Core Insights - The First Eagle Small Cap Opportunity Fund A Shares achieved a return of 13.00% in the third quarter of 2025, indicating strong performance in the small-cap sector [3]. Group 1: Performance Metrics - The fund's return of 13.00% reflects a significant performance boost compared to previous quarters [3]. - Key sectors contributing to the fund's performance include industrials and information technology, highlighting the sectors' resilience and growth potential [3].

Core Insights - Ameresco, Inc. has initiated a significant solar project in Chandler aimed at enhancing energy security and reducing utility costs while promoting sustainability [1] Company Overview - Ameresco, Inc. is recognized as a leading provider of energy infrastructure solutions [1] Project Details - The solar project will implement solar photovoltaic (PV) systems across 22 municipal facilities [1] - This initiative is designed to create a municipal blueprint for resilient and cost-efficient energy solutions [1] - The total portfolio of the project is 7 [1]

Core Insights - Ameresco's third quarter results exceeded revenue expectations but faced a negative market reaction due to broader market conditions [1] - The company highlighted strong execution in energy infrastructure and asset business lines, driven by increased electricity demand from data centers and industrial clients [1] - Management emphasized the growth in project backlog and recent successes in large-scale power and battery storage solutions [1] Financial Performance - Revenue for Q3 was $526 million, surpassing analyst estimates of $520.5 million, reflecting a 5% year-on-year growth [6] - Adjusted EPS was $0.35, beating analyst estimates of $0.30 by 16% [6] - Adjusted EBITDA reached $70.4 million, exceeding estimates of $65.72 million, with a margin of 13.4% [6] - The company reaffirmed its full-year revenue guidance of $1.9 billion and adjusted EPS guidance of $0.80 [6] - EBITDA guidance for the full year is set at $235 million, slightly below analyst estimates of $236.7 million [6] - Operating margin improved to 8.1%, up from 7% in the same quarter last year [6] - Market capitalization stands at $1.86 billion [6] Strategic Focus - The company is focusing on energy infrastructure for federal and commercial data centers, with a growing project pipeline [6] - Ameresco is leveraging federal land and experience for projects, which is expected to enhance pipeline development [6] - There is a notable increase in the share of battery storage in the project backlog, with efforts to diversify battery supply and mitigate cost fluctuations [6] - Management expressed confidence in sustaining long-term EBITDA growth through an expanding pipeline of data center and battery projects [6] - Investments in staffing and technical partnerships are being made to ensure operational readiness for multiple large projects [6]

Project Backlog and Revenue - Fully-contracted project backlog increased to $2,473,089,000 as of September 30, 2025, compared to $1,852,774,000 in 2024, reflecting a growth of approximately 33.5%[176] - Total project backlog reached $5,141,191,000 as of September 30, 2025, up from $4,508,856,000 in 2024, indicating an increase of about 14.0%[176] - The 12-month project backlog grew to $1,248,697,000 in 2025 from $976,530,000 in 2024, representing a rise of approximately 27.8%[176] - Total revenues for the three months ended September 30, 2025, increased by $25,114, or 5.0%, to $525,987 compared to $500,873 in 2024[180] - Project revenues increased by $24.6 million, or 6%, attributed to the timing of revenue recognized based on costs incurred to date relative to total expected costs on active projects[181] - For the nine months ended September 30, 2025, total revenues increased by $113,839, or 9.2%, to $1,351,100 compared to $1,237,261 in 2024[182] - Revenue for the three months ended September 30, 2025, increased due to higher energy assets revenue, partially offset by lower project revenue, while revenue for the nine months decreased primarily due to lower project revenue and a reversal of previously recognized revenue[191] - Renewable Fuels segment revenues decreased during the three months ended September 30, 2025, primarily due to decreased project revenues, with a similar trend observed for the nine months[191] - European revenues increased due to higher project revenues from joint ventures in Greece and Romania compared to the prior period[191] Financial Performance - Gross profit for the three months ended September 30, 2025, was $84,329, representing a gross profit margin of 16.0%, up from 15.4% in 2024[180] - Net income for the three months ended September 30, 2025, was $21,840, an increase of $4,826, or 28.4%, compared to $17,014 in 2024[180] - Net income for the nine months ended September 30, 2025, was $31,753, an increase of $15,723, or 98.1%, compared to $16,030 in 2024[182] - Earnings from unconsolidated entities for the three months ended September 30, 2025, increased by $1,234, or 776.1%, to $1,393 compared to $159 in 2024[180] - Basic and diluted earnings per share for the three months ended September 30, 2025, were $0.35, an increase of $0.01 per share basic and $0.02 diluted compared to the same period of 2024[181] Operational Challenges - Supply chain disruptions and inflation have negatively impacted operations, causing delays and increased costs during the nine months ended September 30, 2025[166] - The company continues to monitor the impact of global economic conditions, including tariffs and geopolitical tensions, on its operations and financial results[164] - The U.S. government shutdown on October 1, 2025, has not yet notably affected government work, but prolonged shutdowns could delay project conversions into contracts[162] - The company expects challenges from climate change and seasonal fluctuations, which may affect revenue and operating income, particularly in the first quarter[169] Investments and Financing - Capital investments during the nine months ended September 30, 2025, totaled $283.4 million in new energy assets, compared to $341.8 million in 2024[215] - The company plans to invest approximately $50 million to $100 million in additional capital expenditures during the remainder of 2025, mainly for new renewable energy plants[216] - Proceeds from energy asset financings for the nine months ended September 30, 2025, amounted to $367.3 million, with total financing activities resulting in net cash inflows of $310.9 million[217] - The company plans to pursue additional project financings ranging from $50 million to $100 million during the remainder of 2025 for the construction or acquisition of new renewable energy plants[219] Cash Flow and Liquidity - Cash flows from operating activities for the nine months ended September 30, 2025, decreased by $136.7 million to $(37.5) million, primarily due to increases in cash outflows from unbilled revenue and deferred revenue[212][213] - Total net cash flows for the nine months ended September 30, 2025, were $17.2 million, a decrease of $33.5 million compared to the previous year[212] - As of September 30, 2025, the balance on senior secured term loans was $96.3 million, and the balance on the senior secured revolving credit facility was $110.0 million[200] - The company expects to have sufficient liquidity to fund operations through at least November 2026, supported by cash, working capital, and available credit[194] Accounting and Market Risk - There have been no material changes in the company's critical accounting estimates from those disclosed in the 2024 Form 10-K[221] - As of September 30, 2025, there have been no significant changes in market risk exposures that materially affected the disclosures in the 2024 Form 10-K[223]

Group 1 - The article does not provide any specific content related to a company or industry [1]

Group 1 - The article does not provide any specific content related to a company or industry [1]

Financial Data and Key Metrics Changes - Revenue grew 5% year over year, reflecting robust execution across the project portfolio and sustained momentum in the energy asset segment [14][15] - Adjusted EBITDA increased 13% from the prior year, driven by higher project margins and disciplined operating cost management [14][17] - Net income attributable to common shareholders was $18.5 million, with both GAAP and non-GAAP EPS at $0.35 [17] Business Line Data and Key Metrics Changes - Projects revenue grew 6%, supported by strong results from the European joint venture with CINEL [14] - Energy asset revenue also grew 6%, driven largely by the growth of the operating assets portfolio, with an additional 16 megawatts placed into operation during the quarter [15][17] - Recurring O&M revenue increased by 8% as the company continues to win more long-term O&M business [17] Market Data and Key Metrics Changes - Total project backlog increased to $5.1 billion, with a contracted project backlog up 33% to $2.5 billion [15] - The company secured $450 million in new project awards this quarter and converted $467 million of awards into signed contracts [15] - The energy asset side of the business is seeing significant growth, with firm generation assets and battery storage becoming a larger portion of the assets in development [7][10] Company Strategy and Development Direction - The company is focusing on energy infrastructure solutions, with significant demand from various sectors including data centers, industrials, and utilities [4][5] - Ameresco's business model allows for tailored financial solutions, providing a competitive advantage over traditional engineering and construction firms [5][6] - The company aims for long-term growth targets of 10% revenue and 20% adjusted EBITDA, supported by favorable industry dynamics [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining operations with minimal disruption despite anticipated federal government shutdowns [12] - The company does not expect a material impact on Q4 results from the government shutdown, reaffirming its guidance for 2025 [19] - Strong year-to-date performance and robust demand in energy infrastructure provide solid momentum as the year-end approaches [19] Other Important Information - The company closed the quarter with approximately $95 million in cash and $340 million in total corporate debt, maintaining a debt-to-EBITDA leverage ratio of 3.2 times [17][18] - The company secured approximately $180 million in new project financing commitments during the quarter [18] Q&A Session Summary Question: Opportunities in data centers - The company is focusing on energy infrastructure for data centers, similar to the Lemoore project, and expects to see more projects materialize [23][24] Question: Size of commitment for projects - The total opportunity for the Lemoore project could be as large as 350 megawatts, with details on CapEx figures not yet disclosed [25] Question: Impact of government shutdown on projects - The federal government represents only 20% of the business, so any delays in contract execution will not have a significant impact on overall revenue [39] Question: Engineering construction differences for data centers - The work for data centers is similar to federal projects, with larger opportunities and quicker needs, but no significant differences in project development [43][44] Question: Battery procurement and supply chain - The company is diversifying its supply chain for batteries and is optimistic about the cost of batteries coming down, which may create a natural hedge against potential tariffs [48][49]

ameresco.com © 2025 Ameresco, Inc. All rights reserved. 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 income, adjusted EBITDA, Non-GAAP EPS, gross margin, effective tax rate, interest rate, depreciation, tax attributes and capital investments, as well as stat ...

Financial Performance - Total revenue for Q3 2025 was $526.0 million, representing a 5% increase year-over-year[6] - Net income attributable to common shareholders was $18.5 million, with both GAAP and Non-GAAP EPS at $0.35[4] - Adjusted EBITDA increased by 13% to $70.4 million, outpacing revenue growth[6] - Revenues for Q3 2025 reached $525.987 million, a 5% increase from $500.873 million in Q3 2024[26] - Gross profit for Q3 2025 was $84.329 million, up from $77.139 million in Q3 2024, reflecting a gross margin improvement[26] - Net income attributable to common shareholders for Q3 2025 was $18.532 million, compared to $17.599 million in Q3 2024, representing an increase of 5.3%[26] - The company reported an operating income of $42.350 million for Q3 2025, compared to $35.159 million in Q3 2024, an increase of 20.3%[26] - Non-GAAP net income for the three months ended September 30, 2025, was $18,780,000, compared to $16,843,000 in 2024, indicating an increase of 11.5%[32] - The diluted net income per common share for the three months ended September 30, 2025, was $0.35, up from $0.33 in 2024[32] - Net income for the nine months ended September 30, 2025, was $31,753,000, compared to $16,030,000 for the same period in 2024, representing a 98.5% increase[28] - Adjusted EBITDA for the nine months ended September 30, 2025, was $167,183,000, up from $138,156,000 in 2024, reflecting a 21.0% growth[31] Revenue and Backlog - Total project backlog reached $5.1 billion, with $2.5 billion contracted, enhancing long-term revenue visibility[5] - Energy Asset revenue grew 6% to $62.5 million, driven by the expansion of the operating asset portfolio[6] - O&M revenue increased by 8%, reflecting solid performance in that segment[6] - The outlook indicates a long-term target growth rate of 10% for revenue and 20% for adjusted EBITDA[10] - The company reaffirmed its 2025 guidance, targeting revenue of $1.9 billion and adjusted EBITDA of $235 million[9] Assets and Liabilities - Total current assets increased to $1.420 billion as of September 30, 2025, compared to $1.301 billion at December 31, 2024, marking a growth of 9.1%[22] - Total assets grew to $4.426 billion as of September 30, 2025, up from $4.158 billion at December 31, 2024, indicating a 6.4% increase[24] - Long-term debt and financing lease liabilities increased to $1.717 billion as of September 30, 2025, compared to $1.484 billion at December 31, 2024, reflecting a rise of 15.7%[23] - Cash and cash equivalents decreased to $94.551 million as of September 30, 2025, down from $108.516 million at December 31, 2024[22] Cash Flow and Investments - Cash flows from operating activities for the nine months ended September 30, 2025, were $(37,465,000), a significant decrease from $99,222,000 in 2024[28] - The company reported a net increase in cash, cash equivalents, and restricted cash of $17,218,000 for the nine months ended September 30, 2025, compared to $50,715,000 in 2024[29] - Adjusted cash from operations for the nine months ended September 30, 2025, was $115,357,000, compared to $228,621,000 in 2024, showing a decline of 49.5%[32] - Capital investments in energy assets for the nine months ended September 30, 2025, totaled $(283,370,000), down from $(341,794,000) in 2024[28] - The company recorded a cash flow from financing activities of $310,972,000 for the nine months ended September 30, 2025, compared to $305,058,000 in 2024[29] Future Projections - Adjusted EBITDA for the year ended December 31, 2025, is projected to be between $225 million and $245 million[33] - Operating income is expected to range from $113 million to $132 million for the same period[33] - Depreciation and amortization expenses are estimated to be between $103 million and $105 million[33] - Stock-based compensation is projected to be between $14 million and $16 million[33] - Restructuring and other charges are anticipated to be between $(5) million and $(8) million[33] Operational Insights - The company anticipates continued growth in revenues and profitability driven by demand for energy efficiency and renewable energy solutions[20] - Non-GAAP financial measures are provided as supplemental information and should not be considered as alternatives to GAAP measures[35] - Non-GAAP net income and EPS exclude certain items not representative of ongoing operations, indicating operational strength[39] - Adjusted cash from operations includes cash flows from ITC sales and Federal ESPC projects, providing a clearer measure of liquidity[41] - Adjusted EBITDA margin is defined as adjusted EBITDA as a percentage of revenue, used for evaluating operating performance[37] - Management uses adjusted EBITDA for planning, resource allocation, and evaluating business strategies[38]

Group 1: Company Overview - Nucor Corporation (NYSE:NUE) is recognized as a leading infrastructure stock with significant upside potential [1] - The company specializes in manufacturing and selling steel and steel products, operating in three segments: Steel Mills, Steel Products, and Raw Materials [3] Group 2: Recent Developments - On October 17, Ameresco Inc. (NYSE:AMRC) announced the successful development and commercial operation of a large-scale Battery Energy Storage System (BESS) for Nucor in Kingman, Arizona [1] - The BESS has a capacity of 50MW/200 MWh and is a crucial component of Nucor's expansion at its Kingman bar mill, which aims to increase annual production capacity to 600,000 tons [2][1] - The BESS is the largest behind-the-meter project in Arizona and ranks as the fourth largest BTM installation in the US, featuring 58 Tesla Megapack 2XL units [3]