| Quarterly Financial Data (unaudited) |
Quarterly Financial Data (unaudited)
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Three Months Ended |
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March 31, |
June 30, |
September 30, |
December 31, |
Total |
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2018 |
2018 |
2018 |
2018 |
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(in thousands, except per share data) |
Revenue from external customers |
$ |
433,699 |
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$ |
483,253 |
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$ |
361,323 |
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$ |
268,576 |
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$ |
1,546,851 |
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Revenue from related parties |
60,550 |
|
50,341 |
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22,720 |
|
9,622 |
|
143,233 |
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Cost of revenue, exclusive of depreciation, depletion, amortization and accretion |
326,101 |
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339,828 |
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247,565 |
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180,310 |
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1,093,804 |
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Selling, general and administrative expenses(a, b)
|
38,511 |
|
65,127 |
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(45,324 |
) |
14,783 |
|
73,097 |
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Depreciation, depletion, amortization and accretion |
26,908 |
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30,795 |
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32,015 |
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30,159 |
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119,877 |
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Impairment of long-lived assets |
— |
|
187 |
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4,582 |
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4,086 |
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8,855 |
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Operating income |
102,729 |
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97,657 |
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145,205 |
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48,860 |
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394,451 |
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Interest expense |
1,237 |
|
959 |
|
458 |
|
533 |
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3,187 |
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Other expense |
28 |
|
486 |
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400 |
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1,122 |
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2,036 |
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Income before income taxes |
101,464 |
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96,212 |
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144,347 |
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47,205 |
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389,228 |
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Provision for income taxes |
45,918 |
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53,512 |
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74,835 |
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(21,002 |
) |
153,263 |
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Net income |
$ |
55,546 |
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$ |
42,700 |
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$ |
69,512 |
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$ |
68,207 |
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$ |
235,965 |
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Net income per share (basic) (Note 16) |
$ |
1.24 |
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$ |
0.95 |
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$ |
1.55 |
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$ |
1.52 |
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$ |
5.27 |
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Net income per share (diluted) (Note 16) |
$ |
1.24 |
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$ |
0.95 |
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$ |
1.54 |
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$ |
1.51 |
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$ |
5.24 |
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Weighted average number of shares outstanding (Note 16) |
44,650 |
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44,737 |
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44,756 |
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44,845 |
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44,750 |
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Weighted average number of shares outstanding, including dilutive effect (Note 16) |
44,884 |
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45,059 |
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45,082 |
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45,048 |
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45,021 |
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a. |
Includes bad debt expense of $25.5 million and $28.3 million, respectively, for the three months ended March 31, 2018 and June 30, 2018 primarily related to specific reserves made related to the Company's contract with PREPA. During the three months ended September 30, 2018, the Company received payment for amounts previously reserved in 2017 related to the contract with PREPA. As a result, during the three months ended September 30, 2018, the Company reversed bad debt expense of $16.0 million recognized in 2017 and $53.6 million recognized in the first half of 2018.
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b. |
Includes $17.5 million for the three months ended June 30, 2018 related to non-employee non-cash equity compensation expense.
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Three Months Ended |
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March 31, |
June 30, |
September 30, |
December 31, |
Total |
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2017 |
2017 |
2017 |
2017 |
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(in thousands, except per share data) |
Revenue from external customers |
$ |
30,464 |
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$ |
40,054 |
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$ |
78,389 |
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$ |
333,569 |
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$ |
482,476 |
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Revenue from related parties |
44,502 |
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58,208 |
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70,916 |
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35,394 |
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209,020 |
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Cost of revenue, exclusive of depreciation, depletion, amortization and accretion |
58,498 |
|
77,340 |
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114,533 |
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232,198 |
|
482,569 |
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Selling, general and administrative expenses(a)
|
6,737 |
|
7,700 |
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8,023 |
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27,426 |
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49,886 |
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Depreciation, depletion, amortization and accretion |
17,237 |
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19,893 |
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27,224 |
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27,770 |
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92,124 |
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Impairment of long-lived assets |
— |
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— |
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— |
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4,146 |
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4,146 |
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Operating (loss) income |
(7,506 |
) |
(6,671 |
) |
(475 |
) |
77,423 |
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62,771 |
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Interest expense |
397 |
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1,112 |
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1,420 |
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1,381 |
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4,310 |
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Bargain purchase gain |
— |
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(4,012 |
) |
— |
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— |
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(4,012 |
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Other expense (income) |
184 |
|
202 |
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319 |
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(28 |
) |
677 |
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(Loss) income before income taxes |
(8,087 |
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(3,973 |
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(2,214 |
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76,070 |
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61,796 |
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(Benefit) provision for income taxes |
(3,106 |
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(2,804 |
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(1,413 |
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10,155 |
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2,832 |
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Net (loss) income |
$ |
(4,981 |
) |
$ |
(1,169 |
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$ |
(801 |
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$ |
65,915 |
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$ |
58,964 |
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Net (loss) income per share (basic) (Note 16) |
$ |
(0.13 |
) |
$ |
(0.03 |
) |
$ |
(0.02 |
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$ |
1.48 |
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$ |
1.42 |
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Net (loss) income per share (diluted) (Note 16) |
$ |
(0.13 |
) |
$ |
(0.03 |
) |
$ |
(0.02 |
) |
$ |
1.48 |
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$ |
1.42 |
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Weighted average number of shares outstanding (basic) (Note 16) |
37,500 |
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39,500 |
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44,502 |
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44,579 |
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41,548 |
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Weighted average number of shares outstanding (diluted) (Note 16) |
37,500 |
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39,500 |
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44,502 |
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44,683 |
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41,639 |
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a. |
Includes bad debt expense of $16.0 million for the three months ended December 31, 2017 primarily related to specific reserves made related to the Company's contract with PREPA. As noted above, the Company received payment from PREPA and, as a result, reversed the expense of $16.0 million during the three months ended September 30, 2018.
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