Ameresco, Inc. · NYSE:AMRC
Ameresco — Q3 2018 Earnings Presentation
18 slides from Ameresco's earnings presentation, Oct 30, 2018
Slide 1: Q3 2018 Supplemental Information
Q3 2018 SUPPLEMENTAL INFORMATION OCTOBER 30, 2018
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: Q3 2018 Highlights
Q3 2018 HIGHLIGHTS $25.6M $10.7M +23% $205M 22.5% Adj. EBITDA Net Income Q3 EBITDA driven by EBITDA growth Gross Margin stronger project mix up 26% y/y EBITDA up 23% y/y Gross Margin up 230 and higher recurring Revenue bps y/y revenues Q3 Revenue driven by an increase in O&M and Energy Assets ©2018
Slide 4: Joint Base San Antonio Energy Savings Performance Contract
ONSITE ENERGY GENERATION: Solar PV and CHP measures provide more than 20 MW of combined JOINT BASE SAN ANTONIO electricity generation annually, or 12% of the current electricity ENERGY SAVINGS PERFORMANCE CONTRACT consumption, providing capacity for sustained electrical supply during utility outages
Slide 5: Sources of Revenue Q3 2018
SOURCES OF REVENUE Q3 2018 $141.7M $42.7M $21.0M 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 reserv
Slide 6: 60% of Profit Came from Recurring Lines of Business
60% OF PROFIT CAME FROM RECURRING LINES OF BUSINESS YTD 2018 RECURRING Other 21% O&M 7% Assets 12% 12% Projects $570M $63M 33% Projects O&M Adjusted 69% Revenue` 9% EBITDA* Other 10% Assets 48% 60% * Adjusted EBITDA percentage amounts exclude unallocated corporate expenses. ©2018 Ameresco, Inc. All
Slide 7: Energy Asset Portfolio – 9/30/2018
ENERGY ASSET PORTFOLIO – 9/30/2018 RNG 14% Renewable In Energy Assets Gas 63% Development/ 216 MWe Construction Solar 81% 133 MWe Solar 37% Other 5% 216 MWe of Energy Assets. Renewable Gas 133 MWe in development & construction. is 135 MWe, Solar is 81 MW* Renewable Gas is 18 MWe, Solar is 108 MW, Ot
Slide 8: Diversified Portfolio of Energy Assets
DIVERSIFIED PORTFOLIO OF ENERGY ASSETS OPERATING DEVELOPMENT/ CONSTRUCTION ©2018 Ameresco, Inc. All rights reserved. 8
Slide 9: Energy Asset Balance Sheet – 9/30/2018
ENERGY ASSET BALANCE SHEET – 9/30/2018 Operating Energy Assets $331M Total Debt Energy Debt $442M $259M $214M Development/ Construction Corporate $111M $45M $111M out of the $442M energy assets on $214M out of the $259M of total debt on our our balance sheet are still in development or balance sheet
Slide 10: Ameresco Has Strong Multi-Year Visibility
AMERESCO HAS STRONG MULTI-YEAR VISIBILITY Contracted Project Backlog: 12-36 months to Revenue $819M Awarded Project Backlog: 18-42 months to Revenue $1.2B Operating Energy Assets: 13 year weighted average PPA remaining $850M* *Estimated contracted revenue and incentives during PPA period $937M O&M B
Slide 11: Sustainable and Profitable Business Model
SUSTAINABLE AND PROFITABLE BUSINESS MODEL EXPANDING EARNINGS AT A FASTER RATE THAN REVENUE BY GROWING HIGHER MARGIN RECURRING LINES OF BUSINESS Revenue ($M) Adjusted EBITDA ($M) 85 800 717 631 651 63 574 593 56 46 41 30 2013 2014 2015 2016 2017 2018 2013 2014 2015 2016 2017 2018 Guidance Guidance Mi
Slide 12: Appendix
APPENDIX AMERESCOG@
Slide 13: Energy Asset Metrics
ENERGY ASSET METRICS Energy Asset Metrics (in thousands, except megawatt equivalents "MWe") As of September 30, 2018 2017 MWe $ MWe $ Energy Assets: In Operations 216.0 331,471 183.4 274,679 In Development/Construction 133.0 110,546 87.1 82,476 Total Energy Assets 349.0 $442,018 270.5 $357,155 Three
Slide 14: GAAP to Non-GAAP Reconciliation
GAAP TO NON-GAAP RECONCILIATION Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Adjusted EBITDA: Net income attributable to common shareholders $10,701 $8,493 $26,391 $13,680 Impact of redeemable non-controlling int
Slide 15: Performance by Segment
PERFORMANCE BY SEGMENT Performance by Segment (in thousands): Three Months Ended Nine Months Ended Adjusted Adjusted Revenues EBITDA Revenues EBITDA September 30, 2018 U.S. Regions $86,402 $7,996 $249,871 $22,562 U.S. Federal 62,378 11,844 168,377 29,580 Canada 11,604 1,039 28,466 447 Non-Solar DG 2
Slide 16: 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 September 30 (in thousands): Non-Solar Total U.S. Regions U.S. Federal Canada DG All Other Consolidated 2018 Project $77,345 $49,762 $9,207 $1,268 $4,074 $141,656 Energy Assets 4,064 1,507 921
Slide 17: Segments by Line of Business – Nine Months
SEGMENTS BY LINE OF BUSINESS – NINE MONTHS Segment Revenues by Line of Business for the Nine Months Ended September 30 (in thousands): Non-Solar Total U.S. Regions U.S. Federal Canada DG All Other Consolidated 2018 Project $223,662 $135,037 $21,459 $3,368 $8,844 $392,370 Energy Assets 12,844 3,416 2
Slide 18: Your Trusted Sustainability Partner
Your Trusted Sustainability Partner ameresco.com