Atlantica Sustainable Infrastructure Plc (NASDAQ:AY) Q1 2024 Earnings Conference Call May 8, 2024 8:00 AM ET

Company Participants

Santiago Seage - Chief Executive Officer, Director
Francisco Martinez-Davis - Chief Financial Officer

Conference Call Participants

Rupert Merer - National Bank
Nelson Ng - RBC Capital Markets
Angie Storozynski - Seaport
Mark Jarvi - CIBC Capital Markets
Dimple Gosai - Bank of America

Operator

Welcome to Atlantica's First Quarter 2024 Financial Results Conference Call. 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, which are based on current expectations and assumptions and 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, 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 the CFO, Francisco Martinez-Davis. As usual, at the end of the conference call, we will open the lines for the Q&A session.

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

Santiago Seage

Good morning. Thank you very much for joining us for our first quarter 2024 conference call. I will start with a few high-level messages. As you have seen in the first quarter and compared versus the same period last year, revenue remained stable while adjusted EBITDA decreased by 0.9%, excluding the effect of the unscheduled outage that we discussed last quarter. Operating cash flow increased by a 57% year-over-year up to close to $66 million.

In terms of growth and new projects, we recently signed a 15-year PPA for a new 100-megawatt solar + storage project in California, and we completed, among other projects, we completed the acquisition of two operating wind assets in the UK.

I will now turn the call to Francisco, who will take us through our financial results.

Francisco Martinez-Davis

Thank you, Santiago. Good morning to everyone. Please turn the Slide 4, where I present our key financials for the first quarter of 2024. Revenue remained stable at $242.9 million, compared with $242.5 million in the first quarter of 2023. The increase in revenue in our assets in North America was offset by the outage at Kaxu that we mentioned last quarter.