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Pattern Energy Reports Third Quarter 2018 Financial Results

By Pattern Energy Operations LP
November 5th, 2018
PR Newswire

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

San Francisco, Nov. 5, 2018 /PRNewswire/ -- Pattern Energy Group Inc. (the "Company" or "Pattern Energy") (NASDAQ & TSX: PEGI) today announced its financial results for the 2018 third quarter.

pattern_logo.jpg

Highlights
(Comparisons made between fiscal Q3 2018 and fiscal Q3 2017 results, unless otherwise noted)

  • Proportional gigawatt hours ("GWh") sold of 1,623 GWh, up 7%
  • Net cash provided by operating activities of $106.9 million
  • Cash available for distribution ("CAFD") of $31.7 million, up 235% and on track to meet full year guidance(1)
  • Net loss of $31.5 million
  • Adjusted EBITDA of $79.5 million, up 45%
  • Revenue of $118.4 million, up 29%
  • Declared a fourth 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
  • Committed to a plan to repower the 283 MW Gulf Wind project starting in 2019
  • Acquired a 51% owned interest in the 143 MW Mont Sainte-Marguerite project in Québec, for a purchase price of $37.7 million, representing a 10x multiple of the five-year average CAFD(1) of the project
  • Completed the sale of the Company's operations in Chile, which principally consist of its 81 MW owned interest in the 115 MW El Arrayán project ("El Arrayán") for which Pattern Energy received cash proceeds of $70.4 million

"It was another solid quarter with CAFD up more than three times the same period last year, which puts us in a great position to achieve our targeted CAFD(1) for the year," said Mike Garland, President of Pattern Energy. "We continue to take proactive measures to increase our CAFD without issuing common equity including, asset recycling, repowering Gulf Wind and the implementation of cost savings. During the quarter we sold El Arrayán at a premium to the multiple at which we trade and we are in the final stages of a second sale. This asset recycling provides us additional flexibility to make new investments in accretive opportunities, like the Mont Sainte-Marguerite acquisition or the Gulf Wind repowering, which increase CAFD. As the opportunity set at Pattern Energy Group 2 LP ("Pattern Development 2.0") continues to mature and grow, especially in exciting markets like Japan, our material ownership interest in the development business is a clear differentiator to other players in the market."

(1) The forward looking measures of 2018 full year cash available for distribution (CAFD) and the five-year average annual purchase price multiple are non-GAAP measures that cannot be reconciled to net cash provided by operating activities as the most directly comparable GAAP financial measure without unreasonable effort primarily because of the uncertainties involved in estimating forward-looking changes in working capital balances which are added to earnings to arrive at cash provided by operations and subtracted therefrom to arrive at CAFD. A description of the adjustments to determine CAFD can be found within Item 2, Management's Discussion and Analysis of Financial Condition and Results of Operations - Key Metrics, of Pattern Energy's 2018 Quarterly Report on Form 10-Q for the period ended September 30, 2018.

Financial and Operating Results

Pattern Energy sold 1,622,991 megawatt hours ("MWh") of electricity on a proportional basis in the third quarter of 2018 compared to 1,513,997 MWh sold in the same period last year. Pattern Energy sold 6,021,515 MWh of electricity on a proportional basis for the nine months ended September 30, 2018 ("YTD 2018") compared to 5,663,782 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, favorable wind and increased availability compared to last year. Production for the quarter was 8% below the long-term average forecast for the period with strength in Canada, Japan and Puerto Rico offset by weakness in the Eastern U.S.

Net cash provided by operating activities was $106.9 million for the third quarter of 2018 compared to $2.1 million for the same period last year. Net cash provided by operating activities was $230.5 million for YTD 2018 as compared to $159.3 million for the same period last year. The increase in the quarterly period of $104.8 million was primarily due to a $24.3 million increase in revenue (excluding unrealized loss on energy derivative and amortization included in electricity sales), a $33.8 million increase in advanced lease revenue, decreased payments of $26.7 million in payable, accrued and current liabilities, due primarily to the timing of payments, a $13.6 million increase in other current assets primarily due to a $7.7 million increase in sales tax receivable and a $7.3 million increase in related party receivable, a $6.5 million decrease in interest payments, and a $1.7 million  decrease in transmission costs. The increase to net cash provided by operating activities was partially offset by a decrease of $1.6 million in distributions from unconsolidated investments.

Cash available for distribution increased 235% to $31.7 million for the third quarter of 2018, compared to $9.5 million for the same period last year. Cash available for distribution increased 28% to $133.4 million for YTD 2018 compared to $103.8 million for the same period in the prior year. The $22.2 million increase in the quarterly period was primarily due to a $24.3 million increase in revenues (excluding the unrealized loss on the energy derivative and amortization included in electricity sales) due to acquisitions in 2017 and 2018, a $5.9 million decrease in principal payments of project-level debt, a $1.7 million decrease in transmission costs and a $0.8 million increase in the release of restricted cash. These increases were partially offset by a $3.0 million increase in distributions to noncontrolling interests, a $4.0 million decrease in distributions from unconsolidated investments and $1.4 million of costs related to the sale of El Arrayán.

Net loss was $31.5 million in the third quarter of 2018, compared to a net loss of $48.4 million for the same period last year. Net loss was $45.9 million for YTD 2018 compared to a net loss of $60.5 million in the same period last year. The improvement of $16.8 million in the quarterly period was primarily attributable to a $26.4 million increase in revenue due to 2017 and 2018 acquisitions and a $5.1 million decrease in other expense primarily due to gains on derivatives. These increases were partially offset by a $4.5 million increase in cost of revenue related to 2017 and 2018 acquisitions, a $3.3 million increase in operating expenses related to an impairment expense on the El Arrayán sale and a $6.9 million increase in tax provisions.

Adjusted EBITDA increased 45% to $79.5 million for the third quarter of 2018 compared to $54.7 million for the same period last year. Adjusted EBITDA increased 19% to $292.2 million for YTD 2018 compared to $244.8 million for the same period last year. The $24.8 million increase in the quarterly period was primarily due to a $24.3 million increase in revenue (excluding unrealized loss on energy derivative and amortization included in electricity sales) primarily attributable to volume increases as a result of 2017 and 2018 acquisitions, favorable wind and increased availability compared to last year. Adjusted EBITDA for the third quarter also reflects a charge to earnings of approximately $4.3 million for the equity pick-up in the financial results of Pattern Development 2.0.

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 September 30, 2018.

Quarterly Dividend

Pattern Energy declared a dividend for the fourth quarter 2018, payable on January 31, 2019, to holders of record on December 31, 2018 in the amount of $0.4220 per Class A common share, which represents $1.688 on an annualized basis. The amount of the fourth quarter 2018 dividend is unchanged from the third quarter 2018 dividend.

Acquisition Pipeline

Pattern Energy Group LP ("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 743 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

 

Operational

 

Montana

 

2018

 

2018

 

PPA

 

80

 

80

Crazy Mountain

 

Late stage development

 

Montana

 

2019

 

2019

 

PPA

 

80

 

80

Grady

 

In construction

 

New Mexico

 

2018

 

2019

 

PPA

 

220

 

188

Sumita

 

Late stage development

 

Japan

 

2019

 

2022

 

PPA

 

99

 

55

Ishikari

 

Late stage development

 

Japan

 

2020

 

2022

 

PPA

 

112

 

112

                       

1,091

 

743

   

(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.

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
September 30,

 

Nine months ended
September 30,

 

2018

 

2017

 

2018

 

2017

Net cash provided by operating activities(1)

$

106,922

   

$

2,147

   

$

230,466

   

$

159,330

 

Changes in operating assets and liabilities

(54,936)

   

25,481

   

(36,439)

   

(22,475)

 

Network upgrade reimbursement

303

   

346

   

879

   

8,936

 

Release of restricted cash

759

   

   

3,247

   

 

Operations and maintenance capital expenditures

(169)

   

(254)

   

(440)

   

(517)

 

Distributions from unconsolidated investments

419

   

2,821

   

4,752

   

11,211

 

Other

(2,779)

   

598

   

228

   

1,974

 

Less:

             

Distributions to noncontrolling interests

(7,592)

   

(4,537)

   

(28,867)

   

(13,701)

 

Principal payments paid from operating cash flows

(11,255)

   

(17,140)

   

(40,432)

   

(40,911)

 

Cash available for distribution

$

31,672

   

$

9,462

   

$

133,394

   

$

103,847

 
   

(1)

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

 

 

Three months ended
September 30,

 

Nine months ended
September 30,

 

2018

 

2017

 

2018

 

2017

Net loss

$

(31,547)

   

$

(48,376)

   

$

(45,941)

   

$

(60,521)

 

Plus:

             

Interest expense, net of interest income

27,021

   

26,710

   

79,415

   

73,009

 

Tax provision (benefit)

3,043

   

(3,839)

   

14,237

   

5,477

 

Depreciation, amortization and accretion

63,013

   

56,650

   

188,429

   

156,629

 

EBITDA

61,530

   

31,145

   

236,140

   

174,594

 

Unrealized loss on energy derivative (1)

318

   

3,113

   

14,991

   

10,134

 

(Gain) loss on derivatives

(1,536)

   

6,288

   

(15,997)

   

11,687

 

Impairment expense

2,325

   

   

6,563

   

 

Other

2,180

   

466

   

2,180

   

1,585

 

Plus, proportionate share from unconsolidated investments:

             

Interest expense, net of interest income

9,306

   

10,270

   

28,280

   

29,108

 

Tax provision

1,142

   

   

935

   

 

Depreciation, amortization and accretion

8,888

   

9,361

   

26,397

   

26,390

 

Gain on derivatives

(4,619)

   

(5,908)

   

(7,333)

   

(8,696)

 

Adjusted EBITDA

$

79,534

   

$

54,735

   

$

292,156

   

$

244,802

 
   

(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 Monday, November 5, 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 4369558. The replay recording will be available until 11:59 p.m. Eastern Time, November 28, 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 with a total owned interest of 2,861 MW in the United States, Canada and Japan 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 consummate a repowering of the Gulf Wind project, the ability of the Company to consummate the second sale as part of its asset recycling strategy, the ability of the Company's measures to increase CAFD, the ability of the Company's ownership in Pattern Development 2.0 to differentiate it in the market, and the anticipated commencement date of construction and commercial operations of certain of the identified ROFO projects. 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)

(Unaudited)

 
 

September 30,

 

December 31,

 

2018

 

2017

Assets

     

Current assets:

     

Cash and cash equivalents

$

125,689

   

$

116,753

 

Restricted cash

6,324

   

9,065

 

Counterparty collateral

5,855

   

29,780

 

Trade receivables

50,303

   

54,900

 

Derivative assets, current

15,842

   

19,445

 

Prepaid expenses

21,080

   

17,847

 

Deferred financing costs, current, net of accumulated amortization of $2,670 and $2,580 as of September 30, 2018 and December 31, 2017, respectively

1,482

   

1,415

 

Other current assets

13,584

   

21,105

 

Total current assets

240,159

   

270,310

 

Restricted cash

13,899

   

12,162

 

Major construction advances

71,406

   

 

Construction in progress

221,185

   

 

Property, plant and equipment, net

4,109,864

   

3,965,121

 

Unconsolidated investments

372,380

   

311,223

 

Derivative assets

24,757

   

9,628

 

Deferred financing costs

8,797

   

7,784

 

Net deferred tax assets

1,616

   

6,349

 

Finite-lived intangible assets, net

221,183

   

136,048

 

Goodwill

56,453

   

 

Other assets

30,372

   

22,906

 

Total assets

$

5,372,071

   

$

4,741,531

 
       

Liabilities and equity

     

Current liabilities:

     

Accounts payable and other accrued liabilities

$

57,360

   

$

53,615

 

Accrued construction costs

38,442

   

1,369

 

Counterparty collateral liability

5,855

   

29,780

 

Accrued interest

7,621

   

16,460

 

Dividends payable

42,185

   

41,387

 

Derivative liabilities, current

2,190

   

8,409

 

Revolving credit facility, current

186,372

   

 

Current portion of long-term debt, net

63,671

   

51,996

 

Contingent liabilities, current

24,771

   

2,592

 

Other current liabilities

12,955

   

11,426

 

Total current liabilities

441,422

   

217,034

 

Revolving credit facility

23,760

   

 

Long-term debt, net

2,105,834

   

1,878,735

 

Derivative liabilities

14,985

   

20,972

 

Net deferred tax liabilities

120,104

   

56,491

 

Finite-lived intangible liabilities, net

57,039

   

51,194

 

Contingent liabilities

140,048

   

62,398

 

Asset retirement obligations

192,006

   

56,619

 

Other long-term liabilities

64,033

   

49,946

 

Advanced lease revenue

28,268

   

 

Total liabilities

3,187,499

   

2,393,389

 

Commitments and contingencies

     

Equity:

     

Class A common stock, $0.01 par value per share: 500,000,000 shares authorized; 98,095,886 and 97,860,048 shares outstanding as of September 30, 2018 and December 31, 2017, respectively

983

   

980

 

Additional paid-in capital

1,170,450

   

1,234,846

 

Accumulated loss

(12,595)

   

(112,175)

 

Accumulated other comprehensive loss

(15,716)

   

(25,691)

 

Treasury stock, at cost; 178,783 and 157,812 shares of Class A common stock as of September 30, 2018 and December 31, 2017, respectively

(3,901)

   

(3,511)

 

Total equity before noncontrolling interest

1,139,221

   

1,094,449

 

Noncontrolling interest

1,045,351

   

1,253,693

 

Total equity

2,184,572

   

2,348,142

 

Total liabilities and equity

$

5,372,071

   

$

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
September 30,

 

Nine months ended
September 30,

 

2018

 

2017

 

2018

 

2017

Revenue:

             

Electricity sales

$

115,417

   

$

89,807

   

$

353,515

   

$

293,977

 

Other revenue

2,976

   

2,223

   

16,477

   

6,646

 

Total revenue

118,393

   

92,030

   

369,992

   

300,623

 

Cost of revenue:

             

Project expense

37,229

   

33,932

   

105,456

   

96,437

 

Transmission costs

5,700

   

7,421

   

20,533

   

12,213

 

Depreciation, amortization and accretion

55,267

   

52,379

   

165,698

   

144,637

 

Total cost of revenue

98,196

   

93,732

   

291,687

   

253,287

 

Gross profit (loss)

20,197

   

(1,702)

   

78,305

   

47,336

 

Operating expenses:

             

General and administrative

9,305

   

9,068

   

29,100

   

31,969

 

Related party general and administrative

4,285

   

3,587

   

12,016

   

10,589

 

Impairment expense

2,325

   

   

6,563

   

 

Total operating expenses

15,915

   

12,655

   

47,679

   

42,558

 

Operating income (loss)

4,282

   

(14,357)

   

30,626

   

4,778

 

Other expense:

             

Interest expense

(27,460)

   

(27,147)

   

(80,613)

   

(74,541)

 

Gain (loss) on derivatives

1,536

   

(6,288)

   

15,997

   

(11,687)

 

Earnings (loss) in unconsolidated investments, net

(4,304)

   

(3,964)

   

13,166

   

27,431

 

Net earnings (loss) on transactions

1,130

   

(466)

   

(1,970)

   

(1,585)

 

Other income (expense), net

(3,688)

   

7

   

(8,910)

   

560

 

Total other expense

(32,786)

   

(37,858)

   

(62,330)

   

(59,822)

 

Net loss before income tax

(28,504)

   

(52,215)

   

(31,704)

   

(55,044)

 

Tax provision (benefit)

3,043

   

(3,839)

   

14,237

   

5,477

 

Net loss

(31,547)

   

(48,376)

   

(45,941)

   

(60,521)

 

Net loss attributable to noncontrolling interest

(18,952)

   

(18,548)

   

(201,986)

   

(50,566)

 

Net income (loss) attributable to Pattern Energy

$

(12,595)

   

$

(29,828)

   

$

156,045

   

$

(9,955)

 
               

Weighted-average number of common shares outstanding

             

Basic

97,460,492

   

87,370,979

   

97,464,012

   

87,146,465

 

Diluted

97,460,492

   

87,370,979

   

105,788,848

   

87,146,465

 

Earnings (loss) per share attributable to Pattern Energy

             

Basic

$

(0.13)

   

$

(0.34)

   

$

1.60

   

$

(0.12)

 

Diluted

$

(0.13)

   

$

(0.34)

   

$

1.58

   

$

(0.12)

 

 

Pattern Energy Group Inc.

Consolidated Statements of Cash Flows

(In thousands of U.S. dollars)

(Unaudited)

 

Nine months ended
September 30,

 

2018

 

2017

Operating activities

     

Net loss

$

(45,941)

   

$

(60,521)

 

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

     

Depreciation, amortization and accretion

187,741

   

156,330

 

Impairment expense

6,563

   

 

Loss (gain) on derivatives

(3,236)

   

17,869

 

Stock-based compensation

3,517

   

4,085

 

Deferred taxes

13,910

   

9,133

 

Intraperiod tax allocation

   

(3,656)

 

Earnings in unconsolidated investments, net

(13,166)

   

(27,431)

 

Distributions from unconsolidated investments

42,838

   

43,093

 

Other reconciling items

1,802

   

(2,047)

 

Changes in operating assets and liabilities:

     

Counterparty collateral asset

23,925

   

10,105

 

Trade receivables

(47)

   

(2,861)

 

Prepaid expenses

(1,241)

   

(3,187)

 

Other current assets

13,749

   

(9,790)

 

Other assets (non-current)

(4,173)

   

2,457

 

Advanced lease revenue

33,792

   

 

Accounts payable and other accrued liabilities

(1,801)

   

16,389

 

Counterparty collateral liability

(23,925)

   

(10,105)

 

Accrued interest

(5,841)

   

(3,884)

 

Other current liabilities

(2,651)

   

6,650

 

Contingent liabilities, current

24,070

   

1,390

 

Long-term liabilities

7,366

   

14,569

 

Contingent liabilities

(27,013)

   

742

 

Derivatives

228

   

 

Net cash provided by operating activities

230,466

   

159,330

 

Investing activities

     

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

(188,527)

   

(229,329)

 

Proceeds from sale of subsidiaries, net of cash and restricted cash distributed

55,820

   

 

Payment for construction advances/deposits

(68,937)

   

 

Payment for construction in progress

(49,450)

   

 

Payment for property,plant and equipment

(10,212)

   

(44,295)

 

Distributions from unconsolidated investments

4,752

   

11,211

 

Other assets

(781)

   

7,607

 

Investment in Pattern Development 2.0

(86,254)

   

(60,000)

 

Net cash used in investing activities

(343,589)

   

(314,806)

 

Financing activities

     

Proceeds from public offerings, net of issuance costs

$

   

$

22,431

 

Dividends paid

(123,616)

   

(107,943)

 

Capital contributions - noncontrolling interest

3,383

   

 

Capital distributions - noncontrolling interest

(28,867)

   

(13,701)

 

Payment for financing fees

(7,478)

   

(7,763)

 

Proceeds from revolving credit facility

488,907

   

323,000

 

Repayment of revolving credit facility

(279,000)

   

(250,000)

 

Proceeds from long-term debt

164,673

   

404,395

 

Repayment of long-term debt

(53,274)

   

(192,109)

 

Repayment of note payable - related party

(909)

   

 

Repayment of short-term debt

(36,973)

   

 

Payment for termination of designated derivatives

   

(14,372)

 

Other financing activities

(2,771)

   

(3,712)

 

Net cash provided by financing activities

124,075

   

160,226

 

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

(3,020)

   

3,952

 

Net change in cash, cash equivalents and restricted cash

7,932

   

8,702

 

Cash, cash equivalents and restricted cash at beginning of period

137,980

   

109,371

 

Cash, cash equivalents and restricted cash at end of period

$

145,912

   

$

118,073

 

Supplemental disclosures

     

Cash payments for income taxes

$

490

   

$

335

 

Cash payments for interest expense

$

79,302

   

$

70,100

 

Schedule of non-cash activities

     

Change in major construction advances, construction in progress and property, plant and equipment

$

225,898

   

$

619

 

 

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SOURCE: Pattern Energy Group Inc.