Atlantica Sustainable Infrastructure plc (NASDAQ:AY) Q3 2022 Earnings Conference Call November 9, 2022 8:15 AM ET

Company Participants

Santiago Seage - Chief Executive Officer

Francisco Martinez-Davis - Chief Financial Officer

Conference Call Participants

Angie Storozynski - Seaport

Julien Dumoulin-Smith - Bank of America

David Quezada - Raymond James

Mark Strouse - JPMorgan

Mark Jarvi - CIBC

William Grippin - UBS

Operator

Welcome to Atlantica's Third Quarter 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 the call will be available on Atlantica's corporate website.

Atlantica will be making forward-looking statements during this call based on 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 on 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 the question-and-answer 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 for joining us for our third quarter 2022 conference call. A few messages to start with. In the first nine months of this year, revenue has increased by close to 5%, and adjusted EBITDA has increased by 4.3% on a comparable basis, while cash available for distribution increased by 6.2%, up to $179 million. Net corporate debt, the ratio stood at three times as of the end of September, providing us with significant financial flexibility. And regarding growth, we have committed close to $150 million in new investments in storage and PV.

With that, I will turn the call over to Francisco, who will take you through our financial results.

Francisco Martinez-Davis

Thank you, Santiago, and good morning to everyone. Please turn to slide number 4, where I will present our key financials for the first nine months of 2022. Revenue reached $858 million, which represents a 4.9% growth on a comparable basis. Excluding the effect from the nonrecurring solar project we discussed last year and foreign change. Adjusted EBITDA amounted to $631 million, representing an increase of 4.3% on the same comparable basis. Regarding cash available for distribution, we generated $179 million in the first nine months of 2022, an increase of 6.2% year-over-year.