Page 1 | Q2 2017 Supplemental Information|© 2017 Ameresco, Inc. All Rights Reserved.
Q2 2017 Supplemental Information
August 9, 2017
Exhibit 99.2
Page 2 | Q2 2017 Supplemental Information|© 2017 Ameresco, Inc. All Rights Reserved.
USE OF NON-GAAP FINANCIAL MEASURES
Use of Non-GAAP Financial Measures
This presentation includes references to adjusted EBITDA, adjusted cash from operations, non-GAAP net income
and non-GAAP earnings per share, which are non-GAAP financial measures. For a description of these non-GAAP
financial measures, including the reasons management uses these measures, please see the section in the
Appendix in this presentation titled “Non-GAAP Financial Measures”. For a reconciliation of these non-GAAP
financial measures to the most directly comparable financial measures prepared in accordance with GAAP, please
see the tables in the Appendix to this presentation titled “GAAP to Non-GAAP Reconciliation.”
Page 3 | Q2 2017 Supplemental Information|© 2017 Ameresco, Inc. All Rights Reserved.
Q2 2017 HIGHLIGHTS
$15.4
M
$5.8M +17
%
$166.7
M +2%
EBITDA
Q2 EBITDA driven
by greater project
revenue
EBITDA
growth
EBITDA up 17% y/y
Revenue
growth
Revenue up 2% y/y
Revenue
Q2 Revenue driven by
favorable timing on U.S.
Federal construction
projects
Net
Income
Growing Earnings faster than Revenue
Page 4 | Q2 2017 Supplemental Information|© 2017 Ameresco, Inc. All Rights Reserved.
Q2 2017 HIGHLIGHTS
Backlog up 6%
Total project backlog up 6% y/y to $1.6B,
another record high, providing
approximately 2-4 years of visibility
Large
Contracted
Backlog
Contracted backlog
highest since 2010,
primarily due to City of
Chicago street light
project conversion
$631
M
50
%
Balanced Backlog
Maintain a good balance
across the business with 50%
of backlog in U.S. regions
and 42% in U.S. Federal
$1.6
B
Backlog provides visibility for 2-4 years of project revenue
Page 5 | Q2 2017 Supplemental Information|© 2017 Ameresco, Inc. All Rights Reserved.
SOURCES OF REVENUE
$19.9 M $33.7 M $113.1 M
Projects
Energy efficiency and
renewable energy
projects
Recurring
Energy & incentive
revenue from owned solar
and renewable gas assets;
plus recurring O&M from
projects
Other
Services, software and
integrated PV
Page 6 | Q2 2017 Supplemental Information|© 2017 Ameresco, Inc. All Rights Reserved.
60% OF PROFIT COMES FROM RECURRING LINE OF BUSINESS
Projects
68%
Assets
11%
O&M
9%
Other
12%
$166.7M
REVENUE
20% [CATEGORY
NAME]
35%
[CATEGORY
NAME]
45%
[CATEGORY
NAME]
15%
[CATEGORY
NAME]
5%
$15.4M
Adjusted
EBITDA*
60%
* Adjusted EBITDA percentage amounts exclude unallocated corporate expenses.
RECURRING
Page 7 | Q2 2017 Supplemental Information|© 2017 Ameresco, Inc. All Rights Reserved.
ENERGY ASSET PORTFOLIO – 6/30/2017
Energy
Assets
175MWe
70%
Renewable Gas
30%
Solar
175 MWe of Energy
Assets. Renewable Gas
is 122 MWe, Solar is
53MW*.
In
Development
Construction
95MWe
70%
Solar
25%
Renewable Gas
95 MWe in development
& construction.
Renewable Gas is 24
MWe, Solar is 65MW*.
* Since June 30, 2017 approximately 10MW of Solar Assets classified as ‘In Construction’ have been placed in service
Page 8 | Q2 2017 Supplemental Information|© 2017 Ameresco, Inc. All Rights Reserved.
ENERGY ASSET BALANCE SHEET – 6/30/2017
Energy
Assets
$348M
$244M
Operating
$104M
Development/Construction
Total
Debt
$198M
$57M
Corporate
$141M
Energy Debt
$104M out of the
$348M energy assets
on our balance sheet
are still in development
or construction.
$141M out of the
$198M of total debt on
our balance sheet is
debt associated with
our energy assets.
Appendix
Page 10 | Q2 2017 Supplemental Information|© 2017 Ameresco, Inc. All Rights Reserved.
ENERGY ASSET METRICS
MWe $ MWe $
Energy Assets:
In Operations 175.0 244,686$ 162.0 233,932$
In Construction 95.2 103,786 65.5 22,706
Total Energy Assets 270.2 348,472$ 227.5 256,638$
2017 2016 2017 2016
Energy Assets Performance:
Revenues $17,894 $15,926 $33,276 $30,569
Adjusted EBITDA $10,535 $8,213 $18,102 $15,495
2017 2016
Energy Assets Debt Financing:
In Operations 106,684$ 94,505$
In Construction 34,383 -
Total Debt Financing 141,067$ 94,505$
Energy Asset Metrics (in thousands, except megawatt equivalents ("MWe"))
As of June 30,
As of June 30,
2017 2016
Three Months Ended June 30, Six Months Ended June 30,
Page 11 | Q2 2017 Supplemental Information|© 2017 Ameresco, Inc. All Rights Reserved.
GAAP TO NON-GAAP RECONCILIATION
2017 2016 2017 2016
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Adjusted EBITDA:
Net income attributable to common shareholders 5,831$ 1,994$ 5,187$ 3,048$
Impact of redeemable non-controlling interests 129 106 (971) (244)
Plus: Income tax provision 1,060 766 415 1,007
Plus: Other expenses, net 1,738 1,850 3,564 2,693
Plus: Depreciation and amortization of intangible assets 6,090 6,023 12,272 11,942
Plus: Stock-based compensation 307 391 650 758
Plus: Restructuring and other charges 244 2,060 244 3,429
Adjusted EBITDA 15,399$ 13,190$ 21,361$ 22,633$
Adjusted EBITDA margin 9.2% 8.1% 7.1% 7.6%
Non-GAAP net income and EPS:
Net income attributable to common shareholders 5,831$ 1,994$ 5,187$ 3,048$
Impact of redeemable non-controlling interests 129 106 (971) (244)
Plus: Restructuring and other charges 244 2,060 244 3,429
Plus: Income Tax effect of non-GAAP adjustments (44) (282) (44) (562)
Non-GAAP net income 6,160$ 3,878$ 4,416$ 5,671$
Diluted net income per common share 0.13$ 0.04$ 0.11$ 0.07$
Effect of adjustments to net income — 0.04 (0.01) 0.05
Non-GAAP EPS 0.13$ 0.08$ 0.10$ 0.12$
Adjusted cash from operations:
Cash flows from operating activities (19,585)$ (24,653)$ (51,370)$ (39,722)$
Plus: proceeds from Federal ESPC projects 38,869 22,374 74,036 38,759
Adjusted cash from operations 19,284$ (2,279)$ 22,666$ (963)$
Three Months Ended June 30, Six Months Ended June 30,
Page 12 | Q2 2017 Supplemental Information|© 2017 Ameresco, Inc. All Rights Reserved.
PERFORMANCE BY SEGMENT
Revenues
Adjusted
EBITDA Revenues
Adjusted
EBITDA
June 30, 2017
U.S. Regions 60,978$ 2,556$ 102,585$ 52$
U.S. Federal 59,106 9,836 107,030 16,227
Canada 8,991 1,003 18,492 1,222
Small-Scale Infrastructure 19,066 7,898 37,594 14,788
All Other 18,524 871 35,574 2,265
Unallocated corporate activity - (6,765) - (13,193)
Total Consolidated 166,665$ 15,399$ 301,275$ 21,361$
June 30, 2016
U.S. Regions 70,583$ 4,760$ 112,204$ 6,111$
U.S. Federal 43,099 5,605 81,768 12,624
Canada 13,198 767 28,005 1,160
Small-Scale Infrastructure 19,060 7,343 39,753 14,770
All Other 16,688 798 34,674 787
Unallocated corporate activity - (6,083) - (12,819)
Total Consolidated 162,628$ 13,190$ 296,404$ 22,633$
Three Months Ended Six Months Ended
Performance by Segment (in thousands):
Page 13 | Q2 2017 Supplemental Information|© 2017 Ameresco, Inc. All Rights Reserved.
LINE OF BUSINESS REVENUE – THREE MONTHS
U.S. Regions U.S. Federal Canada
Small-Scale
Infrastructure All Other
Total
Consolidated
2017
Revenues:
Project 56,083$ 48,037$ 6,449$ 1,809$ 714$ 113,092$
Energy Assets - 1,102 919 15,592 281 17,894
O&M 4,479 9,750 - 1,597 - 15,826
Integrated-PV - - - - 10,345 10,345
Other Services 416 217 1,623 68 7,184 9,508
Total Revenues 60,978$ 59,106$ 8,991$ 19,066$ 18,524$ 166,665$
2016
Revenues:
Project 66,004$ 32,466$ 10,564$ 4,081$ 471$ 113,586$
Energy Assets - 1,293 824 13,503 306 15,926
O&M 4,208 9,340 159 1,129 - 14,836
Integrated-PV - - - - 7,128 7,128
Other Services 371 - 1,651 347 8,783 11,152
Total Revenues 70,583$ 43,099$ 13,198$ 19,060$ 16,688$ 162,628$
Line of Business Revenues By Segment for the three months ended June 30 (in thousands):
Page 14 | Q2 2017 Supplemental Information|© 2017 Ameresco, Inc. All Rights Reserved.
LINE OF BUSINESS REVENUE – SIX MONTHS
U.S. Regions U.S. Federal Canada
Small-Scale
Infrastructure All Other
Total
Consolidated
2017
Revenues:
Project 92,497$ 85,996$ 14,165$ 4,280$ 1,599$ 198,537$
Energy Assets 0 1,536 1,303 29,872 565 33,276
O&M 8,510 18,911 0 3,139 0 30,560
Integrated-PV 0 0 0 0 18,501 18,501
Other Services 1,578 587 3,024 303 14,909 20,401
Total Revenues 102,585$ 107,030$ 18,492$ 37,594$ 35,574$ 301,275$
2016
Revenues:
Project 103,165$ 59,267$ 23,382$ 10,108$ 2,766$ 198,688$
Energy Assets 0 1,905 1,117 26,935 612 30,569
O&M 8,569 20,596 315 2,057 0 31,537
Integrated-PV 0 0 0 0 14,487 14,487
Other Services 470 0 3,191 653 16,809 21,123
Total Revenues 112,204$ 81,768$ 28,005$ 39,753$ 34,674$ 296,404$
Line of Business Revenues By Segment for the six months ended June 30 (in thousands):