Ameresco(US:AMRC)2025-05-06 13:07Project Backlog and Revenues - Fully-contracted project backlog increased to $2,596,325,000 as of March 31, 2025, compared to $1,459,600,000 in 2024, representing an increase of 77.9%[148] - Total project backlog reached $4,903,892,000 as of March 31, 2025, up from $4,020,062,000 in 2024, indicating a growth of 21.9%[148] - The 12-month project backlog was $1,118,025,000 as of March 31, 2025, compared to $774,931,000 in 2024, marking an increase of 43.4%[148] - Total revenues for the three months ended March 31, 2025, increased by $54.4 million, or 18.2%, to $352.8 million compared to $298.4 million in 2024[155] - Project revenues increased by $47.2 million, or 23%, primarily due to the timing of revenue recognized based on costs incurred relative to total expected costs on active projects[158] Financial Performance - Gross profit as a percentage of revenues decreased to 14.7% in 2025 from 15.7% in 2024, attributed to a higher mix of lower-margin projects[155] - Operating income rose to $13.7 million, a 71.3% increase from $8.0 million in the prior year[155] - Net loss attributable to common shareholders was $5.5 million, an increase of $2.546 million, or 86.7%, compared to the previous year[155] Cash Flow and Financing - Cash flows from operating activities decreased by $49.1 million to $(28.3) million for the three months ended March 31, 2025, compared to $20.8 million in 2024[180] - Total net cash flows for the three months ended March 31, 2025, were $(31.6) million, a decrease of $25.9 million compared to $(5.7) million in 2024[180] - The company reported a significant increase in cash outflows of $111.8 million in accounts payable and other liabilities during the three months ended March 31, 2025[181] - Financing activities generated $114.5 million in cash inflows, primarily from energy asset financings of $112.6 million during the three months ended March 31, 2025[184] Investments and Capital Expenditures - The company made capital investments of $107.9 million in new energy assets and $6.0 million in major maintenance during the three months ended March 31, 2025[182] - The company plans to invest approximately $200 million to $250 million in additional capital expenditures for new renewable energy plants during the remainder of 2025[183] - The company plans additional project financings of approximately $250 million to $300 million during the remainder of 2025 to fund new renewable energy plants[186] Agreements and Contracts - The Southern California Edison Agreement includes a total engineering, procurement, and construction price of approximately $892 million for three grid-scale battery energy storage systems[144] - The company received approximately $110 million in milestone payments from SCE on September 5, 2024, related to the substantial completion of two projects[144] - As of March 31, 2025, the company had Federal ESPC liabilities totaling $567.6 million, which are contingent upon project completion and customer acceptance[176] Market Conditions and Expectations - The company expects ongoing supply chain disruptions and inflationary pressures to impact project delivery and operational costs in the near term[138] - The company anticipates that federal policies and regulatory measures will continue to influence its business operations and project funding[135] - Assets in development estimated at $2.3 billion as of March 31, 2025, down from $2.6 billion in 2024, reflecting a decrease of 11.5%[152] Regional Performance - North America Regions revenues increased by $39.975 million, or 28.9%, while U.S. Federal revenues decreased by $35.643 million, or 58.5%[158] - Europe revenues surged by $52.535 million, or 119.1%, driven by increased project activity under a joint venture in Greece[158]