Q4 2017 SUPPLEMENTAL INFORMATION
MARCH 6, 2018
©2017 Ameresco, Inc. All rights reserved. 2
Forward Looking Statements
Any statements in this presentation 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; our ability to place solar assets into service as planned;
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 and restructuring activities; 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; market price of the Company's stock prevailing from time to time; the nature of other investment opportunities presented to the
Company from time to time; the Company's cash flows from operations and other factors discussed in our Annual Report on Form 10-K for the year ended
December 31, 2016, filed with the U.S. Securities and Exchange Commission on March 3, 2017. In addition, the forward-looking statements included in this
presentation represent our views as of the date of this presentation. 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 presentation.
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,” Non-GAAP Financial Guidance” and “Non-GAAP Financial Measures.”
©2017 Ameresco, Inc. All rights reserved. 3
Q4 2017 HIGHLIGHTS
$21.1M
$23.8M +47% $211.1M +21%
Adj. EBITDA
Q4 EBITDA driven by
greater project
revenue and energy
assets
EBITDA growth
EBITDA up 47% y/y
Revenue growth
Revenue up 21% y/y Revenue
Q4 Revenue driven by an
increase in projects
Net Income
©2017 Ameresco, Inc. All rights reserved. 4
SOURCES OF REVENUE Q4 2017
$21.4M $32.5M $157.2M
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
©2017 Ameresco, Inc. All rights reserved. 5
2017 HIGHLIGHTS
$63.3M
$37.5M +13% $717.2M +10%
Adj. EBITDA
2017 EBITDA driven
by greater project
revenue and energy
assets
EBITDA growth
EBITDA up 13% y/y
Revenue growth
Revenue up 10% y/y Revenue
2017 Revenue driven by an
increase in Projects
Net Income
©2017 Ameresco, Inc. All rights reserved. 6
SOURCES OF REVENUE 2017
$80.8M $129.8M $506.6M
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
©2017 Ameresco, Inc. All rights reserved.
NEARLY 60% OF PROFIT COMES FROM RECURRING LINE
OF BUSINESS 2017
18%
Projects
71%
Assets
10%
O&M
8%
Other
11%
$717M
REVENUE
Projects
35%
Assets
44%
O&M
14%
Other
7%
$63M
Adjusted
EBITDA*
58%
* Adjusted EBITDA percentage amounts exclude unallocated corporate expenses.
RECURRING
7
©2017 Ameresco, Inc. All rights reserved. 8
ENERGY ASSET PORTFOLIO – 12/31/2017
191 MWe of Energy Assets. Renewable Gas is
118 MWe, Solar is 72 MW*
Energy Assets
191 MWe
62%
Renewable Gas
38%
Solar
In Development
Construction
78 MWe
62%
Solar
30%
Renewable Gas
78 MWe in development & construction.
Renewable Gas is 23 MWe, Solar is 49 MW,
Other is 6 MW*.
*Numbers may not sum due to rounding
©2017 Ameresco, Inc. All rights reserved. 9
ENERGY ASSET BALANCE SHEET – 12/31/2017
$69M out of the $356M energy assets on our
balance sheet are still in development or
construction.
$152M out of the $202M of total debt on our
balance sheet is debt associated with our energy
assets. $150M of the energy debt is non-
recourse to Ameresco, Inc.
Energy Assets
$356M
$287M
Operating
$69M
Development/
Construction
Total Debt
$202M
$50M
Corporate
$152M
Energy Debt
©2017 Ameresco, Inc. All rights reserved. 10
AMERESCO HAS STRONG MULTI-YEAR VISIBILITY
Contracted Project Backlog: 12-36 mos to Revenue
Awarded Project Backlog: 24-48 mos to Revenue
$573M
$1.2B
$800M*
$788M O&M Backlog: 14 year weighted avg lifetime
Operating Energy Assets: 13 year weighted avg PPA remaining
*Estimated contracted revenue and incentives during PPA period
©2017 Ameresco, Inc. All rights reserved. 11
SUSTAINABLE AND PROFITABLE BUSINESS MODEL
EXPANDING EARNINGS AT A FASTER RATE THAN REVENUE BY GROWING HIGH ER MARGIN RECURRING LINES OF BUSINESS
Guidance reaffirmed August 9, 2017
574 593
631 651
717
783
2013 2014 2015 2016 2017 2018
Guidance
Mid Point
30
41
46
56
63
80
2013 2014 2015 2016 2017 2018
Guidance
Mid Point
Revenue ($M) Adjusted EBITDA ($M)
FY 2018 guidance was updated 3/6/2018
APPENDIX
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ENERGY ASSET METRICS
MWe $ MWe $
Energy Assets:
In Operations 190.8 $287,936 162.0 $233,030
In Construction 78.0 68,507 98.9 86,728
Total Energy Assets 268.8 $356,443 260.9 $319,758
2017 2016 2017 2016
Energy Assets Performance:
Revenues 17,440 16,331 $69,241 $64,882
Adjusted EBITDA 13,014 10,607 $42,705 $35,686
2017 2016
Energy Assets Debt Financing:
In Operations $136,991 102,228
In Construction $15,046 16,511
Total Debt Financing $152,037 $118,739
Energy Asset Metrics (in thousands, except megawatt equivalents ("MWe"))
As of December 31,
Three Months Ended December 31, Twelve Months Ended December 31,
As of December 31,
2017 2016
©2017 Ameresco, Inc. All rights reserved. 14
GAAP TO NON-GAAP RECONCILIATION
2017 2016 2017 2016
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Adjusted EBITDA:
Net income attributable to common shareholders $23,811 $3,269 $37,491 $12,032
Impact of redeemable non-controlling interests (3,310) 114 (3,983) (35)
Plus: Income tax provision (9,087) 1,498 (4,791) 4,370
Plus: Other expenses, net 2,639 2,448 7,871 7,409
Plus: Depreciation and amortization of intangible assets 6,658 6,523 25,493 24,755
Plus: Stock-based compensation 317 376 1,293 1,462
Plus: Restructuring and other charges 50 147 (111) 6,206
Adjusted EBITDA $21,078 $14,375 $63,263 $56,199
Adjusted EBITDA margin 10.2% 10.6% 8.3% 8.8%
Non-GAAP net income and EPS:
Net income attributable to common shareholders $23,811 $3,269 $37,491 $12,032
Impact of redeemable non-controlling interests (3,310) 114 (3,983) (35)
Plus: Restructuring and other charges 50 147 (111) 6,206
Plus: Income Tax effect of non-GAAP adjustments 1,534 - 1,578 (1,430)
Non-GAAP net income $22,085 $3,530 $34,975 $16,773
Earnings per share:
Diluted net income per common share $0.52 $0.07 $0.82 $0.26
Effect of adjustments to net income (0.04) 0.01 (0.06) 0.10
Non-GAAP EPS $0.48 $0.08 $0.76 $0.36
Adjusted cash from operations:
Cash flows from operating activities ($45,803) ($10,697) ($136,559) ($58,073)
Plus: proceeds from Federal ESPC projects 42,673 24,964 165,013 90,039
Adjusted cash from operations ($3,130) $14,267 $28,454 $31,966
Three Months Ended December 31, Twelve Months Ended December 31,
©2017 Ameresco, Inc. All rights reserved. 15
PERFORMANCE BY SEGMENT
Small Scale Infrastructure segment has been renamed Non-Solar Distributed Generation “DG”
Solar electricity and SREC revenue previously attributed to Small Scale Infrastructure has been reclassified into U.S. Regions
Performance by Segment (in thousands):
Revenues
Adjusted
EBITDA Revenues
Adjusted
EBITDA
December 31, 2017
U.S. Regions $98,241 $8,639 $290,196 $20,001
U.S. Federal 58,243 7,130 229,146 33,030
Canada 10,591 1,080 43,803 3,507
Non-Solar DG 25,516 9,052 79,220 27,455
All Other 18,599 1,122 74,932 4,893
Unallocated corporate activity (59) (5,946) (146) (25,631)
Total Consolidated $211,133 $21,077 $717,152 $63,255
December 31, 2016
U.S. Regions $75,966 $7,062 $276,766 $23,022
U.S. Federal 49,739 6,932 178,005 25,893
Canada 10,425 503 50,448 2,667
Non-Solar DG 17,796 5,208 74,395 27,904
All Other 20,162 1,231 71,592 2,463
Unallocated corporate activity 137 (6,557) 21 (25,744)
Total Consolidated $174,225 $14,379 $651,227 $56,205
Three Months Ended Twelve Months Ended
©2017 Ameresco, Inc. All rights reserved. 16
SEGMENTS BY LINE OF BUSINESS – THREE MONTHS
Small Scale Infrastructure segment has been renamed Non-Solar Distributed Generation “DG”
Solar electricity and SREC revenue previously attributed to Small Scale Infrastructure has been reclassified into U.S. Regions
Segment Revenues by Line of Business for the Three Months Ended December 31 (in thousands):
U.S. Regions U.S. Federal Canada Non-Solar DG All Other
Total
Consolidated
2017
Project $89,697 $47,702 $8,312 $10,444 $1,090 $157,245
Energy Assets 2,649 691 370 13,363 269 17,342
O&M 4,083 9,527 18 1,571 - 15,199
Integrated-PV - - - - 9,609 9,609
Other Services 1,811 324 1,891 138 7,574 11,738
Total Revenues $98,240 $58,244 $10,591 $25,516 $18,542 $211,133
2016
Project $69,194 $39,558 $8,411 $3,062 $3,898 $124,123
Energy Assets 2,065 513 387 12,966 307 16,238
O&M 4,335 9,668 - 1,412 - 15,415
Integrated-PV - - - - 7,719 7,719
Other Services 372 - 1,627 356 8,375 10,730
Total Revenues $75,966 $49,739 $10,425 $17,796 $20,299 $174,225
©2017 Ameresco, Inc. All rights reserved. 17
SEGMENTS BY LINE OF BUSINESS – TWELVE MONTHS
Small Scale Infrastructure segment has been renamed Non-Solar Distributed Generation “DG”
Solar electricity and SREC revenue previously attributed to Small Scale Infrastructure has been reclassified into U.S. Regions
Segment Revenues by Line of Business for the Twelve Months Ended December 31 (in thousands):
U.S. Regions U.S. Federal Canada Non-Solar DG All Other
Total
Consolidated
2017
Project $257,220 $187,515 $34,436 $21,943 $5,436 $506,550
Energy Assets 11,522 3,378 2,686 50,540 1,115 69,241
O&M 16,923 37,341 34 6,276 - 60,574
Integrated-PV - - - - 38,796 38,796
Other Services 4,531 912 6,647 461 29,441 41,991
Total Revenues $290,196 $229,146 $43,803 $79,220 $74,787 $717,152
2016
Project $251,630 $134,154 $41,324 $17,604 $9,488 $454,200
Energy Assets 7,051 3,519 2,428 50,658 1,226 64,882
O&M 17,261 40,330 449 5,023 19 63,082
Integrated-PV - - - - 29,325 29,325
Other Services 824 2 6,247 1,110 31,555 39,738
Total Revenues $276,766 $178,005 $50,448 $74,395 $71,613 $651,227
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