Annual report [Section 13 and 15(d), not S-K Item 405]

Geographic Information

v3.25.0.1
Geographic Information
 12 Months Ended
Dec. 31, 2024
Segments, Geographical Areas [Abstract]  
Geographic Information GEOGRAPHIC INFORMATION
The following table presents our long-lived assets related to our operations by geographic area:
As of December 31,
  2024 2023
Long-lived Tangible Assets      
United States $ 1,888,440  $ 1,670,322 
Canada 20,509   23,549
Europe 17,402  12,948 
Total long-lived assets $ 1,926,351    $ 1,706,819 
We attribute revenues to customers based on the location of the customer. The following table presents revenues by geographic region:
Year Ended December 31,
2024 2023 2022
Revenues  
United States $ 1,446,879  $ 1,161,775  $ 1,712,326 
Canada 72,371 63,367 53,461
Europe 250,678  149,491  58,635 
Total revenues $ 1,769,928  $ 1,374,633  $ 1,824,422 
BUSINESS SEGMENT INFORMATION
Our reportable segments for the year ended December 31, 2024 were North America Regions, U.S. Federal, Europe, and Renewable Fuels (formerly Alternative Fuels). On January 1, 2024, we changed the structure of our internal organization, and our U.S. Regions and Canada are now included in North America Regions. Additionally, our Asset Sustainability Group was formerly included in Canada, but is now included in “All Other”. As a result, previously reported amounts have been reclassified for comparative purposes.
Our North America Regions, U.S. Federal, and Europe 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 Ameresco owns or develops for customers that produce electricity, gas, heat, or cooling from renewable sources of energy and O&M services.
Our Renewable Fuels 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 we own and O&M services for customer owned small-scale plants. Our North America Regions segment also includes certain small-scale solar grid-tie plants developed for customers. The “All Other” category offers 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.
Our Chief Executive Officer and President is our chief operating decision maker (“CODM”). The CODM is responsible for making operating decisions, allocating resources, and assessing performance of the business segments. The CODM uses the segments’ income before income taxes as the profitability measure in making these decisions.
For the years ended December 31, 2024, 2023, and 2022, 67.3%, 71.8%, and 46.0%, respectively, of our revenues have been derived from federal, state, provincial, or local government entities, including public housing authorities, public universities and municipal utilities. The U.S. federal government, which is considered a single customer for reporting purposes, constituted 21.0%, 29.3%, and 21.5% of our consolidated revenues for the years ended December 31, 2024, 2023, and 2022, respectively. Revenues from the U.S. federal government are included in our U.S. Federal segment.
The reports of our CODM do not include assets at the operating segment level.
The table below presents our business segment information and reconciliation to our consolidated financial statements for the years ending December 31:
North America Regions U.S. Federal Renewable Fuels Europe All Other Corporate Total
2024
Revenues $ 878,828  $ 372,536  $ 173,342  $ 250,574  $ 94,648  $ 1,769,928 
Cost of revenues 773,205  313,413  136,720  227,163  63,336  1,513,837 
Gross profit 105,623  59,123  36,622  23,411  31,312  256,091 
Add:
Earnings from unconsolidated entities 51  687  —  54  —  —  792 
Gain on sale of business, net —  —  —  —  38,007  —  38,007 
Less:
Selling, general and administrative expenses 50,985  13,064  2,909  16,951  22,203  67,649  173,761 
Asset impairments 527  —  9,233  —  —  2,624  12,384 
Loss (gain) on derivatives 193  (1,083) (137) —  —  —  (1,027)
Interest expense, net of interest income 9,894  4,982  25,552  4,271  (1) 20,333  65,031 
Other expenses 3,172  883  460  1,467  34  4,785  10,801 
Income before income taxes 40,903  41,964  (1,395) 776  47,083  (95,391) 33,940 
Other Non-cash Segment Disclosures:
Depreciation and intangible asset amortization (1)
36,400  14,206  31,968  2,090  2,684  1,863  89,211 
Amortization of debt discount & debt issuance costs (1)
2,056  883  460  —  —  1,752  5,151 
(1) These amounts disclosed by reportable segment are included within the other segment expense captions.
North America Regions U.S. Federal Renewable Fuels Europe All Other Corporate Total
2023
Revenues 616,434  402,884  117,075  149,354  88,886  1,374,633 
Cost of revenues 515,986  340,989  87,819  123,215  60,195  1,128,204 
Gross profit 100,448  61,895  29,256  26,139  28,691  246,429 
Add:
Earnings from unconsolidated entities —  1,758  —  —  —  —  1,758 
Less:
Selling, general and administrative expenses 51,161  12,090  4,383  14,110  21,969  58,425  162,138 
Asset impairments 2,222  —  1,609  —  —  —  3,831 
(Gain) loss on derivatives
 (2,461) 857  496  —  —  —  (1,108)
Interest expense, net of interest income 7,003  1,429  16,019  2,477  (6) 9,247  36,169 
Other expenses 1,654  11  533  5,915  75  700  8,888 
Income before income taxes 40,869  49,266  6,216  3,637  6,653  (68,372) 38,269 
Other Non-cash Segment Disclosures:
Depreciation and intangible asset amortization (1)
$ 28,682  $ 5,343  $ 26,160  $ 2,082  $ 1,861  $ 1,783  $ 65,911 
Amortization of debt discount & debt issuance costs (1)
2,444  50  533  —  —  1,174  4,201 
North America Regions U.S. Federal Renewable Fuels Europe All Other Corporate Total
2022
Revenues 1,173,281  391,891  114,459  58,410  86,381  1,824,422 
Cost of revenues 1,020,266  329,527  78,359  46,808  58,629  1,533,589 
Gross profit 153,015  62,364  36,100  11,602  27,752  290,833 
Add:
Earnings from unconsolidated entities —  1,647  —  —  —  —  1,647 
Less:
Selling, general and administrative expenses 57,401  11,757  2,962  6,626  18,640  62,102  159,488 
Asset impairments —  —  —  —  —  —  — 
(Gain) loss on derivatives
 (506) —  294  —  —  —  (212)
Interest expense, net of interest income 7,865  1,231  8,657  24  (3) 7,955  25,729 
Other (income) expenses
 (580) 157  1,198  (150) 7  1,124  1,756 
Income before income taxes 88,835  50,866  22,989  5,102  9,108  (71,181) 105,719 
Other Non-cash Segment Disclosures:
Depreciation and intangible asset amortization (1)
23,152  4,905  23,354  275  746  1,846  54,278 
Amortization of debt discount & debt issuance costs (1)
1,712  157  1,198  —  —  1,144  4,211 
(1) These amounts disclosed by reportable segment are included within the other segment expense captions.
See Note 3 for additional information about our revenues by product line.