Atlantica Sustainable Infrastructure plc (NASDAQ:AY) Q4 2022 Earnings Conference Call March 1, 2023 8:00 AM ET

Company Participants

Santiago Seage - Chief Executive Officer

Francisco Martinez-Davis - Chief Financial Officer

Conference Call Participants

David Quezada - Raymond James

Angie Storozynski - Seaport

Mark Jarvi - CIBC Capital Markets

William Grippin - UBS

Morgan Reid - Bank of America

Operator

Welcome to Atlantica’s Full Year 2022 Financial Results Conference Call. Atlantica is a Sustainable Infrastructure company. Just a reminder that this call is being webcast live on the Internet and a replay of this call will be available on Atlantica’s corporate website.

Atlantica will be making forward-looking statements during this call based on the current expectations and assumptions, which are subject to risks and uncertainties. Actual results could differ materially from our forward-looking statements if any of our key assumptions are incorrect or because of other factors discussed in today’s earnings presentation or because of other factors discussed, including the Risk Factors section of the accompanying presentation and in our latest reports and filings with the Securities and Exchange Commission, all of which can be found on our website. Atlantica does not undertake any duty to update any forward-looking statements.

Joining us for today’s conference call are Atlantica’s CEO, Santiago Seage; and CFO, Francisco Martinez-Davis. As usual, at the end of the conference call, we will open the lines for a Q&A session.

I will now pass you over to Mr. Seage. Please, sir, go ahead.

Santiago Seage

Thank you very much. Good morning. And thank you everybody for joining us for our 2022 conference call. I will start with a few key messages. In 2022, revenue and adjusted EBITDA increased by 2.9% and 1.5%, respectively, on a comparable basis. At the same time, cash available for distribution increased by 5.5% year-over-year, reaching $238 million. Net cash provided by operating activities in 2022 was $586 million, a 16% increase compared with 2021.

With those results, we are initiating our 2023 CAFD guidance in the range of $235 million to $260 million. And in terms of investment growth, we have already committed or we have earmarked investments representing for 2023 between $165 million and $185 million.

With those key messages in mind, I will now turn the call to Francisco, who will take you through the results. Francisco, whenever you wanted to?

Francisco Martinez-Davis

Thank you very much, Santiago, and good morning to everyone. Please turn to slide number five, where I will present our key financials for full year 2022. Revenue reached $1,102 million, which represents a 2.9% growth on a comparable basis, excluding the effects of the non-recurrent solar project that we discussed last year and foreign exchange. Adjusted EBITDA amounted to $797 million, representing an increase of 1.5% on the same comparable basis. Regarding cash available for distribution, we generated $238 million for the full year, an increase of 5.5% year-over-year.