Ameresco, Inc.

Listed Company

AMRCCIK 0001488139NYSEAcceleratedConstruction - Special Trade ContractorsDelawareFY ends Dec 31

Period

FY 2024

Revenue

$1.77B

Net Income

$56.76M

Total Assets

$4.16B

Equity

$1.01B

Shares Out

—

Op. Cash Flow

$117.60M

Business

Ameresco, Inc. provides comprehensive energy solutions focused on reducing costs, enhancing resilience, and supporting decarbonization through efficiency improvements and distributed energy resource development. It offers development, design, financing arrangement, construction and installation of energy efficiency measures, renewable energy plants, energy storage, microgrids, energy analytics, operations and maintenance, and Energy as a Service arrangements. The company reports by business segments including North America Regions, U.S. Federal, Renewable Fuels, Europe and All Other. Ameresco serves federal, state and local governments, utilities, educational and healthcare institutions, housing authorities, and commercial and industrial customers across North America and Europe via direct sales, RFPs and long‑term contracts such as ESPCs, PPAs and ESAs.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31
Revenues	1,770	1,375	1,824	1,216	1,032
Cost of revenues	1,514	1,128	1,534	985	845
Gross profit	256	246	291	230	188
Selling, general and administrative expenses	174	162	159	133	116
Gain on sale of business, net	38	0	0	—	—
Asset impairments	12	4	0	2	—
Earnings from unconsolidated entities	792,000	2	2	−118,000	—
Operating income	109	82	133	95	71
Interest and other expenses, net	75	44	27	17	15
Income before income taxes	34	38	106	78	—
Income tax (benefit) provision	−20	−26	7	−2	−494,000
Net income	54	64	99	80	57
Net loss (income) attributable to non-controlling interest and redeemable non-controlling interest	3	−1	−4	−10	−3
Net income attributable to common shareholders	57	62	95	70	54
Basic (in usd per share)	1.08	1.2	1.83	1.38	1.13
Diluted (in usd per share)	1.07	1.17	1.78	1.35	1.1
Basic (in shares)	52	52	52	51	48
Diluted (in shares)	53	53	53	52	49

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31
Cash and cash equivalents	109	79	116	50	66
Restricted cash	70	62	21	24	22
Accounts receivable, net	257	153	174	162	125
Accounts receivable retainage	40	34	38	43	30
Unbilled revenue	644	636	576	306	186
Inventory	12	14	14	9	9
Prepaid expenses and other current assets	146	123	39	—	—
Income tax receivable	2	6	8	5	10
Project development costs, net	23	21	16	13	16
Total current assets	1,301	1,128	1,001	639	491
Federal ESPC receivable	609	609	510	558	397
Property and equipment, net	11	17	16	13	9
Energy assets, net	1,915	1,689	1,182	857	729
Goodwill, net	66	76	71	71	59
Intangible assets, net	9	7	5	7	927,000
Right-of-use assets, net	80	59	38	42	39
Restricted cash, non-current portion	20	12	14	12	10
Deferred income tax assets, net	57	26	3	4	4
Other assets	90	90	39	23	15
Total assets	4,159	3,714	2,877	2,225	1,754
Current portions of long-term debt and financing lease liabilities, net of unamortized discount	149	322	331	79	69
Accounts payable	529	403	349	309	231
Accrued expenses and other current liabilities	107	109	89	43	42
Current portions of operating lease liabilities	11	14	6	6	6
Deferred revenue	92	53	35	36	34
Income taxes payable	744,000	1	2	822,000	981,000
Total current liabilities	889	901	812	474	383
Long-term debt and financing lease liabilities, net of current portion, unamortized discount, and debt issuance costs	1,484	1,170	569	377	312
Federal ESPC liabilities	555	533	478	532	440
Deferred income tax liabilities, net	2	4	9	4	6
Deferred grant income	6	7	8	8	8
Long-term operating lease liabilities, net of current portion	59	42	32	35	35
Other liabilities	114	83	49	43	38
Commitments and contingencies (Note 15)	—	—	—	—	—
Redeemable non-controlling interests, net	2	47	47	46	39
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at December 31, 2024 and 2023	0	0	0	0	0
Additional paid-in capital	378	321	306	284	145
Retained earnings	653	596	534	439	368
Accumulated other comprehensive loss, net	−6	−3	−4	−7	−9
Treasury stock, at cost, 2,101,835 shares at December 31, 2024 and 2,101,795 at December 31, 2023	−12	−12	−12	−12	—
Stockholders equity before non-controlling interest	1,013	902	824	704	493
Non-controlling interests	32	24	49	0	—
Total stockholders equity	1,045	926	873	704	493
Total liabilities, redeemable non-controlling interests and stockholders equity	4,159	3,714	2,877	2,225	1,754

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31
Depreciation of energy assets, net	82	59	50	43	38
Depreciation of property and equipment	5	4	3	3	3
Amortization of debt discount and debt issuance costs	5	4	4	3	3
Amortization of intangible assets	2	2	2	321,000	685,000
Increase in contingent consideration	149,000	347,000	2	0	0
Accretion of ARO liabilities	332,000	258,000	146,000	123,000	93,000
Impairment of goodwill	0	2	0	0	—
Provision (recoveries of) for bad debts	1	356,000	−382,000	187,000	282,000
Impairment of long-lived assets / loss on disposal	13	2	937,000	2	3
Non-cash project revenue related to in-kind leases	−4	−3	0	—	—
Net gain from derivatives	−1	−1	−212,000	240,000	−705,000
Stock-based compensation expense	14	10	15	9	2
Deferred income taxes, net	−24	−28	4	−5	3
Unrealized foreign exchange loss (gain)	2	−368,000	−123,000	142,000	−306,000
Accounts receivable	−97	53	3	−16	−24
Accounts receivable retainage	−14	4	5	−13	−13
Federal ESPC receivable	−159	−260	−259	−250	−227
Inventory, net	2	581,000	−5	−232,000	660,000
Unbilled revenue	55	−13	−273	−113	19
Prepaid expenses and other current assets	23	−41	−3	2	517,000
Project development costs	−3	−5	−685,000	2	−3
Other assets	−5	−7	−11	−2	311,000
Accounts payable, accrued expenses, and other current liabilities	144	53	36	83	29
Deferred revenue	51	26	449,000	−693,000	8
Other liabilities	8	4	−5	−5	2
Income taxes receivable (payable), net	4	1	−2	4	—
Cash flows from operating activities	118	−70	−338	−172	−103
Purchases of property and equipment	−4	−6	−5	−5	−2
Capital investment in energy assets	−417	−538	−305	−170	−176
Capital investment in major maintenance of energy assets	−17	−8	−18	−9	−5
Grant award received on energy asset	400,000	0	0	774,000	2
Net proceeds from sale of business	54	0	0	—	—
Net proceeds from sale of equity investment	13	0	0	2	0
Acquisitions, net of cash received	0	−9	0	−15	0
Contributions to equity and other investments	−12	−5	0	−9	—
Loans to joint venture investments	0	−565,000	−459,000	0	0
Purchases of subsurface land easements	−4	0	0	—	—
Cash flows from investing activities	−387	−567	−328	−205	−181
Payments on long-term corporate debt financings	−127	−155	−53	—	—
Proceeds from long-term corporate debt financings	100	0	295	—	—
(Payments on) proceeds from senior secured revolving credit facility, net	−5	−43	138	−8	3
Proceeds from long-term energy asset debt financings	644	843	173	—	—
Payments on long-term energy asset debt and financing leases	−424	−148	−109	—	—
Payment on seller's promissory note	−62	0	0	—	—
Payments of debt discount and debt issuance costs	−15	−9	−4	−3	−5
Proceeds from Federal ESPC projects	165	154	238	159	249
Net proceeds from energy asset receivable financing arrangements	6	15	14	2	1
Proceeds from exercises of options and ESPP	3	4	6	7	10
Contributions from non-controlling interest	35	4	33	0	0
Distributions to non-controlling interest	−1	−22	0	0	—
Distributions to redeemable non-controlling interests, net	−422,000	−658,000	−1	—	—
Investment fund call option exercise	−3	0	−839,000	−1	0
Payment of contingent consideration	0	−2	0	0	—
Cash flows from financing activities	314	641	730	365	305
Effect of exchange rate changes on cash	−203,000	−81,000	−747,000	309,000	2,000
Net increase in cash, cash equivalents, and restricted cash	45	4	63	−12	22
Cash paid for interest	110	80	33	19	20
Cash paid for income taxes	4	4	7	3	1
Non-cash Federal ESPC settlement	144	99	293	67	54
Accrued purchases of energy assets	68	78	89	37	44
Non-cash contributions from non-controlling interest	0	464,000	16	0	0
Non-cash financing for energy asset project acquisition	33	83	0	0	—
Non-cash portion of investment fund call option exercise	37	0	1	3	0

Filings

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