Ameresco, Inc. · NYSE:AMRC
Ameresco — Q1 2024 Earnings Presentation
15 slides from Ameresco's earnings presentation, May 7, 2024
Slide 1: Q1 2024 Supplemental Information
Q1 2024 Supplemental Information May 7, 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, and backlog, as well as estimated future revenues, net income, adjusted EBITDA, Non-GAAP E
Slide 3: Sources of Revenue – Q1 2024
Sources of Revenue – Q1 2024 $204.3M $68.5M $25.6M 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: 85% of Adjusted EBITDA Came From Recurring Lines of Business
85% of Adjusted EBITDA Came From Recurring Lines of Business Q1 2024 * Adjusted EBITDA percentages allocate corporate expenses according to revenue share Other Other 23% 9% 85% 5% Projects Recurring 10% Recurring O&M O&M 9% 16% $31M Assets 14% $298M Adjusted Revenue EBITDA* Projects 68% Assets 69% 4
Slide 5: Energy Asset Portfolio – 3/31/2024
Energy Asset Portfolio – 3/31/2024 Ameresco’s Ownership Biogas: Non-RNG 18% Biogas: 18% Biogas: RNG 9% Solar: 30% Operating Energy Assets Energy in Development Assets & Construction, 518 MWe Solar: 63% 756 MWe Battery: 34% EaaS*: 18% Other: 10% 518 MWe of Energy Assets in operation. 762 MWe of total
Slide 6: Energy Asset Balance Sheet – 3/31/2024
Energy Asset Balance Sheet – 3/31/2024 Operating 82% advance rate $866M Energy $708M Total Asset Debt Debt $1.3B Development & $1.6B Construction $923M 62% advance rate Corporate Debt $574M $0.3B 3.0x* leverage Energy Asset Book Value Energy Asset Debt $1.3B of the $1.6B** of total debt on our $708M
Slide 7: Adjusted Cash from Operations Trend
Adjusted Cash from Operations Trend 8-Quarter Rolling Average Adjusted Cash from Operations $35.0 millions $30.0 $25.0 $20.0 $15.0 $10.0 $5.0 $0.0 ($5.0) ($10.0) ($15.0) ($20.0) 17 18 19 20 21 22 23 24 20 20 20 20 20 20 20 20 7
Slide 8: Tremendous Forward Visibility: Backlog & Recurring Revenue Business
Tremendous Forward Visibility: Backlog & Recurring Revenue Business Awarded Project ~ 12-24 months to contract $2.6 billion1 Backlog Contracted Project ~ 12-36 months of revenue Backlog $1.5 billion1 Operating Energy 14 year weighted average Additional estimated revenue $2.3 billion Assets PPA remai
Slide 9: Sustainable & Profitable Business Model
Sustainable & Profitable Business Model Expected to Expand Earnings at a Faster Rate than Revenue by Growing Higher Margin Recurring Lines of Business FY 2024 guidance, as reaffirmed May 7, 2024 Revenue ($M) 2024 Guidance Adjusted EBITDA ($M) 2024 Guidance • High-End 14.4% CAGR • High-End 21.4% CAGR
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 March 31, 2024 2023 (Unaudited) (Unaudited) Adjusted EBITDA: Net income attributable to common shareholders $ (2,937) $ 1,102 Impact from redeemable non-controlling interests $ (2,855) 32 Plus (Less): Income tax provision (benefit) $ - (503) Plus: O
Slide 14: GAAP to Non-GAAP Reconciliation (continued)
GAAP to Non-GAAP Reconciliation (continued) Three Months Ended March 31, 2024 Operating $000 USD Projects Assets O&M Other Consolidated Adjusted EBITDA: Net (loss) income attributable to common shareholders $ (5,965) $ (496) $ 3,659 $ (135) $ (2,937) Impact from redeemable non-controlling interests
Slide 15: GAAP to Non-GAAP Reconciliation (continued)
GAAP to Non-GAAP Reconciliation (continued) ($ in Thousands) 2014 2015 2016 2017 2018 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Cash Flow from Operations 3,582 (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) (37,0