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, 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 www.ameresco.com.

Management Commentary

“Our outstanding performance this quarter reinforces our confidence in the depth of our market opportunity, and the strength of Ameresco’s evolving business model,” said George P. Sakellaris, President and Chief Executive Officer of Ameresco. “High margin recurring revenue from our energy assets and operations and maintenance complement the robust growth in our core efficiency and infrastructure project business. All of our lines of business have outstanding visibility. We have a line of sight to $1.7 billion of recurring revenue over the next decade, while the project backlog has $2 billion of awarded and contracted business. This combination of high visibility and accelerating growth are valuable characteristics that differentiate Ameresco’s business model.”

Financial Results

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

Second Quarter 2018

Revenues were $197.0 million, compared to $166.7 million. Operating income was $14.0 million, compared to $8.8 million.

Net income attributable to common shareholders was $8.7 million compared to $5.8 million, and net income per diluted share was $0.19 compared to $0.13. Non-GAAP EPS was $0.18 compared to $0.13.

Adjusted EBITDA, a non-GAAP financial measure, was $21.4 million, compared to $15.4 million.

Additional Second Quarter 2018 Operating Highlights:

• Cash flows used in operating activities were $20.1 million, compared to $19.4 million, and adjusted cash from operations, a non-GAAP financial measure, was $13.0 million, compared to $19.5 million.
• Total project backlog was $2.0 billion and consisted of:
  • $679.1 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
  • $1.3 billion of awarded projects, representing projects in development for which we do not have signed contracts.
• Assets in development were $285.9 million or 114 MWe.

FY 2018 Guidance

Based on year to date performance and expectations for the remainder of 2018, Ameresco is revising its 2018 outlook. Ameresco expects net income per diluted share to be in the range of $0.65 to $0.75, total revenue to be in the range of $780 million to $820 million, and adjusted EBITDA to be in the range of $77 million to $87 million in 2018. 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 second 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.

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.