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Atlantic Power Corp (AT) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

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Atlantic Power Corp

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CIK: 1419242 Ticker: AT

 

Exhibit 99.1

 

Atlantic Power Corporation Releases Fourth Quarter and Year End 2020 Results

 

 

 

Fourth Quarter 2020 Financial Results

 

  · Net income attributable to Atlantic Power of $34.2 million or $0.30 per diluted share included a $10.2 million insurance gain at Cadillac and an income tax benefit; Q4 2019 results were a net loss of $65.3 million or $0.60 per diluted share
  · Cash from operating activities of $35.2 million decreased from $40.2 million in Q4 2019, mostly due to an $11.3 million unfavorable year-over-year change in working capital
  · Project Adjusted EBITDA of $51.7 million increased from $42.9 million in Q4 2019, mostly due to $9.4 million of business interruption insurance recovery at Cadillac recorded in 2020, partially offset by a $7.0 million decrease at Curtis Palmer due to lower water flows
  · Repaid $19.3 million of term loan and project debt, as expected, and achieved a consolidated leverage ratio at YE 2020 of 3.6 times, or 3.4 times net of cash; expect improvement in 2021
  · Liquidity at YE 2020 of $142 million, including approximately $14 million of discretionary cash

 

Operational and Commercial Updates

 

  · To date, no material impact on operations or financial results from coronavirus pandemic
  · In December 2020, executed final settlement of Cadillac insurance claim and received final payments totaling $10.1 million
  · In December 2020, Calstock Power Purchase Agreement (PPA) was extended by one year to December 2021; Company is in discussions regarding potential five-year contract options

 

Full Year 2020 Financial Results

 

  · Net income attributable to Atlantic Power of $74.2 million or $0.62 per diluted share, including a $16.4 million insurance gain at Cadillac and an income tax benefit; 2019 results were a net loss of $42.6 million or $0.39 per diluted share, including $55.0 million of non-cash impairment expense
  · Cash from operating activities of $107.3 million decreased from $144.7 million in 2019; excluding $9.1 million unfavorable working capital, 2020 result exceeded Company’s estimate of $100 million to $115 million
  · Project Adjusted EBITDA of $188.7 million decreased from $196.1 million in 2019, but was near top end of Company’s guidance range of $175 million to $190 million

 

Acquisition Agreement

 

  · In January 2021, Company announced that it had reached an agreement to be acquired by I Squared Capital for an enterprise value of approximately $961 million1
  · Subject to closing conditions, including receipt of required approvals and consents, closing of the transaction is expected in Q2 2021

 

DEDHAM, MASSACHUSETTS – March 4, 2021 – Atlantic Power Corporation (NYSE: AT) (TSX: ATP) (“Atlantic Power” or the “Company”) today reported its financial results for the three months and year ended December 31, 2020.

 

“We had solid fourth quarter and 2020 financial results, with strong operating cash flow and Project Adjusted EBITDA that was near the top end of our guidance range,” said James J. Moore, Jr., President and CEO of Atlantic Power Corporation. “The major news we announced this quarter was an agreement with I Squared Capital to acquire the Company. The Board and management of Atlantic Power have expressed their enthusiastic recommendation that all our securityholders vote in favor of the transaction. We encourage holders to read the various documents on our website that explain the transaction, including my recently posted letter to all securityholders.”

 

 

1 Based on foreign exchange rates as of the date of announcement (January 14, 2021).

 

The following information was filed by Atlantic Power Corp (AT) on Thursday, March 4, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Atlantic Power Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Operations
Consolidated Statements Of Shareholders' Equity
Consolidated Statements Of Shareholders' Equity (Parenthetical)
Accounting For Derivative Instruments And Hedging Activities
Accounting For Derivative Instruments And Hedging Activities (Details)
Accounting For Derivative Instruments And Hedging Activities (Tables)
Accounting For Derivative Instruments And Hedging Activities - Aoci (Details)
Accounting For Derivative Instruments And Hedging Activities - Forecasted Transactions (Details)
Accounting For Derivative Instruments And Hedging Activities - Fv By Bal Sht Loc (Details)
Accounting For Derivative Instruments And Hedging Activities - Gain, Loss (Details)
Acquisitions And Divestments
Acquisitions And Divestments (Tables)
Acquisitions And Divestments - (Details)
Acquisitions And Divestments - Altagas Acquisition (Details)
Basic And Diluted Earnings (Loss) Per Share
Basic And Diluted Earnings (Loss) Per Share (Details)
Basic And Diluted Earnings (Loss) Per Share (Tables)
Changes In Accumulated Other Comprehensive Income (Loss) By Component
Changes In Accumulated Other Comprehensive Income (Loss) By Component (Details)
Changes In Accumulated Other Comprehensive Income (Loss) By Component (Tables)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Guarantees And Contingencies (Details)
Commitments And Contingencies - Insurance Recovery Receivable (Details)
Commitments And Contingencies - Long-Term Commitments (Details)
Common Shares
Common Shares (Details)
Convertible Debentures
Convertible Debentures (Details)
Convertible Debentures (Tables)
Convertible Debentures - Series E Conversion Option (Details)
Convertible Debentures - Series E Debentures (Details)
Employee Benefit Plans
Employee Benefit Plans (Tables)
Employee Benefit Plans - 401K (Details)
Employee Benefit Plans - Amounts Recognized And Significant Components (Details)
Employee Benefit Plans - Changes In Obligations And Assets (Details)
Employee Benefit Plans - Future Benefit Payments (Details)
Employee Benefit Plans - Net Annual Benefit Cost (Details)
Employee Benefit Plans - Weighted Average Asset Allocations (Details)
Employee Benefit Plans - Weighted Average Assumptions (Details)
Equity Compensation Plans
Equity Compensation Plans (Details)
Equity Compensation Plans (Tables)
Equity Method Investments In Unconsolidated Affiliates
Equity Method Investments In Unconsolidated Affiliates (Details)
Equity Method Investments In Unconsolidated Affiliates (Tables)
Equity Method Investments In Unconsolidated Affiliates - B/S (Details)
Equity Method Investments In Unconsolidated Affiliates - Impairments (Details)
Equity Method Investments In Unconsolidated Affiliates - Op Results (Details)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Tables)
Fair Value Of Financial Instruments - Carrying Value And Fv (Details)
Fair Value Of Financial Instruments - Conversion Option Derivative (Details)
Fair Value Of Financial Instruments - Credit Valuation (Details)
Fair Value Of Financial Instruments - Recurring (Details)
Goodwill
Goodwill (Tables)
Goodwill - Goodwill By Reportable Segment (Details)
Goodwill - Impairments (Details)
Income Tax Expense
Income Tax Expense (Tables)
Income Tax Expense - Current And Deferred Tax Benefit (Details)
Income Tax Expense - Deferred Tax Assets And Liabilities (Detail)
Income Tax Expense - Nol (Details)
Income Tax Expense - Other (Details)
Income Tax Expense - Reconciliation (Details)
Inventory
Inventory (Details)
Inventory (Tables)
Leases
Leases (Tables)
Leases - Lease Cost (Details)
Leases - Operating Lease Maturities - Supplemental Information (Details)
Leases - Operating Lease Maturities - Topic 842 (Details)
Leases - Ppa Leases (Details)
Leases - Real Estate And Equipment (Details)
Long-Term Debt
Long-Term Debt (Details)
Long-Term Debt (Tables)
Long-Term Debt - Credit Facilities (Details)
Long-Term Debt - Notes Of The Partnership And Non-Recourse Debt (Details)
Nature Of Business
Nature Of Business (Details)
Other Long-Term Liabilities
Other Long-Term Liabilities (Details)
Other Long-Term Liabilities (Tables)
Ppas And Other Definite-Lived Intangible Assets And Liabilities
Ppas And Other Definite-Lived Intangible Assets And Liabilities (Details)
Ppas And Other Definite-Lived Intangible Assets And Liabilities (Tables)
Ppas And Other Definite-Lived Intangible Assets And Liabilities, Etc. - Amortization (Details)
Preferred Shares Issued By A Subsidiary Company
Preferred Shares Issued By A Subsidiary Company - (Details)
Property, Plant And Equipment, Net
Property, Plant And Equipment, Net (Details)
Property, Plant And Equipment, Net (Tables)
Property, Plant And Equipment, Net - Impairments (Details)
Revenue From Contracts
Revenue From Contracts (Tables)
Revenue From Contracts - Contract Balances (Details)
Revenue From Contracts - Disaggregation Of Revenue (Details)
Segment And Geographic Information
Segment And Geographic Information (Tables)
Segment And Geographic Information - Ebitda (Detail)
Segment And Geographic Information - Geographic (Details)
Segment And Geographic Information - Risk (Details)
Subsequent Event (Details)
Subsequent Events
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Equity Comp (Details)
Summary Of Significant Accounting Policies - Through Derivatives (Details)
Ticker: AT
CIK: 1419242
Form Type: 10-K Annual Report
Accession Number: 0001558370-21-002388
Submitted to the SEC: Thu Mar 04 2021 5:01:10 PM EST
Accepted by the SEC: Thu Mar 04 2021
Period: Thursday, December 31, 2020
Industry: Electric Gas And Sanitary Services

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