Ameresco Q2 2021 Earnings Report
Key Takeaways
Ameresco reported a strong second quarter with revenue up 23% year-over-year, driven by growth across all business lines. Net income increased by 213%, and the company expanded its portfolio of operating Energy Assets by 33 MWe.
Revenues of $273.9 million, up 23% year-over-year.
Net Income of $13.7 million, up 213%.
GAAP EPS of $0.26, up 189%.
Non-GAAP EPS of $0.34, up 79%.
Ameresco
Ameresco
Ameresco Revenue by Segment
Forward Guidance
The Company reaffirms its 2021 guidance ranges detailed in the table below, representing year-over-year revenue and adjusted EBITDA growth of 10% and 23%, respectively, at the midpoints, and Non-GAAP EPS growth of 20% at the midpoint, excluding the impact of approximately $0.13 of one-time tax benefits realized in 2020.
Positive Outlook
- Revenue between $1.11 billion and $1.16 billion.
- Gross Margin between 18.5% and 19.5%.
- Adjusted EBITDA between $140 million and $150 million.
- Interest Expense & Other between $20 million and $22 million.
- Effective Tax Rate between 12% and 18%.
Challenges Ahead
- Anticipates commissioning a further 22 MWe to 42 MWe of energy assets.
- Plans to invest approximately $115 million to $165 million in additional energy asset capital expenditures during the remainder of 2021.
- Majority of the capital expenditures will be funded with project finance debt.
- Uncertainties with respect to the impact of accounting for our redeemable non-controlling interests.
- Significant uncertainties with respect to taxes.
Revenue & Expenses
Visualization of income flow from segment revenue to net income