Altus Power, Inc.: M&A transaction — Altus Power Q3: rev $30.4M (+51%), Adj. EBITDA $19.4M (+66%); closes 88MW DESRI; 2022 EBITDA guidance near low-end

Altus Power, Inc.

2022-Q3 EPS reported -$0.08 revenue$74,399,000

Revenue $30.4M (+51% YoY); Adj. EBITDA $19.4M (+66%); GAAP net loss $96.6M from $102M non-cash remeasurement loss.
Closed purchase of ~88 MW solar from DESRI; $201M base price, $82M cash at close, $20M indemnity holdback.
Obtained commitments for $200M revolving credit facility (5-year) to enhance liquidity; documentation pending.
Redeemed all outstanding public/private warrants for 4,058,845 shares and $83K net cash proceeds.
2022 Adj. EBITDA guidance revised to near low-end of prior range; margin unchanged at mid-50%.

item 2.01 item 7.01 item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Altus Power, Inc. reported the fiscal quarter ended September 30, 2022 results: revenue $30.4 million, net income $96.6 million. Guidance lowered.

Period: the fiscal quarter ended September 30, 2022
Revenue: $30.4 million
Net income: $96.6 million
Guidance: lowered
Result: reported results

Exact text from the filing

Revenues of $30.4 million during third quarter 2022, an increase of 51% over third quarter 2021 • GAAP net loss of $96.6 million, as compared to third quarter 2021 net loss of $1.3 million

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M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Altus Power, Inc. completed an acquisition involving D.E. Shaw Renewables Investments, L.L.C. for approximately an aggregate of $201 million base purchase price.

Action: acquisition
Counterparty: D.E. Shaw Renewables Investments, L.L.C.
Consideration: approximately an aggregate of $201 million base purchase price

Exact text from the filing

Agreements”) related to this transaction, and others, was originally announced on September 27, 2022. The purchase price for these assets is approximately an aggregate of $201 million base purchase price of which the Company paid an aggregate of $82 million in cash at closing and held back an aggregate $20 million as security for indemnification claims which

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Source: SEC EDGAR

accession 0001828723-22-000142

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