Full Year 2023 Financial Highlights
- Full year 2023 revenues of $155.2 million, a 53% increase
compared to full year 2022
- GAAP net loss of $26.0 million for full year 2023, compared to
net income of $52.2 million for full year 2022
- Adjusted EBITDA* of $93.1 million for full year 2023, a 59%
increase compared to full year 2022
- Net cash provided by operating activities of $79.4 million, a
125% increase over 2022
- Adjusted EBITDA margin* of 60% for full year 2023, compared to
58% for full year 2022
Business Highlights
- Added ~150 enterprise customers, bringing total to over
450
- Increased portfolio size by 91% to 896 MW during 2023
- Completed ~74 MW of new-build assets and added ~352 MW of
assets in operation
- Largest owner of commercial scale solar assets in the US1
- Expanded presence with offices on the West Coast, resulting
from our first platform acquisition
- Approaching 1 gigawatt portfolio with closing of 84 MW
acquisition from Vitol in January 2024
- Year ending cash balance of $219 million underpins financing
plan for 2024 with no expected equity needs
Altus Power, Inc. (NYSE: AMPS) (“Altus Power” or the “Company”),
the largest commercial scale provider of clean, electric power,
today announced its financial results for fourth quarter and full
year 2023.
“2023 was another record year for Altus on a number of fronts,
with revenue, adjusted EBITDA, customer additions and asset growth
all reaching new highs," said Lars Norell, co-CEO of Altus Power.
"As an industry leader in a growing market, we are building a
different kind of power company. We are customer-centric and have
growing annual recurring revenues* which we expect will allow us to
deliver our shareholders sustainable and profitable growth over
time."
"As the largest player in commercial scale solar, the advantages
of our category leadership are becoming ever more evident, and we
are continuing to scale our platform in order to support our
ongoing growth. We kickstarted 2024 with a strategic acquisition,
bolstering our operational assets through a partnership with Vitol.
Our pipeline is rich with new build opportunities arising from our
expanding set of partners," added Gregg Felton, Co-CEO of Altus
Power. "We believe our balance sheet is well positioned to support
the growth in customers and assets available to us."
Fourth Quarter Financial Results
Operating revenues during the fourth quarter of 2023 totaled
$34.2 million, compared to $26.8 million during the same period of
2022, an increase of 28%. The increase is primarily due to the
growth of megawatt hours generated by Altus Power's assets in
service of the Company's growing customer base.
Fourth quarter 2023 GAAP net loss totaled $40.0 million,
compared to net income of $67.1 million for the same period last
year. The decrease was driven by a $17.7 million non-cash loss from
remeasurement of alignment shares during the fourth quarter of
2023, as compared to a $71.5 million non-cash gain from
remeasurement of both warrants and alignment shares during the
fourth quarter of 2022.
Adjusted EBITDA* during the fourth quarter of 2023 was $17.3
million, compared to $16.6 million for the fourth quarter of 2022,
a 5% increase. The quarter-over-quarter growth in adjusted EBITDA*
was primarily the result of increased revenue from additional solar
energy facilities, partially offset by an increase in our general
and administrative expenses.
Full Year 2023 Financial Results
Operating revenues for full year 2023 totaled $155.2 million,
compared to $101.2 million in 2022, driven by customer additions
and growth in megawatt hours sold over the past twelve months.
Full year 2023 GAAP net loss totaled $26.0 million, compared to
net income of $52.2 million in 2022 primarily driven by the
non-cash net gain of $55.7 million from remeasurement of both
warrants and alignment shares in 2022.
Adjusted EBITDA* during full year 2023 totaled $93.1 million,
compared to $58.6 million for full-year 2022. This growth was
primarily the result of increased revenue from additional solar
energy facilities, partially offset by an increase in our general
and administrative expenses.
Initiating 2024 Guidance
Altus Power expects 2024 operating revenues in the range
$200-222 million, and adjusted EBITDA* in the range of $115-135
million, representing 36% and 34% growth over 2022 at the
midpoints, respectively.
Use of Non-GAAP Financial Information
*Denotes Non-GAAP financial measure. We present our operating
results in accordance with accounting principles generally accepted
in the U.S. (“GAAP”). We believe certain financial measures, such
as adjusted EBITDA and adjusted EBITDA margin provide users of our
financial statements with supplemental information that may be
useful in evaluating our business. The presentation of non-GAAP
financial information is not intended to be considered in isolation
or as a substitute for, or superior to, the financial information
prepared and presented in accordance with GAAP.
We define adjusted EBITDA as net income plus net interest
expense, depreciation, amortization and accretion expense, income
tax expense or benefit, acquisition and entity formation costs,
stock-based compensation expense, and excluding the effect of
certain non-recurring items we do not consider to be indicative of
our ongoing operating performance such as, but not limited to, gain
or loss on fair value remeasurement of contingent consideration,
gain or loss on disposal of property, plant and equipment, change
in fair value of redeemable warrant liability, change in fair value
of Alignment Shares liability, loss on extinguishment of debt, net,
and other miscellaneous items of other income and expenses
We define adjusted EBITDA margin as adjusted EBITDA divided by
operating revenues.
Adjusted EBITDA and adjusted EBITDA margin are non-GAAP
financial measures that we use to measure our performance. We
believe that investors and analysts also use adjusted EBITDA and
adjusted EBITDA margin in evaluating our operating performance.
These measurements are not recognized in accordance with GAAP and
should not be viewed as an alternative to GAAP measures of
performance. The GAAP measure most directly comparable to adjusted
EBITDA is net income and to adjusted EBITDA margin is net income
over operating revenues. The presentation of adjusted EBITDA and
adjusted EBITDA margin should not be construed to suggest that our
future results will be unaffected by non-cash or non-recurring
items. In addition, our calculation of adjusted EBITDA and adjusted
EBITDA margin are not necessarily comparable to adjusted EBITDA and
adjusted EBITDA margin as calculated by other companies and
investors and analysts should read carefully the components of our
calculations of these non-GAAP financial measures.
We believe adjusted EBITDA is useful to management, investors
and analysts in providing a measure of core financial performance
adjusted to allow for comparisons of results of operations across
reporting periods on a consistent basis. Factors in this
determination include the exclusion of (1) variability due to gains
or losses related to fair value remeasurement of contingent
consideration and the change in fair value of redeemable warrant
liability and Alignment Shares liability, (2) strategic decisions
to acquire businesses, dispose of property, plant and equipment or
extinguish debt, and (3) the non-recurring nature of stock-based
compensation and other miscellaneous items of income and expense,
which affect results in a given period or periods. In addition,
adjusted EBITDA represents the business performance of the Company
before the application of statutory income tax rates and tax
adjustments corresponding to the various jurisdictions in which the
Company operates, as well as interest expense and depreciation,
amortization and accretion expense, which are not representative of
our ongoing operating performance.
Adjusted EBITDA is also used by our management for internal
planning purposes, including our consolidated operating budget, and
by our board of directors in setting performance-based compensation
targets. Adjusted EBITDA should not be considered an alternative to
but viewed in conjunction with GAAP results, as we believe it
provides a more complete understanding of ongoing business
performance and trends than GAAP measures alone. Adjusted EBITDA
has limitations as an analytical tool, and you should not consider
it in isolation or as a substitute for analysis of our results as
reported under GAAP.
In addition to adjusted EBITDA, we may also refer to annual
recurring revenue, or ARR, which is a non-GAAP measure. ARR is an
estimate that management uses to determine the expected annual
revenue potential of our operating asset base at the end of a
calendar year. ARR assumes customary weather, production, expenses
and other economic and market conditions, as well as seasonality.
It is not derived from a GAAP financial measure so it is difficult
to provide a meaningful reconciliation to GAAP. The elements of our
financial statements that are considered or evaluated in
determining our ARR are the following: the estimated megawatt hours
of generation assuming all new build and operating assets added any
time during the year were in place for the full year and the
estimated power prices for such assets based on historical power
prices. We believe this metric can be helpful to assess our
portfolio asset base in operation at the beginning of an annual
period, e.g. if we were to receive the benefit of assets added for
a full year even if they were added during a partial year. This
figure is only an estimate and is based on a number of assumptions
by Altus Power's management that may or may not be realized.
Altus Power does not provide GAAP financial measures on a
forward-looking basis because the Company is unable to predict with
reasonable certainty and without unreasonable effort, items such as
acquisition and entity formation costs, gain on fair value
remeasurement of contingent consideration, change in fair value of
redeemable warrant liability, change in fair value of alignment
shares. These items are uncertain, depend on various factors, and
could be material to Altus Power’s results computed in accordance
with GAAP.
Adjusted EBITDA Definitions
Interest Expense, Net. Interest expense, net represents
interest on our borrowings under our various debt facilities,
amortization of debt discounts and deferred financing costs, and
gains and losses on interest rate swaps.
Depreciation, Amortization and Accretion Expense.
Depreciation expense represents depreciation on solar energy
systems that have been placed in service. Depreciation expense is
computed using the straight-line composite method over the
estimated useful lives of assets. Leasehold improvements are
depreciated over the shorter of the estimated useful lives or the
remaining term of the lease. Amortization includes third party
costs necessary to enter into site lease agreements, third party
costs necessary to acquire PPA and NMCA customers and favorable and
unfavorable rate revenues contracts. Third party costs necessary to
enter into site lease agreements are amortized using the
straight-line method ratably over 15-30 years based upon the term
of the individual site leases. Third party costs necessary to
acquire PPAs and NMCA customers are amortized using the
straight-line method ratably over 15-25 years based upon the term
of the customer contract. Estimated fair value allocated to the
favorable and unfavorable rate PPAs and REC agreements are
amortized using the straight-line method over the remaining
non-cancelable terms of the respective agreements. Accretion
expense includes over time increase of asset retirement obligations
associated with solar energy facilities.
Income Tax (Expense) Benefit. We account for income taxes
under ASC 740, Income Taxes. As such, we determine deferred tax
assets and liabilities based on temporary differences resulting
from the different treatment of items for tax and financial
reporting purposes. We measure deferred tax assets and liabilities
using enacted tax rates expected to apply to taxable income in the
years in which those temporary differences are expected to reverse.
Additionally, we must assess the likelihood that deferred tax
assets will be recovered as deductions from future taxable income.
We have a partial valuation allowance on our deferred state tax
assets because we believe it is more likely than not that a portion
of our deferred state tax assets will not be realized. We evaluate
the recoverability of our deferred tax assets on an annual
basis.
Acquisition and Entity Formation Costs. Acquisition and
entity formation costs represent costs incurred to acquire
businesses and form new legal entities. Such costs primarily
consist of professional fees for banking, legal, accounting and
appraisal services.
Stock-Based Compensation Expense. Stock-based
compensation expense is recognized for awards granted under the
Legacy Incentive Plans and Omnibus Incentive Plan, as defined in
Note 17, "Stock-Based Compensation," to our consolidated financial
statements included in our report on Form 10-K for the year ended
December 31, 2023.
Fair Value Remeasurement of Contingent Consideration. In
connection with various acquisitions, contingent consideration may
be payable upon achieving certain conditions. The Company estimates
the fair value of contingent consideration using a Monte Carlo
simulation model or an expected cash flow approach. Significant
assumptions used in the measurement of fair value of contingent
consideration associated with various acquisitions include market
power rates, estimated volumes of power generation of acquired
solar energy facilities, percentage of completion of in-development
solar energy facilities, and the risk-adjusted discount rate
associated with the business.
Gain or Loss on Disposal of Property, Plant and
Equipment. In connection with the disposal of assets, the
Company recognizes a gain or loss on disposal of property, plant
and equipment, which represents the difference between the
consideration received and the carrying value of the disposed
asset.
Change in Fair Value of Redeemable Warrant Liability. In
connection with the Merger, the Company assumed a redeemable
warrant liability composed of publicly listed warrants (the
"Redeemable Warrants") and warrants issued to CBRE Acquisition
Sponsor, LLC in the private placement. In October 2022, the Company
redeemed all outstanding Redeemable Warrants. The redeemable
warrant liability was remeasured through the date all outstanding
Redeemable Warrants were redeemed, and the resulting loss was
included in the consolidated statements of operations.
Change in Fair Value of Alignment Shares. Alignment
Shares represent Class B common stock of the Company which were
issued in connection with the Merger. Class B common stock, par
value $0.0001 per share ("Alignment Shares") are accounted for as
liability-classified derivatives, which were remeasured as of
December 31, 2023, and the resulting gain was included in the
consolidated statements of operations. The Company estimates the
fair value of outstanding Alignment Shares using a Monte Carlo
simulation valuation model utilizing a distribution of potential
outcomes based on a set of underlying assumptions such as stock
price, volatility, and risk-free interest rates.
Loss on Extinguishment of Debt, net. When the repayment
of debt is accounted for as an extinguishment of debt, loss on
extinguishment of debt represents the difference between the
reacquisition price of debt and the net carrying amount of the
extinguished debt.
Other (Income) Expense, Net. Other income and expenses
primarily represent interest income, state grants, and other
miscellaneous items.
Forward-Looking Statements
This press release contains forward-looking statements.
Forward-looking statements may be identified by the use of words
such as "aims," "believes," "expects," "intends," "aims", "may,"
“could,” "will," "should," "plans," “projects,” “forecasts,”
“seeks,” “anticipates,” “goal,” “objective,” “target,” “estimate,”
“future,” “outlook,” "strategy," “vision,” or variations of such
words or similar terminology that predict or indicate future events
or trends or that are not statements of historical matters. These
statements, which involve risks and uncertainties, relate to
analyses and other information that are based on forecasts of
future results and estimates of amounts not yet determinable and
may also relate to Altus Power’s future prospects, developments and
business strategies. These statements are based on Altus Power’s
management’s current expectations and beliefs, as well as a number
of assumptions concerning future events.
Such forward-looking statements are subject to known and unknown
risks, uncertainties, assumptions and other important factors, many
of which are outside Altus Power’s control, that could cause actual
results to differ materially from the results discussed in the
forward-looking statements. These risks, uncertainties, assumptions
and other important factors include, but are not limited to: (1)
the ability of Altus Power to successfully integrate into its
business and recognize the anticipated benefits of recently
completed business combinations and related transactions and
generate profit from their operations; (2) the ability of Altus
Power to retain customers and maintain and expand relationships
with business partners, suppliers and customers; (3) the risk of
litigation and/or regulatory actions related to the proposed
acquisition of solar assets; (4) changes in applicable laws or
regulations ; and (5) the possibility that Altus Power may be
adversely affected by other economic, business, regulatory and/or
competitive factors.
Additional factors that could cause actual results to differ
materially from those expressed or implied in forward-looking
statements can be found under the heading “Risk Factors” in Altus
Power’s Form 10-K for the year ended December 31, 2023, filed with
the Securities and Exchange Commission on March 14, 2024, as well
as the other information we file with the Securities and Exchange
Commission. New risks and uncertainties arise from time to time,
and it is impossible for us to predict these events or how they may
affect us. You are cautioned not to place undue reliance upon any
forward-looking statements, which speak only as of the date made
and the information and assumptions underlying such statement as we
know it and on the date such statement was made, and Altus Power
undertakes no obligation to update or revise the forward-looking
statements, whether as a result of new information, changes in
expectations, future events or otherwise, except as required by
applicable law.
This press release is not intended to be all-inclusive or to
contain all the information that a person may desire in considering
an investment in Altus Power and is not intended to form the basis
of an investment decision in Altus Power. All subsequent written
and oral forward-looking statements concerning Altus Power or other
matters and attributable to Altus Power or any person acting on its
behalf are expressly qualified in their entirety by the cautionary
statements above.
Conference Call Information
The Altus Power management team will host a conference call to
discuss its fourth quarter and full year 2023 financial results
later today at 4:30 p.m. Eastern Time. The call can be accessed via
a live webcast accessible on the Events & Presentations page in
the Investor Relations section of Altus Power's website at
https://investors.altuspower.com/events-and-presentations/default.aspx.
An archive of the webcast will be available after the call on the
Investor Relations section of Altus Power's website as well.
About Altus Power, Inc.
Altus Power, based in Stamford, Connecticut, is the leading
commercial-scale provider of serving commercial, industrial, public
sector and community solar customers with end-to-end solutions.
Altus Power originates, develops, owns and operates locally-sited
solar generation, energy storage and charging infrastructure across
the nation. Visit www.altuspower.com to learn more.
1 Total Commercial Solar Ownership Rankings “US PV Leaderboard”
by Wood Mackenzie as of March 7th, 2024
Altus Power, Inc.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(In thousands, except share
and per share data)
Three Months Ended
December 31,
Year Ended
December 31,
2023
2022
2023
2022
Operating revenues, net
$
34,192
$
26,764
$
155,162
$
101,163
Operating expenses
Cost of operations (exclusive of
depreciation and amortization shown separately below)
8,254
4,690
29,636
17,532
General and administrative
8,606
5,524
32,453
25,026
Depreciation, amortization and accretion
expense
15,573
8,781
53,627
29,600
Acquisition and entity formation costs
1,380
3,046
4,508
3,629
Loss on fair value remeasurement of
contingent consideration
2,057
225
2,207
79
Loss (gain) on disposal of property, plant
and equipment
—
—
649
(2,222
)
Stock-based compensation
3,680
2,734
14,984
9,404
Total operating expenses
$
39,550
$
25,000
$
138,064
$
83,048
Operating income
(5,358
)
1,764
17,098
18,115
Other (income) expenses
Change in fair value of redeemable warrant
liability
—
(800
)
—
5,647
Change in fair value of Alignment Shares
liability
17,699
(70,681
)
(5,632
)
(61,314
)
Other expense (income), net
134
(1,066
)
1,784
(3,926
)
Interest expense, net
17,336
6,394
47,486
22,162
Loss on extinguishment of debt, net
197
2,303
116
2,303
Total other expense (income)
$
35,366
$
(63,850
)
$
43,754
$
(35,128
)
(Loss) income before income tax
expense
$
(40,724
)
$
65,614
$
(26,656
)
$
53,243
Income tax benefit (expense)
760
1,472
683
(1,076
)
Net (loss) income
$
(39,964
)
$
67,086
$
(25,973
)
$
52,167
Net loss attributable to noncontrolling
interests and redeemable noncontrolling interests
(12,837
)
(797
)
(16,618
)
(3,270
)
Net (loss) income attributable to Altus
Power, Inc.
$
(27,127
)
$
67,883
$
(9,355
)
$
55,437
Net (loss) income per share attributable
to common stockholders
Basic
$
(0.17
)
$
0.43
$
(0.06
)
$
0.36
Diluted
$
(0.17
)
$
0.42
$
(0.06
)
$
0.35
Weighted average shares used to compute
net (loss) income per share attributable to common stockholders
Basic
158,737,305
158,109,614
158,699,959
154,648,788
Diluted
158,737,305
159,338,967
158,699,959
155,708,993
Altus Power, Inc.
CONSOLIDATED BALANCE
SHEETS
(In thousands, except share
and per share data)
As of December 31,
2023
2022
Assets
Current assets:
Cash and cash equivalents
$
160,817
$
193,016
Current portion of restricted cash
45,358
2,404
Accounts receivable, net
17,100
13,443
Other current assets
5,522
6,206
Total current assets
228,797
215,069
Restricted cash, noncurrent portion
12,752
3,978
Property, plant and equipment, net
1,619,047
1,005,147
Intangible assets, net
47,588
47,627
Operating lease asset
173,804
94,463
Derivative assets
530
3,953
Other assets
7,831
6,651
Total assets
$
2,090,349
$
1,376,888
Liabilities, redeemable noncontrolling
interests, and stockholders' equity
Current liabilities:
Accounts payable
$
7,338
$
2,740
Construction payable
14,108
9,038
Interest payable
8,685
4,436
Purchase price payable, current
9,514
12,077
Due to related parties
51
112
Current portion of long-term debt
39,611
29,959
Operating lease liability, current
6,861
3,339
Contract liability, current
2,940
2,590
Other current liabilities
17,402
3,937
Total current liabilities
106,510
68,228
Alignment Shares liability
60,502
66,145
Long-term debt, net of unamortized debt
issuance costs and current portion
1,163,307
634,603
Intangible liabilities, net
18,945
12,411
Purchase price payable, noncurrent
—
6,940
Asset retirement obligations
17,014
9,575
Operating lease liability, noncurrent
180,701
94,819
Contract liability
5,620
5,397
Deferred tax liabilities, net
9,831
11,011
Other long-term liabilities
2,908
4,700
Total liabilities
$
1,565,338
$
913,829
Commitments and contingent liabilities
Redeemable noncontrolling interests
26,044
18,133
Stockholders' equity
Common stock $0.0001 par value;
988,591,250 shares authorized as of December 31, 2023 and 2022;
158,999,886 and 158,904,401 shares issued and outstanding as of
December 31, 2023 and 2022, respectively
16
16
Additional paid-in capital
485,063
470,004
Accumulated deficit
(55,274
)
(45,919
)
Accumulated other comprehensive income
17,273
—
Total stockholders' equity
$
447,078
$
424,101
Noncontrolling interests
51,889
20,825
Total equity
$
498,967
$
444,926
Total liabilities, redeemable
noncontrolling interests, and stockholders' equity
$
2,090,349
$
1,376,888
Altus Power, Inc.
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(In thousands)
Year ended December
31,
2023
2022
Cash flows from operating
activities
Net (loss) income
$
(25,973
)
$
52,167
Adjustments to reconcile net (loss) income
to net cash from operating activities:
Depreciation, amortization and
accretion
53,627
29,600
Deferred tax (benefit) expense
(715
)
1,078
Non-cash lease expense
2,036
443
Amortization of debt discount and
financing costs
3,617
3,018
Loss on extinguishment of debt, net
116
2,303
Change in fair value of redeemable warrant
liability
—
5,647
Change in fair value of Alignment Shares
liability
(5,632
)
(61,315
)
Remeasurement of contingent
consideration
2,207
79
Loss (gain) on disposal of property, plant
and equipment
649
(2,222
)
Stock-based compensation
14,938
9,404
Other
764
(174
)
Changes in assets and liabilities,
excluding the effect of acquisitions
Accounts receivable
1,493
(2,122
)
Due from related parties
(61
)
112
Derivative assets
20,690
(1,247
)
Other assets
2,098
(280
)
Accounts payable
3,504
(1,126
)
Interest payable
4,249
(58
)
Contract liability
438
562
Other liabilities
1,312
(627
)
Net cash provided by operating
activities
79,357
35,242
Cash flows used for investing
activities
Capital expenditures
(117,791
)
(77,223
)
Payments to acquire renewable energy
businesses, net of cash and restricted cash acquired
(432,441
)
(76,166
)
Payments to acquire renewable energy
facilities from third parties, net of cash and restricted cash
acquired
(38,931
)
(13,924
)
Proceeds from disposal of property, plant
and equipment
2,350
3,605
Other
—
496
Net cash used for investing activities
(586,813
)
(163,212
)
Cash flows from financing
activities
Proceeds from issuance of long-term
debt
579,627
124,697
Repayments of long-term debt
(51,114
)
(123,362
)
Payment of debt issuance costs
(5,000
)
(5,257
)
Payment of debt extinguishment costs
(85
)
(1,335
)
Payment of deferred purchase price
payable
(17,632
)
—
Payment of transaction costs related to
the Merger
—
(742
)
Proceeds from exercise of warrants
—
65
Payment of contingent consideration
(5,298
)
(72
)
Contributions from noncontrolling
interests
35,282
6,097
Redemption of noncontrolling interests
(3,855
)
(473
)
Distributions to noncontrolling
interests
(4,940
)
(2,571
)
Net cash provided by (used for) financing
activities
526,985
(2,953
)
Net increase (decrease) in cash, cash
equivalents, and restricted cash
19,529
(130,923
)
Cash, cash equivalents, and restricted
cash, beginning of year
199,398
330,321
Cash, cash equivalents, and restricted
cash, end of year
$
218,927
$
199,398
Year ended December
31,
2023
2022
Supplemental cash flow
disclosure
Cash paid for interest, net of amounts
capitalized
$
36,946
$
21,605
Cash paid for taxes
69
73
Non-cash investing and financing
activities
Asset retirement obligations
$
6,312
$
1,840
Debt assumed through acquisitions
7,900
117,295
Initial recording of noncontrolling
interest
13,500
183
Redeemable noncontrolling interest assumed
through acquisitions
15,541
2,126
Accrued distributions to noncontrolling
interests
278
—
Accrued deferred financing costs
203
—
Acquisitions of property and equipment
included in construction payable
4,630
8,371
Construction loan conversion
—
(4,186
)
Term loan conversion
—
4,186
Exchange of warrants into common stock
—
7,779
Warrants exercised on a cashless basis
—
47,836
Conversion of Alignment Shares into common
stock
11
15
Deferred purchase price payable
7,656
18,548
Non-GAAP Financial
Reconciliation
Reconciliation of GAAP reported Net (loss)
income to non-GAAP adjusted EBITDA:
Three Months Ended
December 31,
Year Ended
December 31,
2023
2022
2023
2022
(in thousands)
(in thousands)
Reconciliation of Net (loss) income to
Adjusted EBITDA:
Net (loss) income
$
(39,964
)
$
67,086
$
(25,973
)
$
52,167
Income tax (benefit) expense
(760
)
(1,472
)
(683
)
1,076
Interest expense, net
17,336
6,394
47,486
22,162
Depreciation, amortization and accretion
expense
15,573
8,781
53,627
29,600
Stock-based compensation
3,680
2,734
14,984
9,404
Acquisition and entity formation costs
1,380
3,046
4,508
3,629
Loss on fair value remeasurement of
contingent consideration
2,057
225
2,207
79
Loss (gain) on disposal of property, plant
and equipment
—
—
649
(2,222
)
Change in fair value of redeemable warrant
liability
—
(800
)
—
5,647
Change in fair value of Alignment Shares
liability
17,699
(70,681
)
(5,632
)
(61,314
)
Loss on extinguishment of debt, net
197
2,303
116
2,303
Other expense (income), net
134
(1,066
)
1,784
(3,926
)
Adjusted EBITDA
$
17,332
$
16,550
$
93,073
$
58,605
Reconciliation of non-GAAP adjusted EBITDA
margin:
Three Months Ended
December 31,
Year Ended
December 31,
2023
2022
2023
2022
(in thousands)
(in thousands)
Reconciliation of Adjusted EBITDA
margin:
Adjusted EBITDA
$
17,332
$
16,550
$
93,073
$
58,605
Operating revenues, net
34,192
26,764
155,162
101,163
Adjusted EBITDA margin
51
%
62
%
60
%
58
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240314769068/en/
Altus Power Contact for Investor or Media Inquiries:
Chris Shelton, Head of Investor Relations
InvestorRelations@altuspower.com
Grafico Azioni Altus Power (NYSE:AMPS)
Storico
Da Dic 2024 a Gen 2025
Grafico Azioni Altus Power (NYSE:AMPS)
Storico
Da Gen 2024 a Gen 2025
