Altus Power(AMPS) - 2024 Q2 - Quarterly Results

Financial Performance - Second quarter 2024 revenues reached $52.5 million, a 13% increase compared to $46.5 million in the same period of 2023[4] - GAAP net income for the second quarter 2024 was $33.1 million, significantly up from $3.4 million in the second quarter of 2023[4] - Adjusted EBITDA for the second quarter 2024 was $31.2 million, reflecting a 2% increase from $30.6 million in the same quarter of 2023[5] - Operating revenues for the three months ended June 30, 2024, increased to $52,460 million, up 12.6% from $46,513 million in the same period of 2023[26] - Net income attributable to Altus Power, Inc. for the six months ended June 30, 2024, was $45,154 million, a significant increase from $12,442 million in the same period of 2023[26] - Net income for the three months ended June 2024 was $33,149 thousand, a significant increase from $3,370 thousand in the same period of 2023[32] - Adjusted EBITDA for the six months ended June 2024 reached $50,868 thousand, compared to $46,681 thousand for the same period in 2023, reflecting a year-over-year growth of 4.0%[32] - Adjusted EBITDA margin for the three months ended June 2024 was 59%, down from 66% in the same period of 2023[33] - Operating revenues for the three months ended June 2024 were $52,460 thousand, an increase from $46,513 thousand in the same period of 2023, representing a growth of 12.6%[33] Guidance and Projections - The company revised its FY2024 revenue guidance to a range of $196-201 million and adjusted EBITDA guidance to $111-115 million[6] - Altus Power reaffirmed its three-year guidance of 20-30% CAGR on megawatts and 20-25% CAGR on revenue and adjusted EBITDA[6] Portfolio and Operations - The company's portfolio size increased by 42% compared to the second quarter of 2023[2] - Altus Power generated 364 million kilowatt hours of clean electric power, avoiding approximately 254,000 metric tons of carbon dioxide annually[2] - The increase in revenues was primarily due to a greater number of solar energy facilities placed in service over the past twelve months[4] - The company is the number one owner of commercial-scale solar with a portfolio nearing 1 gigawatt in size[2] Assets and Liabilities - Total current assets decreased to $119,941 million as of June 30, 2024, compared to $228,797 million as of December 31, 2023[28] - Cash and cash equivalents decreased to $78,379 million as of June 30, 2024, down from $160,817 million as of December 31, 2023[28] - Total liabilities increased slightly to $1,568,700 million as of June 30, 2024, from $1,565,338 million as of December 31, 2023[28] - Total stockholders' equity increased to $540,356 million as of June 30, 2024, from $498,967 million as of December 31, 2023[28] Cash Flow and Expenses - Net cash used for operating activities for the six months ended June 30, 2024, was $(1,078) million, compared to $25,491 million in the same period of 2023[29] - Capital expenditures for the six months ended June 30, 2024, were $(40,497) million, compared to $(61,982) million in the same period of 2023[29] - Proceeds from the issuance of long-term debt for the six months ended June 30, 2024, were $131,895 million, compared to $269,850 million in the same period of 2023[29] - Cash paid for interest for the six months ended June 30, 2024, was $28,387 million, up from $15,299 million in the same period of 2023[30] Expenses and Other Financial Metrics - Interest expense for the three months ended June 2024 was $17,865 thousand, compared to $8,524 thousand in the same period of 2023, indicating a rise of 109.5%[32] - The company reported a tax benefit of $(21,039) thousand for the three months ended June 2024, compared to an expense of $1,129 thousand in the same period of 2023[32] - Depreciation, amortization, and accretion expense for the three months ended June 2024 was $17,166 thousand, up from $12,959 thousand in the same period of 2023, marking a 32.5% increase[32] - Stock-based compensation expense for the three months ended June 2024 was $(4,227) thousand, compared to $4,256 thousand in the same period of 2023, reflecting a significant change in expense recognition[32] - The company incurred CEO transition costs of $2,203 thousand during the three months ended June 2024[32] - The change in fair value of Alignment Shares liability was $(11,881) thousand for the three months ended June 2024, compared to $(2,805) thousand in the same period of 2023, indicating a substantial increase in liability[32] Non-Cash Gains - The significant increase in GAAP net income was driven by a non-cash gain from the remeasurement of alignment shares[4]