Ameresco, Inc. (NYSE:AMRC) Q2 2020 Earnings Conference Call August 3, 2020 4:30 PM ET Company Participants Leila Dillon - VP, Marketing & Communications George Sakellaris - Founder, Chairman, CEO & President Doran Hole - SVP & CFO Conference Call Participants Noah Kaye - Oppenheimer Jonathan Dorsheimer - Canaccord Genuity Craig Irwin - ROTH Capital Partners Eric Stine - Craig-Hallum Chris Souther - B. Riley FBR Pavel Molchanov - Raymond James Operator Good day, ladies and gentlemen, and thank you for standi ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________. Commission File Number: 001-34811 Ameresco, Inc. (Exact name of registrant as specified in its charter) Delaware ...

Financial Data and Key Metrics Changes - Revenue for Q1 2020 was $212 million, representing a 42% increase compared to the same quarter last year, marking the highest first quarter revenue in the company's history [12][19] - Net income grew by 50% to $6.2 million, adjusted EBITDA also increased by 50% to $21.2 million, and non-GAAP EPS rose to $0.15 from $0.02 year-over-year [12][19] - Gross margin was reported at 18.1%, impacted by the project mix during the quarter, but gross profit dollars exceeded expectations [19] Business Line Data and Key Metrics Changes - The project backlog decreased slightly as a significant amount of contracted backlog was executed during the quarter, but total project backlog remains strong at $2.2 billion, a 7% increase from the same quarter last year [21] - Operating energy assets ended the quarter at 255 megawatts, with 298 megawatts of assets in development and construction [21] Market Data and Key Metrics Changes - The company operates in a combined market opportunity of $20 billion to $30 billion annually, significantly larger than the initial $2 billion to $3 billion market when founded [8] - The COVID-19 pandemic has led to a shift in customer focus, resulting in a slower than normal pace of pipeline activity, but management expects a resumption of new business activity later in the year [13] Company Strategy and Development Direction - The company is focusing on building out its energy assets portfolio to enhance visibility and predictability through higher margin recurring revenues [11] - Ameresco is pursuing public-private partnerships (P3s) in the higher education sector, targeting small and medium-sized colleges and universities [15][16] - The company anticipates increased demand for energy efficiency solutions post-COVID-19 as organizations seek to reduce operating budgets [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's resilience during the COVID-19 crisis, highlighting the ability to continue executing on project contracts [11] - The company maintains its guidance for 2020, expecting total revenue between $910 million and $980 million, with adjusted EBITDA between $102 million and $112 million [24] - Management believes that the demand for energy savings contracts will increase as organizations look to upgrade critical infrastructure while saving costs [17] Other Important Information - The company ended the quarter with $40 million in cash and amended its senior credit facility to provide additional availability under its revolving credit line [20] - The company has implemented health and safety protocols in response to COVID-19, including temperature checks and social distancing measures on job sites [36] Q&A Session Summary Question: Can you comment on the cadence of 2Q so far on the project side? - Management indicated that $20 million of revenue was pulled forward due to increased resources allocated to job sites, with minor delays expected due to site shutdowns and safety protocols [29][30] Question: What kind of testing and screening requirements have you put in place? - The company follows CDC guidelines, including temperature checks and mask mandates for employees on job sites [36] Question: Any change in expectations on the timeline for deploying renewable assets this year? - Management confirmed that the McCarty Road project is still on track to come online by year-end, with 50 megawatts of total capacity expected to be installed [38] Question: Can you clarify the adjusted EBITDA guidance? - The adjusted EBITDA guidance is influenced by project mix and cost controls, with a significant portion of expected revenue coming from contracted backlog [41] Question: How are you seeing municipal and government budgets affecting your projects? - Management noted that budgetary constraints will drive demand for energy efficiency upgrades, as their business model allows for third-party financing without upfront capital [45] Question: Can you comment on the debt markets? - Management indicated that there has not been a pullback in project financing, and lenders remain willing to provide new loans and refinancings [48] Question: How has the work-from-home environment affected productivity? - Management observed that while initial meetings have been effective virtually, delays occur when board approvals are needed, but overall productivity has improved [52] Question: Can you discuss project development in Canada? - The company is actively pursuing green gas projects in Canada and has a strong presence there, with several projects in early stages of development [66]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) þ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________. Commission File Number: 001-34811 Ameresco, Inc. (Exact name of registrant as specified in its charter) Delaware 04-3 ...

Ameresco, Inc. (NYSE:AMRC) Q4 2019 Earnings Conference Call March 2, 2020 4:30 PM ET Company Participants Leila Dillon - VP, Marketing & Communications George Sakellaris - Founder, Chairman, CEO & President Spencer Hole - SVP & CFO Mark Chiplock - VP, Corporate Controller & CAO Conference Call Participants Christopher Van Horn - B. Riley FBR, Inc. Noah Kaye - Oppenheimer Craig Irwin - Roth Capital Partners Pavel Molchanov - Raymond James Ltd. Operator Good day, ladies and gentlemen, thank you for standing b ...