FALSE000148813900014881392024-08-052024-08-05


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 5, 2024
Ameresco, Inc.
(Exact Name of Registrant as Specified in Charter)
Delaware 001-34811 04-3512838
(State or Other Juris-
diction of Incorporation)		 (Commission
File Number)		 (IRS Employer
Identification No.)
111 Speen Street, Suite 410,Framingham,MA1701
(Address of Principal Executive Offices)(Zip Code)
Registrant’s telephone number, including area code: (508) 661-2200
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of exchange on which registered
Class A Common Stock, par value $0.0001 per shareAMRCNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1033 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02. Results of Operations and Financial Condition.
On August 5, 2024, Ameresco, Inc. (“we” or the “Company”) announced its financial results for the quarter ended June 30, 2024. The Company also posted supplemental information with respect to its quarter ended June 30, 2024 results on the Investor Relations section of its website at www.ameresco.com. The press release and the supplemental information issued in connection with the announcement are furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report on Form 8-K.

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On August 5, 2024, the Company announced that Mark Chiplock, 54, has been promoted to the role of Executive Vice President and Chief Financial Officer, effective August 31, 2024 (the “Effective Date”). Mr. Chiplock will continue to serve as the principal accounting officer. Mr. Chiplock will succeed Doran Hole who joined the Company on July 1, 2019 as Executive Vice President and Chief Financial Officer and on August 2, 2024 tendered his resignation effective August 30, 2024 to pursue other opportunities.
Mr. Chiplock joined the Company as Corporate Controller in June 2014 and became Vice President, Finance in April 2016. From October 1, 2018 until July 1, 2019 he served as the Company’s Interim Chief Financial Officer and Chief Accounting Officer after which he continued to serve as Vice President, Chief Accounting Officer and in February 2022 was promoted to Senior Vice President, Chief Accounting Officer. Prior to joining Ameresco, Mr. Chiplock served as Vice President, Finance of GlassHouse Technologies, a data center infrastructure consulting firm, from June 2012 to May 2014. In connection with his promotion, as of the Effective Date, Mr. Chiplock’s annual base salary will be increased to $435,000 and he will receive an award under the Company’s 2020 Stock Incentive Plan of options for 30,000 shares of Class A common stock. Subject to Mr. Chiplock’s continued employment with the Company, the options will vest over five years in five equal annual installments commencing on the first anniversary of the grant date. Mr. Chiplock will also continue to be eligible to participate in the Company’s Short-Term Incentive Bonus Plan.
There are no arrangements or understandings between Mr. Chiplock and any other persons pursuant to which he was elected as an officer, and Mr. Chiplock has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K. Mr. Chiplock does not have a family relationship with any director or executive officer of the Company. Mr. Hole’s departure is not related to any disagreements on the Company’s financial statement disclosures or accounting policies or practices.

Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit Index
Exhibit No.Description
99.1
99.2
104Cover Page Interactive Data File (formatted as Inline XBRL)
#Certain portions of this exhibit are considered confidential and have been omitted as permitted under SEC rules and regulations. Schedules and exhibits have been omitted pursuant to Item 601(b)(2) of Regulation S-K.


SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
AMERESCO, INC.
August 5, 2024By:/s/ Spencer Doran Hole
Spencer Doran Hole
Executive Vice President and Chief Financial Officer
(duly authorized and principal financial officer)




Exhibit 99.1


amtagrgba02a20.jpg


Ameresco Reports Second Quarter 2024 Financial Results

Strong Revenue Growth Led by 45% Increase in Project Revenue
Total Project Backlog Increased 36% Y/Y to a Record $4.4 billion; Contracted Backlog up 51%
Record 155 MWe Energy Assets Placed into Operation During the Quarter
Adjusting 2024 Guidance

Second Quarter 2024 Financial Highlights:
•Revenues of $438.0 million
•Net income attributable to common shareholders of $5.0 million
•GAAP EPS of $0.09
•Non-GAAP EPS of $0.10
•Adjusted EBITDA of $45.1 million, reflecting the impact of SoCal Ed cost budget revisions of $6.6 million

FRAMINGHAM, MA – August 5, 2024 – 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, 2024. 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. All financial result comparisons made are against the prior year period unless otherwise noted.
CEO George Sakellaris commented, “the second quarter was another quarter of substantial business achievements for Ameresco as we delivered excellent year-on-year revenue and Adjusted EBITDA growth of 34% and 21%, respectively, led by the exceptional strength of our projects business while also placing a record number of assets into operation. At the same time, we continued to generate significant new business opportunities across our platform, reflecting how well aligned Ameresco’s expertise and capabilities are with market demand. We continue to be disciplined with business selection and benefit from the actions we have taken to optimize our organization to capture the significant growth and profit opportunities ahead of us.




“Our second quarter results were impacted by $6.6 million of cost budget revisions on the Southern California Edison Company (SCE) projects as they continued to stretch out longer than anticipated. SCE has approved the performance testing and together we are working closely on the final checklist for substantial completion for two of the three projects. Commissioning and testing activities have begun on the third project, which was significantly impacted by the heavy rainfall in California in 2023. This last site is expected to reach substantial completion in September of 2024.

“We generated significant new business in the second quarter, adding to our record backlog and future revenue streams. Our total Project Backlog reached a record $4.4 billion at the end of the quarter, an increase of 36% or nearly $1.2 billion from one year ago levels with contracted backlog growing even faster at 51%. We placed a record 155 MWe of assets into operation in Q2, bringing the year-to-date total to 168 MWe, representing significant progress toward achieving our 200 MWe target for this year. Our record backlog, together with our revenue visibility from our growing Energy Assets and O&M businesses give the Company approximately $8.3 billion of total revenue visibility.”

Second Quarter Financial Results
(All financial result comparisons made are against the prior year period unless otherwise noted.)


(in millions)Q2 2024Q2 2023
Revenue
Net Income (Loss) (1)
Adj. EBITDARevenue
Net Income (Loss) (1)
Adj. EBITDA
Projects$330.8($2.5)$7.1$228.9($0.1)$6.1
Energy Assets$53.4$2.9$31.2$50.0$5.1$27.3
O&M$26.2$3.1$3.9$23.0$0.9$2.1
Other$27.6$1.5$2.9$25.2$0.5$2.0
Total (2)
$438.0$5.0$45.1$327.1$6.4$37.4
(1) Net Income (Loss) represents net income (loss) attributable to common shareholders.
(2) Numbers in table may not sum due to rounding.

Total revenue increased 33.9% to $438.0 million led by 44.5% growth in Projects revenue, as our focus on execution and conversion of our backlog continued to yield results. Energy Assets revenue grew 6.8% driven by growth in operating assets placed in service, improved production and stronger RIN prices. O&M revenue increased 13.7% reflecting a solid attach rate and execution on our O&M contracts. Other revenue increased 9.5%. Gross margin of 14.9% was impacted by the $6.6 million cost budget revisions on the SCE projects and a mix of larger lower-margin projects. The year-to-date impact of the SCE cost budget revisions now total approximately $7.3 million. Net income attributable to common shareholders was $5.0 million compared to net income of $6.4 million during the same period last year due to higher interest and depreciation expenses, with GAAP and Non-GAAP EPS of $0.09 and $0.10, respectively. Adjusted EBITDA of $45.1 million increased 20.7%.












Balance Sheet and Cash Flow Metrics

($ in millions)June 30, 2024
Total Corporate Debt (1)
$273.4
Corporate Debt Leverage Ratio (2)
2.9X
Total Energy Asset Debt (3)
$1,329.4
Energy Asset Book Value (4)
$1,813.6
Energy Debt Advance Rate (5)
73%
Q2 Cash Flows from Operating Activities$53.3
Plus: Q2 Proceeds from Federal ESPC Projects$100.6
Equals: Q2 Adjusted Cash from Operations$153.9
8-quarter rolling average Cash Flows from Operating Activities($3.3)
Plus: 8-quarter rolling average Proceeds from Federal ESPC Projects$48.9
Equals: 8-quarter rolling average Adjusted Cash from Operations$45.6
(1) Subordinated Debt, term loans and drawn amounts on the revolving line of credit
(2) Debt to EBITDA, as calculated under our Sr. Secured Credit Facility
(3) Term loans, sale-leasebacks and construction loan project financings for our Energy Assets in operations and in-construction and development
(4) Book Value of our Energy Assets in operations and in-construction and development
(5) Total Energy Asset Debt divided by Energy Asset Book Value

The Company ended the quarter with $150.3 million in cash. Our total corporate debt including our subordinated debt, term loans and drawn amounts on our revolving line of credit was $273.4 million, with a corporate leverage ratio as calculated under our Sr. Secured Credit Facility of 2.9X, below our 3.5x covenant level. At the end of the quarter, we successfully raised $100.0 million in subordinated debt with Nuveen Energy Infrastructure Credit. Our Energy Asset Debt was $1.3 billion with an Energy Debt Advance rate of 73% on the Energy Asset Book Value. Our Adjusted Cash from Operations during the quarter was $153.9 million. Our 8-quarter rolling average Adjusted Cash from Operations was $45.6 million. We are providing this number given the volatility of quarterly Adjusted Cash from Operations as it better represents our average implementation cycle.




($ in millions)At June 30, 2024
Awarded Project Backlog (1)
$2,762
Contracted Project Backlog$1,651
Total Project Backlog$4,413
12-month Contracted Backlog (2)
$817
O&M Revenue Backlog$1,186
12-month O&M Backlog$90
Energy Asset Visibility (3)
$2,736
Operating Energy Assets661 MWe
Ameresco's Net Assets in Development (4)
635 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

•Ameresco’s Assets in Development ended the quarter at 641 MWe. After subtracting Ameresco’s partners’ minority interests, Ameresco’s owned capacity of Assets in Development at quarter end was 635 MWe.
•Ameresco brought 155 MWe of Energy Assets into operations, including the 42 MWe AC solar and 42 MWe/168 MWh battery storage from Kūpono Solar and over 50 MWe battery storage from 5 of the 8 United Power sites.
•Europe is also quickly adopting BESS technology as seen by our 300MWe/624MWh Cellarhead project in the U.K. The project represents one of the largest BESS installations in the U.K. and also includes an O&M contract.
•The strength of the battery market continues as Ameresco added 50 MW of BESS to the Assets in Development, and $250 million of BESS to the project backlog during the quarter.
•City street light conversions to LED technology continues to generate a lot of interest given the quick pay-back period to cities and municipalities driven by both lower energy expense as well as lower maintenance expense. Ameresco will be converting over 30,000 streetlights in Henderson, NV. The Company also won an award for its LED streetlighting, controls and networking project, in partnership with Memphis Light, Gas and Water and the City of Memphis.

Subsequent Event

Today Ameresco announced that Doran Hole has resigned as Executive Vice President and Chief Financial Officer to pursue other opportunities. “We appreciate the contributions that Doran has made during his tenure with us. Doran has been a valuable member of our executive leadership team, and we wish him the best with his future endeavors,” said George Sakellaris. Mr. Hole will continue to serve as CFO until August 30, 2024, at which time Mark Chiplock,



Senior Vice President and Chief Accounting Officer, will be promoted to Executive Vice President, Chief Financial Officer and continue to serve as Chief Accounting Officer.

Summary and Outlook

“We continue to benefit from the actions we have taken to optimize our business structure and focus our resources on capturing the most attractive and profitable opportunities. Demand for our solutions remains robust, and Ameresco is well positioned to thrive within most business and economic environments given the increasing need for infrastructure resilience and the cost effectiveness of our solutions,” Mr. Sakellaris concluded.

Ameresco has adjusted its full year 2024 guidance which is included in the table below. We are increasing our revenue range based on the financial performance for the first half of the year and our visibility for the remainder of the year. Our new gross margin range reflects the expected full year impact of the cost budget revisions on the SCE projects of approximately $10 million. Our new guidance range reflects revenue and Adjusted EBITDA growth of 27% and 35%, respectively, at the midpoints. The Company still expects to place approximately 200 MWe of energy assets in service for all of 2024, of which 168 MWe have already achieved commercial operations. Our expected capex for 2024 remains $350 million to $400 million, the majority of which we continue to expect to fund with project financing.

FY 2024 Guidance Ranges
Revenue$1.70 billion$1.80 billion
Gross Margin16.0%16.5%
Adjusted EBITDA$210 million$230 million
Interest Expense & Other$60 million$65 million
Non-GAAP EPS$1.15$1.35

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 second quarter 2024 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 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 Framingham, MA, Ameresco has more than 1,500 employees providing local expertise in North America and Europe. For more information, visit www.ameresco.com.

Contact:
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

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, supply chain disruptions, shortage and cost of materials and labor, and other macroeconomic and geopolitical challenges; our expectations related to our agreement with SCE including the impact of delays and any requirement to pay liquidated damages, 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: demand for our energy efficiency and renewable energy solutions; 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; the ability to perform under signed contracts without delay and in accordance with their terms and related liquidated and other damages we may be subject to; the fiscal health of the government and the risk of government shutdowns; our ability to complete and operate our projects on a profitable basis and as committed to our customers; our cash flows from operations and our ability to arrange financing to fund our operations and projects; our customers’ ability to finance their projects and credit risk from our customers; our ability to comply with covenants in our existing debt agreements including the requirement to raise



additional subordinated debt; the impact of macroeconomic challenges, weather related events and climate change on our business; our reliance on third parties for our construction and installation work; availability and cost of labor and equipment particularly given global supply chain challenges and global trade conflicts; global supply chain challenges, component shortages and inflationary pressures; changes in federal, state and local government policies and programs related to energy efficiency and renewable energy; the ability of customers to cancel or defer contracts included in our backlog; the output and performance of our energy plants and energy projects; cybersecurity incidents and breaches; regulatory and other risks inherent to constructing and operating energy assets; 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; the addition of new customers or the loss of existing customers; market price of our Class A Common stock prevailing from time to time; the nature of other investment opportunities presented to our Company from time to time; 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 our quarterly reports 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,
 20242023
 (Unaudited)
ASSETS
Current assets:  
Cash and cash equivalents$150,278 $79,271 
Restricted cash68,082 62,311 
Accounts receivable, net154,665 153,362 
Accounts receivable retainage, net39,225 33,826 
Costs and estimated earnings in excess of billings651,748 636,163 
Inventory, net12,484 13,637 
Prepaid expenses and other current assets134,375 123,391 
Income tax receivable4,819 5,775 
Project development costs, net24,280 20,735 
Total current assets1,239,956 1,128,471 
Federal ESPC receivable552,376 609,265 
Property and equipment, net16,995 17,395 
Energy assets, net1,813,649 1,689,424 
Deferred income tax assets, net29,512 26,411 
Goodwill, net75,245 75,587 
Intangible assets, net5,639 6,808 
Operating lease assets68,194 58,586 
Restricted cash, non-current portion14,740 12,094 
Other assets148,796 89,735 
Total assets$3,965,102 $3,713,776 
LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY
Current liabilities:  
Current portions of long-term debt and financing lease liabilities, net$523,832 $322,247 
Accounts payable497,026 402,752 
Accrued expenses and other current liabilities100,198 108,831 
Current portions of operating lease liabilities13,618 13,569 
Billings in excess of cost and estimated earnings97,493 52,903 
Income taxes payable220 1,169 
Total current liabilities1,232,387 901,471 
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs1,078,995 1,170,075 
Federal ESPC liabilities511,226 533,054 
Deferred income tax liabilities, net4,365 4,479 
Deferred grant income6,669 6,974 
Long-term operating lease liabilities, net of current portion48,545 42,258 
Other liabilities97,946 82,714 



June 30,December 31,
 20242023
Redeemable non-controlling interests, net$43,777 $46,865 
Stockholders' equity:  
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at June 30, 2024 and December 31, 2023— — 
Class A common stock, $0.0001 par value, 500,000,000 shares authorized, 36,504,310 shares issued and 34,402,515 shares outstanding at June 30, 2024, 36,378,990 shares issued and 34,277,195 shares outstanding at December 31, 20233 3 
Class B common stock, $0.0001 par value, 144,000,000 shares authorized, 18,000,000 shares issued and outstanding at June 30, 2024 and December 31, 20232 2 
Additional paid-in capital332,356 320,892 
Retained earnings597,930 595,911 
Accumulated other comprehensive loss, net(3,800)(3,045)
Treasury stock, at cost, 2,101,795 shares at June 30, 2024 and December 31, 2023(11,788)(11,788)
Stockholders' equity before non-controlling interest914,703 901,975 
Non-controlling interests26,489 23,911 
Total stockholders’ equity941,192 925,886 
Total liabilities, redeemable non-controlling interests and stockholders' equity$3,965,102 $3,713,776 




AMERESCO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts) (Unaudited)
 Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
Revenues$437,982 $327,074 $736,388 $598,116 
Cost of revenues372,813 268,425 624,226 489,519 
Gross profit65,169 58,649 112,162 108,597 
Earnings from unconsolidated entities10 380 565 830 
Selling, general and administrative expenses44,226 41,413 83,781 82,714 
Operating income20,953 17,616 28,946 26,713 
Other expenses, net15,759 9,198 29,930 17,241 
Income (loss) before income taxes5,194 8,418 (984)9,472 
Income tax provision (benefit)— 5 — (498)
Net income (loss)5,194 8,413 (984)9,970 
Net (income) loss attributable to non-controlling interests and redeemable non-controlling interests(184)(2,045)3,057 (2,500)
Net income attributable to common shareholders$5,010 $6,368 $2,073 $7,470 
Net income per share attributable to common shareholders:  
Basic$0.10 $0.12 $0.04 $0.14 
Diluted$0.09 $0.12 $0.04 $0.14 
Weighted average common shares outstanding: 
Basic52,355 52,127 52,322 52,045 
Diluted53,113 53,211 53,016 53,232 




AMERESCO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (Unaudited)
 Six Months Ended June 30,
 20242023
Cash flows from operating activities:
Net (loss) income$(984)$9,970 
Adjustments to reconcile net (loss) income to net cash flows from operating activities:
Depreciation of energy assets, net35,685 27,725 
Depreciation of property and equipment2,452 1,607 
Increase in contingent consideration— 155 
Accretion of ARO liabilities154 130 
Amortization of debt discount and debt issuance costs2,322 2,364 
Amortization of intangible assets1,076 991 
Provision for bad debts1,211 579 
Loss on disposal of assets and impairment loss382 18 
Non-cash project revenue related to in-kind leases(2,347)— 
Earnings from unconsolidated entities(565)(830)
Net gain from derivatives(3,968)(261)
Stock-based compensation expense6,704 7,999 
Deferred income taxes, net687 (3,177)
Unrealized foreign exchange loss1,027 38 
Changes in operating assets and liabilities:
Accounts receivable5,943 60,028 
Accounts receivable retainage(5,525)354 
Federal ESPC receivable(85,788)(88,072)
Inventory, net1,153 91 
Costs and estimated earnings in excess of billings(27,779)15,664 
Prepaid expenses and other current assets24,698 1,312 
Income taxes receivable, net21 11 
Project development costs(3,719)(2,825)
Other assets(3,118)(1,867)
Accounts payable, accrued expenses and other current liabilities72,777 (80,555)
Billings in excess of cost and estimated earnings46,969 13,462 
Other liabilities4,663 1,240 
Cash flows from operating activities
74,131 (33,849)
Cash flows from investing activities:
Purchases of property and equipment(2,066)(2,662)
Capital investments in energy assets(227,383)(261,547)
Capital investments in major maintenance of energy assets(10,527)(5,810)
Net proceeds from equity method investments12,956 — 
Contributions to equity method investments(6,192)— 
Acquisitions, net of cash received— (9,184)
Loans to joint venture investments— (39)
Cash flows from investing activities
(233,212)(279,242)
Cash flows from financing activities:  
Payments of debt discount and debt issuance costs(6,008)(5,074)
Proceeds from exercises of options and ESPP1,494 3,110 
Payments on senior secured revolving credit facility, net(34,900)(80,000)
Proceeds from long-term debt financings359,331 343,923 
Proceeds from Federal ESPC projects120,128 76,699 
Net proceeds from energy asset receivable financing arrangements5,280 8,114 
Contributions from non-controlling interests30,792 499 
Distributions to non-controlling interest(1,004)(20,521)
Distributions to redeemable non-controlling interests, net(263)(338)
Payment on seller's promissory note(29,441)— 
Payments on debt and financing leases(206,974)(61,335)
Cash flows from financing activities
238,435 265,077 



 Six Months Ended June 30,
 20242023
Effect of exchange rate changes on cash70 (61)
Net increase (decrease) in cash, cash equivalents, and restricted cash79,424 (48,075)
Cash, cash equivalents, and restricted cash, beginning of period153,676 149,888 
Cash, cash equivalents, and restricted cash, end of period$233,100 $101,813 



Non-GAAP Financial Measures (Unaudited, in thousands)
Three Months Ended June 30, 2024
Adjusted EBITDA:ProjectsEnergy AssetsO&MOtherConsolidated
Net (loss) income attributable to common shareholders$(2,485)$2,892 $3,141 $1,462 $5,010 
Plus: Other expenses, net5,383 9,590 296 490 15,759 
Plus: Depreciation and amortization1,038 18,242 314 781 20,375 
Plus: Stock-based compensation2,799 441 212 226 3,678 
Plus: Contingent consideration, restructuring and other charges232 68 5 4 309 
Adjusted EBITDA$6,967 $31,233 $3,968 $2,963 $45,131 
Adjusted EBITDA margin2.1 %58.5 %15.2 %10.7 %10.3 %
Three Months Ended June 30, 2023
Adjusted EBITDA:ProjectsEnergy AssetsO&MOtherConsolidated
Net (loss) income attributable to common shareholders$(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, net2,596 6,275 96 231 9,198 
Plus: Depreciation and amortization1,106 14,126 308 496 16,036 
Plus: Stock-based compensation2,772 606 279 305 3,962 
Plus: Restructuring and other changes214 15 4 152 385 
Adjusted EBITDA$6,070 $27,274 $2,074 $1,960 $37,378 
Adjusted EBITDA margin2.7 %54.5 %9.0 %7.8 %11.4 %












Six Months Ended June 30, 2024
Adjusted EBITDA:ProjectsEnergy AssetsO&MOtherConsolidated
Net (loss) income attributable to common shareholders$(8,450)$2,396 $6,801 $1,326 $2,073 
Impact from redeemable non-controlling interests— (2,855)— — (2,855)
Plus: Other expenses, net11,039 16,835 841 1,215 29,930 
Plus: Depreciation and amortization2,033 35,089 636 1,455 39,213 
Plus: Stock-based compensation4,871 879 469 485 6,704 
Plus: Contingent consideration, restructuring and other charges712 84 10 91 897 
Adjusted EBITDA$10,205 $52,428 $8,757 $4,572 $75,962 
Adjusted EBITDA margin1.9 %54.3 %17.0 %8.6 %10.3 %

Six Months Ended June 30, 2023
Adjusted EBITDA:ProjectsEnergy AssetsO&MOtherConsolidated
Net (loss) income 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, net5,085 11,181 332 643 17,241 
Plus: Depreciation and amortization1,767 27,247 612 697 30,323 
Plus: Stock-based compensation5,501 1,213 611 674 7,999 
Plus: Contingent consideration, restructuring and other charges551 35 11 159 756 
Adjusted EBITDA$10,101 $47,182 $3,612 $3,852 $64,747 
Adjusted EBITDA margin2.5 %52.0 %8.0 %7.7 %10.8 %

Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Non-GAAP net income (loss) and EPS:
Net income attributable to common shareholders$5,010 $6,368 $2,073 $7,470 
Adjustment for accretion of tax equity financing fees(27)(28)(54)(55)
Impact from redeemable non-controlling interests — 1,424 (2,855)1,456 
Plus: Contingent consideration, restructuring and other charges309 385 897 756 
Less: Income tax effect of Non-GAAP adjustments(80)(100)(233)(196)
Non-GAAP net income (loss) 5,212 8,049 (172)9,431 
Diluted net income per common share$0.09 $0.12 $0.04 $0.14 
Effect of adjustments to net income (loss) 0.01 0.03 (0.04)0.04 
Non-GAAP EPS$0.10 $0.15 $— $0.18 
Adjusted cash from operations:
Cash flows from operating activities$53,314 $(92,621)$74,131 $(33,849)
Plus: proceeds from Federal ESPC projects100,547 34,390 120,128 76,699 
Adjusted cash from operations$153,861 $(58,231)$194,259 $42,850 




Other Financial Measures (Unaudited, in thousands)
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
New contracts and awards:
New contracts$513,583 $311,280 $848,116 $458,240 
New awards (1)
$715,601 $493,055 $1,055,399 $965,155 
(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
LowHigh
Operating income (1)
$112 million $130 million
Depreciation and amortization$85 million $86 million
Stock-based compensation$14 million $15 million
Restructuring and other charges$(1) million $(1) million
Adjusted EBITDA$210 million $230 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.

ameresco.com © 2024 Ameresco, Inc. All rights reserved. Q2 2024 Supplemental Information August 5, 2024

 
2 Safe Harbor Forward Looking Statements Any statements in this presentation 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, supply chain disruptions, shortage and cost of materials and labor, and other macroeconomic and geopolitical challenges; our expectations related to our agreement with SCE including the impact of delays and any requirement to pay liquidated damages, 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: demand for our energy efficiency and renewable energy solutions; 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; the ability to perform under signed contracts without delay and in accordance with their terms and related liquidated and other damages we may be subject to; the fiscal health of the government and the risk of government shutdowns; our ability to complete and operate our projects on a profitable basis and as committed to our customers; our cash flows from operations and our ability to arrange financing to fund our operations and projects; our customers’ ability to finance their projects and credit risk from our customers; our ability to comply with covenants in our existing debt agreements including the requirement to raise additional subordinated debt; the impact of macroeconomic challenges, weather related events and climate change on our business; our reliance on third parties for our construction and installation work; availability and cost of labor and equipment particularly given global supply chain challenges and global trade conflicts; global supply chain challenges, component shortages and inflationary pressures; changes in federal, state and local government policies and programs related to energy efficiency and renewable energy; the ability of customers to cancel or defer contracts included in our backlog; the output and performance of our energy plants and energy projects; cybersecurity incidents and breaches; regulatory and other risks inherent to constructing and operating energy assets; 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; the addition of new customers or the loss of existing customers; market price of our Class A Common stock prevailing from time to time; the nature of other investment opportunities presented to our Company from time to time; 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 our quarterly reports on Form 10-Q. The forward-looking statements included in this presentation represent our views as of the date of this presentation. 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 presentation. Use of Non-GAAP Financial Measures This presentation 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 in the back of this presentation titled “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 the table at the end of this presentation titled “GAAP to Non-GAAP Reconciliation.”

 
Sources of Revenue – Q2 2024 3 Projects Energy efficiency and renewable energy projects Recurring Energy & incentive revenue from owned energy assets; plus recurring O&M from projects Other Services, software and integrated PV $330.8M $79.6M $27.6M

 
Projects 13% Assets 69% O&M 12% Other 6% $76M Adjusted EBITDA* 81% of Adjusted EBITDA Came From Recurring Lines of Business 4 Projects 73% Assets 13% O&M 7% Other 7%20% Recurring $736M Revenue * Adjusted EBITDA percentages allocate corporate expenses according to revenue shareYear to Date 2024 81% Recurring

 
Energy Asset Portfolio – 6/30/2024 5 661 MWe of Energy Assets in operation. 92 MW of non-RNG biogas, 49 MW of RNG, Solar is 387 MW, Battery is 125 MW, Other is 9 MW 641 MWe of total assets in development. 635 MWe of Ameresco-owned capacity after minority interest Operating Energy Assets, 661 MWe Other, 1% Battery, 19% Solar, 59% Biogas: RNG, 7% Biogas: Non-RNG, 14% Energy Assets in Development & Construction, 635 MWe EaaS*, 22% Battery, 36% Solar, 22% Biogas, 21% Numbers may not sum due to rounding *$5M of our anticipated Assets in Development spending is for Energy as a Service assets which do not include generation assets that can be measured in MWe. This metric now also includes Puuloa and Ukiu Energy engine plants. Ameresco’s Ownership

 
Energy Asset Balance Sheet – 6/30/2024 6 *Debt to EBITDA, as calculated under our Sr. Secured Credit agreement **Net of unamortized debt discount and debt issuance costs of $4.1M on Corporate Debt and $29M on Energy Debt $942M** of our Energy Asset Debt is associated with operating energy assets. $387M** of our Energy Asset Debt is associated with energy assets still in development & construction. $1.3B of the $1.6B** of total debt on our balance sheet is debt associated with our energy assets (“Energy Asset Debt”). Total Debt $1.6B Corporate Debt $0.3B Energy Asset Debt $1.3B 2.9x* leverage $641M $387M $1,173M $942M Energy Asset Book Value Energy Asset Debt 80% advance rate Operating Development & Construction 60% advance rate

 
Adjusted Cash from Operations Trend 7 ($20.0) ($10.0) $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 m ill io ns 8-Quarter Rolling Average Adjusted Cash from Operations

 
$0 $500,000,000 $1,000,000,000 $1,500,000,000 $2,000,000,000 $2,500,000,000 Awarded Project Backlog Contracted Project Backlog Operating Energy Assets O&M Backlog Tremendous Forward Visibility: Backlog & Recurring Revenue Business 8 ~ 12-24 months to contract ~ 12-36 months of revenue 16 year weighted average lifetime $2.8 billion1 $1.7 billion1 $2.7 billion $1.2 billion 14 year weighted average PPA remaining 2 $1.7B Additional estimated revenue from market price RNG 3 $1B 1 Project backlog after minority interests 2 Estimated contracted revenue and incentives during PPA period 3 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

 
Sustainable & Profitable Business Model 9 Expected to Expand Earnings at a Faster Rate than Revenue FY 2024 guidance, as adjusted August 5, 2024 Revenue ($M) $867 $1,032 $1,216 $1,824 $1,375 $1,700 2019 2020 2021 2022 2023 2024 Guidance $1,800 2024 Guidance • High-End 15.7% 5 - Year CAGR • Low-End 14.4% 5 - Year CAGR $91 $118 $153 $205 $163 $210 2019 2020 2021 2022 2023 2024 Guidance Adjusted EBITDA ($M) $230 2024 Guidance • High-End 20.4% 5 - Year CAGR • Low-End 18.2% 5 - Year CAGR

 
Destination: Net Zero Since 2010, Ameresco’s renewable energy assets & customer projects delivered a Carbon Emission Reduction equivalent to: 110+ Million Metric Tons of CO2 10 Carbon dioxide emissions from… 41 billion miles driven by an average passenger vehicle Carbon sequestered by… 19 million acres of U.S. forests in one year or Ameresco’s 2023 Carbon Emission Reduction of approximately 16M Metric Tons of CO2 is equal to one of… Note: Annual figures rounded from historic reporting. These preliminary data estimates are derived from a methodology that leverages data captured on Ameresco assets owned and operating and customer projects. The annual carbon impact is calculated using these Ameresco inputs and source GHG emission factors published by the US EPA eGrid database to calculate the avoided carbon emissions of any given asset or project. 10

 
ameresco.com © 2024 Ameresco, Inc. All rights reserved. to Our Customers, Employees, and Shareholders Thank You

 
12 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 the table at the end of this presentation titled “GAAP to Non-GAAP Reconciliation.” 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 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 interests, 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.

 
GAAP to Non-GAAP Reconciliation 13 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Adjusted EBITDA: Net income attributable to common shareholders 5,010$ 6,368$ 2,073$ 7,470$ Impact from redeemable non-controlling interests -$ 1,424$ (2,855) 1,456 Plus (Less): Income tax provision (benefit) -$ 5 - (498) Plus: Other expenses, net 15,759$ 9,198 29,930 17,241 Plus: Depreciation and amortization 20,375$ 16,036 39,213 30,323 Plus: Stock-based compensation 3,678$ 3,962 6,704 7,999 Plus: Restructuring and other charges 309$ 385 897 756 Adjusted EBITDA 45,131$ 37,378$ 75,962 64,747$ Adjusted EBITDA margin 10.3% 11.4% 10.3% 10.8% Non-GAAP net income (loss) and EPS: Net income attributable to common shareholders 5,010$ 6,368$ 2,073$ 7,470$ Adjustment for accretion of tax equity financing fees (27)$ (28) (54) (55) Impact of redeemable non-controlling interests -$ 1,424 (2,855) 1,456 Plus: Contingent consideration, restructuring and other charges 309$ 385 897 756 Income Tax effect of Non-GAAP adjustments (80)$ (100) (233) (196) Non-GAAP net income (loss) 5,212$ 8,049$ (172)$ 9,431$ Earnings per share: Diluted net income per common share 0.09$ 0.12$ 0.04$ 0.14$ Effect of adjustments to net income (loss) 0.01 0.03 (0.04) 0.04 Non-GAAP EPS 0.10$ 0.15$ -$ 0.18$ Adjusted cash from operations Cash flows from operating activities 53,314$ (92,621)$ 74,131$ (33,849)$ Plus: proceeds from Federal ESPC projects 100,547 34,390 120,128$ 76,699$ Adjusted cash from operations 153,861$ (58,231)$ 194,259$ 42,850$ 2024 2023 2024 2023 Six Months Ended June 30,Three Months Ended June 30,

 
GAAP to Non-GAAP Reconciliation (continued) 14 * Adjusted EBITDA by Line of Business includes corporate expenses allocated according to revenue share $000 USD Projects Operating Assets O&M Other Consolidated Adjusted EBITDA: Net income attributable to common shareholders (8,450)$ 2,396$ 6,801$ 1,326$ 2,073$ Impact from redeemable non-controlling interests -$ (2,855)$ -$ -$ (2,855)$ Plus (less): Income tax provision (benefit) -$ -$ -$ -$ -$ Plus: Other expenses, net 11,039$ 16,835$ 841$ 1,215$ 29,930$ Plus: Depreciation and amortization 2,033$ 35,089$ 636$ 1,455$ 39,213$ Plus: Stock-based compensation 4,871$ 879$ 469$ 485$ 6,704$ Plus: Restructuring and other charges 712$ 84$ 10$ 91$ 897$ Adjusted EBITDA 10,205$ 52,428$ 8,757$ 4,572$ 75,962$ Adjusted EBITDA margin 1.9% 54.3% 17.0% 8.6% 10.3%

 
GAAP to Non-GAAP Reconciliation (continued) 15 ($ in Thousands) 2014 2015 2016 2017 2018 2019 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Cash Flow from Operations (18,027) 12,347 (22,083) (14,877) 4,341 (16,919) (15,069) (24,653) (7,654) (10,696) (31,786) (19,633) (39,337) (45,803) (37,071) (20,066) 25,097 (21,160) (58,094) (51,160) Proceeds from Federal ESPC projects 18,910 18,279 18,015 22,855 20,976 16,125 16,385 22,374 26,316 24,964 35,167 38,869 48,303 42,673 36,582 33,082 43,906 44,667 39,598 43,189 Adjusted Cash from Operations 883 30,626 (4,068) 7,978 25,317 (794) 1,316 (2,279) 18,662 14,268 3,381 19,237 8,966 (3,130) (489) 13,016 69,003 23,506 (18,496) (7,971) Rolling 8-quarter Adjusted Cash from Operations 9,981 9,412 7,372 9,595 7,550 8,481 9,888 7,845 7,553 7,327 9,239 15,531 16,686 13,952 10,551 ($ in Thousands) 2019 2020 2021 2022 2023 2024 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Cash Flow from Operations (11,471) (75,568) (51,640) (21,955) (10,193) (18,796) (38,724) (57,758) (19,862) (55,952) (276,122) (31,722) 34,674 (65,118) 58,772 (92,621) (6,572) (29,570) 20,820 53,314 Proceeds from Federal ESPC projects 32,769 83,802 61,198 72,402 60,987 54,331 33,520 36,640 44,026 45,031 64,788 56,943 52,134 64,495 42,309 34,390 30,604 47,035 19,581 100,547 Adjusted Cash from Operations 21,298 8,234 9,558 50,447 50,794 35,535 (5,204) (21,118) 24,163 (10,921) (211,333) 25,220 86,808 (623) 101,081 (58,231) 24,032 17,464 40,401 153,861 Rolling 8-quarter Adjusted Cash from Operations 12,092 13,513 14,769 19,447 17,171 18,675 20,336 18,693 19,051 16,657 (10,955) (14,108) (9,606) (14,126) (840) (5,479) (5,496) (1,948) 29,519 45,599

 
v3.24.2.u1
Cover
Aug. 05, 2024
Cover [Abstract]  
Document Type 8-K
Local Phone Number 661-2200
Entity Registrant Name Ameresco, Inc.
Document Period End Date Aug. 05, 2024
Entity Incorporation, State or Country Code DE
Entity File Number 001-34811
Entity Tax Identification Number 04-3512838
Entity Address, Address Line One 111 Speen Street,
Entity Address, Address Line Two Suite 410,
Entity Address, City or Town Framingham,
Entity Address, State or Province MA
Entity Address, Postal Zip Code 1701
City Area Code 508
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0001488139
Title of 12(b) Security Class A Common Stock, par value $0.0001 per share
Trading Symbol AMRC
Security Exchange Name NYSE
Ameresco (NYSE:AMRC)
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