(State or Other Juris- diction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Address of Principal Executive Offices) | (Zip Code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||||||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||||||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||||||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1033 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | |||||||||||
Emerging growth company | |||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o |
Exhibit Index | ||||||||
Exhibit No. | Description | |||||||
99.1 | ||||||||
99.2 | ||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL) | |||||||
# | Certain portions of this exhibit are considered confidential and have been omitted as permitted under SEC rules and regulations. Schedules and exhibits have been omitted pursuant to Item 601(b)(2) of Regulation S-K. |
AMERESCO, INC. | ||||||||||||||
By: | /s/ Spencer Doran Hole | |||||||||||||
Spencer Doran Hole | ||||||||||||||
Senior Vice President and Chief Financial Officer (duly authorized and principal financial officer) | ||||||||||||||
Contact: | Media Relations | Leila Dillon, 508.661.2264, news@ameresco.com | |||||||||
Investor Relations | Eric Prouty, AdvisIRy Partners, 212.750.5800, eric.prouty@advisiry.com | ||||||||||
Lynn Morgen, AdvisIRy Partners, 212.750.5800, lynn.morgen@advisiry.com |
(in millions) | 3Q 2022 | 3Q 2021 | ||||||||||||||||||
Revenue | Net Income (1) | Adj. EBITDA | Revenue | Net Income (1) | Adj. EBITDA | |||||||||||||||
Projects | $351.5 | $15.9 | $30.2 | $194.0 | $9.6 | $12.6 | ||||||||||||||
Energy Assets | $41.7 | $8.8 | $22.4 | $39.2 | $5.5 | $23.6 | ||||||||||||||
O&M | $21.9 | $1.7 | $3.1 | $20.0 | $2.6 | $3.4 | ||||||||||||||
Other | $26.2 | $1.0 | $2.2 | $20.4 | $(0.3) | $0.6 | ||||||||||||||
Total (1) | $441.3 | $27.4 | $57.9 | $273.7 | $17.4 | $40.2 | ||||||||||||||
(1) Net Income represents net income attributable to common shareholders. | ||||||||||||||||||||
(2) Numbers in table may not foot due to rounding. |
($ in millions) | At September 30, 2022 | |||||||
Awarded Project Backlog (1) | $1,693 | |||||||
Contracted Project Backlog | $933 | |||||||
Total Project Backlog | $2,626 | |||||||
O&M Revenue Backlog | $1,246 | |||||||
Energy Asset Visibility (2) | $1,020 | |||||||
Operating Energy Assets | 360 MWe | |||||||
Ameresco's Net Assets in Development (3) | 452 MWe | |||||||
(1) Customer contracts that have not been signed yet | ||||||||
(2) Estimated contracted revenue and incentives on our operating Energy Assets, which may vary with actual production and future values of certain environmental attributes | ||||||||
(3) Net MWe capacity includes only our share of any jointly owned assets |
FY 2022 Guidance Ranges | ||||||||
Revenue | $1.83 billion | $1.87 billion | ||||||
Gross Margin | 15.5% | 16.5% | ||||||
Adjusted EBITDA | $200 million | $210 million | ||||||
Interest Expense & Other | $25 million | $27 million | ||||||
Effective Tax Rate | 13% | 17% | ||||||
Non-GAAP EPS | $1.85 | $1.95 |
September 30, | December 31, | ||||||||||
2022 | 2021 | ||||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 122,537 | $ | 50,450 | |||||||
Restricted cash | 24,403 | 24,267 | |||||||||
Accounts receivable, net | 219,817 | 161,970 | |||||||||
Accounts receivable retainage, net | 42,456 | 43,067 | |||||||||
Costs and estimated earnings in excess of billings | 628,529 | 306,172 | |||||||||
Inventory, net | 13,095 | 8,807 | |||||||||
Prepaid expenses and other current assets | 21,980 | 25,377 | |||||||||
Income tax receivable | 4,116 | 5,261 | |||||||||
Project development costs, net | 16,062 | 13,214 | |||||||||
Total current assets | 1,092,995 | 638,585 | |||||||||
Federal ESPC receivable | 726,679 | 557,669 | |||||||||
Property and equipment, net | 14,772 | 13,117 | |||||||||
Energy assets, net | 1,032,809 | 856,531 | |||||||||
Deferred income tax assets, net | 3,357 | 3,703 | |||||||||
Goodwill, net | 70,118 | 71,157 | |||||||||
Intangible assets, net | 5,089 | 6,961 | |||||||||
Operating lease assets | 37,952 | 41,982 | |||||||||
Restricted cash, non-current portion | 16,618 | 12,337 | |||||||||
Other assets | 37,654 | 22,779 | |||||||||
Total assets | $ | 3,038,043 | $ | 2,224,821 | |||||||
LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY | |||||||||||
Current liabilities: | |||||||||||
Current portions of long-term debt and financing lease liabilities | $ | 301,247 | $ | 78,934 | |||||||
Accounts payable | 411,371 | 308,963 | |||||||||
Accrued expenses and other current liabilities | 95,268 | 43,311 | |||||||||
Current portions of operating lease liabilities | 6,129 | 6,276 | |||||||||
Billings in excess of cost and estimated earnings | 43,173 | 35,918 | |||||||||
Income taxes payable | 3,072 | 822 | |||||||||
Total current liabilities | 860,260 | 474,224 | |||||||||
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs | 511,621 | 377,184 | |||||||||
Federal ESPC liabilities | 706,933 | 532,287 | |||||||||
Deferred income tax liabilities, net | 10,542 | 3,871 | |||||||||
Deferred grant income | 7,716 | 8,498 | |||||||||
Long-term operating lease liabilities, net of current portion | 31,142 | 35,135 | |||||||||
Other liabilities | 47,212 | 43,176 |
September 30, | December 31, | ||||||||||
2022 | 2021 | ||||||||||
Commitments and contingencies | |||||||||||
Redeemable non-controlling interests, net | $ | 48,077 | $ | 46,182 | |||||||
Stockholders' equity: | |||||||||||
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at September 30, 2022 and December 31, 2021 | — | — | |||||||||
Class A common stock, $0.0001 par value, 500,000,000 shares authorized, 36,015,988 shares issued and 33,914,193 shares outstanding at September 30, 2022, 35,818,104 shares issued and 33,716,309 shares outstanding at December 31, 2021 | 3 | 3 | |||||||||
Class B common stock, $0.0001 par value, 144,000,000 shares authorized, 18,000,000 shares issued and outstanding at September 30, 2022 and December 31, 2021 | 2 | 2 | |||||||||
Additional paid-in capital | 299,487 | 283,982 | |||||||||
Retained earnings | 515,642 | 438,732 | |||||||||
Accumulated other comprehensive loss, net | (5,650) | (6,667) | |||||||||
Treasury stock, at cost, 2,101,795 shares at September 30, 2022 and December 31, 2021 | (11,788) | (11,788) | |||||||||
Stockholders' equity before non-controlling interest | 797,696 | 704,264 | |||||||||
Non-controlling interest | 16,844 | — | |||||||||
Total stockholders’ equity | 814,540 | 704,264 | |||||||||
Total liabilities, redeemable non-controlling interests and stockholders' equity | $ | 3,038,043 | $ | 2,224,821 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenues | $ | 441,296 | $ | 273,682 | $ | 1,492,695 | $ | 799,804 | |||||||||||||||
Cost of revenues | 361,740 | 214,869 | 1,263,458 | 640,760 | |||||||||||||||||||
Gross profit | 79,556 | 58,813 | 229,237 | 159,044 | |||||||||||||||||||
Selling, general and administrative expenses | 40,618 | 35,168 | 118,559 | 95,651 | |||||||||||||||||||
Operating income | 38,938 | 23,645 | 110,678 | 63,393 | |||||||||||||||||||
Other expenses, net | 7,546 | 4,557 | 19,876 | 13,679 | |||||||||||||||||||
Income before income taxes | 31,392 | 19,088 | 90,802 | 49,714 | |||||||||||||||||||
Income tax provision (benefit) | 3,657 | (1,192) | 10,896 | (883) | |||||||||||||||||||
Net income | 27,735 | 20,280 | 79,906 | 50,597 | |||||||||||||||||||
Net income attributable to redeemable non-controlling interests | (344) | (2,857) | (2,915) | (8,345) | |||||||||||||||||||
Net income attributable to common shareholders | $ | 27,391 | $ | 17,423 | $ | 76,991 | $ | 42,252 | |||||||||||||||
Net income per share attributable to common shareholders: | |||||||||||||||||||||||
Basic | $ | 0.53 | $ | 0.34 | $ | 1.48 | $ | 0.83 | |||||||||||||||
Diluted | $ | 0.51 | $ | 0.33 | $ | 1.44 | $ | 0.81 | |||||||||||||||
Weighted average common shares outstanding: | |||||||||||||||||||||||
Basic | 51,869 | 51,464 | 51,810 | 50,599 | |||||||||||||||||||
Diluted | 53,297 | 52,839 | 53,252 | 52,013 | |||||||||||||||||||
Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 79,906 | $ | 50,597 | |||||||
Adjustments to reconcile net income to net cash flows from operating activities: | |||||||||||
Depreciation of energy assets, net | 36,911 | 31,449 | |||||||||
Depreciation of property and equipment | 2,057 | 2,397 | |||||||||
Net increase in fair value of contingent consideration | 814 | — | |||||||||
Accretion of ARO liabilities | 108 | 90 | |||||||||
Amortization of debt discount and debt issuance costs | 2,869 | 2,085 | |||||||||
Amortization of intangible assets | 1,462 | 241 | |||||||||
Provision for bad debts | 363 | 29 | |||||||||
Loss on disposal / impairment of long-lived assets | 888 | 1,901 | |||||||||
Equity in earnings of unconsolidated entity | (1,477) | (128) | |||||||||
Net (gain) loss from derivatives | (225) | 1,892 | |||||||||
Stock-based compensation expense | 10,837 | 4,280 | |||||||||
Deferred income taxes, net | 4,927 | (1,834) | |||||||||
Unrealized foreign exchange loss | 466 | 124 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | (47,257) | 27,721 | |||||||||
Accounts receivable retainage | 225 | (9,214) | |||||||||
Federal ESPC receivable | (180,249) | (187,984) | |||||||||
Inventory, net | (4,287) | 246 | |||||||||
Costs and estimated earnings in excess of billings | (325,057) | (22,166) | |||||||||
Prepaid expenses and other current assets | 864 | 3,771 | |||||||||
Project development costs | (823) | 15 | |||||||||
Other assets | (10,254) | (3,467) | |||||||||
Accounts payable, accrued expenses and other current liabilities | 143,026 | (17,677) | |||||||||
Billings in excess of cost and estimated earnings | 7,802 | (5,856) | |||||||||
Other liabilities | (436) | (155) | |||||||||
Income taxes receivable, net | 3,371 | 5,299 | |||||||||
Cash flows from operating activities | (273,169) | (116,344) | |||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property and equipment | (3,981) | (2,133) | |||||||||
Capital investment in new energy assets | (182,119) | (141,253) | |||||||||
Capital investment in major maintenance of energy assets | (16,106) | (6,714) | |||||||||
Loans to joint venture investments | (458) | — | |||||||||
Cash flows from investing activities | (202,664) | (150,100) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from equity offering, net of offering costs | — | 120,084 | |||||||||
Payments of debt discount and debt issuance costs | (2,885) | (2,650) | |||||||||
Proceeds from exercises of options and ESPP | 4,430 | 4,883 | |||||||||
Proceeds from (payments on) senior secured revolving credit facility, net | 139,000 | (38,073) | |||||||||
Proceeds from long-term debt financings | 331,086 | 118,160 | |||||||||
Proceeds from Federal ESPC projects | 173,865 | 114,185 | |||||||||
Proceeds for (payments on) energy assets from Federal ESPC | 7,675 | (174) | |||||||||
Investment fund call option exercise | — | (1,000) | |||||||||
Contributions from non-controlling interest | 13,148 | — | |||||||||
(Distributions to) proceeds from redeemable non-controlling interests, net | (784) | 1,468 | |||||||||
Payments on long-term debt and financing leases | (111,341) | (55,616) | |||||||||
Cash flows from financing activities | 554,194 | 261,267 | |||||||||
Effect of exchange rate changes on cash | (1,857) | 118 | |||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | 76,504 | (5,059) | |||||||||
Cash, cash equivalents, and restricted cash, beginning of period | 87,054 | 98,837 | |||||||||
Cash, cash equivalents, and restricted cash, end of period | $ | 163,558 | $ | 93,778 |
Three Months Ended September 30, 2022 | |||||||||||||||||
Adjusted EBITDA: | Projects | Energy Assets | O&M | Other | Consolidated | ||||||||||||
Net income attributable to common shareholders | $ | 15,909 | $ | 8,827 | $ | 1,667 | $ | 988 | $ | 27,391 | |||||||
Impact from redeemable non-controlling interests | — | 344 | — | — | 344 | ||||||||||||
Plus (less): Income tax provision (benefit) | 6,336 | (3,952) | 777 | 496 | 3,657 | ||||||||||||
Plus: Other expenses, net | 3,047 | 4,199 | 136 | 164 | 7,546 | ||||||||||||
Plus: Depreciation and amortization | 745 | 12,649 | 292 | 342 | 14,028 | ||||||||||||
Plus: Stock-based compensation | 2,892 | 343 | 180 | 216 | 3,631 | ||||||||||||
Plus: Contingent consideration, restructuring and other charges | 1,255 | 5 | 2 | 2 | 1,264 | ||||||||||||
Adjusted EBITDA | $ | 30,184 | $ | 22,415 | $ | 3,054 | $ | 2,208 | $ | 57,861 | |||||||
Adjusted EBITDA margin | 8.6 | % | 53.8 | % | 14.0 | % | 8.4 | % | 13.1 | % |
Three Months Ended September 30, 2021 | |||||||||||||||||
Adjusted EBITDA: | Projects | Energy Assets | O&M | Other | Consolidated | ||||||||||||
Net income attributable to common shareholders | $ | 9,617 | $ | 5,548 | $ | 2,550 | $ | (292) | $ | 17,423 | |||||||
Impact from redeemable non-controlling interests | — | 2,857 | — | — | 2,857 | ||||||||||||
Plus (less): Income tax provision (benefit) | 398 | (1,942) | 298 | 54 | (1,192) | ||||||||||||
Plus: Other expenses, net | 475 | 4,013 | 14 | 55 | 4,557 | ||||||||||||
Plus: Depreciation and amortization | 581 | 10,861 | 383 | 328 | 12,153 | ||||||||||||
Plus: Stock-based compensation | 1,535 | 310 | 158 | 162 | 2,165 | ||||||||||||
Plus: Energy asset impairment | — | 1,901 | — | — | 1,901 | ||||||||||||
Plus: Restructuring and other charges | 25 | 7 | 2 | 253 | 287 | ||||||||||||
Adjusted EBITDA | $ | 12,631 | $ | 23,555 | $ | 3,405 | $ | 560 | $ | 40,151 | |||||||
Adjusted EBITDA margin | 6.5 | % | 60.0 | % | 17.0 | % | 2.7 | % | 14.7 | % | |||||||
Nine Months Ended September 30, 2022 | |||||||||||||||||
Adjusted EBITDA: | Projects | Energy Assets | O&M | Other | Consolidated | ||||||||||||
Net income attributable to common shareholders | $ | 41,855 | $ | 25,583 | $ | 6,725 | $ | 2,828 | $ | 76,991 | |||||||
Impact from redeemable non-controlling interests | — | 2,915 | — | — | 2,915 | ||||||||||||
Plus (less): Income tax provision (benefit) | 15,315 | (8,036) | 2,225 | 1,392 | 10,896 | ||||||||||||
Plus: Other expenses, net | 8,190 | 10,936 | 355 | 395 | 19,876 | ||||||||||||
Plus: Depreciation and amortization | 2,319 | 36,021 | 913 | 1,177 | 40,430 | ||||||||||||
Plus: Stock-based compensation | 8,936 | 902 | 466 | 533 | 10,837 | ||||||||||||
Plus: Contingent consideration, restructuring and other charges | 1,243 | (21) | 14 | 60 | 1,296 | ||||||||||||
Adjusted EBITDA | $ | 77,858 | $ | 68,300 | $ | 10,698 | $ | 6,385 | $ | 163,241 | |||||||
Adjusted EBITDA margin | 6.3 | % | 55.5 | % | 16.9 | % | 8.8 | % | 10.9 | % |
Nine Months Ended September 30, 2021 | |||||||||||||||||
Adjusted EBITDA: | Projects | Energy Assets | O&M | Other | Consolidated | ||||||||||||
Net income attributable to common shareholders | $ | 24,087 | $ | 12,286 | $ | 5,759 | $ | 120 | $ | 42,252 | |||||||
Impact from redeemable non-controlling interests | — | 8,345 | — | — | 8,345 | ||||||||||||
Plus (less): Income tax provision (benefit) | 264 | (2,028) | 437 | 444 | (883) | ||||||||||||
Plus: Other expenses, net | 1,853 | 11,534 | 44 | 248 | 13,679 | ||||||||||||
Plus: Depreciation and amortization | 1,781 | 29,978 | 1,305 | 1,023 | 34,087 | ||||||||||||
Plus: Stock-based compensation | 3,056 | 586 | 311 | 327 | 4,280 | ||||||||||||
Plus: Energy asset impairment | — | 1,901 | — | — | 1,901 | ||||||||||||
Plus: Restructuring and other charges | 178 | 37 | 36 | 318 | 569 | ||||||||||||
Adjusted EBITDA | $ | 31,219 | $ | 62,639 | $ | 7,892 | $ | 2,480 | $ | 104,230 | |||||||
Adjusted EBITDA margin | 5.5 | % | 57.2 | % | 13.6 | % | 4.0 | % | 13.0 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||
Non-GAAP net income and EPS: | ||||||||||||||
Net income attributable to common shareholders | $ | 27,391 | $ | 17,423 | $ | 76,991 | $ | 42,252 | ||||||
Adjustment for accretion of tax equity financing fees | (27) | (27) | (81) | (89) | ||||||||||
Impact from redeemable non-controlling interests | 344 | 2,857 | 2,915 | 8,345 | ||||||||||
Plus: Energy asset impairment | — | 1,901 | — | 1,901 | ||||||||||
Plus: Contingent consideration, restructuring and other charges | 1,264 | 287 | 1,296 | 569 | ||||||||||
Less: Income tax effect of Non-GAAP adjustments | (329) | (569) | (338) | (642) | ||||||||||
Non-GAAP net income | 28,643 | 21,872 | 80,783 | 52,336 | ||||||||||
Diluted net income per common share | $ | 0.51 | $ | 0.33 | $ | 1.44 | $ | 0.81 | ||||||
Effect of adjustments to net income | 0.03 | 0.08 | 0.08 | 0.20 | ||||||||||
Non-GAAP EPS | $ | 0.54 | $ | 0.41 | $ | 1.52 | $ | 1.01 | ||||||
Adjusted cash from operations: | ||||||||||||||
Cash flows from operating activities | $ | 34,674 | $ | (19,861) | $ | (273,169) | $ | (116,344) | ||||||
Plus: proceeds from Federal ESPC projects | 52,134 | 44,026 | 173,865 | 114,185 | ||||||||||
Adjusted cash from operations | $ | 86,808 | $ | 24,165 | $ | (99,304) | $ | (2,159) |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||
New contracts and awards: | ||||||||||||||
New contracts | $ | 282,500 | $ | 190,500 | $ | 657,800 | $ | 451,500 | ||||||
New awards (1) | $ | 147,440 | $ | 346,200 | $ | 808,540 | $ | 718,200 |
Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA): | ||||||||
Year Ended December 31, 2022 | ||||||||
Low | High | |||||||
Operating income(1) | $137 million | $145 million | ||||||
Depreciation and amortization | $52 million | $53 million | ||||||
Stock-based compensation | $11 million | $12 million | ||||||
Adjusted EBITDA | $200 million | $210 million |
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