Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
| Revenue: | ||||
| Electricity sales | $ 135,951 | $ 105,736 | $ 238,098 | $ 204,170 |
| Other revenue | 3,989 | 2,024 | 13,501 | 4,423 |
| Total revenue | 139,940 | 107,760 | 251,599 | 208,593 |
| Cost of revenue: | ||||
| Project expense | 33,665 | 33,405 | 68,227 | 62,505 |
| Transmission costs | 7,643 | 4,722 | 14,833 | 4,792 |
| Depreciation, amortization and accretion | 54,979 | 48,518 | 110,431 | 92,258 |
| Total cost of revenue | 96,287 | 86,645 | 193,491 | 159,555 |
| Gross profit | 43,653 | 21,115 | 58,108 | 49,038 |
| Operating expenses: | ||||
| General and administrative | 9,089 | 11,777 | 19,795 | 22,901 |
| Related party general and administrative | 3,663 | 3,576 | 7,731 | 7,002 |
| Impairment loss | 4,238 | 0 | 4,238 | 0 |
| Total operating expenses | 16,990 | 15,353 | 31,764 | 29,903 |
| Operating income | 26,663 | 5,762 | 26,344 | 19,135 |
| Other expense: | ||||
| Interest expense | (27,709) | (24,839) | (53,153) | (47,394) |
| Gain (loss) on derivatives | 8,801 | (4,751) | 14,461 | (5,399) |
| Earnings (loss) in unconsolidated investments, net | (742) | 14,519 | 17,470 | 31,395 |
| Net loss on transactions | (2,002) | (807) | (3,100) | (1,119) |
| Other income (expense), net | (2,375) | (27) | (5,222) | 553 |
| Total other expense | (24,027) | (15,905) | (29,544) | (21,964) |
| Net income (loss) before income tax | 2,636 | (10,143) | (3,200) | (2,829) |
| Tax provision | 4,410 | 4,541 | 11,194 | 9,316 |
| Net loss | (1,774) | (14,684) | (14,394) | (12,145) |
| Net loss attributable to noncontrolling interest | (34,492) | (28,904) | (183,034) | (32,018) |
| Net income attributable to Pattern Energy | $ 32,718 | $ 14,220 | $ 168,640 | $ 19,873 |
| Weighted-average number of common shares outstanding | ||||
| Basic (in shares) | 97,459,472 | 87,065,591 | 97,444,016 | 87,064,110 |
| Diluted (in shares) | 97,496,217 | 87,217,381 | 105,662,687 | 87,257,130 |
| Earnings per share attributable to Pattern Energy | ||||
| Basic (in dollars per share) | $ 0.34 | $ 0.16 | $ 1.73 | $ 0.23 |
| Diluted (in dollars per share) | 0.34 | 0.16 | 1.67 | 0.23 |
| Dividends declared per Class A common share (in dollars per share) | $ 0.42 | $ 0.42 | $ 0.84 | $ 0.83 |