Ameresco, Inc. · NYSE:AMRC
Ameresco — Investor Day (2023)
28 slides from Ameresco's investor day presentation, 2023
Slide 1: Welcome to Ameresco's Investor Day - London
Welcome to Ameresco’s Investor Day - London
Slide 2: Safe Harbor
Safe Harbor Cautionary Language Concerning Forward-Looking Statements Any statements in this presentation about future expectations, plans and prospects for Ameresco, Inc., including statements about market conditions, pipeline, assets in development, visibility and backlog, as well as estimated fut
Slide 3: Agenda
Agenda 9:00am Welcome Remarks 9:05am Ameresco’s European Strategy & Policy Trends 9:15am Panel: EU Merger & Acquisition and Partnership Success Strategy 9:45am Panel: UK Business and Growth Strategy 10:15am Customer Presentation: Bristol City Leap 10:35am Ameresco, Inc. Financial Update 10:50am Clos
Slide 4: Conference Participants
Conference Participants George Sakellaris Doran Hole Britta MacIntosh Leila Dillon Josh Baribeau CEO & President CFO & EVP EVP, General Manager SVP, Marketing & SVP, Finance & West & Europe Region Communications Corporate Treasury Mark Apsey Kath Chapman Giorgio Pucci Enrico Giglioli Kye Dudd Konsta
Slide 5: Welcome Remarks
Welcome Remarks George Sakellaris CEO & President
Slide 6: Ameresco's European Focus
Ameresco’s European Focus Aspire to be the #1 Strengthen Clean Energy Cleantech Company Global Leadership via Strategic in Europe & North America, Expansion Across Europe creating a Sustainable World Apply our Holistic and Create Organic Growth Unbiased Approach to Deliver Trajectory and Invest in B
Slide 7: European Strategy & Policy Trends
European Strategy & Policy Trends Britta MacIntosh EVP, GM – West & Europe Region
Slide 8: Ameresco's Current European Portfolio
Ameresco’s Current European Portfolio Building the Ameresco Portfolio in Europe West County Cork Wind Farm since 2013 LED Scottish Colleges Project Energy Efficiency Beale Hill Wind Farm LED West Lothian Council Acquisitions & Partnerships Wind Beckfoot Trust Assets Solar LED University of West Lond
Slide 9: Ameresco's Expansion in Europe
Ameresco’s Expansion in Europe European Strategy • Amplify Ameresco’s robust portfolio of solutions and low-carbon technologies • Accretive acquisitions with established, local companies that have a strong track-record and customer portfolio • Enter joint ventures and secure partnerships that streng
Slide 10: Key Drivers for Ameresco's Expansion
Key Drivers for Ameresco’s Expansion Climate Policy Geopolitical Environment • Climate-neutral by 2050: • Vision of secure, affordable, Commitment to global climate action sustainable energy under the Paris Agreement • Energy crisis triggered by high gas and • European Green Deal: Striving to be ene
Slide 11: Ameresco's Approach
Ameresco’s Approach Leverage our global solution portfolio and financial infrastructure to support a region’s clean energy transition Target accretive acquisitions, joint ventures and partnerships to broaden our regional knowledge base and build a strong customer portfolio Position customer project
Slide 12: Panel: EU Merger and Acquisition & Partnership Success Strategy
Panel: EU Merger and Acquisition & Partnership Success Strategy Moderator Doran Hole Konstantinos Zygouras EVP & CFO Chairman & CEO, Sunel Group Josh Baribeau SVP, Finance & Corporate Treasury Giorgio Pucci Enrico Giglioli Executive Chairman, ENERQOS CEO & Senior Advisor, ENERQOS
Slide 13: Acquisition Timeline
Acquisition Timeline 2000 2005 2010 2015 2020 2025 Planergy Citizens Housing Quantum APS Energy JVP Engineers Conservation Duke Solutions Public Housing Select Energy Byrne PlugSmart LG&E Enertech Engineering & Services Ennovate Design-Build ENERQOS Services ESCO + Supply ESCO Services Engineering S
Slide 14: Panel: UK Business and Growth Strategy
Panel: UK Business and Growth Strategy Moderator Leila Dillon Britta MacIntosh Mark Apsey Kath Chapman SVP, Marketing & Communications EVP, General Manager West & Europe Region Managing Director, UK London Managing Director, UK Leeds
Slide 15: Customer Presentation: Bristol City Leap
Customer Presentation: Bristol City Leap Kye Dudd Councillor, Bristol City Council
Slide 16: Ameresco, Inc. Financial Update
Ameresco, Inc. Financial Update Doran Hole EVP & CFO
Slide 17: $6.5B est. Revenue Visibility from Backlog & Operating Assets
$6.5B est. Revenue Visibility from Backlog & Operating Assets Awarded Project Backlog ~ 12-24 months to contract $2.0 billion Contracted Project Backlog ~ 12-36 months of revenue $1.0 billion O&M Backlog 16 year weighted average lifetime $1.2 billion Operating Energy 14 year weighted average Additio
Slide 18: Assets in Development Visibility
Assets in Development Visibility 141 MWe RNG • $1.5 million/MWe revenue per year** • = $4.2 Billion of additional RNG revenue visibility 289MW PV & Battery • $250k/MW revenue per year* • = $1.5 Billion of additional revenue visibility * Estimated contracted revenue and incentives during PPA period .
Slide 19: Over $12B of est. Total Revenue Visibility
Over $12B of est. Total Revenue Visibility Awarded Project Backlog ~ 12-24 months to contract $2.0 billion ~ 12-36 months Contracted Project Backlog $1.0 billion of revenue O&M Backlog 16 year weighted average lifetime $1.2 billion 14 year weighted Additional estimated Operating Energy Assets averag
Slide 20: Bridge to 2023 Revenue Guidance
Bridge to 2023 Revenue Guidance Project Revenue Low High O&M Revenue Low High Q1 Project Actual $183 $183 Q1 O&M Actual $22 $22 ~90-95% of 12-month backlog (@ 3/31) $580 $600 Q2-Q4 O&M (g) $65 $75 ~10-15% of Awarded backlog (@ 12/31) $210 $230 Total O&M Revenue $87 $97 Aged proposals at ~9-10% of to
Slide 21: Bridge to 2023 Adjusted EBITDA Guidance
Bridge to 2023 Adjusted EBITDA Guidance Q1 Revenue % of Revenue Q1 Adj EBITDA before Corp. Margin Q1 Adj EBITDA Margin Ø 2023 Adj. EBITDA Guidance bridge starts with est. Allocation segment Adj. EBITDA before corporate overhead Project $183.2 68% $11.7 6.4% $4.0 2.2% allocation Asset $40.8 15% $21.6
Slide 22: Bridge to 2023 Adjusted EBITDA Guidance
Bridge to 2023 Adjusted EBITDA Guidance Ø The rest is operating leverage $215 million midpoint (a) PV at 80% Adj. EBITDA Margin, RNG at 65% Adj. EBITDA Margin 22 (b) corporate overhead allocation. Flat y/y
Slide 23: Path to targeted $300M of Adjusted EBITDA in 2024
Path to targeted $300M of Adjusted EBITDA in 2024 Assumptions Ø Reasonable 10% growth in Project, O&M and Other Ø Incremental from 2023 Assets Ø Half year of 75MW of PV Ø Half year of 45MWe of RNG Ø No change in margins required Ø Operating Leverage! 23
Slide 24: Adjusted EBITDA mix expected to be consistent with historical levels
Adjusted EBITDA mix expected to be consistent with historical levels 2023 2024 Other Other 53% O&M 4% 63% O&M 3% 5% Recurring 5% Recurring Projects 34% $215M Projects 43% $300M Adjusted Adjusted EBITDA EBITDA Assets Guidance* Target* 48% Assets 58% 24 * Adjusted EBITDA percentages allocate corporate
Slide 25: Closing Remarks
Closing Remarks George Sakellaris CEO & President
Slide 26: Q&A
Q&A
Slide 27: Conference Participants
Conference Participants George Sakellaris Doran Hole Britta MacIntosh Leila Dillon Josh Baribeau CEO & President CFO & EVP EVP, General Manager SVP, Marketing & SVP, Finance & West & Europe Region Communications Corporate Treasury Mark Apsey Kath Chapman Giorgio Pucci Enrico Giglioli Kye Dudd Konsta
Slide 28: Thank You
Thank You ameresco.com © 2023 Ameresco, Inc. All rights reserved.