Altus Power (AMPS) 13 Nov 232023 Q3 Earnings call transcript

Ladies and gentlemen, good morning, and welcome to the Altus Power Third Quarter 2023 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Chris Shelton, Head of Investor Relations. Please go ahead, sir.

Good morning, and welcome to our third quarter 2023 earnings call.

Joining me on today's call are Gregg Felton, Co-Chief Executive Officer; Julia Sears, Chief Digital Officer; and Dustin Weber, Chief Financial Officer.

Officer, will Executive for joining Co-Chief Q&A. addition, Lars be Norell, us In issued and press to morning, a This we release be on matters discussed a this call. to related presentation

the both press in access Investors information SEC's on This also section. our website. can You the release and website, presentation the www.altuspower.com available the is on

in on As statements. Altus refer used identify a statements Power assumes forward-looking events, obligation including call, These Power cause subject and circumstances Power's statements. to performance. our operations this statements are to estimate no could on financial expressions as call in statements update this if to predicted various actual or except, will, comments results reminder, they Altus materially words the the statement. forward-looking and a may relate forward-looking change. and differ future future anticipate, to contain uncertainties forward-looking the Altus plan, similar risks future When to these believe, and These those from

more risks, the discussed XXXX. uncertainties to filings specifically, and review on forward-looking our with XX, information, SEC the XX-K that statements March factors our SEC filed in you other we For impact could these encourage

EBITDA we financial During refer this are and will adjusted which to measures. call, margin, adjusted EBITDA also non-GAAP

With items computing reconciliations measures GAAP about Felton, I Our by may and will our our Power's turn Gregg in other the methods to is call to Power. presentation press issued these measures investors. the now management plan, these financial should to this financial financial measures financial More of for companies. these non-GAAP today. measures. Altus Altus team to evaluate financial be may we used detailed uses measures non-GAAP that Executive measures similar comparable not a the be over both Co-Chief useful substitute These certain non-GAAP monitor performance, that, exclude believe release and that contained financial Officer non-GAAP information from and from of considered differ measures GAAP financial information and as we non-GAAP

all join our welcome and during Slide Chris, Please investors I summarize the X, quarter. our Thanks, analysts. accomplishments and on to me as

we expand partners. market and The very our community the the to never tailwinds environment. commercial in objectives are set current secular sustainability First, solar We align power advantage. solar has expanding prior our our Rising of much and unique for unique in a looking developers current our construction. access competitive leadership long-term who one scale been opportunity be of activities. funding have innovative most an companies of banks very In insurance with fund a our insurance deliberately to is which and Blackstone significant expansion core are capital business to to particularly to are continue important have designed to partners be to attractive opportunity programs position the long-term prices, financing of compelling funding Altus' intact the plans. unlike a for to architecture to limited facility excellent the constrained to announce Today, architecture, provide and strengths, backdrop proving construction access traditional context, be continues that have is greatest market. Many challenge is particular, To financing our we our growth be clear, long-term to bank of that an environment to pleased with demand greater. providers, our

and up facility $XXX to during Our for new construction borrow construction. development million enables assets us to

benefits existing in call. on of later to long-term additional very of for the funding facility the capital is details funding this facility. long-term and this will assets once regarding completed wish partners our construction are same this Dustin Blackstone scalable Importantly, who provide source our insurance provide the

welcomed partners and a grow sources number in and Investment to have and origination of particular, partnerships, including Morgan pipeline, contribute Group. our our are the Brennan Transwestern Stanley from Second, CBRE and new flow Group, to we Investment of from which channel will continue pleased to our opportunities we

our rapidly in opportunistic Third, we the ability a but announced remain of XXX-megawatt segment. a today, selective our counterparty to our increase expect demand our to growing and technical efficiency in pursue we on how a skill We deals our will we purchase execute. and the all for our once share capital, market our as portfolio, again, play demonstrate which role

we focus profitable the are paramount to $XXX guidance mid- of remains of on Power, in reaffirm third an build EBITDA quarter our track of everyone record. our margin The market challenging out high XXs. with our reminding continue profitable in to Altus our and to growth million growth theme range relentless $XX pleased Finally, even million this to environment, results adjusted for

third Net contracted X, to As underscored and to debt to reinvested generate our assets continue Slide assets our the XXX contracted partners, of nature of can recurring during operating megawatts growth of payments megawatts, levels believe to which on base our quarter grow. and not for of Power tech expect and EBITDA customer Altus our long-term representing shown companies. both added quarter, increasing by of versus to is long-term adjusted be is reach. On by is XX% into profitability our characteristics Slide third that service bringing of flow produces from cash key XXXX. measured We but expected clean to be we to differentiating continue measures equity and generated to activities. we asset cash cash The growing X, also only profitability most relative total other flow our tax XX

assets XXX XXXX, we to supported by Over substantially our quarter, expect total fourth additional the the construction megawatts, under of the which will next and expected portfolio X acquisition currently closing first of the and of have detail in grow we this slides. in added both X quarters I

Slide on Starting X.

Community Solar our our serve as total by serves market. an we have XX we Solar opportunity be Jersey, construction Community we've represents new to approximately During entered Maine component of to megawatts This customers. assets expand year-end. and of expect addressable continue year, of megawatts it development and this completed year, to New important XX completed Hawaii growth to

adoption of We all Community last country potential customers. Solar megawatts in are New our to will which our include Since segment Jersey, the see aggressively seeing in programs around newly scale our XX and the Community call, of completed this Solar segment. of rapid assets serve growing

Altus We a development will continue activity to significant to of XXXX in Power. construction lay record meet the we which the foundation growth for represent expect level

Upon our X region quarter, This in our scale of on this for which we expect Slide portfolio, existing details XX well our markets. megawatts Now additional expand into across South recent diversification portfolio most fits XXX the discrete providing adding where sites acquisition. of of closing, the will key and set significantly North within forward both within customers brand to portfolio look we geographic to States the attractive expansion. Southeast Carolina, and Power further United of Altus an

large established of our proved has capital Altus January our million operating dramatically. As and to opportunities onboarded performance with of team plan the on assets negotiation transaction cash opportunistically at in and We the benefits $XXX been a interest margins. was platform, facility, of increasing which Power seller. will financial, funding with from was result Once combined finance diligence acquisitions, our be technical to purchase financing Blackstone these price bilateral and XXXX all when other with long-term to intense optimize cost valuable and this focused asset hedge, hand. The are rate efficiently our time the legal with the on

certainty. like As pricing acquirer sellers providing portfolios Power and strong execution competitive a developed serial a large has of with this, Altus for reputation

asset to be continues Slide with X expertise development insights and asset regarding advantage the an us allowing technical Our providing diligence performance update. our during pipeline. important for pipeline efficient for turn and an quality system process, with our transaction. Please critical competitive Starting to

of with and with us multiple agreements across when our provides large real owners relationship advantage asset Blackstone Our CBRE, buildings. with critical estate a negotiating partners, long-term channel portfolios

payments. agreement another CBRE is Group, its to across origination Investment and estate. begin portfolio to are Altus arrays are decarbonizing is with markets, leveraged of our master new engaged properties. teams negotiate owner. We with Mountain another already Transwestern relationships motivated existing estate that agreements logistics new an quarter including of national We owners with developers of real are with work solar was on Transwestern an development install owners, Solar of with and example This institutional we Iron Community program. provides large Investment as other and last to excellent real and in introduction portfolio CBRE serving under to Altus' were its execution week large megawatts of and lease XX examples expanding focused which further where Illinois' exclusive lease secure a XX multiple stream of Management, contract Altus this Power's property awarded capability agreement master Altus industrial numerous and lease large scale These customers a relationships secure announced

market expect included contracts time. in continues promise gigawatt portfolios, to a buildings expand, season clients' not within a relationships these incremental velocity we our growing we to model and add are pipeline anticipate increased our customers, successful serve X partnerships significant long-term pipeline. execution buildings, With our to opportunities over many our as more As which of of and would these

Moving now to acquisitions.

interest as motivated for rates forced order robust market. sell months Many make available in in a and long-term past of participants even capital are rise has precipitous created purposes. particularly sometimes something is particularly the over opportunities of market the pipeline Our other buyer's to several to

and growing are currently one As multiple morning. a we set our is such negotiating the we this as result, opportunity opportunities, announced

Turning X. to Slide

long-term of While additional expand a by to Energy land customer products business offering our our services. business as our and is Service, relationships and is Altus Power the foundation model

announce Sears to interface a I'm IQ, Chief Officer XXXX invited Service joined us to us as Digital quarter, more NASDAQ Especially career introduce Altus to happy we're our our our customer today, a in after call on as This offering. TIAA. successful and Software excited Julia tell who with digital as

clients. I'll the will Altus Altus years, have over the this X Julia past we just now the and exciting which about have been introduced details recently proprietary our Welcome, who IQ. developing the call For busy to software, team share Julia. to Julia, turn Power

investors the Thank that today you, our We've data and Altus storage can because of the collected uniquely purposes IQ years Gregg. for of reflects value solar deployments. rightsizing believe to We're our we Altus excited customers. to our bring analysts unveil and it customer to and energy analyzed

to the with customers directly recommended initial actions, corporate see mind. description actionable to insight Service the during renewable or to can turn and learning Altus data feedback transactability. carbon footprint continue the in with of of as our offsets was Gregg, IQ trove this the dashboard, Software rates. From you experts Altus the customers. having team can customers and in a data platform, and choose for and customers. vast our the into Slide of transact brief gaps. credits that to customers that for properties, options, solar, measurement our any in from of reduction transparency, footprint and platform new decarbonization the or the leveraged the their and from through usability phase, insights back threefold provide to let IQ deploy designed We've new offering. X, A platform. including Altus me into transparency identify it transparency value Our of call detailed intelligence utility plan our option storage purchasing can customer which total to example of aims Energy AI purchased On relative our scientists, sees been concludes you. including enhance remaining carbon turn power a to of order pleased an to across to menu clean the climate designers carbon specific opting machine and have IQ their armed usability pilot electric That the Altus energy data-driven with best close their from Customers source and of usage savings view with is Altus majority

their reduction progress believe We facing well our struggling own as will their particularly at of as portfolio for customers a their IQ who and to Altus disclose Julia. carbon increasing carbon valuable be emissions track requirements to level. regulators are Thanks, tenants to currently are

subset a the in ahead. customers and to forward many IQ Altus more we Power Altus customers, to onboarding introduced of recently have We look quarters

new Now construction for a let call to our Dustin? me review financials hand and of the further on our over facility. Dustin details

third which as Thanks, call. year. a join margin. EBITDA EBITDA discussion and and review This GAAP include financials on XX adjusted welcome to will the quarter cover me and Slide everyone guidance Gregg, and our measures, the measures non-GAAP of for on I Please adjusted include

acquisitions by $XX.X driven During during our revenues placed and predominantly the XXXX, to quarter, new $XX.X the into third third compared XX% of year. the quarter our grew an development million increase service million of to larger additions of the in assets

the during third of million year. fair of of from we posted resulted to Turning increase income quarter million value This to net $X.X quarter, during the $XX.X periods. alignment for loss last a compared GAAP primarily shares income net both of remeasurement our the

a are noncash XXXX, to and quarter driven EBITDA, from As EBITDA price of to growth movements quarter approximately quarter. the for million to in reminder, amounting XX% remeasurements and adjusted adjusted share XX% we million reported of our these margin to $XX.X reflecting third quarter. by in compared the an Shifting $XX.X

a but our have year-end results. recurring our Our completed on third revenue we on we of to mid- million more modest these quarter March year, $XX At megawatts asset call reflected range. track provide $XXX results large to be to impact in the be and our stage and EBITDA assets in high acquisition the our soon-to-be our expect range margins come XX% of EBITDA XXXX remaining There fully XXXX the of of our put construction guidance. details only in to when this us additions results, XXXX achieve to to 'XX XX million on guidance will adjusted portfolio will the late plan

position the our is the financing Blackstone be equipment, $XXX to for to interconnection Turning provided construction assets fixed of funding facility accelerate Once as carried construction build completed eligible us revenue, weighted this existing on into generating quarter, a up of including advantages cash to begin of labor, Slide X.XX% facility, end additional we to other the to long-term of construction costs, allows flexibility new XX, rate which our pace and manage on year. our piece plan The next illustration array. important these borrowings. they shows development to our of finance average by are and will which, rate interest necessary solar costs finance million an as costs construction our

to of million. a rate the for cumulative of portion upsized the by third million the expected the $XX rate creative of rate The market-leading ability our proved months a interest upside quarter, and remaining execute During example our and unwound extremely acquisition in we additional the and portfolio hedge newly gain another our hedge to finance financing in for rising assets. In of $XX in interest facility we plans realized it long-term beneficial environment draw, other approximately constructed few is funding solutions. October, an and anticipation next

Moving to tax equity.

This tax proceeds quarter, we tax our received newly additional of from assets. attributes equity monetized partnerships, completed which

ongoing worth tax now, Our to as provide support And arrangements indicated tax equity direct growth. we we've believe partners superior our sale of credits. investment tax have that appetite noting It's the of economics. evaluated

opportunities summary, take credits evaluate We both of are to for future. In growth best financing I'll markets necessary remarks. will, of Gregg tax we the access call our to the continue execution robust my the positioned in our the to of the well of us, to That financials. review we available support thanks which now flow course, believe to generates to back platform, pass cash additional significant our to for growth. some has concludes and industry-leading our advantage

limited. participants I hope are other particularly today a our execute Thanks, built prepared financial has how Dustin. on and commercial time from Altus should is large scale in industry This and at be access remarks forecasts been growing slashed solar. illustrate when market capital apparent the opportunity to being

has we're commercial your be rise Altus Our capabilities and now solar beneficiary. both With in proliferate. and to the take available and is as industry capital roster power to of to accelerate expanding our questions. distinct that, prices set the Consolidation is community programs and community customers Power

[Operator Instructions]

of from Morgan is question the Stanley. with line Our Andrew Percoco first

financing just strong of a second. with to another need come We I any do bit the back a quarter. on wanted Congrats the to grappling ongoing for see market financing. in company

would be for to of could have on you you'll can cost using to help that loan And that land a conversations acquisition, Blackstone give finance be if great. with that the incremental how term where you would So sense understand just XXX-megawatt you us that evolved. us if maybe debt expect

in financing last the in June think mid-X% range. I was the

So how have as higher. changed just curious base rates moved that's

Gregg. This is

comes you on the the facility, others the of funding. do is their are us access having have -- environment course, And that it's not. that to is funding. the That quite tell proud hopefully, most capital providing courtesy to where insurance construction facility same of can we're long-term companies construction of important providing First, accomplishment in aspect motivation, as access long-term of to access an

which same past, pricing a then as funding, spread So cost XX-year were treasury the long-term it effectively rate. that the of the prevailing in methodology it the to the is to used we've it's at relates

of of that spread. But we in as put had XX-year that plus it benefit financing place fact XX-year Dustin hedges think a January. in interest we as So does the from rate place mentioned, X-handle the type that in

should And for interest benefit future so transaction or of over, a of thought particular have while to as do hedge completed. the this we we handle that rate ongoing an be spreads

the and the that with entity that find have money to we fund And is somehow your refinancing enterprise of a you to asset us strengths a contract. the Lars. to and having XX-year which debt, take contract is you and middle lot might Andrew, buyer, facility that to the an investment-grade an to There then large for rate this is Thanks power new the XX-year tremendous sell want take take in allows a power question. risk involved back take away away or it to risk, you a risk add. that funding in

started years, in XX XXXX, so of it fund in us the long we XXXX assets it at took put are that strength investment-grade from while term together, to the capital able the fact, this in with our business. to when long-term done we is profound being when to look way facility And in while, got a

to how That's it's just you your more tool. additional wondering to acquisition tool door of customer to know it a way How how days, envisioning super I think with do just or a today? helpful. of come in AI about want pretty this And you the foot I tool monetization did you're back still get in but monetize early this customers? additional it? terms it Is whether just be that

Sure. It's can give again, and maybe Lars then details. Dustin some

of CBRE to valuable course, these it's a amount Investment the very triple bit to and thing Altus' that the who for so think they because on both. I would valuable of in a on that someone button consumption to being to the they net some them. power a It ability is like initial by logistics Link, have portfolio like somebody power the the ability bills the very, system in, know based you in Blackstone next X being a might from that solar on then, them. and believe, tremendously what Power and service XX measuring and to of that allows to controlling easy consumed result carbon to Management, giving every is obviously situations and the receipt power of be reception But consumed centers, their footprint click enterprises what this we buildings consume over to process But months. That's know appear Depot, begin little month, true. easy in have So of or Home they lease and and them sort the begin utility own light company or for and think what landlords them for a it's get in for they're would and because not gigantic those them distribution shed to come

charge be we sort that to And overall the source will that financials. Dustin, we Altus. so a sure impact represents for revenue think intend for what of value. of revenue ancillary talk And maybe, can we we It make about that on

is offer I the it's always land our to additional solutions expand did is an nice that intention value and to Altus that customers. This Sure. just IQ Yes, add and providing example have our of to you been that. highlighting Lars, a customers. job would I our think this

IQ years change revenue to we're to impact immediate for would going the -- financial I not expect a it's come, going have we our our on to in While forecast, immediate growing in to forecast. say, isolation

questions. add, also Andrew, a just top I think acquisition, of you would on absolutely. One that, I on of couple interesting asked

and managing growing going the to So path bringing for our bills us. new their our key existing years be increasing for us include market of strategic efficiency our to strategy. part clients capabilities and clients in their company their and grow at or for efficiency But a our that's also a that's savings important past and or their manage XX look as their

ROTH Our next Clare is from Justin with question MKM.

So just than acquisitions I about It to a would acquisition. then a $X first, assume about It here. you that for acquisition that the cost, bit to the I just to prior paying watt seems like ask XXX-megawatt be wanted lower and little announced build the looks commercial assets. typical made you're you've

lower per So XXx wondering just a difference? multiples to the give the for if contribution was any I Is here? think here reasonable seems may XX for And maybe that meaningful like then could here? and to you or any can you've acquisitions. revenue sense assumption I paid compressed. prior EBITDA historically, It EBITDA price speak watt us you have

that could to So speak well. as maybe you

Sure. Thanks for the question.

-- on touch question the me second first let first. So the

this As true it that thumb end in is about, environment that is the relates XX to to talked low to acquisition XX the in at think a range the and this XX terms was valuations, still of benchmark that or particular And favorable multiple. or of and appropriate. we case, of XX we've are obviously, historically the we so that pricing rule current more of seeing,

cash know, all created megawatts know, not equal, through Justin. methodology. discounted sort to you underwriting of flow you we're as are cash flows As And

power it for the lower which but a we're parts particular might us. And it the tends So the be in in be of Southeast, is portfolio that in in country. of price other like. case, national, this we than a diversifier a has to nice Southeast concentration the acquiring It's healthy

And type so of But company acquisition base profile and accretive of that cash per the very dollar to number. flow a watt reasons. excellent an asset for warranted of a variety it's the

it. Got

Okay. you can And financing much how mix That's acquisition, on facility helpful. between of Blackstone is the share equity you And financing here. of did then talk then then required the the just the the and about the financing and for Could further to possibility your different acquisitions -- you. attractive further about available debt make here. given acquisitions, cash to hand capacity sources you your on that's of your talk the

Sure.

So the be first support debt financing nice facilities acquisition point will sorry, Blackstone acquisition, nicely be combined current our of on with funded will to long-term upsized good this and make is through -- into hand. cash that facility, the portion that be fits the the acquisition fits this to a there'll

As this a will benefit rate bit i.e., hedge. be from a you of effective will lower, be financing rate the heard, interest the there

there'll So of be amount long-term cash debt a hand. of on some lesser predominant use and

growth equity we have, development the to capacity pursue in robust terms to opportunity plenty side, order have of instruments long-term us, whether and debt to our plans. support support want on be debt that of deals no in to financing reiterate and financing adequate the our The front continue equity-linked capital is of support that have to acquisition Blackstone we of the intention issuing transactions those to or both In I other access of growth. it do to that we or

Got you.

get megawatts have to construction sense of here target also Wondering just for construction you when quarter. trying bucket of the decent all in And assets. a do of the hit time of It your assets into next maybe more. you this in assets order moved lines. X looks year need what like you're to a I'm under to then XXX for self-developed construction And seeing Okay. amount for

rest. Justin, have been the Over have and megawatts Yes, in of construction busy Sure. year that into moved we're this been we're XX finishing operation very happy. XX the up

the to up of In just those. in fact, are complete waiting we sitting utility it inspect they're column ones completed. and around the come polls not finished They're to by so many either the put for can are or actually built yet that for the that utility their and

of have and very some So to them are year. had slow interesting our running apparently A it's market conditions into been down. space causing lot a headwinds that companies in are

in We've best not. year XX had weeks. We the get X construction or about platform. that a to end ever Altus once have of are to year feel of megawatts will good the very with We and continuing so completion grow we for the

And so while we're of in to others of investing staff we up. scale sort and capacity our cutting are the as platform. size increasing further slowing expanding down, and We're the continue more

year. we're assets more of with fourth exact already more year some some started going call building have the assets going providing completed forward are have be We for as complete look details our we construction that to visibility we into to to quarter next next and the and on the number makeup of

Evercore is question with of the from James Good. line ISI. West next Our

the on this I you've What's interesting I about out to of customer Really what wanted rollout dug be. the details, up into product. going forward? know know maybe existing so but IQ. of here. to the And then follow offered secondarily, just I'm every rest you attack be of base? curious introduction I some few the a rolled to plan it assuming kind this will with the I'm customers project it far. will of Altus

to of call We've to Altus earlier are [ to that part had, we what And February that clients point, we rollout that's your Fit do great you. James, a and started a continue meet with we'll several clients, in ]. year, with question. nice this

can commercial for and a categories the those go a of are if From helps that you So any and we rollout solutions looking energy solution at under to a at public see part whether that and website, look can are perspective, one offsets, want solar you help they looking to optimization they grow of provide for their or organizations space. a today, IQ. tab

new within clients can the are request the involved that either a organization welcome or partners features part You and as team get to of part a see an product also our growth. our that We of and be with existing or our of internally. demo folks base clients had a scheduled

testing We've work that this to able it customers user delivering pay is existing X have some there we for bill. James, is all we in on out so time simple our sense have for been the with And some been sure beta how existing to IQ that ultimately frankly, to electric power be this and to to it. your a very clean of want are roll make of will they our Lars. can features we begin to customers that And interface

in the ability the large that we're Blackstone access relatively straightforward valuable and about to very for X up has so deal great set there's of to and development new it's new with particular, billing basically customers, from noticing it's but what proven them. them, interaction for IQ us corporates that in their excitement for be And to a to do both can in CBRE from customers, place

commercial into can And of to while for there's enterprise et about consulted very program. so calls, takes X cetera. large their some stakeholders in processes, the entities large and as they There's cetera, customers of while early a on and for a a way customer have us, to we takes We've connect at actual all et with been our lot us it wanting a it need solar that things those see an to if we've they onboard be talked internal prior relationship.

busy they're engineering a cetera, bit and And the so et forth. off looking while little and so through frankly, buildings to listening them reports, take to market

Altus can take corporate is or while way. be can buildings onboarding very to now XX even IQ so a a months X serve these We onto early build, And begin day. process Altus in system customers the done solar IQ in might XX that and or to

customers to prove to think, provide the so ability And going, advantage. very with we us going connect those to for a is us with very, nice is very competitive

about so there's Okay. And that's me. when that more a how states wonder I Solar. programs going but is a forward you you roll or forward. do it. Gregg, Got this. be if big you maybe are Altus probably in time? bit we platform going I on could just big in will to going or a have going for Solar, saw I And opportunity X over and another participate then elaborate Community place, pretty that how about question I think out thinking guys XX to and Community know pretty talked recently,

we of addressable to really a well this It's and continue company. And positioned view for as or proliferate. Solar James. total across topic to Sure. the country we a market TAM out expander are And roll programs conversation, Community incredibly these programs great as when the

is global, roll it's our but relationships estate specifically know, has introduce anticipated. across horizon. U.S. to XXXX, and terms Solar the reach out, Community we in relationships you customer on or it's the our for is our the as but touch California, As in programs largest yet And the country, In real that of example, state the

positioned. estate well We will it's we market relationships, the already Community So where are real pursue in have coming. every look to Solar and we expansion

it's so a to Lars, add for anything? And very opportunity you want exciting us.

works enhancement it fit be a roof in that Community because that to like Community entire terms electricity. of building which for Where with back the building natural implications practical to of sell consumes most is we into a X/X and is us. power system we're the the awesome from X/X community, excess of to the large impact one Solar take second or cannot Altus maximize able fill of top system deals. very that might to Solar as in that's size of those commercial state, We that in an building. all solar our logistical us a flow and from customer But roof solar way roof a a the is each the with engagement James, a Yes. or

one Community you add. our service efforts our to here power key do Solar, our help democratizing acquire see Community any of customers or to is you go applications sites And our users. of Solar or have end as I we can one would that On them Hawaii. we in if to new

by reachable to consumers. it's sure and our and We of digestible all are make trying that accessible

prepared support comments. So we are and with to Lars that Gregg's

Securities. is next Souther with the B. Our Riley of question from line Chris

large. there? EBITDA guidance, just Maybe in that know reiterated fourth versus weather pretty I tracking guidance in how footprint is the expectations? bit. we're And within quarter asset on pretty but expected tracked kind how results of seasonality a quarter just during There's quarter where you XQ touch the the the performance I'm the your curious your curious rough Northeast given in the

QX. expected as standpoint, for is QX Yes. our an to forecasted, very than highlighting in and in slightly noted, in particularly of the saw weather, a This was have Typically, for going slightly we where be QX. in generation. the Thanks which, year, a tracks closely just little expectations from QX. Chris, as Dustin. radian we do a Thanks are course, better Yes. And footprint. to this question. the Northeast similar a I nice lower or irradiance sunlight lighter QX It

we like that states the across you the what and about can -- course a So is the you our is and importantly, best portfolio country typically, West one over business the things things the weather and the And over in fact of we're diversified the good distributed on and that on Coast XX East get have when of be that cancel year. Coast out bad to tend portfolio growing.

despite a guidance in that so of why being allow that's we're the year. our and for level our QX, models reiterating in for And light confident it's variability, range Sunlight little

is have but Chris, to I'd where greatest today, something which acquisition Carolinas. most XXX-megawatt in that mix, of points have just we we about this the announced, also which presence Slide excludes just add, add X, predominantly we Dustin's impact geographic on the sort the of we are states that show to

market So that of presence acquisition well. as will diversifier a be expander or our nice

of construction curious facility, construction think could fund how I'm megawatts. kind construction of have the the we much would how overnight. about like XXX size capital today, in much how on that pipeline essentially should you progress the basically, then about And Great. potentially that unlock

that I at in the last I'm year, progress curious about of had kind think today. but of end stands you $XX just where construction million

that from development assets, have. to construction getting definitely that dealing is comes we're the preventing follow platform, with to of bottleneck up. questions that the take are engineering. the which we us represent us the size I'll construction our growth from importantly that prevent remove would Gregg that or of Basically, bottlenecks to first, X maybe Yes. then can and make sure we is and the In revenue want to portfolio, where sizes platform, the would of adding the size the funding of of operating that

this our construction And funding deeply comes enamored from that we the with same new the so with of facility, source particular from. are deeply, long-term because which it's launch

cash our And 'XX. bottlenecks construction to but in on teams sheet also and and now of growing us what removed. to course, the the teams development is 'XX right from of both our the size construction balance construction we, engineering those of allows is grow where strength pipeline build use now we're the One sitting and ready throughput of of significantly availability funding Gregg? or teams,

that, I'd is thing facilities. facility we relative that commitment. add that excellent. It's of commitment is The is to which for bank multiyear. we're there Yes. -- the that unique million fee no to this morning It announced paying is $XXX that It's actually

have a just that to Slide that highlight, labor. you saw facility, more XX, As for use lot construction we to for flexibility facility equipment, on there's a unlike

about able think that inventory you have. if we're to the So

facility. to and more capital lot a are that it's more construction financing into addition much with different then bit a a really it's long-term to construction partners. streamlined syndicate our flexibility long-term a a given that's fact working of also dealing facility So in these bank-led there's the lenders, it And rolling a and relative

advantages bottlenecks, are highly flexible there in nature. Lars it's also reducing described. huge of And in as terms So

be So plan us next of $XXX growth. for multiyear, is million does to commitment of which we allow our that years that have, the runway handful to construction able again

Felton closing Gregg would hand the comments. questions, no As there now are I further conference for over to

everyone. Thanks,

tell, can look opportunity again. we believe of front QX of in further is updating us. growth. opportunity company growth you Thanks creating the on our take to for to call. positioned We well And the dislocation you we're advantage an our accelerate to current the As forward

has Thank of you Thank you. conference for Power Altus The now your participation. concluded.

You your may now lines. disconnect