Q4 2019 Earnings Call
Dead dead dead.
Nick Galati RSVP operations and several other members of the Atlantic power management team
The future performance and involve certain risks and uncertainties that are more fully described in our various Securities filings actual results. May differ materially from such forward-looking statements.
At this time, I'd like to turn the conference call over to run by robusky Director of Finance, sir, please go ahead.
being recorded
the results for the fourth quarter and the year are provided in the press release presentation and the prepared remarks which were posted on our website last evening. Please review those wage Ariel's I will cover the highlights and then spend a few minutes offering our thoughts on Capital allocation following my remarks will take your questions.
Welcome and thank you for joining us this morning our results for the three months and year ended December 31st 2019 were issued by press release yesterday afternoon and are available on our web page at www and management and be found in the office call section of our website a replay of today's webcast will be available on our website for a period of one year Financial figures that we will be presenting our stated in US Dollars and not unless otherwise noted.
In addition the financial results in the press release and the presentation include both gaap and non-gaap measures including project adjusted ebitda for reconciliations of this measure off the most directly comparable gaap Financial measure of the extent that they are available without unreasonable efforts. Please refer to the press release the appendix of today's presentation or our annual report on form 10-K all of which are available on our website now, I'll turn the call over to Jim Moore president and CEO of Atlantic Power.
Good morning, everyone and welcome to the Atlantic Power Corporation fourth quarter and year-end 2019 results conference call participants will be in a listen-only mode. I need assistance. Please stay on a conference specialist by pressing the star key followed by zero after today's presentation. There will be an opportunity to ask questions. Please also note today's events being recorded dead.
2019 was a good year in terms of progress on business fundamentals as we highlighted on page four of the presentation project adjusted ebitda, exceeded guidance, which we had revised upward in the third quarter operating cash flow. Also exceeded are upwardly revised estimate.
At this time, I'd like to turn the conference call over to run by robusky Director of Finance, sir, please go ahead.
Welcome and thank you for joining us this morning our results for the three months and year ended December 31st, 2019 were issued by press release yesterday afternoon and are available on our web page at www. And on Management's and be found in the office call section of our website a replay of today's webcast will be available on our website for a period of one year Financial figures that we will be presenting our stated in US dollars a month.
Please be advised that this conference call and presentation will contain forward-looking statements as discussed in the company's Safe Harbor statement on page two of today's presentation. These statements are not guarantees of future performance and involve certain risks and uncertainties that are more fully described in our various Securities filings actual results. May differ materially from such forward-looking statements wage in addition to financial results in the press release and the presentation include both gaap and non-gaap measures including project adjusted ebitda for reconciliations of office manager for the most directly comparable gaap Financial measure and the extent that they are available without unreasonable effort.
Thank you, Ron. Welcome everyone. Good morning. Thank you for joining us today with me this morning are Teri Ronin r c f o t r e v p commercial development nicolodi RSVP operations and several other members of the Atlantic power management team.
we ended
The year the strong quiddity including forty million.
Thursday
the result
For the fourth quarter, and the year are provided in the press release presentation and the prepared remarks which were posted on our website last evening. Please review those materials month. I will cover the highlights and then spend a few minutes offering our Fox on Capital allocation following my remarks will take your questions.
please refer to the
2019 was a good year in terms of progress on business fundamentals as we highlighted on page four of the presentation project adjusted ebitda, exceeded guidance, which we had revised upward in the third quarter operating cash flow. Also exceeded are upwardly revised estimate.
We ended the year of the strong quiddity including 40042000000 of discretionary cash.
We continued to strict in our balance sheet by repaying 91703154.
dead dead dead dead.
Repeat favorable changes for credit facilities including the reduction in the interest rate and a two year extension of the maturity date of our Term Loan S&P upgraded our credit rating to bb- the 4th upgrade. We received from the two agencies over the past four plus years.
It was a particularly strong year for Capital allocation.
Thanks. Could you blow me off with water flows at Curtis Palmer in favorable changes in working capital are discretionary cash flow and 2019 with 63 million facts about half of this for Acquisitions specifically the South Carolina of biomass projects and Equity interested to other biomass projects and the other half to redeem the remaining series D convertible debentures and to repurchase common and preferred shares the Acquisitions increase and extend our expected PPA generated revenue and cash-flow.
we have
Had a couple of successes on the PPA front including the new ten year contract at Williams Lake and two successive one-year Extensions by our customer at Kenilworth.
Thursday
One significant significant negative of the year with the equipment failure and fire at Cadillac.
Toyota financial impact is limited by our insurance coverage. We are making progress and repairing the plant and we expect to return it to operation in the third quarter of this year.
Turning the capital allocation. I'll start with the history since 2014. We have paid down 1.1 billion dollars a debt for a combination of operating cash flow asset sale proceeds and refinancings. This was not driven by the returns available on our debt, but by the priority of strep in our balance sheet.
good morning, everyone and welcome to the Atlantic Power Corporation fourth quarter and year-end 2019 results conference call participants will be in a listen-only mode. I need assistance. Please stay on a conference specialist by pressing the
During this five-year. We generated discretionary cash after debt repayment that we allocated to other purposes including internal as well as external investment. We invested $25 million and optimization progress projects across our Fleet and $45 million in the biomass aquisitions Inc. Consolidating interests in Polson Hydro facility. We also purchased 17 million common shares reducing shares outstanding by 11% off and nearly one point six million preferred shares.
Our total investment share repurchases was $58 billion dollars.
however, investors are rightly focused on