FRAMINGHAM, Mass. & KAUAI, Hawaii--(BUSINESS WIRE)--Ameresco, Inc., (NYSE: AMRC), a leading cleantech integrator specializing in energy efficiency and renewable energy, today announced the completion of the installation of new energy efficiency and maintenance advancements at OUTRIGGER Kauai Beach Resort & Spa as part of a 15-year Energy as a Service (EaaS) agreement. The partnership allowed the oceanfront resort to update and replace its energy-related equipment without up-front capital. The $15.5 milli ...

FRAMINGHAM, Mass. & WARREN, Mich.--(BUSINESS WIRE)--Ameresco, Inc. (NYSE: AMRC), a leading cleantech integrator specializing in energy efficiency and renewable energy announces they have been awarded an Energy Savings Performance Contract (ESPC) from Warren Woods Public Schools in Warren, Michigan. The collaboration aims to improve the district's facilities by promoting sustainability, energy efficiency and financial resilience. Under the ESPC, Ameresco will implement a variety of cutting-edge technologi ...

Ameresco representatives present check for one time donation to the Village of DePue as a part of the project for beneficial reuse of the landfill and community support of clean energy. (Photo: Business Wire)Ameresco representatives present check for one time donation to the Village of DePue as a part of the project for beneficial reuse of the landfill and community support of clean energy. (Photo: Business Wire)FRAMINGHAM, Mass. & DEPUE, Ill.--(BUSINESS WIRE)--Ameresco, Inc., (NYSE: AMRC), a leading cleant ...

Core Insights - Ameresco, Inc. has received a Silver Award for Energy, Cleantech, and Environment Company of the Year in the 2024 Globee® Awards for American Business, highlighting its leadership in the cleantech sector [1] - The award recognizes Ameresco's commitment to supporting customers in the clean energy transition and its success in delivering energy-efficient and renewable solutions [2] Company Achievements - Ameresco's renewable energy assets and customer projects achieved a carbon offset equivalent to approximately 14.7 million metric tons of CO2 in 2022, demonstrating significant environmental impact [2] - The company offers a comprehensive portfolio of sustainable solutions that reduce energy consumption and operating costs, upgrade facilities with no upfront cost, and enhance occupant comfort [2] Company Overview - Founded in 2000, Ameresco, Inc. is a leading cleantech integrator and renewable energy asset developer, with a focus on helping customers achieve net-zero decarbonization and energy resiliency [4] - The company operates with over 1,300 employees across North America and Europe, providing local expertise and successfully completing projects for various sectors, including government, healthcare, and education [4]

Ameresco, Inc. (NYSE:AMRC) Q3 2023 Results Conference Call November 6, 2023 4:30 PM ET Company Participants Leila Dillon - SVP, Marketing & Communications George Sakellaris - Chairman, President & CEO Doran Hole - EVP, CFO Mark Chiplock - SVP, CAO Joshua Baribeau - SVP, Finance and Corporate Treasury Conference Call Participants Christopher Souther - B. Riley Eric Stine - Craig-Hallum George Gianarikas - Canaccord Genuity Greg Wasikowski - Webber Research & Advisory Joseph Osha - Guggenheim Julien Dumoulin ...

[PART I - FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Condensed Consolidated Financial Statements](index=4&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements) For the nine months ended September 30, 2023, Ameresco reported decreased revenue and net income due to project timing, while assets and liabilities increased, driven by energy asset growth and financing [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of September 30, 2023, total assets increased to $3.46 billion and total liabilities to $2.51 billion, primarily driven by growth in energy assets and long-term debt, with stockholders' equity modestly rising Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Total Current Assets** | $1,030,123 | $1,001,351 | | **Energy assets, net** | $1,656,585 | $1,181,525 | | **Total Assets** | **$3,460,993** | **$2,876,821** | | **Total Current Liabilities** | $882,342 | $812,068 | | **Long-term debt and financing lease liabilities, net** | $1,022,256 | $568,635 | | **Total Liabilities** | $2,513,692 | $1,957,167 | | **Total Stockholders' Equity** | $899,126 | $873,031 | [Condensed Consolidated Statements of Income](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) For Q3 2023, revenues decreased 24.1% to $335.1 million and net income fell 24.9%, while nine-month revenues dropped 37.5% to $933.3 million and net income decreased 61.4%, primarily due to large project timing Performance Summary (in thousands, except per share data) | Metric | Q3 2023 | Q3 2022 | YTD 2023 | YTD 2022 | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | $335,149 | $441,296 | $933,265 | $1,492,695 | | **Gross Profit** | $63,656 | $79,556 | $172,253 | $229,237 | | **Operating Income** | $21,430 | $38,938 | $48,143 | $110,678 | | **Net Income** | $20,842 | $27,735 | $30,812 | $79,906 | | **Diluted EPS** | $0.40 | $0.51 | $0.54 | $1.44 | [Condensed Consolidated Statements of Cash Flows](index=13&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended September 30, 2023, net cash used in operating activities improved to $40.4 million, while investing activities increased to $465.2 million due to energy asset investments, and financing activities provided $532.4 million from new debt Cash Flow Summary (Nine Months Ended Sep 30, in thousands) | Activity | 2023 | 2022 | | :--- | :--- | :--- | | **Net Cash from Operating Activities** | $(40,421) | $(273,169) | | **Net Cash from Investing Activities** | $(465,193) | $(202,664) | | **Net Cash from Financing Activities** | $532,401 | $554,194 | | **Net increase in cash** | $25,807 | $76,504 | - Capital investment in energy assets significantly increased to **$445.5 million** in the first nine months of 2023, compared to **$182.1 million** in the same period of 2022[23](index=23&type=chunk) [Notes to Condensed Consolidated Financial Statements (Unaudited)](index=15&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) The notes detail key accounting policies, the acquisition of Enerqos Energy Solutions for $13.4 million, a substantial increase in total debt to $1.46 billion for energy asset growth, and a 52.1% effective tax benefit from IRA credits - On March 30, 2023, the company acquired Enerqos Energy Solutions S.r.l. for a total purchase consideration of **$13.4 million**, resulting in **$6.9 million** of goodwill[57](index=57&type=chunk)[58](index=58&type=chunk) - Total debt and financing lease liabilities increased from **$915.7 million** at year-end 2022 to **$1.46 billion** as of September 30, 2023, mainly due to increased non-recourse construction revolvers and term loans[89](index=89&type=chunk) - The company recorded an income tax benefit of **$10.6 million** for the nine months ended Sep 30, 2023, resulting in an effective tax rate of **-52.1%**, primarily due to benefits from the Inflation Reduction Act (IRA), including investment tax credits and Section 179D deductions[103](index=103&type=chunk)[104](index=104&type=chunk) - Contracted backlog stood at **$2.43 billion** as of September 30, 2023, with approximately **35%** expected to be recognized as revenue in the next twelve months[54](index=54&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=36&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes revenue and net income declines to large project timing, highlights a strong $3.7 billion backlog and $1.8 billion assets in development, notes IRA impacts and supply chain challenges, and confirms sufficient liquidity through new debt financing [Key Factors and Trends](index=37&type=section&id=Key%20Factors%20and%20Trends) The business environment is shaped by the IRA causing project delays, ongoing global supply chain issues, potential U.S. government shutdown risks, and management of delays and potential liquidated damages for SCE battery storage projects - The Inflation Reduction Act (IRA) is seen as favorable, but has led to some project delays as customers evaluate its benefits and funding mechanisms[157](index=157&type=chunk) - Global factors like supply chain disruptions, labor shortages, and inflation negatively impacted results in the first nine months of 2023 and are expected to continue[158](index=158&type=chunk)[161](index=161&type=chunk) - The company is working with Southern California Edison (SCE) to evaluate force majeure claims for delays on three BESS projects, potentially facing up to **$89 million** in liquidated damages if unsuccessful[168](index=168&type=chunk) [Backlog and Assets in Development](index=38&type=section&id=Backlog%20and%20Assets%20in%20Development) The company's total project backlog grew significantly to $3.7 billion and assets in development increased to $1.8 billion as of September 30, 2023, indicating strong future growth potential Project & O&M Backlog (in thousands) | Backlog Type | Sep 30, 2023 | Sep 30, 2022 | | :--- | :--- | :--- | | **Total Project Backlog** | $3,701,340 | $2,626,775 | | - Fully-contracted | $1,188,460 | $933,295 | | - Awarded, not yet signed | $2,512,880 | $1,693,480 | | **O&M Backlog** | $1,237,985 | $1,245,790 | - Assets in development increased to an estimated **$1.8 billion** at September 30, 2023, from **$1.4 billion** at the same time in 2022[175](index=175&type=chunk) [Results of Operations](index=40&type=section&id=Results%20of%20Operations) For Q3 2023, revenue decreased 24.1% and operating income fell 45.0%, while nine-month revenue dropped 37.5% and operating income 56.5%, primarily due to lower project revenue from the large SCE battery storage project Q3 Year-Over-Year Comparison (in thousands) | Metric | Q3 2023 | Q3 2022 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | $335,149 | $441,296 | $(106,147) | (24.1)% | | **Gross Profit** | $63,656 | $79,556 | $(15,900) | (20.0)% | | **Operating Income** | $21,430 | $38,938 | $(17,508) | (45.0)% | | **Net Income** | $20,842 | $27,735 | $(6,893) | (24.9)% | Nine Months Year-Over-Year Comparison (in thousands) | Metric | YTD 2023 | YTD 2022 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | $933,265 | $1,492,695 | $(559,430) | (37.5)% | | **Gross Profit** | $172,253 | $229,237 | $(56,984) | (24.9)% | | **Operating Income** | $48,143 | $110,678 | $(62,535) | (56.5)% | | **Net Income** | $30,812 | $79,906 | $(49,094) | (61.4)% | [Business Segment Analysis](index=41&type=section&id=Business%20Segment%20Analysis) For the nine months ended September 30, 2023, revenue declines were concentrated in U.S. Regions and U.S. Federal segments due to project timing, while the All Other segment grew significantly, and income before taxes decreased across most segments Revenues by Segment (Nine Months Ended Sep 30, in thousands) | Segment | 2023 | 2022 | % Change | | :--- | :--- | :--- | :--- | | U.S. Regions | $406,593 | $983,111 | (58.6)% | | U.S. Federal | $226,916 | $276,198 | (17.8)% | | Canada | $51,140 | $43,999 | 16.2% | | Alternative Fuels | $85,974 | $87,874 | (2.2)% | | All Other | $162,642 | $101,513 | 60.2% | Income Before Taxes by Segment (Nine Months Ended Sep 30, in thousands) | Segment | 2023 | 2022 | % Change | | :--- | :--- | :--- | :--- | | U.S. Regions | $33,401 | $77,407 | (56.9)% | | U.S. Federal | $26,227 | $36,623 | (28.4)% | | Canada | $3,027 | $1,482 | 104.3% | | Alternative Fuels | $7,445 | $18,891 | (60.6)% | | All Other | $6,514 | $8,952 | (27.2)% | [Liquidity and Capital Resources](index=43&type=section&id=Liquidity%20and%20Capital%20Resources) The company funds operations through cash flow and significant debt financing, having raised $566.4 million from non-recourse loans and $100.3 million from sale-leasebacks in the first nine months of 2023, and believes current liquidity is sufficient through at least November 2024 - The company believes cash, working capital, and availability under its credit facilities will be sufficient to fund operations through at least November 2024[188](index=188&type=chunk) - In August 2023, the company entered into a two-phased agreement to acquire an energy asset project and Bright Canyon Energy Corporation (BCE), involving cash, seller financing, and assumed debt[190](index=190&type=chunk)[191](index=191&type=chunk)[192](index=192&type=chunk) - The company has actively used project financing, raising **$566.4 million** from non-recourse loans and **$100.3 million** from sale-leasebacks in the first nine months of 2023 to fund renewable energy plant construction[198](index=198&type=chunk)[199](index=199&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=46&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As of September 30, 2023, there have been no significant changes in the company's market risk exposures compared to those described in its 2022 Form 10-K - There have been no significant changes in market risk exposures that materially affected the quantitative and qualitative disclosures as described in Item 7A to the 2022 Form 10-K[212](index=212&type=chunk) [Controls and Procedures](index=46&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of September 30, 2023, with updates made to internal controls for a new ERP system and complex lease agreements - Management concluded that as of the evaluation date, the company's disclosure controls and procedures were effective at a reasonable assurance level[213](index=213&type=chunk) - Changes to internal controls were made to accommodate a new ERP system and to handle complex lease agreements with non-monetary, in-kind consideration[215](index=215&type=chunk) [PART II - OTHER INFORMATION](index=47&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Legal Proceedings](index=47&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to various legal proceedings in the ordinary course of business but does not anticipate any material adverse effects on its financial condition or operations - The company does not believe that any currently pending or threatened legal proceedings will have a material adverse effect on its business, results of operations, or financial condition[217](index=217&type=chunk) [Risk Factors](index=47&type=section&id=Item%201A.%20Risk%20Factors) This section refers to the detailed risk factors in the 2022 Form 10-K, indicating no material changes to those risks - The report directs readers to the "Risk Factors" section in the 2022 Form 10-K for a comprehensive description of business risks[218](index=218&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=47&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase shares in Q3 2023, with approximately $5.9 million remaining available under its stock repurchase program as of September 30, 2023 - No shares were repurchased in Q3 2023. Approximately **$5.9 million** remains authorized for repurchase under the existing program as of September 30, 2023[219](index=219&type=chunk) [Other Information](index=47&type=section&id=Item%205.%20Other%20Information) This section discloses Director Jennifer Miller's adoption of a Rule 10b5-1 trading plan on May 22, 2023, for the potential sale of up to 40,000 shares - Director Jennifer Miller adopted a Rule 10b5-1 trading arrangement on May 22, 2023, to sell up to **40,000 shares** of Class A common stock[223](index=223&type=chunk) [Exhibits](index=49&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including an amendment to the credit agreement, officer certifications, and financial statements in Inline XBRL [Signatures](index=50&type=section&id=Signatures) This section contains the required signatures for the Form 10-Q filing

Financial Data and Key Metrics Changes - Second quarter revenue was $327.1 million, exceeding guidance by approximately $37 million, with adjusted EBITDA at the higher end of the range [12][13] - Gross margin expanded to 17.9%, driven by a decline in lower-margin contracts as a percentage of total revenue [13] - The company ended the quarter with a record total project backlog of $3.2 billion, a 9% sequential increase [5][13] Business Line Data and Key Metrics Changes - Energy Asset revenue grew by 17% year-over-year, attributed to an increased number of operating assets [12] - Operations and Maintenance (O&M) business delivered 9% growth, while other business lines increased by 4% due to higher demand for utility, SaaS, and consulting services [12] Market Data and Key Metrics Changes - The company added $493 million in new project awards during the quarter, bringing total awards for the first half of the year to nearly $1 billion [5] - The Inflation Reduction Act has significantly boosted the adoption of standalone battery storage systems, which now represent 41% of assets in development [6][8] Company Strategy and Development Direction - The company aims to achieve net zero emissions from internal operations by 2040 and has set a target for emissions reduction through the Science-Based Targets initiative by 2025 [11] - The focus on large battery energy storage contracts is a key growth area, with the company positioned as a leader in this market due to its technical expertise and supplier relationships [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in long-term growth, supported by a strong project backlog and visibility into future revenues exceeding $6.7 billion [19] - The company reaffirmed its 2023 guidance, anticipating adjusted EBITDA growth of 5% at the midpoint, despite challenges from the completion of large projects [18] Other Important Information - The EPA's ruling on Renewable Fuel Standard targets has positively impacted the price of D3 RINs, enhancing long-term visibility for the company's RNG operations [9][10] - The company is committed to maintaining a flexible business model that allows for both project and asset business lines to capitalize on the growing demand for renewable energy solutions [17] Q&A Session Summary Question: Clarification on revenue guidance and performance - Management indicated that while there has been better-than-expected performance, they are not changing overall guidance due to timing shifts in project awards [21][22] Question: Project margins and operating leverage - Management noted that project margins were impacted by a mix of lower-margin contracts and cost overruns, but they expect margins to improve in the second half of the year [23][24] Question: Impact of RFS decision on guidance - The increase in RIN prices has a positive but not significant impact on guidance, as the company maintains conservative assumptions [25][26] Question: Insights into pricing environment and project margins - Management reported strong bidding activity and larger project sizes, which contribute to profitability despite lower margins on certain contracts [28][29] Question: Update on European market traction - The company is experiencing strong activity in Europe, with successful projects in Italy and Greece, and anticipates further growth [31][32] Question: Storage business procurement process - The company is expanding relationships with battery suppliers and is more selective in procurement processes following learnings from previous projects [34][35] Question: Focus on free cash flow generation - Management emphasized flexibility in project and asset business strategies, with no prescriptive move towards one over the other [40][41] Question: Update on RNG projects and construction timelines - Construction of RNG projects is progressing well, with several expected to come online in 2024 [58][59] Question: Approach to RIN monetization - The company plans to hedge 50% of output while selling the rest in the open market, benefiting from improved RIN pricing visibility [47][48] Question: CapEx expectations for the year - Management indicated that CapEx was front-end loaded due to the timing of larger projects, with substantial amounts already spent [78][79] Question: Update on the Bristol project - The company is pleased with the progress on the Bristol project, although approvals have been slower than anticipated [80]

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 June 30, 2023 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 04-3512838 (State ...

Ameresco, Inc. (NYSE:AMRC) Q1 2023 Earnings Conference Call May 1, 2023 4:30 PM ET Company Participants Leila Dillon - Investor Relations George Sakellaris - Chairman, President and Chief Executive Officer Doran Hole - Executive Vice President and Chief Financial Officer Josh Baribeau - Senior Vice President, Finance Conference Call Participants Noah Kaye - Oppenheimer & Company Stephen Gengaro - Stifel Tim Mulrooney - William Blair Julien Dumoulin-Smith - Bank of America Eric Stine - Craig-Hallum George Gi ...

Q1 2023 Supplemental Information May 1, 2023 ameresco.com © 2023 Ameresco, Inc. All rights reserved. Safe Harbor 2 Forward Looking Statements Any statements in this presentation about future expectations, plans and prospects for Ameresco, Inc., including statements about market conditions, pipeline, visibility and backlog, as well as estimated future revenues, net income, adjusted EBITDA, Non-GAAP EPS, gross margin, capital investments, other financial guidance and longer term outlook, statements about our ...