HA Sustainable Infrastructure Capital Files 10-Q

TL;DR

HA Sustainable Infrastructure Capital filed its Q2 10-Q. Check financials.

AI Summary

HA Sustainable Infrastructure Capital, Inc. filed its 10-Q for the period ending June 30, 2024. The company, formerly Hannon Armstrong Sustainable Infrastructure Capital, Inc., is a real estate investment trust incorporated in Delaware. Its business address is One Park Place, Suite 200, Annapolis, MD 21401.

Why It Matters

This filing provides investors with a quarterly update on the financial performance and operational status of HA Sustainable Infrastructure Capital, Inc.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.

Key Players & Entities

• HA Sustainable Infrastructure Capital, Inc. (company) — Filer
• Hannon Armstrong Sustainable Infrastructure Capital, Inc. (company) — Former company name
• 20240630 (date) — Reporting period end date
• 20240802 (date) — Filing date
• One Park Place, Suite 200, Annapolis, MD 21401 (address) — Business and mailing address

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value per share HASI New York Stock

Filing Documents

• hasi-20240630.htm (10-Q) — 2068KB
• hasi-063024xex311.htm (EX-31.1) — 9KB
• hasi-063024xex312.htm (EX-31.2) — 10KB
• hasi-063024xex321.htm (EX-32.1) — 5KB
• hasi-063024xex322.htm (EX-32.2) — 5KB
• hasi-20240630_g1.jpg (GRAPHIC) — 22KB
• hasi-20240630_g2.jpg (GRAPHIC) — 113KB
• 0001561894-24-000097.txt ( ) — 12011KB
• hasi-20240630.xsd (EX-101.SCH) — 78KB
• hasi-20240630_cal.xml (EX-101.CAL) — 83KB
• hasi-20240630_def.xml (EX-101.DEF) — 508KB
• hasi-20240630_lab.xml (EX-101.LAB) — 821KB
• hasi-20240630_pre.xml (EX-101.PRE) — 630KB
• hasi-20240630_htm.xml (XML) — 2047KB

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS We make forward-looking statements in this Quarterly Report on Form 10-Q ("Form 10-Q") within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") that are subject to risks and uncertainties. For these statements, we claim the protections of the safe harbor for forward-looking statements contained in such Sections. These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans and objectives. When we use the words "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "may" or similar expressions, we intend to identify forward-looking statements. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future are forward-looking statements. Forward-looking statements are subject to significant risks and uncertainties. Investors are cautioned against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward-looking statements. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, important factors included in Part I, Item 1A. Risk Factors contained in our Annual Report on Form 10-K for the year ended December 31, 2023, as amended by Amendment No. 1 to our Annual Report on Form 10-K for the year ended December 31, 2023 (collectively, our "2023 Form 10-K") (in addition to any assumptions and other factors referred to specifically in connection with such forward-looking statements) that could have a significant impact on our operations and financial results, and could cause our actual results to

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 1

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 40

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 56

Controls and Procedures

Item 4. Controls and Procedures 58

OTHER INFORMATION

PART II. OTHER INFORMATION 58

Legal Proceedings

Item 1. Legal Proceedings 58

Risk Factors

Item 1A. Risk Factors 59

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 59

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 59

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 59

Other Information

Item 5. Other Information 59

Exhibits

Item 6. Exhibits 60

SIGNATURES

SIGNATURES 62 - ii -

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements HA SUSTAINABLE INFRASTRUCTURE CAPITAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) June 30, 2024 (unaudited) December 31, 2023 Assets Cash and cash equivalents $ 145,695 $ 62,632 Equity method investments 3,371,373 2,966,305 Receivables, net of allowance of $ 48 million and $ 50 million, respectively 2,768,790 3,073,855 Receivables held-for-sale 36,383 35,299 Real estate 2,990 111,036 Investments 7,065 7,165 Securitization assets, net of allowance of $ 3 million and $ 3 million, respectively 237,865 218,946 Other assets 88,581 77,112 Total Assets $ 6,658,742 $ 6,552,350 Liabilities and Stockholders' Equity Liabilities: Accounts payable, accrued expenses and other $ 222,297 $ 163,305 Credit facilities 316,589 400,861 Commercial paper notes 110,326 30,196 Term loans payable 414,117 727,458 Non-recourse debt (secured by assets of $ 306 million and $ 239 million, respectively) 134,196 160,456 Senior unsecured notes 2,523,638 2,318,841 Convertible notes 614,412 609,608 Total Liabilities 4,335,575 4,410,725 Stockholders' Equity: Preferred stock, par value $ 0.01 per share, 50,000,000 shares authorized, no shares issued and outstanding — — Common stock, par value $ 0.01 per share, 450,000,000 shares authorized, 115,151,661 and 112,174,279 shares issued and outstanding, respectively 1,152 1,122 Additional paid-in capital 2,467,512 2,381,510 Accumulated deficit ( 249,277 ) ( 303,536 ) Accumulated other comprehensive income (loss) 41,052 13,165 Non-controlling interest 62,728 49,364 Total Stockholders' Equity 2,323,167 2,141,625 Total Liabilities and Stockholders' Equity $ 6,658,742 $ 6,552,350 See accompanying notes. - 1 - HA SUSTAINABLE INFRASTRUCTURE CAPITAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) For the Three Months Ended June 30, For the Six Months Ended June 30,

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View this 10-Q filing on SEC EDGAR