Ameresco, Inc. · NYSE:AMRC
Ameresco — Q1 2019 Earnings Presentation
15 slides from Ameresco's earnings presentation, Apr 30, 2019
Slide 1: Q1 2019 Supplemental Information
Q1 2019 SUPPLEMENTAL INFORMATION APRIL 30, 2019
Slide 2: Forward Looking Statements
Forward Looking Statements Any statements in this presentation about future expectations, plans and prospects for Ameresco, Inc., including statements about market conditions, pipeline and backlog, as well as estimated future revenues and net income, and other statements containing the words “projec
Slide 3: Q1 2019 Highlights
Q1 2019 HIGHLIGHTS $14.2M $4.1M -10% $150M 21.7% Adj. EBITDA Net Income Q1 EBITDA driven by EBITDA change Gross Margin higher recurring GAAP Net Income EBITDA down 10% y/y Gross Margin up revenues Revenue down 41% y/y 240bps y/y Q1 Revenue driven by an increase in Energy Assets ©2018 Ameresco, Inc.
Slide 4: Sources of Revenue Q1 2019
SOURCES OF REVENUE Q1 2019 $87.4M $40.2M $22.5M Projects Recurring Other Energy efficiency and Energy & incentive revenue from Services, software and renewable energy projects owned solar and renewable gas integrated PV assets; plus recurring O&M from projects ©2018 Ameresco, Inc. All rights reserve
Slide 5: 75% of Profit Came from Recurring Lines of Business
75% OF PROFIT CAME FROM RECURRING LINES OF BUSINESS Q1 2019 RECURRING 27% Assets Other Projects 17% 16% 9% O&M O&M 10% $150M 10% $14M Revenue` Adjusted Projects EBITDA* 58% Other 15% Assets 65% * Adjusted EBITDA percentage amounts exclude unallocated corporate expenses. 75% ©2018 Ameresco, Inc. All
Slide 6: Energy Asset Portfolio – 3/31/2019
ENERGY ASSET PORTFOLIO – 3/31/2019 RNG 13% Operating Renewable Gas In Development/ Energy Assets 60% Construction 236 MWe 267 MWe Solar 84% Solar 40% Other 3% 236 MWe of Energy Assets. Renewable Gas 267 MWe in development & construction. is 141 MWe, Solar is 95 MW* Renewable Gas is 34 MWe, Solar is
Slide 7: Energy Asset Balance Sheet – 3/31/2019
ENERGY ASSET BALANCE SHEET – 3/31/2019 Energy Operating Debt: Energy Assets $418M Total Debt $477M Operating $260M $194M Energy Debt: Construction $13M Development/ Construction Corporate Debt $53M $59M $59M out of the $477M energy assets on $207M out of the $260M of total debt on our our balance sh
Slide 8: Ameresco Has Strong Multi-Year Visibility
AMERESCO HAS STRONG MULTI-YEAR VISIBILITY Awarded Project Backlog: ~6-18 months to Contract $1.3B Contracted Project Backlog: ~12-36 months of Revenue $754M Operating Energy Assets: 13 year weighted average PPA remaining $900M* *Estimated contracted revenue and incentives during PPA period $918M O&M
Slide 9: Sustainable and Profitable Business Model
SUSTAINABLE AND PROFITABLE BUSINESS MODEL EXPANDING EARNINGS AT A FASTER RATE THAN REVENUE BY GROWING HIGHER MARGIN RECURRING LINES OF BUSINESS Revenue ($M) Adjusted EBITDA ($M) $865 $787 $717 $99 $631 $651 $91 $593 $63 $56 $41 $46 2014 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019 Guidance
Slide 10: Appendix
APPENDIX
Slide 11: Energy Asset Metrics
ENERGY ASSET METRICS Energy Asset Metrics (in thousands, except megawatt equivalents "MWe") As of March 31, 2019 2018 MWe $ MWe $ Energy Assets: In Operations 235.0 417,504 210.2 328,171 In Development/Construction 267.2 59,078 90.0 53,553 Total Energy Assets 502.2 $476,582 300.2 $381,724 Three Mont
Slide 12: GAAP to Non-GAAP Reconciliation
GAAP TO NON-GAAP RECONCILIATION Three Months Ended March 31, 2019 2018 (Unaudited) (Unaudited) Adjusted EBITDA: Net income attributable to common shareholders $4,147 $6,988 Impact of redeemable non-controlling interests (1,276) 516 Plus: Income tax provision 257 (2,779) Plus: Other expenses, net 3,4
Slide 13: Performance by Segment
PERFORMANCE BY SEGMENT Three Months Ended Adjusted Revenues EBITDA March 31, 2019 U.S. Regions $55,597 $3,043 U.S. Federal 43,057 6,653 Canada 7,148 149 Non-Solar DG 21,230 8,411 All Other 23,104 3,002 Unallocated corporate activity (24) (7,096) Total Consolidated $150,112 $14,162 March 31, 2018 U.S
Slide 14: Segments by Line of Business – Three Months
SEGMENTS BY LINE OF BUSINESS – THREE MONTHS Segment Revenues by Line of Business for the Three Months Ended March 31 (in thousands): Non-Solar Total U.S. Regions U.S. Federal Canada DG All Other Consolidated 2019 Project $45,704 $32,353 $5,234 $1,074 $3,067 $87,432 Energy Assets 6,021 643 320 17,699
Slide 15: Your Trusted Sustainability Partner
Your Trusted Sustainability Partner ameresco.com