Hannon Armstrong Sustainable Infrastructure Capital(US:HASI)2025-05-07 20:11Financial Performance - GAAP net income for Q1 2025 was $56.6 million, down 54% from $123 million in Q1 2024[17] - Adjusted earnings for Q1 2025 were approximately $78 million, a slight decrease from $79 million in Q1 2024[25] - Total revenue for Q1 2025 was $97 million, an 8% decrease from $106 million in Q1 2024[13] - Net income for Q1 2025 was $58,185,000, down 53.3% from $124,548,000 in Q1 2024[42] - Basic earnings per share for Q1 2025 were $0.47, compared to $1.08 in Q1 2024, reflecting a decline of 56.0%[42] - GAAP net income for Q1 2025 was $88 million, down 44.7% from $159 million in Q1 2024[55] - Adjusted earnings for Q1 2025 were $78.067 million, slightly down from $78.906 million in Q1 2024, with adjusted earnings per share at $0.64 compared to $0.68[57] Investment and Asset Management - Adjusted net investment income increased by 12% year-over-year to $72 million in Q1 2025, compared to $64 million in Q1 2024[22] - Managed assets grew 12% year-over-year to $14.5 billion, with a portfolio of approximately $7.1 billion, up 11% year-over-year[8] - The company closed over $700 million in transactions during the quarter, setting a Q1 record, with a pipeline exceeding $5.5 billion[5] - Managed assets reached $14.496 billion as of March 31, 2025, compared to $13.703 billion at the end of 2024, indicating a growth of 5.8%[60] - Equity method investments increased to $3.993 billion as of March 31, 2025, up from $3.612 billion at the end of 2024[60] Cash Flow and Liquidity - Cash flows from operating activities were negative at $(37,121,000) in Q1 2025, compared to positive cash flows of $20,931,000 in Q1 2024[46] - Cash collected in Q1 2025 was $26 million, an increase of 62.5% from $16 million in Q1 2024[55] - Cash available for reinvestment as of March 31, 2025, was $717,806,000, a decrease from $(11,702,000) in the previous quarter[64] - Cash collected from the portfolio for the three months ended March 31, 2025, was $111,249,000, compared to $208,907,000 for the same period in 2024[66] - Cash collected from the sale of assets for the year ended December 31, 2024, was $325,051,000, with $21,665,000 collected in the three months ended March 31, 2025[66] Dividends and Shareholder Returns - A quarterly dividend of $0.42 per share was declared, payable on July 11, 2025[31] - Dividends paid for the three months ended March 31, 2025, were $(50,397,000), compared to $(45,093,000) for the same period in 2024[64] Debt and Financial Ratios - The debt-to-equity ratio as of March 31, 2025, was 1.9, within the target range of 1.5 to 2.0[26] - Total assets increased to $7,475,961,000 as of March 31, 2025, up from $7,080,245,000 at the end of 2024, representing a growth of 5.6%[44] - Total liabilities rose to $5,005,217,000 as of March 31, 2025, compared to $4,675,170,000 at the end of 2024, an increase of 7.0%[44] Risk and Provisions - The company reported a provision for loss on receivables of $3,812,000 in Q1 2025, up from $2,022,000 in Q1 2024, indicating increased risk in receivables[42] - The company made equity method investments totaling $(247,714,000) in Q1 2025, compared to $(127,422,000) in Q1 2024, indicating a significant increase in investment activity[46]