Altus Power, Inc. Announces Fourth Quarter and Full Year 2024 Financial Results
Altus Power (NYSE: AMPS) reported its Q4 and full-year 2024 financial results, showing mixed performance. Full-year revenue reached $196.3 million, up 26% from 2023, while narrowing its GAAP net loss to $10.7 million from $26.0 million in 2023.
The company achieved significant operational milestones, surpassing 1 GW in operating assets and completing ~56 MW of new-build assets while adding ~96 MW of assets in operation. Adjusted EBITDA grew 20% to $111.6 million, though margins decreased to 57% from 60% in 2023.
Notably, TPG announced plans to acquire Altus Power through its TPG Rise Climate Transition Infrastructure strategy for $5.00 per share, valuing the company at approximately $2.2 billion including debt. The transaction is expected to close in Q2 2025, subject to stockholder and regulatory approvals.
Altus Power (NYSE: AMPS) ha riportato i risultati finanziari del quarto trimestre e dell'anno intero 2024, mostrando una performance mista. Le entrate annuali hanno raggiunto $196,3 milioni, in aumento del 26% rispetto al 2023, mentre la perdita netta GAAP si è ridotta a $10,7 milioni rispetto ai $26,0 milioni del 2023.
L'azienda ha raggiunto importanti traguardi operativi, superando 1 GW di asset operativi e completando circa 56 MW di nuovi asset, aggiungendo circa 96 MW di asset in operazione. L'EBITDA rettificato è aumentato del 20% a $111,6 milioni, sebbene i margini siano diminuiti dal 60% al 57% rispetto al 2023.
È importante notare che TPG ha annunciato piani per acquisire Altus Power attraverso la sua strategia TPG Rise Climate Transition Infrastructure per $5,00 per azione, valutando l'azienda a circa $2,2 miliardi, compreso il debito. Si prevede che la transazione si chiuda nel secondo trimestre del 2025, soggetta all'approvazione degli azionisti e delle autorità regolatorie.
Altus Power (NYSE: AMPS) reportó sus resultados financieros del cuarto trimestre y del año completo 2024, mostrando un desempeño mixto. Los ingresos anuales alcanzaron $196.3 millones, un aumento del 26% respecto a 2023, mientras que la pérdida neta GAAP se redujo a $10.7 millones desde $26.0 millones en 2023.
La compañía logró hitos operativos significativos, superando 1 GW en activos operativos y completando aproximadamente 56 MW de nuevos activos, mientras añadía aproximadamente 96 MW de activos en operación. El EBITDA ajustado creció un 20% a $111.6 millones, aunque los márgenes disminuyeron al 57% desde el 60% en 2023.
Notablemente, TPG anunció planes para adquirir Altus Power a través de su estrategia TPG Rise Climate Transition Infrastructure por $5.00 por acción, valorando la compañía en aproximadamente $2.2 mil millones, incluida la deuda. Se espera que la transacción se cierre en el segundo trimestre de 2025, sujeta a la aprobación de los accionistas y de los reguladores.
Altus Power (NYSE: AMPS)는 2024년 4분기 및 연간 재무 결과를 발표하며 혼합된 성과를 보였습니다. 연간 수익은 $196.3 백만에 도달하여 2023년 대비 26% 증가했으며, GAAP 순손실은 2023년의 $26.0 백만에서 $10.7 백만으로 축소되었습니다.
회사는 1 GW의 운영 자산을 초과 달성하고 약 56 MW의 신규 자산을 완공하며 약 96 MW의 운영 중인 자산을 추가하는 중요한 운영 이정표를 달성했습니다. 조정 EBITDA는 $111.6 백만으로 20% 성장했지만, 마진은 2023년의 60%에서 57%로 감소했습니다.
특히, TPG는 TPG Rise Climate Transition Infrastructure 전략을 통해 Altus Power를 주당 $5.00에 인수할 계획을 발표하며, 부채를 포함해 회사를 약 22억 달러로 평가했습니다. 이 거래는 주주 및 규제 기관의 승인을 조건으로 2025년 2분기에 마감될 것으로 예상됩니다.
Altus Power (NYSE: AMPS) a publié ses résultats financiers du quatrième trimestre et de l'année complète 2024, montrant des performances variées. Le chiffre d'affaires annuel a atteint $196,3 millions, en hausse de 26% par rapport à 2023, tandis que la perte nette GAAP a été réduite à $10,7 millions contre $26,0 millions en 2023.
L'entreprise a atteint des jalons opérationnels significatifs, dépassant 1 GW d'actifs opérationnels et complétant environ 56 MW de nouveaux actifs tout en ajoutant environ 96 MW d'actifs en exploitation. L'EBITDA ajusté a augmenté de 20% pour atteindre $111,6 millions, bien que les marges aient diminué à 57% contre 60% en 2023.
Notamment, TPG a annoncé des plans pour acquérir Altus Power dans le cadre de sa stratégie TPG Rise Climate Transition Infrastructure pour $5,00 par action, valorisant l'entreprise à environ 2,2 milliards de dollars, y compris la dette. La transaction devrait être finalisée au deuxième trimestre 2025, sous réserve de l'approbation des actionnaires et des régulateurs.
Altus Power (NYSE: AMPS) hat seine Finanzzahlen für das vierte Quartal und das Gesamtjahr 2024 veröffentlicht, die eine gemischte Leistung zeigen. Der Gesamtumsatz belief sich auf $196,3 Millionen, was einem Anstieg von 26% im Vergleich zu 2023 entspricht, während der GAAP-Nettoverlust auf $10,7 Millionen von $26,0 Millionen in 2023 verringert wurde.
Das Unternehmen erreichte bedeutende operationale Meilensteine, indem es 1 GW an Betriebsvermögen übertraf und etwa 56 MW an neuen Vermögenswerten fertigstellte, während es etwa 96 MW an in Betrieb befindlichen Vermögenswerten hinzufügte. Das bereinigte EBITDA wuchs um 20% auf $111,6 Millionen, obwohl die Margen von 60% auf 57% im Jahr 2023 sanken.
Bemerkenswert ist, dass TPG Pläne angekündigt hat, Altus Power im Rahmen seiner TPG Rise Climate Transition Infrastructure-Strategie für $5,00 pro Aktie zu erwerben, was das Unternehmen auf etwa 2,2 Milliarden Dollar einschließlich Schulden bewertet. Die Transaktion wird voraussichtlich im 2. Quartal 2025 abgeschlossen, vorbehaltlich der Genehmigung durch die Aktionäre und der Aufsichtsbehörden.
- Revenue increased 26% year-over-year to $196.3 million
- Net loss reduced by 59% to $10.7 million from $26.0 million in 2023
- Adjusted EBITDA grew 20% to $111.6 million
- Achieved 1 GW milestone in operating assets
- Strong cash position with $123 million year-end balance
- TPG acquisition offers premium valuation at $2.2 billion
- Adjusted EBITDA margin declined to 57% from 60% in 2023
- Q4 GAAP net loss increased to $56.5 million from $40.0 million in 2023
- Company will delist from NYSE following TPG acquisition
Insights
Altus Power's Q4 and full-year 2024 results demonstrate solid top-line growth with revenue increasing 26% to
The most consequential development is the pending acquisition by TPG at
Operationally, Altus reached the significant milestone of 1 GW in operating assets during 2024, completing approximately 56 MW of new construction and adding 96 MW through acquisitions. The company maintained a strong liquidity position with a year-end cash balance of
The Q4 net loss of
Full Year 2024 Financial Highlights
-
Full year 2024 revenues of
, a$196.3 million 26% increase compared to full year 2023 -
GAAP net loss of
for full year 2024, compared to net loss of$10.7 million for full year 2023$26.0 million -
Adjusted EBITDA* of
for full year 2024, a$111.6 million 20% increase compared to full year 2023 -
Adjusted EBITDA margin* of
57% for full year 2024, compared to60% for full year 2023
Business Highlights
- Surpassed 1 GW in operating assets
- Completed ~56 MW of new-build assets and added ~96 MW of assets in operation
- Successfully structured an innovative tax equity transaction and partnership model
-
Year ending cash balance of
$123 million - On February 5, 2025, signed merger agreement to be acquired by TPG through its TPG Rise Climate Transition Infrastructure strategy
“In a year of economic uncertainty and evolving market conditions, Altus Power retained its market leadership position in commercial solar and surpassed 1 GW of operating assets. To support our ongoing growth opportunities, we’ve continued to focus on efficient capital markets execution as demonstrated by the new credit facility and innovative tax partnership we executed in 2024,” said Gregg Felton, CEO of Altus Power. “As we move toward our pending acquisition by TPG through its the TPG Rise Climate Transition Infrastructure strategy and transition to a private company, we are positioned to deliver even greater value to our customers and partners with the flexibility and resources to accelerate deployment, drive innovation and expand access to clean energy at scale.”
Fourth Quarter Financial Results
Operating revenues during the fourth quarter of 2024 totaled
Fourth quarter 2024 GAAP net loss totaled
Adjusted EBITDA* during the fourth quarter of 2024 was
Full Year 2024 Financial Results
Operating revenues for full year 2024 totaled
Full year 2024 GAAP net loss totaled
Adjusted EBITDA* during full year 2024 totaled
Pending Transaction
As previously announced, on February 5, 2025, Altus Power entered into a definitive agreement to be acquired by TPG through its TPG Rise Climate Transition Infrastructure strategy for
In light of the pending transaction with TPG, Altus Power will not be hosting a conference call or webcast to discuss its fourth quarter and full year 2024 results. Additionally, Altus Power will not be providing a financial outlook for 2025.
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 or benefit, 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, CEO transition costs, 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, CEO transition costs, 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 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.
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 power purchase agreement ("PPA") and net metering credit agreement ("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 solar renewable energy credit 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 and 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 Incentive Plan, as defined in Note 17, "Stock-Based Compensation," to our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 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
Loss on extinguishment of debt, net. When the repayment of debt is accounted for as an extinguishment of debt, loss or gain on extinguishment of debt represents the difference between the reacquisition price of debt and the net carrying amount of the extinguished debt.
Other Income and Expense, Net. Other income and expenses primarily represent interest income, and other miscellaneous items.
CEO Transition Costs. CEO transition costs represent costs recognized in connection with the resignation of Lars Norell as Co-Chief Executive Officer and director of the Company on April 28, 2024.
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: (i) the possibility that any or all of the various conditions to the completion of the proposed transaction (the “Transaction”) involving the Company, Avenger Parent, Inc., a
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 17, 2025, 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 they are made and the Company does not undertake to, and specifically disclaims any obligation to, publicly release the results of any updates or revisions to these forward-looking statements that may be made to reflect future events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
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.
About Altus Power, Inc.
Altus Power, based in
Altus Power, Inc. CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share and per share data) |
|||||||||||||||
|
Three Months Ended
|
|
Year Ended
|
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Operating revenues, net |
$ |
44,465 |
|
|
$ |
34,192 |
|
|
$ |
196,265 |
|
|
$ |
155,162 |
|
Operating expenses |
|
|
|
|
|
|
|
||||||||
Cost of operations (exclusive of depreciation and amortization shown separately below) |
|
12,009 |
|
|
|
8,254 |
|
|
|
46,092 |
|
|
|
29,636 |
|
General and administrative |
|
8,669 |
|
|
|
8,606 |
|
|
|
40,755 |
|
|
|
32,453 |
|
Depreciation, amortization and accretion expense |
|
18,470 |
|
|
|
15,573 |
|
|
|
68,917 |
|
|
|
53,627 |
|
Acquisition and entity formation costs |
|
1,384 |
|
|
|
1,380 |
|
|
|
3,665 |
|
|
|
4,508 |
|
Loss (gain) on fair value remeasurement of contingent consideration, net |
|
— |
|
|
|
2,057 |
|
|
|
(2,379 |
) |
|
|
2,207 |
|
Loss on disposal of property, plant and equipment |
|
531 |
|
|
|
— |
|
|
|
443 |
|
|
|
649 |
|
Stock-based compensation expense |
|
4,474 |
|
|
|
3,680 |
|
|
|
9,213 |
|
|
|
14,984 |
|
Total operating expenses |
$ |
45,537 |
|
|
$ |
39,550 |
|
|
$ |
166,706 |
|
|
$ |
138,064 |
|
Operating (loss) income |
|
(1,072 |
) |
|
|
(5,358 |
) |
|
|
29,559 |
|
|
|
17,098 |
|
Other (income) expenses |
|
|
|
|
|
|
|
||||||||
Change in fair value of Alignment Shares liability |
|
7,149 |
|
|
|
17,699 |
|
|
|
(41,023 |
) |
|
|
(5,632 |
) |
Other (income) expense, net |
|
(593 |
) |
|
|
134 |
|
|
|
(2,201 |
) |
|
|
1,784 |
|
Interest expense, net |
|
13,365 |
|
|
|
17,336 |
|
|
|
69,206 |
|
|
|
47,486 |
|
Loss on extinguishment of debt, net |
|
— |
|
|
|
197 |
|
|
|
— |
|
|
|
116 |
|
Total other expense, net |
$ |
19,921 |
|
|
$ |
35,366 |
|
|
$ |
25,982 |
|
|
$ |
43,754 |
|
(Loss) income before income tax expense |
$ |
(20,993 |
) |
|
$ |
(40,724 |
) |
|
$ |
3,577 |
|
|
$ |
(26,656 |
) |
Income tax (expense) benefit |
|
(35,487 |
) |
|
|
760 |
|
|
|
(14,244 |
) |
|
|
683 |
|
Net loss |
$ |
(56,480 |
) |
|
$ |
(39,964 |
) |
|
$ |
(10,667 |
) |
|
$ |
(25,973 |
) |
Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests |
|
4,989 |
|
|
|
(12,837 |
) |
|
|
(11,990 |
) |
|
|
(16,618 |
) |
Net (loss) income attributable to Altus Power, Inc. |
$ |
(61,469 |
) |
|
$ |
(27,127 |
) |
|
$ |
1,323 |
|
|
$ |
(9,355 |
) |
Net (loss) income per share attributable to common stockholders |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
(0.38 |
) |
|
$ |
(0.17 |
) |
|
$ |
0.01 |
|
|
$ |
(0.06 |
) |
Diluted |
$ |
(0.38 |
) |
|
$ |
(0.17 |
) |
|
$ |
0.01 |
|
|
$ |
(0.06 |
) |
Weighted average shares used to compute net (loss) income per share attributable to common stockholders |
|
|
|
|
|
|
|
||||||||
Basic |
|
159,996,851 |
|
|
|
158,737,305 |
|
|
|
159,730,462 |
|
|
|
158,699,959 |
|
Diluted |
|
159,996,851 |
|
|
|
158,737,305 |
|
|
|
160,678,673 |
|
|
|
158,699,959 |
|
Altus Power, Inc. CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share data) |
|||||||
|
As of December 31, |
||||||
|
|
2024 |
|
|
|
2023 |
|
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
104,902 |
|
|
$ |
160,817 |
|
Current portion of restricted cash |
|
7,040 |
|
|
|
45,358 |
|
Accounts receivable, net |
|
21,808 |
|
|
|
17,100 |
|
Other current assets |
|
9,808 |
|
|
|
5,522 |
|
Total current assets |
|
143,558 |
|
|
|
228,797 |
|
Restricted cash, noncurrent portion |
|
11,445 |
|
|
|
12,752 |
|
Property, plant and equipment, net |
|
1,942,885 |
|
|
|
1,619,047 |
|
Intangible assets, net |
|
51,243 |
|
|
|
47,588 |
|
Operating lease asset |
|
189,512 |
|
|
|
173,804 |
|
Derivative assets |
|
2,726 |
|
|
|
530 |
|
Other assets |
|
7,594 |
|
|
|
7,831 |
|
Total assets |
$ |
2,348,963 |
|
|
$ |
2,090,349 |
|
Liabilities, redeemable noncontrolling interests, and stockholders' equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
10,812 |
|
|
$ |
7,338 |
|
Construction payable |
|
16,107 |
|
|
|
14,108 |
|
Interest payable |
|
13,027 |
|
|
|
8,685 |
|
Purchase price payable, current |
|
29,455 |
|
|
|
9,514 |
|
Due to related parties |
|
100 |
|
|
|
51 |
|
Current portion of long-term debt |
|
179,378 |
|
|
|
39,611 |
|
Operating lease liability, current |
|
7,451 |
|
|
|
6,861 |
|
Contract liability, current |
|
1,607 |
|
|
|
2,940 |
|
Investment tax credit transfer liability |
|
60,319 |
|
|
|
— |
|
Other current liabilities |
|
11,269 |
|
|
|
17,402 |
|
Total current liabilities |
|
329,525 |
|
|
|
106,510 |
|
Alignment Shares liability |
|
19,470 |
|
|
|
60,502 |
|
Long-term debt, net of unamortized debt issuance costs and current portion |
|
1,192,379 |
|
|
|
1,163,307 |
|
Intangible liabilities, net |
|
16,007 |
|
|
|
18,945 |
|
Asset retirement obligations |
|
20,326 |
|
|
|
17,014 |
|
Operating lease liability, noncurrent |
|
195,876 |
|
|
|
180,701 |
|
Contract liability |
|
5,936 |
|
|
|
5,620 |
|
Deferred tax liabilities, net |
|
22,865 |
|
|
|
9,831 |
|
Other long-term liabilities |
|
3,157 |
|
|
|
2,908 |
|
Total liabilities |
$ |
1,805,541 |
|
|
$ |
1,565,338 |
|
Commitments and contingent liabilities |
|
|
|
||||
Redeemable noncontrolling interests |
|
19,076 |
|
|
|
26,044 |
|
Stockholders' equity |
|
|
|
||||
Common stock |
|
16 |
|
|
|
16 |
|
Additional paid-in capital |
|
493,981 |
|
|
|
485,063 |
|
Accumulated deficit |
|
(54,417 |
) |
|
|
(55,274 |
) |
Accumulated other comprehensive income |
|
15,578 |
|
|
|
17,273 |
|
Total stockholders' equity |
$ |
455,158 |
|
|
$ |
447,078 |
|
Noncontrolling interests |
|
69,188 |
|
|
|
51,889 |
|
Total equity |
$ |
524,346 |
|
|
$ |
498,967 |
|
Total liabilities, redeemable noncontrolling interests, and stockholders' equity |
$ |
2,348,963 |
|
|
$ |
2,090,349 |
|
Altus Power, Inc. CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) |
|||||||
|
Year ended December 31, |
||||||
|
|
2024 |
|
|
|
2023 |
|
Cash flows from operating activities |
|
|
|
||||
Net loss |
$ |
(10,667 |
) |
|
$ |
(25,973 |
) |
Adjustments to reconcile net loss to net cash from operating activities: |
|
|
|
||||
Depreciation, amortization and accretion expense |
|
68,917 |
|
|
|
53,627 |
|
Deferred tax expense (benefit) |
|
14,194 |
|
|
|
(715 |
) |
Non-cash lease expense |
|
1,122 |
|
|
|
2,036 |
|
Amortization of debt discount and financing costs |
|
5,541 |
|
|
|
3,617 |
|
Loss on extinguishment of debt, net |
|
— |
|
|
|
116 |
|
Change in fair value of Alignment Shares liability |
|
(41,023 |
) |
|
|
(5,632 |
) |
Remeasurement of contingent consideration, net |
|
(2,379 |
) |
|
|
2,207 |
|
Loss on disposal of property, plant and equipment |
|
443 |
|
|
|
649 |
|
Stock-based compensation expense |
|
8,239 |
|
|
|
14,938 |
|
Amortization of forward-starting interest rate swap |
|
(1,703 |
) |
|
|
— |
|
Other |
|
(2,791 |
) |
|
|
764 |
|
Changes in assets and liabilities, excluding the effect of acquisitions |
|
|
|
||||
Accounts receivable |
|
(3,223 |
) |
|
|
1,493 |
|
Due to related parties |
|
49 |
|
|
|
(61 |
) |
Derivative assets |
|
(2,196 |
) |
|
|
20,690 |
|
Other assets |
|
(1,906 |
) |
|
|
2,098 |
|
Accounts payable |
|
2,937 |
|
|
|
3,504 |
|
Interest payable |
|
3,757 |
|
|
|
4,249 |
|
Contract liability |
|
454 |
|
|
|
438 |
|
Other liabilities |
|
583 |
|
|
|
1,312 |
|
Net cash provided by operating activities |
|
40,348 |
|
|
|
79,357 |
|
Cash flows used for investing activities |
|
|
|
||||
Capital expenditures |
|
(93,705 |
) |
|
|
(117,791 |
) |
Payments to acquire renewable energy businesses, net of cash and restricted cash acquired |
|
(119,240 |
) |
|
|
(432,441 |
) |
Payments to acquire renewable energy facilities from third parties, net of cash and restricted cash acquired |
|
(154,526 |
) |
|
|
(38,931 |
) |
Proceeds from disposal of property, plant and equipment |
|
266 |
|
|
|
2,350 |
|
Other |
|
— |
|
|
|
— |
|
Net cash used for investing activities |
|
(367,205 |
) |
|
|
(586,813 |
) |
Cash flows from financing activities |
|
|
|
||||
Proceeds from issuance of long-term debt |
|
301,329 |
|
|
|
579,627 |
|
Repayments of long-term debt |
|
(135,697 |
) |
|
|
(51,114 |
) |
Payment of debt issuance costs |
|
(1,231 |
) |
|
|
(5,000 |
) |
Payment of debt extinguishment costs |
|
— |
|
|
|
(85 |
) |
Payment of deferred purchase price payable |
|
(8,195 |
) |
|
|
(17,632 |
) |
Payment of contingent consideration |
|
(5,793 |
) |
|
|
(5,298 |
) |
Contributions from noncontrolling interests |
|
34,860 |
|
|
|
35,282 |
|
Redemption of noncontrolling interests |
|
(4,084 |
) |
|
|
(3,855 |
) |
Distributions to noncontrolling interests |
|
(10,191 |
) |
|
|
(4,940 |
) |
Proceeds from transfer of investment tax credits related to noncontrolling interests |
|
60,319 |
|
|
|
— |
|
Net cash provided by financing activities |
|
231,317 |
|
|
|
526,985 |
|
Net (decrease) increase in cash, cash equivalents, and restricted cash |
|
(95,540 |
) |
|
|
19,529 |
|
Cash, cash equivalents, and restricted cash, beginning of year |
|
218,927 |
|
|
|
199,398 |
|
Cash, cash equivalents, and restricted cash, end of year |
$ |
123,387 |
|
|
$ |
218,927 |
|
|
Year ended December 31, |
|||||
|
|
2024 |
|
|
2023 |
|
Supplemental cash flow disclosure |
|
|
|
|||
Cash paid for interest, net of amounts capitalized |
$ |
68,242 |
|
|
$ |
36,946 |
Cash paid for taxes |
|
35 |
|
|
|
69 |
Non-cash investing and financing activities |
|
|
|
|||
Asset retirement obligations |
$ |
2,332 |
|
|
$ |
6,312 |
Debt assumed through acquisitions |
|
— |
|
|
|
7,900 |
Initial recording of noncontrolling interest |
|
2,100 |
|
|
|
13,500 |
Redeemable noncontrolling interest assumed through acquisitions |
|
(100 |
) |
|
|
15,541 |
Accrued distributions to noncontrolling interests |
|
765 |
|
|
|
278 |
Accrued deferred financing costs |
|
— |
|
|
|
203 |
Acquisitions of property and equipment included in construction payable |
|
1,338 |
|
|
|
5,588 |
Conversion of Alignment Shares into common stock |
|
10 |
|
|
|
11 |
Deferred purchase price payable |
|
29,330 |
|
|
|
7,656 |
Non-GAAP Financial Reconciliation |
|||||||||||||||
Reconciliation of GAAP reported Net (loss) income to non-GAAP adjusted EBITDA: |
|||||||||||||||
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
(in thousands) |
|
(in thousands) |
||||||||||||
Reconciliation of Net (loss) income to Adjusted EBITDA: |
|
|
|
|
|
|
|
||||||||
Net loss |
$ |
(56,480 |
) |
|
$ |
(39,964 |
) |
|
$ |
(10,667 |
) |
|
$ |
(25,973 |
) |
Income tax expense (benefit) |
|
35,487 |
|
|
|
(760 |
) |
|
|
14,244 |
|
|
|
(683 |
) |
Interest expense, net |
|
13,365 |
|
|
|
17,336 |
|
|
|
69,206 |
|
|
|
47,486 |
|
Depreciation, amortization and accretion expense |
|
18,470 |
|
|
|
15,573 |
|
|
|
68,917 |
|
|
|
53,627 |
|
Stock-based compensation expense |
|
4,474 |
|
|
|
3,680 |
|
|
|
9,213 |
|
|
|
14,984 |
|
Acquisition and entity formation costs |
|
1,384 |
|
|
|
1,380 |
|
|
|
3,665 |
|
|
|
4,508 |
|
Loss (gain) on fair value remeasurement of contingent consideration |
|
— |
|
|
|
2,057 |
|
|
|
(2,379 |
) |
|
|
2,207 |
|
Loss on disposal of property, plant and equipment |
|
531 |
|
|
|
— |
|
|
|
443 |
|
|
|
649 |
|
Change in fair value of Alignment Shares liability |
|
7,149 |
|
|
|
17,699 |
|
|
|
(41,023 |
) |
|
|
(5,632 |
) |
Loss on extinguishment of debt, net |
|
— |
|
|
|
197 |
|
|
|
— |
|
|
|
116 |
|
Other (income) expense, net |
|
(593 |
) |
|
|
134 |
|
|
|
(2,201 |
) |
|
|
1,784 |
|
CEO transition costs |
|
— |
|
|
|
— |
|
|
|
2,203 |
|
|
|
— |
|
Adjusted EBITDA |
$ |
23,787 |
|
|
$ |
17,332 |
|
|
$ |
111,621 |
|
|
$ |
93,073 |
|
Reconciliation of non-GAAP adjusted EBITDA margin: |
|||||||||||||||
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
(in thousands) |
|
(in thousands) |
||||||||||||
Reconciliation of Adjusted EBITDA margin: |
|
|
|
|
|
|
|
||||||||
Adjusted EBITDA |
$ |
23,787 |
|
|
$ |
17,332 |
|
|
$ |
111,621 |
|
|
$ |
93,073 |
|
Operating revenues, net |
|
44,465 |
|
|
|
34,192 |
|
|
|
196,265 |
|
|
|
155,162 |
|
Adjusted EBITDA margin |
|
53 |
% |
|
|
51 |
% |
|
|
57 |
% |
|
|
60 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250317916435/en/
Altus Power Contact for Investor or Media Inquiries:
Alison Sternberg, Head of Investor Relations
InvestorRelations@altuspower.com
Source: Altus Power, Inc.