Ameresco, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Business Segment Information

Business Segment Information

6 Months Ended

Jun. 30, 2019

BUSINESS SEGMENT INFORMATION

The Company reports results under ASC 280, Segment Reporting. The Company’s reportable segments are U.S. Regions, U.S. Federal, Canada and Non-Solar Distributed Generation (“DG”). The Company’s U.S. Regions, U.S. Federal and Canada segments offer energy efficiency products and services, which include the design, engineering and installation of equipment and other measures to improve the efficiency and control the operation of a facility’s energy infrastructure, renewable energy solutions and services, which include the construction of small-scale plants that the company owns or develops for customers that produce electricity, gas, heat or cooling from renewable sources of energy and O&M services. The Company’s Non-Solar DG segment sells electricity, processed renewable gas fuel, heat or cooling, produced from renewable sources of energy, other than solar, and generated by small-scale plants that the Company owns and O&M services for customer owned small-scale plants. The “All Other” category offers enterprise energy management services, consulting services and the sale of solar-PV energy products and systems which we refer to as integrated-PV.

These segments do not include results of other activities, such as corporate operating expenses not specifically allocated to the segments. Certain reportable segments are an aggregation of operating segments. The reports of the Company’s chief operating decision maker do not include assets at the operating segment level. The accounting policies are the same as those described in the summary of significant accounting policies in Note 2 included in the Company’s annual report on Form 10-K for the year ended December 31, 2018 filed with the Securities and Exchange Commission on March 8, 2019.

An analysis of the Company’s business segment information and reconciliation to the condensed consolidated financial statements is as follows:



	U.S. Regions		U.S. Federal		Canada			Non-Solar DG		All Other		Total Consolidated
Three Months Ended June 30, 2019
Revenues	$	88,220	$	55,022	$	7,883		$	23,265	$	23,793	$	198,183
Interest income	—		19		—			23		39		81
Interest expense	1,713		208		174			1,285		—		3,380
Depreciation and amortization of intangible assets	2,464		806		315			5,686		376		9,647
Unallocated corporate activity	—		—		—			—		—		(8,841		)
Income before taxes, excluding unallocated corporate activity	2,458		10,043		241			3,400		2,010		18,152
Three Months Ended June 30, 2018
Revenues	$	88,778	$	58,214	$	7,958		$	19,921	$	22,111	$	196,982
Interest income	2		28		—			47		—		77
Interest expense	1,031		247		477			1,467		13		3,235
Depreciation and amortization of intangible assets	1,377		661		290			4,348		377		7,053
Unallocated corporate activity	—		—		—			—		—		(7,751		)
Income (loss) before taxes, excluding unallocated corporate activity	4,732		10,078		(285		)	2,335		900		17,760
Six Months Ended June 30, 2019
Revenues	$	143,817	$	98,079	$	15,031		$	44,495	$	46,873	$	348,295
Interest income	63		68		—			44		39		214
Interest expense	2,570		418		338			2,862		—		6,188
Depreciation and amortization of intangible assets	4,646		1,623		590			10,902		724		18,485
Unallocated corporate activity	—		—		—			—		—		(16,849		)
Income (loss) before taxes, excluding unallocated corporate activity	2,180		15,664		(48		)	4,781		6,711		29,288
Six Months Ended June 30, 2018
Revenues	$	163,469	$	105,999	$	16,862		$	38,038	$	40,024	$	364,392
Interest income	3		48		—			82		—		133
Interest expense	2,222		488		961			2,548		13		6,232
Depreciation and amortization of intangible assets	2,707		1,333		579			8,412		756		13,787
Unallocated corporate activity	—		—		—			—		—		(14,621		)
Income (loss) before taxes, excluding unallocated corporate activity	9,350		15,895		(2,647		)	4,945		1,812		29,355