← Ameresco, Inc.
| Annual Trend | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash flows from operating activities: | |||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Net Income (Loss) Attributable to Parent | ($2.6m) | $12.0m | $37.5m | $38.0m | $44.4m | $54.1m | $70.5m | $94.9m | $62.5m | $56.8m | |
| Net Income (Loss) Available to Common Stockholders, Basic | $3.0m | $12.0m | $33.5m | $37.6m | $40.3m | $53.9m | $70.3m | $94.8m | $62.4m | $56.6m | |
| Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $3.0m | $12.0m | $33.5m | $37.6m | $40.3m | $56.9m | $80.2m | $98.5m | $63.9m | $53.9m | |
| Net Income (Loss) Attributable to Noncontrolling Interest | ($5.5m) | ($35k) | ($4.0m) | ($407k) | ($4.1m) | $2.9m | $9.7m | $3.6m | $1.4m | ($2.8m) | |
| Depreciation, Depletion and Amortization | — | $22.8m | $23.9m | $29.1m | $37.7m | $40.1m | $44.8m | $52.4m | $64.1m | $89.2m | |
| Amortization of Debt Issuance Costs | $1.1m | $1.5m | $1.6m | $2.2m | $2.2m | $2.7m | $2.8m | $4.2m | $4.2m | $5.2m | |
| Amortization of Debt Issuance Costs and Discounts | $1.0m | $1.2m | $1.4m | $1.9m | $2.2m | $2.7m | $2.8m | $4.2m | $4.2m | $5.2m | |
| Amortization of Intangible Assets | $4.2m | $2.4m | $1.5m | $1.1m | $909k | $685k | $321k | $1.9m | $2.4m | $2.1m | |
| Depreciation | $3.3m | $3.0m | $2.4m | $2.2m | $3.0m | $3.3m | $3.1m | $2.7m | $4.2m | $5.0m | |
| Depreciation of energy assets, net | $16.9m | $19.4m | $21.6m | $27.3m | $35.5m | $38.0m | $43.1m | $49.8m | $59.4m | $82.1m | |
| Depreciation of property and equipment | $3.3m | $3.0m | $2.4m | $2.2m | $3.0m | $3.3m | $3.1m | $2.7m | $4.2m | $5.0m | |
| Amortization of debt discount and debt issuance costs | $1.1m | $1.5m | $1.6m | $2.2m | $2.2m | $2.7m | $2.8m | $4.2m | $4.2m | $5.2m | |
| Deferred Income Tax Expense (Benefit) | $1.6m | $2.9m | ($4.6m) | $5.5m | ($4.3m) | $2.3m | ($3.9m) | $6.0m | ($27.3m) | ($24.5m) | |
| Deferred income taxes, net | $2.0m | $2.9m | ($4.5m) | $5.5m | ($3.3m) | $3.4m | ($4.8m) | $3.9m | ($27.6m) | ($24.3m) | |
| Share-based Payment Arrangement, Noncash Expense | $1.8m | $1.5m | $1.3m | $1.3m | $1.6m | $1.9m | $8.7m | $15.0m | $10.3m | $14.1m | |
| Share-based Payment Arrangement, Expense | — | — | — | — | — | $1.9m | $8.7m | $15.0m | $10.3m | $14.1m | |
| Goodwill, Impairment Loss | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.6m | $0 | |
| Impairment of goodwill | — | — | — | — | — | — | $0 | $0 | $2.2m | $0 | |
| Impairment of long-lived assets / loss on disposal | ($17k) | $0 | ($103k) | $298k | ($2.2m) | $2.7m | $1.9m | $937k | $1.7m | $12.8m | |
| Equity Method Investment, Realized Gain (Loss) on Disposal | — | — | — | — | — | — | $575k | $0 | $0 | $224k | |
| Gain (Loss) on Disposition of Business | — | — | — | — | — | — | — | — | — | $38.0m | |
| Gain (Loss) on Disposition of Property Plant Equipment | $17k | $0 | $103k | ($298k) | $2.2m | ($2.7m) | ($1.9m) | ($937k) | ($1.7m) | ($12.8m) | |
| Income (Loss) from Equity Method Investments | — | — | — | — | ($183k) | ($225k) | ($118k) | $1.6m | $1.8m | $792k | |
| Income Tax Expense (Benefit) | $2.8m | $4.4m | ($4.8m) | $4.8m | ($3.7m) | ($494k) | ($2.0m) | $7.2m | ($25.6m) | ($20.0m) | |
| Operating Lease, Expense | — | — | — | — | — | $8.9m | $9.7m | $9.2m | $10.5m | $13.9m | |
| Operating Lease, Lease Income | — | — | — | — | — | $9.1m | $11.7m | $10.9m | $10.7m | $12.2m | |
| Net proceeds from sale of equity investment | — | — | — | — | $0 | $0 | $1.7m | $0 | $0 | $13.1m | |
| Changes in operating assets and liabilities: | |||||||||||
| Additional Financial Items | |||||||||||
| Increase (Decrease) in Accounts Receivable | $4.5m | $12.0m | ($1.9m) | ($9.8m) | $8.5m | $24.2m | $16.0m | ($3.5m) | ($52.6m) | $96.9m | |
| Increase (Decrease) in Inventories | $4.3m | ($1.1m) | ($4.0m) | ($373k) | $1.5m | ($660k) | $232k | $5.4m | ($581k) | ($2.1m) | |
| Asset Retirement Obligation, Accretion Expense | — | — | — | — | $44k | $93k | $123k | $146k | $258k | $332k | |
| Foreign Currency Transaction Gain (Loss), before Tax | — | — | $1.3m | ($1.8m) | ($59k) | $481k | ($852k) | ($144k) | $581k | ($3.8m) | |
| Foreign Currency Transaction Gain (Loss), Unrealized | ($2.1m) | ($167k) | $1.4m | ($1.8m) | $130k | $306k | ($142k) | $123k | $368k | ($2.2m) | |
| General and Administrative Expense | $110.0m | $110.6m | $107.6m | $114.5m | $116.5m | — | — | — | — | — | |
| Goodwill | $59.1m | $58.0m | $56.1m | $58.3m | $58.4m | $58.7m | $71.2m | $70.6m | $75.6m | $66.3m | |
| Nonoperating Income (Expense) | ($6.8m) | ($7.4m) | ($7.9m) | ($16.7m) | ($15.1m) | ($15.1m) | ($17.3m) | ($27.3m) | ($43.9m) | ($74.8m) | |
| Payments of Financing Costs | $2.7m | $1.9m | $2.9m | $4.1m | $1.7m | $5.2m | $2.9m | $3.7m | $9.3m | $15.3m | |
| Proceeds from Contributions from Affiliates | — | — | — | — | — | $4.8m | $1.4m | — | — | — | |
| Proceeds from Stock Options Exercised | $1.2m | $1.1m | $2.0m | $7.2m | $7.4m | $9.0m | $5.6m | $4.0m | $2.4m | $942k | |
| Unrealized Gain (Loss) on Derivatives | $368k | $279k | $271k | $121k | $1.1m | $705k | ($240k) | $212k | $1.1m | $1.0m | |
| Increase in contingent consideration | $0 | — | — | — | — | $0 | $0 | $1.6m | $347k | $149k | |
| Accretion of ARO liabilities | — | — | — | — | — | $93k | $123k | $146k | $258k | $332k | |
| Provision (recoveries of) for bad debts | $4.1m | $5.4m | $77k | $610k | ($216k) | $282k | $187k | ($382k) | $356k | $1.3m | |
| Gain on sale of business, net of transaction costs | — | — | — | — | — | — | — | $0 | $0 | ($38.0m) | |
| Non-cash project revenue related to in-kind leases | — | — | — | — | — | — | — | $0 | ($3.2m) | ($4.2m) | |
| Earnings from unconsolidated entities | — | — | — | — | — | $225k | $118k | ($1.6m) | ($1.8m) | ($792k) | |
| Net gain from derivatives | ($368k) | ($279k) | ($271k) | ($121k) | ($1.1m) | ($705k) | $240k | ($212k) | ($1.1m) | ($1.0m) | |
| Stock-based compensation expense | $1.8m | $1.5m | $1.3m | $1.3m | $1.6m | $1.9m | $8.7m | $15.0m | $10.3m | $14.1m | |
| Unrealized foreign exchange loss (gain) | $2.1m | $167k | ($1.4m) | $1.8m | ($130k) | ($306k) | $142k | ($123k) | ($368k) | $2.2m | |
| Accounts receivable | ($4.5m) | ($12.0m) | $1.9m | $9.8m | ($8.5m) | ($24.2m) | ($16.0m) | $3.5m | $52.6m | ($96.9m) | |
| Accounts receivable retainage | ($3.8m) | $3.9m | $1.3m | $3.8m | ($3.4m) | ($13.1m) | ($12.9m) | $4.7m | $4.3m | ($14.3m) | |
| Federal ESPC receivable | ($73.2m) | ($116.8m) | ($157.5m) | ($155.5m) | ($188.1m) | ($227.1m) | ($249.7m) | ($259.5m) | ($260.4m) | ($158.9m) | |
| Inventory, net | ($4.3m) | $1.1m | $4.0m | $373k | ($1.5m) | $660k | ($232k) | ($5.4m) | $581k | $2.1m | |
| Unbilled revenue | — | — | — | $8.0m | ($106.7m) | $19.5m | ($113.2m) | ($272.6m) | ($13.2m) | $55.0m | |
| Prepaid expenses and other current assets | ($3.4m) | ($98k) | ($2.5m) | $6.8m | ($18.4m) | $517k | $1.8m | ($3.2m) | ($41.1m) | $22.6m | |
| Project development costs | ($4.6m) | $4.2m | ($3.0m) | ($8.7m) | $8.1m | ($3.1m) | $1.9m | ($685k) | ($5.5m) | ($3.3m) | |
| Other assets | ($4.1m) | ($525k) | ($60k) | ($3.5m) | $1.1m | $536k | ($1.8m) | ($11.3m) | ($6.9m) | ($5.3m) | |
| Accounts payable, accrued expenses, and other current liabilities | $26.3m | ($2.8m) | $19.7m | $2.9m | $43.5m | $29.0m | $83.5m | $36.2m | $53.2m | $143.8m | |
| Deferred revenue | — | ($7.0m) | ($2.2m) | $2.9m | $2.7m | $8.0m | ($693k) | $449k | $26.2m | $50.7m | |
| Other liabilities | ($2.4m) | ($3.6m) | ($540k) | ($783k) | ($1.6m) | $1.8m | ($5.0m) | ($5.1m) | $3.6m | $7.5m | |
| Income taxes receivable (payable), net | — | — | — | — | — | — | $4.4m | ($1.6m) | $1.3m | $3.7m | |
| Capital investment in energy assets | — | — | ($85.6m) | ($125.7m) | ($134.0m) | ($180.5m) | ($178.9m) | ($304.6m) | ($538.4m) | ($417.0m) | |
| Capital investment in major maintenance of energy assets | — | — | — | — | — | ($4.9m) | ($8.6m) | ($18.0m) | ($7.6m) | ($17.1m) | |
| Grant award received on energy asset | — | — | — | $0 | $784k | $1.9m | $774k | $0 | $0 | $400k | |
| Net proceeds from sale of business | — | — | — | — | — | — | — | $0 | $0 | $54.2m | |
| Acquisitions, net of cash received | $0 | ($3.6m) | ($2.4m) | ($3.6m) | ($1.3m) | $0 | ($14.9m) | $0 | ($9.2m) | $0 | |
| Contributions to equity and other investments | — | — | — | — | — | — | ($9.0m) | $0 | ($5.4m) | ($11.8m) | |
| Loans to joint venture investments | — | — | — | — | — | $0 | $0 | ($459k) | ($565k) | $0 | |
| Purchases of subsurface land easements | — | — | — | — | — | — | — | $0 | $0 | ($4.3m) | |
| (Payments on) proceeds from senior secured revolving credit facility, net | $6.3m | $3.8m | $12.5m | ($900k) | $73.3m | $3.0m | ($8.1m) | $137.9m | ($43.0m) | ($4.9m) | |
| Payment on seller's promissory note | — | — | — | — | — | — | — | $0 | $0 | ($61.9m) | |
| Proceeds from Federal ESPC projects | $78.0m | $90.0m | $165.0m | $158.2m | $199.4m | $248.9m | $159.2m | $238.4m | $154.3m | $164.8m | |
| Net proceeds from energy asset receivable financing arrangements | $0 | $0 | $4.0m | $4.2m | $2.3m | $1.4m | $2.0m | $14.3m | $14.5m | $6.0m | |
| Proceeds from exercises of options and ESPP | — | $1.1m | $2.0m | $7.2m | $7.4m | $9.9m | $6.9m | $6.0m | $4.5m | $2.8m | |
| Contributions from non-controlling interest | $6.0m | $6.4m | $7.5m | $4.8m | $21.4m | $0 | $0 | $32.7m | $3.7m | $35.4m | |
| Distributions to non-controlling interest | — | — | — | — | — | — | $0 | $0 | ($21.8m) | ($1.4m) | |
| Distributions to redeemable non-controlling interests, net | — | — | — | — | — | ($4.8m) | ($1.4m) | ($1.1m) | ($658k) | ($422k) | |
| Investment fund call option exercise | — | — | — | — | $0 | $0 | ($1.0m) | ($839k) | $0 | ($3.2m) | |
| Payment of contingent consideration | — | — | — | — | — | — | $0 | $0 | ($1.9m) | $0 | |
| Non-cash Federal ESPC settlement | $26.6m | $79.1m | $66.9m | $101.6m | $242.5m | $54.1m | $67.3m | $293.4m | $99.2m | $143.9m | |
| Accrued purchases of energy assets | $5.1m | $19.5m | $7.3m | $15.0m | $34.9m | $43.8m | $37.1m | $88.8m | $78.4m | $67.7m | |
| Non-cash contributions from non-controlling interest | — | — | — | — | — | $0 | $0 | $16.2m | $464k | $0 | |
| Non-cash financing for energy asset project acquisition | — | — | — | — | — | — | $0 | $0 | $83.0m | $32.5m | |
| Non-cash portion of investment fund call option exercise | — | — | — | — | $0 | $0 | $2.8m | $1.3m | $0 | $37.3m | |
| Derivative, Gain (Loss) on Derivative, Net | — | — | — | — | — | — | — | $212k | $1.1m | $1.0m | |
| Gain (Loss) on Derivative Instruments, Net, Pretax | $368k | $279k | $271k | $121k | $1.1m | $705k | ($240k) | $906k | $1.1m | $1.0m | |
| Net Cash Provided by (Used in) Operating Activities | ($49.5m) | ($58.1m) | ($136.6m) | ($53.2m) | ($196.3m) | ($102.6m) | ($172.3m) | ($338.3m) | ($70.0m) | $117.6m | |
| Cash flows from investing activities: | |||||||||||
| Payments to Acquire Property, Plant, and Equipment | $1.3m | $2.8m | $2.9m | $3.9m | $6.7m | $2.2m | $4.9m | $5.3m | $5.7m | $4.3m | |
| Payments to Acquire Businesses, Net of Cash Acquired | $0 | $3.6m | $2.4m | $3.6m | $1.3m | $0 | $14.9m | $0 | $9.2m | $0 | |
| Net Cash Provided by (Used in) Investing Activities | ($51.8m) | ($79.6m) | ($88.0m) | ($133.2m) | ($142.2m) | ($181.0m) | ($205.3m) | ($328.4m) | ($566.9m) | ($386.6m) | |
| Cash flows from financing activities: | |||||||||||
| Proceeds from Issuance of Long-term Debt | $17.7m | $38.0m | $48.5m | $88.1m | $43.9m | $116.1m | $186.0m | $468.5m | $843.5m | — | |
| Proceeds from long-term corporate debt financings | — | — | — | — | — | — | — | $295.0m | $0 | $100.0m | |
| Proceeds from long-term energy asset debt financings | — | — | — | — | — | — | — | $173.5m | $843.5m | $643.5m | |
| Payments of debt discount and debt issuance costs | ($2.7m) | ($1.9m) | ($2.9m) | ($4.1m) | ($1.7m) | ($5.2m) | ($2.9m) | ($3.7m) | ($9.3m) | ($15.3m) | |
| Repayments of Long-term Debt | $12.4m | $14.0m | $54.2m | $36.4m | $28.4m | $73.6m | $98.2m | $161.9m | $303.1m | — | |
| Payments on long-term corporate debt financings | — | — | — | — | — | — | — | ($52.8m) | ($155.0m) | ($127.0m) | |
| Payments on long-term energy asset debt and financing leases | — | — | — | — | — | — | — | ($109.0m) | ($148.1m) | ($424.4m) | |
| Proceeds from Issuance of Common Stock | — | — | — | — | — | — | $120.1m | $0 | $0 | — | |
| Payments for Repurchase of Common Stock | — | $6.4m | $3.4m | $1.8m | $144k | $6k | $0 | $0 | — | — | |
| Proceeds from Noncontrolling Interests | $6.0m | $6.4m | $7.5m | $4.8m | $21.4m | — | — | $32.7m | $3.7m | $35.4m | |
| Proceeds from (Payments to) Noncontrolling Interests | ($116k) | $0 | $0 | — | — | — | — | — | — | — | |
| Net Cash Provided by (Used in) Financing Activities | $100.7m | $137.3m | $228.1m | $224.5m | $317.4m | $305.2m | $365.5m | $730.2m | $640.8m | $313.9m | |
| Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | — | — | — | — | $447k | $2k | $309k | ($747k) | ($81k) | ($203k) | |
| Effect of exchange rate changes on cash | ($1.5m) | ($650k) | $168k | ($295k) | $447k | $2k | $309k | ($747k) | ($81k) | ($203k) | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | — | — | — | — | ($20.6m) | $21.6m | ($11.8m) | $62.8m | $3.8m | $44.7m | |
| Net increase in cash, cash equivalents, and restricted cash | — | — | $7.3m | $37.8m | ($20.6m) | $21.6m | ($11.8m) | $62.8m | $3.8m | $44.7m | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | — | — | — | $97.9m | $77.3m | $98.8m | $87.1m | $149.9m | $153.7m | $198.4m | |
| Cash, cash equivalents, and restricted cash, beginning of year | — | $52.8m | $60.1m | $97.9m | $77.3m | $98.8m | $87.1m | $149.9m | $153.7m | $198.4m | |
| Supplemental disclosure of cash flow information: | |||||||||||
| Interest Paid, Excluding Capitalized Interest, Operating Activities | $5.5m | $7.2m | $11.7m | $15.6m | $17.5m | $20.1m | $18.8m | $33.0m | $80.3m | $110.4m | |
| Cash paid for income taxes | $1.4m | $3.5m | $5.8m | $2.3m | $3.9m | $1.5m | $2.7m | $7.3m | $3.8m | $4.5m |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.