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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Ameresco Inc | NYSE:AMRC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 28.05 | 45 | 14:15:54 |
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þ
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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04-3512838
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(State or Other Jurisdiction of
Incorporation or Organization)
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(I.R.S. Employer
Identification No.)
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111 Speen Street, Suite 410
Framingham, Massachusetts
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01701
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(Address of Principal Executive Offices)
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(Zip Code)
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Large Accelerated Filer
o
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Accelerated Filer
þ
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Non-accelerated filer
o
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Smaller reporting company
o
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(Do not check if a smaller reporting company)
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Class
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Shares outstanding as of August 4, 2016
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Class A Common Stock, $0.0001 par value per share
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28,550,086
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Class B Common Stock, $0.0001 par value per share
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18,000,000
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Page
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June 30,
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December 31,
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||||
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2016
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2015
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||||
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(Unaudited)
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ASSETS
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|||||
Current assets:
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||||
Cash and cash equivalents
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$
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15,277
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$
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21,645
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Restricted cash
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12,382
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16,236
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Accounts receivable, net
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80,445
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73,372
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Accounts receivable retainage, net
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21,959
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21,454
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Costs and estimated earnings in excess of billings
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69,797
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88,334
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Inventory, net
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14,406
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13,223
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Prepaid expenses and other current assets
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12,023
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11,745
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Income tax receivable
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—
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2,151
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Project development costs
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17,149
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15,538
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Total current assets
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243,438
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263,698
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Federal ESPC receivable
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131,738
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125,804
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Property and equipment, net
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5,921
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5,328
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Project assets, net
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256,638
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244,309
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Goodwill
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58,615
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59,085
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Intangible assets, net
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5,282
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6,770
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Other assets
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22,791
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18,446
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Total assets
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$
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724,423
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$
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723,440
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LIABILITIES AND STOCKHOLDERS’ EQUITY
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|||||
Current liabilities:
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||||
Current portions of long-term debt and capital lease liabilities
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$
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14,883
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$
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13,427
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Accounts payable
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112,968
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114,759
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Accrued expenses and other current liabilities
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21,724
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21,983
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Billings in excess of cost and estimated earnings
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22,259
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28,744
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Income taxes payable
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718
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|
810
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Total current liabilities
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172,552
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179,723
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Long-term debt and capital lease liabilities, less current portions and net of deferred financing fees
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104,770
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100,490
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Federal ESPC liabilities
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121,633
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122,040
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Deferred income taxes
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1,311
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4,010
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Deferred grant income
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8,015
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8,291
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Other liabilities
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21,492
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18,854
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Commitments and contingencies (Note 5)
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Redeemable non-controlling interest
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6,765
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490
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AMERESCO, INC.
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|||||||
CONSOLIDATED BALANCE SHEETS — (Continued)
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|||||||
(in thousands, except share and per share amounts)
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|||||||
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June 30,
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December 31,
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||||
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2016
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2015
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||||
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(Unaudited)
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Stockholders’ equity:
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||||
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at June 30, 2016 and December 31, 2015
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$
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—
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$
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—
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Class A common stock, $0.0001 par value, 500,000,000 shares authorized, 28,827,392 shares issued and 28,409,694 shares outstanding at June 30, 2016, 28,684,392 shares issued and outstanding at December 31, 2015
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3
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3
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Class B common stock, $0.0001 par value, 144,000,000 shares authorized, 18,000,000 shares issued and outstanding at June 30, 2016 and December 31, 2015
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2
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2
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Additional paid-in capital
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111,539
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110,311
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Retained earnings
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187,502
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184,454
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Accumulated other comprehensive loss, net
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(9,212
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)
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(5,228
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)
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Less - treasury stock, at cost, 417,698 shares at June 30, 2016
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(1,949
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)
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—
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Total equity
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287,885
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289,542
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Total liabilities, redeemable non-controlling interest and equity
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$
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724,423
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$
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723,440
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Three Months Ended June 30,
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Six Months Ended June 30,
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||||||||||||
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2016
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2015
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2016
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2015
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||||||||
Revenues
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$
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162,628
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$
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152,489
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$
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296,404
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$
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267,922
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Cost of revenues
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130,772
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121,593
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236,872
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217,383
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||||
Gross profit
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31,856
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30,896
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59,532
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50,539
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||||
Selling, general and administrative expenses
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27,140
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25,812
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53,028
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49,883
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Operating income
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4,716
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5,084
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6,504
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656
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|
||||
Other expenses, net
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1,850
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1,347
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2,693
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4,009
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|
||||
Income (loss) before provision (benefit) for income taxes
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2,866
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3,737
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3,811
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(3,353
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)
|
||||
Income tax provision (benefit)
|
766
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1,746
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1,007
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(1,156
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)
|
||||
Net income (loss)
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2,100
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1,991
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2,804
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(2,197
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)
|
||||
Net loss (income) attributable to redeemable non-controlling interest
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(106
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)
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—
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244
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|
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—
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||||
Net income (loss) attributable to Ameresco, Inc.
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$
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1,994
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$
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1,991
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$
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3,048
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$
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(2,197
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)
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Net income (loss) per share attributable to common shareholders:
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|||||||
Basic
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$
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0.04
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$
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0.04
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$
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0.07
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$
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(0.05
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)
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Diluted
|
$
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0.04
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$
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0.04
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$
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0.07
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|
$
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(0.05
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)
|
Weighted average common shares outstanding:
|
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||||||
Basic
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46,719,122
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46,493,162
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46,730,805
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|
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46,450,877
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|
||||
Diluted
|
46,793,350
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47,385,412
|
|
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46,730,805
|
|
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46,450,877
|
|
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Three Months Ended June 30,
|
||||||
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2016
|
|
2015
|
||||
Net income
|
$
|
2,100
|
|
|
$
|
1,991
|
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Other comprehensive (loss) income:
|
|
|
|
||||
Unrealized (loss) gain from interest rate hedge, net of tax of $433 and $(351), respectively
|
(748
|
)
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|
997
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|
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Foreign currency translation adjustments
|
(842
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)
|
|
1,036
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|
||
Total other comprehensive (loss) income
|
(1,590
|
)
|
|
2,033
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|
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Comprehensive income
|
510
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|
|
4,024
|
|
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Comprehensive income attributable to redeemable non-controlling interest
|
(106
|
)
|
|
—
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|
||
Comprehensive income attributable to Ameresco, Inc.
|
$
|
404
|
|
|
$
|
4,024
|
|
|
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|
|
||||
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Six Months Ended June 30,
|
||||||
|
2016
|
|
2015
|
||||
Net income (loss)
|
$
|
2,804
|
|
|
$
|
(2,197
|
)
|
Other comprehensive (loss) income:
|
|
|
|
||||
Unrealized (loss) gain from interest rate hedge, net of tax of $1,356 and $(77), respectively
|
(2,625
|
)
|
|
386
|
|
||
Foreign currency translation adjustments
|
(1,359
|
)
|
|
(761
|
)
|
||
Total other comprehensive loss
|
(3,984
|
)
|
|
(375
|
)
|
||
Comprehensive loss
|
(1,180
|
)
|
|
(2,572
|
)
|
||
Comprehensive loss attributable to redeemable non-controlling interest
|
$
|
244
|
|
|
$
|
—
|
|
Comprehensive loss attributable to Ameresco, Inc.
|
$
|
(936
|
)
|
|
$
|
(2,572
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
Redeemable
|
|
|
|
|
|
|
|
|
|
Additional
|
|
|
|
Other
|
|
|
|
|
|
Total
|
|||||||||||||||||||
|
|
Non-Controlling
|
|
Class A Common Stock
|
|
Class B Common Stock
|
|
Paid-in
|
|
Retained
|
|
Comprehensive
|
|
Treasury Stock
|
|
Stockholders’
|
|||||||||||||||||||||||||
|
|
Interest
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Capital
|
|
Earnings
|
|
Loss
|
|
Shares
|
|
Amount
|
|
Equity
|
|||||||||||||||||||
Balance, December 31, 2015
|
|
$
|
490
|
|
|
28,684,392
|
|
|
$
|
3
|
|
|
18,000,000
|
|
|
$
|
2
|
|
|
$
|
110,311
|
|
|
$
|
184,454
|
|
|
$
|
(5,228
|
)
|
|
—
|
|
|
$
|
—
|
|
|
$
|
289,542
|
|
Exercise of stock options
|
|
—
|
|
|
143,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
470
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
470
|
|
||||||||
Stock-based compensation expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
758
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
758
|
|
||||||||
Open market purchase of common shares
|
|
—
|
|
|
(417,698
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
417,698
|
|
|
(1,949
|
)
|
|
(1,949
|
)
|
||||||||
Unrealized loss from interest rate hedge, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,625
|
)
|
|
—
|
|
|
—
|
|
|
(2,625
|
)
|
||||||||
Foreign currency translation adjustment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,359
|
)
|
|
—
|
|
|
—
|
|
|
(1,359
|
)
|
||||||||
Contributions from redeemable non-controlling interest, net
|
|
6,519
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
—
|
|
||||||||||
Net (loss) income
|
|
(244
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,048
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,048
|
|
||||||||
Balance, June 30, 2016
|
|
$
|
6,765
|
|
|
28,409,694
|
|
|
$
|
3
|
|
|
18,000,000
|
|
|
$
|
2
|
|
|
$
|
111,539
|
|
|
$
|
187,502
|
|
|
$
|
(9,212
|
)
|
|
417,698
|
|
|
$
|
(1,949
|
)
|
|
$
|
287,885
|
|
|
Six Months Ended June 30,
|
||||||
|
2016
|
|
2015
|
||||
Cash flows from operating activities:
|
|
|
|
|
|
||
Net income (loss)
|
$
|
2,804
|
|
|
$
|
(2,197
|
)
|
Adjustments to reconcile net income (loss) to cash flows from operating activities:
|
|
|
|
||||
Depreciation of project assets
|
9,179
|
|
|
7,916
|
|
||
Depreciation of property and equipment
|
1,552
|
|
|
1,555
|
|
||
Amortization of deferred financing fees
|
635
|
|
|
562
|
|
||
Amortization of intangible assets
|
1,211
|
|
|
2,024
|
|
||
Provision for bad debts
|
2,932
|
|
|
83
|
|
||
Unrealized gain on interest rate swaps
|
(153
|
)
|
|
(184
|
)
|
||
Stock-based compensation expense
|
758
|
|
|
971
|
|
||
Deferred income taxes
|
(1,365
|
)
|
|
(2,006
|
)
|
||
Unrealized foreign exchange (gain) loss
|
(791
|
)
|
|
635
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Restricted cash
|
(3,361
|
)
|
|
(694
|
)
|
||
Accounts receivable
|
(8,701
|
)
|
|
2,426
|
|
||
Accounts receivable retainage
|
(484
|
)
|
|
1,821
|
|
||
Federal ESPC receivable
|
(50,167
|
)
|
|
(29,625
|
)
|
||
Inventory, net
|
(1,183
|
)
|
|
(1,257
|
)
|
||
Costs and estimated earnings in excess of billings
|
22,646
|
|
|
(2,787
|
)
|
||
Prepaid expenses and other current assets
|
(562
|
)
|
|
(3,056
|
)
|
||
Project development costs
|
(1,360
|
)
|
|
(3,630
|
)
|
||
Other assets
|
459
|
|
|
(1,403
|
)
|
||
Accounts payable, accrued expenses and other current liabilities
|
(8,254
|
)
|
|
(13,372
|
)
|
||
Billings in excess of cost and estimated earnings
|
(6,041
|
)
|
|
5,589
|
|
||
Other liabilities
|
(1,908
|
)
|
|
(219
|
)
|
||
Income taxes payable
|
2,432
|
|
|
(112
|
)
|
||
Cash flows from operating activities
|
(39,722
|
)
|
|
(36,960
|
)
|
||
Cash flows from investing activities:
|
|
|
|
||||
Purchases of property and equipment
|
(2,212
|
)
|
|
(643
|
)
|
||
Purchases of project assets
|
(20,813
|
)
|
|
(13,640
|
)
|
||
Proceeds from sale of assets
|
—
|
|
|
852
|
|
||
Cash flows from investing activities
|
$
|
(23,025
|
)
|
|
$
|
(13,431
|
)
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
|
|||||||
|
|
|
|
||||
|
|
|
|
||||
|
|
|
|
||||
|
|
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|
||||
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|
|
||||
|
|
|
|
||||
|
|
|
|
|
|
|
|
||||
AMERESCO, INC.
|
|||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS — (Continued)
|
|||||||
(in thousands)
|
|||||||
(Unaudited)
|
|||||||
|
Six Months Ended June 30,
|
||||||
|
2016
|
|
2015
|
||||
Cash flows from financing activities:
|
|
|
|
|
|
||
Payments of financing fees
|
$
|
(749
|
)
|
|
$
|
(1,202
|
)
|
Proceeds from exercises of options
|
470
|
|
|
605
|
|
||
Repurchase of common stock
|
(1,949
|
)
|
|
—
|
|
||
Proceeds from senior secured credit facility, net
|
2,900
|
|
|
3,500
|
|
||
Proceeds from long-term debt financing
|
3,013
|
|
|
—
|
|
||
Proceeds from Federal ESPC projects
|
38,759
|
|
|
40,870
|
|
||
Proceeds from sale-leaseback financing
|
11,008
|
|
|
7,581
|
|
||
Non-controlling interest
|
—
|
|
|
(116
|
)
|
||
Proceeds from investment by redeemable non-controlling interest, net
|
6,519
|
|
|
—
|
|
||
Restricted cash
|
3,369
|
|
|
(25
|
)
|
||
Payments on long-term debt
|
(6,129
|
)
|
|
(6,066
|
)
|
||
Cash flows from financing activities
|
57,211
|
|
|
45,147
|
|
||
Effect of exchange rate changes on cash
|
(832
|
)
|
|
801
|
|
||
Net decrease in cash and cash equivalents
|
(6,368
|
)
|
|
(4,443
|
)
|
||
Cash and cash equivalents, beginning of period
|
21,645
|
|
|
23,762
|
|
||
Cash and cash equivalents, end of period
|
$
|
15,277
|
|
|
$
|
19,319
|
|
Supplemental disclosures of cash flow information:
|
|
|
|
||||
Cash paid for interest
|
$
|
3,241
|
|
|
$
|
2,856
|
|
Cash paid for income taxes
|
$
|
2,004
|
|
|
$
|
933
|
|
Non-cash Federal ESPC settlement
|
$
|
44,234
|
|
|
$
|
26,320
|
|
Accrued purchases of project assets
|
$
|
9,766
|
|
|
$
|
8,827
|
|
|
Six Months Ended June 30,
|
||||||
|
2016
|
|
2015
|
||||
Allowance for doubtful accounts, beginning of period
|
$
|
3,729
|
|
|
$
|
2,851
|
|
Charges to costs and expenses
|
1,852
|
|
|
83
|
|
||
Account write-offs and other
|
376
|
|
|
(256
|
)
|
||
Allowance for doubtful accounts, end of period
|
$
|
5,957
|
|
|
$
|
2,678
|
|
Asset Classification
|
|
Estimated Useful Life
|
Furniture and office equipment
|
|
Five years
|
Computer equipment and software costs
|
|
Three to five years
|
Leasehold improvements
|
|
Lesser of term of lease or five years
|
Automobiles
|
|
Five years
|
Land
|
|
Unlimited
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net income (loss) attributable to Ameresco, Inc.
|
$
|
1,994
|
|
|
$
|
1,991
|
|
|
$
|
3,048
|
|
|
$
|
(2,197
|
)
|
Basic weighted-average shares outstanding
|
46,719,122
|
|
|
46,493,162
|
|
|
46,730,805
|
|
|
46,450,877
|
|
||||
Effect of dilutive securities:
|
|
|
|
|
|
|
|
||||||||
Stock options
|
74,228
|
|
|
892,250
|
|
|
—
|
|
|
—
|
|
||||
Diluted weighted-average shares outstanding
|
46,793,350
|
|
|
47,385,412
|
|
|
46,730,805
|
|
|
46,450,877
|
|
|
U.S. Regions
|
|
U.S. Federal
|
|
Canada
|
|
Small-Scale Infrastructure
|
|
Other
|
|
Total
|
||||||||||||
Balance, December 31, 2015
|
$
|
24,759
|
|
|
$
|
3,375
|
|
|
$
|
3,162
|
|
|
$
|
—
|
|
|
$
|
27,789
|
|
|
$
|
59,085
|
|
Currency effects
|
—
|
|
|
—
|
|
|
223
|
|
|
—
|
|
|
(693
|
)
|
|
(470
|
)
|
||||||
Balance, June 30, 2016
|
$
|
24,759
|
|
|
$
|
3,375
|
|
|
$
|
3,385
|
|
|
$
|
—
|
|
|
$
|
27,096
|
|
|
$
|
58,615
|
|
Accumulated Goodwill Impairment Balance, December 31, 2015
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(1,016
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(1,016
|
)
|
Accumulated Goodwill Impairment Balance, June 30, 2016
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(1,016
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(1,016
|
)
|
|
As of June 30,
|
|
As of December 31,
|
||||
|
2016
|
|
2015
|
||||
Gross Carrying Amount
|
|
|
|
||||
Customer contracts
|
$
|
7,753
|
|
|
$
|
7,898
|
|
Customer relationships
|
12,025
|
|
|
12,496
|
|
||
Non-compete agreements
|
3,265
|
|
|
3,324
|
|
||
Technology
|
2,735
|
|
|
2,701
|
|
||
Trade names
|
544
|
|
|
540
|
|
||
|
26,322
|
|
|
26,959
|
|
||
Accumulated Amortization
|
|
|
|
||||
Customer contracts
|
7,634
|
|
|
7,683
|
|
||
Customer relationships
|
7,357
|
|
|
6,621
|
|
||
Non-compete agreements
|
3,160
|
|
|
3,149
|
|
||
Technology
|
2,381
|
|
|
2,241
|
|
||
Trade names
|
508
|
|
|
495
|
|
||
|
21,040
|
|
|
20,189
|
|
||
Intangible assets, net
|
$
|
5,282
|
|
|
$
|
6,770
|
|
|
Gross Unrecognized Tax Benefits
|
||
Balance, December 31, 2015
|
$
|
2,200
|
|
Additions for prior year tax positions
|
—
|
|
|
Settlements with tax authorities
|
(84
|
)
|
|
Reductions of prior year tax positions
|
—
|
|
|
Balance, June 30, 2016
|
$
|
2,116
|
|
|
|
|
Fair Value as of
|
||||||
|
|
|
June 30,
|
|
December 31,
|
||||
|
Level
|
|
2016
|
|
2015
|
||||
Liabilities:
|
|
|
|
|
|
||||
Interest rate swap instruments
|
2
|
|
$
|
8,509
|
|
|
$
|
4,681
|
|
|
As of June 30, 2016
|
|
As of December 31, 2015
|
||||||||||||
|
Fair Value
|
|
Carrying Value
|
|
Fair Value
|
|
Carrying Value
|
||||||||
Long-term debt
|
$
|
108,300
|
|
|
$
|
107,416
|
|
|
$
|
108,323
|
|
|
$
|
107,148
|
|
|
Derivatives as of
|
||||||||||
|
June 30, 2016
|
|
December 31, 2015
|
||||||||
|
Balance Sheet Location
|
|
Fair Value
|
|
Balance Sheet Location
|
|
Fair Value
|
||||
Derivatives Designated as Hedging Instruments:
|
|
|
|
|
|
|
|
||||
Interest rate swap contracts
|
Other liabilities
|
|
$
|
8,509
|
|
|
Other liabilities
|
|
$
|
4,681
|
|
|
Location of Gain Recognized in Net Income
|
|
Amount of Gain Recognized in Net Income
|
||||||||||||
|
|
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||
|
|
|
2016
|
|
2015
|
2016
|
2015
|
||||||||
Derivatives Designated as Hedging Instruments:
|
|
|
|
|
|
|
|
||||||||
Interest rate swap contracts
|
Other expenses, net
|
|
$
|
(83
|
)
|
|
$
|
(101
|
)
|
$
|
(153
|
)
|
$
|
(184
|
)
|
|
Six Months Ended
|
||
|
June 30, 2016
|
||
Derivatives Designated as Hedging Instruments:
|
|
||
Accumulated loss in AOCI at the beginning of the period
|
$
|
(2,548
|
)
|
Unrealized loss recognized in AOCI
|
(1,996
|
)
|
|
Loss reclassified from AOCI to other expenses, net
|
(629
|
)
|
|
Accumulated loss in AOCI at the end of the period
|
$
|
(5,173
|
)
|
|
U.S. Regions
|
|
U.S. Federal
|
|
Canada
|
|
Small-Scale Infrastructure
|
|
All Other
|
|
Total Consolidated
|
||||||||||||
Three Months Ended June 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenues
|
$
|
70,583
|
|
|
$
|
43,099
|
|
|
$
|
13,198
|
|
|
$
|
19,060
|
|
|
$
|
16,688
|
|
|
$
|
162,628
|
|
Interest income
|
—
|
|
|
3
|
|
|
—
|
|
|
10
|
|
|
—
|
|
|
13
|
|
||||||
Interest expense
|
—
|
|
|
289
|
|
|
403
|
|
|
1,068
|
|
|
—
|
|
|
1,760
|
|
||||||
Depreciation and amortization of intangible assets
|
137
|
|
|
704
|
|
|
261
|
|
|
3,751
|
|
|
675
|
|
|
5,528
|
|
||||||
Unallocated corporate activity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,839
|
)
|
||||||
Income (loss) before taxes, excluding unallocated corporate activity
|
4,623
|
|
|
4,565
|
|
|
(1,844
|
)
|
|
2,290
|
|
|
71
|
|
|
9,705
|
|
||||||
Three Months Ended June 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenues
|
71,594
|
|
|
30,437
|
|
|
13,837
|
|
|
16,319
|
|
|
20,302
|
|
|
152,489
|
|
||||||
Interest income
|
—
|
|
|
—
|
|
|
2
|
|
|
9
|
|
|
—
|
|
|
11
|
|
||||||
Interest expense
|
—
|
|
|
—
|
|
|
282
|
|
|
976
|
|
|
—
|
|
|
1,258
|
|
||||||
Depreciation and amortization of intangible assets
|
204
|
|
|
302
|
|
|
282
|
|
|
3,414
|
|
|
1,017
|
|
|
5,219
|
|
||||||
Unallocated corporate activity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,897
|
)
|
||||||
Income (loss) before taxes, excluding unallocated corporate activity
|
6,158
|
|
|
5,042
|
|
|
(570
|
)
|
|
2,112
|
|
|
(2,108
|
)
|
|
10,634
|
|
||||||
Six Months Ended June 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenues
|
112,204
|
|
|
81,768
|
|
|
28,005
|
|
|
39,753
|
|
|
34,674
|
|
|
296,404
|
|
||||||
Interest income
|
—
|
|
|
5
|
|
|
—
|
|
|
19
|
|
|
—
|
|
|
24
|
|
||||||
Interest expense
|
—
|
|
|
388
|
|
|
750
|
|
|
2,096
|
|
|
—
|
|
|
3,234
|
|
||||||
Depreciation and amortization of intangible assets
|
274
|
|
|
1,227
|
|
|
500
|
|
|
7,600
|
|
|
1,348
|
|
|
10,949
|
|
||||||
Unallocated corporate activity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,566
|
)
|
||||||
Income (loss) before taxes, excluding unallocated corporate activity
|
4,814
|
|
|
10,965
|
|
|
(1,303
|
)
|
|
4,611
|
|
|
(710
|
)
|
|
18,377
|
|
||||||
Six Months Ended June 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenues
|
118,028
|
|
|
54,580
|
|
|
24,732
|
|
|
29,922
|
|
|
40,660
|
|
|
267,922
|
|
||||||
Interest income
|
—
|
|
|
—
|
|
|
3
|
|
|
159
|
|
|
—
|
|
|
162
|
|
||||||
Interest expense
|
—
|
|
|
—
|
|
|
611
|
|
|
1,924
|
|
|
—
|
|
|
2,535
|
|
||||||
Depreciation and amortization of intangible assets
|
409
|
|
|
608
|
|
|
525
|
|
|
6,880
|
|
|
2,024
|
|
|
10,446
|
|
||||||
Unallocated corporate activity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13,405
|
)
|
||||||
Income (loss) before taxes, excluding unallocated corporate activity
|
$
|
8,075
|
|
|
$
|
8,300
|
|
|
$
|
(5,578
|
)
|
|
$
|
2,349
|
|
|
$
|
(3,094
|
)
|
|
$
|
10,052
|
|
|
•
|
a ratio of total funded debt to EBITDA of less than 2.0 to 1.0; and
|
|
•
|
a debt service coverage ratio (as defined in the agreement) of at least 1.5 to 1.0.
|
•
|
Revenue Recognition;
|
•
|
Project Assets;
|
•
|
Derivative Financial Instruments; and
|
•
|
Variable Interest Entities.
|
|
Three Months Ended June 30,
|
||||||||||||
|
2016
|
|
2015
|
||||||||||
|
Dollar
|
|
% of
|
|
Dollar
|
|
% of
|
||||||
|
Amount
|
|
Revenues
|
|
Amount
|
|
Revenues
|
||||||
Revenues
|
$
|
162,628
|
|
|
100.0
|
%
|
|
$
|
152,489
|
|
|
100.0
|
%
|
Cost of revenues
|
130,772
|
|
|
80.4
|
%
|
|
121,593
|
|
|
79.7
|
%
|
||
Gross profit
|
31,856
|
|
|
19.6
|
%
|
|
30,896
|
|
|
20.3
|
%
|
||
Selling, general and administrative expenses
|
27,140
|
|
|
16.7
|
%
|
|
25,812
|
|
|
16.9
|
%
|
||
Operating income
|
4,716
|
|
|
2.9
|
%
|
|
5,084
|
|
|
3.3
|
%
|
||
Other expenses, net
|
1,850
|
|
|
1.1
|
%
|
|
1,347
|
|
|
0.9
|
%
|
||
Income before provision from income taxes
|
2,866
|
|
|
1.8
|
%
|
|
3,737
|
|
|
2.5
|
%
|
||
Income tax provision
|
766
|
|
|
0.5
|
%
|
|
1,746
|
|
|
1.1
|
%
|
||
Net income
|
2,100
|
|
|
1.3
|
%
|
|
1,991
|
|
|
1.3
|
%
|
||
Net income attributable to redeemable non-controlling interest
|
(106
|
)
|
|
(0.1
|
)%
|
|
—
|
|
|
—
|
%
|
||
Net income attributable to Ameresco, Inc.
|
$
|
1,994
|
|
|
1.2
|
%
|
|
$
|
1,991
|
|
|
1.3
|
%
|
|
|
|
|
|
|
|
|
||||||
|
Six Months Ended June 30,
|
||||||||||||
|
2016
|
|
2015
|
||||||||||
|
Dollar
|
|
% of
|
|
Dollar
|
|
% of
|
||||||
|
Amount
|
|
Revenues
|
|
Amount
|
|
Revenues
|
||||||
Revenues
|
$
|
296,404
|
|
|
100.0
|
%
|
|
$
|
267,922
|
|
|
100.0
|
%
|
Cost of revenues
|
236,872
|
|
|
79.9
|
%
|
|
217,383
|
|
|
81.1
|
%
|
||
Gross profit
|
59,532
|
|
|
20.1
|
%
|
|
50,539
|
|
|
18.9
|
%
|
||
Selling, general and administrative expenses
|
53,028
|
|
|
17.9
|
%
|
|
49,883
|
|
|
18.6
|
%
|
||
Operating income
|
6,504
|
|
|
2.2
|
%
|
|
656
|
|
|
0.2
|
%
|
||
Other expenses, net
|
2,693
|
|
|
0.9
|
%
|
|
4,009
|
|
|
1.5
|
%
|
||
Income (loss) before provision (benefit) from income taxes
|
3,811
|
|
|
1.3
|
%
|
|
(3,353
|
)
|
|
(1.3
|
)%
|
||
Income tax provision (benefit)
|
1,007
|
|
|
0.3
|
%
|
|
(1,156
|
)
|
|
(0.4
|
)%
|
||
Net income (loss)
|
$
|
2,804
|
|
|
0.9
|
%
|
|
$
|
(2,197
|
)
|
|
(0.8
|
)%
|
Net loss attributable to redeemable non-controlling interest
|
244
|
|
|
0.1
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
Net income (loss) attributable to Ameresco, Inc.
|
$
|
3,048
|
|
|
1.0
|
%
|
|
$
|
(2,197
|
)
|
|
(0.8
|
)%
|
|
Three Months Ended June 30,
|
|
Dollar
|
|
Percentage
|
|||||||||
|
2016
|
|
2015
|
|
Change
|
|
Change
|
|||||||
Revenues
|
$
|
162,628
|
|
|
$
|
152,489
|
|
|
$
|
10,139
|
|
|
6.6
|
%
|
|
|
|
|
|
|
|
|
|||||||
|
Six Months Ended June 30,
|
|
Dollar
|
|
Percentage
|
|||||||||
|
2016
|
|
2015
|
|
Change
|
|
Change
|
|||||||
Revenues
|
$
|
296,404
|
|
|
$
|
267,922
|
|
|
$
|
28,482
|
|
|
10.6
|
%
|
|
Three Months Ended June 30,
|
|
Dollar
|
|
Percentage
|
|||||||||
|
2016
|
|
2015
|
|
Change
|
|
Change
|
|||||||
Cost of revenues
|
$
|
130,772
|
|
|
$
|
121,593
|
|
|
$
|
9,179
|
|
|
7.5
|
%
|
Gross margin %
|
19.6
|
%
|
|
20.3
|
%
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|||||||
|
Six Months Ended June 30,
|
|
Dollar
|
|
Percentage
|
|||||||||
|
2016
|
|
2015
|
|
Change
|
|
Change
|
|||||||
Cost of revenues
|
$
|
236,872
|
|
|
$
|
217,383
|
|
|
$
|
19,489
|
|
|
9.0
|
%
|
Gross margin %
|
20.1
|
%
|
|
18.9
|
%
|
|
|
|
|
|
Three Months Ended June 30,
|
|
Dollar
|
|
Percentage
|
|||||||||
|
2016
|
|
2015
|
|
Change
|
|
Change
|
|||||||
Selling, general and administrative expenses
|
$
|
27,140
|
|
|
$
|
25,812
|
|
|
$
|
1,328
|
|
|
5.1
|
%
|
|
|
|
|
|
|
|
|
|||||||
|
Six Months Ended June 30,
|
|
Dollar
|
|
Percentage
|
|||||||||
|
2016
|
|
2015
|
|
Change
|
|
Change
|
|||||||
Selling, general and administrative expenses
|
$
|
53,028
|
|
|
$
|
49,883
|
|
|
$
|
3,145
|
|
|
6.3
|
%
|
|
Three Months Ended June 30,
|
|
Dollar
|
|
Percentage
|
|||||||||
|
2016
|
|
2015
|
|
Change
|
|
Change
|
|||||||
Revenues
|
$
|
70,583
|
|
|
$
|
71,594
|
|
|
$
|
(1,011
|
)
|
|
(1.4
|
)%
|
Income before taxes
|
$
|
4,623
|
|
|
$
|
6,158
|
|
|
$
|
(1,535
|
)
|
|
(24.9
|
)%
|
|
|
|
|
|
|
|
|
|||||||
|
Six Months Ended June 30,
|
|
Dollar
|
|
Percentage
|
|||||||||
|
2016
|
|
2015
|
|
Change
|
|
Change
|
|||||||
Revenues
|
$
|
112,204
|
|
|
$
|
118,028
|
|
|
$
|
(5,824
|
)
|
|
(4.9
|
)%
|
Income before taxes
|
$
|
4,814
|
|
|
$
|
8,075
|
|
|
$
|
(3,261
|
)
|
|
(40.4
|
)%
|
|
Three Months Ended June 30,
|
|
Dollar
|
|
Percentage
|
|||||||||
|
2016
|
|
2015
|
|
Change
|
|
Change
|
|||||||
Revenues
|
$
|
43,099
|
|
|
$
|
30,437
|
|
|
$
|
12,662
|
|
|
41.6
|
%
|
Income before taxes
|
$
|
4,565
|
|
|
$
|
5,042
|
|
|
$
|
(477
|
)
|
|
(9.5
|
)%
|
|
|
|
|
|
|
|
|
|||||||
|
Six Months Ended June 30,
|
|
Dollar
|
|
Percentage
|
|||||||||
|
2016
|
|
2015
|
|
Change
|
|
Change
|
|||||||
Revenues
|
$
|
81,768
|
|
|
$
|
54,580
|
|
|
$
|
27,188
|
|
|
49.8
|
%
|
Income before taxes
|
$
|
10,965
|
|
|
$
|
8,300
|
|
|
$
|
2,665
|
|
|
32.1
|
%
|
|
Three Months Ended June 30,
|
|
Dollar
|
|
Percentage
|
|||||||||
|
2016
|
|
2015
|
|
Change
|
|
Change
|
|||||||
Revenues
|
$
|
13,198
|
|
|
$
|
13,837
|
|
|
$
|
(639
|
)
|
|
(4.6
|
)%
|
Income (loss) before taxes
|
$
|
(1,844
|
)
|
|
$
|
(570
|
)
|
|
$
|
(1,274
|
)
|
|
223.5
|
%
|
|
|
|
|
|
|
|
|
|||||||
|
Six Months Ended June 30,
|
|
Dollar
|
|
Percentage
|
|||||||||
|
2016
|
|
2015
|
|
Change
|
|
Change
|
|||||||
Revenues
|
$
|
28,005
|
|
|
$
|
24,732
|
|
|
$
|
3,273
|
|
|
13.2
|
%
|
Loss before taxes
|
$
|
(1,303
|
)
|
|
$
|
(5,578
|
)
|
|
$
|
4,275
|
|
|
(76.6
|
)%
|
|
Three Months Ended June 30,
|
|
Dollar
|
|
Percentage
|
|||||||||
|
2016
|
|
2015
|
|
Change
|
|
Change
|
|||||||
Revenues
|
$
|
19,060
|
|
|
$
|
16,319
|
|
|
$
|
2,741
|
|
|
16.8
|
%
|
Income before taxes
|
$
|
2,290
|
|
|
$
|
2,112
|
|
|
$
|
178
|
|
|
8.4
|
%
|
|
|
|
|
|
|
|
|
|||||||
|
Six Months Ended June 30,
|
|
Dollar
|
|
Percentage
|
|||||||||
|
2016
|
|
2015
|
|
Change
|
|
Change
|
|||||||
Revenues
|
$
|
39,753
|
|
|
$
|
29,922
|
|
|
$
|
9,831
|
|
|
32.9
|
%
|
Income before taxes
|
$
|
4,611
|
|
|
$
|
2,349
|
|
|
$
|
2,262
|
|
|
96.3
|
%
|
|
Three Months Ended June 30,
|
|
Dollar
|
|
Percentage
|
|||||||||
|
2016
|
|
2015
|
|
Change
|
|
Change
|
|||||||
Revenues
|
$
|
16,688
|
|
|
$
|
20,302
|
|
|
$
|
(3,614
|
)
|
|
(17.8
|
)%
|
Income (loss) before taxes
|
$
|
71
|
|
|
$
|
(2,108
|
)
|
|
$
|
2,179
|
|
|
(103.4
|
)%
|
Unallocated corporate activity
|
$
|
(6,839
|
)
|
|
$
|
(6,897
|
)
|
|
$
|
58
|
|
|
(0.8
|
)%
|
|
|
|
|
|
|
|
|
|||||||
|
Six Months Ended June 30,
|
|
Dollar
|
|
Percentage
|
|||||||||
|
2016
|
|
2015
|
|
Change
|
|
Change
|
|||||||
Revenues
|
$
|
34,674
|
|
|
$
|
40,660
|
|
|
$
|
(5,986
|
)
|
|
(14.7
|
)%
|
Loss before taxes
|
$
|
(710
|
)
|
|
$
|
(3,094
|
)
|
|
$
|
2,384
|
|
|
(77.1
|
)%
|
Unallocated corporate activity
|
$
|
(14,566
|
)
|
|
$
|
(13,405
|
)
|
|
$
|
(1,161
|
)
|
|
8.7
|
%
|
|
•
|
a ratio of total funded debt to EBITDA of less than 2.0 to 1.0; and
|
|
•
|
a debt service coverage ratio (as defined in the agreement) of at least 1.5 to 1.0.
|
|
Payments due by Period
|
||||||||||||||||||
|
|
|
Less than
|
|
One to
|
|
Three to
|
|
More than
|
||||||||||
|
Total
|
|
One Year
|
|
Three Years
|
|
Five Years
|
|
Five Years
|
||||||||||
Senior Secured Credit Facility:
|
|
|
|
|
|
|
|
|
|
||||||||||
Revolver
|
$
|
14,200
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
14,200
|
|
|
$
|
—
|
|
Term Loan
|
11,429
|
|
|
5,714
|
|
|
5,715
|
|
|
—
|
|
|
—
|
|
|||||
Project Financing:
|
|
|
|
|
|
|
|
|
|
||||||||||
Construction and term loans
|
87,811
|
|
|
7,581
|
|
|
15,627
|
|
|
38,149
|
|
|
26,454
|
|
|||||
Federal ESPC liabilities(1)
|
121,633
|
|
|
—
|
|
|
121,633
|
|
|
—
|
|
|
—
|
|
|||||
Interest obligations(2)
|
45,205
|
|
|
6,190
|
|
|
10,214
|
|
|
8,076
|
|
|
20,725
|
|
|||||
Capital lease liabilities
|
12,236
|
|
|
1,588
|
|
|
3,692
|
|
|
3,262
|
|
|
3,694
|
|
|||||
Operating leases
|
17,946
|
|
|
4,251
|
|
|
6,512
|
|
|
3,493
|
|
|
3,690
|
|
|||||
Total
|
$
|
310,460
|
|
|
$
|
25,324
|
|
|
$
|
163,393
|
|
|
$
|
67,180
|
|
|
$
|
54,563
|
|
(1
|
)
|
|
Federal ESPC arrangements relate to the installation and construction of projects for certain customers, typically federal governmental entities, where we assign to the third-party lenders our right to customer receivables. We are relieved of the liability when the project is completed and accepted by the customer. We typically expect to be relieved of the liability between one and three years from the date of project construction commencement. The table does not include, for our Federal ESPC liability arrangements, the difference between the aggregate amount of the long-term customer receivables sold by us to the lender and the amount received by us from the lender for such sale.
|
(2
|
)
|
|
For both the revolver and term loan portion of our senior secured credit facility, the table above assumes that the variable interest rate in effect at June 30, 2016 remains constant for the term of the facility.
|
Period
|
Total Number of Shares Purchased
|
Average Price Paid per Share
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
Approximate
Dollar Value of
Shares that May
Yet Be Purchased
Under the Plans
or Programs
|
||||||
April 1, 2016 - April 30, 2016
|
—
|
|
$
|
—
|
|
—
|
|
$
|
10,000,000
|
|
May 1, 2016 - May 31, 2016
|
118,395
|
|
4.68
|
|
118,395
|
|
9,446,056
|
|
||
June 1, 2016 - June 30, 2016
|
299,303
|
|
4.60
|
|
299,303
|
|
8,067,945
|
|
||
Total
|
417,698
|
|
$
|
4.63
|
|
417,698
|
|
$
|
8,067,945
|
|
|
AMERESCO, INC.
|
|
|
|
Date: August 9, 2016
|
By:
|
/s/ John R. Granara, III
|
|
|
|
|
John R. Granara, III
|
|
|
|
|
Vice President and Chief Financial Officer
(duly authorized and principal financial officer)
|
Exhibit
Number
|
Description
|
10.1*
|
Amendment No. 1 to Third Amended and Restated Credit and Security Agreement dated April 22, 2016 among Ameresco, Inc., certain guarantors party thereto, certain lenders party thereto from time to time and Bank of America, N.A. as Administrative Agent.
|
10.2*
|
Amendment No. 2 to Third Amended and Restated Credit and Security Agreement dated May 4, 2016 among Ameresco, Inc., certain guarantors party thereto, certain lenders party thereto from time to time and Bank of America, N.A. as Administrative Agent.
|
10.3*
|
Seventh Amendment to Lease dated May 6, 2016 by and between 111 MPA LLC and Ameresco, Inc.
|
31.1*
|
Principal Executive Officer Certification required by Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
31.2*
|
Principal Financial Officer Certification required by Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
32.1**
|
Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
101*
|
The following condensed consolidated financial statements from Ameresco, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2016, formatted in XBRL (Extensible Business Reporting Language): (i) Consolidated Balance Sheets (ii) Consolidated Statements of Income (Loss), (iii) Consolidated Statements of Comprehensive Income (Loss), (iv) Consolidated Statement of Changes in Redeemable Non-Controlling Interest and Stockholders’ Equity, (v) Consolidated Statements of Cash Flows, and (vi) Notes to Condensed Consolidated Financial Statements.
|
|
*Filed herewith.
|
|
**Furnished herewith.
|
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