Ameresco Reports Third Quarter 2018 Financial Results

Third Quarter 2018 Financial Highlights (year over year):

  • Revenues of $205.4 million, up 0.3%, year to date of $569.8 million, up 13%
  • Net income attributable to common shareholders of $10.7 million, up 26%, year to date of $26.4 million, up 93%
  • Net income per diluted share of $0.23, up 21%
  • Adjusted EBITDA of $25.6 million, up 23%, year to date of $62.8 million, up 49%
  • Non-GAAP EPS of $0.23, up 28%, year to date of $0.58, up 107%
  • Project backlog of $2.0 billion, up 18%, and record high contracted backlog of $819.4 million, up 30%
  • Added 23MWe and 84MWe, quarter and year to date, of assets to our development pipeline

FRAMINGHAM, MA – October 30, 2018 – Ameresco, Inc. (NYSE:AMRC), a leading energy efficiency and renewable energy company, today announced financial results for the fiscal quarter ended September 30, 2018. 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

Management Commentary

“We had another strong quarter and continued to build momentum in our business.  Gross margin improved materially and profit growth was outstanding,” said George P. Sakellaris, President and Chief Executive Officer of Ameresco.  “Our recurring revenue streams, particularly energy sales, drove the margin performance and offset the natural variability in project revenue.  Visibility improved yet again, with project backlog growing to over $2 billion and asset development backlog growing to 133MWe.  The project business continues to benefit from the trend to larger and more complex projects, which plays to our strength in design, engineering and management.  The solid financial performance and growing backlog this quarter reinforces our optimistic outlook for the rest of 2018 and beyond.”

Financial Results

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

Third Quarter 2018

Revenues were $205.4 million, compared to $204.7 million. Operating income was $17.3 million, compared to $14.3 million.

Net income attributable to common shareholders was $10.7 million compared to $8.5 million, and net income per diluted share was $0.23 compared to $0.19. Non-GAAP EPS was $0.23 compared to $0.18.

Adjusted EBITDA, a non-GAAP financial measure, was $25.6 million, compared to $20.8 million.

Additional Third Quarter 2018 Operating Highlights:

  • Cash flows from operating activities were $25.1 million, compared to cash flows used of $39.0 million, and adjusted cash from operations, a non-GAAP financial measure, was $69.0 million, compared to $9.3 million.
  • Total project backlog was $2.0 billion and consisted of:
    • New record high, $819.4 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 one to three years, on average; and
    • $1.2 billion of awarded projects, representing projects in development for which we do not have signed contracts.
  • Assets in development were $319.8 million or 133 MWe.

FY 2018 Guidance

Based on year to date performance and expectations for the remainder of 2018, Ameresco is raising its 2018 earnings guidance.  Ameresco now expects net income per diluted share to be in the range of $0.71 to $0.79 and adjusted EBITDA to be in the range of $81 million to $89 million in 2018. We still expect total revenue to be in the range of $780 million to $820 million.  This guidance excludes the impact of any non-controlling interest activity and our restructuring activities, as well as any related tax impact.

Share Repurchase Program

Through the end of the third quarter, the Company repurchased 2,085,497 shares of its Class A common stock for $11.5 million. The Company has approximately $3.5 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:

  • S. Participants: Dial 1-877-359-9508 (Access Code: 3570646)
  • International Participants: Dial 1-224-357-2393 (Access Code: 3570646)

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

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

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, 2017, filed with the U.S. Securities and Exchange Commission on March 7, 2018. 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.

(Opens in new window)


Media Relations:
Kate Cronin, 508.661.2288, [email protected]

Investor Relations:
Mark Chiplock, 508.661.2255, [email protected]
Gary Dvorchak, CFA, The Blue Shirt Group, 323.240.5796, [email protected]