Altus Power Inc (AMPS) 2024 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Altus Power, Inc. third quarter 2024 earnings conference call. (Operator Instructions) This call is being recorded on Tuesday, November 12, 2024. I would now like to turn the conference over to Alison Sternberg, Head of Investor Relations. Please go ahead.

女士們、先生們，下午好，歡迎參加 Altus Power, Inc. 2024 年第三季財報電話會議。（操作員說明）此通話錄音時間為 2024 年 11 月 12 日星期二。我現在想將會議交給投資者關係主管艾莉森·斯滕伯格 (Alison Sternberg)。請繼續。

Good afternoon. Welcome to our third quarter 2024 earnings call. Speaking on today's 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 Investors section. This information is also available on the SEC's website. As a reminder, our comments on this call may contain forward-looking statements.

午安.歡迎參加我們的 2024 年第三季財報電話會議。執行長 Gregg Felton 在今天的電話會議上發言。和財務長達斯汀·韋伯。今天下午，我們發布了與本次電話會議討論事項相關的新聞稿和簡報。您可以在我們的網站 www.altuspower.com 的投資者部分存取新聞稿和簡報。此資訊也可以在 SEC 網站上找到。提醒一下，我們對本次電話會議的評論可能包含前瞻性陳述。

These forward-looking statements refer to future events, including Altus Power's future operations and financial performance. When used in this call, the words expect, anticipate, believe, will, plan, forecast, estimate, outlook and similar expressions as they relate to Altus Power identify a forward-looking statement. These statements are subject to various risks and uncertainties, which could cause actual results to differ materially from those predicted in the forward-looking statements.

這些前瞻性陳述涉及未來事件，包括 Altus Power 的未來營運和財務表現。在本次電話會議中使用時，與 Altus Power 相關的期望、預期、相信、意願、計劃、預測、估計、展望等詞語以及類似表達方式均構成前瞻性聲明。這些陳述受到各種風險和不確定性的影響，可能導致實際結果與前瞻性陳述中的預測有重大差異。

Altus Power assumes no obligation to update these statements in the future or if circumstances change, except as required by law. For more information, we encourage you to review the risks, uncertainties and other factors discussed in our SEC filings that could impact these forward-looking statements, specifically our 10-K filed with the SEC on March 14, 2024. During this call, we will also refer to adjusted EBITDA, adjusted EBITDA margin and ARR or annual recurring revenue, which are non-GAAP financial measures.

Altus Power 不承擔在未來或情況變更時更新這些聲明的義務，除非法律要求。如需了解更多信息，我們鼓勵您查看我們在SEC 文件中討論的可能影響這些前瞻性陳述的風險、不確定性和其他因素，特別是我們於2024 年3 月14 日向SEC 提交的10-K報告。在本次電話會議中，我們也將提及調整後 EBITDA、調整後 EBITDA 利潤率和 ARR 或年度經常性收入，這些都是非 GAAP 財務指標。

ARR is an estimate that management uses to determine the expected annual revenue potential of our operating asset base at given points in time. ARR assumes customary weather, production, expenses and other economic and market conditions as well as seasonality. Our management team uses all of these non-GAAP financial measures to plan, monitor and evaluate our financial performance, and we believe this information may be useful to our investors.

ARR 是管理階層用來確定我們的營運資產基礎在給定時間點的預期年收入潛力的估計。ARR 假設通常的天氣、生產、費用和其他經濟和市場條件以及季節性。我們的管理團隊使用所有這些非公認會計準則財務指標來規劃、監控和評估我們的財務業績，我們相信這些資訊可能對我們的投資者有用。

These non-GAAP financial measures exclude certain items and should not be considered as a substitute for comparable GAAP financial measures. Altus Power's methods of computing these non-GAAP financial measures may differ from similar non-GAAP financial measures used by other companies. More detailed information about these measures and a reconciliation from GAAP to these non-GAAP financial measures is contained in both the press release and the presentation that we issued today.

這些非公認會計準則財務指標不包括某些項目，不應被視為可比較公認會計準則財務指標的替代品。Altus Power 計算這些非 GAAP 財務指標的方法可能與其他公司使用的類似非 GAAP 財務指標有所不同。有關這些措施以及 GAAP 與這些非 GAAP 財務措施的調整的更多詳細資訊包含在我們今天發布的新聞稿和簡報中。

And with that, I'm pleased to turn the call over to Gregg Felton, Chief Executive Officer of Altus Power.

至此，我很高興將電話轉給 Altus Power 執行長 Gregg Felton。

Thanks, Alison, and welcome to all our investors and analysts joining our call today. Our third quarter was marked by continued momentum across the business and meaningful progress toward our long-term growth plan. Before turning to specific highlights from the quarter, I wanted to first take a step back to remind everyone why we are incredibly excited about our current market positioning and the opportunity that we see in front of us.

謝謝艾莉森，並歡迎所有投資者和分析師今天加入我們的電話會議。我們第三季的特點是整個業務持續成長，我們的長期成長計畫取得了有意義的進展。在討論本季的具體亮點之前，我想先退後一步提醒大家為什麼我們對目前的市場定位和我們面前的機會感到非常興奮。

As the market leader in the commercial scale solar industry, as per Wood Mackenzie's Total Commercial Solar Ownership Rankings as of June 6, 2024, with a nationwide portfolio of operating assets that has surpassed one gigawatt, Altus Power is uniquely positioned to thrive in an increasingly dynamic landscape.

作為商業規模太陽能行業的市場領導者，根據Wood Mackenzie 截至2024 年6 月6 日的商業太陽能總擁有量排名，Altus Power 擁有超過1 吉瓦的全國運營資產組合，擁有獨特的優勢，能夠在日益增長的太陽能市場中蓬勃發展。

We focus on generating clean power directly where that power is being consumed, addressing the pressing energy demands of communities and enterprises and the resulting strain on the grid. Our solutions not only provide much needed additional generation capacity, but importantly, help to alleviate transmission issues given the proximity of our generation to areas of consumption.

我們專注於在電力消耗地直接產生清潔電力，解決社區和企業緊迫的能源需求以及由此產生的電網壓力。我們的解決方案不僅提供急需的額外發電容量，而且重要的是，鑑於我們的發電區域靠近消費區域，有助於緩解傳輸問題。

Turning back to our milestone of reaching one gigawatt of operating assets, it's important to highlight the significant advantages of our incumbency and the benefits we derive from our scale. Our robust and growing portfolio of operating assets is generating power and associated revenue daily across the country. A key aspect of our ownership that may not be fully appreciated is our unique opportunity to continually optimize these assets over time.

回到我們達到 1 吉瓦營運資產的里程碑，重要的是要強調我們現有的顯著優勢以及我們從規模中獲得的好處。我們強大且不斷增長的營運資產組合每天在全國範圍內產生電力和相關收入。我們所有權的一個可能沒有充分重視的關鍵方面是我們隨著時間的推移不斷優化這些資產的獨特機會。

We view our portfolio not just as an individual projects, but as a collection of long-term infrastructure assets, each strategically positioned for continued value creation. Our large portfolio, which continues to scale with increasing density in markets we serve, not only enhances our operational efficiency, but also solidifies our competitive edge in the commercial scale solar market. Looking ahead, we expect to grow faster than the overall market over the next few years due to several favorable dynamics.

我們不僅將我們的投資組合視為單一項目，而且將其視為長期基礎設施資產的集合，每個資產都經過戰略定位以持續創造價值。我們龐大的產品組合隨著我們服務的市場密度的增加而不斷擴大，不僅提高了我們的營運效率，而且鞏固了我們在商業規模太陽能市場的競爭優勢。展望未來，由於一些有利的動態，我們預計未來幾年的成長速度將快於整體市場。

Notably, both federal and state-level programs have reshaped our operating environment, expanding our total addressable market by encouraging the reshoring of our domestic supply chain as well as providing additional incentives intended to expand locations for solar. The decline in cost to build solar projects, combined with the secular rise in electricity prices create a compelling financial landscape for our continued growth.

值得注意的是，聯邦和州級計劃都重塑了我們的營運環境，透過鼓勵國內供應鏈回流以及提供旨在擴大太陽能地點的額外激勵措施來擴大我們的整體潛在市場。太陽能專案建造成本的下降，加上電價的長期上漲，為我們的持續成長創造了引人注目的財務環境。

With more and more states eager to adopt supportive policies, we are poised for significant portfolio expansion, positioning us to capture a growing set of opportunities within the clean energy sector. On our last earnings call, I detailed the work we were undertaking to identify areas of strength as well as areas where we have the opportunity to improve and drive efficiencies that support our growth plans. I'm pleased to report that we believe these efforts are already yielding favorable results across our business.

隨著越來越多的國家渴望採取支持性政策，我們已準備好大幅擴張投資組合，使我們能夠抓住清潔能源領域越來越多的機會。在我們上次的財報電話會議上，我詳細介紹了我們正在進行的工作，以確定優勢領域以及我們有機會改進和提高效率以支持我們的成長計畫的領域。我很高興地報告，我們相信這些努力已經在我們的業務中產生了良好的結果。

One key area of focus has been the renewed go-to-market strategy associated with our early-stage development pipeline. You will recall that back in May, I announced my plan to put our development pipeline under review with a focus on execution certainty and increasing the velocity at which these opportunities convert into revenue-generating assets.

重點關注的一個領域是與我們的早期開發管道相關的新的市場進入策略。您可能還記得，早在五月份，我就宣布了計劃對我們的開發管道進行審查，重點是執行的確定性和提高這些機會轉化為創收資產的速度。

This resulted in a return to the approach that has been a hallmark of our historical success, a more targeted market-specific approach to client engagement, which reflects the highly localized nature of solar development.

這導致我們回歸了我們歷史性成功標誌的方法，即一種更有針對性的針對特定市場的客戶參與方法，這反映了太陽能開發的高度本地化性質。

While still early, we are already seeing results that show that this approach is working, including our recently announced solar project in San Bernardino, originated in partnership with the Trammell Crow Company and other exciting projects to be announced within the coming weeks.

雖然還為時過早，但我們已經看到結果表明這種方法正在發揮作用，包括我們最近宣布的與Trammell Crow Company 合作的聖貝納迪諾太陽能項目以及將在未來幾週內宣布的其他令人興奮的項目。

With a renewed focus on aligning our resources with the most successful parts of our track record, we are energized about our strategy moving forward, which we believe positions us to expand our footprint with new customers while also servicing our existing customers and identifying ways to expand our relationships over time.

隨著我們重新專注於將我們的資源與我們業績記錄中最成功的部分相結合，我們對前進的策略充滿了活力，我們相信這使我們能夠擴大新客戶的足跡，同時也為現有客戶提供服務並確定擴展的方法隨著時間的推移，我們的關係。

Another key area of focus has been the growth of our Community Solar portfolio. Within the quarter, we announced new Community Solar projects in both Colorado and Maine, bringing our total number of Community Solar states to nine with approximately 30,000 customers, representing close to 500% growth in our customer base within the last two years. In support of the rapid growth in this area of our business, we recently appointed a new Head of Community Solar to lead our efforts in delivering innovative solutions that unlock the value of our projects while expanding access to the benefits of solar.

另一個重點關注領域是我們社區太陽能產品組合的成長。在本季度內，我們宣布了在科羅拉多州和緬因州的新社區太陽能項目，使我們的社區太陽能州總數達到9 個，擁有約30,000 名客戶，這意味著我們的客戶群在過去兩年內增長了近500%。為了支持我們這一業務領域的快速成長，我們最近任命了一位新的社區太陽能主管，領導我們努力提供創新解決方案，釋放我們專案的價值，同時擴大人們享受太陽能的好處。

Our Community Solar offering is a critical component of our unique value proposition as it enables us to site projects in favorite locations, for example, a non-developable brownfield and send that power into the local community. Internally, we have rigorously prioritized activities designed to improve revenues and operating efficiency. In support of this, we recently announced the restructuring of the investment and structured finance team to better streamline our investment and financing process in support of our expanding opportunity set while also deepening our bench strength.

我們的社區太陽能產品是我們獨特價值主張的重要組成部分，因為它使我們能夠將專案選址在最喜歡的地點，例如不可開發的棕地，並將電力輸送到當地社區。在內部，我們嚴格優先考慮旨在提高收入和營運效率的活動。為此，我們最近宣布重組投資和結構性融資團隊，以更好地簡化我們的投資和融資流程，支持我們不斷擴大的機會集，同時加深我們的後備實力。

This team takes charge of originating, negotiating and executing due diligence on Altus Power's project and portfolio opportunities. This team also sources and structures debt and tax equity solutions, helping to ensure that we are well-positioned to capitalize on market opportunities. During the quarter, Altus Power successfully structured a new form of tax equity transaction, which highlights our commitment to maximizing market efficiency and competitiveness in renewable energy project financing.

該團隊負責對 Altus Power 的專案和投資組合機會發起、談判和執行盡職調查。該團隊還尋找和建立債務和稅收股權解決方案，幫助確保我們處於有利地位，並能夠利用市場機會。本季度，Altus Power 成功建立了一種新形式的稅收股權交易，這凸顯了我們對最大限度提高再生能源專案融資市場效率和競爭力的承諾。

This innovative tax equity partnership model allows for the allocation of investment tax credits from our completed solar projects to partners with significant tax capacity. The ability to transfer tax credits to third-party buyers outside of the traditional partnership model unlocks new opportunities for value creation for both our partners and investors. Before turning the call to Dustin to walk through quarterly financial performance, I'd like to end by offering some perspective on our recently announced strategic review.

這種創新的稅收股權合作夥伴模式允許將我們已完成的太陽能專案的投資稅收抵免分配給具有重大稅收能力的合作夥伴。將稅收抵免轉移給傳統合作夥伴模式之外的第三方買家的能力為我們的合作夥伴和投資者創造了價值創造的新機會。在致電達斯汀介紹季度財務業績之前，我想最後對我們最近宣布的策略審查提供一些看法。

This comprehensive assessment is focused on unlocking shareholder value while enhancing our access to capital, helping to ensure that we are well-positioned for long-term success in a growing industry with immense market opportunities. As there is no assurance that the review will result in completion of any particular transaction or outcome.

這項全面評估的重點是釋放股東價值，同時增強我們獲得資本的機會，幫助確保我們在一個擁有巨大市場機會的不斷發展的行業中處於有利位置，並取得長期成功。因為無法保證審查將導致任何特定交易或結果的完成。

We will refrain from additional comments until the Board has approved a specific transaction, concluded its review process or otherwise found it necessary to share additional information. That said I want to emphasize that our team's day-to-day focus on growth and value creation is stronger than ever.

在董事會批准具體交易、完成審核流程或認為有必要分享更多資訊之前，我們將不會發表更多評論。儘管如此，我想強調的是，我們團隊對成長和價值創造的日常關注比以往任何時候都更加強烈。

With that, let me now hand the call over to our CFO, Dustin Weber, for additional financial highlights.

現在，讓我將電話轉交給我們的財務長達斯汀韋伯 (Dustin Weber)，以了解更多財務亮點。

Thanks, Gregg, and thanks again to everyone joining this call. During the third quarter of 2024, we generated 333 million kilowatt hours of clean electricity from our portfolio. This power was sold to our customers at long-term contracted rates that resulted in $58.7 million of revenue compared to $45.1 million in the third quarter of 2023, an increase of 30%, driven by the growth of our portfolio and increased sales of clean electricity to our customers. GAAP net income for the quarter was $8.6 million compared to net income of $6.8 million during the third quarter of 2023.

謝謝格雷格，再次感謝參加這次電話會議的所有人。2024 年第三季度，我們的投資組合產生了 3.33 億度電的清潔電力。這些電力以長期合約費率出售給我們的客戶，在我們的投資組合成長和清潔電力銷量增加的推動下，帶來了5,870 萬美元的收入，與2023 年第三季的4,510 萬美元相比，成長了30%給我們的客戶。本季 GAAP 淨利潤為 860 萬美元，而 2023 年第三季淨利為 680 萬美元。

The primary drivers for the change relative to last year were an increase in operating revenues, a noncash gain from the remeasurement of our alignment shares and an income tax benefit for the quarter, which were partially offset by increased operating expenses and interest expense. Moving to the non-GAAP measure of adjusted EBITDA; we reported $37 million compared to $29.1 million in the third quarter of 2023, amounting to growth of 27%.

與去年相比，這項變化的主要驅動因素是營業收入的增加、重新計量我們的調整股票帶來的非現金收益以及本季度的所得稅優惠，但這些收益被營業費用和利息費用的增加部分抵消。轉向調整後 EBITDA 的非 GAAP 衡量標準；我們報告的收入為 3,700 萬美元，而 2023 年第三季為 2,910 萬美元，成長了 27%。

This increase was driven by the growth of our portfolio, partially offset by increased levels of operating and general and administrative expenses. We are very pleased with the performance in the quarter and our continued traction towards our long-term growth plans. It's worth noting that we think of the ongoing investments in our platform in the context of driving attractive returns for every dollar spent. Specifically, the increases in general and administrative expense represent some targeted investments in our energy optimization team and our data analytics.

這一成長是由我們的投資組合的成長所推動的，但部分被營運、一般和管理費用水準的增加所抵消。我們對本季的業績以及我們對長期成長計畫的持續推​​動感到非常滿意。值得注意的是，我們認為對我們平台的持續投資是為了讓每一美元的支出都獲得有吸引力的回報。具體來說，一般和管理費用的增加代表了我們對能源優化團隊和數據分析的一些有針對性的投資。

To put it into context, given our current revenue run rate, every 1% increase in production corresponds to approximately $2 million in net revenue and cash flow. Last quarter, we outlined our progress on the 80 megawatts in construction that we originally disclosed at the onset of 2024.

結合實際情況來看，考慮到我們目前的收入運行速度，產量每增加 1%，就相當於約 200 萬美元的淨收入和現金流。上季度，我們概述了我們最初在 2024 年初披露的 80 兆瓦建設進度。

We've announced a lot of activity since then and can confirm that we are on track to complete a majority of these projects by the end of the year with the remainder to be completed in the first half of 2025. Accordingly, we are reaffirming our previously stated 2024 guidance range of $196 million to $201 million of revenue and $111 million to $115 million of adjusted EBITDA.

自那時起，我們宣布了許多活動，並可以確認我們預計在年底前完成大部分項目，其餘項目將於 2025 年上半年完成。因此，我們重申先前提出的 2024 年收入指引範圍為 1.96 億美元至 2.01 億美元，調整後 EBITDA 為 1.11 億美元至 1.15 億美元。

Since May, we've refined our approach to early-stage project development, emphasizing market-specific engagement to increase speed and execution certainty. As Gregg referenced at the beginning of the call, this shift is already paying off. By focusing on what's worked best, we're better positioned to expand our customer base, deepen existing relationships and drive sustainable growth. The momentum we are seeing across the business gives us confidence in the achievement of our previously stated three year guidance of 20% to 30% CAGR on megawatts.

自五月以來，我們改進了早期專案開發方法，強調針對特定市場的參與，以提高速度和執行確定性。正如格雷格在電話會議開始時提到的那樣，這種轉變已經得到了回報。透過專注於最有效的事情，我們能夠更好地擴大客戶群、深化現有關係並推動永續成長。我們在整個業務中看到的勢頭讓我們對實現先前提出的兆瓦複合年增長率 20% 至 30% 的三年指導充滿信心。

Turning to our financing plan; we finished the third quarter with a cash balance of $111 million versus $92 million at the end of Q2. During the quarter, we continued to expand CapEx to support our megawatt growth and we achieved $23 million in cash proceeds from the transfer of investment tax credits that Gregg alluded to earlier. Looking ahead, we believe we remain well-positioned to finance our growth with a combination of cash from operations, our committed construction facility, tax equity partnerships and long-term financing access.

談到我們的融資計劃；第三季結束時，我們的現金餘額為 1.11 億美元，而第二季末的現金餘額為 9,200 萬美元。在本季度，我們繼續擴大資本支出以支持我們的兆瓦成長，並且我們從格雷格之前提到的投資稅收抵免轉移中獲得了 2300 萬美元的現金收益。展望未來，我們相信，我們仍然處於有利地位，可以透過營運現金、我們承諾的建設設施、稅收股權合作夥伴關係和長期融資管道來為我們的成長提供融資。

With that, I'll turn the call back to Gregg for some final remarks.

接下來，我將把電話轉回給格雷格，讓他做最後的評論。

Thank you, Dustin. With more than one gigawatt in operating assets, Altus Power is strategically positioned to continue our market leadership in commercial scale solar, addressing rising energy demands while mitigating the strain on the grid by generating power where it's needed. Our scale and portfolio approach enhances our efficiency and strengthens our competitive edge.

謝謝你，達斯汀。Altus Power 擁有超過 1 吉瓦的營運資產，其戰略定位是繼續保持我們在商業規模太陽能領域的市場領先地位，滿足不斷增長的能源需求，同時透過在需要的地方發電來減輕電網壓力。我們的規模和投資組合方法提高了我們的效率並增強了我們的競爭優勢。

We have a large market opportunity in front of us and a refined go-to-market strategy has improved our prospects for development pipeline execution, allowing us to deepen customer relationships and maximize revenue potential. We believe Altus Power's strong market position enables us to continue to seize emerging opportunities while our recent internal restructuring maximizes operational efficiency and aligns resources for sustainable growth.

我們面前有巨大的市場機會，而完善的上市策略改善了我們開發管道執行的前景，使我們能夠加深客戶關係並最大限度地發揮收入潛力。我們相信 Altus Power 強大的市場地位使我們能夠繼續抓住新興機遇，同時我們最近的內部重組最大限度地提高了營運效率並調整資源以實現永續成長。

These efforts, coupled with a focus on market innovation and customer engagement, solidify our leadership in the renewable energy sector. The Altus team remains unwaveringly focused on executing our day-to-day business and powering the growth that keeps our business thriving.

這些努力，再加上對市場創新和客戶參與的關注，鞏固了我們在再生能源領域的領導地位。Altus 團隊仍然堅定不移地專注於執行我們的日常業務並推動成長，使我們的業務蓬勃發展。

Thank you for your time today, and we look forward to taking your questions.

感謝您今天抽出時間，我們期待回答您的問題。

(Operator Instructions) Justin Clare, ROTH Capital Partners.

（操作員指示）Justin Clare，羅斯資本合夥人。

Hey, guys, good afternoon. So I wanted to start out here. I think, Dustin, you mentioned that you expect to complete the majority of the 80 megawatts that you had talked about that was under construction earlier in the year. You expect to complete it in 2024. So just trying to do some math here, it looks like maybe you could install an additional 40-megawatts-plus in Q4 in order to get you there. Wondering if that's in the right ballpark? So should we be anticipating a number of completions before now and year-end?

嘿，夥計們，下午好。所以我想從這裡開始。達斯汀，我想您提到您預計將完成今年早些時候正在建造的 80 兆瓦發電項目的大部分。您預計在 2024 年完成。因此，在這裡做一些數學計算，看起來也許您可以在第四季度額外安裝 40 兆瓦以上的電力，以便實現這一目標。想知道這是否在正確的範圍內？那麼，我們是否應該預期現在和年底之前會有多少竣工項目？

Yeah. Hi Justin, yeah, we have a lot of construction activity going on. And I think we announced not too long ago some recent additions as well in Maine. And so between now and the end of the year, we do expect to add additional capacity. And I referenced on our prior call, the 80 megawatts that we began the year with that were in construction.

是的。嗨，賈斯汀，是的，我們正在進行很多建設活動。我認為不久前我們也宣布了緬因州最近的一些新增內容。因此，從現在到今年年底，我們確實預計會增加額外的產能。我在之前的電話會議中提到，我們今年年初正在建造的 80 兆瓦。

And we still do expect to have a majority of those done for the full year. And just worth noting, and I think I said it in the earlier remarks, but the other -- the rest of those 80 megawatts are also in active construction, but will likely get finalized in the first half of 2025.

我們仍然希望全年完成其中的大部分工作。值得注意的是，我想我在之前的評論中已經說過了，但另一個——其餘 80 兆瓦也在積極建設中，但可能會在 2025 年上半年完成。

Okay, got it, got it. And then just on the guidance, wondering, given where we are in the year, what enables you to achieve the high end of the guide versus the low end? Is it really a matter of just the operational performance of the assets at this point and the weather conditions in Q4 or do you need some of those projects to be completed and contribute to the revenue in Q4 in order to kind of get you to the high end of the range?

好的，明白了，明白了。然後就指導而言，想知道，考慮到我們今年的情況，是什麼使您能夠實現指南的高端而不是低端？這真的只是此時資產的營運績效和第四季度的天氣條件的問題嗎？

Sure. Yeah. And as, Justin, the contribution to a megawatt here in mid-November is pretty limited as it relates to the current year's revenue impact. And so I think you hit on it. The biggest factors that can influence where we end up within the range will be the in-place portfolio and the operating performance there as well as, of course weather plays a factor as well.

當然。是的。正如 Justin 所說，11 月中旬對兆瓦的貢獻相當有限，因為它與本年度的收入影響有關。所以我認為你擊中了它。影響我們最終在該範圍內的最大因素將是現有的投資組合和營運績效，當然天氣也是一個因素。

Right, right. Okay. And then one question just on the new administration that we're going to have, new President heading into next year. It does look like it's possible that we could get some changes to the incentives in the IRA. So I was just wondering if you could comment on how the value proposition for Community Solar or Commercial Solar might be impacted if we get an earlier phase down of the ITC? And would you anticipate potentially increased state-level incentives or how do you see the path going forward here?

對，對。好的。然後有一個問題是關於我們即將成立的新政府、明年將上任的新總統。看起來我們確實有可能對 IRA 的激勵措施進行一些改變。因此，我只是想知道您是否可以評論一下，如果我們提前逐步取消 ITC，社區太陽能或商業太陽能的價值主張可能會受到怎樣的影響？您是否預期州級激勵措施可能會增加，或者您如何看待這裡的前進道路？

Sure. Thanks for the question. So let me start by saying we were not particularly surprised by the outcome, and we remain very optimistic about the operating environment as well as our ability to execute on our three year plan. I think that's the headline. We would note that other businesses may have greater sensitivities to some of the provisions of the Inflation Reduction Act.

當然。謝謝你的提問。首先我要說的是，我們對結果並不感到特別驚訝，我們對營運環境以及我們執行三年計畫的能力仍然非常樂觀。我想這就是標題。我們注意到，其他企業可能對《減少通膨法》的某些條款更為敏感。

Whereas as we've said before, we see certain of the provisions that are most in focus as more sources of upside for the business as opposed to risks. And all that being said, we don't anticipate that the new administration would materially alter the provisions of the IRA, which are most relevant to our business.

然而，正如我們之前所說，我們認為某些最受關注的條款是業務成長的更多來源，而不是風險。話雖如此，我們預計新政府不會實質改變 IRA 的規定，因為這些規定與我們的業務最相關。

Jeffrey Campbell, Seaport Research Partners.

傑弗裡·坎貝爾，海港研究合作夥伴。

Good afternoon and congratulations on a solid quarter. I wanted to begin by asking, you mentioned in the last call that you had a Community Solar installation in Westchester that was waiting on a utility connection. So at a higher level, I wondered if you're seeing any improvement with the utilities on that end or conversely, are you using this as a potential gating item for new Community Solar projects to be undertaken?

下午好，恭喜季度業績穩定。我想先問一下，您在上次通話中提到，您在威徹斯特有一個社區太陽能裝置，正在等待公用事業連接。因此，在更高的層面上，我想知道您是否看到公用事業在這方面有任何改進，或者相反，您是否將此作為要開展的新社區太陽能專案的潛在門禁專案？

Yeah. So I think that it's fair to say interconnection delays are an element of our business, and it's something that we have historically always had to manage through, and we'll continue to do that. There's no real material update, I would say, from our prior call as a general matter. As it relates to the Morgan Stanley site, that project is still not yet operational.

是的。因此，我認為可以公平地說，互連延遲是我們業務的一個要素，這是我們歷來必須解決的問題，我們將繼續這樣做。我想說的是，我們之前的電話會議總體上沒有真正的重大更新。由於該項目與摩根士丹利網站相關，因此尚未投入營運。

And it's extremely frustrating. I think I highlighted pretty detailed on the last call that we're -- we have an agreed-upon schedule with the utility for them to do their work, and that work is not yet complete. And so we're continuing to manage through that as best we can. And we do hope and expect that, that project will be placed in service in the near future.

這非常令人沮喪。我想我在上次電話會議上非常詳細地強調了我們——我們與公用事業公司有一個商定的時間表，供他們完成他們的工作，但這項工作尚未完成。因此，我們將繼續盡力解決這個問題。我們確實希望並期望該項目將在不久的將來投入使用。

And let me just sort of provide a little bit of broader commentary as well. I think that in general, there's -- while there is a sort of general industry dynamic around interconnection that Dustin just referenced, it is absolutely utility-by-utility, location-by-location. So as you've also heard, we have a number of sites that are being operationalized and coming online.

讓我也提供一些更廣泛的評論。我認為，總的來說，雖然達斯汀剛才提到的互連存在著一種普遍的行業動態，但它絕對是逐一實用程式、逐個位置的。正如您也聽說的那樣，我們有許多網站正在運作並上線。

And so very much the solution to this particular problem is to have a robust pipeline of deals that we are converting on. And so you should look at the pipeline of opportunity, generally speaking, is one that we have a lot of enthusiasm in terms of the conversion pipeline.

因此，解決這個特定問題的方法就是擁有一個強大的交易管道來進行轉換。因此，您應該專注於機會管道，一般來說，我們對轉換管道充滿熱情。

Well, not to put words in anybody's mouth, but I would potentially argue that the difficulty on the community solar side is a positive for the commercial solar side because the commercial solar installations are avoiding the utility. So one size -- there's opportunity.

好吧，不是說任何人的嘴，但我可能會爭辯說，社區太陽能方面的困難對商業太陽能方面是積極的，因為商業太陽能裝置正在避開公用事業。因此，只有一種尺寸——就有機會。

Yeah. I think that's what I want to make sure that we don't create a perception that community solar is writ large a challenge. It is not. We have a number of community solar sites that are coming online around the country in Maryland, in Maine and elsewhere. The deals that Dustin referenced in Maine are all community solar projects, and we are having success in terms of interconnection there.

是的。我認為這就是我想要確保我們不會造成社區太陽能明顯是一個挑戰的看法。它不是。我們在馬裡蘭州、緬因州和其他地方有許多社區太陽能站點正在全國各地上線。達斯汀提到的緬因州交易都是社區太陽能項目，我們在那裡的互連方面取得了成功。

So the point being that the particular read-through as it relates to Community Solar would probably be more what utility you're dealing with and how responsive that particular utility might be to an interconnection requirement. So yeah.

因此，重點在於，與社區太陽能相關的特定通讀可能更多的是您正在處理的公用事業以及該特定公用事業對互連要求的反應程度。所以是的。

Yeah, that's good color. I appreciate that. And my last one is just you've highlighted how you're -- I'm paraphrasing your return to focusing on what you control is working really well. I wondered how the CBRE side is doing on trying to promote solar within their ESG portfolio.

是的，這個顏色很好。我很欣賞這一點。我的最後一個就是你強調了你的情況——我解釋說你重新專注於你所控制的事情，效果非常好。我想知道 CBRE 方面在其 ESG 投資組合中推廣太陽能方面做得如何。

Yeah. No, it's a great question, and CBRE has actually made some public announcements about their leaning into advisory, advising clients on ESG and sustainability objectives. And certainly, Altus will feature prominently in those discussions. So CBRE, as has excellent connectivity with the Fortune 500 and their ability to be in the room and provide consultative services, which are really needed and offer up the solar solutions that Altus can provide in the context of those discussions is definitely something that is an opportunity for us.

是的。不，這是一個很好的問題，世邦魏理仕實際上已經發布了一些關於他們傾向於諮詢、就 ESG 和永續發展目標向客戶提供建議的公開聲明。當然，阿爾特斯將在這些討論中佔據重要地位。因此，世邦魏理仕與財富 500 強企業有著良好的聯繫，並且有能力在房間裡提供真正需要的諮詢服務，並提供 Altus 在這些討論中可以提供的太陽能解決方案，這絕對是一個我們的機會。

Tim Moore, Clear Street.

提姆摩爾，《清街》。

Thanks and good execution on your profitability in the quarter. That was nice to see. I just wanted to touch up on a thread that was mentioned earlier in the opening remarks about the conversion timing on new projects. Do you mind elaborating on the operational improvements or the enhancements you might have put in place the last six months to really narrow the lead times of sales cycle timing and increase that velocity? Does a lot of it have to do with maybe less emphasis on appeasing national enterprise customers? And if you can talk about anything else.

感謝您本季獲利能力的良好執行。很高興看到。我只是想談談前面在開場白中提到的關於新項目轉換時間的話題。您是否介意詳細說明您在過去六個月中可能實施的營運改善或增強功能，以真正縮短銷售週期時間並提高速度？這在很大程度上是否與不太重視安撫國內企業客戶有關？如果你能談談其他事情的話。

Yeah. Thanks for the question. So our specific focus has been on new build opportunities that we source from real estate owners, sometimes together with channel partners. And our focus was resource allocation and specific to the pipeline, ensuring both execution certainty as well as increasing the velocity at which these opportunities move through the pipeline and therefore, can convert into operating assets generating revenue and cash flow.

是的。謝謝你的提問。因此，我們的具體重點是從房地產所有者（有時與通路合作夥伴）獲得的新建機會。我們的重點是資源分配和特定於管道的資源分配，確保執行的確定性並提高這些機會通過管道的速度，從而可以轉化為產生收入和現金流的營運資產。

And so we are pursuing a much more targeted approach and a market-specific approach with a focus on markets that offer the most attractive economics for solar as well as focusing on decision-makers who are looking to execute. So to your point, that might not be a national enterprise opportunity. It may instead be a market-specific opportunity, albeit perhaps with a national player, right? So the nature of the market is -- you know we're in 25 states.

因此，我們正在尋求一種更有針對性的方法和針對特定市場的方法，重點關注為太陽能提供最具吸引力的經濟效益的市場，以及尋求執行的決策者。所以就你的觀點而言，這可能不是一個國家企業的機會。相反，這可能是一個特定於市場的機會，儘管可能是一個國家級的球員，對嗎？所以市場的本質是——你知道我們有 25 個州。

There are states that are much more lucrative and in focus for us. And to some degree, we call it a back-to-basics model. We are focusing on activities and a go-to-market strategy that has worked well for us historically. And as you heard in the prepared remarks, the early results are encouraging, and we are seeing significant deal flow and actionable opportunity.

有些州對我們來說更有利可圖，也更受關注。在某種程度上，我們稱之為迴歸基礎模型。我們專注於歷史上對我們行之有效的活動和進入市場策略。正如您在準備好的演講中聽到的那樣，早期結果令人鼓舞，我們看到了大量的交易流和可行的機會。

That's helpful, especially as you concentrate maybe more in the Northeast. The only other question I had was just if you could kind of maybe elaborate or rank your priorities for capital allocation. I mean you do IRR and ROI hurdles. I'm just wondering how community solar stacks up against redevelopment projects you're seeing in the pipeline versus new projects? If you can kind of talk through that and how you go about picking which one in the near-term?

這很有幫助，尤其是當您更專注於東北地區時。我唯一的另一個問題是，您是否可以詳細說明或排列您的資本配置優先順序。我的意思是你做了 IRR 和 ROI 障礙。我只是想知道社區太陽能與您在管道中看到的重建項目和新項目相比如何？您是否可以談談這個問題，以及您如何在短期內選擇哪一個？

Sure. So it's a multifaceted question to some degree, and let me just make sure that I try to break it down. First off, as you know, we are very focused on driving revenue and driving revenue with attractive return on investment. So everything that we're doing is focused on making sure that we're being very efficient and thoughtful with respect to the returns that are available to us.

當然。因此，在某種程度上，這是一個多方面的問題，讓我確保我嘗試將其分解。首先，如您所知，我們非常注重增加收入並以有吸引力的投資回報來增加收入。因此，我們所做的一切都是為了確保我們在獲得回報方面非常有效率和周到。

So if you were to ask how does Community Solar stack up relative to other opportunities, the way that we think about our business and the way we describe our business, we are the market leader in commercial scale solar. That is roughly one-megawatt to 20-megawatt solar sites. That is the common denominator as it relates to the sites that we develop and the offtake varies. The offtake is sometimes a behind-the-meter solution with a tenant in the building.

因此，如果您想問社區太陽能相對於其他機會如何、我們思考我們的業務的方式以及我們描述我們業務的方式，我們是商業規模太陽能的市場領導者。這大約是 1 兆瓦到 20 兆瓦的太陽能站點。這是共同點，因為它與我們開發的網站有關，並且承購量各不相同。有時，承購是由建築物內的租戶提供的用戶側解決方案。

It's sometimes a remote offtake, which could be a Community Solar customer, which, of course, would naturally make a lot of sense if you're building on a large industrial rooftop without a lot of in-building demand or if you want to build on a brownfield, where there's no captive demand right there, but just around the corner in the community, there is demand. From our vantage point, we look at those deals, and we've been in the Community Solar market for now 10 years.

有時是遠端承購商，可能是社區太陽能客戶，當然，如果您在大型工業屋頂上建造而沒有大量建築內需求，或者如果您想建造在棕地上，那裡沒有專屬需求，但就在社區的轉角處，就有需求。從我們的角度來看，我們關注這些交易，我們進入社區太陽能市場已有 10 年了。

And the key ingredient to a successful community solar program is making sure you understand the customer acquisition dynamics, the -- how you're actually going to both service those customers, the costs associated with servicing, etcetera. So the return opportunity away from the IRA question where people have, I think, disproportionately focused on Community Solar adders, there is an opportunity for low and moderate income upside if you have the right offtake.

成功的社區太陽能計畫的關鍵因素是確保您了解客戶獲取動態、您實際上將如何為這些客戶提供服務、與服務相關的成本等等。因此，我認為，遠離 IRA 問題的回報機會，人們不成比例地關注社區太陽能加法器，如果你有正確的承購，那麼中低收入就有機會上漲。

But candidly, our approach is to underwrite those deals with a base case offtake assumption and look for upside to the extent that, that's available in the market. So that's really how we think about Community Solar as compared with any other asset. Now in terms of your question about optimization or redevelopment, that is a whole other category that is worthy of just a couple of minutes of explanation. We have an opportunity to optimize or constantly create more value out of our portfolio.

但坦白說，我們的方法是根據基本情況承購假設承銷這些交易，並在市場上可用的範圍內尋找上行空間。因此，與任何其他資產相比，這確實是我們對社區太陽能的看法。現在，就您有關優化或重新開發的問題而言，這是一個完全不同的類別，值得花幾分鐘解釋。我們有機會優化或不斷從我們的投資組合中創造更多價值。

Our portfolio represents projects that we own across the country that are strategically located in areas of high power consumption. And everybody should now appreciate that increasing demand for power and associated higher power prices, particularly in those areas where our assets are located, that's a huge opportunity. Our floating rate contracts allow us to participate in higher power prices. And we also think there's an opportunity over time to increase capacity at our site.

我們的投資組合代表了我們在全國各地擁有的項目，這些項目策略性地位於高能耗地區。現在每個人都應該認識到，電力需求的增加和相關的電價上漲，特別是在我們資產所在的地區，這是一個巨大的機會。我們的浮動利率合約使我們能夠參與更高的電價。我們也認為，隨著時間的推移，我們的站點有機會增加容量。

So that's the redevelopment opportunity. That's taking a site that might have been built five years ago or 10 years ago and actually increasing the capacity of that site, creating more power and not only participating in higher power prices, but a greater volume of energy or greater volume of power that you're able to sell. Big opportunity, obviously, a big opportunity associated with our large operating base and something that we probably should spend some more time elucidating.

這就是重建的機會。這就是採用一個可能在五年前或十年前建成的站點，實際上增加了該站點的容量，創造了更多的電力，不僅參與了更高的電價，而且還提供了更多的能源或更多的電力。顯然，這是一個與我們龐大的營運基礎相關的巨大機會，我們可能應該花更多時間來闡明這一點。

(Operator Instructions) Andrew Percoco, Morgan Stanley.

（操作員指示）Andrew Percoco，摩根士丹利。

Thanks, good evening, guys. Thanks for taking my question. I just want to come back to the election piece for a second. Gregg, you've mentioned over the past few months and quarters about how there's just some natural friction with some customers depending on their portfolio of projects or the portfolio of real estate and how that fits into the unit economics of solar. And I'm just kind of curious, I know we're only a week past the election, but I'm sure you've continued to have conversations with prospective customers.

謝謝，晚上好，夥計們。感謝您提出我的問題。我只想回到選舉作品。格雷格，您在過去的幾個月和幾個季度中提到過，與一些客戶之間存在一些自然摩擦，這取決於他們的項目組合或房地產組合，以及這如何適應太陽能的單位經濟。我只是有點好奇，我知道距離選舉只剩下一周了，但我確信您仍在繼續與潛在客戶進行對話。

Has just the added level of uncertainty around the IRA further inhibited those conversations? I totally take your point, and we agree with your view around how solar is really not the aim of the new administration, it would seem. But is that creating more friction in just the natural selling process when you're sitting at the table with some of these prospective customers?

IRA 周圍不確定性的增加是否進一步抑制了這些對話？我完全同意你的觀點，我們也同意你的觀點，太陽能似乎不是新政府的目標。但是，當您與其中一些潛在客戶坐在一起時，這是否會在自然銷售過程中產生更多摩擦？

Yeah. We're not seeing that at all. Thanks for the question, by the way. We're not seeing that at all at the customer level or in those conversations. I think the noise around this and the uncertainty is predominantly an investor comment or question. And understandably, people want to take the time to understand what it might mean and which businesses are impacted. So I think different businesses have different sensitivities as it relates to the Inflation Reduction Act and potential changes.

是的。我們根本沒有看到這一點。順便說一下，謝謝你的提問。我們在客戶層面或這些對話中根本沒有看到這一點。我認為圍繞此事的噪音和不確定性主要是投資者的評論或問題。可以理解的是，人們希望花時間了解這可能意味著什麼以及哪些企業受到影響。因此，我認為不同的企業對《通貨膨脹削減法案》和潛在的變化有不同的敏感度。

I think our business and the natural position that we find ourselves in, which is engaging on new site development or opportunities to essentially expand our portfolio. That ultimately really is how much can we pay for a lease if we're going to rent a piece of land and -- or rooftop. It comes down to ultimately the block -- the basics of our business as it relates to the production that's available, which is obviously not influenced -- and then just the foundational points associated with the IRA, which include just codifying a 30% ITC.

我認為我們的業務和我們所處的自然位置，即參與新站點開發或從本質上擴展我們的產品組合的機會。最終，如果我們要租一塊土地和屋頂，我們可以支付多少租金。這最終歸結為區塊——我們業務的基礎，因為它與可用的生產相關，這顯然不受影響——然後是與 IRA 相關的基本點，其中包括編纂 30% ITC。

A lot of the other adders and elements around domestic content, around upside associated with the offtake profile, those from our perspective, are not foundational to our business. So we're really not particularly focused on it nor are we seeing that play a role in the dialogues that we're having with our customers.

從我們的角度來看，圍繞國內內容、與承購情況相關的上行空間的許多其他加法器和元素並不是我們業務的基礎。因此，我們實際上並沒有特別關注它，也沒有看到它在我們與客戶的對話中發揮作用。

There are no further questions at this time. Please continue.

目前沒有其他問題。請繼續。

Thanks, everyone, for the time today, and we look forward to following up with you one-on-one.

謝謝大家今天的時間，我們期待與您進行一對一的跟進。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。