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Ameresco Reports Second Quarter 2017 Financial Results

FRAMINGHAM, Mass.--(BUSINESS WIRE)--Ameresco, Inc. (NYSE:AMRC), a leading energy efficiency and renewable energy company, today 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.

“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.”

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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.

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.

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: 53778704)
  • International Participants: Dial 1-224-357-2393 (Access Code: 53778704)

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...


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