Ameresco Reports Second Quarter 2017 Financial Results

Aug 10, 2017

Ameresco, Inc. (NYSE:AMRC), a leading energy efficiency and renewable energy company, announced financial results for the fiscal quarter ended June 30, 2017. The Company has also furnished supplemental information in conjunction with this press release in a Current Report on Form 8-K. The supplemental information includes non-GAAP financial metrics, and has been posted to the "Investor Relations" section of the Company's website at www.ameresco.com.

Management Commentary

"We had a solid quarter, with profit growth on track to meet the expectations we set out at the start of the year," said George Sakellaris, Chief Executive Officer. "The results highlight several attractive elements of Ameresco's business model, including visibility, larger more complex projects, geographic penetration and an expanding portfolio of energy-producing assets."

Sakellaris continued, "In particular, our backlog gives us a good view to project revenues out two to four years. Combined with the natural visibility of our recurring revenue streams of energy sales and operations and maintenance, we believe we have an outstanding business model that delivers growth, profit and visibility."

Financial Results

(All financial result comparisons made are against the prior year period unless otherwise noted.)

Second Quarter 2017

Revenues were $166.7 million, compared to $162.6 million. Operating income was $8.8 million, compared to operating income of $4.7 million.

Net income was $5.8 million compared to $2.0 million, and net income per diluted share was $0.13 compared to $0.04. Non-GAAP EPS was $0.13, compared to $0.08.

Adjusted EBITDA, a non-GAAP financial measure, was $15.4 million, compared to $13.2 million.

Additional Second Quarter 2017 Operating Highlights:

  • Cash flows used in operating activities were $19.6 million, compared to $24.7 million, and adjusted cash from operations, a non-GAAP financial measure, was an inflow of $19.3 million, compared to an outflow of $2.3 million.
  • Total project backlog was $1,644.9 million and consisted of:
  • $631.4 million of fully-contracted backlog, representing signed customer contracts for installation or construction of projects, which we expect to convert into revenue over the next two to four years, on average; and
  • $1,013.5 million of awarded projects, representing projects in development for which we do not have signed contracts.
  • Assets in development were $202.4 million or 95 MWe.

FY 2017 Guidance

Based on year to date performance and expectations for the remainder of 2017, Ameresco re-affirms its full year 2017 outlook. Ameresco expects to earn total revenue in the range of $665 million to $700 million in 2017. The Company also expects adjusted EBITDA for 2017 to be in the range of $60 million to $65 million and net income per diluted share to be in the range of $0.37 to $0.43 for 2017. This guidance excludes the impact of any non-controlling interest activity and our restructuring activities.

Share Repurchase Program

Through the end of the second quarter, the Company repurchased 1,719,242 shares of its Class A common stock for $8.6 million. The Company has approximately $6.4 million of remaining authorization under the share repurchase program it announced in May 2016.

Click here to read the full press release.

For more information:

Ameresco, Inc.

111 Speen St
Framingham, Massachusetts
United States, 10701
Tel: 508-661-2200

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