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Pattern Energy Reports Fourth Quarter and Year End 2015 Financial Results

By Pattern Energy Operations LP
February 29th, 2016
PR Newswire

San Francisco, Feb. 29, 2016 /CNW/ -- Pattern Energy Group Inc. (the "Company" or "Pattern Energy") (NASDAQ: PEGI) (TSX: PEG) today announced its financial results for the 2015 fourth quarter and year.

pattern_logo.jpg

Highlights
(Comparisons made between fiscal 2015 and fiscal 2014 results, unless otherwise noted)

  • Cash available for distribution (CAFD) of $92.4 million, up 49%
  • Adjusted EBITDA of $250.5 million, up 26%
  • Proportional GWh sold of 5,137 GWh, up 74%
  • Revenue of $329.8 million, up 24%
  • Declared a first quarter dividend of $0.3810 per Class A common share or $1.524 on an annualized basis, subsequent to the end of the period, representing a 2.4% increase over the previous quarter's dividend
  • Increased owned capacity by 39% to 2,282 MW through the acquisition of interests in five projects
  • Commenced commercial operations in December 2015 at the 150 MW Amazon Wind Farm Fowler Ridge project in which the Company holds an owned interest of 116 MW
  • All 16 existing assets are operational with no new capital required to be raised for existing ownership interest levels

"Our portfolio of 16 projects generated a record $92.4 million of CAFD in 2015, exceeding the midpoint of our guidance by 10%. By reducing certain costs and increasing the operating performance of our projects during 2015, we were able to overcome the challenges of low wind in the first quarter, a weak Canadian dollar and reduced spot market prices. Our portfolio will continue to grow our CAFD in 2016 and the coming years as we ramp up to our run-rate CAFD," said Mike Garland, President and CEO of Pattern Energy. "The portfolio continues to provide growing, stable cash flow, allowing us to increase our dividend for the first quarter of 2016, our eighth consecutive dividend increase. With this good news we start 2016 in a strong position. We have no requirements to raise capital for our existing business, our list of ROFO assets will continue to grow in 2016, and we believe the market for renewable energy has never been stronger."

Financial Results

Pattern Energy sold 1,714,884 MWh of electricity on a proportional basis in the fourth quarter of 2015 compared to 918,976 MWh sold in the same period in 2014. Pattern Energy sold 5,136,675 MWh of electricity on a proportional basis for the year ended December 31, 2015, compared to 2,951,233 MWh sold in 2014. The increase in proportional MWh for the quarterly period is due to projects which were acquired and projects that became commercially operable in 2015. The increase in proportional MWh sold for the annual period was primarily attributable to a 1,724,872 MWh increase in volume from controlling interest in consolidated MWh and a 460,570 MWh increase in volume from equity method investments due to the acquisition of K2 in 2015 and commencement of operations of South Kent and Grand in 2014. Overall, production was slightly below the Company's expectations for the fourth quarter compared to its long-term forecast.

Adjusted EBITDA was $78.3 million for the fourth quarter of 2015 compared to $57.7 million in the same period last year. Adjusted EBITDA for the year 2015 was $250.5 million compared to $198.1 million in 2014. The increase in adjusted EBITDA for the quarterly period was primarily attributable to projects which were acquired and projects that became commercially operable in 2015. The increase in the annual period was primarily due to projects that were acquired or commenced commercial operation in 2014 and 2015. Reconciliations of adjusted EBITDA to net loss determined in accordance with GAAP for both the quarterly and annual periods are shown below.

Net loss was $3.9 million in the fourth quarter of 2015, compared to $16.0 million in the same period last year. The change in the quarterly period was primarily due to projects that were acquired and projects that completed construction during 2015. Also contributing to the decrease in net loss for the quarter was increased equity in earnings from unconsolidated investments primarily due to the acquisition of K2 in 2015.

Net loss was $55.6 million for the year ended 2015 compared to $40.0 million in 2014. The increase in net loss for the annual period was primarily due to increased other expense items related to interest expense, extinguishment of debt and related interest rate swap, and a decrease in net gains on transactions offset by increases in equity in earnings from unconsolidated investments.

Cash available for distribution was $32.9 million in the fourth quarter of 2015 compared to $17.3 million in the same period last year. The $15.6 million increase in cash available for distribution is due to additional revenues of  $21.7 million (excluding unrealized loss on energy derivative and amortization of PPAs) primarily from projects which were acquired or completed construction during 2015, a $7.5 million increase in cash distributions from unconsolidated investments, and decreased principal payments of $2.0 million. These increases were partially offset by increases in project expenses of approximately $11.4 million and operating expenses of $1.6 million primarily from projects which were acquired or completed construction during 2015, and increased distributions to noncontrolling interests of $2.9 million.

Cash available for distribution was $92.4 million for the full year 2015 compared to $62.1 million in 2014. Based on dividends paid during 2015, Pattern Energy's dividend payout ratio was 98% of 2015 cash available for distribution. The $30.3 million increase in cash available for distribution was due to additional revenues of $63.1 million (excluding unrealized loss on energy derivative and amortization of PPAs) primarily from projects which commenced commercial operations or were acquired during 2014 and 2015. In addition, the Company received an increase of $26.3 million in cash distributions from its unconsolidated investments when compared to the same period in the prior year which was due to full year operation at each of South Kent and Grand in 2015 compared to partial year operation in 2014 and the acquisition of K2 in the second quarter of 2015. Cash available for distribution was also impacted by a $6.2 million cash distribution from the partial refund of a deposit associated with the Gulf Wind energy derivative. These increases were partially offset by increases in project expenses of $36.8 million, operating expenses of $9.1 million, interest expense of $10.2 million, primarily from projects which commenced commercial operations during 2014 and 2015. In addition, increases in cash available for distribution were offset by increased distributions to noncontrolling interests of $5.8 million and increased principal payments of $4.8 million.

Reconciliations of cash available for distribution to net cash provided by operating activities determined in accordance with GAAP for both the quarterly and annual periods are shown below.

2016 Financial Guidance

For 2016, Pattern Energy expects annual cash available for distribution in a range of $125 million to $145 million, representing an increase of 46% at the midpoint of the range, compared to cash available for distribution in 2015.(1)

Quarterly Dividend

On February 24, 2016, Pattern Energy declared an increased dividend for the first quarter 2016, payable on April 29, 2016, to holders of record on March 31, 2016 in the amount of $0.3810 per Class A common share, which represents $1.524 on an annualized basis. This is a 2.4% increase from the fourth quarter 2015 dividend of $0.3720.

Acquisition Pipeline

Pattern Energy has the Right of First Offer (ROFO) on a pipeline of acquisition opportunities from Pattern Development.

On October 20, 2015, Pattern Development entered into a 25-year PPA with the Sacramento Municipal Utility District in connection with a 220 MW gross capacity wind power project, referred to as "Grady", based in Curry County, New Mexico, that was previously added to the identified ROFO list as part of the California/New Mexico project. Upon completion, the 220 MW project will deliver wind power directly into California.

(1) The forward looking measure of cash available for distribution for 2016 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. A description of the adjustments to determine CAFD can be found within Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations-Key Metrics, of Pattern Energy's 2015 Annual Report on Form 10-K.

The identified ROFO list stands at 1,298 MW of total owned capacity. Since its IPO, Pattern Energy has purchased 832 MW from Pattern Development and in aggregate grown the identified ROFO list from 746 MW to a total of 2,130 MW. The table below sets forth the current list of identified ROFO projects:

Asset

 

Location

 

Owned MW

 

Status

Armow

 

Ontario

 

90

 

Operational

Meikle

 

British Columbia

 

180

 

In construction

Conejo Solar

 

Chile

 

84

 

In construction

Belle River

 

Ontario

 

50

 

Securing final permits

Henvey Inlet

 

Ontario

 

150

 

Late stage development

Mont Sainte-Marguerite

 

Québec

 

147

 

Late stage development

North Kent

 

Ontario

 

43

 

Late stage development

Broadview projects

 

New Mexico

 

259

 

Late stage development

Grady

 

New Mexico

 

176

 

Late stage development

Tsugaru

 

Japan

 

63

 

Late stage development

Ohorayama

 

Japan

 

31

 

Late stage development

Kanagi Solar

 

Japan

 

6

 

In construction

Futtsu Solar

 

Japan

 

19

 

Operational

Total

     

1,298

   

The list of identified ROFO projects represents a portion of Pattern Development's 5,900 MW pipeline of development projects, all of which are subject to Pattern Energy's ROFO. The 5,900 MW includes Pattern Development's interests in both its majority stake in Tokyo-based GPI and its joint venture with CEMEX Energia in Mexico. GPI has up to 1,000 MW of near and longer term wind and solar projects in development. The joint venture between Pattern Development and CEMEX Energia has a goal of developing 1,000 MW of wind and solar generation in Mexico over the next five years where recent reforms set a mandate of 35% of generation to come from clean resources by 2024.

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 December 31,

 

For the Year Ended December 31,

 

2015

 

2014

 

2015

 

2014

Net cash provided by operating activities

$

34,567

   

$

26,548

   

$

117,849

   

$

110,448

 

Changes in operating assets and liabilities

(451)

   

(1,282)

   

(6,880)

   

(9,002)

 

Network upgrade reimbursement

618

   

   

2,472

   

2,472

 

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

110

   

13

   

1,611

   

223

 

Operations and maintenance capital expenditures

(485)

   

(133)

   

(779)

   

(267)

 

Transaction costs for acquisitions

(228)

   

602

   

1,598

   

1,730

 

Distributions from unconsolidated investments

10,722

   

3,187

   

34,216

   

7,891

 

Reduction of other asset - Gulf Wind energy derivative deposit

850

   

   

6,205

   

 

Other

(368)

   

   

(1,921)

   

 

Less:

             

Distributions to noncontrolling interests

(3,500)

   

(630)

   

(7,882)

   

(2,100)

 

Principal payments paid from operating cash flows

(8,984)

   

(11,001)

   

(54,041)

   

(49,246)

 

Cash available for distribution

$

32,851

   

$

17,304

   

$

92,448

   

$

62,149

 

 

 

Three Months Ended December 31,

 

For the Year Ended December 31,

 

2015

 

2014

 

2015

 

2014

Net (loss) income

$

(3,873)

   

$

(15,986)

   

$

(55,607)

   

$

(39,999)

 

Plus:

             

Interest expense, net of interest income

18,886

   

19,044

   

75,309

   

66,729

 

Tax provision

4,267

   

4,641

   

4,943

   

3,136

 

Depreciation, amortization and accretion

40,469

   

31,941

   

143,376

   

104,417

 

Amortization of purchase power agreements, net (1)

771

   

   

1,946

   

 

EBITDA

$

60,520

   

$

39,640

   

$

169,967

   

$

134,283

 

Unrealized loss on energy derivative (1)

2,391

   

(7,265)

   

791

   

3,878

 

Loss (gain) on undesignated derivatives, net

1,908

   

6,062

   

5,490

   

15,743

 

Realized loss on designated derivatives

   

   

11,221

   

 

Early extinguishment of debt

828

   

   

4,941

   

 

Net (loss) gain on transactions

737

   

626

   

3,400

   

(13,843)

 

Plus, proportionate share from equity accounted investments:

             

Interest expense, net of interest income

6,452

   

4,884

   

23,537

   

14,081

 

Tax provision (benefit)

   

   

   

102

 

Depreciation, amortization and accretion

6,434

   

4,697

   

22,680

   

13,720

 

Loss (gain) on undesignated derivatives, net

(1,017)

   

9,080

   

8,514

   

30,148

 

Adjusted EBITDA

$

78,253

   

$

57,724

   

$

250,541

   

$

198,112

 
 

 (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, complete with slide presentation, to discuss these results at 10:30 a.m. Eastern Time on Monday, February 29, 2016. Mike Garland, President and CEO, and Mike Lyon, CFO, will co-chair the call. Participants should call (888) 231-8191 or (647) 427-7450 and ask an operator for the Pattern Energy earnings call. Please dial in 10 minutes prior to the call to secure a line. A replay will be available shortly after the call. To access the replay, please dial (855) 859-2056 or (416) 849-0833 and enter access code 49568100. The replay recording will be available until 11:59 p.m. Eastern Time, March 14, 2016.

A live webcast of the conference call and the accompanying slide presentation will be also available on the events page in the investor section of Pattern's website at www.patternenergy.com. An archived webcast will be available for one year.

About Pattern Energy

Pattern Energy Group Inc. is an independent power company listed on The NASDAQ Global Select Market and Toronto Stock Exchange. Pattern Energy has a portfolio of 16 operating wind power facilities with a total owned interest of 2,282 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 grow our CAFD and to achieve the 2016 CAFD estimate, the ability of our portfolio to continue to grow our CAFD in 2016 and the coming years, the ability to not require new capital to be raised for existing business, the ability to continue to grow the list of ROFO assets in 2016, the ability to complete the Grady project and the Broadview projects, and the ability of the joint venture between Pattern Development and CEMEX Energia to achieve its five-year development goal. 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(at)patternenergy.com

 

Investor Relations

Ross Marshall

416-526-1563

ross.marshall(at)loderockadvisors.com

 

 

Pattern Energy Group Inc.

Consolidated Balance Sheets

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

 
 

December 31,

 

2015

 

2014

Assets

     

Current assets:

     

Cash and cash equivalents

$

94,808

   

$

101,656

 

Restricted cash

14,609

   

7,945

 

Trade receivables

45,292

   

35,759

 

Related party receivable

734

   

671

 

Reimbursable interconnection costs

38

   

2,532

 

Derivative assets, current

24,338

   

18,506

 

Current net deferred tax assets

   

318

 

Prepaid expenses

14,498

   

15,275

 

Other current assets

6,891

   

12,679

 

Deferred financing costs, current, net of accumulated amortization of $5,192 and $3,493
as of December 31, 2015 and 2014, respectively

2,121

   

1,747

 

Total current assets

203,329

   

197,088

 

Restricted cash

36,875

   

39,745

 

Turbine advances

   

79,637

 

Construction in progress

   

26,195

 

Property, plant and equipment, net of accumulated depreciation of $409,161 and $278,291as
of December 31, 2015 and 2014, respectively

3,294,620

   

2,350,856

 

Unconsolidated investments

116,473

   

29,079

 

Derivative assets

44,014

   

49,369

 

Deferred financing costs

4,572

   

5,166

 

Net deferred tax assets

6,804

   

5,474

 

Finite-lived intangible assets, net of accumulated amortization of $4,357 and $154 as of
December 31, 2015 and 2014, respectively

97,722

   

1,257

 

Other assets

25,183

   

11,421

 

Total assets

$

3,829,592

   

$

2,795,287

 

Liabilities and equity

     

Current liabilities:

     

Accounts payable and other accrued liabilities

$

42,776

   

$

24,793

 

Accrued construction costs

23,565

   

20,132

 

Related party payable

1,646

   

5,757

 

Accrued interest

9,035

   

3,634

 

Dividends payable

28,022

   

15,734

 

Derivative liabilities, current

14,343

   

16,307

 

Revolving credit facility

355,000

   

50,000

 

Current portion of long-term debt, net of financing costs of $3,671 and $11,868 as of
December 31, 2015 and 2014, respectively

44,144

   

109,693

 

Current net deferred tax liabilities

   

149

 

Other current liabilities

2,156

   

4,000

 

Total current liabilities

520,687

   

250,199

 

Long-term debt, net of financing costs of $22,632 and $24,887 as of December 31, 2015 and
2014, respectively

1,174,380

   

1,304,165

 

Convertible senior notes, net of financing costs of $5,014 and $0 as of December 31, 2015 and 2014, respectively

197,362

   

 

Derivative liabilities

28,659

   

17,467

 

Net deferred tax liabilities

22,183

   

20,418

 

Finite-lived intangible liability, net of accumulated amortization of $2,168 and $0 as of December 31, 2015
and 2014, respectively

58,132

   

 

Other long-term liabilities

52,427

   

38,304

 

Total liabilities

2,053,830

   

1,630,553

 

Commitments and contingencies (Note 18)

     

Equity:

     

Class A common stock, $0.01 par value per share: 500,000,000 shares authorized;
74,644,141 and 62,062,841 shares outstanding as of December 31, 2015 and 2014, respectively

747

   

621

 

Additional paid-in capital

982,814

   

723,938

 

Accumulated loss

(77,159)

   

(44,626)

 

Accumulated other comprehensive loss

(73,325)

   

(45,068)

 

Treasury stock, at cost; 65,301 and 25,465 shares of Class A common stock as of
December 31, 2015 and 2014, respectively

(1,577)

   

(717)

 

Total equity before noncontrolling interest

831,500

   

634,148

 

Noncontrolling interest

944,262

   

530,586

 

Total equity

1,775,762

   

1,164,734

 

Total liabilities and equity

$

3,829,592

   

$

2,795,287

 

 

Pattern Energy Group Inc.

Consolidated Statements of Operations

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

       
 

Three Months Ended December 31,

 

For the Year Ended December 31,

 

2015

 

2014

 

2015

 

2014

Revenue:

             

Electricity sales

$

89,023

   

$

72,328

   

$

324,275

   

$

254,669

 

Related party revenue

1,010

   

987

   

3,640

   

3,317

 

Other revenue

564

   

6,103

   

1,916

   

7,507

 

Total revenue

90,597

   

79,418

   

329,831

   

265,493

 

Cost of revenue:

             

Project expense

32,544

   

21,166

   

114,619

   

77,775

 

Depreciation, amortization and accretion

41,379

   

31,941

   

143,376

   

104,417

 

Total cost of revenue

73,923

   

53,107

   

257,995

   

182,192

 

Gross profit

16,674

   

26,311

   

71,836

   

83,301

 

Operating expenses:

             

General and administrative

7,498

   

6,570

   

29,807

   

22,533

 

Related party general and administrative

2,273

   

1,632

   

7,589

   

5,787

 

Total operating expenses

9,771

   

8,202

   

37,396

   

28,320

 

Operating income

6,903

   

18,109

   

34,440

   

54,981

 

Other (expense) income:

             

Interest expense

(19,374)

   

(19,267)

   

(77,907)

   

(67,694)

 

(Loss) gain on undesignated derivatives, net

(1,908)

   

(6,062)

   

(5,490)

   

(15,743)

 

Realized loss on designated derivatives

   

   

(11,221)

   

 

Equity in earnings (losses) in unconsolidated investments

15,351

   

(4,057)

   

16,119

   

(25,295)

 

Related party income

636

   

876

   

2,665

   

2,612

 

Early extinguishment of debt

(828)

   

   

(4,941)

   

 

Net (loss) gain on transactions

(737)

   

(626)

   

(3,400)

   

13,843

 

Other (expense) income, net

351

   

(318)

   

(929)

   

433

 

Total other expense

(6,509)

   

(29,454)

   

(85,104)

   

(91,844)

 

Net (loss) income before income tax

394

   

(11,345)

   

(50,664)

   

(36,863)

 

Tax provision

4,267

   

4,641

   

4,943

   

3,136

 

Net (loss) income

(3,873)

   

(15,986)

   

(55,607)

   

(39,999)

 

Net (loss) income attributable to noncontrolling interest

(6,327)

   

4,406

   

(23,074)

   

(8,709)

 

Net (loss) income attributable to Pattern Energy

$

2,454

   

$

(20,392)

   

$

(32,533)

   

$

(31,290)

 

Loss per share information:

             

Net (loss) income attributable to Pattern Energy

2,454

   

(20,392)

   

(32,533)

   

(31,290)

 

Dividends declared on Class A common shares

(27,768)

   

(15,581)

   

(102,861)

   

(56,976)

 

Deemed dividends on Class B common shares

   

(7,222)

   

   

(21,901)

 

Earnings allocated to participating securities

(8)

   

   

(32)

   

 

Undistributed loss attributable to common stockholders

$

(25,322)

   

$

(43,195)

   

$

(135,426)

   

$

(110,167)

 

Weighted average number of shares:

             

Class A common stock - Basic and diluted

74,398,729

   

46,335,288

   

70,535,568

   

42,361,959

 

Class B common stock - Basic and diluted

   

15,555,000

   

   

15,555,000

 

Loss per share

             

Class A common stock:

             

Basic and diluted loss per share

$

0.03

   

$

(0.36)

   

$

(0.46)

   

$

(0.56)

 

Class B common stock:

             

Basic and diluted loss per share

$

   

$

(0.23)

   

$

   

$

(0.49)

 

Dividends declared per Class A common share

$

0.37

   

$

0.34

   

$

1.43

   

$

1.30

 

Deemed dividends per Class B common share

$

   

$

0.46

   

$

   

$

1.41

 

 

Pattern Energy Group Inc.

Consolidated Statements of Cash Flows

(In thousands of U.S. dollars)

       
 

Three Months Ended December 31,

 

For the Year Ended December 31,

 

2015

 

2014

 

2015

 

2014

Operating activities

             

Net loss

$

(3,873)

   

$

(15,986)

   

$

(55,607)

   

$

(39,999)

 

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

             

Depreciation, amortization and accretion

41,268

   

31,941

   

143,376

   

104,417

 

Impairment loss

   

   

398

   

 

Amortization of financing costs

1,854

   

2,063

   

7,435

   

6,309

 

Loss (gain) on derivatives, net

1,426

   

(2,196)

   

2,219

   

15,546

 

Stock-based compensation

1,228

   

977

   

4,462

   

4,105

 

Net gain on transactions

   

   

   

(16,526)

 

Deferred taxes

4,154

   

4,453

   

4,494

   

2,948

 

Equity in (earnings) losses in unconsolidated investments

(15,367)

   

4,057

   

(16,180)

   

25,295

 

Unrealized loss on exchange rate changes

   

   

823

   

 

Amortization of power purchase agreements, net

771

   

   

1,946

   

 

Amortization of debt discount/premium, net

862

   

   

1,660

   

 

Realized loss on designated derivatives

1,029

   

   

11,221

   

 

Early extinguishment of debt

764

   

   

4,722

   

 

Changes in operating assets and liabilities:

             

Trade receivables

(7,911)

   

(3,000)

   

(2,254)

   

(8,255)

 

Prepaid expenses

(2,722)

   

(1,401)

   

1,272

   

(4,100)

 

Other current assets

3,654

   

1,178

   

(2,929)

   

17,016

 

Other assets (non-current)

(314)

   

(146)

   

(2,336)

   

(649)

 

Accounts payable and other accrued liabilities

536

   

2,025

   

4,716

   

3,667

 

Related party receivable/payable

205

   

75

   

711

   

(942)

 

Accrued interest payable

2,519

   

2,294

   

4,489

   

1,377

 

Contingent liabilities

(249)

   

   

515

   

 

Long-term liabilities

2,613

   

214

   

2,696

   

239

 

Increase in restricted cash

   

   

(2,120)

   

 

Decrease in restricted cash

2,120

   

   

2,120

   

 

Net cash provided by operating activities

34,567

   

26,548

   

117,849

   

110,448

 
               

Investing activities

             

Cash paid for acquisitions, net of cash acquired

$

(27,508)

   

$

(138,999)

   

$

(433,792)

   

$

(306,584)

 

Decrease in restricted cash

20,763

   

22,839

   

62,583

   

46,700

 

Increase in restricted cash

(23,442)

   

(30,384)

   

(57,332)

   

(40,790)

 

Capital expenditures

(64,504)

   

(100,891)

   

(380,458)

   

(119,506)

 

Distribution from unconsolidated investments

14,746

   

4,915

   

38,240

   

22,019

 

Contribution to unconsolidated investments

(3)

   

(331)

   

(3)

   

(2,651)

 

Reimbursable interconnection receivable

625

   

2,474

   

2,494

   

3,892

 

Other assets

284

   

15,068

   

3,065

   

17,540

 

Net cash (used in) provided by investing activities

(79,039)

   

(225,309)

   

(765,203)

   

(379,380)

 

Financing activities

             

Proceeds from public offering, net of issuance costs

$

(390)

   

$

(77)

   

$

317,432

   

$

286,757

 

Proceeds from issuance of convertible senior notes, net of
issuance costs

(628)

   

   

218,929

   

 

Proceeds from exercise of stock options

   

54

   

   

327

 

Repurchase of shares for employee tax withholding

(529)

   

(313)

   

(860)

   

(693)

 

Dividends paid

(27,127)

   

(15,240)

   

(90,582)

   

(52,344)

 

Payment for deferred equity issuance costs

1,940

   

(550)

   

   

(550)

 

Buyout of noncontrolling interests

   

   

(121,224)

   

 

Capital contributions - noncontrolling interest

142,979

   

198,255

   

336,043

   

200,805

 

Capital distributions - noncontrolling interest

(3,500)

   

(630)

   

(7,882)

   

(2,100)

 

Decrease in restricted cash

14,789

   

6,119

   

56,218

   

19,627

 

Increase in restricted cash

(13,408)

   

(4,395)

   

(54,592)

   

(17,903)

 

Refund of deposit for letters of credit

   

(3,422)

   

3,425

   

(3,422)

 

Payment for deferred financing costs

(5,222)

   

(11,253)

   

(13,667)

   

(11,856)

 

Proceeds from revolving credit facility

110,000

   

50,000

   

405,000

   

50,000

 

Repayment of revolving credit facility

   

   

(100,000)

   

 

Proceeds from construction loans

34,568

   

58,691

   

329,070

   

59,778

 

Proceeds from long-term debt

164,973

   

   

164,973

   

 

Repayment of long-term debt

(380,887)

   

(206,352)

   

(785,923)

   

(259,437)

 

Payment for interest rate derivatives

   

   

(11,061)

   

 

Net cash provided by financing activities

37,558

   

70,887

   

645,299

   

268,989

 

Effect of exchange rate changes on cash and cash equivalents

(1,474)

   

(1,128)

   

(4,793)

   

(1,970)

 

Net change in cash and cash equivalents

(8,388)

   

(129,002)

   

(6,848)

   

(1,913)

 

Cash and cash equivalents at beginning of period

103,196

   

230,658

   

101,656

   

103,569

 

Cash and cash equivalents at end of period

$

94,808

   

$

101,656

   

$

94,808

   

$

101,656

 

Supplemental disclosures

             

Cash payments for income taxes

$

342

   

$

131

   

$

342

   

$

131

 

Cash payments for interest expense, net of capitalized interest

24,366

   

14,012

   

62,607

   

53,776

 

Acquired property, plant and equipment from acquisitions

2,122

   

338,622

   

581,834

   

1,013,365

 

Equity issuance costs paid in prior period related to current
period offerings

(866)

   

   

(433)

   

 

Schedule of non-cash activities

             

Change in fair value of designated interest rate swaps

$

8,700

   

$

(10,604)

   

$

13,210

   

$

(22,847)

 

Change in property, plant and equipment

(5,049)

   

(23,333)

   

15,695

   

(47,908)

 

Non-cash deemed dividends on Class B convertible common stock

   

7,222

   

   

21,901

 

Non-cash increase in additional paid-in capital from buyout
of noncontrolling interests

   

   

16,715

   

 

Amortization of deferred financing costs—included as
construction in progress

   

343

   

   

343

 

Assumption of contingent liability upon acquisition of Logan's Gap

   

(4,000)

   

   

(4,000)

 

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/pattern-energy-reports-fourth-quarter-and-year-end-2015-financial-results-300227483.html

SOURCE: Pattern Energy Group Inc.

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