Altus Power(AMPS) - 2024 Q3 - Quarterly Results

Financial Performance - Third quarter 2024 revenues reached $58.7 million, a 30% increase compared to $45.1 million in the same period of 2023[2] - GAAP net income for the third quarter 2024 was $8.6 million, up from $6.8 million in the third quarter 2023[3] - Adjusted EBITDA for the third quarter 2024 was $37.0 million, reflecting a 27% increase from $29.1 million in the third quarter 2023[4] - Operating revenues for the three months ended September 30, 2024, were $58,681 million, a 30.3% increase from $45,079 million in the same period of 2023[26] - Net income attributable to Altus Power, Inc. for the nine months ended September 30, 2024, was $62,792 million, compared to $17,772 million in the same period of 2023, reflecting a significant increase[26] - Net income for the nine months ended September 30, 2024, was $45,813, compared to $13,991 for the same period in 2023, representing a significant increase[30] - Adjusted EBITDA for the three months ended September 30, 2024, was $36,966, up from $29,060 in 2023, indicating a growth of approximately 27%[31] - Adjusted EBITDA margin for the nine months ended September 30, 2024, was 58%, compared to 63% in the same period of 2023[31] Operational Highlights - The company surpassed 1 GW in operating assets nationwide as of September 30, 2024[1] - The Community Solar subscriber base expanded to approximately 30,000 households across nine states[1] - Generated 333 million kilowatt hours of clean electric power in the third quarter 2024, avoiding approximately 232,000 metric tons of carbon dioxide[1] - The increase in operating revenues was primarily due to a greater number of solar energy facilities placed in service over the past twelve months[2] - The year-over-year growth in adjusted EBITDA was mainly driven by increased revenue from additional solar energy facilities, despite rising operating and administrative expenses[4] - The company focuses on generating clean power close to consumption points to address energy demands and alleviate transmission strain[2] Guidance and Projections - The company reaffirmed its revenue guidance for FY2024 in the range of $196-201 million and adjusted EBITDA guidance of $111-115 million[5] Cash Flow and Assets - Total current assets decreased to $138,770 million as of September 30, 2024, from $228,797 million as of December 31, 2023[27] - Cash and cash equivalents decreased to $96,899 million as of September 30, 2024, from $160,817 million as of December 31, 2023[27] - Net cash provided by operating activities for the nine months ended September 30, 2024, was $20,359 million, down from $49,096 million in the same period of 2023[28] - Capital expenditures for the nine months ended September 30, 2024, were $57,640 million, compared to $89,344 million in the same period of 2023[28] - Proceeds from the issuance of long-term debt amounted to $211,451 million for the nine months ended September 30, 2024, compared to $311,642 million in the same period of 2023[28] - The company reported a net decrease in cash, cash equivalents, and restricted cash of $107,600 million for the nine months ended September 30, 2024[28] - Total stockholders' equity increased to $514,810 million as of September 30, 2024, from $447,078 million as of December 31, 2023[27] Expenses and Liabilities - Total liabilities increased slightly to $1,656,235 million as of September 30, 2024, compared to $1,565,338 million as of December 31, 2023[27] - Cash paid for interest in the nine months ended September 30, 2024, was $46,556, compared to $25,017 in 2023, showing an increase of approximately 86%[29] - Cash paid for taxes decreased to $34 in the nine months ended September 30, 2024, from $85 in 2023[29] - Noncontrolling interest assumed through acquisitions was $2,100 in the nine months ended September 30, 2024, down from $13,500 in 2023[29] - The company reported a change in fair value of Alignment Shares liability of $(48,172) for the nine months ended September 30, 2024, compared to $(23,331) in 2023[30] - Depreciation, amortization, and accretion expense for the nine months ended September 30, 2024, was $50,447, compared to $38,054 in 2023[30] - Acquisition and entity formation costs for the three months ended September 30, 2024, were $765, up from $268 in 2023[30]