Exhibit 99.1



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Ameresco Reports Third Quarter 2024 Financial Results

Total Revenue Growth of 49% Led by 59% Increase in Project Revenue
Total Project Backlog up 22% Y/Y to $4.5 billion; Contracted Backlog up 56% Y/Y
Record 209 MWe Energy Assets Placed into Operation YTD Exceeding FY Guidance
New Contracts Drive $180 million Y/Y Increase in O&M Backlog
Reaffirming 2024 Guidance

Third Quarter 2024 Financial Highlights:
•Revenues of $500.9 million
•Net income attributable to common shareholders of $17.6 million
•GAAP EPS of $0.33
•Non-GAAP EPS of $0.32
•Adjusted EBITDA of $62.2 million

FRAMINGHAM, MA – November 7, 2024 – Ameresco, Inc. (NYSE:AMRC), a leading cleantech integrator specializing in energy efficiency and renewable energy, today announced financial results for the fiscal quarter ended September 30, 2024. The Company also furnished supplemental information in conjunction with this press release in a Current Report on Form 8-K. The supplemental information, which includes Non-GAAP financial measures, has been posted to the “Investors” section of the Company’s website at www.ameresco.com. Reconciliations of Non-GAAP measures to the appropriate GAAP measures are included herein. All financial result comparisons made are against the prior year period unless otherwise noted.
CEO George Sakellaris commented, “Our team continued to deliver excellent results with year-on-year quarterly revenue growth of 49% and record Adjusted EBITDA of over $62 million, growing 44% in the third quarter, reflecting strong demand for Ameresco’s unique blend of services across our customer base. Each of our four business lines achieved strong year-on-year growth, led by Projects, Energy Assets and O&M, where revenues increased at substantial double-digit rates. At the same time, we brought over 40MWe of Energy Assets into operation, resulting in a year-to-date total of 209 MWe – a record number for Ameresco and already above our full year guidance of 200MWe. New business activity remained robust with our total Project Backlog growing to $4.5 billion at the end of the quarter, an increase of 22% from last year. Importantly, our continued focus on contract conversion helped drive a 56% increase in



contracted backlog to a record $1.9 billion. We also had a very strong quarter with our recurring O&M business adding over $180 million in additional backlog versus last year."

Third Quarter Financial Results
(All financial result comparisons made are against the prior year period unless otherwise noted.)


(in millions)Q3 2024Q3 2023
Revenue
Net Income (1)
Adj. EBITDARevenue
Net Income (1)
Adj. EBITDA
Projects$385.4$9.9$20.6$242.7$13.5$16.4
Energy Assets$59.1$2.7$33.3$44.3$5.5$21.6
O&M$28.4$3.8$5.1$22.8$2.4$3.9
Other$27.9$1.2$3.1$25.4$0.0$1.4
Total (2)
$500.9$17.6$62.2$335.1$21.3$43.3
(1) Net Income represents net income attributable to common shareholders.
(2) Numbers in table may not sum due to rounding.

Total revenue increased 49.4% to $500.9 million with significant growth across all four of our business lines. Projects revenue grew 58.8%, as our focus on execution and conversion of our backlog continued to yield positive results. Energy Assets revenue grew an impressive 33.4% driven by growth in operating assets placed in service. O&M revenue increased 24.6% reflecting a solid attachment rate to our growing projects business and strong execution on our contracts. Other revenue increased 9.8%. Gross margin of 15.4% reflects a larger contribution from lower-margin projects, and additional costs associated with the SCE projects as previously discussed during prior periods. SG&A decreased slightly contributing to improved operating leverage.

Net income attributable to common shareholders was $17.6 million compared to $21.3 million during the same period last year impacted by higher interest-related and depreciation expenses. Those interest costs included a $3.7 million non-cash negative adjustment to mark certain interest rate derivatives to market compared to a $3.0 million favorable adjustment last year. Additionally, the results for the third quarter last year included a discrete tax benefit of $7.2 million related to a prior year Section 179D tax deduction. GAAP and Non-GAAP EPS of $0.33 and $0.32, respectively.

Adjusted EBITDA of $62.2 million, representing our single largest quarter, increased 43.6%.












Balance Sheet and Cash Flow Metrics

($ in millions)September 30, 2024
Total Corporate Debt (1)
$272.5
Corporate Debt Leverage Ratio (2)
2.8X
Total Energy Asset Debt (3)
$1,388.3
Energy Asset Book Value (4)
$1,882.6
Energy Debt Advance Rate (5)
74%
Q3 Cash Flows from Operating Activities$25.1
Plus: Q3 Proceeds from Federal ESPC Projects$9.3
Equals: Q3 Adjusted Cash from Operations$34.4
8-quarter rolling average Cash Flows from Operating Activities($4.5)
Plus: 8-quarter rolling average Proceeds from Federal ESPC Projects$43.5
Equals: 8-quarter rolling average Adjusted Cash from Operations$39.0
(1) Subordinated Debt, term loans and drawn amounts on the revolving line of credit
(2) Debt to EBITDA, as calculated under our Sr. Secured Credit Facility
(3) Term loans, sale-leasebacks and construction loan project financings for our Energy Assets in operations and in-construction and development
(4) Book Value of our Energy Assets in operations and in-construction and development
(5) Total Energy Asset Debt divided by Energy Asset Book Value

The Company ended the quarter with $113.5 million in cash. Our total corporate debt including our subordinated debt, term loans and drawn amounts on our revolving line of credit was $272.5 million, with our corporate leverage ratio as calculated under our Sr. Secured Credit Facility continued to decline to 2.8X, below our 3.5x covenant level. During the quarter we successfully executed approximately $237.0 million in project financing commitments to fund the continued growth of our Energy Asset business, of which we received net proceeds of $57.0 million. Our Energy Asset Debt was $1.4 billion with an Energy Debt Advance rate of 74% on the Energy Asset Book Value. Our Adjusted Cash from Operations during the quarter was $34.4 million. Our 8-quarter rolling average Adjusted Cash from Operations was $39.0 million.




($ in millions)At September 30, 2024
Awarded Project Backlog (1)
$2,656
Contracted Project Backlog$1,853
Total Project Backlog$4,509
12-month Contracted Backlog (2)
$977
O&M Revenue Backlog$1,421
12-month O&M Backlog$91
Energy Asset Visibility (3)
$3,175
Operating Energy Assets715 MWe
Ameresco's Net Assets in Development (4)
589 MWe
(1) Customer contracts that have not been signed yet
(2) We define our 12-month backlog as the estimated amount of revenues that we expect to recognize in the next twelve months from our fully-contracted backlog
(3) Estimated contracted revenue and incentives during PPA period plus estimated additional revenue from operating RNG assets over a 20-year period, assuming RINs at $1.50/gallon and brown gas at $3.50/MMBtu with $3.00/MMBtu for LCFS on certain projects
(4) Net MWe capacity includes only our share of any jointly owned assets

•Ameresco’s Assets in Development ended the quarter at 595 MWe. After subtracting Ameresco’s partners’ minority interests, Ameresco’s owned capacity of Assets in Development at quarter end was 589 MWe.
•Ameresco brought 42 MWe of Energy Assets into operation, including the 11.7 MWe Keller Canyon RNG plant and 27 MWe battery storage at the remaining 3 United Power sites.

Subsequent Events

Today Ameresco announced the promotion of four key leaders at Ameresco: Michael Bakas, Nicole Bulgarino, Peter Christakis, and Louis Maltezos. Over the past few years, the Company has experienced significant growth, necessitating a management structure that is both visionary and resilient to drive continued profitable growth.

•Michael Bakas has been appointed President - Renewable Fuels. Michael will continue to focus on the expansion of our renewable fuels asset class, which includes one of the most robust pipelines of plants in the country.

•Nicole Bulgarino has been appointed President - Federal and Utility Infrastructure. In this role, Nicole will continue to oversee our expanding Federal business while also driving the development of emerging utility infrastructure opportunities.

•Peter Christakis has been appointed President - East USA, Greece & Project Risk. In this capacity, Peter will manage our East region while also expanding our pipeline of solar projects. Additionally, Peter will lead our centralized procurement and corporate risk initiatives to provide significant corporate support across the organization.




•Louis Maltezos has been appointed President – Central & Western USA, Canada. Louis will continue unifying these regions and concentrating on our core markets. He and his team will also work on expanding our Smart Solutions portfolio by promoting new building controls, efficiency initiatives, and advanced water metering offerings across our customer base.

Summary and Outlook

“With our record project backlog, expanding portfolio of operating Energy Assets and growing base of long-term O&M contracts, Ameresco is very well positioned for future growth. As we look ahead to 2025, we believe the need for our smart solutions that provide energy resiliency, cost savings and infrastructure upgrades will continue to be in very high demand. We have all the elements in place to achieve another year of impressive growth in revenue and faster growth in profitability while continuing to capture growing business opportunities,” Mr. Sakellaris concluded.

Ameresco is reaffirming its full year 2024 guidance which is included in the table below. Our guidance range reflects revenue and Adjusted EBITDA growth of 27% and 35%, respectively, at the midpoints. While we expect higher Interest Expense and Other in the range of $70 million to $75 million, we are also maintaining our Non-GAAP EPS guidance, largely driven by our estimated annual tax benefit rate.

FY 2024 Guidance Ranges
Revenue$1.70 billion$1.80 billion
Gross Margin16.0%16.5%
Adjusted EBITDA$210 million$230 million
Interest Expense & Other$70 million$75 million
Non-GAAP EPS$1.15$1.35

The Company’s Adjusted EBITDA and Non-GAAP EPS guidance excludes the impact of redeemable non-controlling interest activity, one-time charges, asset impairment charges, changes in contingent consideration, restructuring activities, as well as any related tax impact.

Conference Call/Webcast Information
The Company will host a conference call today at 4:30 p.m. ET to discuss third quarter 2024 financial results, business and financial outlook, and other business highlights. To participate on the day of the call, dial 1-888-596-4144, or internationally 1-646-968-2525, and enter the conference ID: 9604248, approximately 10 minutes before the call. A live, listen-only webcast of the conference call will also be available over the Internet. Individuals wishing to listen can access the call through the “Investors” section of the Company’s website at www.ameresco.com. If you are unable to listen to the live call, an archived webcast will be available on the Company’s website for one year.
Use of Non-GAAP Financial Measures
This press release and the accompanying tables include references to adjusted EBITDA, Non- GAAP EPS, Non-GAAP net income and adjusted cash from operations, 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 following the accompanying tables titled “Exhibit A: 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 Non-GAAP Financial Measures and Non-GAAP Financial Guidance in the accompanying tables.

About Ameresco, Inc.
Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading cleantech integrator and renewable energy asset developer, owner and operator. Our comprehensive portfolio includes solutions that help customers reduce costs, decarbonize to net zero, and build energy resiliency while leveraging smart, connected technologies. From implementing energy efficiency and infrastructure upgrades to developing, constructing, and operating distributed energy resources – we are a trusted sustainability partner. Ameresco has successfully completed energy saving, environmentally responsible projects with Federal, state and local governments, utilities, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,500 employees providing local expertise in North America and Europe. For more information, visit www.ameresco.com.

Contact:
Media Relations
Leila Dillon, 508.661.2264, news@ameresco.com
Investor Relations
Eric Prouty, AdvisIRy Partners, 212.750.5800,
eric.prouty@advisiry.com
Lynn Morgen, AdvisIRy Partners, 212.750.5800,
lynn.morgen@advisiry.com

Safe Harbor Statement
Any statements in this press release about future expectations, plans and prospects for Ameresco, Inc., including statements about market conditions, pipeline, visibility, backlog, pending agreements, financial guidance including estimated future revenues, net income, adjusted EBITDA, Non-GAAP EPS, gross margin, effective tax rate, and capital investments, as well as statements about our financing plans, the impact the IRA, the impact of changes in the U.S. administration, supply chain disruptions, shortage and cost of materials and labor, and other macroeconomic and geopolitical challenges; our expectations related to our agreement with SCE including the impact of delays and any requirement to pay liquidated damages, 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: demand for our energy efficiency and renewable energy solutions; the timing of, and ability to, enter into contracts for awarded projects on the terms proposed or at all; the timing of work we do on projects where we recognize revenue on a percentage of completion basis; the ability to perform under signed contracts without delay and in accordance with their terms and related liquidated and other damages we may be subject to; the fiscal health of the government and the risk of government shutdowns; our ability to complete and operate our projects on a profitable basis and as committed to our customers; our cash flows from operations and our ability to arrange financing to fund our operations and projects; our customers’ ability to finance their



projects and credit risk from our customers; our ability to comply with covenants in our existing debt agreements including the requirement to raise additional subordinated debt; the impact of macroeconomic challenges, weather related events and climate change on our business; our reliance on third parties for our construction and installation work; availability and cost of labor and equipment particularly given global supply chain challenges, tariffs and global trade conflicts; global supply chain challenges, component shortages and inflationary pressures; 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 output and performance of our energy plants and energy projects; cybersecurity incidents and breaches; regulatory and other risks inherent to constructing and operating energy assets; the effects of our acquisitions and joint ventures; 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; the addition of new customers or the loss of existing customers; market price of our Class A Common stock prevailing from time to time; the nature of other investment opportunities presented to our Company from time to time; risks related to our international operation and international growth strategy; and other factors discussed in our most recent Annual Report on Form 10-K and our quarterly reports on Form 10-Q. The forward-looking statements included in this press release represent our views as of the date of this press release. 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 press release.



AMERESCO, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share amounts)
September 30,December 31,
 20242023
 (Unaudited)
ASSETS
Current assets:  
Cash and cash equivalents$113,502 $79,271 
Restricted cash71,868 62,311 
Accounts receivable, net230,298 153,362 
Accounts receivable retainage, net43,466 33,826 
Costs and estimated earnings in excess of billings572,804 636,163 
Inventory, net11,973 13,637 
Prepaid expenses and other current assets155,353 123,391 
Income tax receivable4,468 5,775 
Project development costs, net20,819 20,735 
Total current assets1,224,551 1,128,471 
Federal ESPC receivable565,964 609,265 
Property and equipment, net16,777 17,395 
Energy assets, net1,882,588 1,689,424 
Deferred income tax assets, net36,607 26,411 
Goodwill, net75,922 75,587 
Intangible assets, net5,387 6,808 
Operating lease assets77,609 58,586 
Restricted cash, non-current portion19,021 12,094 
Other assets77,812 89,735 
Total assets$3,982,238 $3,713,776 
LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY
Current liabilities:  
Current portions of long-term debt and financing lease liabilities, net$343,247 $322,247 
Accounts payable399,244 402,752 
Accrued expenses and other current liabilities101,259 108,831 
Current portions of operating lease liabilities12,242 13,569 
Billings in excess of cost and estimated earnings108,020 52,903 
Income taxes payable655 1,169 
Total current liabilities964,667 901,471 
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs1,317,517 1,170,075 
Federal ESPC liabilities520,497 533,054 
Deferred income tax liabilities, net2,601 4,479 
Deferred grant income6,806 6,974 
Long-term operating lease liabilities, net of current portion58,007 42,258 
Other liabilities102,645 82,714 



September 30,December 31,
 20242023
Redeemable non-controlling interests, net$42,761 $46,865 
Stockholders' equity:  
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at September 30, 2024 and December 31, 2023— — 
Class A common stock, $0.0001 par value, 500,000,000 shares authorized, 36,544,586 shares issued and 34,442,751 shares outstanding at September 30, 2024, 36,378,990 shares issued and 34,277,195 shares outstanding at December 31, 2023
3 3 
Class B common stock, $0.0001 par value, 144,000,000 shares authorized, 18,000,000 shares issued and outstanding at September 30, 2024 and December 31, 20232 2 
Additional paid-in capital336,425 320,892 
Retained earnings615,503 595,911 
Accumulated other comprehensive loss, net(2,803)(3,045)
Treasury stock, at cost, 2,101,835 shares at September 30, 2024 and 2,101,795 shares at December 31, 2023
(11,788)(11,788)
Stockholders' equity before non-controlling interest937,342 901,975 
Non-controlling interests29,395 23,911 
Total stockholders’ equity966,737 925,886 
Total liabilities, redeemable non-controlling interests and stockholders' equity$3,982,238 $3,713,776 




AMERESCO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts) (Unaudited)
 Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
Revenues$500,873 $335,149 $1,237,261 $933,265 
Cost of revenues423,734 271,493 1,047,960 761,012 
Gross profit77,139 63,656 189,301 172,253 
Earnings from unconsolidated entities159 526 724 1,356 
Selling, general and administrative expenses42,139 42,752 125,920 125,466 
Operating income35,159 21,430 64,105 48,143 
Other expenses, net21,469 10,642 51,399 27,883 
Income before income taxes13,690 10,788 12,706 20,260 
Income tax benefit(3,324)(10,054)(3,324)(10,552)
Net income17,014 20,842 16,030 30,812 
Net loss (income) attributable to non-controlling interests and redeemable non-controlling interests585 423 3,642 (2,077)
Net income attributable to common shareholders$17,599 $21,265 $19,672 $28,735 
Net income per share attributable to common shareholders:  
Basic$0.34 $0.41 $0.37 $0.55 
Diluted$0.33 $0.40 $0.37 $0.54 
Weighted average common shares outstanding: 
Basic52,413 52,209 52,352 52,104 
Diluted53,243 53,300 53,098 53,259 




AMERESCO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (Unaudited)
 Nine Months Ended September 30,
 20242023
Cash flows from operating activities:
Net income$16,030 $30,812 
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation of energy assets, net57,352 42,847 
Depreciation of property and equipment3,699 2,849 
Increase in contingent consideration87 705 
Accretion of ARO liabilities243 194 
Amortization of debt discount and debt issuance costs3,764 3,407 
Amortization of intangible assets1,615 1,681 
Provision for bad debts1,292 637 
Loss on disposal of assets515 18 
Non-cash project revenue related to in-kind leases(2,971)— 
Earnings from unconsolidated entities(724)(1,356)
Net gain from derivatives(267)(3,306)
Stock-based compensation expense10,368 12,318 
Deferred income taxes, net(3,914)(13,089)
Unrealized foreign exchange (gain) loss(898)1,148 
Changes in operating assets and liabilities:
Accounts receivable(64,045)58,135 
Accounts receivable retainage(9,753)4,589 
Federal ESPC receivable(110,841)(143,647)
Inventory, net1,664 570 
Costs and estimated earnings in excess of billings126,694 5,260 
Prepaid expenses and other current assets15,112 (10,925)
Income taxes receivable, net798 590 
Project development costs(4,456)(4,638)
Other assets(4,664)(2,080)
Accounts payable, accrued expenses and other current liabilities13,511 (38,444)
Billings in excess of cost and estimated earnings42,215 10,104 
Other liabilities6,796 1,200 
Cash flows from operating activities
99,222 (40,421)
Cash flows from investing activities:
Purchases of property and equipment(3,053)(4,597)
Capital investments in energy assets(341,794)(445,540)
Capital investments in major maintenance of energy assets(13,597)(8,024)
Net proceeds from equity method investments13,091 — 
Asset acquisition, net of cash acquired— 6,206 
Contributions to equity method investments(10,442)(3,489)
Grant award received on energy asset403 — 
Acquisitions, net of cash received— (9,183)
Loans to joint venture investments— (566)
Cash flows from investing activities
(355,392)(465,193)
Cash flows from financing activities:  
Payments of debt discount and debt issuance costs(10,114)(8,635)
Proceeds from exercises of options and ESPP1,899 3,384 
Payments on senior secured revolving credit facility, net(33,400)(115,000)
Proceeds from long-term debt financings663,598 728,600 
Proceeds from Federal ESPC projects129,399 107,303 
Net proceeds from energy asset receivable financing arrangements5,216 12,514 
Contributions from non-controlling interests33,789 499 
Distributions to non-controlling interest(1,367)(20,521)
Distributions to redeemable non-controlling interests, net(418)(494)
Payment on seller's promissory note(41,941)(12,500)



 Nine Months Ended September 30,
 20242023
Payments on debt and financing leases(441,603)(162,749)
Cash flows from financing activities
305,058 532,401 
Effect of exchange rate changes on cash1,827 (980)
Net increase in cash, cash equivalents, and restricted cash50,715 25,807 
Cash, cash equivalents, and restricted cash, beginning of period153,676 149,888 
Cash, cash equivalents, and restricted cash, end of period$204,391 $175,695 



Non-GAAP Financial Measures (Unaudited, in thousands)
Three Months Ended September 30, 2024
Adjusted EBITDA:ProjectsEnergy AssetsO&MOtherConsolidated
Net income attributable to common shareholders$9,865 $2,686 $3,801 $1,247 $17,599 
Impact from redeemable non-controlling interests— (911)— — (911)
Plus (less): Income tax provision (benefit)2,859 (7,383)596 604 (3,324)
Plus: Other expenses, net3,993 16,983 163 330 21,469 
Plus: Depreciation and amortization864 21,516 320 753 23,453 
Plus: Stock-based compensation2,842 426 201 195 3,664 
Plus: Contingent consideration, restructuring and other charges218 17 5 4 244 
Adjusted EBITDA$20,641 $33,334 $5,086 $3,133 $62,194 
Adjusted EBITDA margin5.4 %56.4 %17.9 %11.2 %12.4 %
Three Months Ended September 30, 2023
Adjusted EBITDA:ProjectsEnergy AssetsO&MOtherConsolidated
Net income (loss) attributable to common shareholders$13,465 $5,454 $2,393 $(47)$21,265 
Impact from redeemable non-controlling interests— (587)— — (587)
(Less) plus: Income tax (benefit) provision(6,953)(3,766)717 (52)(10,054)
Plus: Other expenses, net5,042 4,970 227 403 10,642 
Plus: Depreciation and amortization1,134 14,902 311 707 17,054 
Plus: Stock-based compensation3,128 570 293 328 4,319 
Plus: Contingent consideration, restructuring and other charges595 14 4 52 665 
Adjusted EBITDA$16,411 $21,557 $3,945 $1,391 $43,304 
Adjusted EBITDA margin6.8 %48.7 %17.3 %5.5 %12.9 %












Nine Months Ended September 30, 2024
Adjusted EBITDA:ProjectsEnergy AssetsO&MOtherConsolidated
Net income attributable to common shareholders$1,415 $5,082 $10,601 $2,574 $19,672 
Impact from redeemable non-controlling interests— (3,766)— — (3,766)
Plus (less): Income tax provision (benefit)2,859 (7,383)596 604 (3,324)
Plus: Other expenses, net15,032 33,819 1,003 1,545 51,399 
Plus: Depreciation and amortization2,897 56,605 956 2,208 62,666 
Plus: Stock-based compensation7,713 1,305 670 680 10,368 
Plus: Contingent consideration, restructuring and other charges930 100 15 96 1,141 
Adjusted EBITDA$30,846 $85,762 $13,841 $7,707 $138,156 
Adjusted EBITDA margin3.4 %55.1 %17.3 %9.5 %11.2 %

Nine Months Ended September 30, 2023
Adjusted EBITDA:ProjectsEnergy AssetsO&MOtherConsolidated
Net income attributable to common shareholders$12,114 $11,659 $3,820 $1,142 $28,735 
Impact from redeemable non-controlling interests— 869 — — 869 
(Less) plus: Income tax (benefit) provision(8,405)(3,920)1,336 437 (10,552)
Plus: Other expenses, net10,127 16,150 559 1,047 27,883 
Plus: Depreciation and amortization2,901 42,150 923 1,403 47,377 
Plus: Stock-based compensation8,629 1,783 904 1,002 12,318 
Plus: Contingent consideration, restructuring and other charges1,147 48 15 211 1,421 
Adjusted EBITDA$26,513 $68,739 $7,557 $5,242 $108,051 
Adjusted EBITDA margin4.0 %50.9 %11.1 %7.0 %11.6 %




Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Non-GAAP net income and EPS:
Net income attributable to common shareholders$17,599 $21,265 $19,672 $28,735 
Adjustment for accretion of tax equity financing fees(26)(26)(80)(81)
Impact from redeemable non-controlling interests (911)(587)(3,766)869 
Plus: Contingent consideration, restructuring and other charges244 665 1,141 1,421 
Less: Income tax effect of Non-GAAP adjustments(63)(173)(296)(369)
Non-GAAP net income16,843 21,144 16,671 30,575 
Diluted net income per common share$0.33 $0.40 $0.37 $0.54 
Effect of adjustments to net (loss) income (0.01)— (0.05)0.03 
Non-GAAP EPS$0.32 $0.40 $0.32 $0.57 
Adjusted cash from operations:
Cash flows from operating activities$25,091 $(6,572)$99,222 $(40,421)
Plus: proceeds from Federal ESPC projects9,271 30,604 129,399 107,303 
Adjusted cash from operations$34,362 $24,032 $228,621 $66,882 

Other Financial Measures (Unaudited, in thousands)
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
New contracts and awards:
New contracts$585,824 $341,140 $1,433,940 $799,380 
New awards (1)
$479,425 $708,470 $1,534,824 $1,673,625 
(1) Represents estimated future revenues from projects that have been awarded, though the contracts have not yet been signed

Non-GAAP Financial Guidance
Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA):
Year Ended December 31, 2024
LowHigh
Operating income (1)
$112 million $130 million
Depreciation and amortization$85 million $86 million
Stock-based compensation$14 million $15 million
Restructuring and other charges$(1) million $(1) million
Adjusted EBITDA$210 million $230 million

(1) Although net income is the most directly comparable GAAP measure, this table reconciles adjusted EBITDA to operating income because we are not able to calculate forward-looking net income without unreasonable efforts due to significant uncertainties with respect to the impact of accounting for our redeemable non-controlling interests and taxes.




Exhibit A: Non-GAAP Financial Measures
We use the Non-GAAP financial measures defined and discussed below to provide investors and others with useful supplemental information to our financial results prepared in accordance with GAAP. These Non-GAAP financial measures should not be considered as an alternative to any measure of financial performance calculated and presented in accordance with GAAP. For a reconciliation of these Non-GAAP measures to the most directly comparable financial measures prepared in accordance with GAAP, please see Non-GAAP Financial Measures and Non-GAAP Financial Guidance in the tables above.
We understand that, although measures similar to these Non-GAAP financial measures are frequently used by investors and securities analysts in their evaluation of companies, they have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for the most directly comparable GAAP financial measures or an analysis of our results of operations as reported under GAAP. To properly and prudently evaluate our business, we encourage investors to review our GAAP financial statements included above, and not to rely on any single financial measure to evaluate our business.
Adjusted EBITDA and Adjusted EBITDA Margin
We define adjusted EBITDA as net income attributable to common shareholders, including impact from redeemable non-controlling interests, before income tax (benefit) provision, other expenses net, depreciation, amortization of intangible assets, accretion of asset retirement obligations, contingent consideration expense, stock-based compensation expense, energy asset impairment, restructuring and other charges, gain or loss on sale of equity investment, and gain or loss upon deconsolidation of a variable interest entity. We believe adjusted EBITDA is useful to investors in evaluating our operating performance for the following reasons: adjusted EBITDA and similar Non-GAAP measures are widely used by investors to measure a company's operating performance without regard to items that can vary substantially from company to company depending upon financing and accounting methods, book values of assets, capital structures and the methods by which assets were acquired; securities analysts often use adjusted EBITDA and similar Non-GAAP measures as supplemental measures to evaluate the overall operating performance of companies; and by comparing our adjusted EBITDA in different historical periods, investors can evaluate our operating results without the additional variations of depreciation and amortization expense, accretion of asset retirement obligations, contingent consideration expense, stock-based compensation expense, impact from redeemable non-controlling interests, restructuring and asset impairment charges. We define adjusted EBITDA margin as adjusted EBITDA stated as a percentage of revenue.

Our management uses adjusted EBITDA and adjusted EBITDA margin as measures of operating performance, because they do not include the impact of items that we do not consider indicative of our core operating performance; for planning purposes, including the preparation of our annual operating budget; to allocate resources to enhance the financial performance of the business; to evaluate the effectiveness of our business strategies; and in communications with the board of directors and investors concerning our financial performance.

Non-GAAP Net Income and EPS
We define Non-GAAP net income and earnings per share (EPS) to exclude certain discrete items that management does not consider representative of our ongoing operations, including energy asset impairment, restructuring and other charges, impact from redeemable non-controlling interest, gain or loss on sale of equity investment, and gain or loss upon



deconsolidation of a variable interest entity. We consider Non-GAAP net income and Non-GAAP EPS to be important indicators of our operational strength and performance of our business because they eliminate the effects of events that are not part of the Company's core operations.

Adjusted Cash from Operations
We define adjusted cash from operations as cash flows from operating activities plus proceeds from Federal ESPC projects. Cash received in payment of Federal ESPC projects is treated as a financing cash flow under GAAP due to the unusual financing structure for these projects. These cash flows, however, correspond to the revenue generated by these projects. Thus, we believe that adjusting operating cash flow to include the cash generated by our Federal ESPC projects provides investors with a useful measure for evaluating the cash generating ability of our core operating business. Our management uses adjusted cash from operations as a measure of liquidity because it captures all sources of cash associated with our revenue generated by operations.