Revenue and Earnings - Revenue for the three months ended March 31, 2023, was $778.6 million, a 6.2% increase from $733.2 million in the same period of 2022[2] - Net earnings attributable to common shareholders rose significantly to $268.0 million in Q1 2023, up from $88.7 million in Q1 2022, marking a 201.5% increase[3] - Basic and diluted net earnings per share increased to $0.39 in Q1 2023, compared to $0.13 in Q1 2022[3] - Net earnings for the three months ended March 31, 2023, were $249,610, compared to $52,598 for the same period in 2022, representing a significant increase[14] - Net earnings attributable to shareholders of Algonquin Power & Utilities Corp. for the three months ended March 31, 2023, were $270,139,000, compared to $90,965,000 for the same period in 2022, representing an increase of 196%[74] - Basic and diluted net earnings per share for the three months ended March 31, 2023, were $268,047,000, up from $88,745,000 in the prior year, reflecting a significant growth in profitability[74] Operating Income and Expenses - Operating income increased to $142.5 million in Q1 2023, compared to $137.2 million in Q1 2022, reflecting a growth of 3.4%[2] - Operating income for the three months ended March 31, 2023, was $142,474,000, compared to $137,246,000 in the same period of 2022, showing a slight increase[79] - Cash provided by operating activities for Q1 2023 was $34,218, a decrease from $166,221 in Q1 2022[14] - The company’s cash paid for interest expense in Q1 2023 was $102,712, compared to $61,606 in Q1 2022[16] - Interest expense for the three months ended March 31, 2023, was $81,918,000, compared to $57,943,000 in the same period of 2022, representing an increase of approximately 41%[79] Assets and Liabilities - Total assets as of March 31, 2023, were $17.9 billion, a slight increase from $17.8 billion as of December 31, 2022[6] - Long-term debt increased to $7.3 billion as of March 31, 2023, compared to $7.1 billion at the end of 2022[8] - Total assets as of March 31, 2023, were $7,274,807, reflecting growth from previous periods[12] - Regulatory assets decreased to $160.2 million as of March 31, 2023, down from $190.4 million at the end of 2022[6] - Long-term investments carried at fair value increased to $1,523,520 as of March 31, 2023, from $1,344,207 as of December 31, 2022[30] - Long-term debt totaled $7,333,362 as of March 31, 2023, up from $7,088,743 at December 31, 2022, reflecting an increase of approximately 3.5%[40] - The total financial liabilities amount to $8.02 billion, with a fair value of $7.47 billion[89] Investments and Capital Expenditures - The company reported a gain from long-term investments of $220.0 million in Q1 2023, a significant recovery from a loss of $10.7 million in Q1 2022[2] - The company’s investments in property, plant, and equipment totaled $169,749 in Q1 2023, down from $327,699 in Q1 2022[14] - The Company made capital contributions of $10,309 to Texas Coastal Wind Facilities and $5,805 to projects under construction during the three months ended March 31, 2023[33] Shareholder Information - Cash dividends on common shares amounted to $95,893 in Q1 2023, slightly up from $93,381 in Q1 2022[16] - Dividends declared for common shares were $75,386 for the three months ended March 31, 2023, with a dividend per share of $0.1085, down from $115,574 and $0.1706 in 2022[64] - The number of common shares outstanding increased to 688,592,052 as of March 31, 2023, from 674,110,190 a year earlier, representing a growth of about 2.1%[51] Regulatory and Legal Matters - The California Public Utilities Commission authorized an annual revenue increase of $1,412 for Apple Valley Water System, effective March 2023, retroactive to July 1, 2022[25] - The California Public Utilities Commission authorized an annual revenue increase of $1,105 for Park Water System, effective March 2023, retroactive to July 1, 2022[25] - Liberty CalPeco is currently facing 17 active lawsuits related to the Mountain View Fire, with claims including negligence and wrongful death[83] Miscellaneous - The company plans to continue expanding its renewable energy portfolio and exploring strategic acquisitions to enhance growth opportunities[2] - The company terminated the Kentucky Acquisition Agreement on April 17, 2023, and is assessing potential costs incurred[21] - The company’s operating results are subject to seasonal fluctuations, impacting quarterly performance[18]

Algonquin Power & Utilities Corp. (NYSE:AQN) Q4 2022 Results Conference Call March 17, 2023 8:30 AM ET Company Participants Brian Chin - Vice President of Investor Relations Arun Banskota - President & Chief Executive Officer Darren Myers - Chief Financial Officer Jeff Norman - Chief Development Officer Johnny Johnston - Chief Operating Officer Conference Call Participants Sean Steuart - TD Securities Dariusz Lozny - Bank of America David Quezada - Raymond James Nelson Ng - RBC Capital Markets Robert Hope - ...

Financial Data and Key Metrics Changes - The company's Q3 2022 consolidated revenue was $666.7 million, up from $528.6 million in Q3 2021, representing a year-over-year increase of approximately 26% [19] - Adjusted EBITDA for Q3 2022 was $276.1 million, a 10% increase from $252 million in the same period last year [19] - Adjusted net earnings decreased to $73.5 million from $97.6 million year-over-year, primarily due to a $23.3 million increase in interest expense [19][20] - Adjusted net earnings per share for Q3 2022 was $0.11, down from $0.15 in the prior year [20] Business Line Data and Key Metrics Changes - The regulated services group reported an operating profit of $229.3 million, an increase of 17% from $195.7 million in the same quarter last year, driven by the acquisition of Liberty New York Water and new rate implementations [21] - The renewable energy group had an operating profit of $71.5 million, relatively flat compared to the previous year, with existing facilities contributing approximately $4 million offset by higher costs from Texas Coastal Wind Facilities [22] Market Data and Key Metrics Changes - The company is experiencing pressure from rising interest rates and capital market volatility, impacting its growth initiatives [8][9] - Approximately 22% of the company's consolidated debt is subject to variable interest rates, with a potential $16 million annual impact from a 100 basis point increase [25] Company Strategy and Development Direction - The company is focused on three strategic pillars: growth, operational excellence, and sustainability, with a commitment to reducing reliance on raising equity [9][30] - The pending acquisition of Kentucky Power Company is expected to close in January 2023, with a revised purchase price of approximately $2.6 billion [10][28] - The company is actively pursuing asset recycling opportunities to finance its growth, having signed an inaugural asset recycling transaction expected to generate approximately $278 million [24][29] Management's Comments on Operating Environment and Future Outlook - Management described the current operating environment as challenging due to higher interest rates and project delays, but remains optimistic about long-term growth in regulated and renewable sectors [8][27] - The company expects adjusted net earnings per share for 2022 to be in the range of $0.66 to $0.69, reflecting pressures from interest rates and project timelines [26] Other Important Information - The company released its 2022 ESG report, highlighting progress in diversity, equity, and inclusion, as well as third-party verification of emissions data [15][16] - The Inflation Reduction Act has reinforced the company's strategy to invest in renewable assets by increasing tax credit levels [13] Q&A Session Summary Question: Does the new EPS guidance range include the $55 million to $60 million gain on the asset sales? - Yes, it does [31] Question: Will most of the $2.1 billion available liquidity be allocated towards the closing of the Kentucky Power Acquisition? - Yes, liquidity is expected to be in the range of $2.5 billion as the year ends, with credit facilities used to fund the transaction [32] Question: Is equity on the table at current valuation levels? - The company aims to reduce reliance on equity markets and is confident in continuing asset recycling to fund growth [35][36] Question: Are there pressures on asset prices due to rising rates? - Despite rising interest rates, there remains robust interest in renewable assets from long-term investors [41][43] Question: What are the plans for capital recycling next year? - The company is in planning stages and will provide more details at the Investor Day [50] Question: What are the key priorities for the Kentucky business next year? - The company plans to file an Integrated Resource Plan (IRP) in early 2023 to outline its service strategy for Kentucky [54]

Financial Data and Key Metrics Changes - Q2 adjusted EBITDA was $289.3 million, an 18% increase year-over-year from $244.9 million [6][21] - Q2 adjusted net earnings per share was $0.16, compared to $0.15 in the prior year, representing a 7% increase [6][23] Business Line Data and Key Metrics Changes - The regulated services group reported operating profit of $185.9 million, up 15% from $161.1 million in the same quarter last year [21] - The renewable energy group reported operating profit of $117.9 million, a 22% increase from $97 million in the same quarter last year [22] Market Data and Key Metrics Changes - The acquisition of Liberty New York Water added approximately 45% of total customer connections and 15% of regulated business EBITDA [8] - The company is in discussions regarding the acquisition of Kentucky Power, with expectations to close in the second half of 2022 [10][28] Company Strategy and Development Direction - The company focuses on three strategic pillars: growth, operational excellence, and sustainability [7] - A five-year capital plan of $12.4 billion is in place, with a significant portion aimed at organic growth [7][24] - The company is actively pursuing renewable energy projects, including a 175-megawatt facility in Saskatchewan and various solar projects [11][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to close the Kentucky Power transaction despite regulatory challenges [10][36] - The company anticipates benefits from the Inflation Reduction Act of 2022, which could enhance investment opportunities in renewable energy [31][32] Other Important Information - The company achieved a Baa2 long-term issuer rating from Moody's, which is expected to broaden access to debt capital markets [25] - The company reported a 15% improvement in greenhouse gas emissions intensity compared to the previous year [18][19] Q&A Session Summary Question: Progress on the sale of Kentucky Power - Management is working closely with AEP to resolve inconsistencies in regulatory orders and remains confident in closing the transaction in the second half of 2022 [36] Question: Contribution from the RNG acquisition - The RNG project is seen as a learning opportunity, with expected contributions of approximately 500 MMBtu per day once fully operational [39] Question: Update on renewable asset sales - Strong interest from financial players in long-lived, well-contracted sustainable infrastructure has been observed, with management presentations ongoing [43]

Algonquin Power & Utilities Corp. (NYSE:AQN) Q1 2022 Earning Conference Call May 13, 2022 10:00 AM ET Company Participants Amelia Tsang - Vice President, Investor Relations Arun Banskota - President and Chief Executive Officer Arthur Kacprzak - Chief Financial Officer Jeff Norman - Chief Development Officer Johnny Johnston - Chief Operating Officer Conference Call Participants David Quezada - Raymond James Nelson Ng - RBC Capital Markets Rupert Merer - National Bank Financial Benjamin Pham - BMO Capital Ma ...