Revenue during the quarter went up marginally by 2.47 percent to $91.91 million from $89.70 million in the previous year period. Gross margin for the quarter contracted 649 basis points over the previous year period to 18.32 percent. Total expenses were 97.72 percent of quarterly revenues, up from 85.35 percent for the same period last year. That has resulted in a contraction of 1238 basis points in operating margin to 2.28 percent.

Operating income for the quarter was $2.09 million, compared with $13.14 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $62.30 million compared with $58.72 million in the prior year period. At the same time, adjusted EBITDA margin improved 232 basis points in the quarter to 67.79 percent from 65.47 percent in the last year period.

“Our fleet of high quality wind assets continues to perform well. Production was in line with our long-term forecast for Q3 as we expected with the dissipation of El Niño. With our solid production performance, we are on track to achieve our cash available for distribution target for 2016(1),” said Mike Garland, president and chief executive officer of Pattern Energy. “We successfully accessed the public capital markets during the quarter, raising approximately $286 million in growth capital to fund accretive new dropdowns. With that funding we have already acquired a 90 MW owned capacity in Armow from Pattern Development at a 9.5x to 10.5x average cash available for distribution multiple over five years.(1) With the addition of Broadview, which we expect will commence commercial operations late first quarter or early second quarter of 2017, our portfolio now totals 2,644 MW in owned interest. We also have clear visibility to 36% growth in total portfolio capacity from our identified ROFO list with Pattern Development. We have sufficient available liquidity to make additional dropdowns and we expect to grow the identified ROFO in the coming months as part of our plan to expand the portfolio to our target of 5 GW of owned capacity by the end of 2019.”

Cash flow from investing activities was $29.18 million for the nine month period as against cash outgo of $686.16 million in the last year period.

The company has spent $165.41 million cash to carry out financing activities during the nine month period as against cash inflow of $607.74 million in the last year period.

Cash and cash equivalents stood at $65.73 million as on Sep. 30, 2016, down 36.30 percent or $37.46 million from $103.20 million on Sep. 30, 2015.

Working capital remains negative
Working capital of Pattern Energy Group Inc was negative $10.39 million on Sep. 30, 2016 compared with negative $380.01 million on Sep. 30, 2015. Current ratio was at 0.95 as on Sep. 30, 2016, up from 0.35 on Sep. 30, 2015.

Days sales outstanding were almost stable at 45 days for the quarter, when compared with the last year period.

At the same time, days payable outstanding went down to 46 days for the quarter from 58 for the same period last year.