Altus Power(AMPS) - 2024 Q1 - Quarterly Results

Financial Performance - First quarter 2024 revenues reached $40.7 million, a 38% increase compared to $29.4 million in the first quarter of 2023[1][4] - GAAP net income for the first quarter of 2024 was $4.1 million, up from $3.8 million in the same period of 2023[1][4] - Adjusted EBITDA for the first quarter of 2024 was $19.7 million, representing a 23% increase from $16.0 million in the first quarter of 2023[1][4] - Operating revenues for Q1 2024 were $40,659 million, a 38.4% increase from $29,378 million in Q1 2023[26] - Net income attributable to Altus Power, Inc. was $7,509 million in Q1 2024, compared to $5,617 million in Q1 2023, reflecting a 33.8% increase[26] - Basic net income per share attributable to common stockholders rose to $0.05 in Q1 2024 from $0.04 in Q1 2023[26] - Adjusted EBITDA for Q1 2024 was $19,717 million, an increase from $16,040 million in Q1 2023[32] - Adjusted EBITDA for the three months ended March 31, 2024, was $19,717,000, compared to $16,040,000 for the same period in 2023[33] - Adjusted EBITDA margin decreased to 48% in Q1 2024 from 55% in Q1 2023[33] Customer and Portfolio Growth - The company added approximately 4,000 Community Solar customers, bringing the total to over 24,000[2][3] - The portfolio size increased by 45% to 981 MW compared to the first quarter of 2023[2] Guidance and Future Outlook - The company reaffirms its 2024 guidance for operating revenues in the range of $200-222 million, and adjusted EBITDA in the range of $115-135 million, indicating 36% and 34% growth at midpoints, respectively[5] Cash and Assets - The quarter ending cash balance was $204 million, supporting the financing plan[2] - Cash and cash equivalents increased to $173,266 million as of March 31, 2024, compared to $160,817 million at the end of 2023[28] - Total assets grew to $2,218,476 million as of March 31, 2024, up from $2,090,349 million at the end of 2023[28] - Long-term debt increased to $1,253,819 million as of March 31, 2024, compared to $1,163,307 million at the end of 2023[28] Operational Activities - Net cash provided by operating activities was $4,525 million in Q1 2024, down from $14,225 million in Q1 2023[29] - Net cash used for investing activities was $141,924 million in Q1 2024, compared to $319,435 million in Q1 2023[29] Leadership Changes - Alison Sternberg has joined as Head of Investor Relations, bringing over 25 years of experience[6] New Projects - New projects with CBRE Investment Management have begun construction in Maryland[2] Company Position - Altus Power is the largest owner of commercial scale solar assets in the US[2] Operating Expenses - Total operating expenses increased to $42,275 million in Q1 2024, up from $29,127 million in Q1 2023, representing a 45.1% rise[26]