

Cost of revenue:



 
 
 
 
Project expense
40


34

 
80

 
69

Transmission costs
6

 
8

 
12

 
15

Depreciation, amortization and accretion
77


55

 
160

 
110

Total cost of revenue
123


97

 
252

 
194

Gross profit
17


43

 
23

 
58

Operating expenses:



 
 
 
 
General and administrative
11


9

 
22

 
20

Related party general and administrative
4


4

 
8

 
8

Impairment expense

 
4

 

 
4

Total operating expenses
15


17

 
30

 
32

Operating income (loss)
2


26

 
(7
)
 
26

Other income (expense):



 
 
 
 
Interest expense
(25
)

(28
)
 
(51
)
 
(53
)
Gain (loss) on derivatives
(1
)

9

 

 
14

Earnings (loss) in unconsolidated investments, net


(1
)
 
(6
)
 
17

Net loss on transactions
(2
)

(2
)
 
(2
)
 
(3
)
Other expense, net


(2
)
 
(2
)
 
(5
)
Total other expense
(28
)

(24
)
 
(61
)
 
(30
)
Net income (loss) before income tax
(26
)

2

 
(68
)
 
(4
)
Income tax provision
4


4

 
8

 
11

Net loss
(30
)

(2
)
 
(76
)
 
(15
)
Net loss attributable to noncontrolling interest
(23
)

(35
)
 
(39
)
 
(184
)
Net income (loss) attributable to Pattern Energy
$
(7
)

$
33

 
$
(37
)
 
$
169

 
 
 
 
 
 
 
 
Weighted-average number of common shares outstanding



 
 
 
 
Basic
97,609,107

 
97,459,472

 
97,588,880

 
97,444,016

Diluted
97,609,107

 
97,496,217

 
97,588,880

 
105,662,687

Net income (loss) per share attributable to Pattern Energy
 
 
 
 
 
 
 
Basic
$
(0.07
)
 
$
0.34

 
$
(0.38
)
 
$
1.73

Diluted
$
(0.07
)
 
$
0.34

 
$
(0.38
)
 
$
1.67


See accompanying notes to consolidated financial statements.

9


Pattern Energy Group Inc.
Consolidated Statements of Comprehensive Income (Loss)
(In millions of U.S. dollars)
(Unaudited)

 
Three months ended June 30,
 
Six months ended June 30,
 
2019
 
2018
 
2019
 
2018
Net loss
$
(30
)
 
$
(2
)
 
$
(76
)
 
$
(15
)
Other comprehensive income (loss):
 
 
 
 
 
 
 
Change in foreign currency translation, net of zero tax impact for all periods presented
10

 
(13
)
 
13

 
(23
)
Cash flow hedge activity:
 
 
 
 
 
 
 
Change in unrealized gain (loss) on cash flow hedges, net of tax impact of $4, less than $1, $7 and $1, respectively
(24
)
 
5

 
(46
)
 
9

Reclassifications to net loss, net of tax impact of less than $1 for all periods presented
1

 
(1
)
 
1

 
1

Total change in cash flow hedge activity
(23
)
 
4

 
(45
)
 
10

Other comprehensive income (loss) related to equity method investee net of tax impact of $1, ($1), $2 and ($1), respectively
(1
)
 
2

 
(5
)
 
4

Total other comprehensive loss, net of tax
(14
)
 
(7
)
 
(37
)
 
(9
)
Comprehensive loss
(44
)
 
(9
)
 
(113
)
 
(24
)
Comprehensive loss attributable to noncontrolling interests, net of tax impact of less than $1 for all periods presented
(23
)
 
(36
)
 
(41
)
 
(186
)
Comprehensive income (loss) attributable to Pattern Energy
$
(21
)
 
$
27

 
$
(72
)
 
$
162

See accompanying notes to consolidated financial statements.

10



Pattern Energy Group Inc.
Consolidated Statements of Stockholders’ Equity
(In millions of U.S. dollars, except share data)
(Unaudited)
 
 
Class A Common Stock
 
Treasury Stock
 
Additional Paid-in Capital
 
Accumulated Income (Loss)
 
Accumulated Other Comprehensive Income (Loss)
 
Total
 
Noncontrolling Interest
 
Total Equity
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
 
 
Balances at December 31, 2017
98,017,860

 
$
1

 
(157,812
)
 
$
(4
)
 
$
1,235

 
$
(112
)
 
$
(26
)
 
$
1,094

 
$
1,254

 
$
2,348

Issuance of Class A common stock under equity incentive award plan, net
256,809

 

 

 

 

 

 

 

 

 

Repurchase of shares for employee tax withholding

 

 
(20,097
)
 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 
1

 

 

 
1

 

 
1

Dividends declared ($0.422 per Class A common share)

 

 

 

 
(18
)
 
(24
)
 

 
(42
)
 

 
(42
)
Acquisitions

 

 

 

 

 

 

 

 
11

 
11

Distributions to noncontrolling interests

 

 

 

 

 

 

 

 
(9
)
 
(9
)
Net income (loss)

 

 

 

 

 
136

 

 
136

 
(149
)
 
(13
)
Other comprehensive loss, net of tax

 

 

 

 

 

 
(1
)
 
(1
)
 
(1
)
 
(2
)
Balances at March 31, 2018
98,274,669

 
$
1

 
(177,909
)
 
$
(4
)
 
$
1,218

 
$

 
$
(27
)
 
$
1,188

 
$
1,106

 
$
2,294

Repurchase of shares for employee tax withholding

 

 
(437
)
 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 
1

 

 

 
1

 

 
1

Dividends declared ($0.422 per Class A common share)

 

 

 

 
(8
)
 
(33
)
 

 
(41
)
 

 
(41
)
Distributions to noncontrolling interests

 

 

 

 

 

 

 

 
(11
)
 
(11
)
Net income (loss)

 

 

 

 

 
33

 

 
33

 
(35
)
 
(2
)
Other comprehensive loss, net of tax

 

 

 

 

 

 
(6
)
 
(6
)
 
(1
)
 
(7
)
Balances at June 30, 2018
98,274,669

 
$
1

 
(178,346
)
 
$
(4
)
 
$
1,211

 
$

 
$
(33
)
 
$
1,175

 
$
1,059

 
$
2,234

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

11


Pattern Energy Group Inc.
Consolidated Statements of Stockholders’ Equity
(In millions of U.S. dollars, except share data)
(Unaudited)
 
 
Class A Common Stock
 
Treasury Stock
 
Additional Paid-in Capital
 
Accumulated Income (Loss)
 
Accumulated Other Comprehensive Income (Loss)
 
Total
 
Noncontrolling Interest
 
Total Equity
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
 
 
Balances at December 31, 2018
98,274,669

 
$
1

 
(223,040
)
 
$
(5
)
 
$
1,130

 
$
(27
)
 
$
(52
)
 
$
1,047

 
$
1,112

 
$
2,159

Issuance of Class A common stock under equity incentive award plan, net
224,870

 

 

 

 

 

 

 

 

 

Repurchase of shares for employee tax withholding

 

 
(24,955
)
 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 
1

 

 

 
1

 

 
1

Dividends declared ($0.422 per Class A common share)

 

 

 

 
(41
)
 

 

 
(41
)
 

 
(41
)
Contributions from noncontrolling interests

 

 

 

 

 

 

 

 
5

 
5

Distributions to noncontrolling interests

 

 

 

 

 

 

 

 
(11
)
 
(11
)
Net loss

 

 

 

 

 
(30
)
 

 
(30
)
 
(16
)
 
(46
)
Other comprehensive loss, net of tax

 

 

 

 

 

 
(21
)
 
(21
)
 
(2
)
 
(23
)
Balances at March 31, 2019
98,499,539

 
$
1

 
(247,995
)
 
$
(5
)
 
$
1,090

 
$
(57
)
 
$
(73
)
 
$
956

 
$
1,088

 
$
2,044

Forfeitures of Class A common stock under equity incentive award plan
(9,343
)
 

 

 

 

 

 

 

 

 

Repurchase of shares for employee tax withholding

 

 
(1,486
)
 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 
1

 

 

 
1

 

 
1

Dividends declared ($0.422 per Class A common share)

 

 

 

 
(41
)
 

 

 
(41
)
 

 
(41
)
Distributions to noncontrolling interests

 

 

 

 

 

 

 

 
(10
)
 
(10
)
Net loss

 

 

 

 

 
(7
)
 

 
(7
)
 
(23
)
 
(30
)
Other comprehensive loss, net of tax

 

 

 

 

 

 
(14
)
 
(14
)
 

 
(14
)
Balances at June 30, 2019
98,490,196

 
$
1

 
(