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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 | |
---|---|---|---|---|---|---|---|---|
0.71 | 3.13% | 23.40 | 23.025 | 22.23 | 22.79 | 381,423 | 22:41:22 |
☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 04-3512838 | |||||||
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |||||||
111 Speen Street, Suite 410 Framingham, Massachusetts | 01701 | |||||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of Each Class | Trading Symbol | Name of exchange on which registered | ||||||
Class A Common Stock, par value $0.0001 per share | AMRC | New York Stock Exchange |
Large accelerated filer ☑ | Accelerated Filer o | Non-accelerated filer o | Smaller reporting company ☐ | ||||||||
Emerging growth company ☐ | |||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o |
Class | Shares outstanding as of October 28, 2022 | ||||
Class A Common Stock, $0.0001 par value per share | 33,914,193 | ||||
Class B Common Stock, $0.0001 par value per share | 18,000,000 | ||||
Page | ||||||||
September 30, 2022 | December 31, 2021 | ||||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents (1) | $ | 122,537 | $ | 50,450 | |||||||
Restricted cash (1) | 24,403 | 24,267 | |||||||||
Accounts receivable, net of allowance of $2,362 and $2,266, respectively (1) | 219,817 | 161,970 | |||||||||
Accounts receivable retainage, net | 42,456 | 43,067 | |||||||||
Costs and estimated earnings in excess of billings (1) | 628,529 | 306,172 | |||||||||
Inventory, net | 13,095 | 8,807 | |||||||||
Prepaid expenses and other current assets (1) | 21,980 | 25,377 | |||||||||
Income tax receivable | 4,116 | 5,261 | |||||||||
Project development costs, net | 16,062 | 13,214 | |||||||||
Total current assets (1) | 1,092,995 | 638,585 | |||||||||
Federal ESPC receivable | 726,679 | 557,669 | |||||||||
Property and equipment, net (1) | 14,772 | 13,117 | |||||||||
Energy assets, net (1) | 1,032,809 | 856,531 | |||||||||
Deferred income tax assets, net | 3,357 | 3,703 | |||||||||
Goodwill, net | 70,118 | 71,157 | |||||||||
Intangible assets, net | 5,089 | 6,961 | |||||||||
Operating lease assets (1) | 37,952 | 41,982 | |||||||||
Restricted cash, non-current portion (1) | 16,618 | 12,337 | |||||||||
Other assets (1) | 37,654 | 22,779 | |||||||||
Total assets (1) | $ | 3,038,043 | $ | 2,224,821 | |||||||
LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Current portions of long-term debt and financing lease liabilities (1) | $ | 301,247 | $ | 78,934 | |||||||
Accounts payable (1) | 411,371 | 308,963 | |||||||||
Accrued expenses and other current liabilities (1) | 95,268 | 43,311 | |||||||||
Current portions of operating lease liabilities (1) | 6,129 | 6,276 | |||||||||
Billings in excess of cost and estimated earnings | 43,173 | 35,918 | |||||||||
Income taxes payable | 3,072 | 822 | |||||||||
Total current liabilities (1) | 860,260 | 474,224 | |||||||||
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs (1) | 511,621 | 377,184 | |||||||||
Federal ESPC liabilities | 706,933 | 532,287 | |||||||||
Deferred income tax liabilities, net | 10,542 | 3,871 | |||||||||
Deferred grant income | 7,716 | 8,498 | |||||||||
Long-term operating lease liabilities, net of current portion (1) | 31,142 | 35,135 | |||||||||
Other liabilities (1) | 47,212 | 43,176 | |||||||||
Commitments and contingencies (Note 9) | |||||||||||
Redeemable non-controlling interests, net | 48,077 | 46,182 |
September 30, 2022 | December 31, 2021 | ||||||||||
(Unaudited) | |||||||||||
Stockholders’ equity: | |||||||||||
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at September 30, 2022 and December 31, 2021 | $ | — | $ | — | |||||||
Class A common stock, $0.0001 par value, 500,000,000 shares authorized, 36,015,988 shares issued and 33,914,193 shares outstanding at September 30, 2022, 35,818,104 shares issued and 33,716,309 shares outstanding at December 31, 2021 | 3 | 3 | |||||||||
Class B common stock, $0.0001 par value, 144,000,000 shares authorized, 18,000,000 shares issued and outstanding at September 30, 2022 and December 31, 2021 | 2 | 2 | |||||||||
Additional paid-in capital | 299,487 | 283,982 | |||||||||
Retained earnings | 515,642 | 438,732 | |||||||||
Accumulated other comprehensive loss, net | (5,650) | (6,667) | |||||||||
Treasury stock, at cost, 2,101,795 shares at September 30, 2022 and December 31, 2021 | (11,788) | (11,788) | |||||||||
Stockholders’ equity before non-controlling interest | 797,696 | 704,264 | |||||||||
Non-controlling interest | 16,844 | — | |||||||||
Total stockholders’ equity | 814,540 | 704,264 | |||||||||
Total liabilities, redeemable non-controlling interests and stockholders’ equity | $ | 3,038,043 | $ | 2,224,821 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenues | $ | 441,296 | $ | 273,682 | $ | 1,492,695 | $ | 799,804 | |||||||||||||||
Cost of revenues | 361,740 | 214,869 | 1,263,458 | 640,760 | |||||||||||||||||||
Gross profit | 79,556 | 58,813 | 229,237 | 159,044 | |||||||||||||||||||
Selling, general and administrative expenses | 40,618 | 35,168 | 118,559 | 95,651 | |||||||||||||||||||
Operating income | 38,938 | 23,645 | 110,678 | 63,393 | |||||||||||||||||||
Other expenses, net | 7,546 | 4,557 | 19,876 | 13,679 | |||||||||||||||||||
Income before income taxes | 31,392 | 19,088 | 90,802 | 49,714 | |||||||||||||||||||
Income tax provision (benefit) | 3,657 | (1,192) | 10,896 | (883) | |||||||||||||||||||
Net income | 27,735 | 20,280 | 79,906 | 50,597 | |||||||||||||||||||
Net income attributable to redeemable non-controlling interests | (344) | (2,857) | (2,915) | (8,345) | |||||||||||||||||||
Net income attributable to common shareholders | $ | 27,391 | $ | 17,423 | $ | 76,991 | $ | 42,252 | |||||||||||||||
Net income per share attributable to common shareholders: | |||||||||||||||||||||||
Basic | $ | 0.53 | $ | 0.34 | $ | 1.48 | $ | 0.83 | |||||||||||||||
Diluted | $ | 0.51 | $ | 0.33 | $ | 1.44 | $ | 0.81 | |||||||||||||||
Weighted average common shares outstanding: | |||||||||||||||||||||||
Basic | 51,869 | 51,464 | 51,810 | 50,599 | |||||||||||||||||||
Diluted | 53,297 | 52,839 | 53,252 | 52,013 |
Three Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Net income | $ | 27,735 | $ | 20,280 | |||||||
Other comprehensive income (loss): | |||||||||||
Unrealized gain from interest rate hedges, net of tax effect of $602 and $131 | 1,757 | 436 | |||||||||
Foreign currency translation adjustments | (3,053) | (1,118) | |||||||||
Total other comprehensive loss | (1,296) | (682) | |||||||||
Comprehensive income | 26,439 | 19,598 | |||||||||
Comprehensive income attributable to redeemable non-controlling interests | (344) | (2,857) | |||||||||
Comprehensive income attributable to common shareholders | $ | 26,095 | $ | 16,741 | |||||||
Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Net income | $ | 79,906 | $ | 50,597 | |||||||
Other comprehensive income (loss): | |||||||||||
Unrealized gain from interest rate hedges, net of tax effect of $2,050 and $662 | 6,033 | 2,081 | |||||||||
Foreign currency translation adjustments | (5,016) | (227) | |||||||||
Total other comprehensive income | 1,017 | 1,854 | |||||||||
Comprehensive income | 80,923 | 52,451 | |||||||||
Comprehensive income attributable to redeemable non-controlling interests | (2,915) | (8,345) | |||||||||
Comprehensive income attributable to common shareholders | $ | 78,008 | $ | 44,106 |
Class A Common Stock | Class B Common Stock | Treasury Stock | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Non-controlling Interests | Shares | Amount | Shares | Amount | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Shares | Amount | Non-controlling Interest | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2021 | $ | 46,003 | 33,382,331 | $ | 3 | 18,000,000 | $ | 2 | $ | 270,955 | $ | 393,157 | $ | (6,754) | 2,101,795 | $ | (11,788) | $ | — | $ | 645,575 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Equity offering cost adjustment | — | 3 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | 177,129 | — | — | — | 1,619 | — | — | — | — | — | 1,619 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | 2,166 | — | — | — | — | — | 2,166 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain from interest rate hedges, net | — | — | — | — | — | — | — | 436 | — | — | — | 436 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | — | (1,118) | — | — | — | (1,118) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to redeemable non-controlling interests | (180) | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accretion of tax equity financing fees | 27 | — | — | — | — | — | (27) | — | — | — | — | (27) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment fund call option exercise | (3,759) | — | — | — | — | 2,759 | — | — | — | — | — | 2,759 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | 2,857 | — | — | — | — | — | 17,423 | — | — | — | — | 17,423 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2021 | $ | 44,948 | 33,559,460 | $ | 3 | 18,000,000 | $ | 2 | $ | 277,502 | $ | 410,553 | $ | (7,436) | 2,101,795 | $ | (11,788) | $ | — | $ | 668,836 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | $ | 47,918 | 33,833,893 | $ | 3 | 18,000,000 | $ | 2 | $ | 294,240 | $ | 488,278 | $ | (4,354) | 2,101,795 | $ | (11,788) | $ | 15,186 | $ | 781,567 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | 80,300 | — | — | — | 1,616 | — | — | — | — | — | 1,616 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | 3,631 | — | — | — | — | — | 3,631 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain from interest rate hedges, net | — | — | — | — | — | — | — | 1,757 | — | — | — | 1,757 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | — | (3,053) | — | — | — | (3,053) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to redeemable non-controlling interests | (212) | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accretion of tax equity financing fees | 27 | — | — | — | — | — | (27) | — | — | — | — | (27) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions from non-controlling interest | — | — | — | — | — | — | — | — | — | — | 1,658 | 1,658 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | 344 | — | — | — | — | — | 27,391 | — | — | — | — | 27,391 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2022 | $ | 48,077 | 33,914,193 | $ | 3 | 18,000,000 | $ | 2 | $ | 299,487 | $ | 515,642 | $ | (5,650) | 2,101,795 | $ | (11,788) | $ | 16,844 | $ | 814,540 |
Class A Common Stock | Class B Common Stock | Treasury Stock | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Non-controlling Interests | Shares | Amount | Shares | Amount | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Shares | Amount | Non-controlling Interest | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | 38,850 | 30,224,654 | $ | 3 | 18,000,000 | $ | 2 | $ | 145,496 | $ | 368,390 | $ | (9,290) | 2,101,795 | $ | (11,788) | $ | — | $ | 492,813 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Equity offering of common stock, net of offering costs of $6,416 | — | 2,875,000 | — | — | — | 120,084 | — | — | — | — | — | 120,084 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | 444,509 | — | — | — | 4,230 | — | — | — | — | — | 4,230 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | 4,280 | — | — | — | — | — | 4,280 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee stock purchase plan | — | 15,297 | — | — | — | 653 | — | — | — | — | — | 653 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain from interest rate hedges, net | — | — | — | — | — | — | — | 2,081 | — | — | — | 2,081 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | — | (227) | — | — | — | (227) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions from redeemable non-controlling interests, net of tax equity financing fees of $65 | 2,251 | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to redeemable non-controlling interests | (828) | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accretion of tax equity financing fees | 89 | — | — | — | — | — | (89) | — | — | — | — | (89) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment fund call option exercise | (3,759) | — | — | — | — | 2,759 | — | — | — | — | — | 2,759 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | 8,345 | — | — | — | — | — | 42,252 | — | — | — | — | 42,252 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2021 | $ | 44,948 | 33,559,460 | $ | 3 | 18,000,000 | $ | 2 | $ | 277,502 | $ | 410,553 | $ | (7,436) | 2,101,795 | $ | (11,788) | $ | — | $ | 668,836 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | 46,182 | 33,716,309 | $ | 3 | 18,000,000 | $ | 2 | $ | 283,982 | $ | 438,732 | $ | (6,667) | 2,101,795 | $ | (11,788) | $ | — | $ | 704,264 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | 180,888 | — | — | — | 3,482 | — | — | — | — | — | 3,482 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | 10,837 | — | — | — | — | — | 10,837 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee stock purchase plan | — | 16,996 | — | — | — | 948 | — | — | — | — | — | 948 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain from interest rate hedges, net | — | — | — | — | — | — | — | 6,033 | — | — | — | 6,033 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | (5,016) | — | — | — | (5,016) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to redeemable non-controlling interests | (863) | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accretion of tax equity financing fees | 81 | — | — | — | — | — | (81) | — | — | — | — | (81) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment fund call option exercise | (238) | — | — | — | — | 238 | — | — | — | — | — | 238 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions from non-controlling interest | — | — | — | — | — | — | — | — | — | — | 16,844 | 16,844 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | 2,915 | — | — | — | — | — | 76,991 | — | — | — | — | 76,991 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2022 | $ | 48,077 | 33,914,193 | $ | 3 | 18,000,000 | $ | 2 | $ | 299,487 | $ | 515,642 | $ | (5,650) | 2,101,795 | $ | (11,788) | $ | 16,844 | $ | 814,540 |
Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 79,906 | $ | 50,597 | |||||||
Adjustments to reconcile net income to net cash flows from operating activities: | |||||||||||
Depreciation of energy assets, net | 36,911 | 31,449 | |||||||||
Depreciation of property and equipment | 2,057 | 2,397 | |||||||||
Net increase in fair value of contingent consideration | 814 | — | |||||||||
Accretion of ARO liabilities | 108 | 90 | |||||||||
Amortization of debt discount and debt issuance costs | 2,869 | 2,085 | |||||||||
Amortization of intangible assets | 1,462 | 241 | |||||||||
Provision for bad debts | 363 | 29 | |||||||||
Loss on disposal / impairment of long-lived assets | 888 | 1,901 | |||||||||
Equity in earnings of unconsolidated entity | (1,477) | (128) | |||||||||
Net (gain) loss from derivatives | (225) | 1,892 | |||||||||
Stock-based compensation expense | 10,837 | 4,280 | |||||||||
Deferred income taxes, net | 4,927 | (1,834) | |||||||||
Unrealized foreign exchange loss | 466 | 124 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | (47,257) | 27,721 | |||||||||
Accounts receivable retainage | 225 | (9,214) | |||||||||
Federal ESPC receivable | (180,249) | (187,984) | |||||||||
Inventory, net | (4,287) | 246 | |||||||||
Costs and estimated earnings in excess of billings | (325,057) | (22,166) | |||||||||
Prepaid expenses and other current assets | 864 | 3,771 | |||||||||
Project development costs | (823) | 15 | |||||||||
Other assets | (10,254) | (3,467) | |||||||||
Accounts payable, accrued expenses and other current liabilities | 143,026 | (17,677) | |||||||||
Billings in excess of cost and estimated earnings | 7,802 | (5,856) | |||||||||
Other liabilities | (436) | (155) | |||||||||
Income taxes receivable, net | 3,371 | 5,299 | |||||||||
Cash flows from operating activities | (273,169) | (116,344) | |||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property and equipment | (3,981) | (2,133) | |||||||||
Capital investment in new energy assets | (182,119) | (141,253) | |||||||||
Capital investment in major maintenance of energy assets | (16,106) | (6,714) | |||||||||
Loans to joint venture investments | (458) | — | |||||||||
Cash flows from investing activities | (202,664) | (150,100) | |||||||||
See notes to condensed consolidated financial statements. | |||||||||||
AMERESCO, INC. | |||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
(In thousands) (Unaudited) (Continued) | |||||||||||
Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from equity offering, net of offering costs | $ | — | $ | 120,084 | |||||||
Payments of debt discount and debt issuance costs | (2,885) | (2,650) | |||||||||
Proceeds from exercises of options and ESPP | 4,430 | 4,883 | |||||||||
Proceeds from (payments on) senior secured revolving credit facility, net | 139,000 | (38,073) | |||||||||
Proceeds from long-term debt financings | 331,086 | 118,160 | |||||||||
Proceeds from Federal ESPC projects | 173,865 | 114,185 | |||||||||
Proceeds for (payments on) energy assets from Federal ESPC | 7,675 | (174) | |||||||||
Investment fund call option exercise | — | (1,000) | |||||||||
Contributions from non-controlling interest | 13,148 | — | |||||||||
(Distributions to) proceeds from redeemable non-controlling interests, net | (784) | 1,468 | |||||||||
Payments on long-term debt and financing leases | (111,341) | (55,616) | |||||||||
Cash flows from financing activities | 554,194 | 261,267 | |||||||||
Effect of exchange rate changes on cash | (1,857) | 118 | |||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | 76,504 | (5,059) | |||||||||
Cash, cash equivalents, and restricted cash, beginning of period | 87,054 | 98,837 | |||||||||
Cash, cash equivalents, and restricted cash, end of period | $ | 163,558 | $ | 93,778 | |||||||
Supplemental disclosures of cash flow information: | |||||||||||
Cash paid for interest | $ | 23,658 | $ | 12,974 | |||||||
Cash paid for income taxes | $ | 3,728 | $ | 1,940 | |||||||
Non-cash Federal ESPC settlement | $ | 395 | $ | 67,286 | |||||||
Accrued purchases of energy assets | $ | 52,744 | $ | 28,046 | |||||||
Non-cash contributions from non-controlling interest | $ | 3,696 | $ | — |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Allowance for credit losses, beginning of period | $ | 2,262 | $ | 2,311 | $ | 2,263 | $ | 2,266 | |||||||||||||||
Provision for bad debts | 119 | 23 | 363 | 29 | |||||||||||||||||||
Account write-offs and other | (19) | (28) | (264) | 11 | |||||||||||||||||||
Allowance for credit losses, end of period | $ | 2,362 | $ | 2,306 | $ | 2,362 | $ | 2,306 |
U.S. Regions | U.S. Federal | Canada | Alternative Fuels | All Other | Total | ||||||||||||||||||||||||||||||
Project revenue | $ | 251,338 | $ | 83,878 | $ | 8,788 | $ | — | $ | 7,527 | $ | 351,531 | |||||||||||||||||||||||
O&M revenue | 5,936 | 13,524 | 10 | 2,251 | 133 | 21,854 | |||||||||||||||||||||||||||||
Energy assets | 11,892 | 1,570 | 1,264 | 26,956 | — | 41,682 | |||||||||||||||||||||||||||||
Integrated-PV | — | — | — | — | 13,616 | 13,616 | |||||||||||||||||||||||||||||
Other | 2,040 | 152 | 2,304 | 214 | 7,903 | 12,613 | |||||||||||||||||||||||||||||
Total revenues | $ | 271,206 | $ | 99,124 | $ | 12,366 | $ | 29,421 | $ | 29,179 | $ | 441,296 |
U.S. Regions | U.S. Federal | Canada | Alternative Fuels | All Other | Total | ||||||||||||||||||||||||||||||
Project revenue | $ | 91,366 | $ | 82,967 | $ | 8,339 | $ | — | $ | 11,344 | $ | 194,016 | |||||||||||||||||||||||
O&M revenue | $ | 5,957 | $ | 11,787 | $ | — | $ | 2,167 | $ | 93 | 20,004 | ||||||||||||||||||||||||
Energy assets | $ | 9,796 | $ | 1,804 | $ | 1,409 | $ | 26,070 | $ | 155 | 39,234 | ||||||||||||||||||||||||
Integrated-PV | $ | — | $ | — | $ | — | $ | — | $ | 10,439 | 10,439 | ||||||||||||||||||||||||
Other | $ | 592 | $ | 98 | $ | 1,910 | $ | 1 | $ | 7,388 | 9,989 | ||||||||||||||||||||||||
Total revenues | $ | 107,711 | $ | 96,656 | $ | 11,658 | $ | 28,238 | $ | 29,419 | $ | 273,682 |
U.S. Regions | U.S. Federal | Canada | Alternative Fuels | All Other | Total | ||||||||||||||||||||||||||||||
Project revenue | $ | 928,616 | $ | 231,945 | $ | 32,899 | $ | — | $ | 40,595 | $ | 1,234,055 | |||||||||||||||||||||||
O&M revenue | 16,473 | 39,186 | 32 | 7,361 | 319 | 63,371 | |||||||||||||||||||||||||||||
Energy assets | 34,163 | 4,734 | 3,512 | 80,513 | 111 | 123,033 | |||||||||||||||||||||||||||||
Integrated-PV | — | — | — | — | 37,239 | 37,239 | |||||||||||||||||||||||||||||
Other | 3,859 | 333 | 7,556 | — | 23,249 | 34,997 | |||||||||||||||||||||||||||||
Total revenues | $ | 983,111 | $ | 276,198 | $ | 43,999 | $ | 87,874 | $ | 101,513 | $ | 1,492,695 |
U.S. Regions | U.S. Federal | Canada | Alternative Fuels | All Other | Total | ||||||||||||||||||||||||||||||
Project revenue | $ | 269,021 | $ | 250,130 | $ | 24,647 | $ | — | $ | 27,166 | $ | 570,964 | |||||||||||||||||||||||
O&M revenue | 15,775 | 34,969 | 26 | 7,061 | 253 | 58,084 | |||||||||||||||||||||||||||||
Energy assets | 28,656 | 3,839 | 3,727 | 72,861 | 381 | 109,464 | |||||||||||||||||||||||||||||
Integrated-PV | — | — | — | — | 30,313 | 30,313 | |||||||||||||||||||||||||||||
Other | 1,526 | 130 | 5,776 | 109 | 23,438 | 30,979 | |||||||||||||||||||||||||||||
Total revenues | $ | 314,978 | $ | 289,068 | $ | 34,176 | $ | 80,031 | $ | 81,551 | $ | 799,804 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Percentage of revenue recognized over time | 95% | 93% | 96% | 94% |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
United States | $ | 421,939 | $ | 250,441 | $ | 1,409,210 | $ | 736,986 | |||||||||||||||
Canada | 11,416 | 10,832 | 40,429 | 31,658 | |||||||||||||||||||
Other | 7,941 | 12,409 | 43,056 | 31,160 | |||||||||||||||||||
Total revenues | $ | 441,296 | $ | 273,682 | $ | 1,492,695 | $ | 799,804 |
September 30, 2022 | December 31, 2021 | |||||||||||||
Accounts receivable, net | $ | 219,817 | $ | 161,970 | ||||||||||
Accounts receivable retainage, net | $ | 42,456 | $ | 43,067 | ||||||||||
Contract Assets: | ||||||||||||||
Costs and estimated earnings in excess of billings | $ | 628,529 | $ | 306,172 | ||||||||||
Contract Liabilities: | ||||||||||||||
Billings in excess of cost and estimated earnings | $ | 43,173 | $ | 35,918 | ||||||||||
Billings in excess of cost and estimated earnings, non-current (1) | 6,310 | 6,481 | ||||||||||||
Total contract liabilities | $ | 49,483 | $ | 42,399 |
September 30, 2021 | December 31, 2020 | ||||||||||
Accounts receivable, net | $ | 112,893 | $ | 125,010 | |||||||
Accounts receivable retainage, net | $ | 39,404 | $ | 30,189 | |||||||
Contract Assets: | |||||||||||
Costs and estimated earnings in excess of billings | $ | 213,468 | $ | 185,960 | |||||||
Contract Liabilities: | |||||||||||
Billings in excess of cost and estimated earnings | $ | 28,018 | $ | 33,984 | |||||||
Billings in excess of cost and estimated earnings, non-current (1) | 6,795 | 6,631 | |||||||||
Total contract liabilities | $ | 34,813 | $ | 40,615 | |||||||
(1) Performance obligations that are expected to be completed beyond the next twelve months and are included in other liabilities in the condensed consolidated balance sheets. |
U.S. Regions | U.S. Federal | Canada | Alternative Fuels | Other | Total | ||||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | 39,204 | $ | 3,981 | $ | 3,454 | $ | — | $ | 24,518 | $ | 71,157 | |||||||||||||||||||||||
Remeasurement period adjustment | 389 | — | — | — | — | 389 | |||||||||||||||||||||||||||||
Currency effects | — | — | (262) | — | (1,166) | (1,428) | |||||||||||||||||||||||||||||
Balance, September 30, 2022 | $ | 39,593 | $ | 3,981 | $ | 3,192 | $ | — | $ | 23,352 | $ | 70,118 | |||||||||||||||||||||||
As of September 30, 2022 | As of December 31, 2021 | ||||||||||
Gross carrying amount | $ | 31,753 | 33,526 | ||||||||
Less - accumulated amortization | (26,664) | (26,565) | |||||||||
Intangible assets, net | $ | 5,089 | $ | 6,961 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
Asset type | Location | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||
Customer contracts | Cost of revenues | $ | 138 | $ | — | $ | 459 | $ | — | |||||||||||||||||||||||
All other intangible assets | Selling, general and administrative expenses | 304 | 80 | 1,003 | 241 | |||||||||||||||||||||||||||
Total amortization expense | $ | 442 | $ | 80 | $ | 1,462 | $ | 241 |
September 30, 2022 | December 31, 2021 | ||||||||||
Energy assets (1) | $ | 1,332,068 | $ | 1,120,712 | |||||||
Less - accumulated depreciation and amortization | (299,259) | (264,181) | |||||||||
Energy assets, net | $ | 1,032,809 | $ | 856,531 | |||||||
(1) Includes financing lease assets (see Note 6), capitalized interest and Asset retirement obligations (“ARO”) assets (see tables below). |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
Location | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Cost of revenues (2) | $ | 12,933 | $ | 11,313 | $ | 36,911 | $ | 31,449 | |||||||||||||||
(2) Includes depreciation and amortization on financing lease assets (see Note 6). |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Capitalized interest | $ | 3,877 | $ | 827 | $ | 7,785 | $ | 4,353 |
Location | September 30, 2022 | December 31, 2021 | ||||||||||||
ARO assets, net | Energy assets, net | $ | 2,390 | $ | 1,939 | |||||||||
ARO liabilities, current | Accrued expenses and other current liabilities | $ | — | $ | 6 | |||||||||
ARO liabilities, non-current | Other liabilities | 3,007 | 2,342 | |||||||||||
Total ARO liabilities | $ | 3,007 | $ | 2,348 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Depreciation expense of ARO assets | $ | 37 | $ | 30 | $ | 110 | $ | 83 | |||||||||||||||
Accretion expense of ARO liabilities | $ | 36 | $ | 33 | $ | 108 | $ | 90 |
September 30, 2022 | December 31, 2021 | ||||||||||
Operating Leases: | |||||||||||
Operating lease assets | $ | 37,952 | $ | 41,982 | |||||||
Current portions of operating lease liabilities | $ | 6,129 | $ | 6,276 | |||||||
Long-term portions of operating lease liabilities | 31,142 | 35,135 | |||||||||
Total operating lease liabilities | $ | 37,271 | $ | 41,411 | |||||||
Weighted-average remaining lease term | 12 years | 12 years | |||||||||
Weighted-average discount rate | 5.6 | % | 5.7 | % | |||||||
Financing Leases: | |||||||||||
$ | 29,891 | $ | 31,876 | ||||||||
$ | 2,517 | $ | 3,125 | ||||||||
15,089 | 16,101 | ||||||||||
Total financing lease liabilities | $ | 17,606 | $ | 19,226 | |||||||
Weighted-average remaining lease term | 14 years | 15 years | |||||||||
Weighted-average discount rate | 12.1 | % | 12.1 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Operating Leases: | |||||||||||||||||||||||
Operating lease costs | $ | 1,890 | $ | 2,165 | $ | 6,244 | $ | 6,505 | |||||||||||||||
Financing Leases: | |||||||||||||||||||||||
Amortization expense | 691 | 532 | 1,578 | 1,597 | |||||||||||||||||||
Interest on lease liabilities | 525 | 608 | 1,620 | 1,932 | |||||||||||||||||||
Total lease costs | $ | 3,106 | $ | 3,305 | $ | 9,442 | $ | 10,034 |
Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 5,948 | $ | 6,347 | |||||||
Right-of-use assets (“ROU”) obtained in exchange for new operating lease liabilities | $ | 2,960 | $ | 6,544 | |||||||
Operating Leases | Financing Leases | ||||||||||
Year ended December 31, | |||||||||||
2022 | $ | 2,039 | $ | 2,443 | |||||||
2023 | 7,721 | 3,676 | |||||||||
2024 | 6,494 | 2,565 | |||||||||
2025 | 5,144 | 2,213 | |||||||||
2026 | 2,986 | 2,054 | |||||||||
Thereafter | 28,524 | 19,812 | |||||||||
Total minimum lease payments | 52,908 | 32,763 | |||||||||
Less: interest | 15,637 | 15,157 | |||||||||
Present value of lease liabilities | $ | 37,271 | $ | 17,606 |
September 30, 2022 | December 31, 2021 | ||||||||||
Senior secured revolving credit facility (1) | $ | 184,000 | $ | 45,000 | |||||||
Senior secured term loans | 295,000 | 52,813 | |||||||||
Non-recourse construction revolvers | 34,662 | 31,698 | |||||||||
Non-recourse term loans | 194,293 | 218,136 | |||||||||
Non-recourse long-term financing facilities (2) | 103,417 | 104,615 | |||||||||
Non-recourse financing lease liabilities (3) | 17,606 | 19,226 | |||||||||
Total debt and financing lease liabilities | 828,978 | 471,488 | |||||||||
Less: current maturities | 301,247 | 78,934 | |||||||||
Less: unamortized discount and debt issuance costs | 16,110 | 15,370 | |||||||||
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs | $ | 511,621 | $ | 377,184 | |||||||
(1) At September 30, 2022, funds of $295 were available for borrowing under this facility. | |||||||||||
(2) These facilities are accounted for as failed sale leasebacks and are classified as long-term financing facilities. See Note 6 for additional disclosures. | |||||||||||
(3) Financing lease liabilities are sale-leaseback arrangements under previous guidance. See Note 6 for additional disclosures. | |||||||||||
(4) As of September 30, 2022, we were in default on a non-recourse term loan with a balance of $1,422 for failure to meet the debt service coverage ratio of 1.2 to 1, however, a waiver for the fiscal quarter ended September 30, 2022 was received in October 2022. |
Gross Unrecognized Tax Benefits | |||||
Balance, December 31, 2021 | $ | 900 | |||
Balance, September 30, 2022 | $ | 900 |
Fair Value as of | |||||||||||||||||
Level | September 30, 2022 | December 31, 2021 | |||||||||||||||
Assets: | |||||||||||||||||
Interest rate swap instruments | 2 | $ | 5,578 | $ | 919 | ||||||||||||
Total assets | $ | 5,578 | $ | 919 | |||||||||||||
Liabilities: | |||||||||||||||||
Interest rate swap instruments | 2 | $ | 27 | $ | 6,316 | ||||||||||||
Commodity swap instruments | 2 | 4,990 | 1,962 | ||||||||||||||
Make-whole provisions | 2 | 5,459 | 4,800 | ||||||||||||||
Contingent consideration | 3 | 3,358 | 2,838 | ||||||||||||||
Total liabilities | $ | 13,834 | $ | 15,916 |
Fair Value as of | |||||||||||
September 30, 2022 | December 31, 2021 | ||||||||||
Contingent consideration liability balance at the beginning of period | $ | 2,838 | $ | 678 | |||||||
Contingent consideration issued in connection with acquisition | — | 2,160 | |||||||||
Changes in fair value included in earnings | 814 | — | |||||||||
Payment of contingent consideration | (275) | — | |||||||||
Remeasurement period adjustment | (19) | — | |||||||||
Contingent consideration liability balance at the end of period | $ | 3,358 | $ | 2,838 |
As of September 30, 2022 | As of December 31, 2021 | ||||||||||||||||||||||
Fair Value | Carrying Value | Fair Value | Carrying Value | ||||||||||||||||||||
Long-term debt (Level 2) | $ | 784,429 | $ | 795,262 | $ | 442,429 | $ | 436,892 |
Derivatives as of | |||||||||||||||||
September 30, 2022 | December 31, 2021 | ||||||||||||||||
Balance Sheet Location | Fair Value | Fair Value | |||||||||||||||
Derivatives Designated as Hedging Instruments: | |||||||||||||||||
Interest rate swap contracts | Other assets | $ | 1,794 | $ | — | ||||||||||||
Interest rate swap contracts | Other liabilities | $ | 27 | $ | 6,316 | ||||||||||||
Derivatives Not Designated as Hedging Instruments: | |||||||||||||||||
Interest rate swap contracts | Other assets | $ | 3,784 | $ | 919 | ||||||||||||
Commodity swap contracts | Other liabilities | $ | 4,990 | $ | 1,962 | ||||||||||||
Make-whole provisions | Other liabilities | $ | 5,459 | $ | 4,800 |
Nine Months Ended September 30, 2022 | |||||
Derivatives Designated as Hedging Instruments: | |||||
Accumulated loss in AOCI at the beginning of the period | $ | (4,733) | |||
Unrealized gain recognized in AOCI | 5,007 | ||||
Loss reclassified from AOCI to other expenses, net | 1,026 | ||||
Gain on derivatives | 6,033 | ||||
Accumulated loss in AOCI at the end of the period | $ | 1,300 |
Active Interest Rate Swaps | Effective Date | Expiration Date | Initial Notional Amount ($) | Status | ||||||||||||||||||||||
11-Year, 5.77% Fixed | October 2018 | October 2029 | $ | 9,200 | Designated | |||||||||||||||||||||
15-Year, 5.24% Fixed | June 2018 | June 2033 | $ | 10,000 | Designated | |||||||||||||||||||||
10-Year, 4.74% Fixed | June 2017 | December 2027 | $ | 14,100 | Designated | |||||||||||||||||||||
15-Year, 3.26% Fixed | February 2023 | December 2038 | $ | 14,084 | Designated | |||||||||||||||||||||
7-Year, 2.19% Fixed | February 2016 | February 2023 | $ | 20,746 | Designated | |||||||||||||||||||||
8-Year, 3.70% Fixed | March 2020 | June 2028 | $ | 14,643 | Designated | |||||||||||||||||||||
8-Year, 3.70% Fixed | March 2020 | June 2028 | $ | 10,734 | Designated | |||||||||||||||||||||
13-Year, 0.93% Fixed | May 2020 | March 2033 | $ | 9,505 | Not Designated | |||||||||||||||||||||
13-Year, 0.93% Fixed | May 2020 | March 2033 | $ | 6,968 | Not Designated | |||||||||||||||||||||
15.5-Year, 5.40% Fixed | September 2008 | March 2024 | $ | 13,081 | Designated | |||||||||||||||||||||
2.75-Year, 0.41% Fixed | December 2020 | September 2023 | $ | 26,250 | Not Designated | |||||||||||||||||||||
Active Commodity Swaps | Effective Date | Expiration Date | Initial Notional Amount (Volume) | Commodity Measurement | Status | |||||||||||||||||||||||||||
3.5-Year, $2.65 MMBtu Fixed | December 2020 | June 2024 | 3,296,160 | MMBtus | Not Designated |
Other Derivatives | Classification | Effective Date | Expiration Date | Fair Value ($) | ||||||||||||||||||||||
Make-whole provisions | Liability | June/August 2018 | December 2038 | $ | 744 | |||||||||||||||||||||
Make-whole provisions | Liability | August 2016 | April 2031 | $ | 77 | |||||||||||||||||||||
Make-whole provisions | Liability | April 2017 | February 2034 | $ | 57 | |||||||||||||||||||||
Make-whole provisions | Liability | November 2020 | December 2027 | $ | 63 | |||||||||||||||||||||
Make-whole provisions | Liability | October 2011 | May 2028 | $ | 20 | |||||||||||||||||||||
Make-whole provisions | Liability | May 2021 | April 2045 | $ | 196 | |||||||||||||||||||||
Make-whole provisions | Liability | July 2021 | March 2046 | $ | 3,304 | |||||||||||||||||||||
Make-whole provisions | Liability | June 2022 | March 2042 | $ | 998 |
September 30, | December 31, | ||||||||||
2022 (1) | 2021 (1) | ||||||||||
Cash and cash equivalents | $ | 1,768 | $ | 4,915 | |||||||
Restricted cash | 1,573 | 822 | |||||||||
Accounts receivable, net | 50 | 656 | |||||||||
Costs and estimated earnings in excess of billings | 3,292 | 1,421 | |||||||||
Prepaid expenses and other current assets | 89 | 151 | |||||||||
Total VIE current assets | 6,772 | 7,965 | |||||||||
Property and equipment, net | 1,346 | 1,266 | |||||||||
Energy assets, net | 136,849 | 108,498 | |||||||||
Operating lease assets | 6,130 | 6,271 | |||||||||
Restricted cash, non-current portion | 744 | 418 | |||||||||
Other assets | 36 | 36 | |||||||||
Total VIE assets | $ | 151,877 | $ | 124,454 | |||||||
Current portions of long-term debt and financing lease liabilities | $ | 2,097 | $ | 2,210 | |||||||
Accounts payable | 1,964 | 47 | |||||||||
Accrued expenses and other current liabilities | 1,799 | 643 | |||||||||
Current portions of operating lease liabilities | 156 | 142 | |||||||||
Total VIE current liabilities | 6,016 | 3,042 | |||||||||
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs | 19,971 | 20,952 | |||||||||
Long-term operating lease liabilities, net of current portion | 6,589 | 6,558 | |||||||||
Other liabilities | 837 | 573 | |||||||||
Total VIE liabilities | $ | 33,413 | $ | 31,125 | |||||||
(1) The amounts in the above table are reflected in Note 1 on our condensed consolidated balance sheets. |
As of | |||||||||||||||||||||||
September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
Equity method investments | $ | 10,655 | $ | 9,206 | |||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | ||||||||||||||||||||
Earnings recognized | $ | 488 | $ | 25 | $ | 1,477 | $ | 128 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(In thousands, except per share data) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income attributable to common shareholders | $ | 27,391 | $ | 17,423 | $ | 76,991 | $ | 42,252 | |||||||||||||||
Adjustment for accretion of tax equity financing fees | (27) | (27) | (81) | (89) | |||||||||||||||||||
Income attributable to common shareholders | $ | 27,364 | $ | 17,396 | $ | 76,910 | $ | 42,163 | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Basic weighted-average shares outstanding | 51,869 | 51,464 | 51,810 | 50,599 | |||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||
Stock options | 1,428 | 1,375 | 1,442 | 1,414 | |||||||||||||||||||
Diluted weighted-average shares outstanding | 53,297 | 52,839 | 53,252 | 52,013 | |||||||||||||||||||
Net income per share attributable to common shareholders: | |||||||||||||||||||||||
Basic | $ | 0.53 | $ | 0.34 | $ | 1.48 | $ | 0.83 | |||||||||||||||
Diluted | $ | 0.51 | $ | 0.33 | $ | 1.44 | $ | 0.81 | |||||||||||||||
Potentially dilutive shares (1) | 1,262 | 993 | 1,087 | 1,429 | |||||||||||||||||||
(1) Potentially dilutive shares attributable to stock options were excluded from the computation of diluted earnings per share as the effect would have been anti-dilutive. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Stock-based compensation expense | $ | 3,631 | $ | 2,166 | $ | 10,837 | $ | 4,280 |
U.S. Regions | U.S. Federal | Canada | Alternative Fuels | All Other | Total Consolidated | ||||||||||||||||||||||||||||||
Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||
Revenues | $ | 271,206 | $ | 99,124 | $ | 12,366 | $ | 29,421 | $ | 29,179 | $ | 441,296 | |||||||||||||||||||||||
Gain on derivatives | (329) | — | (121) | (330) | — | (780) | |||||||||||||||||||||||||||||
Interest expense, net of interest income | 1,694 | 306 | 196 | 2,589 | (48) | 4,737 | |||||||||||||||||||||||||||||
Depreciation and amortization of intangible assets | 5,300 | 1,219 | 420 | 6,391 | 199 | 13,529 | |||||||||||||||||||||||||||||
Unallocated corporate activity | — | — | — | — | — | (18,971) | |||||||||||||||||||||||||||||
Income before taxes, excluding unallocated corporate activity | 26,349 | 15,726 | 191 | 4,993 | 3,104 | 50,363 | |||||||||||||||||||||||||||||
Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||
Revenues | $ | 107,711 | $ | 96,656 | $ | 11,658 | $ | 28,238 | $ | 29,419 | $ | 273,682 | |||||||||||||||||||||||
(Gain) loss on derivatives | (1,392) | — | (286) | 2,345 | — | 667 | |||||||||||||||||||||||||||||
Interest expense, net of interest income | 1,621 | 324 | 233 | 1,834 | 92 | 4,104 | |||||||||||||||||||||||||||||
Depreciation and amortization of intangible assets | 3,947 | 1,237 | 493 | 5,669 | 357 | 11,703 | |||||||||||||||||||||||||||||
Unallocated corporate activity | — | — | — | — | — | (11,547) | |||||||||||||||||||||||||||||
Income before taxes, excluding unallocated corporate activity | 10,499 | 15,150 | 270 | 3,595 | 1,121 | 30,635 | |||||||||||||||||||||||||||||
U.S. Regions | U.S. Federal | Canada | Alternative Fuels | All Other | Total Consolidated | ||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||
Revenues | $ | 983,111 | $ | 276,198 | $ | 43,999 | $ | 87,874 | $ | 101,513 | $ | 1,492,695 | |||||||||||||||||||||||
(Gain) loss on derivatives | (363) | — | (25) | 163 | — | (225) | |||||||||||||||||||||||||||||
Interest expense, net of interest income | 5,219 | 927 | 731 | 6,572 | (73) | 13,376 | |||||||||||||||||||||||||||||
Depreciation and amortization of intangible assets | 15,876 | 3,677 | 1,297 | 17,458 | 729 | 39,037 | |||||||||||||||||||||||||||||
Unallocated corporate activity | — | — | — | — | — | (52,553) | |||||||||||||||||||||||||||||
Income before taxes, excluding unallocated corporate activity | 77,407 | 36,623 | 1,482 | 18,891 | 8,952 | 143,355 | |||||||||||||||||||||||||||||
Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||
Revenues | $ | 314,978 | $ | 289,068 | $ | 34,176 | $ | 80,031 | $ | 81,551 | $ | 799,804 | |||||||||||||||||||||||
(Gain) loss on derivatives | (1,021) | — | (152) | 3,065 | — | 1,892 | |||||||||||||||||||||||||||||
Interest expense, net of interest income | 4,517 | 971 | 653 | 3,651 | 328 | 10,120 | |||||||||||||||||||||||||||||
Depreciation and amortization of intangible assets | 11,375 | 3,386 | 1,393 | 15,467 | 1,097 | 32,718 | |||||||||||||||||||||||||||||
Unallocated corporate activity | — | — | — | — | — | (32,666) | |||||||||||||||||||||||||||||
Income before taxes, excluding unallocated corporate activity | 21,456 | 38,262 | 1,005 | 17,083 | 4,574 | 82,380 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(Gain) loss on derivatives | $ | (780) | $ | 667 | $ | (225) | $ | 1,892 | |||||||||||||||
Interest expense, net of interest income | 7,173 | 3,981 | 18,220 | 10,031 | |||||||||||||||||||
Amortization of debt discount and debt issuance costs | 833 | 607 | 2,869 | 2,085 | |||||||||||||||||||
Foreign currency transaction loss (gain) | 318 | 317 | 1,032 | 682 | |||||||||||||||||||
Government incentives | 2 | (1,015) | (2,020) | (1,011) | |||||||||||||||||||
Other expenses, net | $ | 7,546 | $ | 4,557 | $ | 19,876 | $ | 13,679 |
As of September 30, | |||||||||||
(In Thousands) | 2022 | 2021 | |||||||||
Project Backlog | |||||||||||
Fully-contracted backlog | $ | 933,295 | $ | 778,320 | |||||||
Awarded, not yet signed customer contracts | 1,693,480 | 1,585,470 | |||||||||
Total project backlog | $ | 2,626,775 | $ | 2,363,790 | |||||||
12-month project backlog | $ | 557,830 | $ | 551,570 | |||||||
O&M Backlog | |||||||||||
Fully-contracted backlog | $ | 1,245,790 | $ | 1,115,420 | |||||||
12-month O&M backlog | $ | 79,150 | $ | 66,250 |
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | Year-Over-Year Change | |||||||||||||||||||||||||||||||||
(In Thousands) | Amount | % of Revenues | Amount | % of Revenues | Dollar Change | % Change | |||||||||||||||||||||||||||||
Revenues | $ | 441,296 | 100.0 | % | $ | 273,682 | 100.0 | % | $ | 167,614 | 61.2 | % | |||||||||||||||||||||||
Cost of revenues | 361,740 | 82.0 | % | 214,869 | 78.5 | % | 146,871 | 68.4 | % | ||||||||||||||||||||||||||
Gross profit | 79,556 | 18.0 | % | 58,813 | 21.5 | % | 20,743 | 35.3 | % | ||||||||||||||||||||||||||
Selling, general and administrative expenses | 40,618 | 9.2 | % | 35,168 | 12.8 | % | 5,450 | 15.5 | % | ||||||||||||||||||||||||||
Operating income | 38,938 | 8.8 | % | 23,645 | 8.6 | % | 15,293 | 64.7 | % | ||||||||||||||||||||||||||
Other expenses, net | 7,546 | 1.7 | % | 4,557 | 1.7 | % | 2,989 | 65.6 | % | ||||||||||||||||||||||||||
Income before income taxes | 31,392 | 7.1 | % | 19,088 | 7.0 | % | 12,304 | 64.5 | % | ||||||||||||||||||||||||||
Income tax provision (benefit) | 3,657 | 0.8 | % | (1,192) | (0.4) | % | 4,849 | (406.8) | % | ||||||||||||||||||||||||||
Net income | 27,735 | 6.3 | % | 20,280 | 7.4 | % | $ | 7,455 | 36.8 | % | |||||||||||||||||||||||||
Net income attributable to redeemable non-controlling interest | (344) | (0.1) | % | (2,857) | (1.0) | % | $ | 2,513 | 88.0 | % | |||||||||||||||||||||||||
Net income attributable to common shareholders | $ | 27,391 | 6.2 | % | $ | 17,423 | 6.4 | % | $ | 9,968 | 57.2 | % |
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | Year-Over-Year Change | |||||||||||||||||||||||||||||||||
(In Thousands) | Amount | % of Revenues | Amount | % of Revenues | Dollar Change | % Change | |||||||||||||||||||||||||||||
Revenues | $ | 1,492,695 | 100.0 | % | $ | 799,804 | 100.0 | % | $ | 692,891 | 86.6 | % | |||||||||||||||||||||||
Cost of revenues | 1,263,458 | 84.6 | % | 640,760 | 80.1 | % | 622,698 | 97.2 | % | ||||||||||||||||||||||||||
Gross profit | 229,237 | 15.4 | % | 159,044 | 19.9 | % | 70,193 | 44.1 | % | ||||||||||||||||||||||||||
Selling, general and administrative expenses | 118,559 | 7.9 | % | 95,651 | 12.0 | % | 22,908 | 23.9 | % | ||||||||||||||||||||||||||
Operating income | 110,678 | 7.4 | % | 63,393 | 7.9 | % | 47,285 | 74.6 | % | ||||||||||||||||||||||||||
Other expenses, net | 19,876 | 1.3 | % | 13,679 | 1.7 | % | 6,197 | 45.3 | % | ||||||||||||||||||||||||||
Income before income taxes | 90,802 | 6.1 | % | 49,714 | 6.2 | % | 41,088 | 82.6 | % | ||||||||||||||||||||||||||
Income tax provision | 10,896 | 0.7 | % | (883) | (0.1) | % | 11,779 | (1,334.0) | % | ||||||||||||||||||||||||||
Net income | 79,906 | 5.4 | % | 50,597 | 6.3 | % | $ | 29,309 | 57.9 | % | |||||||||||||||||||||||||
Net income attributable to redeemable non-controlling interest | (2,915) | (0.2) | % | (8,345) | (1.0) | % | $ | 5,430 | 65.1 | % | |||||||||||||||||||||||||
Net income attributable to common shareholders | $ | 76,991 | 5.2 | % | $ | 42,252 | 5.3 | % | $ | 34,739 | 82.2 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | 2022 | 2021 | Dollar Change | % Change | 2022 | 2021 | Dollar Change | % Change | |||||||||||||||||||||||||||||||||||||||
U.S. Regions | $ | 271,206 | $ | 107,711 | $ | 163,495 | 151.8 | % | $ | 983,111 | $ | 314,978 | $ | 668,133 | 212.1 | % | |||||||||||||||||||||||||||||||
U.S. Federal | 99,124 | 96,656 | 2,468 | 2.6 | 276,198 | 289,068 | (12,870) | (4.5) | |||||||||||||||||||||||||||||||||||||||
Canada | 12,366 | 11,658 | 708 | 6.1 | 43,999 | 34,176 | 9,823 | 28.7 | |||||||||||||||||||||||||||||||||||||||
Alternative Fuels | 29,421 | 28,238 | 1,183 | 4.2 | 87,874 | 80,031 | 7,843 | 9.8 | |||||||||||||||||||||||||||||||||||||||
All Other | 29,179 | 29,419 | (240) | (0.8) | 101,513 | 81,551 | 19,962 | 24.5 | |||||||||||||||||||||||||||||||||||||||
Total revenues | $ | 441,296 | $ | 273,682 | $ | 167,614 | 61.2 | % | $ | 1,492,695 | $ | 799,804 | $ | 692,891 | 86.6 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | 2022 | 2021 | Dollar Change | % Change | 2022 | 2021 | Dollar Change | % Change | |||||||||||||||||||||||||||||||||||||||
U.S. Regions | $ | 26,349 | $ | 10,499 | $ | 15,850 | 151.0 | % | $ | 77,407 | $ | 21,456 | $ | 55,951 | 260.8 | % | |||||||||||||||||||||||||||||||
U.S. Federal | 15,726 | 15,150 | 576 | 3.8 | 36,623 | 38,262 | (1,639) | (4.3) | |||||||||||||||||||||||||||||||||||||||
Canada | 191 | 270 | (79) | (29.3) | 1,482 | 1,005 | 477 | 47.5 | |||||||||||||||||||||||||||||||||||||||
Alternative Fuels | 4,993 | 3,595 | 1,398 | 38.9 | 18,891 | 17,083 | 1,808 | 10.6 | |||||||||||||||||||||||||||||||||||||||
All Other | 3,104 | 1,121 | 1,983 | 176.9 | 8,952 | 4,574 | 4,378 | 95.7 | |||||||||||||||||||||||||||||||||||||||
Unallocated corporate activity | (18,971) | (11,547) | $ | (7,424) | (64.3) | (52,553) | (32,666) | (19,887) | (60.9) | ||||||||||||||||||||||||||||||||||||||
Income before taxes | $ | 31,392 | $ | 19,088 | $ | 12,304 | 64.5 | % | $ | 90,802 | $ | 49,714 | $ | 41,088 | 82.6 | % |
Nine Months Ended September 30, | |||||||||||||||||
(In Thousands) | 2022 | 2021 | $ Change | ||||||||||||||
Cash flows from operating activities | $ | (273,169) | $ | (116,344) | $ | (156,825) | |||||||||||
Cash flows from investing activities | (202,664) | (150,100) | (52,564) | ||||||||||||||
Cash flows from financing activities | 554,194 | 261,267 | 292,927 | ||||||||||||||
Effect of exchange rate changes on cash | (1,857) | 118 | (1,975) | ||||||||||||||
Total net cash flows | $ | 76,504 | $ | (5,059) | $ | 81,563 |
Exhibit Number | Description | ||||
31.1* | |||||
31.2* | |||||
32.1** | |||||
101* | The following condensed consolidated financial statements from Ameresco, Inc.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, formatted in Inline XBRL (Extensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets (ii) Condensed Consolidated Statements of Income, (iii) Condensed Consolidated Statements of Comprehensive Income, (iv) Condensed Consolidated Statement of Changes in Redeemable Non-Controlling Interests and Stockholders’ Equity, (v) Condensed Consolidated Statements of Cash Flows, and (vi) Notes to Condensed Consolidated Financial Statements. | ||||
104* | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | ||||
*Filed herewith. | |||||
**Furnished herewith. | |||||
AMERESCO, INC. | |||||||||||||||||
Date: | November 1, 2022 | By: | /s/ Spencer Doran Hole | ||||||||||||||
Spencer Doran Hole | |||||||||||||||||
Senior Vice President and Chief Financial Officer (duly authorized and principal financial officer) |
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