Ameresco Reports Third Quarter 2024 Financial Results
Total Revenue Growth of 49% Led by 59% Increase in Project Revenue
Total Project Backlog up 22% Y/Y to $4.5 billion; Contracted Backlog up 56% Y/Y
Record 209 MWe Energy Assets Placed into Operation YTD Exceeding FY Guidance
New Contracts Drive $180 million Y/Y Increase in O&M Backlog
Reaffirming 2024 Guidance
Third Quarter 2024 Financial Highlights:
- Revenues of $500.9 million
- Net income attributable to common shareholders of $17.6 million
- GAAP EPS of $0.33
- Non-GAAP EPS of $0.32
- Adjusted EBITDA of $62.2 million
FRAMINGHAM, Mass.–(BUSINESS WIRE)–Ameresco, Inc. (NYSE:AMRC), a leading cleantech integrator specializing in energy efficiency and renewable energy, today announced financial results for the fiscal quarter ended September 30, 2024. 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. All financial result comparisons made are against the prior year period unless otherwise noted.
CEO George Sakellaris commented, “Our team continued to deliver excellent results with year-on-year quarterly revenue growth of 49% and record Adjusted EBITDA of over $62 million, growing 44% in the third quarter, reflecting strong demand for Ameresco’s unique blend of services across our customer base. Each of our four business lines achieved strong year-on-year growth, led by Projects, Energy Assets and O&M, where revenues increased at substantial double-digit rates. At the same time, we brought over 40MWe of Energy Assets into operation, resulting in a year-to-date total of 209 MWe – a record number for Ameresco and already above our full year guidance of 200MWe. New business activity remained robust with our total Project Backlog growing to $4.5 billion at the end of the quarter, an increase of 22% from last year. Importantly, our continued focus on contract conversion helped drive a 56% increase in contracted backlog to a record $1.9 billion. We also had a very strong quarter with our recurring O&M business adding over $180 million in additional backlog versus last year.”
Third Quarter Financial Results
(All financial result comparisons made are against the prior year period unless otherwise noted.)
|
(in millions) |
Q3 2024 |
Q3 2023 |
||||
|
|
Revenue |
Net Income (1) |
Adj. EBITDA |
Revenue |
Net Income (1) |
Adj. EBITDA |
|
Projects |
$385.4 |
$9.9 |
$20.6 |
$242.7 |
$13.5 |
$16.4 |
|
Energy Assets |
$59.1 |
$2.7 |
$33.3 |
$44.3 |
$5.5 |
$21.6 |
|
O&M |
$28.4 |
$3.8 |
$5.1 |
$22.8 |
$2.4 |
$3.9 |
|
Other |
$27.9 |
$1.2 |
$3.1 |
$25.4 |
$0.0 |
$1.4 |
|
Total (2) |
$500.9 |
$17.6 |
$62.2 |
$335.1 |
$21.3 |
$43.3 |
|
|
|
|
|
|
|
|
|
(1) Net Income represents net income attributable to common shareholders. |
||||||
|
(2) Numbers in table may not sum due to rounding. |
||||||
Total revenue increased 49.4% to $500.9 million with significant growth across all four of our business lines. Projects revenue grew 58.8%, as our focus on execution and conversion of our backlog continued to yield positive results. Energy Assets revenue grew an impressive 33.4% driven by growth in operating assets placed in service. O&M revenue increased 24.6% reflecting a solid attachment rate to our growing projects business and strong execution on our contracts. Other revenue increased 9.8%. Gross margin of 15.4% reflects a larger contribution from lower-margin projects, and additional costs associated with the SCE projects as previously discussed during prior periods. SG&A decreased slightly contributing to improved operating leverage.
Net income attributable to common shareholders was $17.6 million compared to $21.3 million during the same period last year impacted by higher interest-related and depreciation expenses. Those interest costs included a $3.7 million non-cash negative adjustment to mark certain interest rate derivatives to market compared to a $3.0 million favorable adjustment last year. Additionally, the results for the third quarter last year included a discrete tax benefit of $7.2 million related to a prior year Section 179D tax deduction. GAAP and Non-GAAP EPS of $0.33 and $0.32, respectively.
Adjusted EBITDA of $62.2 million, representing our single largest quarter, increased 43.6%.
Balance Sheet and Cash Flow Metrics
|
($ in millions) |
September 30, 2024 |
|
Total Corporate Debt (1) |
$272.5 |
|
Corporate Debt Leverage Ratio (2) |
2.8X |
|
|
|
|
Total Energy Asset Debt (3) |
$1,388.3 |
|
Energy Asset Book Value (4) |
$1,882.6 |
|
Energy Debt Advance Rate (5) |
74% |
|
|
|
|
Q3 Cash Flows from Operating Activities |
$25.1 |
|
Plus: Q3 Proceeds from Federal ESPC Projects |
$9.3 |
|
Equals: Q3 Adjusted Cash from Operations |
$34.4 |
|
|
|
|
8-quarter rolling average Cash Flows from Operating Activities |
($4.5) |
|
Plus: 8-quarter rolling average Proceeds from Federal ESPC Projects |
$43.5 |
|
Equals: 8-quarter rolling average Adjusted Cash from Operations |
$39.0 |
|
|
|
|
(1) Subordinated Debt, term loans and drawn amounts on the revolving line of credit |
|
|
(2) Debt to EBITDA, as calculated under our Sr. Secured Credit Facility |
|
|
(3) Term loans, sale-leasebacks and construction loan project financings for our Energy Assets in operations and in-construction and development |
|
|
(4) Book Value of our Energy Assets in operations and in-construction and development |
|
|
(5) Total Energy Asset Debt divided by Energy Asset Book Value |
|
The Company ended the quarter with $113.5 million in cash. Our total corporate debt including our subordinated debt, term loans and drawn amounts on our revolving line of credit was $272.5 million, with our corporate leverage ratio as calculated under our Sr. Secured Credit Facility continued to decline to 2.8X, below our 3.5x covenant level. During the quarter we successfully executed approximately $237.0 million in project financing commitments to fund the continued growth of our Energy Asset business, of which we received net proceeds of $57.0 million. Our Energy Asset Debt was $1.4 billion with an Energy Debt Advance rate of 74% on the Energy Asset Book Value. Our Adjusted Cash from Operations during the quarter was $34.4 million. Our 8-quarter rolling average Adjusted Cash from Operations was $39.0 million.
|
($ in millions) |
|
At September 30, 2024 |
|
Awarded Project Backlog (1) |
|
$2,656 |
|
Contracted Project Backlog |
|
$1,853 |
|
Total Project Backlog |
|
$4,509 |
|
12-month Contracted Backlog (2) |
|
$977 |
|
|
|
|
|
O&M Revenue Backlog |
|
$1,421 |
|
12-month O&M Backlog |
|
$91 |
|
Energy Asset Visibility (3) |
|
$3,175 |
|
Operating Energy Assets |
|
715 MWe |
|
Ameresco’s Net Assets in Development (4) |
|
589 MWe |
|
|
|
|
|
(1) Customer contracts that have not been signed yet |
||
|
(2) We define our 12-month backlog as the estimated amount of revenues that we expect to recognize in the next twelve months from our fully-contracted backlog |
||
|
(3) Estimated contracted revenue and incentives during PPA period plus estimated additional revenue from operating RNG assets over a 20-year period, assuming RINs at $1.50/gallon and brown gas at $3.50/MMBtu with $3.00/MMBtu for LCFS on certain projects |
||
|
(4) Net MWe capacity includes only our share of any jointly owned assets |
||
- Ameresco’s Assets in Development ended the quarter at 595 MWe. After subtracting Ameresco’s partners’ minority interests, Ameresco’s owned capacity of Assets in Development at quarter end was 589 MWe.
- Ameresco brought 42 MWe of Energy Assets into operation, including the 11.7 MWe Keller Canyon RNG plant and 27 MWe battery storage at the remaining 3 United Power sites.
Subsequent Events
Today Ameresco announced the promotion of four key leaders at Ameresco: Michael Bakas, Nicole Bulgarino, Peter Christakis, and Louis Maltezos. Over the past few years, the Company has experienced significant growth, necessitating a management structure that is both visionary and resilient to drive continued profitable growth.
- Michael Bakas has been appointed President – Renewable Fuels. Michael will continue to focus on the expansion of our renewable fuels asset class, which includes one of the most robust pipelines of plants in the country.
- Nicole Bulgarino has been appointed President – Federal and Utility Infrastructure. In this role, Nicole will continue to oversee our expanding Federal business while also driving the development of emerging utility infrastructure opportunities.
- Peter Christakis has been appointed President – East USA, Greece & Project Risk. In this capacity, Peter will manage our East region while also expanding our pipeline of solar projects. Additionally, Peter will lead our centralized procurement and corporate risk initiatives to provide significant corporate support across the organization.
- Louis Maltezos has been appointed President – Central & Western USA, Canada. Louis will continue unifying these regions and concentrating on our core markets. He and his team will also work on expanding our Smart Solutions portfolio by promoting new building controls, efficiency initiatives, and advanced water metering offerings across our customer base.
Summary and Outlook
“With our record project backlog, expanding portfolio of operating Energy Assets and growing base of long-term O&M contracts, Ameresco is very well positioned for future growth. As we look ahead to 2025, we believe the need for our smart solutions that provide energy resiliency, cost savings and infrastructure upgrades will continue to be in very high demand. We have all the elements in place to achieve another year of impressive growth in revenue and faster growth in profitability while continuing to capture growing business opportunities,” Mr. Sakellaris concluded.
Ameresco is reaffirming its full year 2024 guidance which is included in the table below. Our guidance range reflects revenue and Adjusted EBITDA growth of 27% and 35%, respectively, at the midpoints. While we expect higher Interest Expense and Other in the range of $70 million to $75 million, we are also maintaining our Non-GAAP EPS guidance, largely driven by our estimated annual tax benefit rate.
|
FY 2024 Guidance Ranges |
||
|
Revenue |
$1.70 billion |
$1.80 billion |
|
Gross Margin |
16.0% |
16.5% |
|
Adjusted EBITDA |
$210 million |
$230 million |
|
Interest Expense & Other |
$70 million |
$75 million |
|
Non-GAAP EPS |
$1.15 |
$1.35 |
The Company’s Adjusted EBITDA and Non-GAAP EPS guidance excludes the impact of redeemable non-controlling interest activity, one-time charges, asset impairment charges, changes in contingent consideration, 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 third quarter 2024 financial results, business and financial outlook, and other business highlights. To participate on the day of the call, dial 1-888-596-4144, or internationally 1-646-968-2525, and enter the conference ID: 9604248, approximately 10 minutes before the call. 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 solutions that help customers reduce costs, decarbonize to net zero, and build energy resiliency while leveraging smart, connected technologies. From implementing energy efficiency and infrastructure upgrades to developing, constructing, and operating distributed energy resources – we are a trusted sustainability partner. Ameresco has successfully completed energy saving, environmentally responsible projects with Federal, state and local governments, utilities, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,500 employees providing local expertise in North America 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, visibility, backlog, pending agreements, financial guidance including estimated future revenues, net income, adjusted EBITDA, Non-GAAP EPS, gross margin, effective tax rate, and capital investments, as well as statements about our financing plans, the impact the IRA, the impact of changes in the U.S. administration, supply chain disruptions, shortage and cost of materials and labor, and other macroeconomic and geopolitical challenges; our expectations related to our agreement with SCE including the impact of delays and any requirement to pay liquidated damages, 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: demand for our energy efficiency and renewable energy solutions; 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; the ability to perform under signed contracts without delay and in accordance with their terms and related liquidated and other damages we may be subject to; the fiscal health of the government and the risk of government shutdowns; our ability to complete and operate our projects on a profitable basis and as committed to our customers; our cash flows from operations and our ability to arrange financing to fund our operations and projects; our customers’ ability to finance their projects and credit risk from our customers; our ability to comply with covenants in our existing debt agreements including the requirement to raise additional subordinated debt; the impact of macroeconomic challenges, weather related events and climate change on our business; our reliance on third parties for our construction and installation work; availability and cost of labor and equipment particularly given global supply chain challenges, tariffs and global trade conflicts; global supply chain challenges, component shortages and inflationary pressures; changes in federal, state and local government policies and programs related to energy efficiency and renewable energy; the ability of customers to cancel or defer contracts included in our backlog; the output and performance of our energy plants and energy projects; cybersecurity incidents and breaches; regulatory and other risks inherent to constructing and operating energy assets; 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; the addition of new customers or the loss of existing customers; market price of our Class A Common stock prevailing from time to time; the nature of other investment opportunities presented to our Company from time to time; risks related to our international operation and international growth strategy; and other factors discussed in our most recent Annual Report on Form 10-K and our quarterly reports on Form 10-Q. 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) |
||||||
|
September 30, |
December 31, |
|||||
|
2024 |
2023 |
|||||
|
(unaudited) |
||||||
| ASSETS | ||||||
| Current assets: | ||||||
| Cash and cash equivalents |
$ |
113,502 |
$ |
79,271 |
||
| Restricted cash |
|
71,868 |
|
62,311 |
||
| Accounts receivable, net |
|
230,298 |
|
153,362 |
||
| Accounts receivable retainage, net |
|
43,466 |
|
33,826 |
||
| Costs and estimated earnings in excess of billings |
|
572,804 |
|
636,163 |
||
| Inventory, net |
|
11,973 |
|
13,637 |
||
| Prepaid expenses and other current assets |
|
155,353 |
|
123,391 |
||
| Income tax receivable |
|
4,468 |
|
5,775 |
||
| Project development costs, net |
|
20,819 |
|
20,735 |
||
| Total current assets |
|
1,224,551 |
|
1,128,471 |
||
| Federal ESPC receivable |
|
565,964 |
|
609,265 |
||
| Property and equipment, net |
|
16,777 |
|
17,395 |
||
| Energy assets, net |
|
1,882,588 |
|
1,689,424 |
||
| Deferred income tax assets, net |
|
36,607 |
|
26,411 |
||
| Goodwill, net |
|
75,922 |
|
75,587 |
||
| Intangible assets, net |
|
5,387 |
|
6,808 |
||
| Operating lease assets |
|
77,609 |
|
58,586 |
||
| Restricted cash, non-current portion |
|
19,021 |
|
12,094 |
||
| Other assets |
|
77,812 |
|
89,735 |
||
| Total assets |
$ |
3,982,238 |
$ |
3,713,776 |
||
| LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY | ||||||
| Current liabilities: | ||||||
| Current portions of long-term debt and financing lease liabilities, net |
$ |
343,247 |
$ |
322,247 |
||
| Accounts payable |
|
399,244 |
|
402,752 |
||
| Accrued expenses and other current liabilities |
|
101,259 |
|
108,831 |
||
| Current portions of operating lease liabilities |
|
12,242 |
|
13,569 |
||
| Billings in excess of cost and estimated earnings |
|
108,020 |
|
52,903 |
||
| Income taxes payable |
|
655 |
|
1,169 |
||
| Total current liabilities |
|
964,667 |
|
901,471 |
||
| Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs |
|
1,317,517 |
|
1,170,075 |
||
| Federal ESPC liabilities |
|
520,497 |
|
533,054 |
||
| Deferred income tax liabilities, net |
|
2,601 |
|
4,479 |
||
| Deferred grant income |
|
6,806 |
|
6,974 |
||
| Long-term operating lease liabilities, net of current portion |
|
58,007 |
|
42,258 |
||
| Other liabilities |
|
102,645 |
|
82,714 |
||
| Redeemable non-controlling interests, net |
|
42,761 |
|
46,865 |
||
| Stockholders’ equity: | ||||||
| Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at September 30, 2024 and December 31, 2023 |
|
– |
|
– |
||
| Class A common stock, $0.0001 par value, 500,000,000 shares authorized, 36,544,586 shares issued and 34,442,751 shares outstanding at September 30, 2024, 36,378,990 shares issued and 34,277,195 shares outstanding at December 31, 2023 |
|
3 |
|
3 |
||
| Class B common stock, $0.0001 par value, 144,000,000 shares authorized, 18,000,000 shares issued and outstanding at September 30, 2024 and December 31, 2023 |
|
2 |
|
2 |
||
| Additional paid-in capital |
|
336,425 |
|
320,892 |
||
| Retained earnings |
|
615,503 |
|
595,911 |
||
| Accumulated other comprehensive loss, net |
|
(2,803) |
|
(3,045) |
||
| Treasury stock, at cost, 2,101,835 shares at September 30, 2024 and 2,101,795 shares at December 31, 2023 |
|
(11,788) |
|
(11,788) |
||
| Stockholders’ equity before non-controlling interest |
|
937,342 |
|
901,975 |
||
| Non-controlling interests |
|
29,395 |
|
23,911 |
||
| Total stockholders’ equity |
|
966,737 |
|
925,886 |
||
| Total liabilities, redeemable non-controlling interests and stockholders’ equity |
$ |
3,982,238 |
$ |
3,713,776 |
||
|
AMERESCO, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share amounts) (Unaudited) |
||||||||||||
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||
|
2024 |
2023 |
2024 |
2023 |
|||||||||
| Revenues |
$ |
500,873 |
$ |
335,149 |
$ |
1,237,261 |
$ |
933,265 |
||||
| Cost of revenues |
|
423,734 |
|
271,493 |
|
1,047,960 |
|
761,012 |
||||
| Gross profit |
|
77,139 |
|
63,656 |
|
189,301 |
|
172,253 |
||||
| Earnings from unconsolidated entities |
|
159 |
|
526 |
|
724 |
|
1,356 |
||||
| Selling, general and administrative expenses |
|
42,139 |
|
42,752 |
|
125,920 |
|
125,466 |
||||
| Operating income |
|
35,159 |
|
21,430 |
|
64,105 |
|
48,143 |
||||
| Other expenses, net |
|
21,469 |
|
10,642 |
|
51,399 |
|
27,883 |
||||
| Income before income taxes |
|
13,690 |
|
10,788 |
|
12,706 |
|
20,260 |
||||
| Income tax benefit |
|
(3,324) |
|
(10,054) |
|
(3,324) |
|
(10,552) |
||||
| Net income |
|
17,014 |
|
20,842 |
|
16,030 |
|
30,812 |
||||
| Net loss (income) attributable to non-controlling interests and redeemable non-controlling interests |
|
585 |
|
423 |
|
3,642 |
|
(2,077) |
||||
| Net income attributable to common shareholders |
$ |
17,599 |
$ |
21,265 |
$ |
19,672 |
$ |
28,735 |
||||
| Net income per share attributable to common shareholders: | ||||||||||||
| Basic |
$ |
0.34 |
$ |
0.41 |
$ |
0.37 |
$ |
0.55 |
||||
| Diluted |
$ |
0.33 |
$ |
0.40 |
$ |
0.37 |
$ |
0.54 |
||||
| Weighted average common shares outstanding: | ||||||||||||
| Basic |
|
52,413 |
|
52,209 |
|
52,352 |
|
52,104 |
||||
| Diluted |
|
53,243 |
|
53,300 |
|
53,098 |
|
53,259 |
||||
|
AMERESCO, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (Unaudited) |
||||||
|
Nine Months Ended September 30, |
||||||
|
2024 |
2023 |
|||||
| Cash flows from operating activities: | ||||||
| Net income |
$ |
16,030 |
$ |
30,812 |
||
| Adjustments to reconcile net income to net cash flows from operating activities: | ||||||
| Depreciation of energy assets, net |
|
57,352 |
|
42,847 |
||
| Depreciation of property and equipment |
|
3,699 |
|
2,849 |
||
| Increase in contingent consideration |
|
87 |
|
705 |
||
| Accretion of ARO liabilities |
|
243 |
|
194 |
||
| Amortization of debt discount and debt issuance costs |
|
3,764 |
|
3,407 |
||
| Amortization of intangible assets |
|
1,615 |
|
1,681 |
||
| Provision for bad debts |
|
1,292 |
|
637 |
||
| Loss on disposal of assets |
|
515 |
|
18 |
||
| Non-cash project revenue related to in-kind leases |
|
(2,971) |
|
– |
||
| Earnings from unconsolidated entities |
|
(724) |
|
(1,356) |
||
| Net gain from derivatives |
|
(267) |
|
(3,306) |
||
| Stock-based compensation expense |
|
10,368 |
|
12,318 |
||
| Deferred income taxes, net |
|
(3,914) |
|
(13,089) |
||
| Unrealized foreign exchange (gain) loss |
|
(898) |
|
1,148 |
||
| Changes in operating assets and liabilities: | ||||||
| Accounts receivable |
|
(64,045) |
|
58,135 |
||
| Accounts receivable retainage |
|
(9,753) |
|
4,589 |
||
| Federal ESPC receivable |
|
(110,841) |
|
(143,647) |
||
| Inventory, net |
|
1,664 |
|
570 |
||
| Costs and estimated earnings in excess of billings |
|
126,694 |
|
5,260 |
||
| Prepaid expenses and other current assets |
|
15,112 |
|
(10,925) |
||
| Income taxes receivable, net |
|
798 |
|
590 |
||
| Project development costs |
|
(4,456) |
|
(4,638) |
||
| Other assets |
|
(4,664) |
|
(2,080) |
||
| Accounts payable, accrued expenses and other current liabilities |
|
13,511 |
|
(38,444) |
||
| Billings in excess of cost and estimated earnings |
|
42,215 |
|
10,104 |
||
| Other liabilities |
|
6,796 |
|
1,200 |
||
| Cash flows from operating activities |
|
99,222 |
|
(40,421) |
||
| Cash flows from investing activities: | ||||||
| Purchases of property and equipment |
|
(3,053) |
|
(4,597) |
||
| Capital investments in energy assets |
|
(341,794) |
|
(445,540) |
||
| Capital investments in major maintenance of energy assets |
|
(13,597) |
|
(8,024) |
||
| Net proceeds from equity method investments |
|
13,091 |
|
– |
||
| Asset acquisition, net of cash acquired |
|
– |
|
6,206 |
||
| Contributions to equity method investments |
|
(10,442) |
|
(3,489) |
||
| Grant award received on energy asset |
|
403 |
|
– |
||
| Acquisitions, net of cash received |
|
– |
|
(9,183) |
||
| Loans to joint venture investments |
|
– |
|
(566) |
||
| Cash flows from investing activities |
|
(355,392) |
|
(465,193) |
||
| Cash flows from financing activities: | ||||||
| Payments of debt discount and debt issuance costs |
|
(10,114) |
|
(8,635) |
||
| Proceeds from exercises of options and ESPP |
|
1,899 |
|
3,384 |
||
| Payments on senior secured revolving credit facility, net |
|
(33,400) |
|
(115,000) |
||
| Proceeds from long-term debt financings |
|
663,598 |
|
728,600 |
||
| Proceeds from Federal ESPC projects |
|
129,399 |
|
107,303 |
||
| Net proceeds from energy asset receivable financing arrangements |
|
5,216 |
|
12,514 |
||
| Contributions from non-controlling interests |
|
33,789 |
|
499 |
||
| Distributions to non-controlling interest |
|
(1,367) |
|
(20,521) |
||
| Distributions to redeemable non-controlling interests, net |
|
(418) |
|
(494) |
||
| Payment on seller’s promissory note |
|
(41,941) |
|
(12,500) |
||
| Payments on debt and financing leases |
|
(441,603) |
|
(162,749) |
||
| Cash flows from financing activities |
|
305,058 |
|
532,401 |
||
| Effect of exchange rate changes on cash |
|
1,827 |
|
(980) |
||
| Net increase in cash, cash equivalents, and restricted cash |
|
50,715 |
|
25,807 |
||
| Cash, cash equivalents, and restricted cash, beginning of period |
|
153,676 |
|
149,888 |
||
| Cash, cash equivalents, and restricted cash, end of period |
$ |
204,391 |
$ |
175,695 |
||
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
