Contact: | Media Relations | CarolAnn Hibbard, 508.661.2264, news@ameresco.com | ||
Investor Relations | Suzanne Messere, 508.598.3044, ir@ameresco.com |
• | Revenue of $165.5 million, an increase of 17.1% year-over-year |
• | Net income of $8.8 million, an increase of 14.6% year-over-year |
• | Net income per diluted share of $0.19 |
• | Revenue of $311.9 million, an increase of 26.3% year-over-year |
• | Net income of $14.1 million, an increase of 57.1% year-over-year |
• | Net income per diluted share of $0.31 |
• | Revenue generated from backlog was $137 million for the second quarter of 2011, an increase of 19% year-over-year. |
• | All other revenue was $29 million for the second quarter of 2011, an increase of 18% year-over-year. |
• | Operating cash flows were $1.6 million for the second quarter of 2011. |
• | Total construction backlog was $1.16 billion as of June 30, 2011 and consisted of: |
• | $507.3 million of fully-contracted backlog, which represents signed customer contracts for installation or construction of projects that are expected to convert into revenue over the next 12-24 months on average; and |
• | $648.1 million of awarded projects, which represents estimated future revenue for projects that are expected to be signed over the next 6-12 months on average. |
December 31, | June 30, | ||||||
2010 | 2011 | ||||||
(Unaudited) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 44,691,021 | $ | 59,782,193 | |||
Restricted cash | 9,197,447 | 9,549,018 | |||||
Accounts receivable, net | 68,584,304 | 81,902,348 | |||||
Accounts receivable retainage | 18,452,777 | 18,396,605 | |||||
Costs and estimated earnings in excess of billings | 35,556,425 | 46,589,790 | |||||
Inventory, net | 6,780,092 | 8,763,084 | |||||
Prepaid expenses and other current assets | 8,471,628 | 9,199,024 | |||||
Income tax receivable | 2,511,542 | 9,184,403 | |||||
Deferred income taxes | 9,908,240 | 11,484,214 | |||||
Project development costs | 7,556,345 | 6,801,519 | |||||
Total current assets | 211,709,821 | 261,652,198 | |||||
Federal ESPC receivable | 193,551,495 | 214,684,987 | |||||
Property and equipment, net | 5,406,387 | 6,170,694 | |||||
Project assets, net | 145,147,475 | 148,884,718 | |||||
Deferred financing fees, net | 3,412,186 | 3,750,820 | |||||
Goodwill | 20,580,995 | 20,580,995 | |||||
Other assets | 4,598,980 | 4,854,605 | |||||
372,697,518 | 398,926,819 | ||||||
$ | 584,407,339 | $ | 660,579,017 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Current portion of long-term debt | $ | 4,722,118 | $ | 11,037,054 | |||
Accounts payable | 95,302,897 | 77,777,574 | |||||
Accrued expenses | 12,517,671 | 7,029,400 | |||||
Billings in excess of cost and estimated earnings | 27,555,894 | 27,452,444 | |||||
Income taxes payable | 2,488,672 | 981,664 | |||||
Total current liabilities | 142,587,252 | 124,278,136 | |||||
Long-term debt, less current portion | 202,409,484 | 263,426,767 | |||||
Deferred income taxes | 12,013,799 | 16,344,070 | |||||
Deferred grant income | 4,200,929 | 6,194,712 | |||||
Other liabilities | 28,144,144 | 30,991,113 | |||||
$ | 246,768,356 | $ | 316,956,662 | ||||
December 31, | June 30, | ||||||
2010 | 2011 | ||||||
(Unaudited) | |||||||
Stockholders' equity: | |||||||
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at December 31, 2010 and June 30, 2011 | — | — | |||||
Class A common stock, $0.0001 par value, 500,000,000 shares authorized, 27,925,649 shares issued and 23,092,365 outstanding at December 31, 2010, 29,693,961 shares issued and 24,860,677 outstanding at June 30, 2011 | 2,793 | 2,969 | |||||
Class B common stock, $0.0001 par value, 144,000,000 shares authorized, 18,000,000 shares issued and outstanding at December 31, 2010 and June 30, 2011 | 1,800 | 1,800 | |||||
Additional paid-in capital | 74,069,087 | 83,567,211 | |||||
Retained earnings | 126,609,101 | 140,729,514 | |||||
Accumulated other comprehensive income | 3,551,521 | 4,225,296 | |||||
Less - treasury stock, at cost, 4,833,284 shares and 4,833,284 shares, respectively | (9,182,571 | ) | (9,182,571 | ) | |||
Total stockholders' equity | 195,051,731 | 219,344,219 | |||||
$ | 584,407,339 | $ | 660,579,017 |
Three Months Ended June 30, | |||||||
2010 | 2011 | ||||||
(Unaudited) | |||||||
Revenue: | |||||||
Energy efficiency revenue | $ | 100,827,659 | $ | 123,786,051 | |||
Renewable energy revenue | 40,526,848 | 41,695,892 | |||||
141,354,507 | 165,481,943 | ||||||
Direct expenses: | |||||||
Energy efficiency expenses | 83,064,955 | 102,247,778 | |||||
Renewable energy expenses | 32,135,716 | 31,082,490 | |||||
115,200,671 | 133,330,268 | ||||||
Gross profit | 26,153,836 | 32,151,675 | |||||
Operating expenses: | |||||||
Salaries and benefits | 5,327,713 | 8,162,669 | |||||
Project development costs | 2,047,505 | 5,263,216 | |||||
General, administrative and other | 6,765,107 | 5,368,227 | |||||
14,140,325 | 18,794,112 | ||||||
Operating income | 12,013,511 | 13,357,563 | |||||
Other expenses, net | (1,216,698 | ) | (988,569 | ) | |||
Income before provision for income taxes | 10,796,813 | 12,368,994 | |||||
Income tax provision | (3,089,175 | ) | (3,536,866 | ) | |||
Net income | 7,707,638 | 8,832,128 | |||||
Other comprehensive income (loss): | |||||||
Unrealized loss from interest rate hedge, net of tax | (1,231,352 | ) | (455,835 | ) | |||
Foreign currency translation adjustment | (1,183,944 | ) | 134,364 | ||||
Comprehensive income | $ | 5,292,342 | $ | 8,510,657 | |||
Net income per share attributable to common shareholders: | |||||||
Basic | $ | 0.56 | $ | 0.21 | |||
Diluted | $ | 0.21 | $ | 0.19 | |||
Weighted average common shares outstanding: | |||||||
Basic | 13,742,472 | 42,367,242 | |||||
Diluted | 38,412,419 | 45,907,748 | |||||
OTHER NON-GAAP DISCLOSURES | |||||||
Gross margins: | |||||||
Energy efficiency revenue | 17.6 | % | 17.4 | % | |||
Renewable energy revenue | 20.7 | % | 25.5 | % | |||
Total | 18.5 | % | 19.4 | % | |||
Operating expenses as a percent of revenue | 10.0 | % | 11.4 | % | |||
Adjusted Earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA): | |||||||
Operating income | $ | 12,013,511 | $ | 13,357,563 | |||
Depreciation and impairment | 1,919,581 | 2,849,934 | |||||
Stock-based compensation | 668,065 | 735,526 | |||||
Adjusted EBITDA | $ | 14,601,157 | $ | 16,943,023 | |||
Adjusted EBITDA margin | 10.3 | % | 10.2 | % | |||
Construction backlog: | |||||||
Awarded | $ | 464,968,041 | $ | 648,110,662 | |||
Fully-contracted | 668,106,767 | 507,285,241 | |||||
Total construction backlog | $ | 1,133,074,808 | $ | 1,155,395,903 |
Six Months Ended June 30, | |||||||
2010 | 2011 | ||||||
(Unaudited) | |||||||
Revenue: | |||||||
Energy efficiency revenue | $ | 175,715,228 | $ | 229,979,316 | |||
Renewable energy revenue | 71,267,865 | 81,922,396 | |||||
246,983,093 | 311,901,712 | ||||||
Direct expenses: | |||||||
Energy efficiency expenses | 145,589,102 | 188,609,201 | |||||
Renewable energy expenses | 56,841,126 | 63,157,803 | |||||
202,430,228 | 251,767,004 | ||||||
Gross profit | 44,552,865 | 60,134,708 | |||||
Operating expenses: | |||||||
Salaries and benefits | 13,484,742 | 18,247,401 | |||||
Project development costs | 5,176,942 | 9,664,793 | |||||
General, administrative and other | 11,315,045 | 10,561,561 | |||||
29,976,729 | 38,473,755 | ||||||
Operating income | 14,576,136 | 21,660,953 | |||||
Other expenses, net | (2,072,387 | ) | (1,889,006 | ) | |||
Income before provision for income taxes | 12,503,749 | 19,771,947 | |||||
Income tax provision | (3,518,433 | ) | (5,651,534 | ) | |||
Net income | 8,985,316 | 14,120,413 | |||||
Other comprehensive income (loss): | |||||||
Unrealized loss from interest rate hedge, net of tax | (1,551,580 | ) | (215,987 | ) | |||
Foreign currency translation adjustment | (190,045 | ) | 889,762 | ||||
Comprehensive income | $ | 7,243,691 | $ | 14,794,188 | |||
Net income per share attributable to common shareholders: | |||||||
Basic | $ | 0.66 | $ | 0.34 | |||
Diluted | $ | 0.24 | $ | 0.31 | |||
Weighted average common shares outstanding: | |||||||
Basic | 13,513,649 | 41,847,646 | |||||
Diluted | 38,115,517 | 45,285,650 | |||||
OTHER NON-GAAP DISCLOSURES | |||||||
Gross margins: | |||||||
Energy efficiency revenue | 17.1 | % | 18.0 | % | |||
Renewable energy revenue | 20.2 | % | 22.9 | % | |||
Total | 18.0 | % | 19.3 | % | |||
Operating expenses as a percent of revenue | 12.1 | % | 12.3 | % | |||
Adjusted Earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA): | |||||||
Operating income | $ | 14,576,136 | $ | 21,660,953 | |||
Depreciation and impairment | 4,062,244 | 5,532,335 | |||||
Stock-based compensation | 1,107,151 | 1,594,576 | |||||
Adjusted EBITDA | $ | 19,745,531 | $ | 28,787,864 | |||
Adjusted EBITDA margin | 8.0 | % | 9.2 | % |
Three Months Ended June 30, | |||||||
2010 | 2011 | ||||||
(Unaudited) | |||||||
Cash flows from operating activities: | |||||||
Net income | $ | 7,707,638 | $ | 8,832,128 | |||
Adjustments to reconcile net income to cash provided by operating activities: | |||||||
Depreciation of project assets | 1,661,726 | 2,240,001 | |||||
Depreciation of property and equipment | 257,855 | 609,933 | |||||
Amortization of deferred financing fees | 97,655 | 94,822 | |||||
Provision for bad debts | — | 160,329 | |||||
Write-down of long-term receivable | 2,111,000 | — | |||||
Stock-based compensation expense | 668,065 | 735,526 | |||||
Deferred income taxes | (2,394,601 | ) | 453,460 | ||||
Excess tax benefits from stock-based compensation arrangements | — | (3,510,339 | ) | ||||
Changes in operating assets and liabilities: | |||||||
(Increase) decrease in: | |||||||
Restricted cash draws | 55,536,045 | 37,303,666 | |||||
Accounts receivable | (13,865,733 | ) | (5,121,906 | ) | |||
Accounts receivable retainage | 1,007,235 | (1,104,244 | ) | ||||
Federal ESPC receivable | (60,539,815 | ) | (37,132,797 | ) | |||
Inventory | (551,643 | ) | (349,778 | ) | |||
Costs and estimated earnings in excess of billings | (5,096,250 | ) | (4,751,958 | ) | |||
Prepaid expenses and other current assets | (185,082 | ) | (642,293 | ) | |||
Project development costs | (50,222 | ) | (160,631 | ) | |||
Other assets | 821,536 | (823,972 | ) | ||||
Increase (decrease) in: | |||||||
Accounts payable and accrued expenses | 8,907,545 | (653,233 | ) | ||||
Billings in excess of cost and estimated earnings | 4,358,402 | 4,218,481 | |||||
Other liabilities | 697,904 | 434,854 | |||||
Income taxes payable | 1,329,064 | 757,554 | |||||
Net cash provided by operating activities | 2,478,324 | 1,589,603 | |||||
Cash flows from investing activities: | |||||||
Purchases of property and equipment | (59,719 | ) | (911,404 | ) | |||
Purchases of project assets | (6,492,890 | ) | (8,129,688 | ) | |||
Net cash used in investing activities | (6,552,609 | ) | (9,041,092 | ) | |||
Cash flows from financing activities: | |||||||
Excess tax benefits from stock-based compensation arrangements | — | 3,510,339 | |||||
Payments of financing fees | (711,355 | ) | (493,700 | ) | |||
Proceeds from exercises of options and warrants | 412,866 | 2,585,997 | |||||
Repurchase of stock | (768,970 | ) | — | ||||
Proceeds from senior secured credit facility | 6,418,897 | 35,000,000 | |||||
Restricted cash | (509,477 | ) | (1,087,999 | ) | |||
Payments on long-term debt | (3,450,145 | ) | (1,642,731 | ) | |||
Net cash provided by financing activities | 1,391,816 | 37,871,906 | |||||
Effect of exchange rate changes on cash | (544,614 | ) | 12,140 | ||||
Net (decrease) increase in cash and cash equivalents | (3,227,083 | ) | 30,432,557 | ||||
Cash and cash equivalents, beginning of period | 24,361,479 | 29,349,636 | |||||
Cash and cash equivalents, end of period | $ | 21,134,396 | $ | 59,782,193 |
Six Months Ended June 30, | |||||||
2010 | 2011 | ||||||
(Unaudited) | |||||||
Cash flows from operating activities: | |||||||
Net income | $ | 8,985,316 | $ | 14,120,413 | |||
Adjustments to reconcile net income to cash used in operating activities: | |||||||
Depreciation of project assets | 3,416,858 | 4,450,613 | |||||
Depreciation of property and equipment | 645,386 | 1,081,722 | |||||
Amortization of deferred financing fees | 168,005 | 205,655 | |||||
Provision for bad debts | — | 184,515 | |||||
Write-down of long-term receivable | 2,111,000 | — | |||||
Unrealized loss on interest rate swaps | (133,591 | ) | — | ||||
Stock-based compensation expense | 1,107,151 | 1,594,576 | |||||
Deferred income taxes | (792,193 | ) | 3,145,594 | ||||
Excess tax benefits from stock-based compensation arrangements | — | (3,901,636 | ) | ||||
Changes in operating assets and liabilities: | |||||||
(Increase) decrease in: | |||||||
Restricted cash draws | 55,750,984 | 78,216,575 | |||||
Accounts receivable | (2,933,663 | ) | (12,742,756 | ) | |||
Accounts receivable retainage | (2,287,508 | ) | 335,308 | ||||
Federal ESPC receivable | (58,689,683 | ) | (73,639,333 | ) | |||
Inventory | (1,095,058 | ) | (1,982,992 | ) | |||
Costs and estimated earnings in excess of billings | (7,800,862 | ) | (10,895,160 | ) | |||
Prepaid expenses and other current assets | (3,701,125 | ) | (663,502 | ) | |||
Project development costs | 82,038 | 760,445 | |||||
Other assets | 2,021,312 | (204,655 | ) | ||||
Increase (decrease) in: | |||||||
Accounts payable and accrued expenses | (19,190,845 | ) | (23,857,383 | ) | |||
Billings in excess of cost and estimated earnings | 3,652,554 | (328,028 | ) | ||||
Other liabilities | 1,631,437 | 4,777,394 | |||||
Income taxes payable | 1,595,453 | (4,689,033 | ) | ||||
Net cash used in operating activities | (15,457,034 | ) | (24,031,668 | ) | |||
Cash flows from investing activities: | |||||||
Purchases of property and equipment | (484,095 | ) | (1,806,634 | ) | |||
Purchases of project assets | (12,367,371 | ) | (14,720,891 | ) | |||
Grant awards received on project assets | — | 6,695,711 | |||||
Net cash used in investing activities | (12,851,466 | ) | (9,831,814 | ) | |||
Cash flows from financing activities: | |||||||
Excess tax benefits from stock-based compensation arrangements | — | 3,901,636 | |||||
Payments of financing fees | (897,433 | ) | (544,289 | ) | |||
Proceeds from exercises of options and warrants | 412,866 | 4,002,088 | |||||
Repurchase of stock | (768,970 | ) | — | ||||
Proceeds from senior secured credit facility | 11,435,901 | 40,000,000 | |||||
Proceeds from long-term debt financing | 812,398 | 5,500,089 | |||||
Restricted cash | (4,819,258 | ) | (1,675,566 | ) | |||
Payments on long-term debt | (4,792,696 | ) | (2,554,609 | ) | |||
Net cash provided by financing activities | 1,382,808 | 48,629,349 | |||||
Effect of exchange rate changes on cash | 132,548 | 325,305 | |||||
Net (decrease) increase in cash and cash equivalents | (26,793,144 | ) | 15,091,172 | ||||
Cash and cash equivalents, beginning of year | 47,927,540 | 44,691,021 | |||||
Cash and cash equivalents, end of period | $ | 21,134,396 | $ | 59,782,193 |