HASI - Earnings call transcript Q1 2018 | Hannon Armstrong Sustainable Infrastructure Capital, Inc.

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Operator

Good afternoon and welcome to Hannon Armstrong's Conference Call on it's Quarter One 2018 Financial Results. Management will be utilizing a Slide presentation for this call which is available now for download on their Investor Relations page at investors.hannonarmstrong.com. Today's call is being recorded and we have allocated 30 minutes for prepared remarks and Q&A. All participants will be in a listen-only mode. [Operator Instructions] At this time, I would like to turn the conference over to Amanda Cimaglia, Investor Relations Director for the company. ahead. go Please

Amanda Cimaglia

on Good Relations Hannon Abby. today. first and Earlier where live be is welcome. XXXX call will This Thank being replay of is distributed afternoon our a afternoon webcast available which of Armstrong A the its later Web press this site. results. conference Investor you, on copy everyone our page release available quarter site detailing Web

the the comments the and you described forward-looking subject Securities described of amended amended. Before Factors call the the this results Section in protections statements and of during made forward-looking begins, company that this Securities of SEC. from the as uncertainties like Safe I are section within the the Section of may The other the Act as of statements The the Form claims in for remind to differ Actual made Exchange and call call those contained in would meaning statements XXA forward-looking Act materially risks course Harbor of XXE XXXX XX-K and sections. such and company's XXXX filings in the with some of call. are the Risk to the of of

accordance and non-GAAP forward-looking our financial certain is does conference this of on the are financial new on that isolation or be posted measures In not intended addition, with circumstances be update in in note for as information available earnings or a all today, not forward-looking is presentation presented will company reconciliation financial of substitute non-GAAP presentation. based statements release statements GAAP GAAP. expectations. discussed A this undertake made slide call. to to of A and the as to information considered any any responsibility measures revised on Please

over Eckel, With call will to Joining I'll turn are me and Jeff? Slide call CFO. X. our Jeffrey the that, and begin Brendan on the Herron, President today's Jeff company's on CEO who

Jeff Eckel

suggested good Thanks Today in loss afternoon loss Amanda, our last minutes and a and primarily everyone. announcing HOBV we will we share. which the with of few a per $X.XX earnings. discuss Brendan for has call are in core to announcing non-cash related GAAP started also that might as share of per quarter a earnings XXXX $X.XX lumpy

an and percent total compared last at our to next guidance to XXXX expect the quarter the originations revenue level We earnings do in our that per $X.XX grow year of being significantly should million core to XX% between increase the than grew of quarters and midpoint average several earnings share. forecast this While equal quarter were $XXX X% X% quarter. lower over a with

the As view discussed based taken on our two last of actions market. we've quarter,

the quarters the is for some demand on the institutional on them strong $X.XX this of given sheet. it $X.XX. originate First, profitable one assets certain balance quarterly that sale to the The in expect to will the means assets the than securitization than and be we timing With level than gain for more securitize lower increase those past. securitizations higher like some dividend of lumpier we of hold than Thus income.

and with share our expense we annualized timing are cost to higher believe quarter. pleased target $X.XX be and approximately this increases. We to level additional rate last of the the interest per fixed cost slows in expect the us at high-end the that could our estimated a business. to interests it we debt this Second, fixed maintain Fed stops rate rate of until or $X.XX best up us of Still estimated range quarter interest

XXXX XXXX to overly complicated our want reiterate guidance know clarify last I I Actually overly I complicated guidance. quarter. our our I guidance think I quarter. and last hopefully

to expect on in growth earnings X% average We basis. annual X% an core

As I for well. to X% XXXX said growth range that earlier, to as in X% be expect we

the midpoint. $X.XX a again So at

at We dividends same level expect to pay $X.XX that in XXXX.

dividend As than XXXX, in earnings perhaps earnings. a the at the we will in we growth lower grow consider growth rate growing core XXXX and

sure XXXX, Turning historical the X, want and Page gain This business. securitizing of been of securitization we've to you managing assets types portion to sale is investors annually make understand our our on We business now these since valuable securitized is business component billion not flexibility assets. $X.X that are securitize like flat a especially curve capital in markets where yield open. of when with the of our to a presently believe equity periods

required investments incremental in are are structures place no trust securitizations. and execute Our to new

continue and investor strong institutional diversified have to We enjoy base.

the For warehousing we require structures during put or scale, securitizations IPO, and example, 'XX most 'XX in of before even do post until the originated. our warehouse reach crisis rather trust typically while are not as now they them financial existing they IPO and

an through walk example. me Let

might basis investor Assume institutional $XX with above these XX points efficiency XX a million, an We XX-year-term a where energy to investment. assets us. invest spread at originate

on have these generate With a net margin. interest that on sheet or in had earned cash sale. percent $XX,XXX same we $XXX,XXX balance put using gain the asset we same the X% If can assumptions, assumptions, we'd

this in example on balance it by So XXx the increases to sheet. securitization compared earnings term near putting

grow years. sheet put with like to a than bit to target for and are and balance some in decrease markets securitizations economic strong the we of the slower past more to institutional In this To XX%. relatively planning makes bids originations in Our In to do the assets, amount and these balance perhaps intend clear, portfolio balance just business sense originations it increase of model the be securitize on securitizations. of level billion sheet XXXX to sheets. one, has XX% strong $X still to to the we XXXX, been annually added

gain return of yields three the assets have of normal hopefully in to year thus reversing increase period proportion sheet. sale. the the is thus One the and we the cause rate It we to a balance fall spreads just guidance I reasons transition net interest more on example likely recognize choose and is will that we XX% earnings we to would potential reduce additions interest securitize to gave, that is that we when and environment widened. of gave could margin This

the expect rate. However, we X% compounded core annual to to by three-year grown X% have period, earnings the over

we'd to highlight Turning X, and pipeline like that the remain Slide to yields stable. remains portfolio strong our

to or meter retail on As side, behind low occasionally or or competes quarter, the is power utility wind is and we which last is discussed wholesale we like connected BTM. at we refer believe important becoming increasingly against it prices the and an scale on grid the asset thus located whether as solar premises customer to focus

technology pipeline projects Starting of seeing seems assets, to we've our heating storage have solar blend a this historically and efficiency of and our been efficiency even manner. economics While the cooling this a important the thus presented than quarter in the and lighting, with less customer. its and transaction to we're itself integrated portfolio proximity increasingly

For slide you of the those presentation connected mix our in appendix still grid BTM. wanting page. posted is technology translate a to at of or There last to the

Our with REIT. come such these assets like of few lighting category. This an under infrastructure ago be driving origination Commercial the sustainable did behind billion more and XX-month niche new the upgrades street smart CounterPointe cities opportunities assets above of part of a as we is has EDF. in few A meter comprised as with C-PACE efficiency than relationship quarters more of PACE XX% announced the initiatives and behind niches seeing pipeline from growth accelerating of examples are the nationally division our HASI new as meter. new $X.X Sustainable one Real expansion well markets is these. and or or the Hannon a well Armstrong we We'll name Estate and is recently include,

on of note positive next expect We've be those balance left-side the expanding that along quarters represent from water to been returns to the some the the intend sheet. sharing market about of developments expect portfolio. of assets pipeline. behind page XX% the year adjusted speaking on attractive that the water and be soon. meter right, but last assets remediation keep C-PACE are storm opportunities only examples to will in you pipeline the Shifting we to With the risk with and of XX% for in assets several that We storm the fairly converting

assets the X.X%. X.X% levered yield. the grid and the asset balance yield delta sheet yielding yielding we off Once have assets how in and however, financed we choices pipeline discussed an making the the yields of connected on BTM we portfolio accounts forward-looking This disappears the ROE. in portfolio. evaluate unleveraged investment BTM forward-looking them remains portfolio X.X% securitize applied the not and optionality two and put based the some decisions, trust. In largely at for and is ROE leverage As sheet of the percentages or The balance between in on variation with assets

our Now Brendan will financials. discuss Brendan?

Brendan Herron

Thanks Jeff.

quarter, million of growth XX% securitization. total grew Turning a to in last million and to result Slide revenue for X, revenue levels $XX.X as of from higher same to portfolio the year quarter increased due $XX.X the

revenue portfolio fund rate rate Based of debt in reduce on rate investors increase than in we growth. for in at expect gain our approximately average of fixed our the of balance discussed last end quarter. grew investment the and current in of compared we adding as sale million current institutional interest year, used decisions transactions to last cost Jeff to the the from attractive Interest on our XXXX XXXX the in $XX.X sheet. other estimate to As of the debt year cost quarter risk to to given the debt $X.XX expense because more cost QX should the and $XX.X environment types these million primarily be using mix ending average securitization increase are appetite fixed we to in originating, this QX

this have more higher to and in rate we cautious well-timed. debt and those environment the be and decisions believe interest We correct rate liquidity fixed chosen with were

basis positive interest base spreads expect Fed expect yield follows market XXX by debt benefits further curve cost rates XXX rose to book interest and last million and same stock-based to year. business. steepens, the by share the administrative $X.X of rose both the Thus to Comp of over will growth continued another and over points by $X or and of million we a difference comp when while the and loss For XX points and example, or the liquidation basis is due the decisions a their expenses our G&A raises over basis rise approximately increased the million the increase equity points. period rise $X.X rates by for value see per business. of XX investments a on for X HLBV plan next compared which same if loss investment general we quarter of fixed This $X.XX and over approximately years. and We or adjusting rates $X.X core of benefit rates after the method be QX, our of experience to for approximately the non-cash to basis rose see begun If result a the two equivalent our rates million. points GAAP hypothetical have comp, ending

we exposure part acquired book as its loss discount disclosed a portfolio the one we HLBV of project to represents expecting quarter. projects quarter, for As the last made had X% because investment, natural project prices. overall assets. of material value of of this our gas We a where approximately to were initial This

the caused and of the have have us a HLBV we gas discounted equipment in which value project, sponsor million. this below of book failures natural our on some level purchase the approximately protection resulted non-cash $X continued to loss While prices adjust flip to low

improvements remainder maximize approximately The to expect operational million. to We sponsor portfolio continue value and had the of issues. the in in gains of the total with of the work HLBV equity $X project

the we reminder, despite include from equity renewable In million investments do our collected In expense the is million the these line XXXX, the shown our return of add QX other cents $X.X our present and $X investment cash effect last total interest $XX year-to-date total, note return Thus the future we It approximately important GAAP under core of full flows cash a the have a of of $XX.X interest we We $XX.X million adjustment the the million the make million expense energy discounted based up earnings these with the believe of received that's back on investment loss GAAP above year projects. method or As from the cash capital not million in of to return capital. of $XX.X share. received to reflects leverage to which of both required our that a core we from core cash value. on million. investments recognize to cash our loss on a earnings associated GAAP. these a for the our GAAP Since investment. as represents investments in a on quarter return million won't return collected gives $X.XX is $XX.X $XX.X and on were

Turning XXX technologies, portfolio portfolio an to balance million. billion $XX geographic sheet was Slide diversified obligors and our of average $X across investment over profile. with strong a approximates The X, with quality investments markets, separate consisting regions credit size

we transactions real Our million method our not two are of portfolio and life X% than equity XX remainder not considered all grade, do our average at projects government considered is representing portfolio portfolio XX% approximately years. which less investment XX% assets with grade. investment of portfolio The investments of estate the $X or at The including or our rate. commercial only our

discussed have the rate expect of rate continued to levels indication of but earlier, given remain increase. interest the debt the present We near debt Fed's fixed

shareholder remains expect XXXX capital. Our to base our less to raise need we securitizations and widely have to plan diversified increase given

will as raise that, will for right With back I to equity Jeff. the it needed turn We course of transactions.

Jeff Eckel

Brendan. Thanks

Turning opportunity to trillion X, the The remain and efficiency we XX our spent optimistic $XXX market energy. be next to very energy renewable over up enormous of about estimates with Slide in business. years to is

market ebb one relative in in is the investible some period, the flow. large While quite the any markets of will and value

a among uncorrelated of and set best business pursue flexible the returns us to adjusted investment opportunities. broad Our risk allows model

company, the of a a in including many experience political several have and also in of economic broader downturns over As XX-year-old deal the industry we big cycles well great the markets. as as

through prosper to grow continued and to are have time. well earnings We these positioned over

doing are adjusted investment earning in believe that important a superior doing thesis. this we our climate risk ESG something criteria. we're addressing is a consistent change, Finally, with we returns in company while And leader

Hannon not company, company. XXX. I'm Yet the X return continued know Thank a just think of as We'll top XX% higher thank of execution model platform the you change. a in as the the call than Sustainable your work public Hannon business with team Estate, origination questions. our of the a Real to Armstrong shareholder and such all reducing we're for evolving anniversary our the in flexibility As two team started for your this years ago various continually to total in pleased the weeks is expansion few with a five us for getting our adapt great we year celebrated to the of Armstrong S&P invest marathon of I impact April, conditions hard We assets and to climate opportunities the sprint five and up the continued today. market you a commitment. joining a open IPO And

Operator

Kaye with Thank you. [Operator question our go ahead. Instructions] from We Noah first Oppenheimer. will take Please

Noah Kaye

Good Thanks. questions. and appreciate taking the I you afternoon

Jeff Eckel

Hi, Noah.

Noah Kaye

Thanks.

clearly -- you a seems on your play will it view out next yield that how of over flattened impact, X-year So time. the curves the talking with have period about target

the think some the simplest wonder to growth, but that have you I of -- long-term normalizes. of investors if think the us is think be way rates for what is an earnings got may upside easy a in continuation the questions and rise call, there last to What's curve if to EPS about core upside? I about the could there way

Jeff Eckel

rising option is how having sure flexible and the to is which not whether being the it of I'm of seen base generally the environments are to we and or well securitizing. adding bodes Settling. like timing one rate typically where rate respect for us. reasons be interest proportion again simple we're we sheet make calculation to or to a with have that in the spreads But balance the

glad love tenure four, fact had be that grow it on our that we we the the top three, So would hit of frankly if spreads would proportionately.

We rate anything looks that's environment not to exactly know to have We forecasters. up. you that? not the rate looking come don't to that you -- but of environments what particular of just it's future Brendan would I any think interest the a in take for interest view, the I prosper have we like. you're try So some add answer are view

Brendan Herron

Yes.

I little it's yield where look on deals flattened pick at could think over out last a kind year been spreads spread curve the you then just plus a new some up points over probably of you -- history in bit give go or And has so take. curve yield basis points, basis and the on, XXX you if to normalized widening. the more back XXX

spread as said that So of kind you proportionately I Jeff think give widening. would

that and are have at where could last where So they've would you versus historically idea that, look years probably of of couple is BBB's if the and an been in remodeling. idea you an give you been

Noah Kaye

directionally. Right. may an related iteration it ask is many of want excess guys has just we've That's the this a I actually to $X.X of XX-month helpful think question, as And billion very you for been question and as pipeline a in be years. which simply, following long but familiar been again

still to do $X expecting billion of or You so originations.

curves Just us, to make it Why the would grow higher volumes kind spreads. up to of volumes. can't be more you remind from on implying origination why do EPS Any are for faster? headwind where inadvisable

Brendan Herron

all so see right. we transactions up to transactions rarely optimistic and hurry over are They're than close business of when think and watching as of move on assets four kinds out this faster really the expected. there chronically for more -- will them business. very us are look close and We consistently our I -- is we clients. to of decades nearly the constraint with no pipelines on I at do these

not this X.Xx, XXX to a plus of million we next simple That quarter predictable was good. model constructed million don't pretty these. over means drive quarter originations a sovereigns, million, billion stream, corporates. nice do $XXX having a to of quarters problem. it we've it's at what which and They not it's large $XXX close. the We So $X average is wish not. It's closing three they the date We when large every closed something just that's on is have

make the the over have four solid. a in is business is sure to to job cumulative quarters pipeline Our enough that

Jeff Eckel

cycle. we're being think to that is talk that about I other the I'd -- late so late thing people add probably us

growing so And off returns. to risk constantly the balance we adjusted look right what's about originations against

also governor I So a sometimes. that as acts think

Noah Kaye

sense. one are prepared reasons why then might me the I be ask But sense let in make might that reasons growing your queue. your a why to you Yes. and you? And some could several dividend get contemplate That from what more makes at you I'll the in core back of that potentially earnings. Jeff than rate mentioned me remarks lower view.

Jeff Eckel

Well, paid earnings. historically of we've core XXX% out

build to a think that. think approach is I continue dividend is very attractive. conservative cushion into yield some more We to the

don't So what that we to the that we the think investors, can benefit out capital to at and dividend between and need feel we delta accretively reinvest we pay but what throw also earn extra we of shareholders.

think number. important the think we be they So exact We same is don't growth need growth and is important. dividend earnings to

Noah Kaye

Thanks question. for Okay. taking much very the

Operator

FBR. comes Please from B. Carter Our next question Riley with ahead. go Driscoll

Carter Driscoll

Hey guys.

Jeff Eckel

Hey Carter.

Carter Driscoll

Thank it I this you step obviously about, it talk type projects aggressive changes excited new a the you doing? And of scope. very you. funding more like to partnership Brendan, you've have take might on some been and can about just up the movement C-PACE the maybe the have seems How the follow-up. -- maybe form have of are maybe

Brendan Herron

Well, it's a question. good

those folks locally. easy. that these And economically. things staff originate We've two Real almost and estate relationships are working at and of building the get Hannon the two are together as office add Sustainable REIT country developing doing the the [ASE] to transactions kinds necessary real market with But Armstrong's commercial the that excited years scale for to the necessary now commercial to isn't putting for can We around Estate. [ph] CounterPointe partnerships, been things

it. to We owners have aspects is those great making a PACE the of and investments think to of owners getting and the property. the of our of why of sources see mechanisms financing in interesting funding They're one these we're compared I value sense the kinds in loan starting for more they're makes place other get properties getting the

said, and couple on knees baby taking our an we'll always we excited PACE think definitely quarters. now to next market be still of we've for progress it's but So able the talk steps in maybe is crawling it's enormous about we're things and we're the

Carter Driscoll

more represent? kind the solar of opportunities can some assuming I'm the for over curve that for attached that learning storage of just and getting being involves

Brendan Herron

fair the led measures it's what the some the the is are to are energy store PACE we ECMs reduce is think and first know solar storage of LEDs But in people energy conservation sure the You'll I'm There a controls I about. not do, the -- when measures. of by think thing market. solar simpler and in amount again consumption.

Carter Driscoll

Okay. quick a Maybe me. one it's more for

termed basis? little So an potentially last on think headwind a think year over a annualized it about come forecast can up $X.XX to headwind, on you just do the is XX% you ticked a talked about headwind, you out is your securitizations to you where and number EPS, you bit still when on and come based $X.XX that

Brendan Herron

said quarter annualized last $X.XX. -- we Yes. we was we it thought basis, think The

our models I range. the in kind of right as think relative show that being

had $X.XX As of quarter this couple we I cents quarter. said last a

But So the that of you item. half the -- year. kind a over of rid a the second we'll I course for fix as year, content didn't we comp think -- of of really get last until

So and that through it is where you'll get quarter after to more start we'll to comps. better this see next quarter come

Carter Driscoll

Right. offline. Take Appreciate rest it. Thank you. the

Operator

Company. Please ahead. and question with Chris next go from Our Souther comes Cowen

Chris Souther

Hey for call. the taking thanks so much

other kind place equity a -- provide on can project of any the that technology what are through whether just that other be issues/ more we want just other of you and kind little might assumptions forward. the to tied could gas you mentioned, Obviously, like color going the go bit that's where piece projects what loss, and kind similar factors any kind On but there a took to I think natural have of there's might price of about

Brendan Herron

Sure.

a -- natural that issues lot Texas sponsor through gas been there. the with It a It's had of wind [indiscernible] operational it has So, that working so has obviously manufacturers. project. project some affects the so

some there. good resolutions potential there's think we So

-- quarterly We we quarter portfolio other we of last our time. not on highlight a as We're issues basis. point try evaluate continue as did know aware was any something -- But this coming. in to this at we

that a surprise. So hopefully wasn't

Chris Souther

Perfect. And then, as you far as your you what to levels discuss some current rebounding yield of solar yields to the do at wind leading -- indicators for capital? levels kind and as far of need cost as project competitive of kind of get guys be --

Brendan Herron

And two [ph]. partnering we It depends providers utility wind scale, equity invest. wind we with and is the tax for niche where the solar, niches [tails] the cash on have

utility we think partner niche work remain solar as a do quarter I capital a transactions in where the generally competitive don't it's owning But a we Again, every of they're for business, we market. of the but with every stack. capital transactions continuing quarter. with cost see niches, small; to desirable But for relatively piece land. scale that again, small we're

stack of our don't see We So so say it's other really the cost slices common capital the commensurate isn't equity. for the with risk of capital returns of some much competitive. the not the that

Chris Souther

Thanks lot. there. color I I will the in hop a the appreciate back queue.

Operator

Capital with ahead. Shen ROTH Please We'll go question from next Partners. Philip take our

Justin Clare

Justin Clare today. Phil on is This for

Jeff Eckel

Hi, Justin.

Justin Clare

was transactions majority you it the may completed sheet. that looks the securitized the So quarter. looking like at have just you of in in the balance I QX,

was So mix trending just do QX? wondering, if this how And securitized could then, in share you just mix actual transactions the what you in of see QX.

Jeff Eckel

transactions the were we transactions securitize. on all is of which wind part caused oriented of you transactions were of are got there monitored are seen they really delayed was kinds change how majority utility securitized, not And Tax tax But in cents pause and think the will $X.XX from million the to in we've law solar So, I the projects we a week. put in storm this other transactions respect are transactions and returns. The to the QX. it the really that that how and develops balance we are balance of correct. balance if $XXX on sheet take kind With calls slide transactions, And QX. this develops, securitizations kinds you've mentioned and I as Those And level assets that forth. will on versus to remediation their we can the securitizations. back depending will move We on of water how those of transactions those of originating sliding put sheet our and typically affect relative be each there would are PACE more again, securitize, scale not graphic on we're depending in quarter sheet. a volume. and

that X%, a it's flexibility So kind flexible again, you give rewarding is where can't good I a but thing we be can market of when this

Justin Clare

Right.

helpful. That's Okay.

I XXXX were equity achieve a here So you and was above that to next core return for moving XXXX, question, able have, the on then to XX%.

and how to see So Can the you what might securitizations be would evolving your XXXX? this greater higher and you debt. fixed share for shift rate expectations your ROE

Jeff Eckel

Yes.

for capital. any gain into that the income equity or on earnings a is I we securitizing that are statement think dropping we're not sale, if it's any somewhat logical requiring

would is you tend our So go think going return in model. to securitization equity on to a up higher

hit Some debt but muted be of goes money and if X% going range. the using we're less X% to higher to up. ROE capital we're by hit fixed make range that that But would to rate

Justin Clare

more for sense. Okay, One makes great. Yep. me. That

like sale securitize X% a deck, you looking on was I gain assets. the looks into when you get So,

stable? or you profitability With yield the business in very will fee the get curve, changes is or the that the do of change you the any in that expect securitization

Jeff Eckel

illustrative it any relative can those other slightly historic rates at earn there's so gain There's guaranteed is margins. lower. and capital discernible had real our and are, career don't Well, just first is, the higher. better in and at up those. like with be interest of were flows pattern scarce securitization all before number X% ebbs to higher were X% And can widened. example works. the X% obviously more XXXX now my the be is And to no that of XXXX/XXXX it respect transaction everybody be of not on an the fee round spreads to know for lower ground when crisis By fee. basics just the how percentages bad a It sale least number probably or they to able used I lows rates than think a we the should financial We've

Justin Clare

back in Thanks much. the Okay. jump I'll very queue.

Jeff Eckel

you. Thank

Operator

ahead. Our Please next question comes from Tyler Frank go with Baird.

Tyler Frank

question. year taking afternoon I or about securitizations you're and you given like method it the for half focus more getting help How based equity the year on today how the guys. versus little thinking investments. think be securitization? just bit how half should in QX be. not read Thanks of equity Good second raise cash what back see from Thank should the your we on we a on And you. raise may then, about flow potential -- sounds this weighted may

Jeff Eckel

securitizations quarters on timing theme extend will QX, of of in QX and we QX. out to based So lumpiness the

feeling dividend the guidance happen. we are be and we're do other But We we love it because we'd in we're doing the are pattern is some $X.XX we north follow aspirations can $X.XX if actually transactions be above the that have also year comfortable more QX some and when views the and QX pipeline for will the know there, darned or to QX. and that and some Clearly, where have and the for all know just they there, everybody at that $X.XX they We've hopes of of the that and close. could given way securitizations.

Brendan Herron

for that we're point we go the us this up pipeline any totally that that equity. expect lumpy securitizations raises in expecting makes being time the raised, raise we on Tyler, opportunistic Otherwise of in of sense based I then, equity something to given we're thinking significant comes raise a wouldn't big at lot to in offerings that equity And think think what I

Tyler Frank

Okay, got you. Thank it.

Jeff Eckel

Thank you.

Operator

at time. questions And we have no additional phone this

closing like back or additional Jeff So Eckel's our any to we'd to call for remarks. turn

Jeff Eckel

next again. few talk days that meeting always for with investors we talking and forward to interested with you everybody thanks Thanks to extent Well, us. questions the talking We're listening. look detailed more the and you. to to over in And want

Operator

Ladies you participation. and thank and concludes today's gentlemen, your we this call for

disconnect. now may You

Hannon Armstrong Sustainable Infrastructure Capital (HASI) 3 May 182018 Q1 Earnings call transcript