$HASI
HA Sustainable Infrastructure Capital, Inc.

2014 Q4 Form 10-Q Financial Statement

#000119312514402336 Filed on November 07, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q4
Revenue $7.536M $7.813M -$4.786M
YoY Change -257.46% 62.91% -246.14%
Cost Of Revenue $5.470M $3.970M $2.920M
YoY Change 87.33% 53.28%
Gross Profit $7.540M $7.810M $6.210M
YoY Change 21.42% 62.71%
Gross Profit Margin 100.05% 99.96%
Selling, General & Admin $4.390M $4.540M $2.940M
YoY Change 49.32% 59.3% 68.97%
% of Gross Profit 58.22% 58.13% 47.34%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization -$1.290M $710.0K $60.00K
YoY Change -2250.0% 1083.33% -42.86%
% of Gross Profit -17.11% 9.09% 0.97%
Operating Expenses $4.510M $4.610M $14.00M
YoY Change -67.79% 58.97% 656.76%
Operating Profit $3.030M $3.200M -$7.790M
YoY Change -138.9% 68.42%
Interest Expense $0.00 $0.00
YoY Change -100.0%
% of Operating Profit 0.0%
Other Income/Expense, Net $5.867M $4.604M $3.000M
YoY Change 95.57% 58.65%
Pretax Income $1.669M $3.209M -$7.786M
YoY Change -121.44% 69.43% -920.44%
Income Tax $189.0K $607.0K -$251.0K
% Of Pretax Income 11.32% 18.92%
Net Earnings $1.462M $2.564M -$7.330M
YoY Change -119.95% 39.2%
Net Earnings / Revenue 19.4% 32.82%
Basic Earnings Per Share $0.05 $0.11 -$0.48
Diluted Earnings Per Share $0.05 $0.11 -$0.48
COMMON SHARES
Basic Shares Outstanding 27.35M shares 21.77M shares 15.80M shares
Diluted Shares Outstanding 21.77M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $58.20M $60.90M $31.80M
YoY Change 83.02% 151.65% 297.5%
Cash & Equivalents $58.20M $60.91M $31.85M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $120.5M $68.10M $56.60M
YoY Change 112.9% 50.33% -71.61%
LONG-TERM ASSETS
Property, Plant & Equipment $114.0M $81.60M $0.00
YoY Change
Goodwill $5.942M $3.798M
YoY Change 56.45% 0.0%
Intangibles $1.706M
YoY Change -13.4%
Long-Term Investments $143.9M $49.50M
YoY Change -46.77%
Other Assets $7.300M $49.90M
YoY Change -81.23% 49800.0%
Total Long-Term Assets $888.2M $635.6M $514.8M
YoY Change 72.52% 33.71% 3746.34%
TOTAL ASSETS
Total Short-Term Assets $120.5M $68.10M $56.60M
Total Long-Term Assets $888.2M $635.6M $514.8M
Total Assets $1.009B $703.7M $571.4M
YoY Change 76.52% 35.15% 168.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.40M $9.400M $7.300M
YoY Change 56.16% 64.91% 7.35%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $11.40M $9.400M $7.300M
YoY Change 56.16% 64.91% 7.35%
LONG-TERM LIABILITIES
Long-Term Debt $634.9M $424.6M $337.0M
YoY Change 88.4% 56.33% 68.42%
Other Long-Term Liabilities $88.30M $49.70M $74.70M
YoY Change 18.21% -35.62%
Total Long-Term Liabilities $723.2M $474.3M $411.7M
YoY Change 75.66% 35.98% 105.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.40M $9.400M $7.300M
Total Long-Term Liabilities $723.2M $474.3M $411.7M
Total Liabilities $734.6M $484.0M $420.8M
YoY Change 74.58% 35.75% 103.35%
SHAREHOLDERS EQUITY
Retained Earnings -$25.01M -$19.36M -$13.86M
YoY Change 80.37% 3169.93% -351.57%
Common Stock $293.9M $233.4M $160.3M
YoY Change 83.37% 45.63%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $269.3M $214.8M $146.5M
YoY Change
Total Liabilities & Shareholders Equity $1.009B $703.7M $571.4M
YoY Change 76.52% 35.15% 168.55%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q4
OPERATING ACTIVITIES
Net Income $1.462M $2.564M -$7.330M
YoY Change -119.95% 39.2%
Depreciation, Depletion And Amortization -$1.290M $710.0K $60.00K
YoY Change -2250.0% 1083.33% -42.86%
Cash From Operating Activities -$18.46M -$1.460M -$9.390M
YoY Change 96.59% -159.35% 548.93%
INVESTING ACTIVITIES
Capital Expenditures -$13.28M -$14.48M -$70.00K
YoY Change 18871.43%
Acquisitions
YoY Change
Other Investing Activities -$224.1M $29.87M -$31.46M
YoY Change 612.3% -155.29% 393150.0%
Cash From Investing Activities -$237.4M $15.40M -$31.52M
YoY Change 653.11% -128.51% -622.72%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 253.1M 8.280M 48.54M
YoY Change 421.47% -86.42% -377.26%
NET CHANGE
Cash From Operating Activities -18.46M -1.460M -9.390M
Cash From Investing Activities -237.4M 15.40M -31.52M
Cash From Financing Activities 253.1M 8.280M 48.54M
Net Change In Cash -2.720M 22.22M 7.630M
YoY Change -135.65% 136.13% -159.04%
FREE CASH FLOW
Cash From Operating Activities -$18.46M -$1.460M -$9.390M
Capital Expenditures -$13.28M -$14.48M -$70.00K
Free Cash Flow -$5.180M $13.02M -$9.320M
YoY Change -44.42% 429.27% 544.09%

Facts In Submission

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hasi Noncash Gain Loss On Sales And Payment In Kind Income
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dei Trading Symbol
TradingSymbol
HASI
dei Entity Registrant Name
EntityRegistrantName
Hannon Armstrong Sustainable Infrastructure Capital, Inc.
dei Amendment Flag
AmendmentFlag
false
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2014-09-30
dei Entity Central Index Key
EntityCentralIndexKey
0001561894
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
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2014-05-28
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us-gaap Sale Of Stock Description Of Transaction
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In August 2014, we filed a registration statement with the SEC registering the resale, from time to time, by certain persons of up to 3,178,410 shares of common stock, comprised of: (1) 1,741,238 shares of common stock issued in connection with our formation transactions at the time of our IPO, (2) 331,282 shares of common stock issuable upon exchange of OP units issued in connection with our formation transactions, which are exchangeable on a one-for-one basis, into cash or, at our option, shares of our common stock and (3) 1,105,890 shares of common stock granted under the 2013 Plan to our directors, officers and other employees.
us-gaap Debt Instrument Maturity Date
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2014-08-31
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3077000
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To qualify as a REIT, we must meet a number of organizational and operational requirements, including a requirement that we currently distribute at least 90% of our net taxable income, excluding capital gains, to our shareholders.
hasi Number Of Transactions
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66 Transactions
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FeesForLoanAgreementDescription
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678000
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CY2013Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
866000
CY2013Q3 us-gaap Provision For Other Credit Losses
ProvisionForOtherCreditLosses
CY2013Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
61000
CY2013Q3 us-gaap Other General Expense
OtherGeneralExpense
2902000
CY2013Q3 us-gaap Net Credit Loss On Loans Managed Or Securitized Or Assetbacked Financing Arrangement
NetCreditLossOnLoansManagedOrSecuritizedOrAssetbackedFinancingArrangement
0
CY2013Q3 us-gaap Labor And Related Expense
LaborAndRelatedExpense
1979000
CY2013Q3 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0
CY2013Q3 hasi Provision For Credit Losses
ProvisionForCreditLosses
0
CY2013Q3 hasi Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
1760000
CY2013Q3 hasi Dividend Paid On Participating Securities
DividendPaidOnParticipatingSecurities
44000
CY2013Q3 hasi Undistributed Earnings To Participating Securities
UndistributedEarningsToParticipatingSecurities
38000
CY2014Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.11
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21774411 shares
CY2014Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.11
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21774411 shares
CY2014Q3 us-gaap Revenues
Revenues
7813000
CY2014Q3 us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
4269000
CY2014Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
1046000
CY2014Q3 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
1054000
CY2014Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
3209000
CY2014Q3 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
-68000
CY2014Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
822000
CY2014Q3 us-gaap Gain Loss On Securitization Of Financial Assets
GainLossOnSecuritizationOfFinancialAssets
2200000
CY2014Q3 us-gaap Profit Loss
ProfitLoss
2602000
CY2014Q3 us-gaap Interest Income Other
InterestIncomeOther
6234000
CY2014Q3 us-gaap Revenue Other Financial Services
RevenueOtherFinancialServices
3544000
CY2014Q3 us-gaap Investment Income Net
InvestmentIncomeNet
4269000
CY2014Q3 us-gaap Other Income
OtherIncome
2000
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
2564000
CY2014Q3 us-gaap Gross Investment Income Operating
GrossInvestmentIncomeOperating
8243000
CY2014Q3 us-gaap Investment Banking Advisory Brokerage And Underwriting Fees And Commissions
InvestmentBankingAdvisoryBrokerageAndUnderwritingFeesAndCommissions
183000
CY2014Q3 us-gaap Payments For Repurchase Of Redeemable Noncontrolling Interest
PaymentsForRepurchaseOfRedeemableNoncontrollingInterest
200000
CY2014Q3 us-gaap Gain Loss On Sale Of Other Investments
GainLossOnSaleOfOtherInvestments
3361000
CY2014Q3 us-gaap Availableforsale Securities Gross Unrealized Gain Loss1
AvailableforsaleSecuritiesGrossUnrealizedGainLoss1
-1480000
CY2014Q3 us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
0
CY2014Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
38000
CY2014Q3 us-gaap Investment Income Investment Expense
InvestmentIncomeInvestmentExpense
3974000
CY2014Q3 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
8000
CY2014Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1433000
CY2014Q3 us-gaap Provision For Other Credit Losses
ProvisionForOtherCreditLosses
CY2014Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
62000
CY2014Q3 us-gaap Other General Expense
OtherGeneralExpense
4604000
CY2014Q3 us-gaap Net Credit Loss On Loans Managed Or Securitized Or Assetbacked Financing Arrangement
NetCreditLossOnLoansManagedOrSecuritizedOrAssetbackedFinancingArrangement
0
CY2014Q3 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
22900000
CY2014Q3 us-gaap Labor And Related Expense
LaborAndRelatedExpense
3111000
CY2014Q3 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0
CY2014Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
607000
CY2014Q3 hasi Rental Income
RentalIncome
1187000
CY2014Q3 hasi Income Tax Expense Benefit Combined Federal And State Income Tax Rate
IncomeTaxExpenseBenefitCombinedFederalAndStateIncomeTaxRate
0.40 pure
CY2014Q3 hasi Provision For Credit Losses
ProvisionForCreditLosses
0
CY2014Q3 hasi Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
2361000
CY2014Q3 hasi Available For Sale Securities Debt Securities Gross Unrealized Gain Loss
AvailableForSaleSecuritiesDebtSecuritiesGrossUnrealizedGainLoss
-1300000
CY2014Q3 hasi Dividend Paid On Participating Securities
DividendPaidOnParticipatingSecurities
203000
CY2014Q3 hasi Weighted Average Number Of Operating Partnership Units Held By Noncontrolling Interest
WeightedAverageNumberOfOperatingPartnershipUnitsHeldByNoncontrollingInterest
332852 shares
CY2014Q3 hasi Redeemable Operating Partnership Unit Outstanding
RedeemableOperatingPartnershipUnitOutstanding
11110 shares

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