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Atlantic Adeptness Corporation (NYSE:AT) Q3 2018 Earnings Appointment Alarm November 2, 2018 8:30 AM ET

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Executives

Robert Bialobrzeski – Director of Finance

James Moore – President and Chief Executive Officer

Terrence Ronan – Executive Vice President and Chief Banking Officer

Dan Rorabaugh – Senior Vice President of Asset Management

Analysts

Nelson Ng – RBC Basic Markets

Rupert Merer – National Bank Financial

Sean Steuart – TD Securities

Operator

Good day and acceptable to the Atlantic Adeptness Corporation Third Division 2018 After-effects and Appointment Call. All participants will be in listen-only mode. [Operator Instructions] Afterwards today’s presentation, there will be an befalling to ask questions. [Operator Instructions] Amuse agenda this accident is actuality recorded.

I would now like to about-face the appointment over to Robert Bialobrzeski, Director of Finance. Amuse go ahead.

Robert Bialobrzeski

Welcome, and acknowledge you for aing us this morning. Our after-effects for the three and six months assured September 30, 2018 were issued by columnist absolution bygone afternoon and are accessible on our website, www.atlanticpower.com, and on EDGAR and SEDAR.

Management’s able animadversion and the accompanying presentation for today’s alarm and webcast can be activate in the Appointment Alarm area of our website. A epitomize of today’s webcast will be accessible on our website for a aeon of one year. Banking abstracts that we will be presenting are declared in U.S. dollars and are approximate, unless contrarily noted.

Please be brash that this appointment alarm and presentation will accommodate advanced statements. As discussed in the Company’s Safe Harbor account on Page 2 of today’s presentation, these statements are not guarantees of approaching achievement and absorb assertive risks and uncertainties that are added absolutely declared in our assorted antithesis filings. Actual after-effects may alter materially from such advanced statements.

In addition, the banking after-effects in yesterday’s columnist absolution and today’s presentation accommodate both GAAP and non-GAAP measures, including Activity Adapted EBITDA. For reconciliations of this admeasurement to the best anon commensurable GAAP banking admeasurement to the admeasurement that they are accessible afterwards absurd effort, amuse accredit to the columnist release, the addendum of today’s presentation or our anniversary address on Form 10-Q, all of which are accessible on our website.

Now, I will about-face the alarm over to Jim Moore, President and CEO of Atlantic Power.

James Moore

Thank you Rob. We had a acceptable quarter, abiding advance on all fronts. On debt, we paid off about $21 actor of debt in the third division and apprehend to pay off $100 actor of debt in 2018.

We replaced our appellation accommodation and blaster for the fourth time, lowing the advance by accession 25 base credibility to 275 base credibility bottomward from an antecedent bulk of 500 base credibility over the LIBOR. The aggregate of the lower debt levels and the lower bulk on appellation accommodation is continuing to abate our anniversary absorption payment, which allowances our operating banknote flow.

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As we accept acclaimed on accomplished calls, we accept we can adapt net debt aught position by 2025 or so if we accumulate to our accepted carrying path. We are now committed to abound into net debt aught if there are bigger acceptance for our arbitrary cash, but we are pointing out that we now accept the adeptness to get there in the active time period.

Cost, we accept bargain accumulated G&A bulk to a run bulk of $122 actor of which an estimated $4 actor to $6 actor represent accessible aggregation cost. We completed the move to abate headquarter amplitude in our complete architecture in September in Boston.

The anniversary hire to our address was about $1.2 million, which we covered by added than bisected with the move to Dedham in April 2015 and afresh cut by about bisected afresh to about 285,000 as a aftereffect of the contempo move and abridgement in space.

Meanwhile our asset administration aggregation continues to advance the bulk and adeptness of our operation and aliment activities, Dan Rorabaugh speaks to this accomplishment in this remarks.

Our agile however, is comprised of abate admeasurement plants that are now apparent by best IPPs employing a mix of ammunition to technologies and geographically disbursed above the U.S. and Canada, although we apprehend to abate our plan operating costs on an complete basis, this will alone hardly advance their about bulk position.

People, a complete antithesis area and able bulk anatomy are analytical to actual in a alternate capital-intensive article business. We additionally charge bodies who are committed to a adeptness of account leadership, and excellence. The accumulated agents has been bargain from a aerial of a 110 in 2013 to 42 this year.

During this period, we accomplished two address moves. Our bulb cadre accept performed adverbially in the bosom of selling, closing or mothballing 11 of the 28 plants that were in operation at the alpha of 2015.

In the bosom with that affecting turbulence, our bodies accept congenital an accomplished assurance culture, relentlessly tech cost, advance the adeptness and embrace the assistant administration culture. We accept had about few mistakes forth the way admitting bodies accepting to do added assignment as the agents franked added than the work.

Capital allocation, we abide to admeasure best of our chargeless banknote breeze to debt abridgement and would do so alike if our appellation accommodation do not accept a banknote suite. Accustomed the industry and the banknote breeze contour of our business, we anticipate it is advisable to abide to abate debt to lower levels. Afterwards ambience any complete targets, we do appetence to abide carrying for the aing few years at least.

In addition, we accretion our accepted shares abide to be priced beneath our estimates of built-in bulk per share, so we accept brought in 3.1 actor in third division 12.9 actor in the year-to-date October and 32.7 actor in the accomplished three years.

Similarly, aback we are able to buy in our adopted allotment that a banknote acknowledgment in antithesis of 10%, the allotment additional chases and assets abhorred we accept done so with CAD45 actor in the third quarter, CAD10.3 actor in the year-to-date October and CAD14.2 actor in 2017 and 2018.

With adorable uses of basic on our own antithesis sheet, we accept not continued to advance in centralized advance in an ambiance apparent by low allotment and were the basic bulk disciplinarian for investments in win is slower are the tax benefits. With about $600 billion of net operating losses as of yearend 2017, we are not a tax apprenticed investor.

We did adeptness two deals to admission assets this year. The aboriginal by our ally absorption in the Koma Kulshan hydro adeptness in Washington State, which has a PPA that runs to 2037 and the additional an acceding to admission two 20 megawatt biomass plants in South Carolina with PPAs that run to 2043.

We are focused in our advance chase action on projects of the admeasurement and blazon that allure beneath abeyant buyers. Our baby bazaar assets is not an impediment to us today and a bazaar area the best accepted investments are actuality bid at allotment that we would about banknote and alike if we had a banknote appetence and a lot added basic to invest.

Our $181 actor of clamminess and banknote breeze generated by our complete assets are acceptable for us to abide advantageous bottomward debt while additionally advance internally and evidently in a acclimatized manner.

That sums up our advance and the bigger account items this division and to add blush to our added abundant annotation in the able remarks, presentation, columnist absolution and the 10Q. With that, we are now affable any questions you may have.

Question-and-Answer Session

Operator

We will now activate the catechism and acknowledgment session. [Operator Instructions] Our aboriginal catechism comes from Nelson Ng from RBC Basic Markets. Amuse go advanced Nelson.

Nelson Ng

Great, thanks, acceptable morning everyone. I accept few questions on the biomass acquisition. So that $13 actor for 40 megawatts of biomass that is like acutely able-bodied beneath our backup bulk alike afterwards the tax credits. I accept the adeptness was breeding banknote flows at able-bodied beneath the sellers or EDS business plan. I was aloof apprehensive what were some of the challenges they face?

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James Moore

Nelson we don’t appetence to absolutely on animadversion on EDS business plan or what their challenges were. We are aloof adorable out what we anticipate the activity will do and what we can do with it. In today’s adeptness markets, assets about advertise able-bodied beneath the new body price. This by the way bodes able-bodied for accumulation longer-term, it’s not a bad thing. But the bulk was reasonable for biomass and we absolutely accept no acumen into EDS tax structures or aboriginal business plans.

Nelson Ng

So did they run a aggressive sales process?

James Moore

Our compassionate Nelson is they went out to a baddest accumulation of people. Of advance it apparently it’s absurd to apperceive who abroad is absolutely there, but we accept there was at atomic one added affair in the mix with us.

Nelson Ng

Okay. And afresh could you allocution about the biomass supply, I assumption are the accessories abiding apprenticed on the accumulation ancillary our ammunition side?

Dan Rorabaugh

Nelson its Dan Rorabaugh. It’s a little bit of mix agnate to our archive aggressive on projects, they accept a ample array of baby vendors, they additionally accept a brace that into projects had one or two that accept a set of double-digit allotment of their supply, but like best of our plants there is a big array of the lot of suppliers.

Nelson Ng

So does that beggarly you accomplish acquirement acknowledgment on like a merchant base or do you accept a lot of like abbreviate to average appellation affairs with the cardinal of suppliers?

Joseph Cofelice

Yes. This is Joe. There are a cardinal of abbreviate appellation blazon affairs with assorted suppliers and aloof additionally I appetence to acknowledgment that while the ammunition bulk amounted to absolute canyon aqueous in the PPA, there is a biomass bulk basis in the PPA so as far as prices goes, this is a bigger abroad compared to any of our added biomass plants.

Nelson Ng

Okay got it. And I anticipate in your able animadversion you adumbrated that alike admitting I assumption if you don’t apparatus any of the improvements the acknowledgment will still be accept on that $13 actor dollar investment. And could you allocution about what blazon of improvements you are adorable to do?

James Moore

Yes. I anticipate it’s important to agenda that the projects are operating able-bodied and they are able-bodied maintained, they are not burst projects. Our focus is on optimization, so we will be absorption on convalescent applicant availability, brining the akin up to be added in band with all the biomass plants, we will be absorption on improvements to ammunition administration system, so we can admission a added array of ammunition choices, aloof accomplishing the sales the blocking and arrest that we accept done on our added projects, that is what we will be absorption on.

Nelson Ng

Okay, got it. And afresh aloof affective over to the NCIB, I anticipate in the able animadversion you mentioned alternation one and three of the columnist accept accomplished there at 10% absolute beneath the NCIB. Could you allocution about how abundant allowance there is for the added alternation and all armamentarium and afresh you accept accepted shares?

James Moore

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Well, Nielson on the alternation two, I anticipate we accept said that we acquirement a de minimis bulk of things too appropriately far. So you can aloof accept that about all of the 10% is still accessible on the alternation two and on the accepted shares we are a little bit added than bisected way to the 10% maximum.

Nelson Ng

Okay got it. And afresh aback does the 10% reset, which ages aing year?

Dan Rorabaugh

Well, I anticipate the accepted one expires appropriate at the end of the December, so we would put a new one in place, it will alpha either that – I beggarly actual aing to aftermost day of the year aboriginal day of 2019.

Nelson Ng

Okay. And afresh aloof one aftermost catechism in agreement of application arbitrary banknote flows, I assumption do you guys see yourself about application the majority of arbitrary banknote flows appear buybacks. and I assumption accustomed that on the all-inclusive majority of your operating banknote flows will be activity appear debt repayment. Do you see yourself anytime affectionate of cartoon on your blaster to do buybacks?

Terrence Ronan

Well there is a cardinal of questions there, so let me aloof alpha with, we do accomplish operating banknote breeze aloft and above our debt requirements. Appropriate now we accept got about 32 actor of arbitrary cash, it’s not a huge bulk of banknote about to our size.

So we are not absolutely adverse to accepting it on the antithesis area appropriate now and we are activity to use that banknote to abide absorption on what we focused aftermost brace of years, which is centralized investments, debt purchase, win acute allotment repurchases, win acute and some acclimatized alien investments.

Obviously the blaster is there for whatever we adeptness adjudge to use it for added than allotment buybacks we can’t use the blaster for that. But we accept added options too on the debt we could refinance it, we could pay it off with cash.

So I would say that we feel what we are breeding and what we accept appropriate now is acceptable for what we see accident over the advance of the aing 12 months at least. And it’s article beyond came up that fabricated sense, we could use some blaster or we could go to the bazaar to accessory for added antecedent to basic to accounts that.

James Moore

I would aloof add, I anticipate we are in a abundant position bodies for allocation because advantageous bottomward 100 actor of debt this year is a cogent pay bottomward of our debt. As we said, we accept the adeptness to get to net debt aught in the accountable future. And as Terry aloof said, we accept got $32 actor of banknote for discretionary, as you acclaimed we accept $180 actor of liquidity, including blaster we can use for things. And that is all adjoin the accepted disinterestedness bazaar assets of $240 million. So I anticipate that is a appealing position to be in.

Nelson Ng

Okay, thanks. Those are my questions.

Terrence Ronan

Thanks Nelson.

Operator

Our aing catechism comes from Rupert Merer with National Bank. Amuse go advanced Rupert.

Rupert Merer

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Ho acceptable morning to everyone. Adorable at the bazaar for M&A, you accept appear like a brace acquisitions, but you mentioned the bazaar still looks expensive. Can you allocution about what your activity of accretion opportunities looks like today and do you see any abatement to the appraisement in the bazaar with a ascent band yields and the array of contempo bead in the market? Are the altitude accepting added favorable?

James Moore

Yes, I anticipate that is an absorbing question. I will aloof booty it about that myself, which is alike alfresco of adeptness markets you are seeing things go top in the night now. And I anticipate afterwards years and years of low absorption rates, things assume to be adequately able-bodied priced for accomplishment in best areas.

So we see – I anticipate this beforehand catechism we had about prices, about new body looks like we are accepting a little bit of appulse in the adeptness area on the accumulation ancillary now in agreement of accepted assets slowing bottomward based on and those affectionate of bread-and-er and the PTCs for wind appear off at a brace of years and that is accepted to accept a affecting appulse on new win advancing in the market.

So all advanced will be favorable, we accept said in some of the animadversion we see some blooming shoots on the above-mentioned markets, its trend or not yet, but the way we do this is, we accept a adept chase action and we ally that with what we achievement to be a actual conduct – process.

So we are not absolutely aggravating to body a activity with any accurate asset cartography or technology and these things pop up, I beggarly from a action it aloof pop up, in wasn’t on our alarm awning and so we are adorable for allotment about to what we can get by affairs in adopted or accepted or advantageous off debt.

And we conduct ourselves by adage it’s got to be bigger than best uses to tax and afresh whether it’s biomass or a hydro or a gas bulb or how abounding years of PPA, activity of that, in what cartography we absolutely doubter about that we are added focused on the accident adapted returns.

Rupert Merer

Okay, great. Acknowledgment for the color. A aftereffect on the San Diego armpit decommissioning, I apperceive you accept some comments in your able animadversion and you don’t apprehend the decommissioning to hit these adapted EBITDA. But it seems to be a baby drive on adapted EBITDA appropriate now from those facilities, is that activity to abide into mid-2019 or there about?

Dan Rorabaugh

This is a actual baby drag, it’s absolutely aloof the bodies of that that are alive on the decommissioning. So as we move advanced the decommissioning, those bodies will still be there and alike it wraps up, all those go away.

Rupert Merer

Okay, actual good. That is it for me. Acknowledge you.

Terrence Ronan

Thanks Rupert.

Operator

Our aing catechism comes from Sean Steuart with TD Securities. Amuse go ahead, Sean.

Sean Steuart

Thanks acceptable morning. A brace of questions. On the biomass acquisition, can you accord a little bit added detail on your accepted allotment on that investment. I acknowledge some of the contacts you gave about acuteness for the seller, but what are your expectations for allotment on that investment.

Terrence Ronan

Well you apperceive we haven’t bankrupt yet, so if we aing and if we assassinate the allotment are accepted to be bigger than any of our centralized uses, accepted or adopted returns. We will amend afterwards the close, but till afresh we absolutely don’t appetence to try to attenuated bottomward allotment added than to say it’s bigger than what we accept been targeting for alien investments and bigger aback addition uses on our own antithesis sheet.

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Sean Steuart

And the continued closing that is aloof the action of them unwinding the tax disinterestedness structure, what is some of the ambience there for that timeframe?

Terrence Ronan

Well that is absolutely right, the abduction aeon ends and aback we can aing and that should action in Q3 and Q4 of aing year and that is aloof the primary disciplinarian that is settled.

Sean Steuart

Okay. The added catechism I had was your angle on valuations for clandestine affairs and I acknowledge you guys are added adorable for adept advance alternative, but we accept apparent some for clandestine transactions, abnormally in Hydro some exceptional multiples in contempo quarters. Your thoughts on that and I acknowledge you are apparently not adorable at affairs assets, but is that an advantage for Atlantic if the valuations makes sense?

James Moore

Yes, absolutely we accessory at aggregate all the time, aggregate is on the table here. We are actual actor apprenticed and we aback that up with our own money alone and accumulated wise. So aggregate is on the table strategically at all times here. It’s about what is the best bulk to bulk for the shareholders, as we said in the adapt or the beforehand remarks, we bought, awash 11 out of 28 plants from 2015.

So we are not blind out, annihilation that we anticipate is bigger bulk to be had accession end. We accessory at hydro, we accept looked at spinning of hydro in a tax-type deal, we looked at JVs. We accept looked at affairs off alone assets. We bought one at Koma Kulshan.

So, I anticipate aerial gross acreage is the best adorable asset valuations for the things we accept in our portfolio, admitting biomass acutely is added of an abhorred asset chic that we accept been affairs on the biomass ancillary and at the appropriate bulk aggregate is for sale, any asset or the aggregation itself which could be apprenticed by the numbers.

Sean Steuart

Got it. That is all I had. Acknowledgment actual abundant for the context.

James Moore

Thanks Sean.

Operator

This now concludes our catechism and acknowledgment session. I would like to about-face the appointment aback over to Jim Moore, President and CEO for any closing remarks.

James Moore

Alright. Acknowledge you to everybody who aing on the alarm or who listens later, and accessory advanced to talking aing quarter.

Operator

The appointment has now concluded. Acknowledge you for accessory today’s presentation. You may now disconnect.

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