Ameresco, Inc. · NYSE:AMRC
Ameresco — Q4 2023 Earnings Presentation
15 slides from Ameresco's earnings presentation, Feb 28, 2024
Slide 1: Q4 2023 Supplemental Information
Q4 2023 Supplemental Information February 28, 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 EP
Slide 3: Sources of Revenue – Q4 2023
Sources of Revenue – Q4 2023 $346.5M $68.3M $26.5M 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: 64% of Adjusted EBITDA Came From Recurring Lines of Business
64% of Adjusted EBITDA Came From Recurring Lines of Business Fiscal Year 2023 * Adjusted EBITDA percentages allocate corporate expenses according to revenue share Other Other 20% 7% 64% O&M 4% Recurring O&M Recurring 7% 7% Projects 32% Assets 13% $163M $1.4B Adjusted Revenue EBITDA* Projects 73% Ass
Slide 5: Energy Asset Portfolio – 12/31/2023
Energy Asset Portfolio – 12/31/2023 Ameresco’s Ownership Biogas: Non-RNG 17% Biogas: 22% Biogas: RNG 9% Solar: 27% Operating Energy Assets Energy in Development Assets & Construction, 508 MWe Solar: 64% 669 MWe Battery: 36% Other: 9% EaaS*: 15% 508 MWe of Energy Assets in operation. 717 MWe of total
Slide 6: Energy Asset Balance Sheet – 12/31/2023
Energy Asset Balance Sheet – 12/31/2023 Operating 80% advance rate $798M $639M Energy Total Asset Debt Debt $1.2B Development & $1.5B Construction $892M 64% advance rate Corporate Debt $574M $0.3B 3.3x* leverage Energy Asset Book Value Energy Asset Debt $1.2B of the $1.5B** of total debt on our $639
Slide 7: Adjusted Cash from Operations Trend
Adjusted Cash from Operations Trend 8-Quarter Rolling Average Adjusted Cash from Operations $25.0 millions $20.0 $15.0 $10.0 $5.0 $0.0 ($5.0) ($10.0) ($15.0) ($20.0) 16 17 18 19 20 21 22 23 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 $1.3 billion1 Operating Energy 15 year weighted average Additional estimated revenue $2.3 billion Assets PPA remai
Slide 9: Sustainable & Profitable Business Model
Sustainable & Profitable Business Model Expected to Expand Earnings at a Faster Rate than Revenue by Growing Higher Margin Recurring Lines of Business FY 2024 guidance, as released February 28, 2024 Revenue ($M) 2024 Guidance Adjusted EBITDA ($M) 2024 Guidance • High-End 14.4% CAGR • High-End 21.4%
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 December 31, Twelve Months Ended December 31, 2023 2022 2023 2022 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Adjusted EBITDA: Net income attributable to common shareholders $ 33,735 $ 17,935 $ 62,470 $ 94,926 Impact from redeemable non-controll
Slide 14: GAAP to Non-GAAP Reconciliation (continued)
GAAP to Non-GAAP Reconciliation (continued) Twelve Months Ended December 31, 2023 Operating $000 USD Projects Assets O&M Other Consolidated Adjusted EBITDA: Net income attributable to common shareholders $ 39,263 $ 12,992 $ 7,965 $ 2,250 $ 62,470 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 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Cash Flow from Operations 2,352 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) (45,8