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Justin Paget Thesis Hannon Armstrong (NYSE: NYSE:HASI) posted solid Q2 2024 results, with Non-GAAP EPS at $0.63, beating estimates by $0.07 and revenue hit $94.52 million. In my analysis, you'll note that HASI made exceptionally smart moves in climate investments and a growing portfolio keep them ahead in sustainable infrastructure. In my thesis, I argue that even with high borrowing costs, their focus on long-term value and diverse assets sets them up for steady growth in a fast-changing market. About HA S ...

Portfolio Overview - The company's portfolio totaled approximately $6.2 billion as of June 30, 2024, with $3.0 billion in Behind-the-Meter (BTM) assets, $2.4 billion in Grid-Connected (GC) assets, and $0.8 billion in Fuels, Transport, and Nature (FTN) assets[141]. - Approximately 52% of the portfolio consisted of unconsolidated equity investments in renewable energy projects, while 41% consisted of fixed-rate receivables and debt securities[141]. - The average size of transactions in the portfolio was approximately $12 million, with a weighted average remaining life of about 17 years[141]. - The company managed approximately $13 billion in assets, combining the portfolio and assets in securitization trusts as of June 30, 2024[135]. Financial Performance - Total revenue for the six months ended June 30, 2024, reached $200.3 million, up 40% from $143.4 million in the same period of 2023[151]. - Net income for the three months ended June 30, 2024, was $26.9 million, a 99% increase compared to $13.5 million in the same period of 2023[148]. - Interest income for the three months ended June 30, 2024, increased to $62.8 million, a 30% increase from $48.2 million in the same period of 2023[148]. - Income from equity method investments for the six months ended June 30, 2024, surged to $185.4 million, a 652% increase from $24.7 million in the same period of 2023[151]. - Adjusted earnings for Q2 2024 were $73.683 million, compared to $53.146 million in Q2 2023, reflecting a 38.6% increase[157]. - GAAP net income attributable to controlling stockholders for Q2 2024 was $26.540 million, or $0.23 per share, up from $13.522 million, or $0.14 per share in Q2 2023[157]. Expenses and Cash Flow - Total expenses for the six months ended June 30, 2024, increased to $177.7 million, a 37% increase from $130.2 million in the same period of 2023[151]. - Cash provided by operating activities for the six months ended June 30, 2024 was $(4) million, a decrease of $70 million compared to the same period in 2023[187]. - Cash provided by investing activities increased by $873 million for the six months ended June 30, 2024, driven by higher principal collections from receivables[187]. - Cash collected for Q2 2024 was $19 million, compared to $11 million in Q2 2023, representing a 72.7% increase[156]. Debt and Liquidity - As of June 30, 2024, the company had total liquidity of $1,110 million, consisting of $146 million in unrestricted cash and $927 million in unused capacity under its unsecured revolving credit facility[176]. - The company increased the available capacity under its unsecured revolving credit facility to $1.25 billion and extended its maturity to April 2028[177]. - The debt to equity ratio was approximately 1.8 to 1 as of June 30, 2024, below the board-approved leverage limit of up to 2.5 to 1[179]. - The company has $4.1 billion of fixed-rate debt, including $820 million of floating-rate borrowings hedged with interest rate derivatives[194]. Investment Strategy and Opportunities - The pipeline of potential new opportunities as of June 30, 2024, consisted of more than $5.5 billion in new equity, debt, and real estate opportunities, with approximately 55% related to BTM assets and 22% related to GC assets[137]. - The company entered into a strategic partnership with KKR in May 2024, each committing to invest $1 billion into climate solutions projects[137]. - The company has a large and active pipeline of potential new opportunities, incentivized by the Inflation Reduction Act signed into law on August 16, 2022[137]. Risk Management - The company is exposed to credit risk from various projects, particularly those without government guarantees, such as financing for universities and privately owned commercial projects[193]. - The company employs a risk rating system to evaluate projects, estimating the probability of default and recovery rates based on obligors' credit ratings[193]. - The company faces liquidity risk as its portfolio assets are not publicly traded and may be subject to legal restrictions on resale[196]. - The company is exposed to commodity price risk, particularly in renewable energy projects that may be affected by volatility in energy prices[197]. - The company actively manages environmental risks associated with climate change through ongoing monitoring and third-party expert evaluations[200]. Accounting and Reporting - The company has identified critical accounting policies that require significant judgments and assumptions, which could materially impact reported results of operations or financial condition[140]. - The company plans to continue using adjusted earnings as a meaningful indicator of economic performance for evaluating expected dividend payments over time[154].

Earnings Presentation Second Quarter 2024 Forward Looking Statements Some of the information contained herein are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used herein, words such as "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "may," "target," or similar expressions, are intended to identify such forward-looking statements. Forward- ...

Company Performance - HA Sustainable Infrastructure Capital (HASI) reported quarterly earnings of $0.63 per share, exceeding the Zacks Consensus Estimate of $0.58 per share, and up from $0.53 per share a year ago, adjusted for non-recurring items [1] - The quarterly earnings surprise was 8.62%, and the company had a previous quarter surprise of 19.30% with earnings of $0.68 per share against an expectation of $0.57 [2] - Revenues for the quarter were $39.19 million, surpassing the Zacks Consensus Estimate by 26.53%, compared to $33.63 million in the same quarter last year [3] Stock Performance - The stock has increased approximately 18.8% since the beginning of the year, outperforming the S&P 500's gain of 15.8% [4] - The current consensus EPS estimate for the upcoming quarter is $0.60 on revenues of $26.8 million, and for the current fiscal year, it is $2.44 on revenues of $119.3 million [8] Industry Outlook - The Zacks Industry Rank for Financial - Miscellaneous Services, which includes HA Sustainable Infrastructure Capital, is currently in the bottom 40% of over 250 Zacks industries, indicating potential challenges ahead [9] - The performance of HA Sustainable Infrastructure Capital may be influenced by the overall outlook for the industry, as top-ranked industries tend to outperform lower-ranked ones significantly [9]

HASI retained its rally for the third straight day, driven by strengths in its robust and diverse investment portfolio, specialized climate finance expertise and extensive industry relationships. The firm's focus on climate-positive investments and use of proven commercial technologies ensure high-quality, low-risk assets with contracted cash flows. HASI's innovative CarbonCount metric quantifies the environmental impact of investments, thus enhancing its appeal to sustainability-focused investors. Earnings ...

Hiraman Since a significant chunk of HASI's cash generation stems from debt investments, the risk and return dynamies differ from, say, more traditional renewable energy infrastructure funds such as Brookfield Infrastructure Partners LP (NYSE:BIP) or Clearway Energy Inc. (NYSE:CWEN). With that being said, let me now elaborate on why I think that HASI could be easily classified as an enticing dividend play with decent income growth prospects. HASI Corporate Profile Hannon Armstrong Sustainable Infrastructure ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-35877 HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE CAPITAL, INC. (Exact name of registrant as specified in its charter) Maryland 46-1347456 (S ...

For the quarter ended March 2024, Hannon Armstrong (HASI) reported revenue of $41.92 million, up 39.7% over the same period last year. EPS came in at $0.68, compared to $0.53 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $37.74 million, representing a surprise of +11.10%. The company delivered an EPS surprise of +19.30%, with the consensus EPS estimate being $0.57.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- an ...

HASI Announces First Quarter 2024 Results, Establishes $2b Strategic Partnership with KKR ANNAPOLIS, Md., May 7, 2024 -- (BUSINESS WIRE) -- Hannon Armstrong Sustainable Infrastructure Capital, Inc. ("HASI," "we," "our" or the "Company") (NYSE: HASI), a leading investor in climate solutions, today reported results for the first quarter of 2024. Business Highlights Financial Results • Announced CarbonCount Holdings 1 LLC, a strategic partnership with KKR, to invest in $2 billion of sustainable infrastructure ...