Ameresco, Inc. · NYSE:AMRC
Ameresco — Q4 2017 Earnings Presentation
18 slides from Ameresco's earnings presentation, Mar 6, 2018
Slide 1: Q4 2017 Supplemental Information
Q4 2017 SUPPLEMENTAL INFORMATION MARCH 6, 2018
Slide 2: Forward Looking Statements
©2017 Ameresco, Inc. All rights reserved. 2 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 o
Slide 3: Q4 2017 Highlights
©2017 Ameresco, Inc. All rights reserved. 3 Q4 2017 HIGHLIGHTS $21.1M $23.8M +47% $211.1M +21% Adj. EBITDA Q4 EBITDA driven by greater project revenue and energy assets EBITDA growth EBITDA up 47% y/y Revenue growth Revenue up 21% y/y Revenue Q4 Revenue driven by an increase in projects Net Income
Slide 4: Sources of Revenue Q4 2017
©2017 Ameresco, Inc. All rights reserved. 4 SOURCES OF REVENUE Q4 2017 $21.4M $32.5M $157.2M Projects Energy efficiency and renewable energy projects Recurring Energy & incentive revenue from owned solar and renewable gas assets; plus recurring O&M from projects Other Services, software and integrat
Slide 5: 2017 Highlights
©2017 Ameresco, Inc. All rights reserved. 5 2017 HIGHLIGHTS $63.3M $37.5M +13% $717.2M +10% Adj. EBITDA 2017 EBITDA driven by greater project revenue and energy assets EBITDA growth EBITDA up 13% y/y Revenue growth Revenue up 10% y/y Revenue 2017 Revenue driven by an increase in Projects Net Income
Slide 6: Sources of Revenue 2017
©2017 Ameresco, Inc. All rights reserved. 6 SOURCES OF REVENUE 2017 $80.8M $129.8M $506.6M Projects Energy efficiency and renewable energy projects Recurring Energy & incentive revenue from owned solar and renewable gas assets; plus recurring O&M from projects Other Services, software and integrated
Slide 7: Nearly 60% of Profit Comes from Recurring Line of Business
©2017 Ameresco, Inc. All rights reserved. NEARLY 60% OF PROFIT COMES FROM RECURRING LINE OF BUSINESS 2017 18% Projects 71% Assets 10% O&M 8% Other 11% $717M REVENUE Projects 35% Assets 44% O&M 14% Other 7% $63M Adjusted EBITDA* 58% * Adjusted EBITDA percentage amounts exclude unallocated corporate e
Slide 8: Energy Asset Portfolio – 12/31/2017
©2017 Ameresco, Inc. All rights reserved. 8 ENERGY ASSET PORTFOLIO – 12/31/2017 191 MWe of Energy Assets. Renewable Gas is 118 MWe, Solar is 72 MW* Energy Assets 191 MWe 62% Renewable Gas 38% Solar In Development Construction 78 MWe 62% Solar 30% Renewable Gas 78 MWe in development & construction. R
Slide 9: Energy Asset Balance Sheet – 12/31/2017
©2017 Ameresco, Inc. All rights reserved. 9 ENERGY ASSET BALANCE SHEET – 12/31/2017 $69M out of the $356M energy assets on our balance sheet are still in development or construction. $152M out of the $202M of total debt on our balance sheet is debt associated with our energy assets. $150M of the ene
Slide 10: Ameresco Has Strong Multi-Year Visibility
©2017 Ameresco, Inc. All rights reserved. 10 AMERESCO HAS STRONG MULTI-YEAR VISIBILITY Contracted Project Backlog: 12-36 mos to Revenue Awarded Project Backlog: 24-48 mos to Revenue $573M $1.2B $800M* $788M O&M Backlog: 14 year weighted avg lifetime Operating Energy Assets: 13 year weighted avg PPA
Slide 11: Sustainable and Profitable Business Model
©2017 Ameresco, Inc. All rights reserved. 11 SUSTAINABLE AND PROFITABLE BUSINESS MODEL EXPANDING EARNINGS AT A FASTER RATE THAN REVENUE BY GROWING HIGH ER MARGIN RECURRING LINES OF BUSINESS Guidance reaffirmed August 9, 2017 574 593 631 651 717 783 2013 2014 2015 2016 2017 2018 Guidance Mid Point 30
Slide 12: Appendix
APPENDIX AMERESCO@
Slide 13: Energy Asset Metrics
©2017 Ameresco, Inc. All rights reserved. 13 ENERGY ASSET METRICS MWe $ MWe $ Energy Assets: In Operations 190.8 $287,936 162.0 $233,030 In Construction 78.0 68,507 98.9 86,728 Total Energy Assets 268.8 $356,443 260.9 $319,758 2017 2016 2017 2016 Energy Assets Performance: Revenues 17,440 16,331 $69
Slide 14: GAAP to Non-GAAP Reconciliation
©2017 Ameresco, Inc. All rights reserved. 14 GAAP TO NON-GAAP RECONCILIATION 2017 2016 2017 2016 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Adjusted EBITDA: Net income attributable to common shareholders $23,811 $3,269 $37,491 $12,032 Impact of redeemable non-controlling interests (3,310) 114 (
Slide 15: Performance by Segment
©2017 Ameresco, Inc. All rights reserved. 15 PERFORMANCE BY SEGMENT Small Scale Infrastructure segment has been renamed Non-Solar Distributed Generation “DG” Solar electricity and SREC revenue previously attributed to Small Scale Infrastructure has been reclassified into U.S. Regions Performance by
Slide 16: Segments by Line of Business – Three Months
©2017 Ameresco, Inc. All rights reserved. 16 SEGMENTS BY LINE OF BUSINESS – THREE MONTHS Small Scale Infrastructure segment has been renamed Non-Solar Distributed Generation “DG” Solar electricity and SREC revenue previously attributed to Small Scale Infrastructure has been reclassified into U.S. Re
Slide 17: Segments by Line of Business – Twelve Months
©2017 Ameresco, Inc. All rights reserved. 17 SEGMENTS BY LINE OF BUSINESS – TWELVE MONTHS Small Scale Infrastructure segment has been renamed Non-Solar Distributed Generation “DG” Solar electricity and SREC revenue previously attributed to Small Scale Infrastructure has been reclassified into U.S. R
Slide 18: Your Trusted Sustainability Partner
Your Trusted Sustainability Partner ameresco.com