Altus Power, Inc. Announces Second Quarter 2024 Financial Results
Altus Power (NYSE: AMPS), the largest commercial-scale provider of clean electric power, reported Q2 2024 financial results. Highlights include:
- Revenue of $52.5 million, up 13% year-over-year
- GAAP net income of $33.1 million, compared to $3.4 million in Q2 2023
- Adjusted EBITDA of $31.2 million, a 2% increase year-over-year
- Portfolio size increased by 42% compared to Q2 2023
- Generated 364 million kilowatt hours of clean electric power
The company revised its FY2024 guidance to $196-201 million revenue and $111-115 million adjusted EBITDA. Altus Power reaffirmed its 3-year guidance of 20-30% CAGR on megawatts and 20-25% CAGR on revenue and adjusted EBITDA.
Altus Power (NYSE: AMPS), il principale fornitore di energia elettrica pulita su scala commerciale, ha riportato i risultati finanziari per il secondo trimestre del 2024. I punti salienti includono:
- Ricavi di 52,5 milioni di dollari, in aumento del 13% rispetto all'anno precedente
- Utile netto GAAP di 33,1 milioni di dollari, rispetto a 3,4 milioni di dollari nel secondo trimestre del 2023
- EBITDA rettificato di 31,2 milioni di dollari, un incremento del 2% rispetto all'anno precedente
- Dimensione del portafoglio aumentata del 42% rispetto al secondo trimestre del 2023
- Generati 364 milioni di kilowattora di energia elettrica pulita
L'azienda ha rivisto le previsioni per l'anno fiscale 2024 a un fatturato di 196-201 milioni di dollari e un EBITDA rettificato di 111-115 milioni di dollari. Altus Power ha confermato le sue previsioni triennali di una crescita annuale composta (CAGR) del 20-30% in megawatt e del 20-25% in fatturato e EBITDA rettificato.
Altus Power (NYSE: AMPS), el mayor proveedor de energía eléctrica limpia a escala comercial, reportó los resultados financieros del segundo trimestre de 2024. Los aspectos más destacados incluyen:
- Ingresos de 52,5 millones de dólares, un aumento del 13% interanual
- Ingreso neto GAAP de 33,1 millones de dólares, en comparación con 3,4 millones de dólares en el segundo trimestre de 2023
- EBITDA ajustado de 31,2 millones de dólares, un incremento del 2% interanual
- Aumento del tamaño del portafolio en un 42% en comparación con el segundo trimestre de 2023
- Generación de 364 millones de kilovatios hora de energía eléctrica limpia
La compañía revisó su guía para el año fiscal 2024 a ingresos de 196-201 millones de dólares y EBITDA ajustado de 111-115 millones de dólares. Altus Power reafirmó su guía a tres años de un CAGR del 20-30% en megavatios y del 20-25% en ingresos y EBITDA ajustado.
Altus Power (NYSE: AMPS), 상업 규모로 청정 전기를 제공하는 가장 큰 공급자가 2024년 2분기 재무 결과를 발표했습니다. 주요 내용은 다음과 같습니다:
- 매출 5,250만 달러, 전년 대비 13% 증가
- GAAP 순이익 3,310만 달러, 2023년 2분기 340만 달러와 비교
- 조정된 EBITDA 3,120만 달러, 전년 대비 2% 증가
- 포트폴리오 규모가 2023년 2분기 대비 42% 증가
- 3억 6,400만 킬로와트시의 청정 전기 생성
회사는 2024 회계연도 가이던스를 매출 1억 9,600만-2억 1백만 달러, 조정된 EBITDA 1억 1,100만-1억 1,500만 달러로 수정했습니다. Altus Power는 메가와트 기준으로 20-30% CAGR, 매출 및 조정된 EBITDA 기준으로 20-25% CAGR의 3년 예측을 재확인했습니다.
Altus Power (NYSE: AMPS), le plus grand fournisseur d'électricité propre à l'échelle commerciale, a annoncé ses résultats financiers du deuxième trimestre 2024. Les points forts comprennent :
- Revenus de 52,5 millions de dollars, en hausse de 13 % par rapport à l'année précédente
- Bénéfice net GAAP de 33,1 millions de dollars, comparé à 3,4 millions de dollars au deuxième trimestre 2023
- EBITDA ajusté de 31,2 millions de dollars, une augmentation de 2 % par rapport à l'année précédente
- Taille du portefeuille augmentée de 42 % par rapport au deuxième trimestre 2023
- 364 millions de kilowattheures d'électricité propre générés
L'entreprise a révisé ses prévisions pour l'exercice 2024 à des revenus de 196-201 millions de dollars et un EBITDA ajusté de 111-115 millions de dollars. Altus Power a réaffirmé ses prévisions sur trois ans d'une croissance annuelle composée (CAGR) de 20-30 % en mégawatts et de 20-25 % en revenus et EBITDA ajusté.
Altus Power (NYSE: AMPS), der größte Anbieter von sauberer Elektrizität im kommerziellen Maßstab, hat die Finanzergebnisse für das 2. Quartal 2024 veröffentlicht. Die Highlights sind:
- Umsatz von 52,5 Millionen US-Dollar, ein Anstieg von 13 % im Vergleich zum Vorjahr
- GAAP-Nettoeinkommen von 33,1 Millionen US-Dollar, verglichen mit 3,4 Millionen US-Dollar im 2. Quartal 2023
- Angepasster EBITDA von 31,2 Millionen US-Dollar, ein Anstieg von 2 % im Jahresvergleich
- Portfoliogröße um 42 % im Vergleich zum 2. Quartal 2023 gestiegen
- 364 Millionen Kilowattstunden saubere Elektrizität erzeugt
Das Unternehmen hat seine Prognose für das Geschäftsjahr 2024 auf einen Umsatz von 196-201 Millionen US-Dollar und einen angepassten EBITDA von 111-115 Millionen US-Dollar überarbeitet. Altus Power hat seine 3-Jahres-Prognose von 20-30 % CAGR bei Megawatt und 20-25 % CAGR bei Umsatz und angepasstem EBITDA bekräftigt.
- Revenue increased by 13% year-over-year to $52.5 million
- GAAP net income grew significantly from $3.4 million to $33.1 million
- Adjusted EBITDA increased by 2% to $31.2 million
- Portfolio size expanded by 42% compared to Q2 2023
- Company maintains position as the largest owner of commercial-scale solar with nearly 1 gigawatt portfolio
- Revised FY2024 guidance downward for both revenue and adjusted EBITDA
- Adjusted EBITDA growth (2%) lagged behind revenue growth (13%)
- Increase in operating expenses and general and administrative expenses due to personnel growth
Insights
Altus Power's Q2 2024 results show mixed signals. While revenues increased by
The downward revision of FY2024 guidance is concerning, suggesting challenges in meeting previous targets. However, the reaffirmation of 3-year growth projections provides some reassurance for long-term prospects. The
The company's position as the largest commercial-scale solar provider is a strong competitive advantage, but the sector faces headwinds from rising interest rates and potential policy changes. Investors should closely watch Altus Power's ability to maintain growth while managing costs in this evolving landscape.
Altus Power's Q2 performance underscores its strong position in the commercial solar market. Generating 364 million kilowatt hours of clean power, equivalent to avoiding 254,000 metric tons of CO2 annually, highlights the company's significant environmental impact. This output, coupled with their nearly 1 gigawatt portfolio, positions Altus as a major player in the transition to renewable energy.
The
The revised guidance for 2024 may reflect short-term hurdles, but the reaffirmed 3-year CAGR targets of
Second Quarter Financial Highlights
-
Second quarter 2024 revenues of
$52.5 million 13% increase as compared to second quarter 2023 -
GAAP net income of
$33.1 million $3.4 million -
Adjusted EBITDA* of
$31.2 million 2% increase as compared with second quarter 2023
Recent Business Highlights
-
Increased portfolio size by
42% as compared to second quarter of 2023 - Generated 364 million kilowatt hours of clean electric power, the equivalent of approximately 254,000 metric tons of carbon dioxide avoided annually
- Number one owner of commercial-scale solar1, with a portfolio of nearly 1 gigawatt in size
“Altus Power has assembled a portfolio of highly attractive assets that will generate long-term value for our investors. In Q2 2024, we continued to prudently scale our portfolio and capitalize on long-term growth opportunities,” said Gregg Felton, CEO of Altus Power. “Over the past five years, our flexible and agile but disciplined approach has allowed us to increase our revenues and adjusted EBITDA four-fold, while building the largest nationwide portfolio in the commercial solar market.”
Second Quarter Financial Results
Operating revenues during the second quarter of 2024 totaled
Second quarter 2024 GAAP net income totaled
Adjusted EBITDA* during the second quarter of 2024 was
2024 Guidance
The company announced plans to revise its previously stated guidance range of
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.
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 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 and Benefit. Stock-based compensation expense is recognized for awards granted under the Legacy Incentive Plans and 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 six months ended June 30, 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 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: (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 second 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. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (In thousands, except share and per share data) |
|||||||||||||||
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Operating revenues, net |
$ |
52,460 |
|
|
$ |
46,513 |
|
|
$ |
93,119 |
|
|
$ |
75,891 |
|
Operating expenses |
|
|
|
|
|
|
|
||||||||
Cost of operations (exclusive of depreciation and amortization shown separately below) |
|
11,272 |
|
|
|
7,581 |
|
|
|
22,192 |
|
|
|
13,557 |
|
General and administrative |
|
12,240 |
|
|
|
8,291 |
|
|
|
22,262 |
|
|
|
15,653 |
|
Depreciation, amortization and accretion expense |
|
17,166 |
|
|
|
12,959 |
|
|
|
33,296 |
|
|
|
24,335 |
|
Acquisition and entity formation costs |
|
450 |
|
|
|
1,369 |
|
|
|
1,516 |
|
|
|
2,860 |
|
(Gain) loss on fair value remeasurement of contingent consideration, net |
|
(1,400 |
) |
|
|
50 |
|
|
|
(1,479 |
) |
|
|
100 |
|
Gain on disposal of property, plant and equipment |
|
— |
|
|
|
— |
|
|
|
(88 |
) |
|
|
— |
|
Stock-based compensation (benefit) expense |
|
(4,227 |
) |
|
|
4,256 |
|
|
|
77 |
|
|
|
7,128 |
|
Total operating expenses |
$ |
35,501 |
|
|
$ |
34,506 |
|
|
$ |
77,776 |
|
|
$ |
63,633 |
|
Operating income |
|
16,959 |
|
|
|
12,007 |
|
|
|
15,343 |
|
|
|
12,258 |
|
Other (income) expense |
|
|
|
|
|
|
|
||||||||
Change in fair value of Alignment Shares liability |
|
(11,881 |
) |
|
|
(2,805 |
) |
|
|
(37,958 |
) |
|
|
(19,823 |
) |
Other (income) expense, net |
|
(1,135 |
) |
|
|
1,789 |
|
|
|
(1,818 |
) |
|
|
1,879 |
|
Interest expense, net |
|
17,865 |
|
|
|
8,524 |
|
|
|
34,058 |
|
|
|
20,970 |
|
Total other expense (income), net |
$ |
4,849 |
|
|
$ |
7,508 |
|
|
$ |
(5,718 |
) |
|
$ |
3,026 |
|
Income before income taxes |
$ |
12,110 |
|
|
$ |
4,499 |
|
|
$ |
21,061 |
|
|
$ |
9,232 |
|
Income tax benefit (expense) |
|
21,039 |
|
|
|
(1,129 |
) |
|
|
16,143 |
|
|
|
(2,017 |
) |
Net income |
$ |
33,149 |
|
|
$ |
3,370 |
|
|
$ |
37,204 |
|
|
$ |
7,215 |
|
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests |
|
(4,496 |
) |
|
|
(3,455 |
) |
|
|
(7,950 |
) |
|
|
(5,227 |
) |
Net income attributable to Altus Power, Inc. |
$ |
37,645 |
|
|
$ |
6,825 |
|
|
$ |
45,154 |
|
|
$ |
12,442 |
|
Net income per share attributable to common stockholders |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.23 |
|
|
$ |
0.04 |
|
|
$ |
0.28 |
|
|
$ |
0.08 |
|
Diluted |
$ |
0.23 |
|
|
$ |
0.04 |
|
|
$ |
0.27 |
|
|
$ |
0.08 |
|
Weighted average shares used to compute net income per share attributable to common stockholders |
|
|
|
|
|
|
|
||||||||
Basic |
|
159,902,589 |
|
|
|
158,719,684 |
|
|
|
159,464,164 |
|
|
|
158,670,950 |
|
Diluted |
|
163,585,652 |
|
|
|
158,978,275 |
|
|
|
165,500,438 |
|
|
|
160,747,045 |
|
Altus Power, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (In thousands, except share and per share data) |
|||||||
|
As of June 30, 2024 |
|
As of December 31, 2023 |
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
78,379 |
|
|
$ |
160,817 |
|
Current portion of restricted cash |
|
1,166 |
|
|
|
45,358 |
|
Accounts receivable, net |
|
31,822 |
|
|
|
17,100 |
|
Other current assets |
|
8,574 |
|
|
|
5,522 |
|
Total current assets |
|
119,941 |
|
|
|
228,797 |
|
Restricted cash, noncurrent portion |
|
12,733 |
|
|
|
12,752 |
|
Property, plant and equipment, net |
|
1,751,125 |
|
|
|
1,619,047 |
|
Intangible assets, net |
|
48,544 |
|
|
|
47,588 |
|
Operating lease asset |
|
182,031 |
|
|
|
173,804 |
|
Derivative assets |
|
2,965 |
|
|
|
530 |
|
Deferred tax assets, net |
|
6,314 |
|
|
|
— |
|
Other assets |
|
8,294 |
|
|
|
7,831 |
|
Total assets |
$ |
2,131,947 |
|
|
$ |
2,090,349 |
|
Liabilities, redeemable noncontrolling interests, and stockholders' equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
7,492 |
|
|
$ |
7,338 |
|
Construction payable |
|
13,836 |
|
|
|
14,108 |
|
Interest payable |
|
15,133 |
|
|
|
8,685 |
|
Purchase price payable, current |
|
5,673 |
|
|
|
9,514 |
|
Due to related parties |
|
67 |
|
|
|
51 |
|
Current portion of long-term debt, net |
|
73,570 |
|
|
|
39,611 |
|
Operating lease liability, current |
|
4,521 |
|
|
|
6,861 |
|
Contract liability, current |
|
2,453 |
|
|
|
2,940 |
|
Other current liabilities |
|
9,141 |
|
|
|
17,402 |
|
Total current liabilities |
|
131,886 |
|
|
|
106,510 |
|
Alignment Shares liability |
|
22,534 |
|
|
|
60,502 |
|
Long-term debt, net of unamortized debt issuance costs and current portion |
|
1,180,168 |
|
|
|
1,163,307 |
|
Intangible liabilities, net |
|
18,169 |
|
|
|
18,945 |
|
Asset retirement obligations |
|
18,966 |
|
|
|
17,014 |
|
Operating lease liability, noncurrent |
|
187,891 |
|
|
|
180,701 |
|
Contract liability, noncurrent |
|
6,074 |
|
|
|
5,620 |
|
Deferred tax liabilities, net |
|
— |
|
|
|
9,831 |
|
Other long-term liabilities |
|
3,012 |
|
|
|
2,908 |
|
Total liabilities |
$ |
1,568,700 |
|
|
$ |
1,565,338 |
|
Commitments and contingent liabilities |
|
|
|
||||
Redeemable noncontrolling interests |
|
22,891 |
|
|
|
26,044 |
|
Stockholders' equity |
|
|
|
||||
Common stock |
|
16 |
|
|
|
16 |
|
Additional paid-in capital |
|
484,181 |
|
|
|
485,063 |
|
Accumulated deficit |
|
(10,120 |
) |
|
|
(55,274 |
) |
Accumulated other comprehensive income |
|
16,445 |
|
|
|
17,273 |
|
Total stockholders' equity |
$ |
490,522 |
|
|
$ |
447,078 |
|
Noncontrolling interests |
|
49,834 |
|
|
|
51,889 |
|
Total equity |
$ |
540,356 |
|
|
$ |
498,967 |
|
Total liabilities, redeemable noncontrolling interests, and stockholders' equity |
$ |
2,131,947 |
|
|
$ |
2,090,349 |
|
Altus Power, Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (In thousands) |
|||||||
|
Six months ended June 30, |
||||||
|
2024 |
|
2023 |
||||
Cash flows from operating activities |
|
|
|
||||
Net income |
$ |
37,204 |
|
|
$ |
7,215 |
|
Adjustments to reconcile net income to net cash from operating activities: |
|
|
|
||||
Depreciation, amortization and accretion |
|
33,296 |
|
|
|
24,335 |
|
Non-cash lease transactions |
|
(2,289 |
) |
|
|
499 |
|
Deferred tax expense |
|
(16,143 |
) |
|
|
2,011 |
|
Amortization of debt discount and financing costs |
|
2,458 |
|
|
|
1,683 |
|
Change in fair value of Alignment Shares liability |
|
(37,958 |
) |
|
|
(19,823 |
) |
Remeasurement of contingent consideration, net |
|
(1,479 |
) |
|
|
100 |
|
Gain on disposal of property, plant and equipment |
|
(88 |
) |
|
|
— |
|
Reclassification of realized gain on cash flow hedge to net income |
|
(837 |
) |
|
|
— |
|
Stock-based compensation (benefit) expense |
|
(116 |
) |
|
|
7,069 |
|
Other |
|
(1,457 |
) |
|
|
1,350 |
|
Changes in assets and liabilities, excluding the effect of acquisitions |
|
|
|
||||
Accounts receivable |
|
(13,163 |
) |
|
|
(9,597 |
) |
Due to related parties |
|
16 |
|
|
|
41 |
|
Derivative assets |
|
(2,435 |
) |
|
|
2,676 |
|
Other assets |
|
(2,683 |
) |
|
|
1,607 |
|
Accounts payable |
|
358 |
|
|
|
2,924 |
|
Interest payable |
|
6,448 |
|
|
|
3,037 |
|
Contract liability |
|
268 |
|
|
|
243 |
|
Other liabilities |
|
(2,478 |
) |
|
|
121 |
|
Net cash (used for) provided by operating activities |
|
(1,078 |
) |
|
|
25,491 |
|
Cash flows used for investing activities |
|
|
|
||||
Capital expenditures |
|
(40,497 |
) |
|
|
(61,982 |
) |
Payments to acquire renewable energy businesses, net of cash and restricted cash acquired |
|
(119,444 |
) |
|
|
(288,903 |
) |
Payments to acquire renewable energy facilities from third parties, net of cash and restricted cash acquired |
|
(6,533 |
) |
|
|
(22,433 |
) |
Proceeds from disposal of property, plant and equipment |
|
266 |
|
|
|
— |
|
Net cash used for investing activities |
|
(166,208 |
) |
|
|
(373,318 |
) |
Cash flows used for financing activities |
|
|
|
||||
Proceeds from issuance of long-term debt |
|
131,895 |
|
|
|
269,850 |
|
Repayment of long-term debt |
|
(81,677 |
) |
|
|
(31,068 |
) |
Payment of debt issuance costs |
|
(1,231 |
) |
|
|
(2,548 |
) |
Payment of deferred purchase price payable |
|
(3,860 |
) |
|
|
(4,531 |
) |
Payment of contingent consideration |
|
(5,793 |
) |
|
|
— |
|
Contributions from noncontrolling interests |
|
4,103 |
|
|
|
6,274 |
|
Redemption of redeemable noncontrolling interests |
|
— |
|
|
|
(3,224 |
) |
Distributions to noncontrolling interests |
|
(2,800 |
) |
|
|
(2,189 |
) |
Net cash provided by financing activities |
|
40,637 |
|
|
|
232,564 |
|
Net decrease in cash, cash equivalents, and restricted cash |
|
(126,649 |
) |
|
|
(115,263 |
) |
Cash, cash equivalents, and restricted cash, beginning of period |
|
218,927 |
|
|
|
199,398 |
|
Cash, cash equivalents, and restricted cash, end of period |
$ |
92,278 |
|
|
$ |
84,135 |
|
|
Six months ended June 30, |
||||
|
2024 |
|
2023 |
||
Supplemental cash flow disclosure |
|
|
|
||
Cash paid for interest |
$ |
28,387 |
|
$ |
15,299 |
Cash paid for taxes |
|
26 |
|
|
— |
Non-cash investing and financing activities |
|
|
|
||
Asset retirement obligations |
$ |
1,391 |
|
$ |
3,943 |
Debt assumed through acquisitions |
|
— |
|
|
7,883 |
Noncontrolling interest assumed through acquisitions |
|
2,100 |
|
|
13,500 |
Redeemable noncontrolling interest assumed through acquisitions |
|
— |
|
|
8,100 |
Accrued distributions to noncontrolling interests |
|
661 |
|
|
— |
Acquisitions of property and equipment included in construction payable |
|
— |
|
|
6,125 |
Conversion of Alignment Shares into common stock |
|
10 |
|
|
11 |
Deferred purchase price payable |
|
— |
|
|
7,606 |
Non-GAAP Financial Reconciliation
Reconciliation of GAAP reported Net Income to non-GAAP adjusted EBITDA:
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
(in thousands) |
|
(in thousands) |
||||||||||||
Reconciliation of Net income to Adjusted EBITDA: |
|
|
|
|
|
|
|
||||||||
Net income |
$ |
33,149 |
|
|
$ |
3,370 |
|
|
$ |
37,204 |
|
|
$ |
7,215 |
|
Income tax (benefit) expense |
|
(21,039 |
) |
|
|
1,129 |
|
|
|
(16,143 |
) |
|
|
2,017 |
|
Interest expense, net |
|
17,865 |
|
|
|
8,524 |
|
|
|
34,058 |
|
|
|
20,970 |
|
Depreciation, amortization and accretion expense |
|
17,166 |
|
|
|
12,959 |
|
|
|
33,296 |
|
|
|
24,335 |
|
Stock-based compensation (benefit) expense |
|
(4,227 |
) |
|
|
4,256 |
|
|
|
77 |
|
|
|
7,128 |
|
Acquisition and entity formation costs |
|
450 |
|
|
|
1,369 |
|
|
|
1,516 |
|
|
|
2,860 |
|
(Gain) loss on fair value remeasurement of contingent consideration, net |
|
(1,400 |
) |
|
|
50 |
|
|
|
(1,479 |
) |
|
|
100 |
|
Gain on disposal of property, plant and equipment |
|
— |
|
|
|
— |
|
|
|
(88 |
) |
|
|
— |
|
Change in fair value of Alignment Shares liability |
|
(11,881 |
) |
|
|
(2,805 |
) |
|
|
(37,958 |
) |
|
|
(19,823 |
) |
Other (income) expense, net |
|
(1,135 |
) |
|
|
1,789 |
|
|
|
(1,818 |
) |
|
|
1,879 |
|
CEO transition costs |
|
2,203 |
|
|
|
— |
|
|
|
2,203 |
|
|
|
— |
|
Adjusted EBITDA |
$ |
31,151 |
|
|
$ |
30,641 |
|
|
$ |
50,868 |
|
|
$ |
46,681 |
|
Reconciliation of non-GAAP adjusted EBITDA margin:
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
(in thousands) |
|
(in thousands) |
||||||||||||
Reconciliation of Adjusted EBITDA margin: |
|
|
|
|
|
|
|
||||||||
Adjusted EBITDA |
$ |
31,151 |
|
|
$ |
30,641 |
|
|
$ |
50,868 |
|
|
$ |
46,681 |
|
Operating revenues, net |
|
52,460 |
|
|
|
46,513 |
|
|
|
93,119 |
|
|
|
75,891 |
|
Adjusted EBITDA margin |
|
59 |
% |
|
|
66 |
% |
|
|
55 |
% |
|
|
62 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240808501174/en/
Altus Power Contact for Investor or Media Inquiries:
Alison Sternberg, Head of Investor Relations
InvestorRelations@altuspower.com
Source: Altus Power, Inc.
FAQ
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