Ameresco, Inc. · NYSE:AMRC
Ameresco — Q3 2024 Earnings Presentation
16 slides from Ameresco's earnings presentation, Nov 7, 2024
Slide 1: Q3 2024 Supplemental Information
Q3 2024 Supplemental Information November 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, backlog, pending agreements, financial guidance including estimated future revenues, net i
Slide 3: Sources of Revenue – Q3 2024
Sources of Revenue – Q3 2024 $385.4M $87.6M $27.9M 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: 72% of Adjusted EBITDA Came From Recurring Lines of Business
72% 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 19% 7% 72% O&M 6% O&M Projects Recurring 6% Recurring 10% 22% Assets 13% $138M $1.2B Adjusted Revenue EBITDA* Projects 74% A
Slide 5: Energy Asset Portfolio – 9/30/2024
Energy Asset Portfolio – 9/30/2024 Ameresco’s Ownership Biogas: Non-RNG, 13% Biogas, 20% Biogas: RNG, 8% Solar, 23% Operating Energy Assets Energy Solar, 55% in Development Assets, & Construction, 715 MWe 589 MWe Battery, 34% Battery, 23% EaaS*, 24% Other, 1% 715 MWe of Energy Assets in operation. 5
Slide 6: Energy Asset Balance Sheet – 9/30/2024
Energy Asset Balance Sheet – 9/30/2024 Operating 82% advance rate Energy $1.2B $1.0B Total Asset Debt Debt $1.4B $1.7B Development & 58% advance rate Construction $0.7B Corporate Debt $0.4B $0.3B 2.8x* leverage Energy Asset Energy Asset Book Value Debt $1.4B of the $1.7B** of total debt on our $1B**
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 $2.6 billion1 Backlog Contracted Project ~ 12-36 months of revenue $1.9 billion1 Backlog Operating Energy 15.4 year weighted average Additional estimated revenue PPA remaining 2 $1.8B from
Slide 9: Sustainable & Profitable Business Model
Sustainable & Profitable Business Model Expected to Expand Earnings at a Faster Rate than Revenue FY 2024 guidance, as reaffirmed November 7, 2024 Revenue ($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
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: Keller Canyon, CA
Keller Canyon, CA Renewable Energy Center 11.7 MWe RNG Facility powered by AMRC-owned 3.8 MW LFG-to-Electric Generation Facility • First RNG interconnection from an LFG project for PG&E • Represents +25% of all RNG delivered into the PG&E pipeline • Largest operational RNG facility in California “ R
Slide 12: Thank You
Thank You to Our Customers, Employees, and Shareholders ameresco.com © 2024 Ameresco, Inc. All rights reserved.
Slide 13: 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 14: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Adjusted EBITDA: Net income attributable to common shareholders $ 17,599 $ 21,265 $ 19,672 $ 28,735 Impact from redeemable non-controll
Slide 15: GAAP to Non-GAAP Reconciliation (continued)
GAAP to Non-GAAP Reconciliation (continued) Nine Months Ended September 30, 2024 Operating $000 USD Projects Assets O&M Other Consolidated Adjusted EBITDA: Net income attributable to common shareholders $ 1,415 $ 5,082 $ 10,601 $ 2,574 $ 19,672 Impact from redeemable non-controlling interests $ - $
Slide 16: GAAP to Non-GAAP Reconciliation (continued)
GAAP to Non-GAAP Reconciliation (continued) ($ in Thousands) 2014 2015 2016 2017 2018 2019 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Cash Flow from Operations 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) (37,071) (20