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Ameresco(AMRC) - 2024 Q3 - Quarterly Results
AMRCAmeresco(AMRC)2024-11-07 21:08

Financial Performance - Total revenue increased by 49% year-over-year to 500.9million,withprojectrevenuegrowingby59500.9 million, with project revenue growing by 59%[1] - Net income attributable to common shareholders was 17.6 million, down from 21.3millioninthesameperiodlastyear[3]−AdjustedEBITDAreachedarecord21.3 million in the same period last year[3] - Adjusted EBITDA reached a record 62.2 million, representing a 43.6% increase[4] - Total revenues for the three months ended September 30, 2024, were 500,873,000,a49.4500,873,000, a 49.4% increase from 335,149,000 for the same period in 2023[22] - Gross profit for the three months ended September 30, 2024, was 77,139,000,comparedto77,139,000, compared to 63,656,000 for the same period in 2023, reflecting a gross margin improvement[22] - Operating income for the three months ended September 30, 2024, was 35,159,000,comparedto35,159,000, compared to 21,430,000 for the same period in 2023, reflecting improved operational efficiency[22] - Adjusted EBITDA for the three months ended September 30, 2024, was 62,194,withanadjustedEBITDAmarginof12.462,194, with an adjusted EBITDA margin of 12.4%[25] - Net income for the nine months ended September 30, 2024, decreased to 16,030, down 48% from 30,812inthesameperiodof2023[23]−AdjustedEBITDAfortheninemonthsendedSeptember30,2024,reached30,812 in the same period of 2023[23] - Adjusted EBITDA for the nine months ended September 30, 2024, reached 138,156, with a margin of 11.2%[27] Backlog and Contracts - Total project backlog grew by 22% year-over-year to 4.5billion,withcontractedbacklogincreasingby564.5 billion, with contracted backlog increasing by 56% to 1.9 billion[2] - New contracts awarded in the three months ended September 30, 2023, totaled 341,140thousand,comparedto341,140 thousand, compared to 799,380 thousand in the same period of 2022, indicating a decline of approximately 57.3%[30] - New awards for the nine months ended September 30, 2024, reached 1,534,824thousand,comparedto1,534,824 thousand, compared to 1,673,625 thousand in the same period of 2023, reflecting a decrease of approximately 8.3%[30] Cash and Liquidity - The company ended the quarter with 113.5millionincashandanAdjustedCashfromOperationsof113.5 million in cash and an Adjusted Cash from Operations of 34.4 million[5] - Cash and cash equivalents increased to 113,502,000asofSeptember30,2024,from113,502,000 as of September 30, 2024, from 79,271,000 as of December 31, 2023, indicating improved liquidity[20] - Cash flows from operating activities for the nine months ended September 30, 2024, were 99,222,comparedtoanegativecashflowof99,222, compared to a negative cash flow of 40,421 in the same period of 2023[23] - Cash flows from operating activities for the three months ended September 30, 2023, were 25,091thousand,asignificantimprovementfrom25,091 thousand, a significant improvement from (6,572) thousand in the same period of 2022[29] - Cash flows from investing activities for the nine months ended September 30, 2024, were (355,392),animprovementfrom(355,392), an improvement from (465,193) in 2023[23] Assets and Liabilities - Total current assets increased to 1,224,551,000asofSeptember30,2024,comparedto1,224,551,000 as of September 30, 2024, compared to 1,128,471,000 as of December 31, 2023, driven by higher accounts receivable and cash balances[20] - Total assets reached 3,982,238,000asofSeptember30,2024,upfrom3,982,238,000 as of September 30, 2024, up from 3,713,776,000 at the end of 2023, indicating strong growth in the asset base[21] - Current liabilities increased to 964,667,000asofSeptember30,2024,comparedto964,667,000 as of September 30, 2024, compared to 901,471,000 as of December 31, 2023, primarily due to higher accounts payable[20] Debt and Financial Ratios - Corporate debt was reported at 272.5million,withacorporateleverageratioof2.8X,belowthecovenantlevelof3.5X[5]−Thecompanyanticipatescontinuedgrowthinrevenuesandprofitability,drivenbymarketexpansionandnewproductdevelopments[19]−Thecompanyreaffirmeditsfull−year2024guidance,expectingrevenuegrowthof27272.5 million, with a corporate leverage ratio of 2.8X, below the covenant level of 3.5X[5] - The company anticipates continued growth in revenues and profitability, driven by market expansion and new product developments[19] - The company reaffirmed its full-year 2024 guidance, expecting revenue growth of 27% and Adjusted EBITDA growth of 35% at midpoints[13] Other Financial Metrics - The company reported a net loss attributable to non-controlling interests of 585,000 for the three months ended September 30, 2024, compared to a net income of 423,000inthesameperiodof2023[22]−Thecompanyexperiencedasignificantincreaseincostsandestimatedearningsinexcessofbillings,totaling423,000 in the same period of 2023[22] - The company experienced a significant increase in costs and estimated earnings in excess of billings, totaling 126,694 for the nine months ended September 30, 2024, compared to 5,260in2023[23]−Stock−basedcompensationexpensefortheninemonthsendedSeptember30,2024,was5,260 in 2023[23] - Stock-based compensation expense for the nine months ended September 30, 2024, was 10,368, down from 12,318inthesameperiodof2023[23]−Thecompanyreportedanetgainfromderivativesof12,318 in the same period of 2023[23] - The company reported a net gain from derivatives of (267) for the nine months ended September 30, 2024, compared to a loss of (3,306)in2023[23]−Non−GAAPnetincomeforthethreemonthsendedSeptember30,2023,was(3,306) in 2023[23] - Non-GAAP net income for the three months ended September 30, 2023, was 16,843 thousand, a decrease from 21,144thousandinthesameperiodof2022,representingadeclineofapproximately20.821,144 thousand in the same period of 2022, representing a decline of approximately 20.8%[29] - Diluted net income per common share for the three months ended September 30, 2023, was 0.33, down from $0.40 in the prior year, reflecting a decrease of 17.5%[29]