|
Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
|
9 Months Ended |
|
Sep. 30, 2014
|
Sep. 30, 2013
|
| Operating activities |
|
|
| Net income (loss) |
$ (24,013) |
$ 29,447 |
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: |
|
|
| Depreciation and accretion |
72,476 |
61,758 |
| Amortization of financing costs |
4,246 |
5,428 |
| Unrealized loss (gain) on derivatives |
17,742 |
(5,687) |
| Stock-based compensation |
3,128 |
0 |
| Net gain on transactions |
(16,526) |
(7,200) |
| Deferred taxes |
(1,505) |
(6,801) |
| Equity in losses (earnings) in unconsolidated investments |
21,238 |
(5,188) |
| Changes in operating assets and liabilities: |
|
|
| Trade receivables |
(5,255) |
(7,935) |
| Prepaid expenses and other current assets |
13,139 |
(3,393) |
| Other assets (non-current) |
(503) |
(358) |
| Accounts payable and other accrued liabilities |
1,514 |
4,862 |
| Related party receivable/payable |
(1,017) |
(291) |
| Income taxes payable |
128 |
|
| Accrued interest payable |
(917) |
857 |
| Long-term liabilities |
25 |
2,896 |
| Net cash provided by operating activities |
83,900 |
68,395 |
| Investing activities |
|
|
| Receipt of ITC Cash Grant |
|
173,446 |
| Cash paid for acquisitions, net of cash acquired |
(167,585) |
|
| Proceeds from sale of investments |
|
14,254 |
| Decrease in restricted cash |
23,861 |
63,732 |
| Increase in restricted cash |
(10,406) |
(80,567) |
| Capital expenditures |
(18,615) |
(120,965) |
| Deferred development costs |
|
(528) |
| Distribution from unconsolidated investments |
17,104 |
10,463 |
| Contribution to unconsolidated investments |
(2,320) |
(8,737) |
| Reimbursable interconnection receivable |
1,418 |
49,715 |
| Other assets (non-current) |
2,472 |
1,740 |
| Net cash (used in) provided by investing activities |
(154,071) |
102,553 |
| Financing activities |
|
|
| Proceeds from public offering, net of expenses |
287,107 |
|
| Repurchase of shares for employee tax withholding |
(380) |
|
| Dividends paid |
(37,104) |
|
| Capital contributions - Pattern Development |
|
32,679 |
| Capital contributions - noncontrolling interest |
2,550 |
|
| Capital distributions - Pattern Development |
|
(98,886) |
| Capital distributions - noncontrolling interest |
(1,470) |
(1,426) |
| Decrease in restricted cash |
13,508 |
116,654 |
| Increase in restricted cash |
(13,508) |
(126,475) |
| Payment for deferred financing costs |
(603) |
(294) |
| Proceeds from revolving credit facility |
|
56,000 |
| Repayment of short-term debt |
(14,840) |
|
| Proceeds from short-term debt |
1,087 |
|
| Repayment of long-term debt |
(38,245) |
(41,283) |
| Proceeds from long-term debt |
|
138,620 |
| Repayment of construction and grant loans |
|
(114,056) |
| Net cash provided by (used in) financing activities |
198,102 |
(38,467) |
| Effect of exchange rate changes on cash and cash equivalents |
(842) |
(966) |
| Net change in cash and cash equivalents |
127,089 |
131,515 |
| Cash and cash equivalents at beginning of period |
103,569 |
17,574 |
| Cash and cash equivalents at end of period |
230,658 |
149,089 |
| Supplemental disclosure |
|
|
| Cash payments for interest and commitment fees |
42,084 |
45,178 |
| Schedule of non-cash activities |
|
|
| Change in fair value of interest rate swaps |
(18,541) |
38,266 |
| Change in fair value of contingent liabilities |
|
8,001 |
| Amortization of deferred financing costs |
|
175 |
| Capitalized interest |
2,320 |
3,230 |
| Capitalized commitment fee |
|
39 |
| Change in property, plant and equipment |
(97,051) |
(160,021) |
| Transfer of capitalized assets to South Kent joint venture |
|
49,275 |
| Non-cash distribution to Pattern Development |
|
(5,748) |
|
E1 Arrayan and Panhandle 1 [Member]
|
|
|
| Supplemental disclosure |
|
|
| Acquired PP&E for El Arrayán and Panhandle 1 |
674,743 |
|
|
Class B Convertible Common Stock [Member]
|
|
|
| Schedule of non-cash activities |
|
|
| Non-cash deemed dividends on Class B convertible common stock |
$ 14,679 |
|