Ameresco(AMRC) - 2024 Q4 - Annual Results

Financial Performance - FY24 total revenue increased by 29% to $1,769.9 million, with Q4 revenue growing 20.7% to $532.7 million[5][6] - Adjusted EBITDA for Q4 was $87.2 million, reflecting a 58.7% increase compared to the previous year[6][9] - Net income attributable to common shareholders for Q4 was $37.1 million, a 14.6% increase year-over-year[6][9] - Revenues for Q4 2024 reached $532.67 million, a 20.7% increase from $441.37 million in Q4 2023[28] - Gross profit for the year ended December 31, 2024, was $256.09 million, compared to $246.43 million in 2023, reflecting a growth of 3.7%[28] - Net income attributable to common shareholders for the year ended December 31, 2024, was $56.76 million, down 9.1% from $62.47 million in 2023[28] - Net income for the year ended December 31, 2024, was $53,940,000, a decrease of 15.6% compared to $63,904,000 in 2023[30] - Adjusted EBITDA for the year ended December 31, 2024, was $225,341,000, reflecting a substantial increase from $54,939,000 in 2023[33] - Adjusted EBITDA for the year ended December 31, 2023, was $162,990,000, with an adjusted EBITDA margin of 11.9%[34] Project Backlog and Contracts - Total project backlog rose 24% year-over-year to $4.8 billion, with contracted project backlog reaching $2.5 billion, approximately double the levels of 2023[1][4][8] - Record Q4 contract conversions amounted to $1.1 billion, driving year-over-year contracted backlog up 92%[2][4] - New contracts awarded in 2024 totaled $2,527,854,000, significantly up from $1,276,660,000 in 2023[35] - The company recorded new awards of $2,246,669,000 for the year ended December 31, 2024, compared to $2,193,225,000 in 2023[35] Assets and Liabilities - Total assets increased to $4.16 billion in 2024 from $3.71 billion in 2023, representing a growth of 12.0%[23][26] - Current liabilities decreased to $889.01 million in 2024 from $901.47 million in 2023, a reduction of 1.4%[24] - Cash and cash equivalents rose to $108.52 million in 2024, up from $79.27 million in 2023, an increase of 36.8%[23] - The company’s energy assets net value increased to $1.92 billion in 2024 from $1.69 billion in 2023, a growth of 13.7%[23] - Cash, cash equivalents, and restricted cash at the end of 2024 totaled $198,378,000, up from $153,676,000 at the end of 2023[32] Capital Expenditures and Guidance - Anticipated capex for 2025 is projected to be between $350 million and $400 million, primarily funded through additional energy asset debt and tax equity[11][9] - The company expects 2025 revenue guidance between $1.85 billion and $1.95 billion, with adjusted EBITDA guidance of $225 million to $245 million[14][9] - The effective tax rate for 2025 is expected to range from (50)% to (35)%[14] Corporate Actions - The company successfully divested its AEG business unit, resulting in a gain of approximately $38.0 million, which improved its corporate debt leverage ratio[6][7] - The company reported a gain on the sale of business amounting to $38.01 million in Q4 2024[28] - The company recorded a gain on the sale of business amounting to $(38,007,000) in 2024, with no such gain reported in 2023[30] Cash Flow and Expenses - Cash flows from operating activities increased significantly to $117,598,000 in 2024, compared to a negative cash flow of $(69,991,000) in 2023[30] - Selling, general and administrative expenses increased to $173.76 million for the year ended December 31, 2024, compared to $162.14 million in 2023, a rise of 7.9%[28] - Payments on long-term corporate debt financings were $(127,000,000) in 2024, compared to $(155,000,000) in 2023[32] - The company experienced a net increase in cash of $44,702,000 in 2024, compared to an increase of $3,788,000 in 2023[32] - Stock-based compensation expense rose to $14,130,000 in 2024 from $10,318,000 in 2023[30] Impairments and Adjustments - The company reported an increase in energy asset impairment charges to $12,384,000 in 2024, compared to $1,609,000 in 2023[34]