Ameresco(US:AMRC)2019-08-08 16:39Financial Performance - For the three months ended June 30, 2019, revenues were $198.2 million, a slight increase of 0.6% from $197.0 million in the same period of 2018[129]. - For the six months ended June 30, 2019, revenues were $348.3 million, a decrease of 4.4% from $364.4 million in the same period of 2018[131]. - The net income attributable to common shareholders for the three months ended June 30, 2019, was $9.2 million, an increase from $8.7 million in the same period of 2018[129]. - For the six months ended June 30, 2019, the company reported a net income of $11.4 million, down from $16.2 million in the same period of 2018, reflecting a decrease of approximately 29.6%[155]. - Basic earnings per share for the three months ended June 30, 2019, was $0.20, an increase of $0.01 per share compared to the same period of 2018[139]. Revenue Breakdown - Revenues for the U.S. Regions segment decreased by $0.6 million, or 0.6%, to $88.2 million for the three months ended June 30, 2019, primarily due to a decrease in project revenues[144]. - Revenues for the U.S. Federal segment decreased by $3.2 million, or 5.5%, to $55.0 million for the three months ended June 30, 2019 compared to the same period in 2018[145]. - Revenues for the Canada segment decreased by $1.8 million, or 10.9%, to $15.0 million for the six months ended June 30, 2019 compared to the same period in 2018[148]. - Revenues for the Non-Solar DG segment increased by $3.3 million, or 16.8%, to $23.3 million for the three months ended June 30, 2019 compared to the same period in 2018[149]. - Revenues for the All Other segment increased by $1.7 million, or 7.6%, to $23.8 million for the three months ended June 30, 2019 compared to the same period in 2018[151]. Expenses and Margins - The gross profit margin for the three months ended June 30, 2019, was 21.8%, compared to 21.7% in the same period of 2018[129]. - Selling, general, and administrative expenses for the three months ended June 30, 2019, were $30.1 million, representing 15.2% of revenues, up from 14.6% in the same period of 2018[129]. - Selling, general and administrative expenses increased by $1.3 million, or 4.4%, to $30.1 million for the three months ended June 30, 2019, mainly due to increased salaries and benefits[134]. - Cost of revenues increased by $0.8 million, or 0.5%, to $155.0 million for the three months ended June 30, 2019, with gross margin slightly increasing to 21.8%[133]. Backlog and Future Revenue - As of June 30, 2019, the fully-contracted backlog was approximately $788.7 million, an increase from $679.1 million as of June 30, 2018[122]. - The awarded projects not yet contracted had an estimated total future revenue of $1,236.5 million as of June 30, 2019, compared to $1,298.5 million in 2018[122]. - The 12-month backlog as of June 30, 2019, was $431.4 million, compared to $354.7 million in 2018[122]. Cash Flow and Investments - Cash flows from operating activities used $109.3 million during the six months ended June 30, 2019, compared to $57.1 million used in the same period of 2018, indicating a significant increase in cash outflow[155]. - Cash flows from investing activities used $50.7 million during the six months ended June 30, 2019, compared to $62.3 million in the same period of 2018, showing a decrease of approximately 18.5%[155]. - Cash flows from financing activities provided $135.7 million during the six months ended June 30, 2019, an increase from $124.0 million in the same period of 2018, reflecting a growth of approximately 9.0%[155]. - The company plans to invest approximately $80.0 million to $100.0 million in additional capital expenditures in 2019, primarily for the construction or acquisition of new renewable energy plants[155]. - The company plans additional project financings of approximately $50.0 million to $60.0 million for the remainder of 2019 to fund new renewable energy projects[155]. Tax and Other Financial Metrics - The provision for income taxes was $0.8 million for the three months ended June 30, 2019, compared to $1.3 million for the same period in 2018, reflecting a decrease in the effective tax rate[138]. - Other expenses, net decreased by $0.2 million to $3.7 million for the three months ended June 30, 2019, primarily due to favorable foreign exchange rate fluctuations[136]. - Federal ESPC receivables used $61.8 million in cash during the six months ended June 30, 2019, compared to $69.3 million in the same period of 2018, indicating a decrease of approximately 20.0%[155]. - The company invested $46.5 million in energy assets during the six months ended June 30, 2019, compared to $58.3 million in the same period of 2018, reflecting a decrease of approximately 20.2%[155]. Market Risk and Transparency - The company had no off-balance sheet arrangements during the periods presented, ensuring transparency in its financial reporting[157]. - As of June 30, 2019, there were no significant changes in market risk exposures that materially affected the company's disclosures[159].