Ameresco(US:AMRC)2024-11-07 21:08Financial Performance - Total revenue increased by 49% year-over-year to $500.9 million, with project revenue growing by 59%[1] - Net income attributable to common shareholders was $17.6 million, down from $21.3 million in the same period last year[3] - Adjusted EBITDA reached a record $62.2 million, representing a 43.6% increase[4] - Total revenues for the three months ended September 30, 2024, were $500,873,000, a 49.4% increase from $335,149,000 for the same period in 2023[22] - Gross profit for the three months ended September 30, 2024, was $77,139,000, compared to $63,656,000 for the same period in 2023, reflecting a gross margin improvement[22] - Operating income for the three months ended September 30, 2024, was $35,159,000, compared to $21,430,000 for the same period in 2023, reflecting improved operational efficiency[22] - Adjusted EBITDA for the three months ended September 30, 2024, was $62,194, with an adjusted EBITDA margin of 12.4%[25] - Net income for the nine months ended September 30, 2024, decreased to $16,030, down 48% from $30,812 in the same period of 2023[23] - Adjusted EBITDA for the nine months ended September 30, 2024, reached $138,156, with a margin of 11.2%[27] Backlog and Contracts - Total project backlog grew by 22% year-over-year to $4.5 billion, with contracted backlog increasing by 56% to $1.9 billion[2] - New contracts awarded in the three months ended September 30, 2023, totaled $341,140 thousand, compared to $799,380 thousand in the same period of 2022, indicating a decline of approximately 57.3%[30] - New awards for the nine months ended September 30, 2024, reached $1,534,824 thousand, compared to $1,673,625 thousand in the same period of 2023, reflecting a decrease of approximately 8.3%[30] Cash and Liquidity - The company ended the quarter with $113.5 million in cash and an Adjusted Cash from Operations of $34.4 million[5] - Cash and cash equivalents increased to $113,502,000 as of September 30, 2024, from $79,271,000 as of December 31, 2023, indicating improved liquidity[20] - Cash flows from operating activities for the nine months ended September 30, 2024, were $99,222, compared to a negative cash flow of $40,421 in the same period of 2023[23] - Cash flows from operating activities for the three months ended September 30, 2023, were $25,091 thousand, a significant improvement from $(6,572) thousand in the same period of 2022[29] - Cash flows from investing activities for the nine months ended September 30, 2024, were $(355,392), an improvement from $(465,193) in 2023[23] Assets and Liabilities - Total current assets increased to $1,224,551,000 as of September 30, 2024, compared to $1,128,471,000 as of December 31, 2023, driven by higher accounts receivable and cash balances[20] - Total assets reached $3,982,238,000 as of September 30, 2024, up from $3,713,776,000 at the end of 2023, indicating strong growth in the asset base[21] - Current liabilities increased to $964,667,000 as of September 30, 2024, compared to $901,471,000 as of December 31, 2023, primarily due to higher accounts payable[20] Debt and Financial Ratios - Corporate debt was reported at $272.5 million, with a corporate leverage ratio of 2.8X, below the covenant level of 3.5X[5] - The company anticipates continued growth in revenues and profitability, driven by market expansion and new product developments[19] - The company reaffirmed its full-year 2024 guidance, expecting revenue growth of 27% and Adjusted EBITDA growth of 35% at midpoints[13] Other Financial Metrics - The company reported a net loss attributable to non-controlling interests of $585,000 for the three months ended September 30, 2024, compared to a net income of $423,000 in the same period of 2023[22] - The company experienced a significant increase in costs and estimated earnings in excess of billings, totaling $126,694 for the nine months ended September 30, 2024, compared to $5,260 in 2023[23] - Stock-based compensation expense for the nine months ended September 30, 2024, was $10,368, down from $12,318 in the same period of 2023[23] - The company reported a net gain from derivatives of $(267) for the nine months ended September 30, 2024, compared to a loss of $(3,306) in 2023[23] - Non-GAAP net income for the three months ended September 30, 2023, was $16,843 thousand, a decrease from $21,144 thousand in the same period of 2022, representing a decline of approximately 20.8%[29] - Diluted net income per common share for the three months ended September 30, 2023, was $0.33, down from $0.40 in the prior year, reflecting a decrease of 17.5%[29]