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Mar 31, 2022
Ameresco Q1 2022 Earnings Report
Reported record Q1 revenue and profit, added over $400 million in new project awards, added 60 MWe to energy assets in development, added over $100 million in long-term O&M contracts, and reaffirmed FY22 guidance.
Key Takeaways
Ameresco reported strong first-quarter results with revenue up 88% year-over-year, driven by excellent execution across all lines of business and significant contributions from the SCE BESS projects. The company reaffirmed its full-year 2022 guidance, expecting continued growth and profitability.
Revenues increased by 88% to $474.0 million.
Net income attributable to common shareholders rose by 56% to $17.4 million.
GAAP EPS increased by 46% to $0.32.
Non-GAAP EPS increased by 44% to $0.36.
Revenue by Segment
Forward Guidance
Ameresco reaffirms its 2022 guidance for year-over-year revenue growth of 52%, Adjusted EBITDA growth of 34%, and Non-GAAP EPS of 26% at the midpoints of the guidance ranges. The company anticipates placing between 60 and 80 MWe of energy assets in service and investing approximately $225 million to $275 million of capital, primarily funded with non-recourse debt. Q2 revenue is expected to be about 10-15% higher than Q1, with gross margins around 14%. Q3 revenue is expected to be slightly greater than Q4, with gross margins around 18% for both Q3 and Q4.
Positive Outlook
- Reaffirmed 2022 guidance for revenue growth of 52%.
- Reaffirmed 2022 guidance for Adjusted EBITDA growth of 34%.
- Reaffirmed 2022 guidance for Non-GAAP EPS growth of 26%.
- Anticipates placing between 60 and 80 MWe of energy assets in service during 2022.
- Expects Q2 revenue to be about 10-15% higher than Q1.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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