Annual report pursuant to Section 13 and 15(d)

Quarterly Financial Data (unaudited) (Tables)

v3.19.1
Quarterly Financial Data (unaudited) (Tables)
12 Months Ended
Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Information
 
Three Months Ended
 
 
March 31,
June 30,
September 30,
December 31,
Total
 
2018
2018
2018
2018
 
 
(in thousands, except per share data)
Revenue from external customers
$
433,699

$
483,253

$
361,323

$
268,576

$
1,546,851

Revenue from related parties
60,550

50,341

22,720

9,622

143,233

Cost of revenue, exclusive of depreciation, depletion, amortization and accretion
326,101

339,828

247,565

180,310

1,093,804

Selling, general and administrative expenses(a, b)
38,511

65,127

(45,324
)
14,783

73,097

Depreciation, depletion, amortization and accretion
26,908

30,795

32,015

30,159

119,877

Impairment of long-lived assets

187

4,582

4,086

8,855

Operating income
102,729

97,657

145,205

48,860

394,451

Interest expense
1,237

959

458

533

3,187

Other expense
28

486

400

1,122

2,036

Income before income taxes
101,464

96,212

144,347

47,205

389,228

Provision for income taxes
45,918

53,512

74,835

(21,002
)
153,263

Net income
$
55,546

$
42,700

$
69,512

$
68,207

$
235,965

 
 
 
 
 
 
Net income per share (basic) (Note 16)
$
1.24

$
0.95

$
1.55

$
1.52

$
5.27

Net income per share (diluted) (Note 16)
$
1.24

$
0.95

$
1.54

$
1.51

$
5.24

Weighted average number of shares outstanding (Note 16)
44,650

44,737

44,756

44,845

44,750

Weighted average number of shares outstanding, including dilutive effect (Note 16)
44,884

45,059

45,082

45,048

45,021

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.
b.
Includes $17.5 million for the three months ended June 30, 2018 related to non-employee non-cash equity compensation expense.
 
Three Months Ended
 
 
March 31,
June 30,
September 30,
December 31,
Total
 
2017
2017
2017
2017
 
 
(in thousands, except per share data)
Revenue from external customers
$
30,464

$
40,054

$
78,389

$
333,569

$
482,476

Revenue from related parties
44,502

58,208

70,916

35,394

209,020

Cost of revenue, exclusive of depreciation, depletion, amortization and accretion
58,498

77,340

114,533

232,198

482,569

Selling, general and administrative expenses(a)
6,737

7,700

8,023

27,426

49,886

Depreciation, depletion, amortization and accretion
17,237

19,893

27,224

27,770

92,124

Impairment of long-lived assets



4,146

4,146

Operating (loss) income
(7,506
)
(6,671
)
(475
)
77,423

62,771

Interest expense
397

1,112

1,420

1,381

4,310

Bargain purchase gain

(4,012
)


(4,012
)
Other expense (income)
184

202

319

(28
)
677

(Loss) income before income taxes
(8,087
)
(3,973
)
(2,214
)
76,070

61,796

(Benefit) provision for income taxes
(3,106
)
(2,804
)
(1,413
)
10,155

2,832

Net (loss) income
$
(4,981
)
$
(1,169
)
$
(801
)
$
65,915

$
58,964

 
 
 
 
 
 
Net (loss) income per share (basic) (Note 16)
$
(0.13
)
$
(0.03
)
$
(0.02
)
$
1.48

$
1.42

Net (loss) income per share (diluted) (Note 16)
$
(0.13
)
$
(0.03
)
$
(0.02
)
$
1.48

$
1.42

Weighted average number of shares outstanding (basic) (Note 16)
37,500

39,500

44,502

44,579

41,548

Weighted average number of shares outstanding (diluted) (Note 16)
37,500

39,500

44,502

44,683

41,639

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.