Altus Power(AMPS) - 2024 Q3 - Quarterly Report

Installed Capacity and Growth - As of September 30, 2024, Altus Power has installed a cumulative total of 1,013 megawatts (MW) of solar energy systems, representing a 40% increase from 721 MW as of September 30, 2023[198]. - Cumulative megawatts installed increased from 896 MW as of December 31, 2023, to 1,013 MW as of September 30, 2024, marking a 13% increase[199]. - The company’s pipeline of opportunities totals over 1 gigawatt (GW), with 162 MW in the construction phase and 258 MW in the contract/negotiation phase[190]. - The company displaces over 800,000 tons of CO2 emissions annually, providing clean electricity equivalent to the consumption of over 100,000 homes[178]. - As of September 30, 2024, the total megawatts installed across various states reached 1,013 MW, with New York leading at 205 MW, representing 20.2% of the total[200]. Revenue and Financial Performance - Adjusted EBITDA for the three months ended September 30, 2024, was $36,966,000, up from$29,060,000 in the same period of 2023, reflecting a significant increase[209]. - Operating revenues increased by $13.6 million, or 30.2$58.7 million for the three months ended September 30, 2024, compared to $45.1 million for the same period in 2023[234]. - Net income attributable to Altus Power, Inc. was$17.6 million for the three months ended September 30, 2024, compared to $5.3 million in the same period in 2023, reflecting a 230.9$30.8 million, or 25.5%, to $151.8 million compared to$121.0 million for the same period in 2023[257]. - Net income attributable to Altus Power, Inc. for the nine months ended September 30, 2024, was $62.8 million, a significant increase of$45.0 million, or 253.3%, from $17.8 million in the same period in 2023[257]. Power Purchase Agreements and Revenue Sources - The company has long-term power purchase agreements (PPAs) with over 450 enterprise entities and approximately 30,000 residential customers, supported by 300 MW of community solar projects[178]. - The company derives its operating revenues primarily from Power Purchase Agreements (PPAs), net metering credit agreements (NMCAs), solar renewable energy credits (SRECs), and performance-based incentives[211]. - Power sales under Power Purchase Agreements (PPAs) rose by$4.1 million, or 23.4%, to $21.5 million, while sales under Non-Market Contracts (NMCAs) increased by$5.1 million, or 36.7%, to $18.9 million[236]. - Power sales under Power Purchase Agreements (PPAs) rose by$11.8 million, or 27.4%, totaling $54.9 million, while sales under Non-Market Capacity Agreements (NMCAs) increased by$10.4 million, or 30.7%, to $44.4 million[259]. Expenses and Cost Management - General and administrative expenses rose by$1.6 million, or 19.9%, to $9.8 million, primarily due to increased personnel costs from a higher headcount[240]. - Total operating expenses increased by$9.2 million, or 26.8%, to $43.4 million, driven by higher costs in operations and general administration[234]. - The cost of operations increased by 52.0$11.9 million, primarily due to the expansion of the solar facility portfolio[238]. - General and administrative expenses rose by $8.2 million, or 34.5$32.1 million, mainly due to increased personnel costs from higher headcount[261]. - Depreciation, amortization, and accretion expenses increased by $12.4 million, or 32.6$50.4 million, attributed to a larger number of operating solar facilities[262]. Debt and Financing - The outstanding principal balance of the APAF Term Loan was $465.2 million as of September 30, 2024, down from$474.6 million as of December 31, 2023[288]. - The outstanding principal balance of the APAF II Term Loan was $104.5 million as of September 30, 2024, down from$112.8 million as of December 31, 2023[290]. - The outstanding principal balance of the APAF III Term Loan was $417.6 million as of September 30, 2024, down from$426.6 million as of December 31, 2023[295]. - The outstanding principal balance of the APAF IV Term Loan was $100.5 million as of September 30, 2024[298]. - The company borrowed$100.0 million under the APAGH Term Loan on December 27, 2023, to fund future growth needs[301]. Cash Flow and Liquidity - As of September 30, 2024, the company had total cash, cash equivalents, and restricted cash of $111.3 million[278]. - The company expects to have sufficient cash and cash flows from operations to meet working capital, debt service obligations, and anticipated required capital expenditures for at least the next 12 months[281]. - During the nine months ended September 30, 2024, the company provided$20.4 million from operating activities, a decrease from $49.1 million in the same period of 2023[315][316]. - Net cash used in investing activities for the nine months ended September 30, 2024, was$261.6 million, compared to $428.5 million in 2023[318][319]. - Net cash provided by financing activities was$133.7 million for the nine months ended September 30, 2024, down from $264.0 million in 2023[320][321].