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Dec 31, 2023
Ameresco Q4 2023 Earnings Report
Demonstrated strong revenue and profit growth driven by project backlog conversion.
Key Takeaways
Ameresco reported strong Q4 2023 results with a 33% increase in revenue and a record project backlog of $3.9 billion. The company's strategic focus on project execution and expansion in the UK and Europe contributed to the positive momentum.
Total revenue increased by 33% to $441.4 million.
Net income attributable to common shareholders was $33.7 million.
GAAP EPS reached $0.64, while non-GAAP EPS was $0.69.
Total project backlog grew to a record $3.9 billion.
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 continued growth in 2024, projecting revenue between $1.60 billion and $1.70 billion, and adjusted EBITDA between $210 million and $240 million. The company expects to place approximately 200 MWe of energy assets in service during the year.
Positive Outlook
- Expected revenue growth of 20% at the midpoint.
- Anticipated Adjusted EBITDA growth of 38% at the midpoint.
- Likely net tax benefit from clean energy tax incentives.
- Plan to place approximately 200 MWe of energy assets in service.
- Majority of capex for 2024 expected to be funded with project financing.
Challenges Ahead
- First quarter of fiscal 2024 expected revenues of $225 million to $275 million
- First quarter of fiscal 2024 adjusted EBITDA of $20 million to $30 million
- First quarter of fiscal 2024 with negative non-GAAP EPS.
- Construction activities and preparation for commissioning have begun for the third project, which was significantly impacted by the heavy rainfall in California in 2023.
- This last site is expected to reach substantial completion in the summer of 2024.
Revenue & Expenses
Visualization of income flow from segment revenue to net income