Ameresco, Inc. · NYSE:AMRC
Ameresco — Q2 2019 Earnings Presentation
16 slides from Ameresco's earnings presentation, Aug 8, 2019
Slide 1: Q2 2019 Supplemental Information
Q2 2019 SUPPLEMENTAL INFORMATION AUGUST 8, 2019
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: Q2 2019 Highlights
Q2 2019 HIGHLIGHTS $23.6M $9.2M +10% $198.2M 21.8% Adj. EBITDA Net Income Q2 EBITDA driven by EBITDA change Gross Margin higher recurring GAAP Net Income EBITDA up 10% y/y Gross Margin up revenues & higher up 6% y/y Revenue 10bps y/y margins on Project Revenue Q2 Revenue driven by an increase in Ene
Slide 4: Sources of Revenue Q2 2019
SOURCES OF REVENUE Q2 2019 $133.2M $41.8M $23.2M 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 ©2019 Ameresco, Inc. All rights reserv
Slide 5: 65% of EBITDA Came from Recurring Lines of Business Year-to-Date 2019
65% OF EBITDA CAME FROM RECURRING LINES OF BUSINESS YEAR-TO-DATE 2019 RECURRING 24% Other Assets 11% 15% O&M Projects 11% 24% O&M $38M $348M 9% Projects Revenue` Adjusted 63% EBITDA* Other 13% Assets 54% * Adjusted EBITDA percentage amounts exclude unallocated corporate expenses. 65% ©2019 Ameresco,
Slide 6: Energy Asset Portfolio – 6/30/2019
ENERGY ASSET PORTFOLIO – 6/30/2019 RNG 13% RNG 56% Energy Assets in Operating Development/ Energy Assets Construction Solar 85% 250MWe 258MWe Solar 42% Other 2% Other 2% 250MWe of Energy Assets. Renewable Gas 258MWe in development & construction. is 141MWe, Solar is 105MW, Other is 4MW* Renewable Ga
Slide 7: Energy Asset Balance Sheet – 6/30/2019
ENERGY ASSET BALANCE SHEET – 6/30/2019 Energy Debt: Energy Assets Operating Total Debt Operating $203M $493M $441M $285M Development/ Development/ Corporate ConstructionConstruction Debt $83M $52M $52M out of the $493M energy assets on $203M out of the $285M of total debt on our our balance sheet ar
Slide 8: Ameresco Has Strong Multi-Year Visibility
AMERESCO HAS STRONG MULTI-YEAR VISIBILITY Awarded Project Backlog: ~6-18 months to Contract $1.2B Contracted Project Backlog: ~12-36 months of Revenue $789M Operating Energy Assets: 14 year weighted average PPA remaining $900M* *Estimated contracted revenue and incentives during PPA period $906M O&M
Slide 9: Sustainable and Profitable Business Model
SUSTAINABLE AND PROFITABLE BUSINESS MODEL EXPANDING EARNINGS AT A FASTER RATE THAN REVENUE BY GROWING HIGHER MARGIN RECURRING LINES OF BUSINESS Revenue ($M) Adjusted EBITDA ($M) $865 $787 $717 $99 $631 $651 $91 $593 $63 $56 $41 $46 2014 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019 Guidance
Slide 10: Appendix
APPENDIX
Slide 11: Energy Asset Metrics
ENERGY ASSET METRICS Energy Asset Metrics (in thousands, except megawatt equivalents "MWe") As of June 30, 2019 2018 MWe $ MWe $ Energy Assets: In Operations 250 440,531 212 329,131 In Development/Construction 258 52,150 114 75,757 Total Energy Assets 507 $492,681 326 $404,888 Three Months Ended Jun
Slide 12: GAAP to Non-GAAP Reconciliation
GAAP TO NON-GAAP RECONCILIATION Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Adjusted EBITDA: Net income attributable to common shareholders $ 9,216 $ 8,702 $ 13,363 $ 15,690 Impact of redeemable non-controlling interests (
Slide 13: Performance by Segment
PERFORMANCE BY SEGMENT Performance by Segment (in thousands): Three Months Ended Six Months Ended Adjusted Adjusted Revenue EBITDA Revenue EBITDA June 30, 2019 U.S. Regions 88,220 7,014 143,817 10,055 U.S. Federal 55,022 11,091 98,079 17,746 Canada 7,883 739 15,031 891 Non-Solar DG 23,265 10,509 44,
Slide 14: 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 June 30, 2019 (in thousands): Non-Solar Total U.S. Regions U.S. Federal Canada DG All Other Consolidated 2019 Project $ 77,913 $ 44,402 $ 5,498 $ 2,185 $ 3,159 $ 133,157 Energy Assets 5,343 97
Slide 15: Segments by Line of Business – Six Months
SEGMENTS BY LINE OF BUSINESS – SIX MONTHS Segment Revenues by Line of Business for the Six Months Ended June 30, 2019 (in thousands): Non-Solar Total U.S. Regions U.S. Federal Canada DG All Other Consolidated 2019 Project $ 123,617 $ 76,755 $ 10,732 $ 3,259 $ 6,226 $ 220,589 Energy Assets 11,364 1,6
Slide 16: Your Trusted Sustainability Partner
Your Trusted Sustainability Partner ameresco.com