Exhibit 99.2
UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION
The unaudited pro forma condensed combined financial information below has been prepared to illustrate the effect of Altus Power, Inc.’s (“Altus”) acquisition of DESRI II Acquisition Holdings, L.L.C. and DESRI V Acquisition Holdings, L.L.C. DESRI II & V (“DESRI II & V”) (the “Acquisition”), which was consummated on November 11, 2022, for a total purchase price of $102.2 million.
Such information is based on Altus’ and DESRI II & V’s historical statements as adjusted to give effect to the acquisition. In the unaudited pro forma condensed combined balance sheet as of September 30, 2022, it is assumed that the acquisition occurred on September 30, 2022. In the unaudited pro forma condensed combined statements of operation for the nine months ended September 30, 2022, and the year ended December 31, 2021, it is assumed that the acquisition occurred on January 1, 2021.
The accompanying notes should be read together with the pro forma condensed combined financial information. Such notes describe the assumptions and estimates related to the unaudited adjustments to the pro forma condensed combined financial information.
The pro forma condensed combined financial information may not necessarily reflect the financial condition or results of operations had the acquisition occurred on the dates noted above, and Altus’ actual results may differ from the pro forma amounts presented.
Altus Power, Inc.
PRO FORMA CONDENSED COMBINED BALANCE SHEET
(unaudited)
(In thousands, except share and per share data)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | As of September 30, 2022 | | | | | As of September 30, 2022 |
| Altus Power, Inc. | | DESRI II & V (adjusted) (see Note 4) | | Pro Forma Adjustments (See Note 3) | | | Pro Forma Altus Power, Inc. |
| Assets | | | | | | | | |
| Current assets: | | | | | | | | |
| Cash and cash equivalents | $ | 290,894 | | | $ | 773 | | | $ | (82,235) | | (A) | | $ | 221,735 | |
| | | | | 14,812 | | (C) | | |
| | | | | (2,509) | | (J) | | |
| Current portion of restricted cash | 2,477 | | | 3,671 | | | | | | 6,148 | |
| Accounts receivable, net | 15,725 | | | 3,036 | | | | | | 18,761 | |
| Derivative assets, current portion | — | | | — | | | 4,345 | | (D) | | 4,345 | |
| Other current assets | 6,406 | | | 1,146 | | | (2,564) | | (D) | | 4,988 | |
| Total current assets | 315,502 | | | 8,626 | | | (68,151) | | | | 255,977 | |
| Restricted cash, noncurrent portion | 4,018 | | | — | | | 641 | | (C) | | 4,659 | |
| Derivative assets, noncurrent portion | — | | | — | | | (835) | | (B) | | 1,254 | |
| | | | | 2,089 | | (D) | | |
| Property, plant and equipment, net | 788,132 | | | 192,901 | | | (11,480) | | (B) | | 969,553 | |
| Intangible assets, net | 19,571 | | | 3,586 | | | 27,674 | | (B) | | 50,831 | |
| Goodwill | — | | | — | | | 6,105 | | (B) | | 6,105 | |
| Other assets | 3,107 | | | 4,452 | | | (3,870) | | (D) | | 3,689 | |
| Total assets | $ | 1,130,330 | | | $ | 209,565 | | | $ | (47,827) | | | | $ | 1,292,068 | |
| Liabilities, redeemable noncontrolling interests, and stockholders' equity | | | | | | | | |
| Current liabilities: | | | | | | | | |
| Accounts payable | $ | 2,382 | | | $ | 158 | | | | | | $ | 2,540 | |
| Interest payable | 4,459 | | | — | | | | | | 4,459 | |
| Purchase price payable | — | | | — | | | 20,000 | | (A) | | 20,000 | |
| Current portion of long-term debt, net | 17,321 | | | — | | | 12,745 | | (B) | | 30,109 | |
| | | | | 43 | | (C) | | |
| Due to related parties | 47 | | | — | | | | | | 47 | |
| Contract liabilities, current portion | — | | | — | | | 1,351 | | (E) | | 1,351 | |
| Other current liabilities | 8,455 | | | 450 | | | (482) | | (C) | | 8,198 | |
| | | | | (225) | | (E) | | |
| Total current liabilities | 32,664 | | | 608 | | | 33,432 | | | | 66,704 | |
| Redeemable warrant liability | 12,715 | | | — | | | | | | 12,715 | |
| Alignment shares liability | 136,826 | | | — | | | | | | 136,826 | |
| Contract liabilities, noncurrent portion | — | | | — | | | 771 | | (B) | | 7,082 | |
| | | | | 6,311 | | (E) | | |
| Long-term debt, net of unamortized debt issuance costs and current portion | 527,709 | | | 105,265 | | | (12,664) | | (B) | | 648,153 | |
| | | | | 19,729 | | (C) | | |
| | | | | 8,114 | | (E) | | |
| Intangible liabilities, net | 12,532 | | | — | | | 5,290 | | (B) | | 17,822 | |
| Asset retirement obligations | 7,933 | | | 5,591 | | | (4,023) | | (B) | | 9,501 | |
| Deferred tax liabilities, net | 11,973 | | | — | | | | | | 11,973 | |
| Other long-term liabilities | 8,316 | | | 16,138 | | | (1,111) | | (B) | | 7,792 | |
| | | | | $ | (15,551) | | (E) | | |
| Total liabilities | $ | 750,668 | | | $ | 127,602 | | | $ | 40,298 | | | | $ | 918,568 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Commitments and contingent liabilities | | | | | | | | |
| Redeemable noncontrolling interests | 18,444 | | | — | | | | | | 18,444 | |
| Stockholders' equity | | | | | | | | |
| Common stock $0.0001 par value; 988,591,250 shares authorized as of September 30, 2022; 157,696,560 shares issued and outstanding as of September 30, 2022 | 16 | | | — | | | | | | 16 | |
| Preferred stock $0.0001 par value; 10,000,000 shares authorized, zero shares issued and outstanding as of September 30, 2022 | — | | | — | | | | | | — | |
| Additional paid-in capital | 455,869 | | | 81,777 | | | (102,235) | | (A) | | 455,869 | |
| | | | | 20,458 | | (B) | | |
| Accumulated deficit | (113,802) | | | — | | | (3,837) | | (C) | | (120,148) | |
| | | | | $ | (2,509) | | (J) | | |
| Total stockholders' equity | $ | 342,083 | | | $ | 81,777 | | | $ | (88,123) | | | | $ | 335,737 | |
| Noncontrolling interests | 19,135 | | | 186 | | | (2) | | (B) | | 19,319 | |
| Total equity | $ | 361,218 | | | $ | 81,963 | | | $ | (88,125) | | | | $ | 355,056 | |
| Total liabilities, redeemable noncontrolling interests, and stockholders' equity | $ | 1,130,330 | | | $ | 209,565 | | | $ | (47,827) | | | | $ | 1,292,068 | |
See accompanying notes to unaudited pro forma condensed combined financial statements.
Altus Power, Inc.
PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS
(unaudited)
(In thousands, except share and per share data)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended September 30, 2022 | | | | | Nine Months Ended September 30, 2022 |
| | Altus Power, Inc. | | DESRI II & V
(adjusted)
(see Note 4) | | Pro Forma Adjustments
(See Note 3) | | | Pro Forma Altus Power, Inc. |
| Operating revenues, net | $ | 74,399 | | | $ | 20,891 | | | $ | 627 | | (H) | | $ | 96,179 | |
| | | | | 262 | | (F) | | |
| Operating expenses | | | | | | | | |
| Cost of operations (exclusive of depreciation and amortization shown separately below) | 12,842 | | | 3,349 | | | | | | 16,191 | |
| General and administrative | 19,502 | | | 615 | | | (306) | | (I) | | 19,811 | |
| Depreciation, amortization and accretion expense | 20,819 | | | 7,115 | | | 1,060 | | (F) | | 28,994 | |
| Acquisition and entity formation costs | 583 | | | — | | | | | | 583 | |
| Gain on fair value remeasurement of contingent consideration, net | (146) | | | — | | | | | | (146) | |
| Gain on disposal of property, plant and equipment | (2,222) | | | — | | | | | | (2,222) | |
| Stock-based compensation | 6,670 | | | — | | | | | | 6,670 | |
| Total operating expenses | $ | 58,048 | | | $ | 11,079 | | | $ | 754 | | | | $ | 69,881 | |
| Operating income | 16,351 | | | 9,812 | | | 135 | | | | 26,298 | |
| Other (income) expense | | | | | | | | |
| Change in fair value of redeemable warrant liability | 6,447 | | | — | | | | | | 6,447 | |
| Change in fair value of alignment shares liability | 9,367 | | | — | | | | | | 9,367 | |
| Other (income) expense, net | (2,860) | | | — | | | | | | (2,860) | |
| Interest expense, net | 15,768 | | | (10,521) | | | 4,657 | | (G) | | 9,904 | |
| Total other expense | $ | 28,722 | | | $ | (10,521) | | | $ | 4,657 | | | | $ | 22,858 | |
| Loss before income tax expense | $ | (12,371) | | | $ | 20,333 | | | $ | (4,522) | | | | $ | 3,440 | |
| Income tax expense | (2,548) | | | — | | | 1,174 | | (L) | | (1,374) | |
| Net income (loss) | $ | (14,919) | | | $ | 20,333 | | | $ | (3,348) | | | | $ | 2,066 | |
| Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests | (2,473) | | | 39 | | | | | | (2,434) | |
| Net income (loss) attributable to Altus Power, Inc. | $ | (12,446) | | | $ | 20,294 | | | $ | (3,348) | | | | $ | 4,500 | |
| Net loss per share attributable to common stockholders | | | | | | | | |
| Basic | $ | (0.08) | | | | | | (K) | | $ | 0.03 | |
| Diluted | $ | (0.08) | | | | | | (K) | | $ | 0.03 | |
| Weighted average shares used to compute net loss per share attributable to common stockholders | | | | | | | | |
| Basic | 153,482,503 | | | | | | | | 153,482,503 | |
| Diluted | 153,482,503 | | | | | | | | 154,400,697 | |
See accompanying notes to unaudited pro forma condensed consolidated financial statements.
Altus Power, Inc.
PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS
(unaudited)
(In thousands, except share and per share data)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | For the Year Ended December 31, 2021 | | | | | For the Year Ended December 31, 2021 |
| | Altus Power, Inc. | | DESRI II & V
(adjusted)
(see Note 4) | | Pro Forma Adjustments
(See Note 3) | | | Pro Forma Altus Power, Inc. |
| Operating revenues, net | $ | 71,800 | | | $ | 25,075 | | | $ | 2,944 | | (H) | | $ | 100,171 | |
| | | | | 352 | | (F) | | |
| Operating expenses | | | | | | | | |
| Cost of operations (exclusive of depreciation and amortization shown separately below) | 14,029 | | | 3,820 | | | | | | 17,849 | |
| General and administrative | 16,915 | | | 846 | | | (407) | | (I) | | 17,354 | |
| Depreciation, amortization and accretion expense | 20,967 | | | 9,425 | | | 1,475 | | (F) | | 31,867 | |
| Acquisition and entity formation costs | 1,489 | | | — | | | 2,509 | | (J) | | 3,998 | |
| Gain on fair value remeasurement of contingent consideration, net | (2,800) | | | — | | | | | | (2,800) | |
| Gain on disposal of property, plant and equipment | (12,842) | | | — | | | | | | (12,842) | |
| Total operating expenses | $ | 37,758 | | | $ | 14,091 | | | $ | 3,577 | | | | $ | 55,426 | |
| Operating income | 34,042 | | | 10,984 | | | (281) | | | | 44,745 | |
| Other (income) expense | | | | | | | | |
| Change in fair value of redeemable warrant liability | 2,332 | | | — | | | | | | 2,332 | |
| Change in fair value of alignment shares liability | (5,013) | | | — | | | | | | (5,013) | |
| Other (income) expense, net | 245 | | | (11) | | | | | | 234 | |
| Interest expense, net | 19,933 | | | (310) | | | 6,957 | | (G) | | 26,580 | |
| Loss on extinguishment of debt | 3,245 | | | — | | | 2,969 | | (G) | | 6,214 | |
| Total other (income) expense | $ | 20,742 | | | $ | (321) | | | $ | 9,926 | | | | $ | 30,347 | |
| Income before income tax expense | $ | 13,300 | | | $ | 11,305 | | | $ | (10,207) | | | | $ | 14,398 | |
| Income tax expense | (295) | | | — | | | 2,650 | | (L) | | 2,355 | |
| Net income | $ | 13,005 | | | $ | 11,305 | | | $ | (7,557) | | | | $ | 16,753 | |
| Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests | 7,099 | | | (16,819) | | | | | | (9,720) | |
| Net income attributable to Altus Power, Inc. | $ | 5,906 | | | $ | 28,124 | | | $ | (7,557) | | | | $ | 26,473 | |
| Net income per share attributable to common stockholders | | | | | | | | |
| Basic | $ | 0.06 | | | | | | (K) | | $ | 0.28 | |
| Diluted | $ | 0.06 | | | | | | (K) | | $ | 0.27 | |
| Weighted average shares used to compute net income per share attributable to common stockholders | | | | | | | | |
| Basic | 92,751,839 | | | | | | | | 92,751,839 | |
| Diluted | 96,603,428 | | | | | | | | 96,603,428 | |
See accompanying notes to unaudited pro forma condensed consolidated financial statements.
NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION
1.Basis of Presentation
The historical financial statements have been adjusted in the pro forma combined financial information to give effect to certain transaction accounting adjustments, as discussed further in Note 3.
The business combination was accounted for under the acquisition method of accounting in accordance with FASB Accounting Standards Codification (ASC) Topic 805, Business Combinations. Altus is the acquirer for the accounting purposes and has therefore estimated the fair value of DESRI II & V’s assets acquired and liabilities assumed.
2.Preliminary Purchase Consideration
The total preliminary estimated purchase price has been allocated to DESRI II & V’s tangible and intangible assets and liabilities in the unaudited pro forma condensed combined financial information on the basis of their estimated fair values as of November 11, 2022.
| | | | | |
| Cash consideration | $ | 82,235 | |
| Purchase price payable | 20,000 | |
| Total purchase price | $ | 102,235 | |
| |
| Assets | |
| Current assets | |
| Cash and cash equivalents | $ | 773 | |
| Restricted cash, current portion | 3,671 | |
| Accounts receivable | 3,036 | |
| Other current assets | 1,146 | |
| Non-current assets | |
| Derivative assets | 3,035 | |
| Property, plant and equipment | 181,421 | |
| Intangible assets | 31,260 | |
| Goodwill | 6,105 | |
| Other assets | 582 | |
| Liabilities | |
| Current liabilities | |
| Accounts payable | (158) | |
| Current portion of long-term debt | (12,745) | |
| Other current liabilities | (450) | |
| Non-current liabilities | |
| Contract liabilities | (7,000) | |
| Long-term debt, net of current portion | (100,715) | |
| Asset retirement obligations | (1,568) | |
| Intangible liabilities | (5,290) | |
| Other liabilities | (684) | |
| Noncontrolling interests | |
| Noncontrolling interests | (184) | |
| Total | $ | 102,235 | |
The preliminary estimate of the fair value of the DESRI II & V’s assets and liabilities was determined with the assistance of a third-party valuation expert. The purchase price allocation adjustments are preliminary and have been made solely to provide unaudited pro forma condensed combined financial information. Altus will determine the final purchase price allocation after thoroughly assessing DESRI II & V’s assets and liabilities. As a result, the final acquisition transaction accounting could differ materially from the pro forma adjustments presented herein.
3.Pro Forma Adjustments
The following adjustments have been reflected in the unaudited pro forma condensed combined financial information. The pro forma adjustments are based on preliminary estimates and assumptions and are subject to change.
| | | | | |
| (A) | Reflects the purchase consideration (see Note 2) that we paid to the Seller for DESRI II & V and the elimination of DESRI II & V historical equity. |
| (B) | Reflects the adjustment of DESRI II & V historical assets and liabilities to fair value based upon the purchase price and other purchase accounting adjustments, as described in Note 2, including the classification of acquired assets and liabilities as current and non-current. Acquired property, plant and equipment, intangible assets, and intangible liabilities are being depreciated on a straight-line basis over their weighted-average remaining useful lives of approximately 23 years, 10 years, and 12 years, respectively. |
| (C) | Reflects the adjustment based upon the refinancing of debt assumed as part of the acquisition of the DESRI II & V portfolios. On December 23, 2022, the Company entered into a term loan facility (the “Term Loan”) with KeyBank National Association and The Huntington Bank as lenders. The proceeds of the Term Loan were used to repay the five outstanding project-level debt facilities that were assumed as part of the acquisition of the DESRI II & V portfolios, as well as to finance the operations of the solar projects acquired. The Term Loan matures on December 23, 2027, and has a variable interest rate based on Daily Simple SOFR plus a margin, which is effectively fixed at a rate of 4.885% by an interest rate swap. |
| (D) | Reflects the adjustment to reclassify derivative assets from Other current assets to a separate line item on the pro forma condensed combined balance sheet. |
| (E) | Reflects the adjustment to reclassify (a) contract liabilities from Other liabilities to a separate line item and (b) Financing lease obligation to Long-term debt, net of unamortized debt issuance costs on the pro forma condensed combined balance sheet. |
| (F) | Reflects the adjustment to depreciation and amortization expense resulting from the estimated fair values of acquired fixed assets and intangible assets. |
| (G) | Reflects the adjustment to interest expense and loss on extinguishment of debt based upon the refinancing of debt assumed from DESRI II & V, as discussed in (C) above. |
| (H) | Reflects the adjustment for the difference in revenue recognized due to an acquired contract liability which was recognized at fair value. |
| (I) | Reflects the adjustment to eliminate management fees charged to DESRI II & V by its parent company. |
| (J) | Reflects the adjustment for transaction costs associated with the acquisition of DESRI II & V. |
| (K) | Basic and diluted pro forma net income (loss) per share is based on the weighted average number of Altus’ common shares outstanding for the periods presented. |
| (L) | Represents the cumulative income tax expense of all adjustments impacting the pro forma condensed combined statements of operations. |
4.Reclassification Adjustments
Management identified differences in the presentation of DESRI II & V’s financial information to that of Altus. Therefore, reclassification adjustments were made to conform the presentation of DESRI II & V’s financial information to that of Altus, as shown below in the “Reclassification Adjustments” columns.
Historical Balance Sheet
| | | | | | | | | | | | | | | | | | | | | | | |
| As of September 30, 2022 | | | | As of September 30, 2022 |
| DESRI II Acquisition Holdings, L.L.C.
(Historical) | | DESRI V Acquisition Holdings, L.L.C.
(Historical) | | Reclassification Adjustments | | DESRI II & V
(Adjusted) |
| Assets | | | | | | | |
| Current assets: | | | | | | | |
| Cash and cash equivalents | $ | — | | | $ | — | | | $ | 773 | | | $ | 773 | |
| Current portion of restricted cash | — | | | — | | | 3,671 | | | 3,671 | |
| Accounts receivable, net | — | | | — | | | 3,036 | | | 3,036 | |
| Other current assets | — | | | — | | | 1,146 | | | 1,146 | |
| Cash | 421 | | | 352 | | | (773) | | | — | |
| Restricted cash | 1,686 | | | 1,985 | | | (3,671) | | | — | |
| Accounts receivable | 1,142 | | | 1,894 | | | (3,036) | | | — | |
| Other assets | 634 | | | 512 | | | (1,146) | | | — | |
| Total current assets | 3,883 | | | 4,743 | | | — | | | 8,626 | |
| Property, plant and equipment, net | — | | | — | | | 192,901 | | | 192,901 | |
| Intangible assets, net | — | | | — | | | 3,586 | | | 3,586 | |
| Other current assets | — | | | — | | | 4,452 | | | 4,452 | |
| Property, plant and equipment, net | 79,316 | | | 113,585 | | | (192,901) | | | — | |
| Intangible assets, net | 1,044 | | | 2,542 | | | (3,586) | | | — | |
| Derivative assets | 870 | | | 3,000 | | | (3,870) | | | — | |
| Other assets | 261 | | | 321 | | | (582) | | | — | |
| Total assets | $ | 85,374 | | | $ | 124,191 | | | $ | — | | | $ | 209,565 | |
| Liabilities and equity | | | | | | | |
| Current liabilities: | | | | | | | |
| Accounts payable | $ | — | | | $ | — | | | $ | 158 | | | $ | 158 | |
| Other current liabilities | — | | | — | | | 450 | | | 450 | |
| Accounts payable | 20 | | | 138 | | | (158) | | | — | |
| Accrued liabilities | 110 | | | 234 | | | (344) | | | — | |
| Due to related parties | 43 | | | 63 | | | (106) | | | — | |
| Total current liabilities | 173 | | | 435 | | | — | | | 608 | |
| Long-term debt, net of unamortized debt issuance costs and current portion | — | | | — | | | 105,265 | | | $ | 105,265 | |
| Asset retirement obligations | — | | | — | | | 5,591 | | | 5,591 | |
| Other long-term liabilities | — | | | — | | | 16,138 | | | 16,138 | |
| Derivative liabilities | 469 | | | 778 | | | (1,247) | | | — | |
| Debt, net of unamortized deferred financing costs | 37,430 | | | 67,835 | | | (105,265) | | | — | |
| Asset retirement obligations | 2,567 | | | 3,024 | | | (5,591) | | | — | |
| Other liabilities | 132 | | | 14,759 | | | (14,891) | | | — | |
| Total liabilities | $ | 40,771 | | | $ | 86,831 | | | $ | — | | | $ | 127,602 | |
| Equity | | | | | | | |
| Additional paid-in capital | — | | | — | | | 81,777 | | | 81,777 | |
| Noncontrolling interests | — | | | — | | | 186 | | | 186 | |
| Member's equity | 44,417 | | | 37,360 | | | (81,777) | | | — | |
| Noncontrolling interests | 186 | | | — | | | (186) | | | — | |
| Total equity | $ | 44,603 | | | $ | 37,360 | | | $ | — | | | $ | 81,963 | |
| Total liabilities and equity | $ | 85,374 | | | $ | 124,191 | | | $ | — | | | $ | 209,565 | |
Historical Statements of Operations
| | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, 2022 | | | | Nine Months Ended September 30, 2022 |
| DESRI II Acquisition Holdings, L.L.C.
(Historical) | | DESRI V Acquisition Holdings, L.L.C.
(Historical) | | Reclassification Adjustments | | DESRI II & V
(Adjusted) |
| Operating revenues, net | $ | — | | | $ | — | | | $ | 20,891 | | | $ | 20,891 | |
| Revenues | 9,122 | | | 11,769 | | | (20,891) | | | — | |
| Operating expenses | | | | | | | |
| Cost of operations (exclusive of depreciation and amortization shown separately below) | — | | | — | | | 3,349 | | | 3,349 | |
| General and administrative | — | | | — | | | 615 | | | 615 | |
| Depreciation, amortization and accretion expense | — | | | — | | | 7,115 | | | 7,115 | |
| Operations and maintenance | 1,671 | | | 1,678 | | | (3,349) | | | — | |
| Depreciation and amortization | 3,059 | | | 4,056 | | | (7,115) | | | — | |
| General and administrative | 280 | | | 335 | | | (615) | | | — | |
| Total operating expenses | $ | 5,010 | | | $ | 6,069 | | | $ | — | | | $ | 11,079 | |
| Operating income | 4,112 | | | 5,700 | | | — | | | 9,812 | |
| Interest expense, net | — | | | — | | | (10,521) | | | $ | (10,521) | |
| Net realized and change in unrealized gains / (losses) on derivative financial instruments | 4,580 | | | 9,297 | | | (13,877) | | | $ | — | |
| Interest expense, net | (1,018) | | | (2,338) | | | 3,356 | | | $ | — | |
| Total other expense | $ | 3,562 | | | $ | 6,959 | | | $ | (21,042) | | | $ | (10,521) | |
| Net income | $ | 7,674 | | | $ | 12,659 | | | | | $ | 20,333 | |
| Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests | — | | | — | | | 39 | | | $ | 39 | |
| Net (income) / loss attributable to redeemable and non-redeemable noncontrolling interest | (39) | | | — | | | 39 | | | $ | — | |
| Net income (loss) attributable to Altus Power, Inc. | $ | 7,635 | | | $ | 12,659 | | | | | $ | 20,294 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| For the Year Ended December 31, 2021 | | | | For the Year Ended December 31, 2021 |
| DESRI II Acquisition Holdings, L.L.C.
(Historical) | | DESRI V Acquisition Holdings, L.L.C.
(Historical) | | Reclassification Adjustments | | DESRI II & V
(Adjusted) |
| Operating revenues, net | $ | — | | | $ | — | | | $ | 25,075 | | | $ | 25,075 | |
| Revenues | 10,807 | | | 14,268 | | | (25,075) | | | — | |
| Operating expenses | | | | | | | |
| Cost of operations (exclusive of depreciation and amortization shown separately below) | — | | | — | | | 3,820 | | | 3,820 | |
| General and administrative | — | | | — | | | 846 | | | 846 | |
| Depreciation, amortization and accretion expense | — | | | — | | | 9,425 | | | 9,425 | |
| Operations and maintenance | 1,954 | | | 1,866 | | | (3,820) | | | — | |
| Depreciation and amortization | 4,071 | | | 5,354 | | | (9,425) | | | — | |
| General and administrative | 385 | | | 461 | | | (846) | | | — | |
| Total operating expenses | $ | 6,410 | | | $ | 7,681 | | | $ | — | | | $ | 14,091 | |
| Operating income | 4,397 | | | 6,587 | | | — | | | 10,984 | |
| Other (income) expense, net | — | | | — | | | (11) | | | $ | (11) | |
| Interest expense, net | — | | | — | | | (310) | | | $ | (310) | |
| Net realized and change in unrealized gains / (losses) on derivative financial instruments | 1,291 | | | 2,588 | | | (3,879) | | | $ | — | |
| Interest expense, net | (1,044) | | | (2,525) | | | 3,569 | | | $ | — | |
| Other income / (expenses), net | 1 | | | 10 | | | (11) | | | $ | — | |
| Total other expense | $ | 248 | | | $ | 73 | | | $ | (642) | | | $ | (321) | |
| Net income | $ | 4,645 | | | $ | 6,660 | | | | | $ | 11,305 | |
| Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests | — | | | — | | | (16,819) | | | $ | (16,819) | |
| Net (income) / loss attributable to redeemable and non-redeemable noncontrolling interest | (56) | | | 16,875 | | | (16,819) | | | $ | — | |
| Net income (loss) attributable to Altus Power, Inc. | $ | 4,589 | | | $ | 23,535 | | | | | $ | 28,124 | |
