Record Total Project Backlog Increased 9%
Sequentially, with $493M in New Awards Added a Record 113
MWe of Energy Assets into Development Significant Battery
Energy Storage Project Wins and Asset Activity EPA Action
Supports Positive Multiyear RNG Revenue Outlook Reaffirms
2023 Guidance
Second Quarter 2023 Financial Highlights:
- Revenues of $327.1 million
- Net income attributable to common shareholders of $6.4
million
- GAAP EPS of $0.12
- Non-GAAP EPS of $0.15
- Adjusted EBITDA of $37.4 million
Ameresco, Inc. (NYSE:AMRC), a leading cleantech integrator
specializing in energy efficiency and renewable energy, today
announced financial results for the fiscal quarter ended June 30,
2023. The Company also furnished supplemental information in
conjunction with this press release in a Current Report on Form
8-K. The supplemental information, which includes Non-GAAP
financial measures, has been posted to the “Investors” section of
the Company’s website at www.ameresco.com. Reconciliations of
Non-GAAP measures to the appropriate GAAP measures are included
herein.
CEO George Sakellaris commented, “We had another strong quarter.
I’m particularly pleased that our positive momentum continued to
build strong growth in project backlog and assets in development,
supporting both our 2023 guidance and our longer-term financial
targets. Total project backlog increased by 9% sequentially, driven
by the addition of $493 million in new awards. Furthermore, we
continue to see a considerable year-on-year increase in the dollar
value of the projects we are bidding on and winning. We also
increased our net assets in development by over 100 MW in the
second quarter, the largest quarterly increase in our company’s
history.
“Battery storage is seeing tremendous growth given the need for
greater resiliency, increased grid complexities from the rapid
growth of renewables, and the financial benefits of the Inflation
Reduction Act (IRA). Ameresco has emerged as a leader in the
implementation of battery systems given our deep knowledge of
deployable technologies, engineering expertise and supplier
relationships as demonstrated by our significant project and asset
wins and installations during the quarter. Another positive
development during the quarter was the EPA’s ruling concerning the
final Renewable Fuel Standard (RFS) biofuel targets for 2023 –
2025. The outcome provides long term support to the RNG industry
and increases our long-term visibility into this important revenue
stream.
“During the quarter we published our third annual ESG report
entitled ‘Doing Well by Doing Good’. We are proud that our
renewable energy assets and customer projects have delivered a
cumulative carbon offset of over 95 million metric tons of carbon
dioxide. Looking ahead, Ameresco has set a target of achieving net
zero carbon emissions from internal operations for scope 1 and
scope 2 emissions by 2040 and has pledged to establish emissions
reduction targets through the Science Based Targets initiative by
2025. We were also recognized with the Environmental Initiatives
Award by the SEAL Business Sustainability Awards for our floating
solar plant at Fort Bragg, which is the largest such installation
in the southeast.”
Second Quarter Financial Results
(All financial result comparisons made are against the prior
year period unless otherwise noted.)
Total revenue of $327.1 million exceeded the company’s guidance
for the quarter, with faster than-expected execution on several
larger projects. Energy Asset revenue increased 16.5% driven by
continued growth in operating assets. O&M revenue increased
9.3% reflecting continued growth in long-term contracts. Other
revenue increased 3.5% primarily due to strength in the Company’s
utility SaaS and consulting business. Gross margin expanded
year-on-year while SG&A increased slightly during the quarter
to support growth in proposal activity and the integration of
Enerqos. Net income attributable to common shareholders and
adjusted EBITDA were $6.4 million and $37.4 million,
respectively.
(in millions)
2Q 2023
2Q 2022
Revenue
Net Income (Loss) (1)
Adj. EBITDA
Revenue
Net Income (1)
Adj. EBITDA
Projects
$228.9
($0.1)
$6.1
$489.1
$15.8
$29.2
Energy Assets
$50.0
$5.1
$27.3
$42.9
$12.9
$24.7
O&M
$23.0
$0.9
$2.1
$21.1
$2.4
$4.0
Other
$25.2
$0.5
$2.0
$24.3
$1.1
$2.4
Total (2)
$327.1
$6.4
$37.4
$577.4
$32.2
$60.3
(1) Net Income (Loss) represents
net income (loss) attributable to common shareholders.
(2) Numbers in table may not sum
due to rounding.
($ in millions)
At June 30, 2023
Awarded Project Backlog (1)
$2,146
Contracted Project Backlog
$1,090
Total Project Backlog
$3,236
12-month Contracted Backlog (2)
$745
O&M Revenue Backlog
$1,239
12-month O&M Backlog
$84
Energy Asset Visibility (3)
$2,275
Operating Energy Assets
426 MWe
Ameresco's Net Assets in Development
(4)
545 MWe
(1) Customer contracts that have not been
signed yet
(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
(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
$1.50/gallon and brown gas at $3.50/MMBtu with $3.00/MMBtu for LCFS
on certain projects
(4) Net MWe capacity includes only our
share of any jointly owned assets
Project Highlights:
- Reflecting the recent increase in battery storage activity,
Ameresco announced that its joint venture with Atura Power was
selected to build a 250 MW battery energy storage system,
representing part of the largest BESS award in Canadian history. In
addition to providing E&C services for the JV, Ameresco will
also own 10.1% of the Asset or approximately 25 MW.
- Ameresco announced another significant battery storage win with
a four site 379 MW project with Middle River Power at its
California gas power plants helping to shift midday renewable
energy flows to peak evening hours. The work is expected to
commence in summer 2023 and reach completion in Q3 of 2024.
- Activity in the higher education market remained strong.
Ameresco announced a comprehensive, multi-phase solar and energy
efficiency project with St. John’s College Santa Fe campus. This
project will also include a large PV installation, along with 20 EV
charging stations.
Asset Highlights
In the Second Quarter of 2023:
- Ameresco’s Assets in Development ended the quarter at 594 MWe.
After subtracting Ameresco’s partners’ minority interests,
Ameresco’s owned capacity of Assets in Development at quarter end
was 545 MWe.
- We increased our net assets in development by 113 MW in the
second quarter, the largest quarterly increase in our company’s
history.
Summary and Outlook
“The Ameresco team delivered strong results that provide
confidence in our annual guidance and set the stage for continued
growth for years to come. As customers begin to take advantage of
the numerous benefits afforded by the IRA, Ameresco, with our deep
technical and financial expertise, remains very well positioned to
continue to capture additional market share. This momentum together
with our rapidly growing Energy Asset business and international
opportunities support our long term growth targets,” Mr. Sakellaris
concluded.
Our 2023 guidance, included in the table below, anticipates
adjusted EBITDA growth of 5% at the midpoint.
FY 2023 Guidance
Ranges
Revenue
$1.45 billion
$1.55 billion
Gross Margin
19.5%
20.0%
Adjusted EBITDA
$210 million
$220 million
Interest Expense & Other
$30 million
$35 million
Effective Tax Rate
10%
5%
Non-GAAP EPS
$1.80
$1.90
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.
We estimate third and fourth quarter revenue, adjusted EBITDA
and Adjusted EPS to be in the range of:
Q3 2023 Guidance
Ranges
Q4 2023 Guidance
Ranges
Revenue
$370 million
$400 million
$550 million
$580 million
Adjusted EBITDA
$50 million
$55 million
$90 million
$100 million
Non-GAAP EPS
$0.45
$0.50
$1.20
$1.25
We expect to place between 80 and 100 MWe of energy assets in
service in 2023 including two RNG plants. A third plant we
originally anticipated to be placed in service in 2023 is expected
to be at mechanical completion by the end of the year, and fully
commissioned in Q1 2024. Several additional RNG assets are in the
late stages of development and construction, and we continue to
expect that 4 or 5 of these will come online during 2024.
Two of the three Southern California Edison projects are
currently in commissioning and are expected to achieve substantial
completion in Q3. The third project, which was significantly
impacted by the heavy rainfall in California, is expected to reach
substantial completion in Q4. Based on this timing, we have
requested an extension to mid December 2023 to the maturity date of
our Delayed Draw Term Loan A under our Sr. Credit Facility.
Conference Call/Webcast Information
The Company will host a conference call today at 4:30 p.m. ET to
discuss second quarter 2023 financial results, business and
financial outlook and other business highlights. Participants may
access the earnings conference call by pre-registering here at
least fifteen minutes in advance. 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 energy
efficiency, infrastructure upgrades, asset sustainability and
renewable energy solutions delivered to clients throughout North
America and Europe. Ameresco’s sustainability services in support
of clients’ pursuit of Net-Zero include upgrades to a facility’s
energy infrastructure and the development, construction, and
operation of distributed energy resources. Ameresco has
successfully completed energy saving, environmentally responsible
projects with Federal, state, and local governments, healthcare and
educational institutions, housing authorities, and commercial and
industrial customers. With its corporate headquarters in
Framingham, MA, Ameresco has more than 1,200 employees providing
local expertise in the United States, Canada, and Europe. For more
information, visit www.ameresco.com.
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, and backlog, as well as
estimated future revenues, net income, adjusted EBITDA, Non-GAAP
EPS, gross margin, capital investments, other financial guidance
and longer term outlook, statements about our agreement with SCE
including the impact of any delays, the requested extension to the
maturity date of our Delayed Draw Term Loan A and the impact of the
IRA and macroeconomic conditions on our business, longer term
outlook, and other statements containing the words “projects,”
“believes,” “anticipates,” “plans,” “expects,” “will” and similar
expressions, constitute forward-looking statements within the
meaning of The Private Securities Litigation Reform Act of 1995.
Actual results may differ materially from those indicated by such
forward looking statements as a result of various important
factors, including the timing of, and ability to, enter into
contracts for awarded projects on the terms proposed or at all; the
timing of work we do on projects where we recognize revenue on a
percentage of completion basis, including the ability to perform
under signed contracts without delay and in accordance with their
terms; demand for our energy efficiency and renewable energy
solutions; our ability to complete and operate our projects on a
profitable basis and as committed to our customers; our ability to
arrange financing to fund our operations and projects and to comply
with covenants in our existing debt agreements; changes in federal,
state and local government policies and programs related to energy
efficiency and renewable energy and the fiscal health of the
government; the ability of customers to cancel or defer contracts
included in our backlog; the output and performance of our energy
plants and energy projects; the effects of our acquisitions and
joint ventures; seasonality in construction and in demand for our
products and services; a customer’s decision to delay our work on,
or other risks involved with, a particular project; availability
and cost of labor and equipment particularly given global supply
chain challenges and global trade conflicts; our reliance on third
parties for our construction and installation work; the addition of
new customers or the loss of existing customers; the impact of
macroeconomic challenges, weather related events and climate change
on our business; global supply chain challenges, component
shortages and inflationary pressures; market price of the Company's
stock prevailing from time to time; the nature of other investment
opportunities presented to the Company from time to time; the
Company's cash flows from operations; cybersecurity incidents and
breaches; regulatory and other risks inherent to constructing and
operating energy assets; risks related to our international
operation and international growth strategy; and other factors
discussed in our most recent Annual Report on Form 10-K and
Quarterly Report on Form 10-Q. The forward-looking statements
included in this press release represent our views as of the date
of this press release. We anticipate that subsequent events and
developments will cause our views to change. However, while we may
elect to update these forward-looking statements at some point in
the future, we specifically disclaim any obligation to do so. These
forward-looking statements should not be relied upon as
representing our views as of any date subsequent to the date of
this press release.
AMERESCO, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In thousands, except share
amounts)
June 30,
December 31,
2023
2022
(Unaudited) ASSETS Current assets: Cash and cash
equivalents
$
48,999
$
115,534
Restricted cash
39,137
20,782
Accounts receivable, net
123,361
174,009
Accounts receivable retainage, net
37,803
38,057
Costs and estimated earnings in excess of billings
575,113
576,363
Inventory, net
14,127
14,218
Prepaid expenses and other current assets
58,874
38,617
Income tax receivable
7,497
7,746
Project development costs, net
16,956
16,025
Total current assets
921,867
1,001,351
Federal ESPC receivable
499,250
509,507
Property and equipment, net
16,888
15,707
Energy assets, net
1,417,690
1,181,525
Deferred income tax assets, net
3,594
3,045
Goodwill, net
77,846
70,633
Intangible assets, net
8,142
4,693
Operating lease assets
38,833
38,224
Restricted cash, non-current portion
13,677
13,572
Other assets
43,223
38,564
Total assets
$
3,041,010
$
2,876,821
LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND
STOCKHOLDERS’ EQUITY Current liabilities: Current portions of
long-term debt and financing lease liabilities
$
332,999
$
331,479
Accounts payable
290,284
349,126
Accrued expenses and other current liabilities
81,008
89,166
Current portions of operating lease liabilities
5,935
5,829
Billings in excess of cost and estimated earnings
40,459
34,796
Income taxes payable
1,564
1,672
Total current liabilities
752,249
812,068
Long-term debt and financing lease liabilities, net of current
portion, unamortized discount and debt issuance costs
784,266
568,635
Federal ESPC liabilities
464,566
478,497
Deferred income tax liabilities, net
7,971
9,181
Deferred grant income
7,319
7,590
Long-term operating lease liabilities, net of current portion
32,487
31,703
Other liabilities
70,175
49,493
Redeemable non-controlling interests, net
47,994
46,623
Stockholders’ equity: Preferred stock, $0.0001 par value, 5,000,000
shares authorized, no shares issued and outstanding at June 30,
2023 and December 31, 2022
-
-
Class A common stock, $0.0001 par value, 500,000,000 shares
authorized, 36,302,405 shares issued and 34,200,610 shares
outstanding at June 30, 2023, 36,050,157 shares issued and
33,948,362 shares outstanding at December 31, 2022
3
3
Class B common stock, $0.0001 par value, 144,000,000 shares
authorized, 18,000,000 shares issued and outstanding at June 30,
2023 and December 31, 2022
2
2
Additional paid-in capital
317,228
306,314
Retained earnings
540,964
533,549
Accumulated other comprehensive loss, net
(2,884
)
(4,051
)
Treasury stock, at cost, 2,101,795 shares at June 30, 2023 and
December 31, 2022
(11,788
)
(11,788
)
Stockholder’s equity before non-controlling interest
843,525
824,029
Non-controlling interest
30,458
49,002
Total stockholder’s equity
873,983
873,031
Total liabilities, redeemable non-controlling interests and
stockholders’ equity
$
3,041,010
$
2,876,821
AMERESCO, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME
(In thousands, except per
share amounts) (Unaudited)
Three Months Ended June
30,
Six Months Ended June 30,
2023
2022
2023
2022
(Unaudited) (Unaudited) (Unaudited)
(Unaudited) Revenues
$
327,074
$
577,397
$
598,116
$
1,051,399
Cost of revenues
268,425
496,094
489,519
901,718
Gross profit
58,649
81,303
108,597
149,681
Earnings from unconsolidated entities
380
352
830
989
Selling, general and administrative expenses
41,413
38,601
82,714
78,930
Operating income
17,616
43,054
26,713
71,740
Other expenses, net
9,198
5,249
17,241
12,330
Income before income taxes
8,418
37,805
9,472
59,410
Income tax provision (benefit)
5
4,932
(498
)
7,239
Net income
8,413
32,873
9,970
52,171
Net income attributable to non-controlling interests and redeemable
non-controlling interests
(2,045
)
(657
)
(2,500
)
(2,571
)
Net income attributable to common shareholders
$
6,368
$
32,216
$
7,470
$
49,600
Net income per share attributable to common shareholders: Basic
$
0.12
$
0.62
$
0.14
$
0.96
Diluted
$
0.12
$
0.61
$
0.14
$
0.93
Weighted average common shares outstanding: Basic
52,127
51,818
52,045
51,781
Diluted
53,211
53,173
53,232
53,407
AMERESCO, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (in thousands) (Unaudited)
Six Months Ended June,
2023
2022
Cash flows from operating activities: (Unaudited)
(Unaudited) Net income
$
9,970
$
52,171
Adjustments to reconcile net income to net cash flows from
operating activities: Depreciation of energy assets, net
27,725
23,978
Depreciation of property and equipment
1,607
1,404
Increase (decrease) in contingent consideration
155
(320
)
Accretion of ARO liabilities
130
72
Amortization of debt discount and debt issuance costs
2,364
2,036
Amortization of intangible assets
991
1,020
Provision for bad debts
579
244
Loss on write-off of long-lived assets
18
-
Earnings from unconsolidated entities
(830
)
(989
)
Net (gain) loss from derivatives
(261
)
555
Stock-based compensation expense
7,999
7,206
Deferred income taxes, net
(3,177
)
3,606
Unrealized foreign exchange (gain) loss
38
467
Changes in operating assets and liabilities: Accounts receivable
60,028
(44,334
)
Accounts receivable retainage
354
(458
)
Federal ESPC receivable
(88,072
)
(113,478
)
Inventory, net
91
(2,080
)
Costs and estimated earnings in excess of billings
15,664
(358,603
)
Prepaid expenses and other current assets
1,312
(1,629
)
Project development costs
(2,825
)
(1,332
)
Other assets
(1,867
)
(10,020
)
Accounts payable, accrued expenses and other current liabilities
(80,555
)
126,783
Billings in excess of cost and estimated earnings
13,462
4,073
Other liabilities
1,240
18
Income taxes receivable, net
11
1,767
Cash flows from operating activities
(33,849
)
(307,843
)
Cash flows from investing activities: Purchases of property
and equipment
(2,662
)
(2,525
)
Capital investment in energy assets
(261,547
)
(124,924
)
Capital investment in major maintenance of energy assets
(5,810
)
(4,838
)
Acquisitions, net of cash received
(9,184
)
-
Loans to joint venture investments
(39
)
-
Cash flows from investing activities
(279,242
)
(132,287
)
Cash flows from financing activities: Payments of debt
discount and debt issuance costs
(5,074
)
(2,756
)
Proceeds from exercises of options and ESPP
3,110
2,814
(Payments on) proceeds from senior secured revolving credit
facility, net
(80,000
)
120,000
Proceeds from long-term debt financings
343,923
307,911
Proceeds from Federal ESPC projects
76,699
121,731
Net proceeds from energy asset receivable financing arrangements
8,114
4,651
Contributions from non-controlling interests
499
12,919
Distributions to non-controlling interest
(20,521
)
-
Distributions to redeemable non-controlling interests, net
(338
)
(561
)
Payments on long-term debt and financing leases
(61,335
)
(101,035
)
Cash flows from financing activities
265,077
465,674
Effect of exchange rate changes on cash
(61
)
(1,291
)
Net (decrease) increase in cash, cash equivalents, and restricted
cash
(48,075
)
24,253
Cash, cash equivalents, and restricted cash, beginning of period
149,888
87,054
Cash, cash equivalents, and restricted cash, end of period
$
101,813
$
111,307
Non-GAAP Financial Measures (Unaudited, in thousands)
Three Months Ended June 30,
2023
Adjusted EBITDA:
Projects
Energy Assets
O&M
Other
Consolidated
Net (loss) income attributable to common
shareholders
$
(50
)
$
5,055
$
895
$
468
$
6,368
Impact from redeemable non-controlling
interests
—
1,424
—
—
1,424
Plus (less): Income tax provision
(benefit)
(568
)
(227
)
492
308
5
Plus: Other expenses, net
2,596
6,275
96
231
9,198
Plus: Depreciation and amortization
1,106
14,126
308
496
16,036
Plus: Stock-based compensation
2,772
606
279
305
3,962
Plus: Contingent consideration,
restructuring and other charges
214
15
4
152
385
Adjusted EBITDA
$
6,070
$
27,274
$
2,074
$
1,960
$
37,378
Adjusted EBITDA margin
2.7
%
54.5
%
9.0
%
7.8
%
11.4
%
Three Months Ended June 30,
2022
Adjusted EBITDA:
Projects
Energy Assets
O&M
Other
Consolidated
Net income attributable to common
shareholders
$
15,786
$
12,886
$
2,428
$
1,116
$
32,216
Impact from redeemable non-controlling
interests
—
657
—
—
657
Plus (less): Income tax provision
(benefit)
5,680
(2,300
)
1,056
496
4,932
Plus: Other expenses, net
3,719
1,278
104
148
5,249
Plus: Depreciation and amortization
723
11,887
286
388
13,284
Plus: Stock-based compensation
3,110
273
134
158
3,675
Plus: Restructuring and other changes
143
—
26
72
241
Adjusted EBITDA
$
29,161
$
24,681
$
4,034
$
2,378
$
60,254
Adjusted EBITDA margin
6.0
%
57.5
%
19.2
%
9.8
%
10.4
%
Six Months Ended June 30,
2023
Adjusted EBITDA:
Projects
Energy Assets
O&M
Other
Consolidated
Net income (loss) attributable to common
shareholders
$
(1,351
)
$
6,205
$
1,427
$
1,189
$
7,470
Impact from redeemable non-controlling
interests
—
1,456
—
—
1,456
Plus (less): Income tax provision
(benefit)
(1,452
)
(155
)
619
490
(498
)
Plus: Other expenses, net
5,085
11,181
332
643
17,241
Plus: Depreciation and amortization
1,767
27,247
612
697
30,323
Plus: Stock-based compensation
5,501
1,213
611
674
7,999
Plus: Contingent consideration,
restructuring and other charges
551
35
11
159
756
Adjusted EBITDA
$
10,101
$
47,182
$
3,612
$
3,852
$
64,747
Adjusted EBITDA margin
2.5
%
52.0
%
8.0
%
7.7
%
10.8
%
Six Months Ended June 30,
2022
Adjusted EBITDA:
Projects
Energy Assets
O&M
Other
Consolidated
Net income attributable to common
shareholders
$
25,946
$
16,756
$
5,058
$
1,840
$
49,600
Impact from redeemable non-controlling
interests
—
2,571
—
—
2,571
Plus (less): Income tax provision
(benefit)
8,979
(4,084
)
1,448
896
7,239
Plus: Other expenses, net
5,143
6,737
219
231
12,330
Plus: Depreciation and amortization
1,574
23,372
621
835
26,402
Plus: Stock-based compensation
6,044
559
286
317
7,206
Plus: Restructuring and other charges
(12
)
(26
)
12
58
32
Adjusted EBITDA
$
47,674
$
45,885
$
7,644
$
4,177
$
105,380
Adjusted EBITDA margin
5.4
%
56.4
%
18.5
%
9.0
%
10.0
%
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
Non-GAAP net income and EPS:
Net income attributable to common
shareholders
$
6,368
$
32,216
$
7,470
$
49,600
Adjustment for accretion of tax equity
financing fees
(28
)
(27
)
(55
)
(54
)
Impact from redeemable non-controlling
interests
1,424
657
1,456
2,571
Plus: Contingent consideration,
restructuring and other charges
385
241
756
32
(Less) Plus: Income tax effect of Non-GAAP
adjustments
(100
)
(63
)
(196
)
(9
)
Non-GAAP net income
8,049
33,024
9,431
52,140
Diluted net income per common share
$
0.12
$
0.61
$
0.14
$
0.93
Effect of adjustments to net income
0.03
0.01
0.04
0.05
Non-GAAP EPS
$
0.15
$
0.62
$
0.18
$
0.98
Adjusted cash from operations:
Cash flows from operating activities
$
(92,621
)
$
(31,721
)
$
(33,849
)
$
(307,843
)
Plus: proceeds from Federal ESPC
projects
34,390
56,943
76,699
121,731
Adjusted cash from operations
$
(58,231
)
$
25,222
$
42,850
$
(186,112
)
Other Financial Measures (Unaudited, in thousands)
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
New contracts and awards:
New contracts
$
311,280
$
148,600
$
458,240
$
375,300
New awards (1)
$
493,055
$
223,100
$
965,155
$
661,100
(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,
2023
Low
High
Operating income (1)
$132 million
$140 million
Depreciation and amortization
$63 million
$65 million
Stock-based compensation
$16 million
$17 million
Non-controlling interest and other
adjustments
$(1) million
$(2) million
Adjusted EBITDA
$210 million
$220 million
(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/20230731638829/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
Ameresco (NYSE:AMRC)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Ameresco (NYSE:AMRC)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024