Business
CORRECTING and REPLACING HASI Announces Fourth Quarter and Full Year 2024 Results
ANNAPOLIS, Md., February 25, 2025--The "Adjusted Net Investment Income" table, Equity method earnings adjustment (1) row, for the release dated Feb. 13, 2025 at 4:19 p.m. ET: the Three months ended December 31, 2023 should be 43,404 (sted of 32,802) and the Year ended December 31, 2023 should be 156,757 (sted of 131,762).
About this update from Ha Sustainable Infrastructure Capital, Inc.
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("HASI," "we," "our" or the "Company") (NYSE: HASI), a leading investor in sustainable infrastructure assets, today reported results for the fourth quarter and full year of 2024.","length":262,"tagName":"p"},{"type":"text","content":" Key Highlights ","length":14,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"GAAP EPS of $1.62 on a fully diluted basis in 2024, compared with $1.42 in 2023, and Adjusted EPS of $2.45 on a fully diluted basis in 2024, up 10% year-over-year.","length":163,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"GAAP Net Investment Income of $24 million in 2024, compared to $58 million in 2023, and Adjusted Net Investment Income of $264 million, up 22% compared to $217 million in 2023.","length":176,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Closed $2.3 billion of investments in 2024, and grew Managed Assets 11% to $13.7 billion and our Portfolio 6% in 2024 to $6.6 billion, compared to the end of 2023.","length":163,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"New portfolio asset yields exceeded 10.5% in 2024, up from more than 9% in 2023.","length":80,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Diversified pipeline of greater than $5.5 billion as of the end of 2024.","length":72,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Extending guidance for 8% to 10% Adjusted EPS Growth an additional year to 2027, from the 2023 baseline.","length":104,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Increased dividend to $0.42 per share for the first quarter of 2025, and expecting payout ratio to decline to 55%-60% by 2027.","length":126,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":884,"olType":false},{"type":"text","content":""Our Q4 and FY 2024 results continued to demonstrate the consistency and resilience of our business over many years," said Jeffrey A. Lipson, HASI President and Chief Executive Officer. "We remain confident in our strategy, and expect to prosper in any policy or rate scenario. This confidence allows us to extend our 8-10% annual Adjusted EPS growth guidance to include 2027."","length":397,"tagName":"p"},{"type":"text","content":"A summary of our financial results is shown in the table below:","length":63,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:40%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:2%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"5","rowspan":"1","style":"vertical-align:bottom;border-bottom:solid black 1.0pt;padding-left:0.0px;white-space:nowrap;","val":[{"type":"text","content":" For the Three Months Ended December 31, ","length":39,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;border-bottom:solid black 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Compensation and benefits and general and administrative expenses increased by a combined $19 million, primarily due to the growth of the company and the previously mentioned temporary consolidation of SunStrong servicing activities.","length":625,"tagName":"p"},{"type":"text","content":"Income from Equity Method Investments increased by approximately $107 million during 2024 compared to 2023 primarily due to allocations of income in the current period from tax attributes allocated to our investors related to grid-connected utility-scale renewable energy projects, as those tax attributes reduced the tax equity investors ongoing claim on the net assets of the project. Income tax expense increased by approximately $39 million due to greater GAAP pre-tax income this period.","length":492,"tagName":"p"},{"type":"text","content":"GAAP Net Income to controlling shareholders in 2024 was $200 million, compared to $149 million in 2023.","length":103,"tagName":"p"},{"type":"text","content":" Adjusted Earnings and EPS ","length":25,"tagName":"p"},{"type":"text","content":"In addition to our GAAP results, we also present non-GAAP measures to enhance the usefulness of financial information and allow for greater transparency with respect to key metrics used by management internally for planning, forecasting, and evaluating our operating performance.","length":279,"tagName":"p"},{"type":"text","content":"GAAP Net Investment Income in 2024 of $24 million includes all of our Interest Expense but only the portion of our investment returns that is reflected in GAAP Interest Income and Rental Income revenue. Because it does not include the portion of our investment returns recognized through our Equity Method Investments, GAAP Net Investment Income fails to capture all of the economic returns earned by our Portfolio.","length":415,"tagName":"p"},{"type":"text","content":"Given that GAAP Net Investment Income, and in turn GAAP Net Income, does not reflect such economic returns, our non-GAAP measures Adjusted Net Investment Income and Adjusted Earnings are utilized by management to monitor and evaluate our business as we believe they are a helpful indicator of the underlying economics of our investments. We also believe they provide investors and analysts with useful supplemental information to understand the financial performance of our business and to analyze financial and business trends and enable a useful comparison of financial results between periods.","length":596,"tagName":"p"},{"type":"text","content":"Adjusted Net Investment Income is determined using an Equity Method Investments Earnings Adjustment. The Equity Method Investments Earnings Adjustment is calculated using our underwritten project cash flows discounted back to the net present value, based on a target investment rate, with the cash flows to be received in the future reflecting both a return on the capital (based upon the underwritten investment rate) and a return of the capital we have committed to our Equity Method Investments, as adjusted to reflect the performance of the project and the cash distributed.","length":578,"tagName":"p"},{"type":"text","content":"Adjusted Net Investment Income was $264 million in 2024, compared to $217 million in 2023.","length":90,"tagName":"p"},{"type":"text","content":"Adjusted Earnings is calculated using the same Equity Method Investments Earnings Adjustment that is used to calculate adjusted net investment income. Adjusted Earnings excludes the recognition of income using the hypothetical liquidation at book value method ("HLBV"), which uses profit and loss allocations that may differ materially from the agreed upon allocations of a project’s cash flows, and in turn reflects income that can differ substantially from the economic returns achieved by a project in any given period.","length":532,"tagName":"p"},{"type":"text","content":"Adjusted Earnings also excludes non-cash equity compensation expense, Provisions for Loss on Receivables, amortization of intangibles, non-cash provision (benefit) for taxes, and earnings attributable to non-controlling interests, and also makes an adjustment to eliminate our portion of fees we earn from related-party co-investment structures. Please refer to the Explanatory Notes in this press release for a more detailed explanation of Adjusted Earnings.","length":459,"tagName":"p"},{"type":"text","content":"Adjusted Earnings in 2024 was approximately $291 million, an increase of $58 million over 2023, primarily driven by growth in Adjusted Net Investment Income due to a larger Portfolio at higher yields and higher gain on sale income. Adjusted EPS was $2.45, compared to $2.23 in the prior year.","length":292,"tagName":"p"},{"type":"text","content":"Portfolio Yield was 8.3% as of December 31, 2024 and 7.9% as of December 31, 2023. Our weighted average interest cost, as measured by GAAP Interest Expense, excluding loss on debt extinguishment, divided by average debt outstanding, was 5.6% in 2024, as compared to 5.0% in 2023.","length":279,"tagName":"p"},{"type":"text","content":" Leverage ","length":8,"tagName":"p"},{"type":"text","content":"As of December 31, 2024, Cash and Cash Equivalents were $130 million and total debt outstanding was $4.4 billion. Our debt-to-equity ratio at December 31, 2024, was 1.8, within our target range of 1.5 to 2.0 and below our internal limit of 2.5.","length":244,"tagName":"p"},{"type":"text","content":"The calculation of our fixed-rate debt and leverage ratios as of December 31, 2024 and December 31, 2023 are shown in the table below:","length":134,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:44%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"width:3%;","val":[]},{"colspan":"2","rowspan":"1","style":"vertical-align:bottom;border-bottom:solid black 1.0pt;padding-left:0.0px;white-space:nowrap;","val":[{"type":"text","content":" December 31, 2024 ","length":17,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:3%;","val":[{"type":"text","content":" 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