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Mar 31, 2023
Ameresco Q1 2023 Earnings Report
Ameresco's first quarter revenue was ahead and profits were in line with guidance, with total backlog increasing 13% sequentially.
Key Takeaways
Ameresco reported first quarter results in line with expectations, with revenue of $271.0 million, GAAP EPS of $0.02, and Non-GAAP EPS of $0.03. The company's total project backlog increased by 13% sequentially, driven by $472 million in new awards.
Revenues of $271.0 million
Net income attributable to common shareholders of $1.1 million
GAAP EPS of $0.02
Non-GAAP EPS of $0.03
Ameresco
Ameresco
Ameresco Revenue by Segment
Revenue by Segment
Projects Revenue
CapyFin.comEnergy Assets Revenue
CapyFin.comO&M Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
Ameresco anticipates adjusted EBITDA growth of 5% at the midpoint for 2023. Second quarter revenue is estimated to be in the range of $280 million to $300 million, adjusted EBITDA between $30 million to $40 million, and Adjusted EPS between $0.10 to $0.20.
Positive Outlook
- Expect to place between 80 and 100 MWe of energy assets in service in 2023 including three RNG plants.
- Several additional RNG assets are in the late stages of development, and we expect that 4 or 5 of these will come online during 2024.
- Our planned Capex for 2023 is $325 million to $375 million, the majority of which is expected to be funded with non-recourse debt.
- The incentives associated with the IRA are expected to drive significant new customer investment over the coming years.
- Secular growth drivers, together with the breadth of our technological expertise and our international expansion plans underpin our 2024 Adjusted EBITDA target of $300 million
Challenges Ahead
- Second quarter revenue, adjusted EBITDA and Adjusted EPS to be in the range of $280 million to $300 million, $30 million to $40 million and $0.10 to $0.20, respectively.
- The Company’s guidance excludes the impact of any redeemable non-controlling interest activity related to tax-equity partnerships, one-time charges, asset impairment charges, changes in contingent consideration, restructuring activities, as well as any related tax impact.
- The macroeconomic environment is uncertain.
- Global supply chain challenges and inflationary pressures may impact results.
- Weather related events and climate change may impact our business.
Revenue & Expenses
Visualization of income flow from segment revenue to net income