CBRE Acquisition — Altus Power — Q2 2024 Earnings Presentation
17 slides from CBRE Acquisition's earnings presentation, Aug 8, 2024
Slide 1: Second Quarter Earnings Presentation
August 8, 2024 Second Quarter Earnings Presentation
Slide 2: Cautionary Statements And Risk Factors That May Affect Future Results
Cautionary Statements And Risk Factors That May Affect Future Results The following presentation for Altus Power, Inc. (“Altus Power” or the “Company”) has been prepared by Altus Power’s management. You should read the presentation together with our consolidated financial statements and related note
Slide 3: Second Quarter Earnings Summary
Second Quarter Earnings Summary 3 $46.5 $52.5 Q2'23 Q2'24 Operating Revenues ($MM) Net Income* Q2’24 $33.1 million Q2’23 $3.4 million $30.6 $31.2 Q2'23 Q2'24 Adjusted EBITDA1 ($MM) *GAAP Net Income figures include non-cash gain from remeasurement of alignment shares of $2.8M and $11.9M for 2Q23 and
Slide 4: Altus Power Portfolio Comprises Megawatts Across States
Altus Power Portfolio Comprises 990 Megawatts Across 25 States1 41As of June 30, 2024 Recent Highlights • Closing of 8.5 MW in Central NJ, including 63 acres of land. • Added ~1,000 community solar subscribers, total now over 25,000 • ~290 megawatts of assets to serve Community Solar customers State
Slide 5: 2024 Expected Financing Plan
2024 Expected Financing Plan 5 Sources of Financing for New Builds 1 Tax equity available for new-build projects 2 Cash, cash equivalents and restricted cash as of June 30, 2024 $92 million quarter-end Cash Balance2 $168 million of capacity on Blackstone Construction Facility $176 million of capacit
Slide 6: Appendix
a ALTUSPOWER RENEWABLE ENERGY Appendix
Slide 7: Inflection of US Electricity Demand
3500 3700 3900 4100 4300 4500 4700 4900 5100 5300 5500 US Electricity Consumption (Trillions of KWH) Inflection of US Electricity Demand 7 Benefits from Increased Pressure on Retail Rates 1 Reference to contracts with rates set at a fixed discount to prevailing utility rate 2EIA Data. 3 NERC Forecas
Slide 8: Portfolio Statistics
Portfolio Statistics as of June 30, 2024 8 Fixed 28% Fixed with Escalator 18% Variable 54% Breakdown of Contract Type (MWs)1 86 137 139 94 137 262 239 142 210 364 1Q 2Q 3Q 4Q Kilowatt-Hours (in millions) 2022 2023 2024 1 Percentages shown are approximations 362 369 377 470 678 698 721 896 981 990 1Q
Slide 9: Historical Seasonality Of Revenues
Historical Quarterly Revenue Distribution Historical Seasonality Of Revenues 9 Q1 between 18%-20% of Revenues Q4 between 22%-26% of Revenues Q3 between 29%-31% of Revenues Q2 between 25%-29% of Revenues
Slide 10: Updated 2024 Guidance
Updated 2024 Guidance 10 1 Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures. Please see Financial Statements in the Appendix for a reconciliation to the most directly comparable GAAP measures. $196-201 Million $111-115 Million Revenue Adjusted EBITDA 2024 Guidance Ranges Ge
Slide 11: 2Q 2024 Financials
11 2Q 2024 Financials 2Q 2024 Operating Revenues $52.5 Million 2Q 2024 Adjusted EBITDA1 $31.2 Million 2Q 2024 Adjusted EBITDA Margin1 59 Percent 1 Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures. Please see the Appendix for a reconciliation to the most directly comparable
Slide 12: Non-GAAP Reconciliation
12 Non-GAAP Reconciliation 1 Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures Adjusted EBITDA1 Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (in thousands) (in thousands) Reconciliation of Net income to Adjusted EBITDA: Net income $ 33,149 $ 3,37
Slide 13: Balance Sheets
13 Balance Sheets Condensed Consolidated Balance Sheets (In thousands, except share and per share data) As of June 30, 2024 As of December 31, 2023 Assets Current assets: Cash and cash equivalents $ 78,379 $ 160,817 Current portion of restricted cash 1,166 45,358 Accounts receivable, net 31,822 17,1
Slide 14: Statements of Operations
14 Statements of Operations Condensed Consolidated Statements of Operations (In thousands, except share and per share data) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Operating revenues, net $ 52,460 $ 46,513 $ 93,119 $ 75,891 Operating expenses Cost of operations (exc
Slide 15: Non-GAAP Definitions
Non-GAAP Definitions 15 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 or benefit, and excluding the effect of certain non-rec
Slide 16: Adjusted EBITDA Definitions
Adjusted EBITDA Definitions 16 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 unrealized gains and losses on interest rate swaps. Depreciation, Amortization and Acc
Slide 17: Contact Info
contact info W: altuspower.com E: ir@altuspower.com