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Altus Power, Inc. Announces Full Year and Fourth Quarter 2021 Financial Results

Fourth Quarter and Full Year 2021 Financial Highlights

  • Generated revenues of $71.8 million for full year 2021, an increase of 59% over full year 2020
  • Full year 2021 GAAP net income of $13.0 million, as compared to 2020 net loss of $1.9 million
  • Full year 2021 adjusted EBITDA of $41.0 million, an increase of 60% over full year 2020*
  • Generated revenues of $21.6 million for fourth quarter 2021, an increase of 92% over fourth quarter 2020
  • Fourth quarter 2021 GAAP net income of $14.5 million, as compared to fourth quarter 2020 net loss of $3.3 million
  • Fourth quarter 2021 adjusted EBITDA of $12.9 million, an increase of 129% over fourth quarter 2021*
  • Increased installed portfolio of solar generation assets to 362 megawatts across 18 states during 2021

Recent Business Highlights

  • Increased actionable project pipeline to over 1 gigawatt driven by growing opportunity set
  • Awarded 35 megawatts in New Jersey community solar pilot in November, leveraging Blackstone Industrial Real Estate portfolio
  • Announced key hires Dan Alcombright as Chief Platform Officer, and Chris Shelton as Head of Investor Relations

 

Altus Power, Inc. (NYSE: AMPS) (“Altus Power” or the “Company”), a leading clean electrification company, today announced results for the fourth quarter and full year 2021. Revenues for the full year 2021 were $71.8 million, compared with $45.3 million for full year 2020. The Company reported 2021 GAAP net income of $13.0 million, compared to a $1.9 million net loss in 2020. Adjusted EBITDA for 2021 totaled $41.0 million, with adjusted EBITDA margin of 57%.*

“In 2021, Altus Power continued to drive our business forward, providing clean electrification options to customers and growing our operating footprint. At the same time, we executed on strategic partnerships and added key personnel to provide for our growing customer pipeline,” said Lars Norell, Co-CEO of Altus Power. “Altus Power expects to continue our success through emphasis on streamlined customer acquisition, leveraging digital capabilities and deploying low cost capital.”

Commercial Momentum Continuing

During 2021, Altus Power increased the size of its portfolio of assets by over 50% to a total of 362 megawatts of installed capacity. In 2022 Altus Power will continue its close collaboration with Blackstone Real Estate and cultivate new relationships under its agreement with CBRE.

Since the close of its business combination with CBRE Acquisition Holdings in December, Altus Power and CBRE’s Renewable Energy Solutions team have quickly identified a pool of CBRE clients that could immediately benefit from Altus Power’s clean energy project development expertise. This process has yielded immediate results, and the Company looks forward to executing on these and additional opportunities in the near future.

“We’ve hit the ground running with the CBRE team in 2022,” said Gregg Felton, Co-CEO of Altus Power. “The types of commercial partnerships we’re exploring are exactly what we envisioned under our agreement with CBRE. We look forward to the opportunity to partner with additional CBRE clients to reduce their electricity costs and help decarbonize their operations.

“Work also continues with our long-time partner Blackstone to prioritize and execute on clean energy opportunities across their commercial real estate holdings, highlighted by our recent 35 megawatt community solar award which will be hosted on Blackstone industrial real estate in New Jersey,” continued Felton.

Altus Power continues to prioritize the digitization of its processes, which promises to further streamline origination and construction workflows and reduce costs as Altus Power scales its business.

“Our number one digitization goal is building out the technology infrastructure that leverages CBRE’s vast data resources, allowing us to efficiently capitalize on our new relationship,” said Julia Sears, Chief Digital Officer at Altus Power. “By leveraging our enhanced technology platform to clearly identify the massive value Altus Power can deliver to our clients, we will be able to convert prospects into customers more efficiently, including for the ever-growing Community Solar market. Whether evaluating building and usage data, measuring client consumption, or managing our operations from initial customer engagement through construction and ongoing maintenance, we are investing in our technology platform to support all areas of our growth.”

Fourth Quarter Financial Results

Revenues during the fourth quarter of 2021 totaled $21.6 million, compared to $11.3 million during the same period of 2020, an increase of 92%.

Fourth quarter 2021 GAAP net income totaled $14.5 million, which included a $12.8 million one-time gain on sale, compared to a net loss of $3.3 million for the same period last year.

Adjusted EBITDA during the fourth quarter of 2021 was $12.9 million, compared to $5.6 million for the fourth quarter of 2020, a 129% increase.* The quarter over quarter growth in adjusted EBITDA is the result of increased revenue from additional solar energy facilities outpacing the increase of operating and general administrative expenses.*

Full Year 2021 Financial Results

Revenues for the full year 2021 totaled $71.8 million, an increase of 59% over 2020 full year revenue of $45.3 million, primarily due to the increased number of solar energy facilities in our portfolio.

GAAP net income for full year 2021 totaled $13.0 million, including a one-time gain on sale of $12.8 million, compared to a net loss of $1.9 million for 2020.

Adjusted EBITDA for the full year 2021 totaled $41.0 million, an increase of 60% over 2020 adjusted EBITDA of $25.6 million, due to the growth in revenue from additional solar energy facilities outpacing the increase of operating and general administrative expenses.*

Balance Sheet and Liquidity

Altus Power ended 2021 with $326 million in unrestricted cash, and $546 million of total debt, resulting in net debt of $220 million. The Company expects to fund its operations using available cash, additional borrowings under debt facilities and third-party tax equity, for the foreseeable future.

Initiating 2022 Adjusted EBITDA guidance

Today Altus Power is initiating a 2022 adjusted EBITDA guidance range of $57-63 million, nearly 50% growth over 2021 at the midpoint.* Management focuses on adjusted EBITDA and adjusted EBITDA margin as key measures of profitable growth and approximation of cash flow generation. Management will give further details on guidance during the Company’s earnings call.

Conference Call Information

The Altus Power management team will host a conference call to discuss its full year and fourth quarter 2021 financial results on Friday, March 25, 2022, at 8:30 a.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 www.altuspower.com. An archive of the webcast will be available after the call on the Investor Relations section of Altus Power’s website as well.

Use of Non-GAAP Financial Information

*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 (loss) plus net interest expense, depreciation, amortization and accretion expense, income tax expense, acquisition and entity formation costs, non-cash 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 on fair value remeasurement of contingent consideration, gain on disposal of property, plant and equipment, change in fair value of redeemable warrant liability, change in fair value of alignment shares, loss on extinguishment of debt, and other miscellaneous items of other income and expenses.

Adjusted EBITDA is a non-GAAP financial measure that we use as a performance measure. We believe that investors and securities analysts also use adjusted EBITDA in evaluating our operating performance. This measurement is 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. The presentation of adjusted EBITDA 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 is not necessarily comparable to adjusted EBITDA as calculated by other companies.

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. These adjustments are intended to exclude items that are not indicative of the ongoing operating performance of the business. 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.

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.

About Altus Power, Inc.

Altus Power, based in Stamford, Connecticut, is the nation’s premier clean electrification company. Altus Power serves its commercial, industrial, public sector and community solar customers by developing, owning and operating locally sited solar generation, energy storage, and EV charging infrastructure across 18 states from Vermont to Hawaii. Visit altuspower.com to learn more.

Forward-Looking Statements

This press release contains forward-looking statements. Forward-looking statements may be identified by the use of words such as “anticipate”, “believe”, “could”, “continue”, “expect”, “estimate”, “may”, “plan”, “outlook”, “future” and “project” and other similar expressions 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 maintain its listing on the New York Stock Exchange; (2) the ability to recognize the anticipated benefits of the recently completed business combination and related transactions (the “Transactions”), which may be affected by, among other things, competition, the ability of Altus Power to grow and manage growth profitably, maintain relationships with customers, business partners, suppliers and agents and retain its management and key employees; (3) costs related to the Transactions; (4) changes in applicable laws or regulations; (5) the possibility that Altus Power may be adversely affected by other economic, business, regulatory and/or competitive factors; (6) the impact of COVID-19 on Altus Power’s business; and (7) the failure to realize anticipated pro forma results and underlying assumptions related to the Transactions.

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 filed with the Securities and Exchange Commission on March 24th, 2022, as well as the other information we file with the Securities and Exchange Commission., 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 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.

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.

 

Altus Power, Inc.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share data)

 

 

Three Months Ended

December 31,

 

Year Ended

December 31,

 

 

2021

 

 

 

2020

 

 

 

2021

 

 

 

2020

 

Operating revenues, net

$

21,578

 

 

$

11,265

 

 

$

71,800

 

 

$

45,278

 

Operating expenses

 

 

 

 

 

 

 

Cost of operations (exclusive of depreciation and amortization shown separately below)

 

4,024

 

 

 

2,633

 

 

 

14,029

 

 

 

9,661

 

General and administrative

 

4,731

 

 

 

3,032

 

 

 

16,915

 

 

 

10,143

 

Depreciation, amortization and accretion expense

 

6,800

 

 

 

3,522

 

 

 

20,967

 

 

 

11,932

 

Acquisition and entity formation costs

 

303

 

 

 

575

 

 

 

1,489

 

 

 

1,015

 

Gain on fair value remeasurement of contingent consideration

 

(400

)

 

 

 

 

 

(2,800

)

 

 

 

Gain on disposal of property, plant and equipment

 

(12,842

)

 

 

 

 

 

(12,842

)

 

 

 

Total operating expenses

$

2,616

 

 

$

9,762

 

 

$

37,758

 

 

$

32,751

 

Operating income

 

18,962

 

 

 

1,503

 

 

 

34,042

 

 

 

12,527

 

Other (income) expenses

 

 

 

 

 

 

 

Change in fair value of redeemable warrant liability

 

2,332

 

 

 

 

 

 

2,332

 

 

 

 

Change in fair value of alignment shares liability

 

(5,013

)

 

 

 

 

 

(5,013

)

 

 

 

Other (income) expense, net

 

(593

)

 

 

154

 

 

 

245

 

 

 

258

 

Interest expense, net

 

5,971

 

 

 

3,730

 

 

 

19,933

 

 

 

14,073

 

Loss on extinguishment of debt

 

 

 

 

 

 

 

3,245

 

 

 

 

Total other expense

$

2,697

 

 

$

3,884

 

 

$

20,742

 

 

$

14,331

 

Income (loss) before income tax expense

$

16,265

 

 

$

(2,381

)

 

$

13,300

 

 

$

(1,804

)

Income tax expense

 

(1,792

)

 

 

(964

)

 

 

(295

)

 

 

(83

)

Net income (loss)

$

14,473

 

 

$

(3,345

)

 

$

13,005

 

 

$

(1,887

)

Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests

 

7,285

 

 

 

(334

)

 

 

7,099

 

 

 

(8,680

)

Net income (loss) attributable to Altus Power, Inc.

$

7,188

 

 

$

(3,011

)

 

$

5,906

 

 

$

6,793

 

Net income (loss) per share attributable to common stockholders

 

 

 

 

 

 

 

Basic

$

0.07

 

 

$

(0.03

)

 

$

0.06

 

 

$

0.08

 

Diluted

$

0.06

 

 

$

(0.03

)

 

$

0.06

 

 

$

0.07

 

Weighted average shares used to compute net income (loss) per share attributable to common stockholders

 

 

 

 

 

 

 

Basic

 

104,653,303

 

 

 

88,741,089

 

 

 

92,751,839

 

 

 

88,741,089

 

Diluted

 

109,155,128

 

 

 

88,741,089

 

 

 

96,603,428

 

 

 

90,858,718

 

 
 

 

 
 

Altus Power, Inc.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)

 

 

As of December 31,

 

 

2021

 

 

 

2020

 

Assets

 

 

 

Current assets:

 

 

 

Cash

$

325,983

 

 

$

33,832

 

Current portion of restricted cash

 

2,544

 

 

 

3,465

 

Accounts receivable, net

 

9,218

 

 

 

5,752

 

Other current assets

 

6,659

 

 

 

1,748

 

Total current assets

 

344,404

 

 

 

44,797

 

Restricted cash, noncurrent portion

 

1,794

 

 

 

909

 

Property, plant and equipment, net

 

745,711

 

 

 

519,394

 

Intangible assets, net

 

16,702

 

 

 

11,758

 

Goodwill

 

601

 

 

 

 

Other assets

 

4,037

 

 

 

4,702

 

Total assets

$

1,113,249

 

 

$

581,560

 

Liabilities, redeemable noncontrolling interests, and stockholders' equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

3,591

 

 

$

1,571

 

Interest payable

 

4,494

 

 

 

2,665

 

Purchase price payable

 

 

 

 

2,638

 

Current portion of long-term debt

 

21,143

 

 

 

35,209

 

Other current liabilities

 

3,663

 

 

 

1,369

 

Total current liabilities

 

32,891

 

 

 

43,452

 

Redeemable warrant liability

 

49,933

 

 

 

 

Alignment shares liability

 

127,474

 

 

 

 

Long-term debt, net of unamortized debt issuance costs and current portion

 

524,837

 

 

 

353,934

 

Intangible liabilities, net

 

13,758

 

 

 

4,647

 

Asset retirement obligations

 

7,628

 

 

 

4,446

 

Deferred tax liabilities, net

 

9,603

 

 

 

11,001

 

Other long-term liabilities

 

5,587

 

 

 

6,774

 

Total liabilities

$

771,711

 

 

$

424,254

 

Commitments and contingent liabilities

 

 

 

Redeemable noncontrolling interests

 

15,527

 

 

 

18,311

 

Stockholders' equity

 

 

 

Common stock $0.0001 par value; 988,591,250 shares authorized as of December 31, 2021 and 2020; 153,648,830 and 89,999,976 shares issued and outstanding as of December 31, 2021 and 2020, respectively

 

15

 

 

 

9

 

Preferred stock $0.0001 par value; 10,000,000 shares authorized; zero shares issued and outstanding as of December 31, 2021 and 2020

 

 

 

 

 

Additional paid-in capital

 

406,259

 

 

 

205,772

 

Accumulated deficit

 

(101,356

)

 

 

(80,802

)

Total stockholders' equity

$

304,918

 

 

$

124,979

 

Noncontrolling interests

 

21,093

 

 

 

14,016

 

Total equity

$

326,011

 

 

$

138,995

 

Total liabilities, redeemable noncontrolling interests, and stockholders' equity

$

1,113,249

 

 

$

581,560

 

 
 

 

 
 

Altus Power, Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

 

 

Year ended December 31,

 

 

2021

 

 

 

2020

 

Cash flows from operating activities

 

 

 

Net income (loss)

$

13,005

 

 

$

(1,887

)

Adjustments to reconcile net income (loss) to net cash from operating activities:

 

 

 

Depreciation, amortization and accretion

 

20,967

 

 

 

11,932

 

Unrealized (gain) loss on interest rate swaps

 

(324

)

 

 

82

 

Deferred tax expense

 

219

 

 

 

60

 

Amortization of debt discount and financing costs

 

2,873

 

 

 

2,538

 

Loss on extinguishment of debt

 

3,245

 

 

 

 

Change in fair value of redeemable warrant liability

 

2,332

 

 

 

 

Change in fair value of alignment shares liability

 

(5,013

)

 

 

 

Remeasurement of contingent consideration

 

(2,800

)

 

 

 

Gain on disposal of property, plant and equipment

 

(12,842

)

 

 

 

Stock-based compensation

 

148

 

 

 

82

 

Other

 

104

 

 

 

780

 

Changes in assets and liabilities, excluding the effect of acquisitions

 

 

 

Accounts receivable

 

162

 

 

 

(1,287

)

Due from related parties

 

 

 

 

3

 

Other assets

 

(4,647

)

 

 

495

 

Accounts payable

 

2,001

 

 

 

(1,477

)

Interest payable

 

1,909

 

 

 

1,769

 

Other liabilities

 

2,365

 

 

 

(794

)

Net cash provided by operating activities

 

23,704

 

 

 

12,296

 

Cash flows from investing activities

 

 

 

Capital expenditures

 

(14,585

)

 

 

(36,677

)

Payments to acquire businesses, net of cash and restricted cash acquired

 

(201,175

)

 

 

(110,691

)

Payments to acquire renewable energy facilities from third parties, net of cash and restricted cash acquired

 

(27,364

)

 

 

(23,381

)

Proceeds from disposal of property, plant and equipment

 

19,910

 

 

 

 

Payments for customer and site lease acquisitions

 

 

 

 

(893

)

Other

 

(36

)

 

 

300

 

Net cash used for investing activities

 

(223,250

)

 

 

(171,342

)

Cash flows from financing activities

 

 

 

Proceeds from issuance of long-term debt

 

311,053

 

 

 

205,808

 

Repayments of long-term debt

 

(160,487

)

 

 

(55,754

)

Payment of debt issuance costs

 

(2,628

)

 

 

(1,584

)

Payment of debt extinguishment costs

 

(1,477

)

 

 

 

Distributions to common equity stockholder

 

 

 

 

(22,500

)

Proceeds from the Merger and PIPE financing

 

637,458

 

 

 

 

Payment of transaction costs related to the Merger

 

(55,442

)

 

 

 

Proceeds from issuance of common stock and Series A preferred stock

 

82,000

 

 

 

31,500

 

Repayment of Series A preferred stock

 

(290,000

)

 

 

 

Payment of dividends and commitment fees on Series A preferred stock

 

(22,207

)

 

 

(12,950

)

Payment of contingent consideration

 

(153

)

 

 

(501

)

Contributions from noncontrolling interests

 

3,846

 

 

 

23,927

 

Redemption of noncontrolling interests

 

(5,324

)

 

 

(1,524

)

Distributions to noncontrolling interests

 

(4,978

)

 

 

(1,307

)

Net cash provided by financing activities

 

491,661

 

 

 

165,115

 

Net increase in cash and restricted cash

 

292,115

 

 

 

6,069

 

Cash and restricted cash, beginning of year

 

38,206

 

 

 

32,137

 

Cash and restricted cash, end of year

$

330,321

 

 

$

38,206

 

 
 

Non-GAAP Financial Reconciliation

Reconciliation of GAAP reported Net Income to non-GAAP adjusted EBITDA:

 

Three Months Ended

December 31,

 

Year Ended

December 31,

 

 

2021

 

 

 

2020

 

 

 

2021

 

 

 

2020

 

 

(in thousands)

Reconciliation of Net income (loss) to Adjusted EBITDA:

 

 

 

 

 

 

 

Net income (loss)

$

14,473

 

 

$

(3,345

)

 

$

13,005

 

 

$

(1,887

)

Income tax expense

 

1,792

 

 

 

964

 

 

 

295

 

 

 

83

 

Interest expense, net

 

5,971

 

 

 

3,730

 

 

 

19,933

 

 

 

14,073

 

Depreciation, amortization and accretion expense

 

6,800

 

 

 

3,522

 

 

 

20,967

 

 

 

11,932

 

Non-cash compensation expense

 

37

 

 

 

21

 

 

 

148

 

 

 

82

 

Acquisition and entity formation costs

 

303

 

 

 

575

 

 

 

1,489

 

 

 

1,015

 

Gain on fair value remeasurement of contingent consideration

 

(400

)

 

 

-

 

 

 

(2,800

)

 

 

-

 

Gain on disposal of property, plant and equipment

 

(12,842

)

 

 

-

 

 

 

(12,842

)

 

 

-

 

Change in fair value of redeemable warrant liability

 

2,332

 

 

 

-

 

 

 

2,332

 

 

 

-

 

Change in fair value of alignment shares liability

 

(5,013

)

 

 

-

 

 

 

(5,013

)

 

 

-

 

Loss on extinguishment of debt

 

-

 

 

 

-

 

 

 

3,245

 

 

 

-

 

Other (income) expense, net

 

(593

)

 

 

154

 

 

 

245

 

 

 

258

 

Adjusted EBITDA

$

12,860

 

 

$

5,621

 

 

$

41,004

 

 

$

25,556

 

 

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