Q1 2018 SUPPLEMENTAL INFORMATION
MAY 1, 2018
©2018 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, 2017, filed with the U.S. Securities and Exchange Commission on March 7, 2018. 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.”
©2018 Ameresco, Inc. All rights reserved. 3
Q1 2018 HIGHLIGHTS
$15.8M
$7.0M +164% $167.4M +24%
Adj. EBITDA
Q1 EBITDA driven by
greater project
revenue and energy
assets
EBITDA growth
EBITDA up 164% y/y
Revenue growth
Revenue up 24% y/yRevenue
Q1 Revenue driven by an
increase in projects
Net Income
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SOURCES OF REVENUE Q1 2018
$19.1M$36.6M$111.7M
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
©2018 Ameresco, Inc. All rights reserved.
`
71% OF PROFIT CAME FROM RECURRING LINES OF
BUSINESS Q1 2018
22%
71%
* Adjusted EBITDA percentage amounts exclude unallocated corporate expenses.
RECURRING
5
Projects
22%
Assets
56%
O&M
15%
Other
7%
$16M
Adjusted
EBITDA*
Projects
67%
Assets
13%
O&M
9%
Other
11%
$167M
REVENUE
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ENERGY ASSET PORTFOLIO – 3/31/2018
210 MWe of Energy Assets. Renewable Gas
is 135 MWe, Solar is 75 MW*
90 MWe in development & construction.
Renewable Gas is 6 MWe, Solar is 77 MW,
Other is 6 MW*
* Numbers may not sum due to rounding
In
Development/
Construction,
90 MWe
7%
Solar, 86%
7%
Energy Assets,
210 MWe
Solar, 36%
Renewable Gas,
64%
RNG,
Other,
©2018 Ameresco, Inc. All rights reserved. 7
ENERGY ASSET BALANCE SHEET – 3/31/2018
* Numbers may not sum due to rounding
Total Debt,
$245M
$66M
Energy Debt,
$179M
Energy Assets,
$382M
$54M
Operating,
$328M
$54M out of the $382M energy assets on
our balance sheet are still in development or
construction.
$179M out of the $245M of total debt on our
balance sheet is debt associated with our
energy assets. $177M of the energy debt is
non-recourse to Ameresco, Inc.
Development/Construction,
Corporate,
©2018 Ameresco, Inc. All rights reserved. 8
AMERESCO HAS STRONG MULTI-YEAR VISIBILITY
Contracted Project Backlog: 12-36 months to Revenue
Awarded Project Backlog: 18-42 months to Revenue
$596M
$1.3B
$850M*
$786M O&M Backlog: 14 year weighted average lifetime
Operating Energy Assets: 12 year weighted average PPA remaining
*Estimated contracted revenue and incentives during PPA period
©2018 Ameresco, Inc. All rights reserved. 9
SUSTAINABLE AND PROFITABLE BUSINESS MODEL
EXPANDING EARNINGS AT A FASTER RATE THAN REVENUE BY GROWING HIGHER MARGIN RECURRING LINES OF BUSINESS
Guidance reaffirmed August 9, 2017
574 593
631 651
717
783
2013 2014 2015 2016 2017 2018
Guidance
Mid Point
30
41
46
56
63
80
2013 2014 2015 2016 2017 2018
Guidance
Mid Point
Revenue ($M) Adjusted EBITDA ($M)
FY 2018 revenue an adjusted EBITDA guidance was reaffirmed and EPS guidance was revised 5/1/2018.
APPENDIX
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ENERGY ASSET METRICS
MWe $ MWe $
Energy Assets:
In Operations 210.2 328,171 171.8 243,293
In Construction 90.0 53,553 95.6 96,637
Total Energy Assets 300.2 $381,724 267.4 $339,930
2018 2017 2018 2017
Energy Assets Performance:
Revenues 21,494 15,415 $21,494 $15,415
Adjusted EBITDA 13,750 8,182 $42,705 $35,686
2018 2017
Energy Assets Debt Financing:
In Operations $159,524 106,055
In Construction $19,903 28,878
Total Debt Financing $179,427 $134,933
Energy Asset Metrics (in thousands, except megawatt equivalents ("MWe"))
As of March 31,
Three Months Ended March 31, Three Months Ended March 31,
As of March 31,
2018 2017
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GAAP TO NON-GAAP RECONCILIATION
2018 2017
(Unaudited) (Unaudited)
Adjusted EBITDA:
Net income attributable to common shareholders $6,988 ($644)
Impact of redeemable non-controlling interests 516 (1,100)
Plus: Income tax provision (2,779) (645)
Plus: Other expenses, net 3,544 1,826
Plus: Depreciation and amortization of intangible assets 7,107 6,182
Plus: Stock-based compensation 355 343
Plus: Restructuring and other charges 32 -
Adjusted EBITDA $15,763 $5,962
Adjusted EBITDA margin 9.4% 4.4%
Non-GAAP net income and EPS:
Net income attributable to common shareholders $6,988 ($644)
Impact of redeemable non-controlling interests 516 (1,100)
Plus: Restructuring and other charges 32 -
Plus: Income Tax effect of non-GAAP adjustments (27) -
Non-GAAP net income $7,509 ($1,744)
Earnings per share:
Diluted net income per common share $0.15 ($0.01)
Effect of adjustments to net income 0.01 (0.03)
Non-GAAP EPS $0.16 ($0.04)
Adjusted cash from operations:
Cash flows from operating activities ($37,070) ($32,011)
Plus: proceeds from Federal ESPC projects 36,581 35,167
Adjusted cash from operations ($489) $3,156
Three Months Ended March 31,
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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
March 31, 2018
U.S. Regions $74,690 $7,296
U.S. Federal 47,785 6,740
Canada 8,904 (1,053)
Non-Solar DG 18,116 7,898
All Other 17,937 1,299
Unallocated corporate activity (22) (6,417)
Total Consolidated $167,411 $15,763
March 31, 2017
U.S. Regions $44,489 ($1,540)
U.S. Federal 47,924 6,390
Canada 9,501 218
Non-Solar DG 15,646 5,929
All Other 17,079 1,392
Unallocated corporate activity (29) (6,428)
Total Consolidated $134,610 $5,962
Three Months Ended
©2018 Ameresco, Inc. All rights reserved. 14
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 March 31 (in thousands):
U.S. Regions U.S. Federal Canada
Non-Solar
DG All Other
Total
Consolidate
2018
Project $65,440 $37,838 $6,936 $899 $570 $111,684
Energy Assets 4,981 769 366 15,114 264 21,494
O&M 3,895 9,178 19 1,996 - 15,089
Integrated-PV - - - - 10,331 10,331
Other Services 374 1,583 107 6,749 8,813
Total Revenues $74,691 $47,785 $8,904 $18,117 $17,914 $167,411
2017
Project $37,767 $37,958 $7,716 $1,118 $886 $85,445
Energy Assets 1,514 434 384 12,799 283 15,414
O&M 4,055 9,161 1,519 14,734
Integrated-PV 8,156 8,156
Other Services 1,153 371 1,401 210 7,726 10,861
Total Revenues $44,489 $47,924 $9,501 $15,645 $17,051 $134,610
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