Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
| Revenue: | ||||
| Electricity sales | $ 89,919 | $ 88,256 | $ 266,952 | $ 235,252 |
| Related party revenue | 1,574 | 955 | 4,121 | 2,630 |
| Other revenue | 421 | 486 | 1,918 | 1,352 |
| Total revenue | 91,914 | 89,697 | 272,991 | 239,234 |
| Cost of revenue: | ||||
| Project expense | 31,384 | 28,848 | 96,989 | 82,075 |
| Depreciation and accretion | 43,693 | 38,599 | 130,782 | 101,997 |
| Total cost of revenue | 75,077 | 67,447 | 227,771 | 184,072 |
| Gross profit | 16,837 | 22,250 | 45,220 | 55,162 |
| Operating expenses: | ||||
| General and administrative | 11,191 | 7,218 | 31,122 | 22,309 |
| Related party general and administrative | 3,553 | 1,887 | 7,381 | 5,316 |
| Total operating expenses | 14,744 | 9,105 | 38,503 | 27,625 |
| Operating income | 2,093 | 13,145 | 6,717 | 27,537 |
| Other income (expense): | ||||
| Interest expense | (19,798) | (19,941) | (62,134) | (56,802) |
| Gain (loss) on undesignated derivatives, net | 1,825 | (6,091) | (17,685) | (5,313) |
| Realized loss on designated derivatives | 0 | (11,221) | 0 | (11,221) |
| Earnings (loss) in unconsolidated investments, net | 4,685 | (9,951) | 15,755 | 768 |
| Related party income | 1,593 | 605 | 3,697 | 2,029 |
| Early extinguishment of debt | 0 | (4,113) | 0 | (4,113) |
| Net loss on transactions | (314) | (74) | (353) | (2,663) |
| Other income (expense), net | 177 | 128 | 2,297 | (1,280) |
| Total other expense | (11,832) | (50,658) | (58,423) | (78,595) |
| Net loss before income tax | (9,739) | (37,513) | (51,706) | (51,058) |
| Tax (benefit) provision | 1,311 | (2,181) | 4,038 | 676 |
| Net loss | (11,050) | (35,332) | (55,744) | (51,734) |
| Net loss attributable to noncontrolling interest | (7,037) | (5,927) | (24,838) | (16,747) |
| Net loss attributable to Pattern Energy | $ (4,013) | $ (29,405) | $ (30,906) | $ (34,987) |
| Weighted average number of shares: | ||||
| Class A common stock - Basic and diluted | 81,531,775 | 72,789,583 | 76,821,811 | 69,233,698 |
| Loss per share | ||||
| Basic and diluted loss per share | $ (0.05) | $ (0.40) | $ (0.40) | $ (0.51) |
| Dividends declared per Class A common share | $ 0.40 | $ 0.36 | $ 1.17 | $ 1.06 |