Ameresco Reports Third Quarter 2024 Financial Results
Ameresco has reported its Q3 2024 financial results, showing a 49% increase in total revenue to $500.9 million. This growth was driven by a 59% rise in project revenue. The company's total project backlog increased by 22% year-over-year (Y/Y) to $4.5 billion, with a 56% rise in contracted backlog to $1.9 billion. Ameresco placed a record 209 MWe of energy assets into operation year-to-date, surpassing their full-year guidance. New contracts contributed to a $180 million Y/Y increase in the O&M backlog. The company reaffirmed its 2024 guidance.
Q3 financial highlights include net income of $17.6 million, GAAP EPS of $0.33, Non-GAAP EPS of $0.32, and adjusted EBITDA of $62.2 million. The company ended the quarter with $113.5 million in cash and a corporate debt of $272.5 million.
CEO George Sakellaris highlighted strong demand across all business lines and robust new business activity. The company also announced promotions of key leaders to support continued growth.
Ameresco ha riportato i risultati finanziari del terzo trimestre 2024, mostrando un incremento del 49% nei ricavi totali arrivando a 500,9 milioni di dollari. Questa crescita è stata trainata da un aumento del 59% nei ricavi da progetto. L'orde totale di progetti dell'azienda è aumentata del 22% rispetto all'anno precedente (Y/Y), raggiungendo i 4,5 miliardi di dollari, con un aumento del 56% nell'ordine contratto, arrivando a 1,9 miliardi di dollari. Ameresco ha messo in opera un record di 209 MWe di beni energetici dall'inizio dell'anno, superando le previsioni per l'intero anno. I nuovi contratti hanno contribuito a un aumento di 180 milioni di dollari Y/Y nell'ordine di mantenimento (O&M). L'azienda ha riconfermato le previsioni per il 2024.
I punti salienti finanziari del terzo trimestre includono un reddito netto di 17,6 milioni di dollari, un utile per azione GAAP di 0,33 dollari, un utile per azione non-GAAP di 0,32 dollari, e un EBITDA rettificato di 62,2 milioni di dollari. L'azienda ha chiuso il trimestre con 113,5 milioni di dollari in contanti e un debito societario di 272,5 milioni di dollari.
Il CEO George Sakellaris ha evidenziato la forte domanda in tutti i settori aziendali e una solida attività di nuovi affari. L'azienda ha anche annunciato promozioni di leader chiave per supportare la continua crescita.
Ameresco ha informado sus resultados financieros del tercer trimestre de 2024, mostrando un aumento del 49% en los ingresos totales a $500.9 millones. Este crecimiento fue impulsado por un aumento del 59% en los ingresos por proyectos. La cartera total de proyectos de la empresa creció un 22% interanual (Y/Y) alcanzando los $4.5 mil millones, con un aumento del 56% en la cartera contratada hasta $1.9 mil millones. Ameresco puso en operación un récord de 209 MWe de activos energéticos en lo que va del año, superando su guía para todo el año. Los nuevos contratos contribuyeron a un aumento de $180 millones interanual en la cartera de O&M. La empresa reafirmó su guía para 2024.
Los resúmenes financieros del tercer trimestre incluyen un ingreso neto de $17.6 millones, EPS GAAP de $0.33, EPS no GAAP de $0.32, y un EBITDA ajustado de $62.2 millones. La empresa cerró el trimestre con $113.5 millones en efectivo y una duda corporativa de $272.5 millones.
El CEO George Sakellaris destacó la fuerte demanda en todas las líneas de negocio y una sólida actividad de nuevos negocios. La empresa también anunció la promoción de líderes clave para apoyar el crecimiento continuo.
Ameresco는 2024년 3분기 재무 결과를 보고하며 총 수익이 49% 증가하여 5억 0.9백만 달러에 달했다고 전했다. 이 성장은 프로젝트 수익이 59% 증가한 데 힘입은 것이다. 회사의 총 프로젝트 적체는 전년 대비 22% 증가하여 45억 달러에 도달했으며, 계약된 적체는 56% 증가하여 19억 달러가 되었다. Ameresco는 올해 들어 209 MWe의 에너지 자산을 기록적으로 가동하여 연간 지침을 초과 달성했다. 신규 계약은 O&M 적체에서 전년 대비 1억 8천만 달러의 증가에 기여했다. 회사는 2024년 전망을 재확인했다.
3분기 재무 하이라이트에는 순이익 1,760만 달러, GAAP EPS 0.33달러, 비GAAP EPS 0.32달러, 조정된 EBITDA 6,220만 달러가 포함된다. 회사는 분기를 1억 1,350만 달러의 현금과 법인 채무 2억 7,250만 달러로 마감했다.
CEO 조지 사켈라리스를는 모든 사업 분야에서의 높은 수요와 탄탄한 신규 사업 활동을 강조했다. 회사는 지속적인 성장을 지원하기 위해 주요 리더의 승진도 발표했다.
Ameresco a publié ses résultats financiers du troisième trimestre 2024, montrant une augmentation de 49 % des revenus totaux à 500,9 millions de dollars. Cette croissance a été soutenue par une hausse de 59 % des revenus de projet. La carnet de projets total de l'entreprise a augmenté de 22 % d'une année sur l'autre (Y/Y) pour atteindre 4,5 milliards de dollars, avec une augmentation de 56 % du carnet de commandes contracté à 1,9 milliard de dollars. Ameresco a mis en opération un record de 209 MWe d'actifs énergétiques cette année, dépassant ainsi ses prévisions annuelles. De nouveaux contrats ont contribué à une augmentation de 180 millions de dollars Y/Y dans le carnet de O&M. L'entreprise a réitéré ses prévisions pour 2024.
Les faits saillants financiers du troisième trimestre incluent un revenu net de 17,6 millions de dollars, un BPA GAAP de 0,33 dollar, un BPA non-GAAP de 0,32 dollar et un EBITDA ajusté de 62,2 millions de dollars. L'entreprise a terminé le trimestre avec 113,5 millions de dollars en liquidités et une dette d'entreprise de 272,5 millions de dollars.
Le PDG George Sakellaris a souligné la forte demande dans toutes les lignes d'affaires ainsi qu'une activité commerciale robuste. L'entreprise a également annoncé des promotions de leaders clés pour soutenir la croissance continue.
Ameresco hat ihre finanziellen Ergebnisse für das dritte Quartal 2024 bekannt gegeben, die einen 49%igen Anstieg der Gesamteinnahmen auf 500,9 Millionen Dollar zeigen. Dieses Wachstum wurde durch einen 59%igen Anstieg der Projekterlöse angetrieben. Der gesamt Projektstau des Unternehmens stieg im Jahresvergleich (Y/Y) um 22% auf 4,5 Milliarden Dollar, während der verträgebezogene Rückstand um 56% auf 1,9 Milliarden Dollar anstieg. Ameresco hat seit Jahresbeginn einen Rekord von 209 MWe an Energieanlagen in Betrieb genommen, was die Jahresprognose übertrifft. Neue Verträge trugen zu einem Anstieg von 180 Millionen Dollar Y/Y im O&M-Rückstand bei. Das Unternehmen hat seine Prognose für 2024 bestätigt.
Die finanziellen Höhepunkte des 3. Quartals umfassen ein Nettoeinkommen von 17,6 Millionen Dollar, GAAP EPS von 0,33 Dollar, Non-GAAP EPS von 0,32 Dollar und ein bereinigtes EBITDA von 62,2 Millionen Dollar. Das Unternehmen schloss das Quartal mit 113,5 Millionen Dollar in bar und einem Unternehmensschulden von 272,5 Millionen Dollar ab.
CEO George Sakellaris hob die starke Nachfrage in allen Geschäftseinheiten und eine robuste Aktivität im Neugeschäft hervor. Das Unternehmen gab auch die Beförderung von Schlüsselpersonen bekannt, um das kontinuierliche Wachstum zu unterstützen.
- Total revenue increased 49% to $500.9 million.
- Project revenue rose by 59%.
- Total project backlog up 22% Y/Y to $4.5 billion.
- Contracted backlog increased by 56% Y/Y to $1.9 billion.
- Record 209 MWe of energy assets placed into operation YTD.
- Adjusted EBITDA grew 44% to $62.2 million.
- Net income of $17.6 million, down from $21.3 million last year.
- Higher interest-related and depreciation expenses impacted net income.
- Gross margin decreased due to higher contribution from lower-margin projects.
Total Revenue Growth of
Total Project Backlog up
Record 209 MWe Energy Assets Placed into Operation YTD Exceeding FY Guidance
New Contracts Drive
Reaffirming 2024 Guidance
Third Quarter 2024 Financial Highlights:
-
Revenues of
$500.9 million -
Net income attributable to common shareholders of
$17.6 million -
GAAP EPS of
$0.33 -
Non-GAAP EPS of
$0.32 -
Adjusted EBITDA of
$62.2 million
CEO George Sakellaris commented, “Our team continued to deliver excellent results with year-on-year quarterly revenue growth of
Third Quarter Financial Results
(All financial result comparisons made are against the prior year period unless otherwise noted.)
(in millions) |
Q3 2024 |
Q3 2023 |
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Revenue |
Net Income (1) |
Adj. EBITDA |
Revenue |
Net Income (1) |
Adj. EBITDA |
Projects |
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Energy Assets |
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O&M |
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Other |
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Total (2) |
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(1) Net Income represents net income attributable to common shareholders. |
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(2) Numbers in table may not sum due to rounding. |
Total revenue increased
Net income attributable to common shareholders was
Adjusted EBITDA of
Balance Sheet and Cash Flow Metrics
($ in millions) |
September 30, 2024 |
Total Corporate Debt (1) |
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Corporate Debt Leverage Ratio (2) |
2.8X |
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Total Energy Asset Debt (3) |
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Energy Asset Book Value (4) |
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Energy Debt Advance Rate (5) |
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Q3 Cash Flows from Operating Activities |
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Plus: Q3 Proceeds from Federal ESPC Projects |
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Equals: Q3 Adjusted Cash from Operations |
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8-quarter rolling average Cash Flows from Operating Activities |
( |
Plus: 8-quarter rolling average Proceeds from Federal ESPC Projects |
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Equals: 8-quarter rolling average Adjusted Cash from Operations |
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(1) Subordinated Debt, term loans and drawn amounts on the revolving line of credit |
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(2) Debt to EBITDA, as calculated under our Sr. Secured Credit Facility |
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(3) Term loans, sale-leasebacks and construction loan project financings for our Energy Assets in operations and in-construction and development |
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(4) Book Value of our Energy Assets in operations and in-construction and development |
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(5) Total Energy Asset Debt divided by Energy Asset Book Value |
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The Company ended the quarter with
($ in millions) |
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At September 30, 2024 |
Awarded Project Backlog (1) |
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Contracted Project Backlog |
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Total Project Backlog |
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12-month Contracted Backlog (2) |
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|
|
|
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O&M Revenue Backlog |
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|
12-month O&M Backlog |
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Energy Asset Visibility (3) |
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Operating Energy Assets |
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715 MWe |
Ameresco's Net Assets in Development (4) |
|
589 MWe |
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(1) Customer contracts that have not been signed yet |
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(2) We define our 12-month backlog as the estimated amount of revenues that we expect to recognize in the next twelve months from our fully-contracted backlog |
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(3) Estimated contracted revenue and incentives during PPA period plus estimated additional revenue from operating RNG assets over a 20-year period, assuming RINs at |
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(4) Net MWe capacity includes only our share of any jointly owned assets |
- Ameresco’s Assets in Development ended the quarter at 595 MWe. After subtracting Ameresco’s partners’ minority interests, Ameresco’s owned capacity of Assets in Development at quarter end was 589 MWe.
- Ameresco brought 42 MWe of Energy Assets into operation, including the 11.7 MWe Keller Canyon RNG plant and 27 MWe battery storage at the remaining 3 United Power sites.
Subsequent Events
Today Ameresco announced the promotion of four key leaders at Ameresco: Michael Bakas, Nicole Bulgarino, Peter Christakis, and Louis Maltezos. Over the past few years, the Company has experienced significant growth, necessitating a management structure that is both visionary and resilient to drive continued profitable growth.
- Michael Bakas has been appointed President - Renewable Fuels. Michael will continue to focus on the expansion of our renewable fuels asset class, which includes one of the most robust pipelines of plants in the country.
- Nicole Bulgarino has been appointed President - Federal and Utility Infrastructure. In this role, Nicole will continue to oversee our expanding Federal business while also driving the development of emerging utility infrastructure opportunities.
-
Peter Christakis has been appointed President -
East USA ,Greece & Project Risk. In this capacity, Peter will manage our East region while also expanding our pipeline of solar projects. Additionally, Peter will lead our centralized procurement and corporate risk initiatives to provide significant corporate support across the organization. -
Louis Maltezos has been appointed President – Central &
Western USA ,Canada . Louis will continue unifying these regions and concentrating on our core markets. He and his team will also work on expanding our Smart Solutions portfolio by promoting new building controls, efficiency initiatives, and advanced water metering offerings across our customer base.
Summary and Outlook
“With our record project backlog, expanding portfolio of operating Energy Assets and growing base of long-term O&M contracts, Ameresco is very well positioned for future growth. As we look ahead to 2025, we believe the need for our smart solutions that provide energy resiliency, cost savings and infrastructure upgrades will continue to be in very high demand. We have all the elements in place to achieve another year of impressive growth in revenue and faster growth in profitability while continuing to capture growing business opportunities,” Mr. Sakellaris concluded.
Ameresco is reaffirming its full year 2024 guidance which is included in the table below. Our guidance range reflects revenue and Adjusted EBITDA growth of
FY 2024 Guidance Ranges |
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Revenue |
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Gross Margin |
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Adjusted EBITDA |
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Interest Expense & Other |
|
|
Non-GAAP EPS |
|
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The Company’s Adjusted EBITDA and Non-GAAP EPS guidance excludes the impact of redeemable non-controlling interest activity, one-time charges, asset impairment charges, changes in contingent consideration, restructuring activities, as well as any related tax impact.
Conference Call/Webcast Information
The Company will host a conference call today at 4:30 p.m. ET to discuss third quarter 2024 financial results, business and financial outlook, and other business highlights. To participate on the day of the call, dial 1-888-596-4144, or internationally 1-646-968-2525, and enter the conference ID: 9604248, approximately 10 minutes before the call. A live, listen-only webcast of the conference call will also be available over the Internet. Individuals wishing to listen can access the call through the “Investors” section of the Company’s website at www.ameresco.com. If you are unable to listen to the live call, an archived webcast will be available on the Company’s website for one year.
Use of Non-GAAP Financial Measures
This press release and the accompanying tables include references to adjusted EBITDA, Non- GAAP EPS, Non-GAAP net income and adjusted cash from operations, which are Non-GAAP financial measures. For a description of these Non-GAAP financial measures, including the reasons management uses these measures, please see the section following the accompanying tables titled “Exhibit A: Non-GAAP Financial Measures”. For a reconciliation of these Non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with GAAP, please see Non-GAAP Financial Measures and Non-GAAP Financial Guidance in the accompanying tables.
About Ameresco, Inc.
Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading cleantech integrator and renewable energy asset developer, owner and operator. Our comprehensive portfolio includes solutions that help customers reduce costs, decarbonize to net zero, and build energy resiliency while leveraging smart, connected technologies. From implementing energy efficiency and infrastructure upgrades to developing, constructing, and operating distributed energy resources – we are a trusted sustainability partner. Ameresco has successfully completed energy saving, environmentally responsible projects with Federal, state and local governments, utilities, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in
Safe Harbor Statement
Any statements in this press release about future expectations, plans and prospects for Ameresco, Inc., including statements about market conditions, pipeline, visibility, backlog, pending agreements, financial guidance including estimated future revenues, net income, adjusted EBITDA, Non-GAAP EPS, gross margin, effective tax rate, and capital investments, as well as statements about our financing plans, the impact the IRA, the impact of changes in the
AMERESCO, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share amounts) |
||||||
September 30, |
December 31, |
|||||
2024 |
2023 |
|||||
(unaudited) |
||||||
ASSETS | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ |
113,502 |
$ |
79,271 |
||
Restricted cash |
|
71,868 |
|
62,311 |
||
Accounts receivable, net |
|
230,298 |
|
153,362 |
||
Accounts receivable retainage, net |
|
43,466 |
|
33,826 |
||
Costs and estimated earnings in excess of billings |
|
572,804 |
|
636,163 |
||
Inventory, net |
|
11,973 |
|
13,637 |
||
Prepaid expenses and other current assets |
|
155,353 |
|
123,391 |
||
Income tax receivable |
|
4,468 |
|
5,775 |
||
Project development costs, net |
|
20,819 |
|
20,735 |
||
Total current assets |
|
1,224,551 |
|
1,128,471 |
||
Federal ESPC receivable |
|
565,964 |
|
609,265 |
||
Property and equipment, net |
|
16,777 |
|
17,395 |
||
Energy assets, net |
|
1,882,588 |
|
1,689,424 |
||
Deferred income tax assets, net |
|
36,607 |
|
26,411 |
||
Goodwill, net |
|
75,922 |
|
75,587 |
||
Intangible assets, net |
|
5,387 |
|
6,808 |
||
Operating lease assets |
|
77,609 |
|
58,586 |
||
Restricted cash, non-current portion |
|
19,021 |
|
12,094 |
||
Other assets |
|
77,812 |
|
89,735 |
||
Total assets | $ |
3,982,238 |
$ |
3,713,776 |
||
LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY | ||||||
Current liabilities: | ||||||
Current portions of long-term debt and financing lease liabilities, net | $ |
343,247 |
$ |
322,247 |
||
Accounts payable |
|
399,244 |
|
402,752 |
||
Accrued expenses and other current liabilities |
|
101,259 |
|
108,831 |
||
Current portions of operating lease liabilities |
|
12,242 |
|
13,569 |
||
Billings in excess of cost and estimated earnings |
|
108,020 |
|
52,903 |
||
Income taxes payable |
|
655 |
|
1,169 |
||
Total current liabilities |
|
964,667 |
|
901,471 |
||
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs |
|
1,317,517 |
|
1,170,075 |
||
Federal ESPC liabilities |
|
520,497 |
|
533,054 |
||
Deferred income tax liabilities, net |
|
2,601 |
|
4,479 |
||
Deferred grant income |
|
6,806 |
|
6,974 |
||
Long-term operating lease liabilities, net of current portion |
|
58,007 |
|
42,258 |
||
Other liabilities |
|
102,645 |
|
82,714 |
||
Redeemable non-controlling interests, net |
|
42,761 |
|
46,865 |
||
Stockholders' equity: | ||||||
Preferred stock, |
|
- |
|
- |
||
Class A common stock, |
|
3 |
|
3 |
||
Class B common stock, |
|
2 |
|
2 |
||
Additional paid-in capital |
|
336,425 |
|
320,892 |
||
Retained earnings |
|
615,503 |
|
595,911 |
||
Accumulated other comprehensive loss, net |
|
(2,803) |
|
(3,045) |
||
Treasury stock, at cost, 2,101,835 shares at September 30, 2024 and 2,101,795 shares at December 31, 2023 |
|
(11,788) |
|
(11,788) |
||
Stockholders' equity before non-controlling interest |
|
937,342 |
|
901,975 |
||
Non-controlling interests |
|
29,395 |
|
23,911 |
||
Total stockholders’ equity |
|
966,737 |
|
925,886 |
||
Total liabilities, redeemable non-controlling interests and stockholders' equity | $ |
3,982,238 |
$ |
3,713,776 |
||
AMERESCO, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share amounts) (Unaudited) |
||||||||||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||
2024 |
2023 |
2024 |
2023 |
|||||||||
Revenues | $ |
500,873 |
$ |
335,149 |
$ |
1,237,261 |
$ |
933,265 |
||||
Cost of revenues |
|
423,734 |
|
271,493 |
|
1,047,960 |
|
761,012 |
||||
Gross profit |
|
77,139 |
|
63,656 |
|
189,301 |
|
172,253 |
||||
Earnings from unconsolidated entities |
|
159 |
|
526 |
|
724 |
|
1,356 |
||||
Selling, general and administrative expenses |
|
42,139 |
|
42,752 |
|
125,920 |
|
125,466 |
||||
Operating income |
|
35,159 |
|
21,430 |
|
64,105 |
|
48,143 |
||||
Other expenses, net |
|
21,469 |
|
10,642 |
|
51,399 |
|
27,883 |
||||
Income before income taxes |
|
13,690 |
|
10,788 |
|
12,706 |
|
20,260 |
||||
Income tax benefit |
|
(3,324) |
|
(10,054) |
|
(3,324) |
|
(10,552) |
||||
Net income |
|
17,014 |
|
20,842 |
|
16,030 |
|
30,812 |
||||
Net loss (income) attributable to non-controlling interests and redeemable non-controlling interests |
|
585 |
|
423 |
|
3,642 |
|
(2,077) |
||||
Net income attributable to common shareholders | $ |
17,599 |
$ |
21,265 |
$ |
19,672 |
$ |
28,735 |
||||
Net income per share attributable to common shareholders: | ||||||||||||
Basic | $ |
0.34 |
$ |
0.41 |
$ |
0.37 |
$ |
0.55 |
||||
Diluted | $ |
0.33 |
$ |
0.40 |
$ |
0.37 |
$ |
0.54 |
||||
Weighted average common shares outstanding: | ||||||||||||
Basic |
|
52,413 |
|
52,209 |
|
52,352 |
|
52,104 |
||||
Diluted |
|
53,243 |
|
53,300 |
|
53,098 |
|
53,259 |
AMERESCO, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (Unaudited) |
||||||
Nine Months Ended September 30, |
||||||
2024 |
2023 |
|||||
Cash flows from operating activities: | ||||||
Net income | $ |
16,030 |
$ |
30,812 |
||
Adjustments to reconcile net income to net cash flows from operating activities: | ||||||
Depreciation of energy assets, net |
|
57,352 |
|
42,847 |
||
Depreciation of property and equipment |
|
3,699 |
|
2,849 |
||
Increase in contingent consideration |
|
87 |
|
705 |
||
Accretion of ARO liabilities |
|
243 |
|
194 |
||
Amortization of debt discount and debt issuance costs |
|
3,764 |
|
3,407 |
||
Amortization of intangible assets |
|
1,615 |
|
1,681 |
||
Provision for bad debts |
|
1,292 |
|
637 |
||
Loss on disposal of assets |
|
515 |
|
18 |
||
Non-cash project revenue related to in-kind leases |
|
(2,971) |
|
- |
||
Earnings from unconsolidated entities |
|
(724) |
|
(1,356) |
||
Net gain from derivatives |
|
(267) |
|
(3,306) |
||
Stock-based compensation expense |
|
10,368 |
|
12,318 |
||
Deferred income taxes, net |
|
(3,914) |
|
(13,089) |
||
Unrealized foreign exchange (gain) loss |
|
(898) |
|
1,148 |
||
Changes in operating assets and liabilities: | ||||||
Accounts receivable |
|
(64,045) |
|
58,135 |
||
Accounts receivable retainage |
|
(9,753) |
|
4,589 |
||
Federal ESPC receivable |
|
(110,841) |
|
(143,647) |
||
Inventory, net |
|
1,664 |
|
570 |
||
Costs and estimated earnings in excess of billings |
|
126,694 |
|
5,260 |
||
Prepaid expenses and other current assets |
|
15,112 |
|
(10,925) |
||
Income taxes receivable, net |
|
798 |
|
590 |
||
Project development costs |
|
(4,456) |
|
(4,638) |
||
Other assets |
|
(4,664) |
|
(2,080) |
||
Accounts payable, accrued expenses and other current liabilities |
|
13,511 |
|
(38,444) |
||
Billings in excess of cost and estimated earnings |
|
42,215 |
|
10,104 |
||
Other liabilities |
|
6,796 |
|
1,200 |
||
Cash flows from operating activities |
|
99,222 |
|
(40,421) |
||
Cash flows from investing activities: | ||||||
Purchases of property and equipment |
|
(3,053) |
|
(4,597) |
||
Capital investments in energy assets |
|
(341,794) |
|
(445,540) |
||
Capital investments in major maintenance of energy assets |
|
(13,597) |
|
(8,024) |
||
Net proceeds from equity method investments |
|
13,091 |
|
- |
||
Asset acquisition, net of cash acquired |
|
- |
|
6,206 |
||
Contributions to equity method investments |
|
(10,442) |
|
(3,489) |
||
Grant award received on energy asset |
|
403 |
|
- |
||
Acquisitions, net of cash received |
|
- |
|
(9,183) |
||
Loans to joint venture investments |
|
- |
|
(566) |
||
Cash flows from investing activities |
|
(355,392) |
|
(465,193) |
||
Cash flows from financing activities: | ||||||
Payments of debt discount and debt issuance costs |
|
(10,114) |
|
(8,635) |
||
Proceeds from exercises of options and ESPP |
|
1,899 |
|
3,384 |
||
Payments on senior secured revolving credit facility, net |
|
(33,400) |
|
(115,000) |
||
Proceeds from long-term debt financings |
|
663,598 |
|
728,600 |
||
Proceeds from Federal ESPC projects |
|
129,399 |
|
107,303 |
||
Net proceeds from energy asset receivable financing arrangements |
|
5,216 |
|
12,514 |
||
Contributions from non-controlling interests |
|
33,789 |
|
499 |
||
Distributions to non-controlling interest |
|
(1,367) |
|
(20,521) |
||
Distributions to redeemable non-controlling interests, net |
|
(418) |
|
(494) |
||
Payment on seller's promissory note |
|
(41,941) |
|
(12,500) |
||
Payments on debt and financing leases |
|
(441,603) |
|
(162,749) |
||
Cash flows from financing activities |
|
305,058 |
|
532,401 |
||
Effect of exchange rate changes on cash |
|
1,827 |
|
(980) |
||
Net increase in cash, cash equivalents, and restricted cash |
|
50,715 |
|
25,807 |
||
Cash, cash equivalents, and restricted cash, beginning of period |
|
153,676 |
|
149,888 |
||
Cash, cash equivalents, and restricted cash, end of period | $ |
204,391 |
$ |
175,695 |
||
Non-GAAP Financial Measures (Unaudited, in thousands) |
|||||||||||||||
|
Three Months Ended September 30, 2024 |
||||||||||||||
Adjusted EBITDA: |
Projects |
Energy Assets |
O&M |
Other |
Consolidated |
||||||||||
Net income attributable to common shareholders |
$ |
9,865 |
|
$ |
2,686 |
|
$ |
3,801 |
|
$ |
1,247 |
|
$ |
17,599 |
|
Impact from redeemable non-controlling interests |
|
— |
|
|
(911 |
) |
|
— |
|
|
— |
|
|
(911 |
) |
Plus (less): Income tax provision (benefit) |
|
2,859 |
|
|
(7,383 |
) |
|
596 |
|
|
604 |
|
|
(3,324 |
) |
Plus: Other expenses, net |
|
3,993 |
|
|
16,983 |
|
|
163 |
|
|
330 |
|
|
21,469 |
|
Plus: Depreciation and amortization |
|
864 |
|
|
21,516 |
|
|
320 |
|
|
753 |
|
|
23,453 |
|
Plus: Stock-based compensation |
|
2,842 |
|
|
426 |
|
|
201 |
|
|
195 |
|
|
3,664 |
|
Plus: Contingent consideration, restructuring and other charges |
|
218 |
|
|
17 |
|
|
5 |
|
|
4 |
|
|
244 |
|
Adjusted EBITDA |
$ |
20,641 |
|
$ |
33,334 |
|
$ |
5,086 |
|
$ |
3,133 |
|
$ |
62,194 |
|
Adjusted EBITDA margin |
|
5.4 |
% |
|
56.4 |
% |
|
17.9 |
% |
|
11.2 |
% |
|
12.4 |
% |
|
Three Months Ended September 30, 2023 |
||||||||||||||
Adjusted EBITDA: |
Projects |
Energy Assets |
O&M |
Other |
Consolidated |
||||||||||
Net income (loss) attributable to common shareholders |
$ |
13,465 |
|
$ |
5,454 |
|
$ |
2,393 |
|
$ |
(47 |
) |
$ |
21,265 |
|
Impact from redeemable non-controlling interests |
|
— |
|
|
(587 |
) |
|
— |
|
|
— |
|
|
(587 |
) |
(Less) plus: Income tax (benefit) provision |
|
(6,953 |
) |
|
(3,766 |
) |
|
717 |
|
|
(52 |
) |
|
(10,054 |
) |
Plus: Other expenses, net |
|
5,042 |
|
|
4,970 |
|
|
227 |
|
|
403 |
|
|
10,642 |
|
Plus: Depreciation and amortization |
|
1,134 |
|
|
14,902 |
|
|
311 |
|
|
707 |
|
|
17,054 |
|
Plus: Stock-based compensation |
|
3,128 |
|
|
570 |
|
|
293 |
|
|
328 |
|
|
4,319 |
|
Plus: Contingent consideration, restructuring and other charges |
|
595 |
|
|
14 |
|
|
4 |
|
|
52 |
|
|
665 |
|
Adjusted EBITDA |
$ |
16,411 |
|
$ |
21,557 |
|
$ |
3,945 |
|
$ |
1,391 |
|
$ |
43,304 |
|
Adjusted EBITDA margin |
|
6.8 |
% |
|
48.7 |
% |
|
17.3 |
% |
|
5.5 |
% |
|
12.9 |
% |
|
|
|
|
|
|
|
Nine Months Ended September 30, 2024 |
||||||||||||||
Adjusted EBITDA: |
Projects |
Energy Assets |
O&M |
Other |
Consolidated |
||||||||||
Net income attributable to common shareholders |
$ |
1,415 |
|
$ |
5,082 |
|
$ |
10,601 |
|
$ |
2,574 |
|
$ |
19,672 |
|
Impact from redeemable non-controlling interests |
|
— |
|
|
(3,766 |
) |
|
— |
|
|
— |
|
|
(3,766 |
) |
Plus (less): Income tax provision (benefit) |
|
2,859 |
|
|
(7,383 |
) |
|
596 |
|
|
604 |
|
|
(3,324 |
) |
Plus: Other expenses, net |
|
15,032 |
|
|
33,819 |
|
|
1,003 |
|
|
1,545 |
|
|
51,399 |
|
Plus: Depreciation and amortization |
|
2,897 |
|
|
56,605 |
|
|
956 |
|
|
2,208 |
|
|
62,666 |
|
Plus: Stock-based compensation |
|
7,713 |
|
|
1,305 |
|
|
670 |
|
|
680 |
|
|
10,368 |
|
Plus: Contingent consideration, restructuring and other charges |
|
930 |
|
|
100 |
|
|
15 |
|
|
96 |
|
|
1,141 |
|
Adjusted EBITDA |
$ |
30,846 |
|
$ |
85,762 |
|
$ |
13,841 |
|
$ |
7,707 |
|
$ |
138,156 |
|
Adjusted EBITDA margin |
|
3.4 |
% |
|
55.1 |
% |
|
17.3 |
% |
|
9.5 |
% |
|
11.2 |
% |
|
Nine Months Ended September 30, 2023 |
||||||||||||||
Adjusted EBITDA: |
Projects |
Energy Assets |
O&M |
Other |
Consolidated |
||||||||||
Net income attributable to common shareholders |
$ |
12,114 |
|
$ |
11,659 |
|
$ |
3,820 |
|
$ |
1,142 |
|
$ |
28,735 |
|
Impact from redeemable non-controlling interests |
|
— |
|
|
869 |
|
|
— |
|
|
— |
|
|
869 |
|
(Less) plus: Income tax (benefit) provision |
|
(8,405 |
) |
|
(3,920 |
) |
|
1,336 |
|
|
437 |
|
|
(10,552 |
) |
Plus: Other expenses, net |
|
10,127 |
|
|
16,150 |
|
|
559 |
|
|
1,047 |
|
|
27,883 |
|
Plus: Depreciation and amortization |
|
2,901 |
|
|
42,150 |
|
|
923 |
|
|
1,403 |
|
|
47,377 |
|
Plus: Stock-based compensation |
|
8,629 |
|
|
1,783 |
|
|
904 |
|
|
1,002 |
|
|
12,318 |
|
Plus: Contingent consideration, restructuring and other charges |
|
1,147 |
|
|
48 |
|
|
15 |
|
|
211 |
|
|
1,421 |
|
Adjusted EBITDA |
$ |
26,513 |
|
$ |
68,739 |
|
$ |
7,557 |
|
$ |
5,242 |
|
$ |
108,051 |
|
Adjusted EBITDA margin |
|
4.0 |
% |
|
50.9 |
% |
|
11.1 |
% |
|
7.0 |
% |
|
11.6 |
% |
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||
|
2024 |
2023 |
2024 |
2023 |
||||||||
Non-GAAP net income and EPS: |
|
|
|
|
||||||||
Net income attributable to common shareholders |
$ |
17,599 |
|
$ |
21,265 |
|
$ |
19,672 |
|
$ |
28,735 |
|
Adjustment for accretion of tax equity financing fees |
|
(26 |
) |
|
(26 |
) |
|
(80 |
) |
|
(81 |
) |
Impact from redeemable non-controlling interests |
|
(911 |
) |
|
(587 |
) |
|
(3,766 |
) |
|
869 |
|
Plus: Contingent consideration, restructuring and other charges |
|
244 |
|
|
665 |
|
|
1,141 |
|
|
1,421 |
|
Less: Income tax effect of Non-GAAP adjustments |
|
(63 |
) |
|
(173 |
) |
|
(296 |
) |
|
(369 |
) |
Non-GAAP net income |
|
16,843 |
|
|
21,144 |
|
|
16,671 |
|
|
30,575 |
|
|
|
|
|
|
||||||||
Diluted net income per common share |
$ |
0.33 |
|
$ |
0.40 |
|
$ |
0.37 |
|
$ |
0.54 |
|
Effect of adjustments to net (loss) income |
|
(0.01 |
) |
|
— |
|
|
(0.05 |
) |
|
0.03 |
|
Non-GAAP EPS |
$ |
0.32 |
|
$ |
0.40 |
|
$ |
0.32 |
|
$ |
0.57 |
|
|
|
|
|
|
||||||||
Adjusted cash from operations: |
|
|
|
|
||||||||
Cash flows from operating activities |
$ |
25,091 |
|
$ |
(6,572 |
) |
$ |
99,222 |
|
$ |
(40,421 |
) |
Plus: proceeds from Federal ESPC projects |
|
9,271 |
|
|
30,604 |
|
|
129,399 |
|
|
107,303 |
|
Adjusted cash from operations |
$ |
34,362 |
|
$ |
24,032 |
|
$ |
228,621 |
|
$ |
66,882 |
|
Other Financial Measures (Unaudited, in thousands |
||||||||
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||
|
2024 |
2023 |
2024 |
2023 |
||||
New contracts and awards: |
|
|
|
|
||||
New contracts |
$ |
585,824 |
$ |
341,140 |
$ |
1,433,940 |
$ |
799,380 |
New awards (1) |
$ |
479,425 |
$ |
708,470 |
$ |
1,534,824 |
$ |
1,673,625 |
(1) Represents estimated future revenues from projects that have been awarded, though the contracts have not yet been signed |
Non-GAAP Financial Guidance |
||
Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA): |
||
Year Ended December 31, 2024 |
||
|
Low |
High |
Operating income (1) |
|
|
Depreciation and amortization |
|
|
Stock-based compensation |
|
|
Restructuring and other charges |
|
|
Adjusted EBITDA |
|
|
(1) Although net income is the most directly comparable GAAP measure, this table reconciles adjusted EBITDA to operating income because we are not able to calculate forward-looking net income without unreasonable efforts due to significant uncertainties with respect to the impact of accounting for our redeemable non-controlling interests and taxes. |
Exhibit A: Non-GAAP Financial Measures
We use the Non-GAAP financial measures defined and discussed below to provide investors and others with useful supplemental information to our financial results prepared in accordance with GAAP. These Non-GAAP financial measures should not be considered as an alternative to any measure of financial performance calculated and presented in accordance with GAAP. For a reconciliation of these Non-GAAP measures to the most directly comparable financial measures prepared in accordance with GAAP, please see Non-GAAP Financial Measures and Non-GAAP Financial Guidance in the tables above.
We understand that, although measures similar to these Non-GAAP financial measures are frequently used by investors and securities analysts in their evaluation of companies, they have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for the most directly comparable GAAP financial measures or an analysis of our results of operations as reported under GAAP. To properly and prudently evaluate our business, we encourage investors to review our GAAP financial statements included above, and not to rely on any single financial measure to evaluate our business.
Adjusted EBITDA and Adjusted EBITDA Margin
We define adjusted EBITDA as net income attributable to common shareholders, including impact from redeemable non-controlling interests, before income tax (benefit) provision, other expenses net, depreciation, amortization of intangible assets, accretion of asset retirement obligations, contingent consideration expense, stock-based compensation expense, energy asset impairment, restructuring and other charges, gain or loss on sale of equity investment, and gain or loss upon deconsolidation of a variable interest entity. We believe adjusted EBITDA is useful to investors in evaluating our operating performance for the following reasons: adjusted EBITDA and similar Non-GAAP measures are widely used by investors to measure a company's operating performance without regard to items that can vary substantially from company to company depending upon financing and accounting methods, book values of assets, capital structures and the methods by which assets were acquired; securities analysts often use adjusted EBITDA and similar Non-GAAP measures as supplemental measures to evaluate the overall operating performance of companies; and by comparing our adjusted EBITDA in different historical periods, investors can evaluate our operating results without the additional variations of depreciation and amortization expense, accretion of asset retirement obligations, contingent consideration expense, stock-based compensation expense, impact from redeemable non-controlling interests, restructuring and asset impairment charges. We define adjusted EBITDA margin as adjusted EBITDA stated as a percentage of revenue.
Our management uses adjusted EBITDA and adjusted EBITDA margin as measures of operating performance, because they do not include the impact of items that we do not consider indicative of our core operating performance; for planning purposes, including the preparation of our annual operating budget; to allocate resources to enhance the financial performance of the business; to evaluate the effectiveness of our business strategies; and in communications with the board of directors and investors concerning our financial performance.
Non-GAAP Net Income and EPS
We define Non-GAAP net income and earnings per share (EPS) to exclude certain discrete items that management does not consider representative of our ongoing operations, including energy asset impairment, restructuring and other charges, impact from redeemable non-controlling interest, gain or loss on sale of equity investment, and gain or loss upon deconsolidation of a variable interest entity. We consider Non-GAAP net income and Non-GAAP EPS to be important indicators of our operational strength and performance of our business because they eliminate the effects of events that are not part of the Company's core operations.
Adjusted Cash from Operations
We define adjusted cash from operations as cash flows from operating activities plus proceeds from Federal ESPC projects. Cash received in payment of Federal ESPC projects is treated as a financing cash flow under GAAP due to the unusual financing structure for these projects. These cash flows, however, correspond to the revenue generated by these projects. Thus, we believe that adjusting operating cash flow to include the cash generated by our Federal ESPC projects provides investors with a useful measure for evaluating the cash generating ability of our core operating business. Our management uses adjusted cash from operations as a measure of liquidity because it captures all sources of cash associated with our revenue generated by operations.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241107150749/en/
Media Relations
Leila Dillon, 508.661.2264, news@ameresco.com
Investor Relations
Eric Prouty, AdvisIRy Partners, 212.750.5800, eric.prouty@advisiry.com
Lynn Morgen, AdvisIRy Partners, 212.750.5800, lynn.morgen@advisiry.com
Source: Ameresco, Inc.
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