Ameresco, Inc. · NYSE:AMRC
Ameresco — Q4 2019 Earnings Presentation
14 slides from Ameresco's earnings presentation, Mar 2, 2020
Slide 1: Q4 2019 Supplemental Information
Q4 2019 SUPPLEMENTAL INFORMATION MARCH 2, 2020
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: Q4 2019 Highlights
Q4 2019 HIGHLIGHTS $22.2M $29.5M $306.6M +5% +91% +41% y/y Net Income Change y/y Adj. EBITDA Revenue y/y Revenue Net Income Adjusted Change Change EBITDA ©2020 Ameresco, Inc. All rights reserved. 3
Slide 4: Sources of Revenue Q4 2019
SOURCES OF REVENUE Q4 2019 $244.6M $39.1M $22.9M Projects Recurring Other Energy efficiency and Energy & incentive revenue Services, software and renewable energy projects from owned energy assets; integrated PV plus recurring O&M from projects ©2020 Ameresco, Inc. All rights reserved. 4
Slide 5: FY 2019 Highlights
FY 2019 HIGHLIGHTS $44.4M $91.1M $866.9M +0.1% +17% +10% y/y Net Income Change y/y Adj. EBITDA Revenue y/y Revenue Net Income Adjusted Change Change EBITDA ©2020 Ameresco, Inc. All rights reserved. 5
Slide 6: Sources of Revenue FY 2019
SOURCES OF REVENUE FY 2019 $611.1M $164.7M $91.1M Projects Recurring Other Energy efficiency and Energy & incentive revenue Services, software and renewable energy projects from owned energy assets; integrated PV plus recurring O&M from projects ©2020 Ameresco, Inc. All rights reserved. 6
Slide 7: 68% of EBITDA Came from Recurring Lines of Business
68% OF EBITDA CAME FROM RECURRING LINES OF BUSINESS YEAR-TO-DATE 2019 19% Other Other 11% 7% Recurring O&M Projects O&M 11% 25% 8% Assets $867M $91M 11% Adjusted Revenue EBITDA* Projects 70% Assets 57% 68% Recurring * Adjusted EBITDA percentages allocate corporate expenses according to revenue share
Slide 8: Energy Asset Portfolio – 12/31/2019
ENERGY ASSET PORTFOLIO – 12/31/2019 LFG to RNG: 21% Electricity: 29% LFG Direct Operating Use: 16% Energy Assets Energy RNG: 10% in Development Assets & Construction Solar: 260 MWe 321 MWe 72% Solar: 44% Other: 7% Other: 2% 260 MWe of Energy Assets. Renewable Gas is 321 MWe in development & construc
Slide 9: Energy Asset Balance Sheet – 12/31/2019
ENERGY ASSET BALANCE SHEET – 12/31/2019 Energy Operating Debt: Operating Energy $443M Total $230M Assets Debt $579M $343M Corporate Development/ Construction Debt $137M $113M $137M out of the $579M energy $230M out of the $343M of total debt assets on our balance sheet are still on our balance sheet
Slide 10: Tremendous Forward Visibility: Backlog and Recurring Revenue Business
TREMENDOUS FORWARD VISIBILITY BACKLOG AND RECURRING REVENUE BUSINESS Awarded Project $1.2 billion Backlog ~ 12-24 months to contract Contracted Project ~ 12-36 months of revenue Backlog $1.1 billion Estimated Operating Energy contracted revenue 14 year weighted average PPA remaining $900 million and
Slide 11: Sustainable & Profitable Business Model
SUSTAINABLE & PROFITABLE BUSINESS MODEL Expanding Earnings at a Faster Rate than Revenue by Growing Higher Margin Recurring Lines of Business Revenue ($M) Adjusted EBITDA ($M) $945 $107 $867 $787 $91 $91 $717 $631 $651 $63 $56 $46 2015 2016 2017 2018 2019 2020 2015 2016 2017 2018 2019 2020 Guidance
Slide 12: Enabling a Low Carbon Future
ENABLING A LOW CARBON FUTURE DATA ESTIMATED BASED ON ASSETS OWNED AND OPERATING AND CUSTOMER PROJECTS AS OF 12/31/2018 TO REPRESENT CARBON IMPACT TRHOUGH 2019. In 2019, Ameresco’s renewable energy assets and customer projects delivered a AMERESCO’S 2019 CARBON Carbon Offset equivalent to OFFSET IS E
Slide 13: Your Trusted Sustainability Partner
Your Trusted Sustainability Partner ameresco.com
Slide 14: GAAP to Non-GAAP Reconciliation
GAAP TO NON-GAAP RECONCILIATION Three Months Ended December 31, Twelve Months Ended December 31, 2019 2018 2019 2018 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Adjusted EBITDA: Net income attributable to common shareholders $ 22,203 $ 11,593 $ 44,436 $ 37,984 Impact of redeemable non-controllin