Altus Power, Inc. Announces First Quarter 2024 Financial Results
Altus Power, Inc. announced its first quarter 2024 financial results, with revenues of $40.7 million, a 38% increase compared to 2023. GAAP net income was $4.1 million, and adjusted EBITDA was $19.7 million, up 23% from the previous year. The company added 4,000 Community Solar customers, increased its portfolio size by 45%, and has a cash balance of $204 million. Altus Power reaffirms its 2024 guidance with operating revenues of $200-222 million and adjusted EBITDA of $115-135 million, showing significant growth over 2023. Alison Sternberg joins as Head of Investor Relations, bringing valuable experience to the team.
Revenues for the first quarter of 2024 increased by 38% to $40.7 million compared to the same period in 2023.
GAAP net income saw a rise to $4.1 million for the first quarter of 2024, from $3.8 million in 2023.
Adjusted EBITDA for the first quarter of 2024 reached $19.7 million, a 23% increase over the previous year.
Altus Power added 4,000 Community Solar customers, bringing the total to over 24,000, demonstrating growth in this segment.
The company increased its portfolio size by 45% to 981 MW compared to the first quarter of 2023.
Altus Power's cash balance at the end of the quarter was $204 million, supporting its financing plan and operational activities.
The company reaffirms its 2024 guidance, expecting operating revenues in the range of $200-222 million and adjusted EBITDA of $115-135 million, showcasing substantial growth over 2023.
Alison Sternberg joining as Head of Investor Relations strengthens the team with over 25 years of experience in investor relations and financial services.
- None.
First Quarter Financial Highlights
-
First quarter 2024 revenues of
$40.7 million 38% increase as compared to first quarter 2023 -
GAAP net income of
$4.1 million $3.8 million -
Adjusted EBITDA* of
$19.7 million 23% increase as compared with first quarter 2023
Recent Business Highlights
- Added ~4,000 Community Solar customers, bringing total to over 24,000
-
Increased portfolio size by
45% to 981 MW as compared to first quarter 2023 -
Projects with CBRE Investment Management begin construction in
Maryland - Largest owner of commercial scale solar assets in the US1
-
Quarter ending cash balance of
$204 million - Alison Sternberg joins as Head of Investor Relations
“As the largest commercial scale solar owner and operator in the US, Altus Power is well positioned to capitalize on rising retail rates, and as artificial intelligence, electric vehicles, crypto, hydrogen and more drive unprecedented power demand, we believe these rising prices not only augment the value of our current portfolio but also drive demand for more clean power solutions," commented Gregg Felton, CEO of Altus Power. "One area of growth during the first quarter was Community Solar with the addition of 4,000 new residential customers, acquired in part from our partnership with CBRE."
First Quarter Financial Results
Operating revenues during the first quarter of 2024 totaled
First quarter 2024 GAAP net income totaled
Adjusted EBITDA* during the first quarter of 2024 was
2024 Guidance
Altus Power reaffirms its expectation for operating revenues in the range of
Investor Relations Transition
Alison Sternberg joins Altus Power as Head of Investor Relations from Fubo where she was SVP, Investor Relations, and brings more than 25 years of experience in investor relations and financial services at companies including Modular Wind Energy and Goldman Sachs.
Use of Non-GAAP Financial Information
*Denotes Non-GAAP financial measure. We present our operating results in accordance with accounting principles generally accepted in the
We define adjusted EBITDA as net income plus net interest expense, depreciation, amortization and accretion expense, income tax expense or benefit, acquisition and entity formation costs, stock-based compensation expense, and excluding the effect of certain non-recurring items we do not consider to be indicative of our ongoing operating performance such as, but not limited to, gain or loss on fair value remeasurement of contingent consideration, gain or loss on disposal of property, plant and equipment, change in fair value of Alignment Shares liability, loss on extinguishment of debt, net, and other miscellaneous items of other income and expenses.
Adjusted EBITDA and adjusted EBITDA margin are non-GAAP financial measures that we use to measure our performance. We believe that investors and analysts also use adjusted EBITDA and adjusted EBITDA margin in evaluating our operating performance. These measurements are not recognized in accordance with GAAP and should not be viewed as an alternative to GAAP measures of performance. The GAAP measure most directly comparable to adjusted EBITDA is net income and to adjusted EBITDA margin is net income over operating revenues. The presentation of adjusted EBITDA and adjusted EBITDA margin should not be construed to suggest that our future results will be unaffected by non-cash or non-recurring items. In addition, our calculation of adjusted EBITDA and adjusted EBITDA margin are not necessarily comparable to adjusted EBITDA and adjusted EBITDA margin as calculated by other companies and investors and analysts should read carefully the components of our calculations of these non-GAAP financial measures.
We believe adjusted EBITDA is useful to management, investors and analysts in providing a measure of core financial performance adjusted to allow for comparisons of results of operations across reporting periods on a consistent basis. Factors in this determination include the exclusion of (1) variability due to gains or losses related to fair value remeasurement of contingent consideration and the change in fair value of Alignment Shares liability, (2) strategic decisions to acquire businesses, dispose of property, plant and equipment or extinguish debt, and (3) the non-recurring nature of stock-based compensation and other miscellaneous items of income and expense, which affect results in a given period or periods. In addition, adjusted EBITDA represents the business performance of the Company before the application of statutory income tax rates and tax adjustments corresponding to the various jurisdictions in which the Company operates, as well as interest expense and depreciation, amortization and accretion expense, which are not representative of our ongoing operating performance.
Adjusted EBITDA is also used by our management for internal planning purposes, including our consolidated operating budget, and by our board of directors in setting performance-based compensation targets. Adjusted EBITDA should not be considered an alternative to but viewed in conjunction with GAAP results, as we believe it provides a more complete understanding of ongoing business performance and trends than GAAP measures alone. Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP.
In addition to adjusted EBITDA, we may also refer to ARR or annual recurring revenues, or ARR, which is a non-GAAP measure. ARR is an estimate that management uses to determine the expected annual revenue potential of our operating asset base at the end of a calendar year. ARR assumes customary weather, production, expenses and other economic and market conditions, as well as seasonality. It is not derived from a GAAP financial measure so it is difficult to provide a meaningful reconciliation to GAAP. The elements of our financial statements that are considered or evaluated in determining our ARR are the following: the estimated megawatt hours of generation assuming all new build and operating assets added any time during the year were in place for the full year and the estimated power prices for such assets based on historical power prices. We believe this metric can be helpful to assess our portfolio asset base in operation at the beginning of an annual period, e.g., if we were to receive the benefit of assets added for a full year even if they were added during a partial year. This figure is only an estimate and is based on a number of assumptions by Altus Power's management that may or may not be realized.
Altus Power does not provide GAAP financial measures on a forward-looking basis because the Company is unable to predict with reasonable certainty and without unreasonable effort, items such as acquisition and entity formation costs, gain on fair value remeasurement of contingent consideration, change in fair value of Alignment Shares. These items are uncertain, depend on various factors, and could be material to Altus Power’s results computed in accordance with GAAP.
Adjusted EBITDA Definitions
Interest Expense, Net. Interest expense, net represents interest on our borrowings under our various debt facilities, amortization of debt discounts and deferred financing costs, and unrealized gains and losses on interest rate swaps.
Depreciation, Amortization and Accretion Expense. Depreciation expense represents depreciation on solar energy systems that have been placed in service. Depreciation expense is computed using the straight-line composite method over the estimated useful lives of assets. Leasehold improvements are depreciated over the shorter of the estimated useful lives or the remaining term of the lease. Amortization includes third party costs necessary to acquire PPA and NMCA customers, value ascribed to in-place leases, and favorable and unfavorable rate revenues contracts. Value ascribed to in-place leases is amortized using the straight-line method ratably over the term of the individual site leases. Third party costs necessary to acquire PPAs and NMCA customers are amortized using the straight-line method ratably over 15-25 years based upon the term of the customer contract. Estimated fair value allocated to the favorable and unfavorable rate PPAs and REC agreements are amortized using the straight-line method over the remaining non-cancelable terms of the respective agreements. Accretion expense includes over time increase of asset retirement obligations associated with solar energy facilities.
Income Tax (Expense) Benefit. We account for income taxes under ASC 740, Income Taxes. As such, we determine deferred tax assets and liabilities based on temporary differences resulting from the different treatment of items for tax and financial reporting purposes. We measure deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to reverse. Additionally, we must assess the likelihood that deferred tax assets will be recovered as deductions from future taxable income. We have a partial valuation allowance on our deferred state tax assets because we believe it is more likely than not that a portion of our deferred state tax assets will not be realized. We evaluate the recoverability of our deferred tax assets on an annual basis.
Acquisition and Entity Formation Costs. Acquisition and entity formation costs represent costs incurred to acquire businesses and form new legal entities. Such costs primarily consist of professional fees for banking, legal, accounting and appraisal services.
Stock-Based Compensation Expense. Stock-based compensation expense is recognized for awards granted under the Legacy Incentive Plans and Omnibus Incentive Plan, as defined in Note 14, "Stock-Based Compensation," to our condensed consolidated financial statements included in our Quarterly Report on Form 10-Q for the three months ended March 31, 2024.
Fair Value Remeasurement of Contingent Consideration. In connection with various acquisitions, contingent consideration may be payable upon achieving certain conditions. The Company estimates the fair value of contingent consideration using a Monte Carlo simulation model or an expected cash flow approach. Significant assumptions used in the measurement of fair value of contingent consideration associated with various acquisitions include market power rates, estimated volumes of power generation of acquired solar energy facilities, percentage of completion of in-development solar energy facilities, and the risk-adjusted discount rate associated with the business.
Gain or Loss on Disposal of Property, Plant and Equipment. In connection with the disposal of assets, the Company recognizes a gain or loss on disposal of property, plant and equipment, which represents the difference between the consideration received and the carrying value of the disposed asset.
Change in Fair Value of Alignment Shares Liability. Alignment Shares represent Class B common stock of the Company which were issued in connection with the Merger. Class B common stock, par value
Other (Income) Expense, Net. Other income and expenses primarily represent interest income, and other miscellaneous items.
Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements may be identified by the use of words such as "aims," "believes," "expects," "intends," "aims", "may," “could,” "will," "should," "plans," “projects,” “forecasts,” “seeks,” “anticipates,” “goal,” “objective,” “target,” “estimate,” “future,” “outlook,” "strategy," “vision,” or variations of such words or similar terminology that predict or indicate future events or trends or that are not statements of historical matters. These statements, which involve risks and uncertainties, relate to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable and may also relate to Altus Power’s future prospects, developments and business strategies. These statements are based on Altus Power’s management’s current expectations and beliefs, as well as a number of assumptions concerning future events.
Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Altus Power’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks, uncertainties, assumptions and other important factors include, but are not limited to: (1) the risk that pending acquisitions may not close in the anticipated timeframe or at all due to a closing condition not being met; (2) failure to obtain required consents or regulatory approvals in a timely manner or otherwise; (3) the ability of Altus Power to successfully integrate the acquisition of solar assets into its business and generate profit from their operations; (4) the ability of Altus Power to retain customers and maintain and expand relationships with business partners, suppliers and customers; (5) the risk of litigation and/or regulatory actions related to the proposed acquisition of solar assets; and (6) the possibility that Altus Power may be adversely affected by other economic, business, regulatory, credit risk and/or competitive factors.
Additional factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found under the heading “Risk Factors” in Altus Power’s Form 10-K filed with the Securities and Exchange Commission on March 14th, 2024, as well as the other information we file with the Securities and Exchange Commission. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made and the information and assumptions underlying such statement as we know it and on the date such statement was made, and except as required by applicable law, Altus Power undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, changes in expectations, future events or otherwise.
This press release is not intended to be all-inclusive or to contain all the information that a person may desire in considering an investment in Altus Power and is not intended to form the basis of an investment decision in Altus Power. All subsequent written and oral forward-looking statements concerning Altus Power or other matters and attributable to Altus Power or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above.
Conference Call Information
The Altus Power management team will host a conference call to discuss its first quarter 2024 financial results later today at 4:30 p.m. Eastern Time. The call can be accessed via a live webcast accessible on the Events & Presentations page in the Investor Relations section of Altus Power's website at https://investors.altuspower.com/events-and-presentations/default.aspx. An archive of the webcast will be available after the call on the Investor Relations section of Altus Power's website as well.
About Altus Power, Inc.
Altus Power, based in
Altus Power, Inc.
|
|||||||
|
Three Months Ended
|
||||||
|
|
2024 |
|
|
|
2023 |
|
Operating revenues, net |
$ |
40,659 |
|
|
$ |
29,378 |
|
Operating expenses |
|
|
|
||||
Cost of operations (exclusive of depreciation and amortization shown separately below) |
|
10,920 |
|
|
|
5,976 |
|
General and administrative |
|
10,022 |
|
|
|
7,362 |
|
Depreciation, amortization and accretion expense |
|
16,130 |
|
|
|
11,376 |
|
Acquisition and entity formation costs |
|
1,066 |
|
|
|
1,491 |
|
(Gain) loss on fair value remeasurement of contingent consideration, net |
|
(79 |
) |
|
|
50 |
|
Gain on disposal of property, plant and equipment |
|
(88 |
) |
|
|
— |
|
Stock-based compensation |
|
4,304 |
|
|
|
2,872 |
|
Total operating expenses |
$ |
42,275 |
|
|
$ |
29,127 |
|
Operating (loss) income |
|
(1,616 |
) |
|
|
251 |
|
Other (income) expense |
|
|
|
||||
Change in fair value of Alignment Shares liability |
|
(26,077 |
) |
|
|
(17,018 |
) |
Other (income) expense, net |
|
(683 |
) |
|
|
90 |
|
Interest expense, net |
|
16,193 |
|
|
|
12,446 |
|
Total other income, net |
$ |
(10,567 |
) |
|
$ |
(4,482 |
) |
Income before income tax expense |
$ |
8,951 |
|
|
$ |
4,733 |
|
Income tax expense |
|
(4,896 |
) |
|
|
(888 |
) |
Net income |
$ |
4,055 |
|
|
$ |
3,845 |
|
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests |
|
(3,454 |
) |
|
|
(1,772 |
) |
Net income attributable to Altus Power, Inc. |
$ |
7,509 |
|
|
$ |
5,617 |
|
Net income per share attributable to common stockholders |
|
|
|
||||
Basic |
$ |
0.05 |
|
|
$ |
0.04 |
|
Diluted |
$ |
0.05 |
|
|
$ |
0.03 |
|
Weighted average shares used to compute net income per share attributable to common stockholders |
|
|
|
||||
Basic |
|
159,025,740 |
|
|
|
158,621,674 |
|
Diluted |
|
162,242,148 |
|
|
|
161,003,402 |
|
Altus Power, Inc.
|
|||||||
|
As of March 31,
|
|
As of December 31,
|
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
173,266 |
|
|
$ |
160,817 |
|
Current portion of restricted cash |
|
17,622 |
|
|
|
45,358 |
|
Accounts receivable, net |
|
20,057 |
|
|
|
17,100 |
|
Other current assets |
|
5,763 |
|
|
|
5,522 |
|
Total current assets |
|
216,708 |
|
|
|
228,797 |
|
Restricted cash, noncurrent portion |
|
12,625 |
|
|
|
12,752 |
|
Property, plant and equipment, net |
|
1,745,407 |
|
|
|
1,619,047 |
|
Intangible assets, net |
|
47,330 |
|
|
|
47,588 |
|
Operating lease asset |
|
183,655 |
|
|
|
173,804 |
|
Derivative assets |
|
2,585 |
|
|
|
530 |
|
Other assets |
|
10,166 |
|
|
|
7,831 |
|
Total assets |
$ |
2,218,476 |
|
|
$ |
2,090,349 |
|
Liabilities, redeemable noncontrolling interests, and stockholders' equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
7,411 |
|
|
$ |
7,338 |
|
Construction payable |
|
11,672 |
|
|
|
14,108 |
|
Interest payable |
|
13,958 |
|
|
|
8,685 |
|
Purchase price payable, current |
|
9,291 |
|
|
|
9,514 |
|
Due to related parties |
|
85 |
|
|
|
51 |
|
Current portion of long-term debt, net |
|
73,429 |
|
|
|
39,611 |
|
Operating lease liability, current |
|
6,293 |
|
|
|
6,861 |
|
Contract liability, current |
|
2,802 |
|
|
|
2,940 |
|
Other current liabilities |
|
21,144 |
|
|
|
17,402 |
|
Total current liabilities |
|
146,085 |
|
|
|
106,510 |
|
Alignment shares liability |
|
34,415 |
|
|
|
60,502 |
|
Long-term debt, net of unamortized debt issuance costs and current portion |
|
1,253,819 |
|
|
|
1,163,307 |
|
Intangible liabilities, net |
|
20,033 |
|
|
|
18,945 |
|
Asset retirement obligations |
|
18,701 |
|
|
|
17,014 |
|
Operating lease liability, noncurrent |
|
189,136 |
|
|
|
180,701 |
|
Contract liability, noncurrent |
|
6,132 |
|
|
|
5,620 |
|
Deferred tax liabilities, net |
|
14,725 |
|
|
|
9,831 |
|
Other long-term liabilities |
|
2,989 |
|
|
|
2,908 |
|
Total liabilities |
$ |
1,686,035 |
|
|
$ |
1,565,338 |
|
Commitments and contingent liabilities |
|
|
|
||||
Redeemable noncontrolling interests |
|
24,389 |
|
|
|
26,044 |
|
Stockholders' equity |
|
|
|
||||
Common stock |
|
16 |
|
|
|
16 |
|
Additional paid-in capital |
|
488,408 |
|
|
|
485,063 |
|
Accumulated deficit |
|
(47,765 |
) |
|
|
(55,274 |
) |
Accumulated other comprehensive income |
|
16,878 |
|
|
|
17,273 |
|
Total stockholders' equity |
$ |
457,537 |
|
|
$ |
447,078 |
|
Noncontrolling interests |
|
50,515 |
|
|
|
51,889 |
|
Total equity |
$ |
508,052 |
|
|
$ |
498,967 |
|
Total liabilities, redeemable noncontrolling interests, and stockholders' equity |
$ |
2,218,476 |
|
|
$ |
2,090,349 |
|
Altus Power, Inc.
|
|||||||
|
Three months ended March 31, |
||||||
|
|
2024 |
|
|
|
2023 |
|
Cash flows from operating activities |
|
|
|
||||
Net income |
$ |
4,055 |
|
|
$ |
3,845 |
|
Adjustments to reconcile net income to net cash from operating activities: |
|
|
|
||||
Depreciation, amortization and accretion |
|
16,130 |
|
|
|
11,376 |
|
Non-cash lease transactions |
|
(1,299 |
) |
|
|
112 |
|
Deferred tax expense |
|
4,896 |
|
|
|
888 |
|
Amortization of debt discount and financing costs |
|
1,200 |
|
|
|
753 |
|
Change in fair value of Alignment Shares liability |
|
(26,077 |
) |
|
|
(17,018 |
) |
Remeasurement of contingent consideration |
|
(79 |
) |
|
|
50 |
|
Gain on disposal of property, plant and equipment |
|
(88 |
) |
|
|
— |
|
Reclassification of realized gain on cash flow hedge to net income |
|
(404 |
) |
|
|
— |
|
Stock-based compensation |
|
4,111 |
|
|
|
2,813 |
|
Other |
|
(1,080 |
) |
|
|
138 |
|
Changes in assets and liabilities, excluding the effect of acquisitions |
|
|
|
||||
Accounts receivable |
|
(1,326 |
) |
|
|
1,685 |
|
Due to related parties |
|
34 |
|
|
|
101 |
|
Derivative assets |
|
(2,055 |
) |
|
|
1,769 |
|
Other assets |
|
(1,448 |
) |
|
|
1,206 |
|
Accounts payable |
|
68 |
|
|
|
2,828 |
|
Interest payable |
|
5,273 |
|
|
|
1,204 |
|
Contract liability |
|
163 |
|
|
|
152 |
|
Other liabilities |
|
2,451 |
|
|
|
2,323 |
|
Net cash provided by operating activities |
|
4,525 |
|
|
|
14,225 |
|
Cash flows used for investing activities |
|
|
|
||||
Capital expenditures |
|
(18,538 |
) |
|
|
(24,844 |
) |
Payments to acquire renewable energy businesses, net of cash and restricted cash acquired |
|
(119,617 |
) |
|
|
(288,241 |
) |
Payments to acquire renewable energy facilities from third parties, net of cash and restricted cash acquired |
|
(4,035 |
) |
|
|
(6,350 |
) |
Proceeds from disposal of property, plant and equipment |
|
266 |
|
|
|
— |
|
Net cash used for investing activities |
|
(141,924 |
) |
|
|
(319,435 |
) |
Cash flows used for financing activities |
|
|
|
||||
Proceeds from issuance of long-term debt |
|
131,895 |
|
|
|
204,687 |
|
Repayment of long-term debt |
|
(7,208 |
) |
|
|
(7,724 |
) |
Payment of debt issuance costs |
|
(1,231 |
) |
|
|
(1,976 |
) |
Payment of deferred purchase price payable |
|
— |
|
|
|
(4,531 |
) |
Contributions from noncontrolling interests |
|
— |
|
|
|
1,737 |
|
Redemption of redeemable noncontrolling interests |
|
— |
|
|
|
(1,098 |
) |
Distributions to noncontrolling interests |
|
(1,471 |
) |
|
|
(1,102 |
) |
Net cash provided by financing activities |
|
121,985 |
|
|
|
189,993 |
|
Net decrease in cash, cash equivalents, and restricted cash |
|
(15,414 |
) |
|
|
(115,217 |
) |
Cash, cash equivalents, and restricted cash, beginning of period |
|
218,927 |
|
|
|
199,398 |
|
Cash, cash equivalents, and restricted cash, end of period |
$ |
203,513 |
|
|
$ |
84,181 |
|
|
Three months ended March 31, |
||||
|
2024 |
|
2023 |
||
Supplemental cash flow disclosure |
|
|
|
||
Cash paid for interest |
$ |
12,256 |
|
$ |
6,509 |
Cash paid for taxes |
$ |
21 |
|
$ |
— |
Non-cash investing and financing activities |
|
|
|
||
Asset retirement obligations |
$ |
1,391 |
|
$ |
3,847 |
Debt assumed through acquisitions |
|
— |
|
|
8,100 |
Noncontrolling interest assumed through acquisitions |
|
2,100 |
|
|
13,296 |
Redeemable noncontrolling interest assumed through acquisitions |
|
— |
|
|
8,100 |
Accrued distributions to noncontrolling interests |
|
205 |
|
|
— |
Accrued deferred financing costs |
|
19 |
|
|
— |
Acquisitions of property and equipment included in construction payable |
|
— |
|
|
10,872 |
Conversion of Alignment Shares into common stock |
|
10 |
|
|
11 |
Deferred purchase price payable |
|
— |
|
|
7,069 |
Non-GAAP Financial Reconciliation
Reconciliation of GAAP reported Net Income to non-GAAP adjusted EBITDA:
|
Three Months Ended
|
||||||
|
|
2024 |
|
|
|
2023 |
|
|
(in thousands) |
||||||
Reconciliation of Net income to Adjusted EBITDA: |
|
|
|
||||
Net income |
$ |
4,055 |
|
|
$ |
3,845 |
|
Income tax expense |
|
4,896 |
|
|
|
888 |
|
Interest expense, net |
|
16,193 |
|
|
|
12,446 |
|
Depreciation, amortization and accretion expense |
|
16,130 |
|
|
|
11,376 |
|
Stock-based compensation |
|
4,304 |
|
|
|
2,872 |
|
Acquisition and entity formation costs |
|
1,066 |
|
|
|
1,491 |
|
(Gain) loss on fair value remeasurement of contingent consideration, net |
|
(79 |
) |
|
|
50 |
|
Gain on disposal of property, plant and equipment |
|
(88 |
) |
|
|
— |
|
Change in fair value of Alignment Shares liability |
|
(26,077 |
) |
|
|
(17,018 |
) |
Other (income) expense, net |
|
(683 |
) |
|
|
90 |
|
Adjusted EBITDA |
$ |
19,717 |
|
|
$ |
16,040 |
|
Reconciliation of non-GAAP adjusted EBITDA margin:
|
Three Months Ended March 31, |
||||||
|
|
2024 |
|
|
|
2023 |
|
|
(in thousands) |
||||||
Reconciliation of Adjusted EBITDA margin: |
|
|
|
||||
Adjusted EBITDA |
$ |
19,717 |
|
|
$ |
16,040 |
|
Operating revenues, net |
|
40,659 |
|
|
|
29,378 |
|
Adjusted EBITDA margin |
|
48 |
% |
|
|
55 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240509051024/en/
Altus Power Contact for Investor or Media Inquiries:
Chris Shelton, Head of Investor Relations
InvestorRelations@altuspower.com
Source: Altus Power, Inc.
