Q2 2024 Altus Power Inc Earnings Call Transcript
Key Points
- Altus Power Inc (AMPS) reported a 13% increase in revenue for the second quarter of 2024, driven by the growth of its portfolio and increased sales of clean electricity.
- The company generated 364 million kilowatt hours of clean electricity from its nearly 1-gigawatt portfolio of operating assets.
- Altus Power Inc (AMPS) has a diversified portfolio of nearly 500 operating assets, providing a robust and growing revenue stream.
- The company benefits from a flexible platform that allows it to onboard projects at any stage, enhancing its competitive advantage.
- Altus Power Inc (AMPS) has a significant portion (54%) of its power purchase agreements at floating rates, allowing it to benefit from rising utility rates.
- The company revised its 2024 revenue and adjusted EBITDA guidance downward due to slower-than-expected megawatt additions and interconnection delays.
- Altus Power Inc (AMPS) faces challenges with utility and interconnection delays, impacting the timing of new project operationalization.
- The company has accumulated community solar credits in excess of current customer subscription levels, leading to deferred revenue recognition.
- There is a need for increased education and awareness about the benefits of commercial solar, which could slow down client engagement.
- The top-down strategy through the CBRE partnership was not as effective, leading to longer sell-in periods and bureaucracy.
Good afternoon, and welcome to the Altus Power's second quarter 2024 conference call. As a reminder, today's call is being recorded (Operator Instructions). A question and answer session will follow the formal presentation. At this time, for opening remarks and introductions, I would like to turn the call over to Alison Sternberg, Head of Investor Relations.
Good afternoon and welcome to our second quarter 2024 earnings call. Speaking on todayâs call are Gregg Felton, Chief Executive Officer; and Dustin Weber, Chief Financial Officer.
This afternoon, we issued a press release and a presentation related to matters to be discussed on this call. You can access both the press release and the presentation on our website, www.altuspower.com in the Investor section. This information is also available on the SECâs website.
As a reminder, our comments on this call may contain forward-looking statements. These forward-looking statements refer to
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