Ameresco, Inc. (NYSE:AMRC) Q3 2020 Earnings Conference Call November 2, 2020 4:30 PM ET Company Participants Leila Dillon – Vice President of Marketing and Communications George Sakellaris – Chairman, President and Chief Executive Officer Doran Hole – Senior Vice President and Chief Financial Officer Mark Chiplock – Vice President and Chief Accounting Officer Conference Call Participants Noah Kaye – Oppenheimer Eric Stine – Craig-Hallum Jon Dorsheimer – Canaccord Genuity Craig Irwin – ROTH Capital Pavel Mol ...

[PART I - FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Condensed Consolidated Financial Statements](index=3&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements) Presents unaudited condensed consolidated financial statements, with total assets at **$1.46 billion** and six-month revenues of **$435.4 million** [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$1.46 billion** from **$1.37 billion**, with liabilities reaching **$1.0 billion** and equity at **$439.7 million** Key Balance Sheet Items (in thousands) | Balance Sheet Item | June 30, 2020 (Unaudited) | December 31, 2019 | | :--- | :--- | :--- | | **Total current assets** | $422,426 | $425,192 | | **Energy assets, net** | $637,618 | $579,461 | | **Total assets** | **$1,459,532** | **$1,374,013** | | **Total current liabilities** | $272,978 | $336,647 | | **Long-term debt and financing lease liabilities** | $295,048 | $266,181 | | **Total liabilities** | $983,556 | $912,541 | | **Total stockholders' equity** | $439,673 | $428,856 | [Condensed Consolidated Statements of Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Q2 revenues rose to **$223.0 million**, but net income attributable to common shareholders decreased to **$4.4 million** Statements of Income Highlights (in thousands, except per share data) | Metric | Q2 2020 | Q2 2019 | Six Months 2020 | Six Months 2019 | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | $223,036 | $198,183 | $435,449 | $348,295 | | **Gross Profit** | $39,508 | $43,139 | $77,954 | $75,771 | | **Operating Income** | $12,888 | $13,057 | $22,410 | $19,606 | | **Net Income** | $8,836 | $8,507 | $15,472 | $11,378 | | **Net Income Attributable to Common Shareholders** | $4,365 | $9,216 | $10,566 | $13,363 | | **Diluted EPS** | $0.09 | $0.19 | $0.22 | $0.28 | [Condensed Consolidated Statements of Cash Flows](index=12&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities improved to **$73.6 million**, while financing activities provided **$142.4 million** for the six-month period Cash Flow Summary (in thousands) | Cash Flow Activity | Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | | :--- | :--- | :--- | | **Net cash from operating activities** | $(73,594) | $(109,254) | | **Net cash from investing activities** | $(78,700) | $(50,746) | | **Net cash from financing activities** | $142,406 | $135,663 | | **Net decrease in cash** | $(10,345) | $(24,237) | [Notes to Condensed Consolidated Financial Statements (Unaudited)](index=15&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20%28Unaudited%29) Provides detailed disclosures on accounting policies, revenue recognition, and debt, noting no material COVID-19 impact and CARES Act benefits - The company's backlog of remaining performance obligations was approximately **$2.15 billion** as of June 30, 2020, with about **27%** expected to be recognized as revenue in the next twelve months[37](index=37&type=chunk) - The company adopted new accounting standards for credit losses (ASU 2016-13) and fair value measurement (ASU 2018-13) as of January 1, 2020, with no material impact on its financial statements[23](index=23&type=chunk)[25](index=25&type=chunk) - The CARES Act, enacted in March 2020, allows the company to delay approximately **$5.0 million** of employer payroll taxes and is estimated to provide a discrete tax benefit of about **$2.0 million** from net operating loss carryback provisions[19](index=19&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=54&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Discusses Q2 and H1 2020 financial results, highlighting a **25% revenue increase** to **$435.4 million** and strong backlog [Results of Operations](index=59&type=section&id=Results%20of%20Operations) Six-month revenues increased **25.0%** to **$435.4 million**, while gross margin declined to **17.9%** due to project mix Six Months Ended June 30, 2020 vs 2019 (in millions) | Metric | H1 2020 | H1 2019 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | $435.4 | $348.3 | $87.1 | 25.0% | | **Gross Profit** | $78.0 | $75.8 | $2.2 | 2.9% | | **Gross Margin** | 17.9% | 21.8% | - | -3.9 p.p. | | **SG&A Expenses** | $55.5 | $56.2 | $(0.7) | (1.1)% | | **Operating Income** | $22.4 | $19.6 | $2.8 | 14.3% | - The decrease in gross margin for both the three and six-month periods was primarily attributed to an increased level of design-build work and other lower-margin projects within the revenue mix[126](index=126&type=chunk) - The company recorded a tax benefit of **$2.5 million** for H1 2020, compared to a **$1.1 million** provision in H1 2019, mainly due to investment tax credits and benefits from the CARES Act's net operating loss carryback provisions[131](index=131&type=chunk) [Backlog and Awarded Projects](index=55&type=section&id=Backlog%20and%20Awarded%20Projects) Fully-contracted backlog increased to **$1.02 billion**, with awarded projects at **$1.20 billion**, indicating a robust pipeline Backlog and Pipeline Comparison (in millions) | Metric | June 30, 2020 | June 30, 2019 | | :--- | :--- | :--- | | **Fully-Contracted Backlog** | $1,017.7 | $788.7 | | **Awarded Projects** | $1,201.9 | $1,236.5 | | **O&M Backlog** | $1,133.5 | $906.5 | | **Assets in Development** | $752.5 | $518.4 | [Business Segment Analysis](index=63&type=section&id=Business%20Segment%20Analysis) U.S. Federal segment revenue grew **56.2%** to **$153.2 million**, leading overall segment growth, while 'All Other' declined - The U.S. Federal segment revenue grew by **56.2%** to **$153.2 million** for the six months ended June 30, 2020, due to the timing and phase of active projects[138](index=138&type=chunk)[139](index=139&type=chunk) - The U.S. Regions segment revenue increased by **20.6%** to **$173.4 million** for the first half of 2020, also driven by the timing of project revenue recognition[136](index=136&type=chunk) - The 'All Other' segment's revenue decreased by **9.3%** in H1 2020, primarily due to a decline in integrated PV revenues[145](index=145&type=chunk) [Liquidity and Capital Resources](index=65&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity is funded by operations and debt, with **$73.6 million** used in operations and **$142.4 million** provided by financing - The company plans to invest approximately **$110.0 million** to **$160.0 million** in additional capital expenditures for the remainder of 2020, principally for the construction or acquisition of new renewable energy plants[150](index=150&type=chunk)[151](index=151&type=chunk) - The CARES Act is expected to improve liquidity by allowing the delay of approximately **$5.0 million** in 2020 employer payroll taxes and providing tax refunds of approximately **$5.3 million** related to net operating loss carrybacks and Alternative Minimum Tax credits[150](index=150&type=chunk) - In June 2020, the company entered into a new **$100 million** revolving credit agreement to finance construction costs of its owned projects[108](index=108&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=67&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No significant changes in market risk exposures were reported as of June 30, 2020, compared to prior disclosures - There were no significant changes in market risk exposures as of June 30, 2020, compared to those disclosed in the company's 2019 Annual Report[153](index=153&type=chunk) [Controls and Procedures](index=67&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective, with no material changes in internal control over financial reporting - Management concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by this report[154](index=154&type=chunk)[155](index=155&type=chunk) - No changes in internal control over financial reporting occurred during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, internal controls[155](index=155&type=chunk) [PART II - OTHER INFORMATION](index=69&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Legal Proceedings](index=69&type=section&id=Item%201.%20Legal%20Proceedings) The company does not anticipate any material adverse effects from current legal proceedings on its financial condition - The company states that it does not expect any currently pending legal proceedings to have a material adverse effect on its business, results of operations, or financial condition[157](index=157&type=chunk) [Risk Factors](index=69&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's previously disclosed risk factors were reported as of June 30, 2020 - No material changes to the company's risk factors were reported as of June 30, 2020[158](index=158&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=70&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No shares were repurchased under the stock repurchase program in Q2 2020, with **$5.9 million** remaining available Stock Repurchase Program Activity (Q2 2020) | Period | Total Shares Purchased | Average Price Paid | Approx. Dollar Value Remaining ($) | | :--- | :--- | :--- | :--- | | Q2 2020 | 0 | $0 | $5,897,229 | [Exhibits](index=71&type=section&id=Item%206.%20Exhibits) Lists exhibits filed with the Quarterly Report on Form 10-Q, including officer certifications and XBRL financial data

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 ...