Ameresco Reports Second Quarter 2022 Financial Results

– Record Q2 Revenue and Profit with Growth Across All Business Lines –

– Continued Momentum in New Project Awards and Proposal Activity –

– Announced Company’s Largest PV & Battery Storage Asset –

– Reiterates FY22 Guidance –

Second Quarter 2022 Financial Highlights:

(All financial result comparisons made are against the prior year period unless otherwise noted)

  • Revenues of $577.4 million, up 111%
  • Net income attributable to common shareholders of $32.2 million, up 136%
  • GAAP EPS of $0.61, up 135%
  • Non-GAAP EPS of $0.62, up 82%
  • Adjusted EBITDA of $60.3 million, up 75%

FRAMINGHAM, Mass.–(BUSINESS WIRE)–#carbonreduction–Ameresco, Inc. (NYSE:AMRC), a leading cleantech integrator specializing in energy efficiency and renewable energy, today announced financial results for the fiscal quarter ended June 30, 2022. The Company also furnished supplemental information in conjunction with this press release in a Current Report on Form 8-K. The supplemental information, which includes Non-GAAP financial measures, has been posted to the “Investors” section of the Company’s website at www.ameresco.com. Reconciliations of Non-GAAP measures to the appropriate GAAP measures are included herein.

“Ameresco, through dedication and diversification, is pleased to report another quarter of record results, with each of our four business lines posting considerable year-over-year growth. Second quarter revenue more than doubled, led by our Projects business line, which continues to benefit from the diversity and increased scale and complexity of projects in our backlog. We achieved sequential and year-over-year increases in our awarded backlog in the second quarter, reflecting Ameresco’s market share gains as well as the expansion of our addressable market. The combination of rising energy costs, the growing focus by customers on reducing their environmental impact, and the need for comprehensive energy efficient and resilient solutions has driven our bid and proposal activity to record levels in the first half of 2022.

“Together with our partner, Bright Canyon Energy, we signed a 37-year enhanced use lease with the Department of Navy and received approval for a 20-year PPA from the PUC of Hawaii that significantly expands our portfolio of Energy Assets in development. The Kūpono Solar, LLC Asset will represent the largest combined PV and battery asset ever developed and constructed by Ameresco. When complete, this asset will add capacity of 42 megawatts (MW) of clean renewable electricity and 42 MW/168 MWh of battery storage to Hawaiian Electric’s grid on the island of O’ahu. Completion is expected in early 2024. This asset marks the first time we have worked with Bright Canyon Energy Corporation, who will have an equity ownership in the asset,” commented George P. Sakellaris, President and Chief Executive Officer.

Ameresco is providing an update on the progress of the Southern California Edison (SCE) battery energy storage systems (BESS) projects. During the second quarter, we made substantial progress on the projects, achieving a number of key milestones despite Covid, supply chain, and permitting challenges. Approximately two thirds of the batteries for the projects are on site with the balance in transit. We now expect 200 to 300MW of capacity to be in service in September and continue to expect completion by the end of this year.

“Ameresco continued to be recognized by industry experts during the quarter. We were ranked number one in the Guidehouse Insights Energy as a Service (EaaS) Leaderboard report for the second consecutive year and were granted two Platinum Hermes Creative Awards for our continued ESG initiatives,” concluded George P. Sakellaris, President and Chief Executive Officer.

Second Quarter Financial Results

(All financial result comparisons made are against the prior year period unless otherwise noted.)

Total revenue increased 111% with growth across all of the Company’s lines of business. Project revenue increased 149% as we continued to execute on the SCE projects while certain other projects progressed ahead of our expectations. Continued growth in our operating energy asset base and increased performance from our existing assets drove Energy Asset revenue up 16%. Other revenue grew 15% with strength in integrated PV sales, and O&M revenue increased over 7%. Gross margin was 14.1%, in line with our expectations, reflecting the impact from the higher revenue contribution from our lower margin SCE design/build projects. Revenue performance combined with the Company’s strong operating leverage enhanced net income to $32.2 million, representing a 136% increase, and Adjusted EBITDA to $60.3 million, a 75% increase. The results for the three months ended June 30, 2022 and 2021 reflect a non-cash downward adjustment of $0.7 million and $4.2 million, respectively, related to non-controlling interest activities.

Working capital increased in-line with our expectations during the quarter due to the execution of our large SCE design/build projects. We collected a milestone payment of $33 million from SCE subsequent to the end of Q2.

(in millions)

2Q 2022

2Q 2021

 

Revenue

Net Income (1)

Adj. EBITDA

Revenue

Net Income (1)

Adj. EBITDA

Projects

$489.1

$15.8

$29.2

$196.3

$10.4

$11.3

Energy Assets

$42.9

$12.9

$24.7

$36.9

$1.1

$20.3

O&M

$21.1

$2.4

$4.0

$19.6

$1.9

$2.4

Other

$24.3

$1.1

$2.4

$21.1

$0.2

$0.3

Total (1)

$577.4

$32.2

$60.3

$273.9

$13.7

$34.4

(1) Net Income represents net income attributable to common shareholders.

(2) Numbers in table may not foot due to rounding.

($ in millions)

 

At June 30, 2022

Awarded Project Backlog (1)

 

$1,829

Contracted Project Backlog

 

$1,003

Total Project Backlog

 

$2,832

 

 

 

O&M Revenue Backlog

 

$1,197

Energy Asset Visibility (2)

 

$1,019

Operating Energy Assets

 

354 MWe

Ameresco’s Ownership of Assets in Development (3)

 

436 MWe

(1) Customer contracts that have not been signed yet

(2) Estimated contracted revenue and incentives on our operating Energy Assets, which may vary with actual production and future values of certain environmental attributes

(3) Ameresco owned capacity not reflecting partner’s minority interest

Project Highlights

In the second quarter of 2022:

  • Ameresco was awarded a 6 MW / 6 MWh BESS by the U.S. Army to add a comprehensive energy storage system to the existing 18.6 MW solar renewable energy facility at the Fort Detrick Army Garrison in Frederick, Maryland.
  • The Company announced a $102 million energy conservation project and accompanying 25-year O&M service agreement at Joint Base Pearl Harbor-Hickam (JBPHH) Air Force Base in Hawaii.
  • Ameresco completed a comprehensive energy and water retrofit project with the Massachusetts College of Art and Design (MassArt) including improved lighting controls, building management system and controls upgrades, steam heating improvements, make up air units and exhaust fans installations, real-time metering – demand response, general building code upgrades and more.

Asset Highlights

In the second quarter of 2022:

  • Ameresco continued to grow its Assets in Development, bringing the total to 477 MWe. After subtracting the partner’s minority interests, Ameresco’s owned capacity of Assets in Development is 436 MWe.
  • The Company, along with our equity partner Bright Canyon, announced the Kūpono Solar joint venture, a 42 MW photovoltaic solar array and 42 MW/168 MWh lithium-ion battery storage system with a 20-year power purchase agreement (PPA) with Hawaiian Electric.
  • Ameresco completed a 6.9 MW DC PV asset for off-taker GlaxoSmithKline (GSK) Consumer Healthcare who will purchase renewable electricity from the asset as part of a 17-year PPA.

Summary and Outlook

Ameresco continues to deliver record results, while building the foundation for robust long-term growth. With our acknowledged technological expertise and proven track record, we are moving ahead to capture the expanding opportunities on the horizon, with a flexible business model that provides significant visibility,” Mr. Sakellaris noted.

“We are pleased to reiterate our 2022 guidance for year-over-year revenue, Adjusted EBITDA, and Non-GAAP EPS growth of 52%, 34%, and 26%, respectively, at the midpoints of our guidance ranges. We anticipate that Q3 revenue will be slightly greater than that of Q4, and second half 2022 gross margins will be approximately 18%. During 2022, we anticipate placing between 60 and 80 MWe of energy assets in service, while investing approximately $225 million to $275 million of capital, the majority of which we expect to fund with non-recourse debt.” Mr. Sakellaris concluded.

FY 2022 Guidance Ranges

Revenue

$1.83 billion

$1.87 billion

Gross Margin

15.5%

16.5%

Adjusted EBITDA

$200 million

$210 million

Interest Expense & Other

$25 million

$27 million

Effective Tax Rate

13%

17%

Non-GAAP EPS

$1.85

$1.95

The Company’s guidance excludes the impact of any non-controlling interest activity, one-time charges, asset impairment charges, restructuring activities, as well as any related tax impact.

Conference Call/Webcast Information

The Company will host a conference call today at 4:30 p.m. ET to discuss second quarter financial results, business and financial outlook and other business highlights. Participants may access the earnings conference call by pre-registering here at least fifteen minutes in advance. A live, listen-only webcast of the conference call will also be available over the Internet. Individuals wishing to listen can access the call through the “Investors” section of the Company’s website at www.ameresco.com. If you are unable to listen to the live call, an archived webcast will be available on the Company’s website for one year.

Use of Non-GAAP Financial Measures

This press release and the accompanying tables include references to adjusted EBITDA, Non- GAAP EPS, Non-GAAP net income and adjusted cash from operations, which are Non-GAAP financial measures. For a description of these Non-GAAP financial measures, including the reasons management uses these measures, please see the section following the accompanying tables titled “Exhibit A: Non-GAAP Financial Measures”. For a reconciliation of these Non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with GAAP, please see Non-GAAP Financial Measures and Non-GAAP Financial Guidance in the accompanying tables.

About Ameresco, Inc.

Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading cleantech integrator and renewable energy asset developer, owner and operator. Our comprehensive portfolio includes energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions delivered to clients throughout North America and Europe. Ameresco’s sustainability services in support of clients’ pursuit of Net-Zero include upgrades to a facility’s energy infrastructure and the development, construction, and operation of distributed energy resources. Ameresco has successfully completed energy saving, environmentally responsible projects with Federal, state and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,200 employees providing local expertise in the United States, Canada, and Europe. For more information, visit www.ameresco.com.

Safe Harbor Statement

Any statements in this press release about future expectations, plans and prospects for Ameresco, Inc., including statements about market conditions, pipeline and backlog, as well as estimated future revenues, net income, adjusted EBITDA, Non-GAAP EPS, gross margin, capital investments, other financial guidance, statements about our agreement with SCE including the impact of any delays, and other statements containing the words “projects,” “believes,” “anticipates,” “plans,” “expects,” “will” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward looking statements as a result of various important factors, including the timing of, and ability to, enter into contracts for awarded projects on the terms proposed or at all; the timing of work we do on projects where we recognize revenue on a percentage of completion basis, including the ability to perform under recently signed contracts without delay; demand for our energy efficiency and renewable energy solutions; our ability to complete and operate our projects on a profitable basis and as committed to our customers; our ability to arrange financing to fund our operations and projects and to comply with covenants in our existing debt agreements; changes in federal, state and local government policies and programs related to energy efficiency and renewable energy and the fiscal health of the government; the ability of customers to cancel or defer contracts included in our backlog; the effects of our acquisitions and joint ventures; seasonality in construction and in demand for our products and services; a customer’s decision to delay our work on, or other risks involved with, a particular project; availability and costs of labor and equipment particularly given global supply chain challenges; our reliance on third parties for our construction and installation work; the addition of new customers or the loss of existing customers including our reliance on the agreement with SCE for a significant portion of our revenues in 2022; the impact from Covid-19 on our business; global supply chain challenges, component shortages and inflationary pressures; market price of the Company’s stock prevailing from time to time; the nature of other investment opportunities presented to the Company from time to time; the Company’s cash flows from operations; cybersecurity incidents and breaches; and other factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the U.S. Securities and Exchange Commission (SEC) on March 1, 2022, the Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, filed with the SEC on May 3, 2022, and other SEC filings. The forward-looking statements included in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

AMERESCO, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share amounts)

 

 

June 30,

 

December 31,

 

2022

 

2021

 

(Unaudited)

 

 

ASSETS

Current assets:

 

 

 

Cash and cash equivalents

$

67,553

 

 

$

50,450

 

Restricted cash

 

27,079

 

 

 

24,267

 

Accounts receivable, net

 

207,990

 

 

 

161,970

 

Accounts receivable retainage, net

 

43,444

 

 

 

43,067

 

Costs and estimated earnings in excess of billings

 

663,798

 

 

 

306,172

 

Inventory, net

 

10,886

 

 

 

8,807

 

Prepaid expenses and other current assets

 

23,153

 

 

 

25,377

 

Income tax receivable

 

4,299

 

 

 

5,261

 

Project development costs

 

16,668

 

 

 

13,214

 

Total current assets

 

1,064,870

 

 

 

638,585

 

Federal ESPC receivable

 

671,241

 

 

 

557,669

 

Property and equipment, net

 

14,000

 

 

 

13,117

 

Energy assets, net

 

964,871

 

 

 

856,531

 

Deferred income tax assets, net

 

3,646

 

 

 

3,703

 

Goodwill, net

 

70,825

 

 

 

71,157

 

Intangible assets, net

 

5,532

 

 

 

6,961

 

Operating lease assets

 

38,929

 

 

 

41,982

 

Restricted cash, net of current portion

 

16,675

 

 

 

12,337

 

Other assets

 

34,187

 

 

 

22,779

 

Total assets

$

2,884,776

 

 

$

2,224,821

 

 

 

 

 

LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY

Current liabilities:

 

 

 

Current portion of long-term debt and financing lease liabilities

$

82,707

 

 

$

78,934

 

Accounts payable

 

432,695

 

 

 

308,963

 

Accrued expenses and other current liabilities

 

41,629

 

 

 

43,311

 

Current portion of operating lease liabilities

 

5,953

 

 

 

6,276

 

Billings in excess of cost and estimated earnings

 

39,787

 

 

 

35,918

 

Income taxes payable

 

1,633

 

 

 

822

 

Total current liabilities

 

604,404

 

 

 

474,224

 

Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs

 

698,365

 

 

 

377,184

 

Federal ESPC liabilities

 

657,235

 

 

 

532,287

 

Deferred income tax liabilities, net

 

8,855

 

 

 

3,871

 

Deferred grant income

 

8,099

 

 

 

8,498

 

Long-term operating lease liabilities, net of current portion

 

32,642

 

 

 

35,135

 

Other liabilities

 

45,691

 

 

 

43,176

 

Commitments and contingencies

 

 

 

Redeemable non-controlling interests, net

$

47,918

 

 

$

46,182

 

Stockholders’ equity:

 

 

 

Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at June 30, 2022 and December 31, 2021

 

 

 

 

 

Class A common stock, $0.0001 par value, 500,000,000 shares authorized, 35,935,688 shares issued and 33,833,893 shares outstanding at June 30, 2022, 35,818,104 shares issued and 33,716,309 shares outstanding at December 31, 2021

 

3

 

 

 

3

 

Class B common stock, $0.0001 par value, 144,000,000 shares authorized, 18,000,000 shares issued and outstanding at June 30, 2022 and December 31, 2021

 

2

 

 

 

2

 

Additional paid-in capital

 

294,240

 

 

 

283,982

 

Retained earnings

 

488,278

 

 

 

438,732

 

Accumulated other comprehensive loss, net

 

(4,354

)

 

 

(6,667

)

Treasury stock, at cost, 2,101,795 shares at June 30, 2022 and December 31, 2021

 

(11,788

)

 

 

(11,788

)

Stockholders’ equity before non-controlling interest

 

766,381

 

 

 

704,264

 

Non-controlling interest

 

15,186

 

 

 

 

Total stockholders’ equity

 

781,567

 

 

 

704,264

 

Total liabilities, redeemable non-controlling interests and stockholders’ equity

$

2,884,776

 

 

$

2,224,821

 

AMERESCO, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share amounts) (Unaudited)

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2022

 

2021

 

2022

 

2021

Revenues

$

577,397

 

 

$

273,920

 

 

$

1,051,399

 

 

$

526,122

 

Cost of revenues

 

496,094

 

 

 

220,598

 

 

 

901,718

 

 

 

425,891

 

Gross profit

 

81,303

 

 

 

53,322

 

 

 

149,681

 

 

 

100,231

 

Selling, general and administrative expenses

 

38,249

 

 

 

31,882

 

 

 

77,941

 

 

 

60,483

 

Operating income

 

43,054

 

 

 

21,440

 

 

 

71,740

 

 

 

39,748

 

Other expenses, net

 

5,249

 

 

 

5,450

 

 

 

12,330

 

 

 

9,122

 

Income before income taxes

 

37,805

 

 

 

15,990

 

 

 

59,410

 

 

 

30,626

 

Income tax provision (benefit)

 

4,932

 

 

 

(1,896

)

 

 

7,239

 

 

 

309

 

Net income

 

32,873

 

 

 

17,886

 

 

 

52,171

 

 

 

30,317

 

Net income attributable to redeemable non-controlling interests

 

(657

)

 

 

(4,231

)

 

 

(2,571

)

 

 

(5,488

)

Net income attributable to common shareholders

$

32,216

 

 

$

13,655

 

 

$

49,600

 

 

$

24,829

 

Net income per share attributable to common shareholders:

 

 

 

 

 

 

 

Basic

$

0.62

 

 

$

0.27

 

 

$

0.96

 

 

$

0.49

 

Diluted

$

0.61

 

 

$

0.26

 

 

$

0.93

 

 

$

0.48

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

Basic

 

51,818

 

 

 

51,315

 

 

 

51,781

 

 

 

50,158

 

Diluted

 

53,173

 

 

 

52,570

 

 

 

53,407

 

 

 

51,475

 

AMERESCO, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands) (Unaudited)

 

 

Six Months Ended June 30,

 

2022

 

2021

Cash flows from operating activities:

 

 

 

Net income

$

52,171

 

 

$

30,317

 

Adjustments to reconcile net income to cash flows from operating activities:

 

 

 

Depreciation of energy assets, net

 

23,978

 

 

 

20,136

 

Depreciation of property and equipment

 

1,404

 

 

 

1,637

 

Gain on contingent consideration

 

(320

)

 

 

 

Accretion of ARO liabilities

 

72

 

 

 

57

 

Amortization of debt discount and debt issuance costs

 

2,036

 

 

 

1,477

 

Amortization of intangible assets

 

1,020

 

 

 

161

 

Provision for bad debts

 

244

 

 

 

6

 

Equity in earnings of unconsolidated entity

 

(989

)

 

 

 

Net loss from derivatives

 

555

 

 

 

1,225

 

Stock-based compensation expense

 

7,206

 

 

 

2,115

 

Deferred income taxes, net

 

3,606

 

 

 

335

 

Unrealized foreign exchange loss (gain)

 

467

 

 

 

(32

)

Changes in operating assets and liabilities:

 

 

 

Accounts receivable

 

(44,334

)

 

 

15,230

 

Accounts receivable retainage

 

(458

)

 

 

(6,211

)

Federal ESPC receivable

 

(113,478

)

 

 

(125,146

)

Inventory, net

 

(2,080

)

 

 

(224

)

Costs and estimated earnings in excess of billings

 

(358,603

)

 

 

(8,893

)

Prepaid expenses and other current assets

 

(1,629

)

 

 

2,445

 

Project development costs

 

(1,332

)

 

 

760

 

Other assets

 

(10,020

)

 

 

(3,691

)

Accounts payable, accrued expenses and other current liabilities

 

126,783

 

 

 

(22,941

)

Billings in excess of cost and estimated earnings

 

4,073

 

 

 

(8,174

)

Other liabilities

 

18

 

 

 

(207

)

Income taxes receivable, net

 

1,767

 

 

 

3,135

 

Cash flows from operating activities

 

(307,843

)

 

 

(96,483

)

Cash flows from investing activities:

 

 

 

Purchases of property and equipment

 

(2,525

)

 

 

(1,484

)

Capital investment in new energy assets

 

(124,924

)

 

 

(97,891

)

Capital investment in major maintenance of energy assets

 

(4,838

)

 

 

(6,376

)

Cash flows from investing activities

 

(132,287

)

 

 

(105,751

)

Cash flows from financing activities:

 

 

 

Proceeds from equity offering, net of offering costs

 

 

 

 

120,081

 

Payments of debt discount and debt issuance costs

 

(2,756

)

 

 

(1,162

)

Proceeds from exercises of options and ESPP

 

2,814

 

 

 

3,263

 

Proceeds from (payments on) senior secured revolving credit facility, net

 

120,000

 

 

 

(28,073

)

Proceeds from long-term debt financings

 

307,911

 

 

 

64,854

 

Proceeds from Federal ESPC projects

 

121,731

 

 

 

70,159

 

Proceeds for (payments on) energy assets from Federal ESPC

 

4,651

 

 

 

(117

)

Contributions from non-controlling interest

 

12,919

 

 

 

 

(Distributions to) proceeds from redeemable non-controlling interests, net

 

(561

)

 

 

1,583

 

Payments on long-term debt and financing leases

 

(101,035

)

 

 

(33,664

)

Cash flows from financing activities

 

465,674

 

 

 

196,924

 

Effect of exchange rate changes on cash

 

(1,291

)

 

 

315

 

Net increase (decrease) in cash, cash equivalents, and restricted cash

 

24,253

 

 

 

(4,995

)

Cash, cash equivalents, and restricted cash, beginning of period

 

87,054

 

 

 

98,837

 

Cash, cash equivalents, and restricted cash, end of period

$

111,307

 

 

$

93,842

 

Non-GAAP Financial Measures (In thousands) (Unaudited)

 

 

Three Months Ended June 30, 2022

Adjusted EBITDA:

Projects

Energy

Assets

O&M

Other

Consolidated

Net income attributable to common shareholders

$

15,786

 

$

12,886

 

$

2,428

 

$

1,116

 

$

32,216

 

Impact from redeemable non-controlling interests

 

 

 

657

 

 

 

 

 

 

657

 

Plus (less): Income tax provision (benefit)

 

5,680

 

 

(2,300

)

 

1,056

 

 

496

 

 

4,932

 

Plus: Other expenses, net

 

3,719

 

 

1,278

 

 

104

 

 

148

 

 

5,249

 

Plus: Depreciation and amortization

 

723

 

 

11,887

 

 

286

 

 

388

 

 

13,284

 

Plus: Stock-based compensation

 

3,110

 

 

273

 

 

134

 

 

158

 

 

3,675

 

Plus: Restructuring and other charges

 

143

 

 

 

 

26

 

 

72

 

 

241

 

Adjusted EBITDA

$

29,161

 

$

24,681

 

$

4,034

 

$

2,378

 

$

60,254

 

Adjusted EBITDA margin

 

6.0

%

 

57.5

%

 

19.2

%

 

9.8

%

 

10.4

%

 

Three Months Ended June 30, 2021

Adjusted EBITDA:

Projects

Energy

Assets

O&M

Other

Consolidated

Net income attributable to common shareholders

$

10,379

 

$

1,146

 

$

1,932

 

$

198

 

$

13,655

 

Impact from redeemable non-controlling interests

 

 

 

4,231

 

 

 

 

 

 

4,231

 

Less: Income tax benefit

 

(1,080

)

 

(422

)

 

(73

)

 

(321

)

 

(1,896

)

Plus: Other expenses (income), net

 

316

 

 

5,172

 

 

5

 

 

(43

)

 

5,450

 

Plus: Depreciation and amortization

 

624

 

 

9,938

 

 

433

 

 

340

 

 

11,335

 

Plus: Stock-based compensation

 

966

 

 

182

 

 

97

 

 

104

 

 

1,349

 

Plus: Restructuring and other charges

 

133

 

 

25

 

 

12

 

 

64

 

 

234

 

Adjusted EBITDA

$

11,338

 

$

20,272

 

$

2,406

 

$

342

 

$

34,358

 

Adjusted EBITDA margin

 

5.8

%

 

54.9

%

 

12.3

%

 

1.6

%

 

12.5

%

Contacts

Media Relations

Leila Dillon, 508.661.2264, news@ameresco.com

Investor Relations

Eric Prouty, AdvisIRy Partners, 212.750.5800, eric.prouty@advisiry.com
Lynn Morgen, AdvisIRy Partners, 212.750.5800, lynn.morgen@advisiry.com

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