Ameresco Inc · Q1 2021 earnings

Briefing

Reported revenue and profit growth that exceeded expectations, with a meaningful pickup in project award activity and increased 2021 guidance.

Ameresco reported excellent first quarter results, exceeding expectations across all major metrics. Business conditions improved throughout the period, with strong performance in the Projects business, particularly within the Federal group, and a meaningful pickup in revenue and profit in the Energy Asset business. The company also completed a public equity offering, raising over $120 million to accelerate the growth of its recurring revenue Energy Asset business.

• Revenues of $252.2 million, up 19% year-over-year.
• Net Income of $11.2 million, up 80%.
• GAAP EPS of $0.22, up 69%.
• Non-GAAP EPS of $0.25, up 67%.

Headline financials

Revenue & EPS history

Ameresco is increasing its 2021 guidance ranges, representing year-over-year revenue and adjusted EBITDA growth of 10% and 23%, respectively, at the midpoints, and Non-GAAP EPS growth of 20% at the midpoint, excluding the impact of approximately $0.13 of one-time tax benefits realized in 2020. The Company anticipates commissioning a further 55 to 75 MWe of energy assets and plans to invest approximately $165 million to $215 million in additional energy asset capital expenditures during the remainder of 2021, the majority of which will be funded with project finance debt.