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Ameresco Reports Fourth Quarter and Full Year 2012 Financial Results

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Fourth Quarter 2012 Financial Highlights:

  • Revenue of $156.6 million
  • Net income of $5.1 million
  • Net income per diluted share of $0.11

Full Year 2012 Financial Highlights:

  • Revenue of $631.2 million
  • Net income of $18.4 million
  • Net income per diluted share of $0.40

FRAMINGHAM, Mass.--(BUSINESS WIRE)-- Ameresco, Inc. (NYSE:AMRC), a leading energy efficiency and renewable energy company, today announced financial results for the fiscal quarter and year ended December 31, 2012. The Company has also furnished prepared remarks in conjunction with this press release in a Current Report on Form 8-K. The prepared remarks contain supplemental information, including non-GAAP financial metrics, and have been posted to the “Investor Relations” section of the Company’s website at www.ameresco.com.

Certain prior period results in this press release have been restated due to resolution of the Company’s previously reported non-operating, non-cash change in hedge accounting treatment. The restatement does not affect revenue, gross profit, operating expenses or operating income. See the section titled Restatement of Previously Issued Financial Statements immediately following the Webcast Reminder below.

“2012 financial results were below our expectations,” stated George P. Sakellaris, President and Chief Executive Officer of Ameresco. “We were very disappointed by the unprecedented and sustained market disruption in awarded project conversion timing caused by fiscal uncertainty. However, we remain encouraged by the progress we have made toward influencing longer-term trends. For example, we experienced continued double-digit growth in revenue from our all other offerings; awarded projects at year-end increased 50%; and we reached a new record level of total construction backlog of awarded projects and fully-contracted backlog at approximately $1.5 billion.”

Total revenue for the fourth quarter of 2012 was $156.6 million, compared to $188.5 million for the same period in 2011, a decrease of 16.9% year-over-year. Operating income for the fourth quarter of 2012 was $6.3 million, compared to $12.6 million for the fourth quarter of 2011, a decrease of 50.3% year-over-year. Fourth quarter 2012 adjusted EBITDA, a non-GAAP financial measure, was $13.0 million, compared to $17.9 million for the same period in 2011, a decrease of 27.4% year-over-year. Net income for the fourth quarter of 2012 was $5.1 million, compared to $8.4 million for the same period of 2011, a decrease of 39.7% year-over-year. Fourth quarter 2012 net income per diluted share was $0.11, compared to $0.19 per diluted share for the same period of 2011.

For the full year ended December 31, 2012, Ameresco reported total revenue of $631.2 million, compared to $728.2 million in 2011, a decrease of 13.3% year-over-year. Full year 2012 operating income was $28.7 million, compared to $50.7 million for 2011, a decrease of 43.5% year-over-year. Full year 2012 adjusted EBITDA was $52.4 million, compared to $67.6 million for 2011, a decrease of 22.5% year-over-year. Net income for the full year 2012 was $18.4 million, compared to $33.4 million for 2011, a decrease of 45.1% year-over-year. Net income per diluted share was $0.40 for the full year 2012, compared to $0.75 for 2011.

“As we now believe that a lengthening of awarded project conversion times will persist for the foreseeable future, we expect to adapt accordingly. We remain confident about the long-term fundamentals of our business. We believe that the need for budget neutral solutions that address aging infrastructure will continue to drive demand for our comprehensive solutions,” continued Sakellaris.

Additional Fourth Quarter and Full Year 2012 Operating Highlights:

  • Revenue generated from backlog was $457.1 million for the full year 2012, a decrease of 24% year-over-year.
  • All other revenue was $174.0 million for the full year 2012, an increase of 34% year-over-year.
  • Operating cash flows were $45.0 million for the fourth quarter of 2012. Full year 2012 operating cash flows were $87.5 million.
  • Total construction backlog was $1.48 billion as of December 31, 2012 and consisted of:
    • $367.4 million of fully-contracted backlog of signed customer contracts for installation or construction of projects, which we expect to convert into revenue over the next 12-24 months, on average; and
    • $1.11 billion of awarded projects, representing projects in development for which we do not have signed contracts. Historically, awarded projects have converted to signed contracts over 6-12 months on average. However, we have been experiencing an unusually sustained lengthening of conversion times of awarded projects to signed contracts, a trend we expect to continue.

FY 2013 Guidance

Ameresco expects to earn total revenue in the range of $620 million to $670 million. The Company also expects net income for 2013 to be in the range of $18 million to $22 million. While we had been optimistic last fall that 2013 would see a return to the awarded project conversion timing experienced historically, our 2013 guidance reflects that we are now assuming that the current market disruption will continue for the foreseeable future.

Webcast Reminder

Ameresco will hold its earnings conference call today, March 18th at 8:30 a.m. Eastern Time with President and Chief Executive Officer, George Sakellaris, and Vice President and Chief Financial Officer, Andrew Spence, to discuss details regarding the Company’s fourth quarter and full year 2012 results, business outlook and strategy. Participants may access it by dialing domestically 888.713.4205 or internationally 617.213.4862. The passcode is 72602912. Participants are advised to dial into the call at least ten minutes prior to the call to register. A live, listen-only webcast of the conference call will also be available over the Internet. Individuals wishing to listen can access the call through the "Investor Relations" section of the Company’s website at www.ameresco.com. If you are unable to listen to the live call, the webcast will be archived on the Company’s website shortly after the call and be available for one year.

Pre-Registration for the call is also available at:
https://www.theconferencingservice.com/prereg/key.process?key=PYUQQD7UE. Pre-registrants will be issued a pin number to use when dialing into the live call which will provide faster access to the conference by bypassing the operator upon connection.

Restatement of Previously Issued Financial Statements

As previously reported, Ameresco determined that it had incorrectly designated an interest rate swap as a hedge at its inception in March 2010. As explained in note 2 to the Company’s consolidated financial statements included in its Annual Report on Form 10-K being filed with the Securities and Exchange Commission today, as well as the Prepared Remarks posted to the “Investor Relations” section of the Company’s website, the Company is restating its historical financial statements for the years 2011 and 2010 and unaudited quarterly information for the quarterly periods in 2012, 2011 and 2010. The restatement affects non-cash, non-operating items and does not affect revenue, gross profit, operating expenses or operating income. All prior period amounts affected by the restatement and presented in this press release have been revised from amounts previously reported to reflect the restatement.

Use of Non-GAAP Financial Measures

This press release and the accompanying tables include references to adjusted EBITDA, which is a non-GAAP financial measure. For a description of this non-GAAP financial measure, including the reasons management uses this measure, please see the section following the accompanying tables titled "Exhibit A: Non-GAAP Financial Measures". For a reconciliation of adjusted EBITDA to operating income, the most directly comparable financial measure prepared in accordance with GAAP, please see Other Non-GAAP Disclosure in the accompanying tables.

About Ameresco, Inc.

Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading independent provider of comprehensive services, energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions for facilities throughout North America. Ameresco’s services include upgrades to a facility’s energy infrastructure and the development, construction and operation of renewable energy plants. Ameresco has successfully completed energy saving, environmentally responsible projects with federal, state and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco provides local expertise through its 65 offices in 34 states and five Canadian provinces. Ameresco has more than 900 employees. For more information, visit www.ameresco.com.

Safe Harbor Statement

Any statements in this press release about future expectations, plans and prospects for Ameresco, Inc., including statements about market conditions, pipeline and backlog, as well as estimated future revenues and net income, and other statements containing the words “projects,” “believes,” “anticipates,” “plans,” “expects,” “will” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the timing of, and ability to, enter into contracts for awarded projects on the terms proposed; the timing of work we do on projects where we recognize revenue on a percentage of completion basis, including the ability to perform under recently signed contracts without unusual delay; demand for our energy efficiency and renewable energy solutions; our ability to arrange financing for our projects; changes in federal, state and local government policies and programs related to energy efficiency and renewable energy; the ability of customers to cancel or defer contracts included in our backlog; the effects of our recent acquisitions; seasonality in construction and in demand for our products and services; a customer’s decision to delay our work on, or other risks involved with, a particular project; availability and costs of labor and equipment; the addition of new customers or the loss of existing customers; and other factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2012, filed with the U.S. Securities and Exchange Commission on March 18, 2013. In addition, the forward-looking statements included in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

AMERESCO, INC.
CONSOLIDATED BALANCE SHEETS
 
    December 31,
2012   2011
(Unaudited) (Restated)
ASSETS
Current assets:
Cash and cash equivalents $ 63,347,645 $ 26,277,366
Restricted cash 26,358,908 12,372,356
Accounts receivable, net 84,124,627 109,296,773
Accounts receivable retainage 23,197,784 26,089,216
Costs and estimated earnings in excess of billings 62,096,284 69,251,022
Inventory, net 9,502,289 8,635,633
Prepaid expenses and other current assets 9,600,619 8,992,963
Income tax receivable 5,385,242 9,662,771
Deferred income taxes 5,190,718 6,456,671
Project development costs   9,038,725     6,027,689  
Total current assets   297,842,841     283,062,460  
Federal ESPC receivable 91,854,808 110,212,186
Property and equipment, net 9,387,218 7,086,164
Project assets, net 207,274,982 177,854,734
Deferred financing fees, net 5,746,177 2,994,692
Goodwill 48,968,390 47,881,346
Intangible assets, net 9,742,878 12,727,528
Other assets   4,654,709     3,778,357  
  377,629,162     362,535,007  
$ 675,472,003   $ 645,597,467  
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt $ 12,452,678 $ 11,563,983
Accounts payable 101,007,455 93,506,089
Accrued expenses and other current liabilities 13,157,024 8,917,723
Book overdraft - 7,297,122
Billings in excess of cost and estimated earnings   22,271,655     26,982,858  
Total current liabilities   148,888,812     148,267,775  
Long-term debt, less current portion 201,922,172 196,401,588
Deferred income taxes 24,888,229 29,953,103
Deferred grant income 7,590,730 6,024,099
Other liabilities   30,362,869     28,529,867  
  264,764,000     260,908,657  
Stockholders’ equity:
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and
outstanding at December 31, 2012 and December 31, 2011 - -
Class A common stock, $0.0001 par value, 500,000,000 shares authorized, 32,019,982
shares issued and 27,186,698 outstanding at December 31, 2012; 30,713,837

shares issued and 25,880,553 outstanding at December 31, 2011

3,202 3,071
Class B common stock, $0.0001 par value, 144,000,000 shares authorized, 18,000,000
shares issued and outstanding at December 31, 2012 and December 31, 2011 1,800 1,800
Additional paid-in capital 93,141,432 86,067,852
Retained earnings 177,169,717 158,809,584
Accumulated other comprehensive income 713,194 657,685
Non-controlling interest (27,583 ) 63,614

Less – treasury stock, at cost, 4,833,284 shares.

  (9,182,571 )   (9,182,571 )
Total stockholders’ equity   261,819,191     236,421,035  
$ 675,472,003   $ 645,597,467  
 
AMERESCO, INC.
CONSOLIDATED STATEMENTS OF INCOME
         
Three Months Ended December 31,
2012 2011

(Unaudited)

(Unaudited

and Restated)

Revenue:
Energy efficiency revenue $ 107,363,250 $ 132,626,090
Renewable energy revenue   49,227,836     55,868,948  
  156,591,086     188,495,038  
Direct expenses:
Energy efficiency expenses 79,464,099 102,463,531
Renewable energy expenses   44,163,677     50,975,158  
  123,627,776     153,438,689  
Gross profit   32,963,310     35,056,349  
Operating expenses:
Salaries and benefits 12,910,517 11,513,950
Project development costs 4,289,228 3,442,006
General, administrative and other 8,482,987 7,484,211
Goodwill impairment   1,016,325     -  
  26,699,057     22,440,167  
Operating income   6,264,253     12,616,182  
Other expenses, net   (216,355 )   (1,748,050 )
Income before provision for income taxes 6,047,898 10,868,132
Income tax provision   (954,300 )   (2,425,442 )
Net income $ 5,093,598   $ 8,442,690  
Net income per share attributable to common shareholders:
Basic $ 0.11 $ 0.19
Diluted $ 0.11 $ 0.19
Weighted average common shares outstanding:
Basic 45,116,164 43,514,982
Diluted 46,508,767 45,554,558
 
 
OTHER NON-GAAP DISCLOSURES
 
Gross margins:
Energy efficiency revenue 26.0 % 22.7 %
Renewable energy revenue   10.3 %   8.8 %
Total   21.1 %   18.6 %
 
Operating expenses as a percent of revenue 17.1 % 11.9 %
 
Adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA):
Operating income $ 6,264,253 $ 12,616,182
Depreciation, amortization of intangible assets and impairment 5,909,648 4,453,452
Stock-based compensation   823,216     838,506  
Adjusted EBITDA $ 12,997,117   $ 17,908,140  
Adjusted EBITDA margin 8.3 % 9.5 %
 
Construction backlog:
Awarded $ 1,114,749,220 $ 741,219,444
Fully-contracted   367,400,839     478,165,860  
Total construction backlog $ 1,482,150,059   $ 1,219,385,304  
 

Note: Awarded represents estimated future revenues from projects that have been awarded, though the contracts have not yet been signed.

 

AMERESCO, INC.

CONSOLIDATED STATEMENTS OF INCOME
         

Years Ended December 31,

2012 2011

(Unaudited)

(Restated)

Revenue:
Energy efficiency revenue $ 448,983,992 $ 551,323,840
Renewable energy revenue   182,186,573     176,876,478  
  631,170,565     728,200,318  
Direct expenses:
Energy efficiency expenses 354,855,706 446,962,891
Renewable energy expenses   148,167,582     146,191,280  
  503,023,288     593,154,171  
Gross profit   128,147,277     135,046,147  
Operating expenses:
Salaries and benefits 51,279,963 40,746,280
Project development costs 16,625,103 18,281,729
General, administrative and other 30,568,884 25,332,314
Goodwill impairment   1,016,325     -  
  99,490,275     84,360,323  
Operating income   28,657,002     50,685,824  
Other expenses, net   (4,050,116 )   (6,505,719 )
Income before provision for income taxes 24,606,886 44,180,105
Income tax provision   (6,246,753 )   (10,767,172 )
Net income $ 18,360,133   $ 33,412,933  
Net income per share attributable to common shareholders:
Basic $ 0.41 $ 0.78
Diluted $ 0.40 $ 0.75
Weighted average common shares outstanding:
Basic 44,649,275 42,587,818
Diluted 45,995,463 44,707,132
 
 
OTHER NON-GAAP DISCLOSURES
 
Gross margins:
Energy efficiency revenue 21.0 % 18.9 %
Renewable energy revenue   18.7 %   17.3 %
Total   20.3 %   18.5 %
 
Operating expenses as a percent of revenue 15.8 % 11.6 %
 
Adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA):
Operating income $ 28,657,002 $ 50,685,824
Depreciation, amortization of intangible assets and impairment 20,356,415 14,008,738
Stock-based compensation   3,351,142     2,865,706  
Adjusted EBITDA $ 52,364,559   $ 67,560,268  
Adjusted EBITDA margin 8.3 % 9.3 %
 

AMERESCO, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS
               
Three Months Ended December 31,
2012 2011

(Unaudited)

(Unaudited

and Restated)

Cash flows from operating activities:
Net income $ 5,093,598 $ 8,442,690
Adjustment to reconcile net income to cash provided by operating activities:
Depreciation of project assets 2,869,472 2,574,782
Depreciation of property and equipment 825,736 627,198
Amortization of deferred financing fees 89,160 749,351
Amortization of intangible assets 1,198,115 1,251,472
Impairment of goodwill 1,016,325 -
Provision for bad debts 65,006 -
Gain on sale of asset - (514,828 )
Unrealized gain on interest rate swap (80,787 ) (195,163 )
Stock-based compensation expense 823,216 838,506
Deferred income taxes (2,391,193 ) 12,599,213
Excess tax benefits from stock-based compensation arrangements 2,115,333 2,995,852
Changes in operating assets and liabilities:
(Increase) decrease in:
Restricted cash draws 4,388,657 39,802,984
Accounts receivable 18,688,145 34,977,928
Accounts receivable retainage (2,174,793 ) (7,206,397 )
Federal ESPC receivable (305,255 ) (4,231,126 )
Inventory (2,401,317 ) (265,060 )
Costs and estimated earnings in excess of billings 978,575 (13,851,665 )
Prepaid expenses and other current assets (1,332,082 ) 1,270,265
Project development costs (775,772 ) 2,440,432
Other assets (161,563 ) 2,328,774
Increase (decrease) in:

Accounts payable, accrued expenses and other current liabilities

22,381,716 (30,477,986 )
Billings in excess of cost and estimated earnings (5,900,266 ) (4,641,993 )
Other liabilities (376,243 ) (3,635,189 )
Income taxes payable   338,918     (3,975,523 )
Net cash provided by operating activities   44,972,701     41,904,517  
Cash flows from investing activities:
Purchases of property and equipment (963,771 ) (780,161 )
Purchases of project assets (15,886,990 ) (16,899,490 )
Grant awards and rebates received on project assets 3,076,994 -
Proceeds from sales of assets - 7,800,000
Acquisitions, net of cash received   (335,066 )   (5,279,260 )
Net cash used in investing activities   (14,108,833 )   (15,158,911 )
Cash flows from financing activities:
Excess tax benefits from stock-based compensation arrangements (2,115,333 ) (2,995,852 )
Book overdraft - 7,297,122
Payments of financing fees (3,022,712 ) (21,075 )
Proceeds from exercises of options 446,423 1,500,159
Payments of senior secured credit facility (13,446,000 ) (39,428,571 )
Proceeds from long-term debt financing 37,713,158 7,481,602
Non-controlling interest (98,897 ) 63,614
Restricted cash (11,547,272 ) (5,011,484 )
Payments on long-term debt   (2,206,774 )   (1,075,784 )
Net cash provided by (used in) financing activities   5,722,593     (32,190,269 )
Effect of exchange rate changes on cash   584,384     (12,720 )
Net increase (decrease) in cash and cash equivalents 37,170,845 (5,457,383 )
Cash and cash equivalents, beginning of period   26,176,800     31,734,749  
Cash and cash equivalents, end of year $ 63,347,645   $ 26,277,366  
 
AMERESCO, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
               

Years Ended December 31,

2012 2011

(Unaudited)

(Restated)

Cash flows from operating activities:
Net income $ 18,360,133 $ 33,412,933
Adjustment to reconcile net income to cash provided by operating activities:
Depreciation of project assets 11,229,380 9,701,399
Depreciation of property and equipment 2,828,540 2,554,867
Amortization of deferred financing fees 456,305 1,061,782
Amortization of intangible assets 5,282,170 1,752,472
Impairment of goodwill 1,016,325 -
Provision for bad debts 148,773 24,374
Gain on sale of asset (800,000 ) (514,828 )
Unrealized loss on interest rate swap 98,026 1,313,587
Stock-based compensation expense 3,351,142 2,865,706
Deferred income taxes (3,849,798 ) 19,842,638
Excess tax benefits from stock-based compensation arrangements (259,890 ) (2,725,533 )
Changes in operating assets and liabilities:
(Increase) decrease in:
Restricted cash draws 34,229,875 138,485,363
Accounts receivable 25,624,181 (22,861,989 )
Accounts receivable retainage 3,055,300 (7,786,995 )
Federal ESPC receivable (28,650,513 ) (99,781,156 )
Inventory (858,895 ) (1,808,348 )
Costs and estimated earnings in excess of billings 7,225,107 (22,452,016 )
Prepaid expenses and other current assets (446,600 ) (542,485 )
Project development costs (3,009,937 ) 1,816,884
Other assets (790,597 ) 569,954
Increase (decrease) in:

Accounts payable, accrued expenses and other current liabilities

10,678,911 (13,480,285 )
Billings in excess of cost and estimated earnings (4,943,161 ) (452,802 )
Other liabilities 2,975,301 (3,537,261 )
Income taxes payable   4,578,300     (7,311,938 )
Net cash provided by operating activities   87,528,378     30,146,323  
Cash flows from investing activities:
Purchases of property and equipment (5,060,751 ) (3,449,940 )
Purchases of project assets (47,190,597 ) (48,457,910 )
Grant awards and rebates received on project assets 7,310,767 6,695,711
Proceeds from sales of assets - 7,800,000
Acquisitions, net of cash received (4,012,459 ) (66,232,848 )

Additional purchase price paid on 2010 acquisition

  -     (1,956,366 )
Net cash used in investing activities   (48,953,040 )   (105,601,353 )
Cash flows from financing activities:
Excess tax benefits from stock-based compensation arrangements 259,890 2,725,533
Book overdraft (7,297,122 ) 7,297,122
Payments of financing fees (3,207,790 ) (644,288 )
Proceeds from exercises of options 3,462,679 6,407,804
(Payments of) proceeds from senior secured credit facility (9,285,713 ) 42,142,858
Proceeds from long-term debt financing 37,713,158 12,981,691

Non-controlling interest

(91,197 ) 63,614
Restricted cash (17,799,578 ) (7,823,912 )
Payments on long-term debt   (5,587,186 )   (5,074,411 )

Net cash (used in) provided by financing activities

  (1,832,859 )   58,076,011  
Effect of exchange rate changes on cash   327,800     (1,034,636 )
Net increase (decrease) in cash and cash equivalents 37,070,279 (18,413,655 )
Cash and cash equivalents, beginning of year   26,277,366     44,691,021  
Cash and cash equivalents, end of year $ 63,347,645   $ 26,277,366  
 

Exhibit A: Non-GAAP Financial Measures

We define adjusted EBITDA as operating income before depreciation, amortization of intangible assets, impairment of goodwill and share-based compensation expense. Adjusted EBITDA is a non-GAAP financial measure and should not be considered as an alternative to operating income or any other measure of financial performance calculated and presented in accordance with GAAP. For a reconciliation of adjusted EBITDA to operating income, the most directly comparable financial measure prepared in accordance with GAAP, please see Other Non-GAAP Disclosure in the tables above.

We believe adjusted EBITDA is useful to investors in evaluating its operating performance for the following reasons: adjusted EBITDA and similar non-GAAP measures are widely used by investors to measure a company’s operating performance without regard to items that can vary substantially from company to company depending upon financing and accounting methods, book values of assets, capital structures and the methods by which assets were acquired; securities analysts often use adjusted EBITDA and similar non-GAAP measures as supplemental measures to evaluate the overall operating performance of companies; and by comparing our adjusted EBITDA in different historical periods, investors can evaluate our operating results without the additional variations of depreciation and amortization expense, and share-based compensation expense.

Our management uses adjusted EBITDA: as a measure of operating performance, because it does not include the impact of items that we do not consider indicative of our core operating performance; for planning purposes, including the preparation of our annual operating budget; to allocate resources to enhance the financial performance of the business; to evaluate the effectiveness of our business strategies; and in communications with the board of directors and investors concerning our financial performance.

We understand that, although measures similar to adjusted EBITDA are frequently used by investors and securities analysts in their evaluation of companies, adjusted EBITDA has limitations as an analytical tool, and investors should not consider it in isolation or as a substitute for GAAP operating income or an analysis of our results of operations as reported under GAAP. Some of these limitations are: adjusted EBITDA does not reflect the Company’s cash expenditures or future requirements for capital expenditures or other contractual commitments; adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs; adjusted EBITDA does not reflect stock-based compensation expense; adjusted EBITDA does not reflect cash requirements for income taxes; adjusted EBITDA does not reflect net interest income (expense); although depreciation, amortization and impairment are non-cash charges, the assets being depreciated, amortized or impaired will often have to be replaced in the future, and adjusted EBITDA does not reflect any cash requirements for these replacements; and other companies in our industry may calculate adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure.

To properly and prudently evaluate our business, we encourage investors to review our GAAP financial statements included above, and not to rely on any single financial measure to evaluate our business. Please refer to the above reconciliation of adjusted EBITDA to operating income, the most directly comparable GAAP measure.

Ameresco, Inc.
Media Relations
CarolAnn Hibbard, 508-661-2264
news@ameresco.com
or
Investor Relations
Suzanne Messere, 508-598-3044
ir@ameresco.com

Source: Ameresco, Inc.

Released March 18, 2013