Group 1: Constellation Energy (CEG) - Constellation Energy is trading over 30% below its October records, despite being up 220% over the past three years, significantly outperforming the benchmark [1][4] - The company is positioned as a leader in the nuclear energy sector, with a strong outlook supported by a $27 billion acquisition of Calpine, enhancing its role in the AI energy landscape [8] - CEG's adjusted EPS is projected to grow by approximately 8% in 2025 and 22% in 2026, with a consistent dividend increase plan, raising dividends by 10% in 2025 after a 25% increase in 2024 [11][12] Group 2: Quanta Services (PWR) - Quanta Services has experienced a 75% increase in stock price over the past year, with a 24% year-to-date rise, driven by its involvement in the AI energy boom and grid expansion [3][16] - The company has doubled its revenue from $11.20 billion in 2020 to $23.67 billion in 2024, with a record backlog of $32.64 billion as of Q3 [22][23] - PWR is projected to grow its revenue by 18% in FY25 and 10% in 2026, reaching $30.84 billion, while also expanding its adjusted earnings by 18% and 17% respectively [24][27]

Financial Data and Key Metrics Changes - Ameresco reported a strong financial performance with second quarter revenue growing 8% and adjusted EBITDA increasing 24% year-over-year [15][17] - Net income attributable to common shareholders was $12.9 million, or $0.24 per share, with non-GAAP EPS of $0.27, reflecting a 30% growth compared to last year [17] - Total project backlog increased 16% to a record $5.1 billion, with contracted project backlog rising 46% to $2.4 billion [18] Business Line Data and Key Metrics Changes - Projects revenue grew 8%, driven by strong performance across geographies, particularly from a European joint venture [15][16] - Energy asset revenue grew 18%, supported by an increase in operating assets, which now total approximately 750 megawatts [16] - Recurring O&M revenue maintained steady growth, while revenue from other business lines declined due to the divestiture of the AEG business [16] Market Data and Key Metrics Changes - Europe now accounts for approximately 20% of the total project backlog, indicating significant growth potential in that region [10] - The company is well diversified across public and private customers, with independent power producers now representing over 20% of the total project backlog [9] Company Strategy and Development Direction - Ameresco's strategy focuses on diversification across customer base, technology portfolio, and geographic reach to capitalize on growth opportunities [10][11] - The company is investing in human capital and technology, including small modular reactors and battery storage, to stay ahead of market trends [12] - The management highlighted the importance of energy infrastructure solutions in response to increasing electricity demand and utility rates [6][8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the improved business environment with the federal government and ongoing federal contracts [13][88] - The company anticipates continued growth driven by rising electricity prices and the need for reliable energy supply [7][8] - Ameresco reaffirmed its guidance for 2025, indicating confidence in future performance despite potential regulatory changes [21] Other Important Information - The company raised approximately $170 million in new project financing during the quarter, including a $78 million note issuance [19] - Ameresco has a claim of approximately $27 million against a battery supplier that recently filed for bankruptcy, but this is not expected to impact project execution [20] Q&A Session Summary Question: Cash generation and net leverage perspective - Management indicated comfort with current leverage levels and expects to potentially reduce leverage as EBITDA grows and project collections occur [28] Question: Contracted backlog conversion trends - The increase in contracted backlog is driven by expanded service offerings and higher market demand, with margins trending positively [31][34] Question: Data center infrastructure exposure - Ameresco is actively working on energy supply projects for data centers, addressing the power shortage driven by new AI loads [36] Question: Equipment supply impact on growth - Supply tightness exists for certain equipment, but the company has managed to avoid delays in project implementation [42] Question: European operations strategy - Ameresco is focusing on organic growth in Europe while remaining open to acquisitions, particularly in battery storage and solar [46][47] Question: Federal business outlook - Management expressed optimism about federal contracts and the value proposition of energy savings in infrastructure upgrades [88][90] Question: Energy asset deployment guidance - The company maintains guidance of deploying 100 to 120 megawatts of energy assets by year-end, with expectations for a stronger Q4 [51][94] Question: RNG business outlook - Ameresco remains positive about the RNG business, especially with the ability to monetize investment tax credits [65] Question: SMR partnership with Terrestrial Energy - The partnership aims to explore next-generation firm energy solutions, with projects expected to take several years to develop [68]