Altus Power(AMPS) - 2024 Q4 - Annual Results

Financial Performance - Fourth quarter 2024 operating revenues totaled $44.5 million, a 30% increase from $34.2 million in the same period of 2023[4] - Full year 2024 operating revenues reached $196.3 million, representing a 26% increase compared to $155.2 million in 2023[9] - Fourth quarter 2024 GAAP net loss was $56.5 million, compared to a net loss of $40.0 million in the same period last year[5] - Full year 2024 GAAP net loss totaled $10.7 million, an improvement from a net loss of $26.0 million in 2023[7] - Adjusted EBITDA for the fourth quarter of 2024 was $23.8 million, a 37% increase from $17.3 million in the fourth quarter of 2023[6] - Full year 2024 adjusted EBITDA amounted to $111.6 million, a 20% increase compared to $93.1 million in 2023[8] - Operating revenues for Q4 2024 were $44,465,000, a 30% increase from $34,192,000 in Q4 2023[35] - Net loss attributable to Altus Power, Inc. for Q4 2024 was $61,469,000, compared to a net loss of $27,127,000 in Q4 2023[35] - Adjusted EBITDA for the year ended December 31, 2024, was $111,621 thousand, an increase from $93,073 thousand in 2023[43] - Operating revenues for the year ended December 31, 2024, reached $196,265 thousand, up from $155,162 thousand in 2023[43] Cash and Assets - The company ended 2024 with a cash balance of $123 million[9] - Cash and cash equivalents decreased to $104,902,000 as of December 31, 2024, down from $160,817,000 as of December 31, 2023[37] - Total assets increased to $2,348,963,000 as of December 31, 2024, compared to $2,090,349,000 as of December 31, 2023[37] - Long-term debt, net of unamortized debt issuance costs, was $1,192,379,000 as of December 31, 2024, compared to $1,163,307,000 in 2023[37] - Net cash provided by operating activities for the year ended December 31, 2024, was $40,348,000, down from $79,357,000 in 2023[40] - Capital expenditures for the year ended December 31, 2024, were $93,705,000, compared to $117,791,000 in 2023[40] Operational Highlights - The company surpassed 1 GW in operating assets and completed approximately 56 MW of new-build assets while adding around 96 MW of assets in operation[9] - Altus Power is focused on expanding its solar generation and energy storage capabilities across the nation[32] Mergers and Acquisitions - Altus Power signed a merger agreement with TPG for $5.00 per share, valuing the company at approximately $2.2 billion, including outstanding debt[10] - Due to the pending transaction with TPG, Altus Power will not provide a financial outlook for 2025[11] Expenses and Liabilities - Total operating expenses for Q4 2024 were $45,537,000, compared to $39,550,000 in Q4 2023, reflecting a 15% increase[35] - Interest expense, net for the year ended December 31, 2024, was $69,206 thousand, compared to $47,486 thousand in 2023[43] - Depreciation, amortization, and accretion expense for the year ended December 31, 2024, totaled $68,917 thousand, an increase from $53,627 thousand in 2023[43] - Stock-based compensation expense for the year ended December 31, 2024, was $9,213 thousand, down from $14,984 thousand in 2023[43] - Acquisition and entity formation costs for the year ended December 31, 2024, were $3,665 thousand, compared to $4,508 thousand in 2023[43] - Change in fair value of Alignment Shares liability resulted in a loss of $(41,023) thousand for the year ended December 31, 2024[43] - Loss on disposal of property, plant, and equipment for the year ended December 31, 2024, was $443 thousand, down from $649 thousand in 2023[43] Other Financial Metrics - Adjusted EBITDA margin for the three months ended December 31, 2024, was 53%, compared to 51% in the same period of 2023[43] - Net loss for the three months ended December 31, 2024, was $(56,480) thousand, compared to $(39,964) thousand for the same period in 2023[43] - The company reported a significant increase in accounts receivable, netting $21,808,000 as of December 31, 2024, compared to $17,100,000 in 2023[37]