Ameresco, Inc.AMRC
Ameresco, Inc. Segments Disclosure
GEOGRAPHIC INFORMATION
BUSINESS SEGMENT INFORMATION
The following table presents our long-lived assets related to our operations by geographic area:
| As of December 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Long-lived Tangible Assets | |||||||||||
| United States | $ | 1,888,440 | $ | 1,670,322 | |||||||
| Canada | 20,509 | 23,549 | |||||||||
| Europe | 17,402 | 12,948 | |||||||||
| Total long-lived assets | $ | 1,926,351 | $ | 1,706,819 | |||||||
We attribute revenues to customers based on the location of the customer. The following table presents revenues by geographic region:
| Year Ended December 31, | |||||||||||||||||
| 2024 | 2023 | 2022 | |||||||||||||||
| Revenues | |||||||||||||||||
| United States | $ | 1,446,879 | $ | 1,161,775 | $ | 1,712,326 | |||||||||||
| Canada | 72,371 | 63,367 | 53,461 | ||||||||||||||
| Europe | 250,678 | 149,491 | 58,635 | ||||||||||||||
| Total revenues | $ | 1,769,928 | $ | 1,374,633 | $ | 1,824,422 | |||||||||||
Our reportable segments for the year ended December 31, 2024 were North America Regions, U.S. Federal, Europe, and Renewable Fuels (formerly Alternative Fuels). On January 1, 2024, we changed the structure of our internal organization, and our U.S. Regions and Canada are now included in North America Regions. Additionally, our Asset Sustainability Group was formerly included in Canada, but is now included in “All Other”. As a result, previously reported amounts have been reclassified for comparative purposes.
Our North America Regions, U.S. Federal, and Europe segments offer energy efficiency products and services which include the design, engineering, and installation of equipment and other measures to improve the efficiency and control the operation of a facility’s energy infrastructure, renewable energy solutions, and services which include the construction of small-scale plants that Ameresco owns or develops for customers that produce electricity, gas, heat, or cooling from renewable sources of energy and O&M services.
Our Renewable Fuels segment sells electricity, processed renewable gas fuel, heat or cooling, produced from renewable sources of energy, other than solar, and generated by small-scale plants that we own and O&M services for customer owned small-scale plants. Our North America Regions segment also includes certain small-scale solar grid-tie plants developed for customers. The “All Other” category offers consulting services and the sale of solar PV energy products and systems which we refer to as integrated-PV. These segments do not include results of other activities, such as corporate operating expenses not specifically allocated to the segments. Certain reportable segments are an aggregation of operating segments.
Our Chief Executive Officer and President is our chief operating decision maker (“CODM”). The CODM is responsible for making operating decisions, allocating resources, and assessing performance of the business segments. The CODM uses the segments’ income before income taxes as the profitability measure in making these decisions.
For the years ended December 31, 2024, 2023, and 2022, 67.3%, 71.8%, and 46.0%, respectively, of our revenues have been derived from federal, state, provincial, or local government entities, including public housing authorities, public universities and municipal utilities. The U.S. federal government, which is considered a single customer for reporting purposes, constituted 21.0%, 29.3%, and 21.5% of our consolidated revenues for the years ended December 31, 2024, 2023, and 2022, respectively. Revenues from the U.S. federal government are included in our U.S. Federal segment.
The reports of our CODM do not include assets at the operating segment level.
The table below presents our business segment information and reconciliation to our consolidated financial statements for the years ending December 31:
| North America Regions | U.S. Federal | Renewable Fuels | Europe | All Other | Corporate | Total | ||||||||||||||||||||||||||||||||||||||
| 2024 | ||||||||||||||||||||||||||||||||||||||||||||
| Revenues | $ | 878,828 | $ | 372,536 | $ | 173,342 | $ | 250,574 | $ | 94,648 | $ | 1,769,928 | ||||||||||||||||||||||||||||||||
| Cost of revenues | 773,205 | 313,413 | 136,720 | 227,163 | 63,336 | 1,513,837 | ||||||||||||||||||||||||||||||||||||||
| Gross profit | 105,623 | 59,123 | 36,622 | 23,411 | 31,312 | 256,091 | ||||||||||||||||||||||||||||||||||||||
| Add: | ||||||||||||||||||||||||||||||||||||||||||||
| Earnings from unconsolidated entities | 51 | 687 | — | 54 | — | — | 792 | |||||||||||||||||||||||||||||||||||||
| Gain on sale of business, net | — | — | — | — | 38,007 | — | 38,007 | |||||||||||||||||||||||||||||||||||||
| Less: | ||||||||||||||||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 50,985 | 13,064 | 2,909 | 16,951 | 22,203 | 67,649 | 173,761 | |||||||||||||||||||||||||||||||||||||
| Asset impairments | 527 | — | 9,233 | — | — | 2,624 | 12,384 | |||||||||||||||||||||||||||||||||||||
| Loss (gain) on derivatives | 193 | (1,083) | (137) | — | — | — | (1,027) | |||||||||||||||||||||||||||||||||||||
| Interest expense, net of interest income | 9,894 | 4,982 | 25,552 | 4,271 | (1) | 20,333 | 65,031 | |||||||||||||||||||||||||||||||||||||
| Other expenses | 3,172 | 883 | 460 | 1,467 | 34 | 4,785 | 10,801 | |||||||||||||||||||||||||||||||||||||
| Income before income taxes | 40,903 | 41,964 | (1,395) | 776 | 47,083 | (95,391) | 33,940 | |||||||||||||||||||||||||||||||||||||
| Other Non-cash Segment Disclosures: | ||||||||||||||||||||||||||||||||||||||||||||
Depreciation and intangible asset amortization (1) | 36,400 | 14,206 | 31,968 | 2,090 | 2,684 | 1,863 | 89,211 | |||||||||||||||||||||||||||||||||||||
Amortization of debt discount & debt issuance costs (1) | 2,056 | 883 | 460 | — | — | 1,752 | 5,151 | |||||||||||||||||||||||||||||||||||||
(1) These amounts disclosed by reportable segment are included within the other segment expense captions. | ||||||||||||||||||||||||||||||||||||||||||||
| North America Regions | U.S. Federal | Renewable Fuels | Europe | All Other | Corporate | Total | ||||||||||||||||||||||||||||||||||||||
| 2023 | ||||||||||||||||||||||||||||||||||||||||||||
| Revenues | 616,434 | 402,884 | 117,075 | 149,354 | 88,886 | 1,374,633 | ||||||||||||||||||||||||||||||||||||||
| Cost of revenues | 515,986 | 340,989 | 87,819 | 123,215 | 60,195 | 1,128,204 | ||||||||||||||||||||||||||||||||||||||
| Gross profit | 100,448 | 61,895 | 29,256 | 26,139 | 28,691 | 246,429 | ||||||||||||||||||||||||||||||||||||||
| Add: | ||||||||||||||||||||||||||||||||||||||||||||
| Earnings from unconsolidated entities | — | 1,758 | — | — | — | — | 1,758 | |||||||||||||||||||||||||||||||||||||
| Less: | ||||||||||||||||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 51,161 | 12,090 | 4,383 | 14,110 | 21,969 | 58,425 | 162,138 | |||||||||||||||||||||||||||||||||||||
| Asset impairments | 2,222 | — | 1,609 | — | — | — | 3,831 | |||||||||||||||||||||||||||||||||||||
(Gain) loss on derivatives | (2,461) | 857 | 496 | — | — | — | (1,108) | |||||||||||||||||||||||||||||||||||||
| Interest expense, net of interest income | 7,003 | 1,429 | 16,019 | 2,477 | (6) | 9,247 | 36,169 | |||||||||||||||||||||||||||||||||||||
| Other expenses | 1,654 | 11 | 533 | 5,915 | 75 | 700 | 8,888 | |||||||||||||||||||||||||||||||||||||
| Income before income taxes | 40,869 | 49,266 | 6,216 | 3,637 | 6,653 | (68,372) | 38,269 | |||||||||||||||||||||||||||||||||||||
| Other Non-cash Segment Disclosures: | ||||||||||||||||||||||||||||||||||||||||||||
Depreciation and intangible asset amortization (1) | $ | 28,682 | $ | 5,343 | $ | 26,160 | $ | 2,082 | $ | 1,861 | $ | 1,783 | $ | 65,911 | ||||||||||||||||||||||||||||||
Amortization of debt discount & debt issuance costs (1) | 2,444 | 50 | 533 | — | — | 1,174 | 4,201 | |||||||||||||||||||||||||||||||||||||
| North America Regions | U.S. Federal | Renewable Fuels | Europe | All Other | Corporate | Total | ||||||||||||||||||||||||||||||||||||||
| 2022 | ||||||||||||||||||||||||||||||||||||||||||||
| Revenues | 1,173,281 | 391,891 | 114,459 | 58,410 | 86,381 | 1,824,422 | ||||||||||||||||||||||||||||||||||||||
| Cost of revenues | 1,020,266 | 329,527 | 78,359 | 46,808 | 58,629 | 1,533,589 | ||||||||||||||||||||||||||||||||||||||
| Gross profit | 153,015 | 62,364 | 36,100 | 11,602 | 27,752 | 290,833 | ||||||||||||||||||||||||||||||||||||||
| Add: | ||||||||||||||||||||||||||||||||||||||||||||
| Earnings from unconsolidated entities | — | 1,647 | — | — | — | — | 1,647 | |||||||||||||||||||||||||||||||||||||
| Less: | ||||||||||||||||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 57,401 | 11,757 | 2,962 | 6,626 | 18,640 | 62,102 | 159,488 | |||||||||||||||||||||||||||||||||||||
| Asset impairments | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
(Gain) loss on derivatives | (506) | — | 294 | — | — | — | (212) | |||||||||||||||||||||||||||||||||||||
| Interest expense, net of interest income | 7,865 | 1,231 | 8,657 | 24 | (3) | 7,955 | 25,729 | |||||||||||||||||||||||||||||||||||||
Other (income) expenses | (580) | 157 | 1,198 | (150) | 7 | 1,124 | 1,756 | |||||||||||||||||||||||||||||||||||||
| Income before income taxes | 88,835 | 50,866 | 22,989 | 5,102 | 9,108 | (71,181) | 105,719 | |||||||||||||||||||||||||||||||||||||
| Other Non-cash Segment Disclosures: | ||||||||||||||||||||||||||||||||||||||||||||
Depreciation and intangible asset amortization (1) | 23,152 | 4,905 | 23,354 | 275 | 746 | 1,846 | 54,278 | |||||||||||||||||||||||||||||||||||||
Amortization of debt discount & debt issuance costs (1) | 1,712 | 157 | 1,198 | — | — | 1,144 | 4,211 | |||||||||||||||||||||||||||||||||||||
(1) These amounts disclosed by reportable segment are included within the other segment expense captions. | ||||||||||||||||||||||||||||||||||||||||||||
See Note 3 for additional information about our revenues by product line.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2024 | Feb 28, 2025 | Showing above |
| 2023 | Feb 29, 2024 | |
| 2019 | Mar 4, 2020 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.