ATLANTIC POWER CORP

CIK:0001419242|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Project revenue:
Project revenues	$ 72.0	$ 72.8
Project expenses:
Fuel	20.7	19.6
Operations and maintenance	21.1	20.7
Depreciation and amortization	14.3	15.6
Total project expenses	56.1	55.9
Project other income (loss):
Change in fair value of derivative instruments (Notes 7 and 8)	3.2	(5.6)
Equity in earnings of unconsolidated affiliates (Note 5)	13.4	13.7
Interest, net	(0.3)	(0.3)
Other income, net	0.2	0.0
Total project other income (loss)	16.5	7.8
Project income	32.4	24.7
Administrative and other expenses:
Administration	14.1	6.7
Interest expense, net	11.4	10.8
Foreign exchange loss (gain)	3.2	(20.6)
Other (income) expense, net (Note 7)	(0.1)	2.6
Total administrative and other expenses	28.6	(0.5)
Income from operations before income taxes	3.8	25.2
Income tax expense (Note 9)	2.2	1.5
Net income	1.6	23.7
Net income (loss) attributable to preferred shares of a subsidiary company (Note 12)	1.7	(5.8)
Net (loss) income attributable to Atlantic Power Corporation	$ (0.1)	$ 29.5
Net (loss) earnings per share attributable to Atlantic Power Corporation shareholders: (Note 11)
Basic (in dollars per share)	$ 0.00	$ 0.28
Diluted (in dollars per share)	$ 0.00	$ 0.23
Weighted average number of common shares outstanding: (Note 11)
Basic (in shares)	89.4	107.2
Diluted (in shares)	89.4	134.8
Energy sales
Project revenue:
Project revenues	$ 36.0	$ 40.7
Energy capacity revenue
Project revenue:
Project revenues	29.8	28.0
Other
Project revenue:
Project revenues	$ 6.2	$ 4.1

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash provided by operating activities:
Net income	$ 1.6	$ 23.7
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	14.3	15.6
Share-based compensation	0.1	0.4
Other gain	(0.2)
Equity in earnings from unconsolidated affiliates	(13.4)	(13.7)
Distributions from unconsolidated affiliates	6.9	6.0
Unrealized foreign exchange loss (gain)	3.1	(20.9)
Change in fair value of derivative instruments	(3.3)	8.2
Amortization of debt discount and deferred financing costs	1.3	2.0
Non-cash operating lease expense	0.5	0.5
Deferred income taxes	0.3	0.3
Change in other operating balances:
Accounts receivable	(3.1)	(2.1)
Inventory	0.2	2.8
Prepayments and other assets	1.6	(1.7)
Accounts payable	(0.9)	(5.7)
Accruals and other liabilities	(0.6)	(7.0)
Cash provided by operating activities	8.4	8.4
Cash provided by (used in) investing activities:
Insurance proceeds		7.4
Proceeds from sale of equity investment	0.5
Purchase of property, plant and equipment	(0.3)	(10.0)
Cash provided by (used in) investing activities	0.2	(2.6)
Cash used in financing activities:
Common share repurchases		(8.2)
Preferred share repurchases		(6.4)
Repayment of corporate and project-level debt	(23.7)	(21.6)
Cash payments for vested LTIP withheld for taxes	(0.6)	(0.7)
Deferred financing costs		(1.5)
Dividends paid to preferred shareholders	(1.7)	(1.7)
Cash used in financing activities	(26.0)	(40.1)
Net decrease in cash, restricted cash and cash equivalents	(17.4)	(34.3)
Cash, restricted cash and cash equivalents at beginning of period	45.9	82.6
Cash, restricted cash and cash equivalents at end of period	28.5	48.3
Supplemental cash flow information
Interest paid	6.8	8.3
Income taxes paid, net	$ 0.7	0.7
Accruals for construction in progress		$ 0.3

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 21.6	$ 38.8
Restricted cash	6.9	7.1
Accounts receivable	33.9	31.3
Current portion of derivative instruments asset (Notes 7 and 8)		0.4
Inventory	17.0	18.3
Prepayments	6.7	7.0
Income taxes receivable (Note 9)	2.0	3.2
Current assets held for sale (Note 2)	4.6
Other current assets	0.3	0.3
Total current assets	93.0	106.4
Property, plant, and equipment, net	481.3	491.8
Equity investments in unconsolidated affiliates (Note 5)	91.8	85.0
Power purchase agreements and intangible assets, net	114.8	120.3
Goodwill	21.3	21.3
Operating lease right-of-use assets (Note 15)	4.1	4.6
Deferred income taxes (Note 9)	17.0	17.2
Other assets	0.6	0.6
Total assets	823.9	847.2
Current liabilities:
Accounts payable	5.6	6.3
Accrued interest	5.9	2.5
Other accrued liabilities	14.7	19.3
Current portion of long-term debt (Note 6)	90.8	95.7
Current portion of derivative instruments liability (Notes 7 and 8)	9.9	11.0
Operating lease liabilities (Note 15)	1.8	1.9
Current liabilities held for sale (Note 2)	3.2
Other current liabilities	0.4	0.2
Total current liabilities	132.3	136.9
Long-term debt, net of unamortized discount and deferred financing costs (Note 6)	368.3	384.1
Convertible debentures, net of discount and unamortized deferred financing costs	85.5	84.1
Derivative instruments liability (Notes 7 and 8)	5.4	8.1
Power purchase agreements and intangible liabilities, net	17.6	18.0
Asset retirement obligations, net	45.0	48.1
Operating lease liabilities (Note 15)	2.7	3.1
Other long-term liabilities	6.7	6.2
Total liabilities	663.5	688.6
Equity
Common shares, no par value, unlimited authorized shares; 89,797,798 and 89,222,568 issued and outstanding at March 31, 2021 and December 31, 2020 (Note 12)	1,219.8	1,219.7
Accumulated other comprehensive loss (Note 4)	(138.1)	(139.9)
Retained deficit	(1,090.1)	(1,090.0)
Total Atlantic Power Corporation shareholders' deficit	(8.4)	(10.2)
Preferred shares issued by a subsidiary company (Note 12)	168.8	168.8
Total equity	160.4	158.6
Total liabilities and equity	$ 823.9	$ 847.2