PART I - FINANCIAL INFORMATION [Item 1. Condensed Consolidated Financial Statements](index=4&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements) Ameresco's unaudited Q1 2024 condensed consolidated financial statements report a **$6.2 million net loss**, a significant shift from prior-year net income Key Financial Statement Summary (Q1 2024 vs Q1 2023) | Financial Metric | Q1 2024 (in thousands) | Q1 2023 (in thousands) | | :--- | :--- | :--- | | **Revenues** | $298,406 | $271,042 | | **Gross Profit** | $46,993 | $49,948 | | **Operating Income** | $7,993 | $9,097 | | **Net (Loss) Income** | $(6,178) | $1,557 | | **Net (Loss) Income Attributable to Common Shareholders** | $(2,937) | $1,102 | | **Diluted (Loss) Earnings Per Share** | $(0.06) | $0.02 | | **Cash from Operating Activities** | $20,817 | $58,772 | Condensed Consolidated Balance Sheet Highlights | Balance Sheet Item | March 31, 2024 (in thousands) | December 31, 2023 (in thousands) | | :--- | :--- | :--- | | **Total Current Assets** | $1,126,472 | $1,128,471 | | **Total Assets** | $3,803,266 | $3,713,776 | | **Total Current Liabilities** | $1,162,280 | $901,471 | | **Total Liabilities** | $2,829,195 | $2,741,014 | | **Total Stockholders' Equity** | $930,163 | $925,886 | [Notes to Condensed Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, segment reorganization, Europe's revenue growth, **$2.7 billion contracted backlog**, acquisitions, debt, and an **$89 million SCE project contingency** - The company reorganized its internal structure on January 1, 2024, combining U.S. Regions and Canada into 'North America Regions' and reclassifying prior period amounts[39](index=39&type=chunk)[133](index=133&type=chunk) - A significant contingency exists with Southern California Edison (SCE) for a BESS project, with potential liquidated damages up to **$89 million** due to delays, which Ameresco contests[96](index=96&type=chunk)[158](index=158&type=chunk) Disaggregated Revenue by Segment (Three Months Ended March 31) | Segment | 2024 Revenue (in thousands) | 2023 Revenue (in thousands) | % Change | | :--- | :--- | :--- | :--- | | North America Regions | $138,285 | $140,542 | (1.6)% | | U.S. Federal | $60,890 | $59,556 | 2.2% | | Europe | $44,122 | $19,096 | 131.1% | | Alternative Fuels | $32,859 | $28,339 | 15.9% | | All Other | $22,250 | $23,509 | (5.4)% | | **Total** | **$298,406** | **$271,042** | **10.1%** | - Contracted backlog reached **$2.7 billion** as of March 31, 2024, with approximately **32%** expected to be recognized as revenue in the next twelve months[49](index=49&type=chunk) - In Q1 2024, the company completed the second phase of the Bright Canyon Energy Corporation (BCE) acquisition for **$48.0 million**, financed with cash and a seller's note[65](index=65&type=chunk)[89](index=89&type=chunk)[178](index=178&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=33&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2024 results, noting a **10.1% revenue increase** to **$298.4 million** but a **$6.2 million net loss** due to project mix and supply chain issues, with backlog growing to **$4.0 billion** Q1 2024 vs Q1 2023 Performance Summary | Metric (in thousands) | Q1 2024 | Q1 2023 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Revenues | $298,406 | $271,042 | $27,364 | 10.1% | | Gross Profit | $46,993 | $49,948 | $(2,955) | (5.9)% | | Operating Income | $7,993 | $9,097 | $(1,104) | (12.1)% | | Net (Loss) Income | $(6,178) | $1,557 | $(7,735) | (496.8)% | - Key business trends include the Inflation Reduction Act (IRA)'s impact, creating both favorable climate and project delays, alongside persistent supply chain disruptions and inflation negatively impacting Q1 2024 results[150](index=150&type=chunk)[151](index=151&type=chunk)[152](index=152&type=chunk) Backlog and Asset Development Growth (as of March 31) | Metric (in millions) | 2024 | 2023 | | :--- | :--- | :--- | | Total Project Backlog | $4,020.1 | $2,971.4 | | O&M Backlog | $1,199.0 | $1,214.8 | | Assets in Development | $2,600.0 | $1,400.0 | - The company plans to invest an additional **$235 million to $285 million** in capital expenditures during 2024, primarily for new renewable energy plants, funded mostly with project finance debt[188](index=188&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=42&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As of March 31, 2024, no significant changes in market risk exposures have occurred since the 2023 Annual Report on Form 10-K disclosures - No significant changes in market risk exposures have occurred since the 2023 Form 10-K disclosures[194](index=194&type=chunk) [Item 4. Controls and Procedures](index=42&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of March 31, 2024, with no material changes to internal control over financial reporting during the quarter - Management concluded the company's disclosure controls and procedures were effective as of the report period end[195](index=195&type=chunk) - No material changes in internal control over financial reporting occurred during the most recent fiscal quarter[196](index=196&type=chunk) PART II - OTHER INFORMATION [Item 1. Legal Proceedings](index=43&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings, not expecting material adverse effects, with a significant SCE project contingency detailed in Note 10 - The company is subject to ordinary course lawsuits, not expecting material adverse effects, with a material SCE project contingency detailed in Note 10[96](index=96&type=chunk)[198](index=198&type=chunk) [Item 1A. Risk Factors](index=43&type=section&id=Item%201A.%20Risk%20Factors) This section refers to the comprehensive risk factors discussed in the 2023 Form 10-K, emphasizing potential material adverse effects on business and financial results - The company's business is subject to numerous risks detailed in the 'Risk Factors' section of the 2023 Form 10-K[199](index=199&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=43&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Ameresco did not repurchase Class A common stock in Q1 2024, with approximately **$5.9 million** remaining available under the repurchase program - No shares were repurchased in Q1 2024, with approximately **$5.9 million** remaining authorized under the stock repurchase program as of March 31, 2024[200](index=200&type=chunk) [Item 5. Other Information](index=43&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted, modified, or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during Q1 2024 - No directors or officers adopted, modified, or terminated a Rule 10b5-1 trading arrangement during Q1 2024[201](index=201&type=chunk) [Item 6. Exhibits](index=44&type=section&id=Item%206.%20Exhibits) This section indexes exhibits filed with Form 10-Q, including credit agreement amendments, CEO/CFO certifications, and Inline XBRL financial data - Exhibits include Amendment No. 5 to the Fifth Amended and Restated Credit Agreement, CEO/CFO certifications (Sections 302 and 906), and Inline XBRL data[203](index=203&type=chunk)[204](index=204&type=chunk)

Exhibit 99.1 Ameresco Reports First Quarter 2024 Financial Results Solid Execution with Growth Across All Business Lines 45% Y/Y Growth in Contracted Backlog Over 750 MWe Ameresco Owned Energy Assets in Development Reaffirms 2024 Guidance First Quarter 2024 Financial Highlights: • Revenues of $298.4 million • Net loss attributable to common shareholders of $2.9 million • GAAP EPS of ($0.06) • Non-GAAP EPS of ($0.10) • Adjusted EBITDA of $30.8 million FRAMINGHAM, MA – May 7, 2024 – Ameresco, Inc. (NYSE:AMRC) ...

FRAMINGHAM, Mass. & EDMONTON, Alberta--(BUSINESS WIRE)--Ameresco, Inc., (NYSE: AMRC), a leading cleantech integrator specializing in energy efficiency and renewable energy, announced a contract to design, engineer and implement energy upgrades across 124 buildings covering 4.6 million square feet at Canadian Forces Base in Edmonton, Canada. The energy conservation measures include the installation of LED lighting, boiler plant and heating system upgrades, converting fuel sources from natural gas to elect ...

TARRYTOWN, N.Y.--(BUSINESS WIRE)--Ameresco, Inc., (NYSE: AMRC), a leading cleantech integrator specializing in energy efficiency and renewable energy, today announced its strategic partnership with the Public Schools of Tarrytowns. Following a thorough Request for Proposals (RFP) process, Energia, the engineering firm acting as the Owner’s Representative during project development and implementation, chose Ameresco as the winner to lead the Comprehensive Energy Audit. The key goals of the program include li ...

Cleantech energy integration specialist Ameresco (AMRC 2.90%) provided its investors with a pleasant jolt of energy after market close on Wednesday. It published a set of quarterly figures in which the headline numbers beat analyst estimates for both revenue and profitability. The market rewarded the company with a nearly 3% bump in its share price Thursday, a figure that was higher than the S&P 500 index's 0.5% rise.Growth and estimate beats in the fourth quarterNot only did Ameresco's fourth-quarter resul ...

Financial Data and Key Metrics Changes - The company reported total revenue of $441 million for Q4 2023, representing a 33% increase year-over-year [13] - Adjusted EBITDA grew 33% to $54.9 million in the quarter, with non-GAAP EPS nearly doubling from the previous year [15] - Gross margin for the quarter was 17%, which dipped due to project mix impacts [15] Business Line Data and Key Metrics Changes - Each of the four business lines experienced double-digit revenue growth, with the projects business showing particularly strong performance [13] - Energy asset revenue grew by 12%, driven by an increase in operating assets and higher RIN prices [14] - The O&M business and other lines of business grew by 13% and 12%, respectively [15] Market Data and Key Metrics Changes - The total project backlog reached a record $3.9 billion at the end of 2023, up approximately 50% from 2022 [9] - New awards for the year totaled $2.2 billion, with proposal activity at record levels [9] - The European revenue accounted for over 10% of total revenue, with growth exceeding 150% year-over-year [14] Company Strategy and Development Direction - The company aims for a 20% growth in its energy asset portfolio and plans to place approximately 200 megawatts of energy assets into service during 2024 [21] - The focus for 2024 is on executing the project backlog and generating cash flow [23] - The company is adapting to industry challenges by optimizing operational structures and focusing on larger opportunities in core markets [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in 2024, citing strong demand for energy efficiency and renewable solutions, supported by favorable macro factors [8] - The company is focused on timely conversion and execution of its project backlog, which is expected to yield results [11] - Management noted that the IRA legislation continues to support demand for their services, regardless of the political landscape [12] Other Important Information - The company anticipates a CapEx of $350 million to $400 million for 2024, primarily funded through energy asset debt and tax equity [22] - The corporate debt at year-end was $280 million, with a leverage ratio of 3.3 times, below the bank covenant level [19] Q&A Session Summary Question: Can you talk about the energy asset portfolio planning for 2024? - The company plans to retain the entire 200 megawatts on the balance sheet, with CapEx figures also retained [26] Question: Can you discuss the 2024 EBITDA guidance? - The guidance reflects a more conservative approach and includes a $40 million revenue pull into Q4 [34] Question: What is the normal quarterly cadence of your business? - Q1 is typically the lowest quarter, with a steady ramp-up expected through Q3 and Q4 [36] Question: Can you talk about the growth in Europe? - The company expects significant organic growth in Europe, particularly with new technologies [40] Question: What is the plan for debt raise? - The process is underway, with strong interest from lenders [47] Question: Can you clarify the expected timing around the SoCal projects? - The company is working on substantial completion checklists, with cash flow expected 60 days after completion [54] Question: What gives you confidence in meeting Q1 expectations? - Over 75% of total revenue is already contracted, providing visibility for Q1 [62] Question: How do you see the economics of energy efficiency currently? - The economic rationale for energy efficiency investments is stronger than ever due to rising energy prices [96]

Ameresco (AMRC) came out with quarterly earnings of $0.69 per share, beating the Zacks Consensus Estimate of $0.60 per share. This compares to earnings of $0.35 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 15%. A quarter ago, it was expected that this energy services company would post earnings of $0.47 per share when it actually produced earnings of $0.40, delivering a surprise of -14.89%.Over the last four quarters, the c ...

Q4 2023 Supplemental Information February 28, 2024 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounti ...

Exhibit 99.1 FOR IMMEDIATE RELEASE Ameresco Reports Fourth Quarter and Full Year 2023 Financial Results Awarded Project Backlog Conversion Drives Significant Q4 Revenue and Profit Growth Record Total Project Backlog of nearly $4B, with $520M in New Awards in Q4 717 MWe of Assets in Development, with 63 MWe Placed into Operation in the Quarter Guiding to 38% Adj. EBITDA Growth at the Midpoint for 2024 Full Year and Fourth Quarter 2023 Financial Highlights: • Revenues of $1,374.6 million and $441.4 million • ...