Ameresco, Inc. · NYSE:AMRC
Ameresco — Q2 2024 Earnings Presentation
15 slides from Ameresco's earnings presentation, Aug 5, 2024
Slide 1: Q2 2024 Supplemental Information
Q2 2024 Supplemental Information August 5, 2024 ameresco.com © 2024 Ameresco, Inc. All rights reserved.
Slide 2: Safe Harbor
Safe Harbor Forward Looking Statements Any statements in this presentation 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 i
Slide 3: Sources of Revenue – Q2 2024
Sources of Revenue – Q2 2024 $330.8M $79.6M $27.6M Projects Recurring Other Energy efficiency and Energy & incentive revenue Services, software and renewable energy projects from owned energy assets; plus integrated PV recurring O&M from projects 3
Slide 4: 81% of Adjusted EBITDA Came From Recurring Lines of Business
81% of Adjusted EBITDA Came From Recurring Lines of Business Year to Date 2024 * Adjusted EBITDA percentages allocate corporate expenses according to revenue share Other Other 20% 7% 81% 6% Projects Recurring O&M Recurring O&M 13% 7% 12% Assets 13% $76M $736M Adjusted Revenue EBITDA* Projects 73% As
Slide 5: Energy Asset Portfolio – 6/30/2024
Energy Asset Portfolio – 6/30/2024 Ameresco’s Ownership Biogas: Non-RNG, 14% Biogas, 21% Biogas: RNG, 7% Solar, 22% Operating Energy Assets Energy in Development Solar, 59% Assets, & Construction, 661 MWe 635 MWe Battery, 36% Battery, 19% EaaS*, 22% Other, 1% 661 MWe of Energy Assets in operation. 6
Slide 6: Energy Asset Balance Sheet – 6/30/2024
Energy Asset Balance Sheet – 6/30/2024 Operating 80% advance rate Energy $1,173M Total Asset Debt $942M Debt $1.3B $1.6B Development & 60% advance rate Construction $641M Corporate Debt $0.3B $387M 2.9x* leverage Energy Asset Energy Asset Book Value Debt $1.3B of the $1.6B** of total debt on our $94
Slide 7: Adjusted Cash from Operations Trend
Adjusted Cash from Operations Trend 8-Quarter Rolling Average Adjusted Cash from Operations $50.0 millions $40.0 $30.0 $20.0 $10.0 $0.0 ($10.0) ($20.0) 7
Slide 8: Tremendous Forward Visibility: Backlog & Recurring Revenue Business
Tremendous Forward Visibility: Backlog & Recurring Revenue Business Awarded Project ~ 12-24 months to contract $2.8 billion1 Backlog Contracted Project ~ 12-36 months of revenue $1.7 billion1 Backlog Operating Energy 14 year weighted average Additional estimated revenue PPA remaining 2 $1.7B from ma
Slide 9: Sustainable & Profitable Business Model
Sustainable & Profitable Business Model Expected to Expand Earnings at a Faster Rate than Revenue FY 2024 guidance, as adjusted August 5, 2024 Revenue ($M) 2024 Guidance Adjusted EBITDA ($M) 2024 Guidance • High-End 15.7% 5 - Year CAGR • High-End 20.4% 5 - Year CAGR • Low-End 14.4% 5 - Year CAGR • L
Slide 10: Destination: Net Zero
Destination: Net Zero Since 2010, Ameresco’s renewable energy assets & customer projects delivered a Carbon Emission Reduction equivalent to: 110+ Million Metric Tons of CO 2 Ameresco’s 2023 Carbon Emission Reduction of approximately 16M Metric Tons of CO2 is equal to one of… Carbon dioxide emission
Slide 11: Thank You
Thank You to Our Customers, Employees, and Shareholders ameresco.com © 2024 Ameresco, Inc. All rights reserved.
Slide 12: Non-GAAP Financial Measures
Non-GAAP Financial Measures We use the Non-GAAP financial measures defined and discussed below to provide investors and others with useful supplemental information to our financial results prepared in accordance with GAAP. These Non-GAAP financial measures should not be considered as an alternative
Slide 13: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Adjusted EBITDA: Net income attributable to common shareholders $ 5,010 $ 6,368 $ 2,073 $ 7,470 Impact from redeemable non-controlling interests $
Slide 14: GAAP to Non-GAAP Reconciliation (continued)
GAAP to Non-GAAP Reconciliation (continued) Operating $000 USD Projects Assets O&M Other Consolidated Adjusted EBITDA: Net income attributable to common shareholders $ (8,450) $ 2,396 $ 6,801 $ 1,326 $ 2,073 Impact from redeemable non-controlling interests $ - $ (2,855) $ - $ - $ (2,855) Plus (less)
Slide 15: GAAP to Non-GAAP Reconciliation (continued)
GAAP to Non-GAAP Reconciliation (continued) ($ in Thousands) 2014 2015 2016 2017 2018 2019 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Cash Flow from Operations (18,027) 12,347 (22,083) (14,877) 4,341 (16,919) (15,069) (24,653) (7,654) (10,696) (31,786) (19,633) (39,337) (45,803) (37