ROHSTOFF INTERNATIONAL

12:00 | 06.03.2018
Ameresco Reports Fourth Quarter and Full Year 2017 Financial Results

Ameresco, Inc. (NYSE:AMRC), a leading energy efficiency and renewable
energy company, today announced financial results for the fiscal quarter
and year ended December 31, 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 great 2017 and enter 2018 with exceptional business momentum,”
said George P. Sakellaris, President and Chief Executive Officer of
Ameresco. “Our earnings growth accelerated in 2017, and we anticipate
more acceleration in the year ahead. Business is strong because we have
a focused, effective strategy in place, and we are executing well
against it.”

Sakellaris continued, “Increased investment in the efficiency project
pipeline resulted in outstanding backlog growth, giving us great
visibility. Growth is supported by our success in penetrating new
regions across the US, and from initial success in the UK. Finally, we
are strengthening our business model through the continued expansion of
our energy asset portfolio. This high margin, recurring revenue is
becoming a significant contributor to profit, and is set to grow
meaningfully in 2018 and beyond.”
Financial Results
(All financial result comparisons made are against the prior year period
unless otherwise noted.)
Fourth Quarter 2017
Revenues were $211.1 million, compared to $174.2 million. Net income was
$23.8 million, compared to $3.3 million in 2016. Net income included
$3.3 million of income attributable to redeemable non-controlling
interest in 2017 and $0.1 million of expense attributable to redeemable
non-controlling interest in 2016. Adjusted EBITDA, a non-GAAP financial
measure, was $21.1 million, compared to $14.4 million.

Fourth quarter net income includes a benefit of $14 million or $0.30 per
diluted share related to the impact of the re-measurement of the
Company’s deferred income tax balances because of the Tax Cuts and Jobs
Act enacted in December 2017. Net income per diluted share was $0.52,
compared to $0.07 in 2016. Non-GAAP EPS was $0.48, compared to $0.08.
Full Year 2017
Revenues were $717.2 million, compared to $651.2 million. Net income
attributable to Ameresco, Inc. was $37.5 million, compared to net income
of $12.0 million. Adjusted EBITDA was $63.3 million, compared to $56.2
million. Non-GAAP net income was $35.0 million, compared to $16.8
million.

Net income for Full Year 2017 includes a benefit of $14 million or $0.30
per diluted share related to the impact of the re-measurement of the
Company’s deferred income tax balances because of the Tax Cuts and Jobs
Act enacted in December 2017. Net income per basic and diluted share was
$0.82, compared to $0.26. Non-GAAP EPS was $0.76, compared to $0.36.
Additional Full Year 2017 Operating Highlights:
Cash flows used in operating activities, which excludes proceeds from
Federal ESPC projects, were $136.6 million, compared to $58.1 million
in the prior period, and adjusted cash from operations, a non-GAAP
financial measure, was $28.5 million, compared to $32.0 million.

Total project backlog was $1.77 billion and consisted of:

$572.5 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

$1.2 billion of awarded projects, representing projects in
development for which we do not have signed contracts.

Energy Assets in development were $165.8 million or 78 MWe.
FY 2018 Guidance
Ameresco expects to earn total revenue in the range of $765 million to
$800 million in 2018. The Company also expects adjusted EBITDA for 2018
to be in the range of $75 million to $85 million and net income per
diluted share to be in the range of $0.55 to $0.65 for 2018. This
guidance excludes the impact of any non-controlling interest activity
and any additional charges relating to our restructuring activities, as
well as any related tax impact.
Share Repurchase Program
Through the end of 2017, the Company repurchased 1,873,266 shares of its
Class A common stock for $9.7 million. The Company has approximately
$5.3 million of remaining authorization under the share repurchase
program it announced in May 2016.
Webcast Reminder
The Company will host a conference call today at 8:30 a.m. ET today to
discuss results.

The conference call will be available via the following dial in numbers:

U.S. Participants: Dial 1-877-359-9508 (Access Code: 4085048)

International Participants: Dial 1-224-357-2393 (Access Code: 4085048)

Participants are advised to dial into the call at least ten minutes
prior to register.

A live, listen-only webcast of the conference call will also be
available over the Internet. Individuals wishing to listen can access
the call through the “Investor
Relations” section of the Company’s website at www.ameresco.com.

An archived webcast will be available on the Company’s website for one
year.
Use of Non-GAAP Financial Measures
This press release and the accompanying tables include references to
adjusted EBITDA, non-GAAP EPS, non-GAAP net income and adjusted cash
from operations, which are non-GAAP financial measures. For a
description of these non-GAAP financial measures, including the reasons
management uses these measures, please see the section following the
accompanying tables titled “Exhibit A: Non-GAAP Financial Measures”. For
a reconciliation of these non-GAAP financial measures to the most
directly comparable financial measures prepared in accordance with GAAP,
please see Other Non-GAAP Disclosures and Non-GAAP Financial Guidance in
the accompanying tables.
About Ameresco, Inc.
Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading independent
provider of comprehensive services, energy efficiency, infrastructure
upgrades, asset sustainability and renewable energy solutions for
businesses and organizations throughout North America and Europe.
Ameresco’s sustainability services include upgrades to a facility’s
energy infrastructure and the development, construction and operation of
renewable energy plants. Ameresco has successfully completed energy
saving, environmentally responsible projects with federal, state and
local governments, healthcare and educational institutions, housing
authorities, and commercial and industrial customers. With its corporate
headquarters in Framingham, MA, Ameresco has more than 1,000 employees
providing local expertise in the United States, Canada, and the United
Kingdom. For more information, visit www.ameresco.com.
Safe Harbor Statement
Any statements in this press release 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 “projects,”
“believes,” “anticipates,” “plans,” “expects,” “will” and similar
expressions, constitute forward-looking statements within the meaning of
The Private Securities Litigation Reform Act of 1995. Actual results may
differ materially from those indicated by such forward-looking
statements as a result of various important factors, including the
timing of, and ability to, enter into contracts for awarded projects on
the terms proposed; the timing of work we do on projects where we
recognize revenue on a percentage of completion basis, including the
ability to perform under recently signed contracts without unusual
delay; demand for our energy efficiency and renewable energy solutions;
our ability to arrange financing for our projects; changes in federal,
state and local government policies and programs related to energy
efficiency and renewable energy; the ability of customers to cancel or
defer contracts included in our backlog; the effects of our recent
acquisitions and restructuring activities; seasonality in construction
and in demand for our products and services; a customer’s decision to
delay our work on, or other risks involved with, a particular project;
availability and costs of labor and equipment; the addition of new
customers or the loss of existing customers; market price of the
Company’s stock prevailing from time to time; the nature of other
investment opportunities presented to the Company from time to time; the
Company’s cash flows from operations; and other factors discussed in our
Annual Report on Form 10-K for the year ended December 31, 2016, filed
with the U.S. Securities and Exchange Commission on March 3, 2017. In
addition, the forward-looking statements included in this press release
represent our views as of the date of this press release. We anticipate
that subsequent events and developments will cause our views to change.
However, while we may elect to update these forward-looking statements
at some point in the future, we specifically disclaim any obligation to
do so. These forward-looking statements should not be relied upon as
representing our views as of any date subsequent to the date of this
press release.

 
AMERESCO, INC.CONSOLIDATED BALANCE SHEETS(in
thousands, except share and per share amounts)

 

 

 

December 31,

2017
 
2016

(Unaudited)

ASSETS
Current assets:

Cash and cash equivalents

$

24,262

$

20,607

Restricted cash

15,751

12,299

Accounts receivable, net

85,121

85,354

Accounts receivable retainage, net

17,484

17,465

Costs and estimated earnings in excess of billings

104,852

56,914

Inventory, net

8,139

12,104

Prepaid expenses and other current assets

14,037

11,732

Income tax receivable

6,053

406

Project development costs

11,379

 

9,180

 

Total current assets

287,078

226,061

Federal ESPC receivable

248,917

158,209

Property and equipment, net

5,303

5,018

Energy assets, net

356,443

319,758

Goodwill

56,135

57,976

Intangible assets, net

2,440

3,931

Other assets

27,635

 

26,328

 

Total assets

$

983,951

 

$

797,281

 
LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND
STOCKHOLDERS’ EQUITY
Current liabilities:

Current portions of long-term debt and capital lease liabilities

$

22,375

$

19,292

Accounts payable

135,881

126,583

Accrued expenses and other current liabilities

23,260

22,763

Billings in excess of cost and estimated earnings

19,871

21,189

Income taxes payable

755

 

775

 

Total current liabilities

202,142

190,602

Long-term debt and capital lease liabilities, less current portions
and net of deferred financing fees

173,237

140,593

Federal ESPC liabilities

235,088

133,003

Deferred income taxes, net

584

9,037

Deferred grant income

7,188

7,739

Other liabilities

18,754

15,154

 

Redeemable non-controlling interests

10,338

6,847

 

Stockholders’ equity:

Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no
shares issued and outstanding at December 31, 2017 and 2016

Class A common stock, $0.0001 par value, 500,000,000 shares
authorized, 29,406,315 shares issued and 27,533,049 shares
outstanding at December 31, 2017, 29,005,284 shares issued and
27,706,866 shares outstanding at December 31, 2016

3

3

Class B common stock, $0.0001 par value, 144,000,000 shares
authorized, 18,000,000 shares issued and outstanding at December 31,
2017 and 2016

2

2

 

Additional paid-in capital

116,196

112,926

Retained earnings

235,844

194,353

Accumulated other comprehensive loss, net

(5,626

)

(6,591

)

Less – treasury stock, at cost, 1,873,266 shares at December 31,
2017, and 1,298,418 shares at December 31, 2016

(9,799

)

(6,387

)

Total stockholder’s equity

336,620

 

300,693

 

Total liabilities, redeemable non-controlling interests and
stockholder’s equity

$

983,951

 

$

803,668

 

 

 

 

 

 

AMERESCO, INC.CONSOLIDATED STATEMENTS OF INCOME
(LOSS)(in thousands, except per share amounts)

 

Three Months Ended December 31,
Twelve Months Ended December 31,

2017
 
2016
2017
 
2016

(Unaudited)
(Unaudited)
(Unaudited)

Revenues

$

211,133

$

174,225

$

717,152

$

651,227

Cost of revenues

169,674

 

138,208

 

572,994

 

516,883

Gross profit

41,459

36,017

144,158

134,344

Selling, general and administrative expenses

27,406

 

28,688

 

107,570

 

110,568

Operating income

14,053

7,329

36,588

23,776

Other expenses, net

2,639

 

2,448

 

7,871

 

7,409

Income before provision for income taxes

11,414

4,881

28,717

16,367

Income tax (benefit) provision

(9,087

)

1,498

 

(4,791

)

4,370

Net income

20,501

3,383

33,508

11,997

Net (income) loss attributable to redeemable non-controlling interest

3,310

 

(114

)

3,983

 

35

Net income attributable to common shareholders

$

23,811

 

$

3,269

 

$

37,491

 

$

12,032

Net income per share attributable to common shareholders:

Basic

$

0.52

$

0.07

$

0.82

$

0.26

Diluted

$

0.52

$

0.07

$

0.82

$

0.26

Weighted average common shares outstanding:

Basic

45,537

45,811

45,509

46,409

Diluted

45,957

45,907

45,748

46,493

 

 

 

 

 

 

AMERESCO, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(in
thousands)

 

Year Ended December 31,

2017
 
2016

(Unaudited)

Cash flows from operating activities:

Net income

$

33,508

$

11,997

Adjustments to reconcile net income to cash flows from operating
activities:

Depreciation of energy assets

21,648

19,377

Depreciation of property and equipment

2,394

3,020

Amortization of deferred financing fees

1,620

1,503

Amortization of intangible assets

1,451

2,358

Provision for bad debts

77

5,392

Gain on sale of assets

(103

)

Unrealized gain on interest rate swaps

(271

)

(279

)

Stock-based compensation expense

1,293

1,462

Deferred income taxes

(4,527

)

2,867

Excess tax benefits from stock-based compensation arrangements

(99

)

Unrealized foreign exchange (gain) loss

(1,406

)

167

Changes in operating assets and liabilities:

Restricted cash

(818

)

(5,423

)

Accounts receivable

1,870

(12,002

)

Accounts receivable retainage

1,279

3,875

Federal ESPC receivable

(157,538

)

(116,753

)

Inventory, net

3,966

1,118

Costs and estimated earnings in excess of billings

(46,730

)

31,170

Prepaid expenses and other current assets

(2,471

)

(98

)

Project development costs

(3,007

)

4,162

Other assets

(60

)

(525

)

Accounts payable, accrued expenses and other current liabilities

19,652

(2,798

)

Billings in excess of cost and estimated earnings

(2,168

)

(6,974

)

Other liabilities

(540

)

(3,578

)

Income taxes payable

(5,678

)

1,988

 

Cash flows from operating activities

(136,559

)

(58,073

)

Cash flows from investing activities:

Purchases of property and equipment

(2,851

)

(2,807

)

Purchases of energy assets

(86,264

)

(73,234

)

Proceeds from sale of assets of a business

2,777

Acquisitions, net of cash received

(2,409

)

(3,575

)

Cash flows from investing activities

(88,747

)

(79,616

)

Cash flows from financing activities:

Excess tax benefits from stock-based compensation arrangements

99

Payments of financing fees

(2,877

)

(1,908

)

Proceeds from exercises of options

1,977

1,054

Repurchase of common stock

(3,412

)

(6,387

)

Proceeds from senior secured credit facility, net

12,547

3,822

Proceeds from long-term debt financing

48,483

38,004

Proceeds from Federal ESPC projects

165,013

90,039

Proceeds from Federal ESPC energy assets

3,993

Proceeds from sale-leaseback financing

51,204

17,045

Proceeds from investment by non-controlling interests, net

7,473

6,392

Restricted cash

(2,149

)

3,155

Payments on long-term debt

(53,459

)

(14,014

)

Cash flows from financing activities

228,793

137,303

Effect of exchange rate changes on cash

168

 

(650

)

Net increase (decrease) in cash and cash equivalents

3,655

(1,036

)

Cash and cash equivalents, beginning of period

20,607

 

21,645

 

Cash and cash equivalents, end of period

$

24,262

 

$

20,609

 

 

 

 

 

 

Non-GAAP Financial Measures (in thousands)

 

Three Months Ended December 31,
Twelve Months Ended December 31,

2017
 
2016
2017
 
2016

(Unaudited)
(Unaudited)
(Unaudited)

Adjusted EBITDA:

Net income attributable to common shareholders

$

23,811

$

3,269

$

37,491

$

12,032

Impact from redeemable non-controlling interest

(3,310

)

114

(3,983

)

(35

)

Plus (less): Income tax (benefit) provision

(9,087

)

1,498

(4,791

)

4,370

Plus: Other expenses, net

2,639

2,448

7,871

7,409

Plus: Depreciation and amortization of intangible assets

6,658

6,523

25,493

24,755

Plus: Stock-based compensation

317

376

1,293

1,462

Plus (less): Restructuring and other charges

50

 

147

 

(111

)

6,206

 

Adjusted EBITDA

$

21,078

 

$

14,375

 

$

63,263

 

$

56,199

 

Adjusted EBITDA margin

10.0

%

8.3

%

8.8

%

8.6

%

 
Non-GAAP net income and EPS:

Net income attributable to common shareholders

$

23,811

$

3,269

$

37,491

$

12,032

Impact from redeemable non-controlling interest

(3,310

)

114

(3,983

)

(35

)

Plus (less): Restructuring and other charges

50

147

(111

)

6,206

Plus (less): Income tax effect of non-GAAP adjustments

1,534

 

 

1,578

 

(1,430

)

Non-GAAP net income

$

22,085

 

$

3,530

 

$

34,975

 

$

16,773

 

 

Diluted net income per common share

$

0.52

$

0.07

$

0.82

$

0.26

Effect of adjustments to net income

(0.04

)

0.01

 

(0.06

)

0.10

 

Non-GAAP EPS

$

0.48

 

$

0.08

 

$

0.76

 

$

0.36

 

Weighted average common shares outstanding – diluted

45,957,000

45,907,120

45,748,000

46,493,000

 
Adjusted cash from operations:

Cash flows from operating activities

$

(45,803

)

$

(10,697

)

$

(136,559

)

$

(58,073

)

Plus: Proceeds from Federal ESPC projects

42,673

 

24,964

 

165,013

 

90,039

 

Adjusted cash from operations

$

(3,130

)

$

14,267

 

$

28,454

 

$

31,966

 

 

December 31,

2017
2016

(Unaudited)
(Unaudited)Construction backlog:

Awarded(1)

$

1,199,000

$

957,594

Fully-contracted

573,000

 

534,082

 

Total project backlog

$

1,772,000

 

$

1,491,676

 

Energy assets in development(2)

$

165,800

 

$

228,300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Three Months Ended December 31
 
Twelve Months Ended December 31

2017
 
2016
2017
 
2016

(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)New contracts and awards:

New contracts

$

102,000

$

214,000

$

542,000

$

596,800

New awards(1)

$

204,000

$

117,000

$

784,000

$

598,600

(1)

 

 

Represents estimated future revenues from projects that have been
awarded, though the contracts have not yet been signed.

(2)

Estimated total construction value of all energy assets in
construction and development

 

 
Non-GAAP Financial Guidance
 
Adjusted earnings before interest, taxes, depreciation and
amortization (adjusted EBITDA):(in thousands)Year Ended December 31, 2018
 

Low

High

Operating income

$

44,000

 

$

52,000

Depreciation and amortization of intangible assets

30,000

 

31,000

Stock-based compensation

1,000

 

2,000

Adjusted EBITDA

$

75,000

 

$

85,000

 
Exhibit A: Non-GAAP Financial Measures
We use the non-GAAP financial measures defined and discussed below to
provide investors and others with useful supplemental information to our
financial results prepared in accordance with GAAP. These non-GAAP
financial measures should not be considered as an alternative to any
measure of financial performance calculated and presented in accordance
with GAAP. For a reconciliation of these non-GAAP measures to the most
directly comparable financial measures prepared in accordance with GAAP,
please see Other Non-GAAP Disclosure and Non-GAAP Financial Guidance in
the tables above.

We understand that, although measures similar to these non-GAAP
financial measures are frequently used by investors and securities
analysts in their evaluation of companies, they have limitations as
analytical tools, and investors should not consider them in isolation or
as a substitute for the most directly comparable GAAP financial measures
or an analysis of our results of operations as reported under GAAP. To
properly and prudently evaluate our business, we encourage investors to
review our GAAP financial statements included above, and not to rely on
any single financial measure to evaluate our business.
Adjusted EBITDA and Adjusted EBITDA Margin
We define adjusted EBITDA as operating income before depreciation,
amortization of intangible assets, stock-based compensation expense,
restructuring charges, loss related to a significant non-core project in
Canada and charges related to a significant customer bankruptcy. We
believe adjusted EBITDA is useful to investors in evaluating our
operating performance for the following reasons: adjusted EBITDA and
similar non-GAAP measures are widely used by investors to measure a
company’s operating performance without regard to items that can vary
substantially from company to company depending upon financing and
accounting methods, book values of assets, capital structures and the
methods by which assets were acquired; securities analysts often use
adjusted EBITDA and similar non-GAAP measures as supplemental measures
to evaluate the overall operating performance of companies; and by
comparing our adjusted EBITDA in different historical periods, investors
can evaluate our operating results without the additional variations of
depreciation and amortization expense, stock-based compensation expense,
restructuring charges and loss related to a significant non-core project
in Canada. We define adjusted EBITDA margin as adjusted EBITDA stated as
a percentage of revenue.

Our management uses adjusted EBITDA and adjusted EBITDA margin as
measures of operating performance, because they do not include the
impact of items that we do not consider indicative of our core operating
performance; for planning purposes, including the preparation of our
annual operating budget; to allocate resources to enhance the financial
performance of the business; to evaluate the effectiveness of our
business strategies; and in communications with the board of directors
and investors concerning our financial performance.

During the first quarter of 2016, we changed our calculation and
presentation of adjusted EBITDA to exclude restructuring charges and
losses related to a significant non-core project in Canada and during
the third quarter of 2016, we changed our calculation and presentation
of adjusted EBITDA in order to exclude charges related to a significant
customer bankruptcy. We do not consider these items indicative of our
core operating performance. Adjusted EBITDA and adjusted EBITDA margin
for the prior periods have been recalculated to be presented on a
comparable basis.
Non-GAAP Net Income and EPS
We define non-GAAP net income and earnings per share (“EPS”) to exclude
certain discrete items that management does not consider representative
of our ongoing operations, including restructuring charges, loss related
to a significant non-core project in Canada, impact from redeemable
non-controlling interest and charges related to a significant customer
bankruptcy. We consider non-GAAP net income and non-GAAP EPS to be
important indicators of our operational strength and performance of our
business because they eliminate the effects of events that are not part
of the Company’s core operations.
Adjusted Cash From Operations
We define adjusted cash from operations as cash flows from operating
activities plus proceeds from Federal ESPC projects. Cash received in
payment of Federal ESPC projects is treated as a financing cash flow
under GAAP due to the unusual financing structure for these projects.
These cash flows, however, correspond to the revenue generated by these
projects. Thus we believe that adjusting operating cash flow to include
the cash generated by our Federal ESPC projects provides investors with
a useful measure for evaluating the cash generating ability of our core
operating business. Our management uses adjusted cash from operations as
a measure of liquidity because it captures all sources of cash
associated with our revenue generated by operations.

View source version on businesswire.com: http://www.businesswire.com/news/home/20180306005559/en/


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