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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2021
OR
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________ to ___________.
Commission File Number: 001-34811
Ameresco, Inc.
(Exact name of registrant as specified in its charter)
Delaware 04-3512838
(State or Other Jurisdiction of
Incorporation or Organization)
 (I.R.S. Employer
Identification No.)
111 Speen Street, Suite 410
Framingham, Massachusetts
 01701
(Address of Principal Executive Offices) (Zip Code)
(508661-2200
(Registrant’s Telephone Number, Including Area Code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer o
Accelerated Filer
Non-accelerated filer  o
Smaller reporting company 
Emerging growth company  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class
New York Stock Exchange Symbol
Shares outstanding as of July 30, 2021
Class A Common Stock, $0.0001 par value per shareAMRC33,388,508
Class B Common Stock, $0.0001 par value per share18,000,000




TABLE OF CONTENTS
  Page
 
Item 1. Condensed Consolidated Financial Statements
 
   
 
 



Table of Contents

Part I - Financial Information
Item 1. Condensed Consolidated Financial Statements

AMERESCO, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts)
June 30, 2021December 31, 2020
(Unaudited)
ASSETS
Current assets: 
Cash and cash equivalents (1)
$58,807 $66,422 
Restricted cash (1)
23,672 22,063 
Accounts receivable, net of allowance of $2,311 and $2,266, respectively (1)
115,462 125,010 
Accounts receivable retainage, net36,485 30,189 
Costs and estimated earnings in excess of billings (1)
195,027 185,960 
Inventory, net8,798 8,575 
Prepaid expenses and other current assets (1)
25,389 26,854 
Income tax receivable5,688 9,803 
Project development costs14,508 15,839 
Total current assets (1)
483,836 490,715 
Federal ESPC receivable512,737 396,725 
Property and equipment, net (1)
8,826 8,982 
Energy assets, net (1)
798,609 729,378 
Deferred income tax assets, net3,972 3,864 
Goodwill, net58,901 58,714 
Intangible assets, net769 927 
Operating lease assets (1)
40,608 39,151 
Restricted cash, non-current portion (1)
11,363 10,352 
Other assets (1)
19,069 15,307 
 Total assets (1)
$1,938,690 $1,754,115 
LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portions of long-term debt and financing lease liabilities (1)
$79,778 $69,362 
Accounts payable (1)
193,373 230,916 
Accrued expenses and other current liabilities (1)
40,108 41,748 
Current portions of operating lease liabilities (1)
5,995 6,106 
Billings in excess of cost and estimated earnings26,561 33,984 
Income taxes payable 981 
Total current liabilities (1)
345,815 383,097 
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs (1)
305,351 311,674 
Federal ESPC liabilities506,680 440,223 
Deferred income taxes, net7,159 6,227 
Deferred grant income8,075 8,271 
Long-term operating lease liabilities, net of current portion (1)
36,731 35,300 
Other liabilities (1)
37,300 37,660 
Commitments and contingencies (Note 9)
Redeemable non-controlling interests, net46,003 38,850 
(1) Includes restricted assets of consolidated variable interest entities (“VIEs”) at June 30, 2021 and December 31, 2020 of $155,878 and $162,198, respectively. Includes non-recourse liabilities of consolidated VIEs at June 30, 2021 and December 31, 2020 of $32,318 and $33,335, respectively. See Note 12.
1

Table of Contents

AMERESCO, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts) (Continued)
June 30, 2021December 31, 2020
(Unaudited)
Stockholders’ equity:
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at June 30, 2021 and December 31, 2020
$ $ 
Class A common stock, $0.0001 par value, 500,000,000 shares authorized, 35,484,126 shares issued and 33,382,331 shares outstanding at June 30, 2021, 32,326,449 shares issued and 30,224,654 shares outstanding at December 31, 2020
3 3 
Class B common stock, $0.0001 par value, 144,000,000 shares authorized, 18,000,000 shares issued and outstanding at June 30, 2021 and December 31, 2020
2 2 
Additional paid-in capital270,955 145,496 
Retained earnings393,158 368,390 
Accumulated other comprehensive loss, net(6,754)(9,290)
Treasury stock, at cost, 2,101,795 shares at June 30, 2021 and December 31, 2020
(11,788)(11,788)
Total stockholders’ equity645,576 492,813 
Total liabilities, redeemable non-controlling interests and stockholders’ equity
$1,938,690 $1,754,115 

See notes to condensed consolidated financial statements.

2

Table of Contents

AMERESCO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share amounts) (Unaudited)
 Three Months Ended June 30,Six Months Ended June 30,
 2021202020212020
Revenues$273,920 $223,036 $526,122 $435,449 
Cost of revenues220,598 183,528 425,891 357,495 
Gross profit53,322 39,508 100,231 77,954 
Selling, general and administrative expenses31,882 26,620 60,483 55,544 
Operating income21,440 12,888 39,748 22,410 
Other expenses, net5,450 4,052 9,122 9,441 
Income before income taxes15,990 8,836 30,626 12,969 
Income tax (benefit) provision (1,896) 309 (2,503)
Net income17,886 8,836 30,317 15,472 
Net income attributable to redeemable non-controlling interests(4,231)(4,471)(5,488)(4,906)
Net income attributable to common shareholders$13,655 $4,365 $24,829 $10,566 
Net income per share attributable to common shareholders: 
Basic$0.27 $0.09 $0.49 $0.22 
Diluted$0.26 $0.09 $0.48 $0.22 
Weighted average common shares outstanding:  
Basic51,315 47,488 50,158 47,500 
Diluted52,570 48,519 51,475 48,571 

See notes to condensed consolidated financial statements.
3

Table of Contents

AMERESCO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands) (Unaudited)
 Three Months Ended June 30,
 20212020
Net income$17,886 $8,836 
Other comprehensive income (loss):
Unrealized loss from interest rate hedges, net of tax effect of $(188) and $(221)
(472)(585)
Foreign currency translation adjustments477 682 
Total other comprehensive income5 97 
Comprehensive income17,891 8,933 
Comprehensive income attributable to redeemable non-controlling interests(4,231)(4,471)
Comprehensive income attributable to common shareholders$13,660 $4,462 
 Six Months Ended June 30,
 20212020
Net income$30,317 $15,472 
Other comprehensive income (loss):
Unrealized gain (loss) from interest rate hedges, net of tax effect of $531 and $(1,408)
1,645 (4,050)
Foreign currency translation adjustments891 (1,630)
Total other comprehensive income (loss)2,536 (5,680)
Comprehensive income32,853 9,792 
Comprehensive income attributable to redeemable non-controlling interests(5,488)(4,906)
Comprehensive income attributable to common shareholders$27,365 $4,886 

See notes to condensed consolidated financial statements.
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AMERESCO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE NON-CONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY
For the Three Months Ended June 30, 2021 and 2020
(In thousands, except share amounts) (Unaudited)
Class A Common StockClass B Common StockTreasury Stock
Redeemable Non-controlling InterestsSharesAmountSharesAmountAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive LossSharesAmountTotal Stockholders’ Equity
Balance, March 31, 2020$31,939 29,510,161 $3 18,000,000 $2 $136,591 $320,660 $(13,291)2,101,795 $(11,788)$432,177 
Exercise of stock options— 179,639 — — — 2,164 — — — — 2,164 
Stock-based compensation expense— — — — — 430 — — — — 430 
Employee stock purchase plan— 28,302 — — — 440 — — — — 440 
Unrealized loss from interest rate hedges, net— — — — — — — (585)— — (585)
Foreign currency translation adjustment— — — — — — — 682 — — 682 
Contributions from redeemable non-controlling interests488 — — — — — — — — — — 
Distributions to redeemable non-controlling interests(595)— — — — — — — — — — 
Net income4,471 — — — — — 4,365 — — — 4,365 
Balance, June 30, 2020$36,303 29,718,102 $3 18,000,000 $2 $139,625 $325,025 $(13,194)2,101,795 $(11,788)$439,673 
Balance, March 31, 2021$39,668 33,265,925 $3 18,000,000 $2 $267,864 $379,533 $(6,759)2,101,795 $(11,788)$628,855 
Equity offering costs—  — — — (135)— — — — (135)
Exercise of stock options— 101,109 — — — 1,225 — — — — 1,225 
Stock-based compensation expense— — — — — 1,349 — — — — 1,349 
Employee stock purchase plan— 15,297 — — — 652 — — — — 652 
Unrealized loss from interest rate hedges, net— — — — — — — (472)— — (472)
Foreign currency translation adjustment— — — — — — — 477 — — 477 
Contributions from redeemable non-controlling interests, net of tax equity financing fees2,269 — — — — — — — — — — 
Distributions to redeemable non-controlling interests(195)— — — — — — — — — — 
Accretion of tax equity financing fees30 — — — — — (30)— — — (30)
Net income4,231 — — — — — 13,655 — — — 13,655 
Balance, June 30, 2021$46,003 33,382,331 $3 18,000,000 $2 $270,955 $393,158 $(6,754)2,101,795 $(11,788)$645,576 

See notes to condensed consolidated financial statements.

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AMERESCO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE NON-CONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY
For the Six Months Ended June 30, 2021 and 2020
(In thousands, except share amounts) (Unaudited)
Class A Common StockClass B Common StockTreasury Stock
Redeemable Non-controlling InterestsSharesAmountSharesAmountAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive LossSharesAmountTotal Stockholders’ Equity
Balance, December 31, 2019
$31,616 29,230,005 $3 18,000,000 $2 $133,688 $314,459 $(7,514)2,101,340 $(11,782)$428,856 
Exercise of stock options— 460,250 — — — 4,638 — — — — 4,638 
Stock-based compensation expense— — — — — 859 — — — — 859 
Employee stock purchase plan— 28,302 — — — 440 — — — — 440 
Open market purchase of common shares— (455)— — — — — — 455 (6)(6)
Unrealized loss from interest rate hedges, net— — — — — — — (4,050)— — (4,050)
Foreign currency translation adjustment— — — — — — — (1,630)— — (1,630)
Contributions from redeemable non-controlling interests488 — — — — — — — — — — 
Distributions to redeemable non-controlling interests(707)— — — — — — — — — — 
Net income4,906 — — — — — 10,566 — — — 10,566 
Balance, June 30, 2020
$36,303 29,718,102 $3 18,000,000 $2 $139,625 $325,025 $(13,194)2,101,795 $(11,788)$439,673 
Balance, December 31, 2020
$38,850 30,224,654 $3 18,000,000 $2 $145,496 $368,390 $(9,290)2,101,795 $(11,788)$492,813 
Equity offering of common stock, net of offering costs of $6,419
— 2,875,000 — — — 120,081 — — — — 120,081 
Exercise of stock options— 267,380 — — — 2,611 — — — — 2,611 
Stock-based compensation expense— — — — — 2,115 — — — — 2,115 
Employee stock purchase plan— 15,297 — — — 652 — — — — 652 
Unrealized gain from interest rate hedges, net— — — — — — — 1,645 — — 1,645 
Foreign currency translation adjustment— — — — — — — 891 — — 891 
Contributions from redeemable non-controlling interests, net of tax equity financing fees2,252 — — — — — — — — — — 
Distributions to redeemable non-controlling interests(648)— — — — — — — — — — 
Accretion of tax equity financing fees61 — — — — — (61)— — — (61)
Net income5,488 — — — — — 24,829 — — — 24,829 
Balance, June 30, 2021
$46,003 33,382,331 $3 18,000,000 $2 $270,955 $393,158 $(6,754)2,101,795 $(11,788)$645,576 

See notes to condensed consolidated financial statements.
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AMERESCO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands) (Unaudited)
 Six Months Ended June 30,
 20212020
Cash flows from operating activities:  
Net income$30,317 $15,472 
Adjustments to reconcile net income to cash flows from operating activities:
Depreciation of energy assets, net20,136 18,949 
Depreciation of property and equipment1,637 1,659 
Accretion of ARO liabilities57 43 
Amortization of debt discount and debt issuance costs1,477 1,176 
Amortization of intangible assets161 356 
Provision for (recoveries of) bad debts6 (80)
Net loss from derivatives1,225 517 
Stock-based compensation expense2,115 859 
Deferred income taxes335 4,619 
Unrealized foreign exchange (gain) loss (32)201 
Changes in operating assets and liabilities:
Accounts receivable15,230 12,125 
Accounts receivable retainage(6,211)(2,222)
Federal ESPC receivable(125,146)(89,761)
Inventory, net(224)235 
Costs and estimated earnings in excess of billings(8,893)6,410 
Prepaid expenses and other current assets2,445 1,857 
Project development costs760 (2,758)
Other assets(3,691)516 
Accounts payable, accrued expenses and other current liabilities(22,941)(45,256)
Billings in excess of cost and estimated earnings(8,174)8,569 
Other liabilities(207)316 
Income taxes payable3,135 (7,396)
Cash flows from operating activities
(96,483)(73,594)
Cash flows from investing activities:
Purchases of property and equipment(1,484)(1,355)
Capital investment in energy assets(104,267)(77,218)
Contributions to equity investment (127)
Cash flows from investing activities
(105,751)(78,700)
See notes to condensed consolidated financial statements.
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AMERESCO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands) (Unaudited) (Continued)
Six Months Ended June 30,
20212020
Cash flows from financing activities:  
Proceeds from equity offering, net of offering costs$120,081 $ 
Payments of financing fees(1,162)(2,198)
Proceeds from exercises of options and ESPP3,263 5,078 
Repurchase of common stock (6)
(Payments on) proceeds from senior secured credit facility, net(28,073)16,000 
Proceeds from long-term debt financings64,854 14,232 
Proceeds from Federal ESPC projects70,159 133,598 
(Payments on) proceeds for energy assets from Federal ESPC(117)1,488 
Proceeds from redeemable non-controlling interests, net1,583 74 
Payments on long-term debt(33,664)(25,860)
Cash flows from financing activities
196,924 142,406 
Effect of exchange rate changes on cash315 (457)
Net decrease in cash, cash equivalents, and restricted cash(4,995)(10,345)
Cash, cash equivalents, and restricted cash, beginning of period98,837 77,264 
Cash, cash equivalents, and restricted cash, end of period$93,842 $66,919 
Supplemental disclosures of cash flow information:
Cash paid for interest$9,097 $10,499 
Cash paid for income taxes$1,213 $382 
Non-cash Federal ESPC settlement$4,027 $43,368 
Accrued purchases of energy assets$28,070 $35,705 

See notes to condensed consolidated financial statements.
8