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Dec 31, 2022
Ameresco Q4 2022 Earnings Report
Ameresco's Q4 2022 financial results reflected a decrease in revenue and earnings compared to the previous year, with revenue push-outs due to scheduling changes and continued European expansion.
Key Takeaways
Ameresco reported a decrease in revenue and earnings for the fourth quarter of 2022, with revenue down 20% to $331.7 million and net income down 36% to $17.9 million. Despite the decline, the company highlighted its continued European expansion and reiterated its 2024 adjusted EBITDA target of $300 million.
Revenue decreased by 20% to $331.7 million due to a 26% decline in project revenue and a 6% decrease in energy asset revenue.
Net income attributable to common shareholders decreased by 36% to $17.9 million.
Non-GAAP EPS decreased by 34% to $0.35.
Adjusted EBITDA decreased by 15% to $41.3 million.
Ameresco
Ameresco
Ameresco Revenue by Segment
Revenue by Segment
Projects Revenue
CapyFin.comEnergy Assets Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
Ameresco anticipates adjusted EBITDA growth of 5% at the midpoint and reiterates its $300 million adjusted EBITDA target for 2024. The company expects to place between 80 and 100 MWe of energy assets in service and estimates first quarter revenue and adjusted EBITDA to be in the range of $220 million to $240 million and $20 million to $30 million, respectively and slightly positive non-GAAP EPS.
Positive Outlook
- Adjusted EBITDA growth of 5% at the midpoint is anticipated.
- Ameresco is reiterating its $300 million adjusted EBITDA target for 2024.
- Between 80 and 100 MWe of energy assets are expected to be placed in service.
- First quarter revenue is estimated to be in the range of $220 million to $240 million.
- First quarter adjusted EBITDA is expected to be in the range of $20 million to $30 million.
Challenges Ahead
- Difficult revenue comparisons are expected due to the large SCE projects.
- The company faces potential short-term timing-related volatility in the Projects business.
- Capex for 2023 is expected to be $325 million to $375 million.
- The guidance excludes the impact of any redeemable non-controlling interest activity related to tax-equity partnerships.
- The guidance excludes one-time charges, asset impairment charges, changes in contingent consideration, restructuring activities, as well as any related tax impact.
Revenue & Expenses
Visualization of income flow from segment revenue to net income