Home Americas Ameresco Reports Fourth Quarter and Full Year 2016 Financial Results
Ameresco Reports Fourth Quarter and Full Year 2016 Financial Results

Ameresco Reports Fourth Quarter and Full Year 2016 Financial Results

18
0

Ameresco, Inc. (NYSE:AMRC), a leading energy efficiency and renewable energy company, today announced financial results for the fiscal quarter and year ended December 31, 2016. The Company has also furnished prepared remarks in conjunction with this press release in a Current Report on Form 8-K. The prepared remarks contain supplemental information, including non-GAAP financial metrics, and have been posted to the “Investor Relations” section of the Company’s website at www.ameresco.com.

Certain prior period results in this press release have been revised as the Company determined that it did not provide for the deferred tax liability and related income tax provision during the year ended December 31, 2015 related to the outside basis difference in its consolidated investment in an investment fund. See the section titled Revision of Previously Issued Financial Statements immediately following the Webcast Reminder below.

Management Commentary

“Ameresco executed on the growth strategy we outlined in 2016,” said George Sakellaris, Chairman and Chief Executive Officer. “We invested in growing our share in new markets and increasing our penetration in existing markets. We continued to build our portfolio of energy-producing assets, and we realized the benefits of our restructuring and reorganization initiatives from the prior year.”

Sakellaris continued, “We advanced our market leadership position via a differentiated approach to design, technology and innovation. This is leading to larger projects which combine complex renewable energy technologies and comprehensive energy efficiency solutions. Our full-year results and the increase in our backlog reflect this focus, providing us with great visibility and momentum heading into 2017.”

Financial Results

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

Fourth Quarter 2016

Revenues were $174.2 million, compared to $173.8 million. Gross profit included a loss for a non-core Canada project of $3.4 million in 2015. Net income was $3.3 million, compared to a net loss of $1.1 million in 2015. Net income included a $0.1 million expense attributable to redeemable non-controlling interest. Adjusted EBITDA, a non-GAAP financial measure, was $14.4 million, compared to $13.1 million. Net income per diluted share was $0.07, compared to net loss per diluted share of $0.02 in 2015. Non-GAAP EPS was $0.08, compared to $0.09.

Full Year 2016

Revenues were $651.2 million, compared to $630.8 million. Gross profit included a loss for a non-core Canada project of $6.6 million in 2015. Net income attributable to Ameresco, Inc. was $12.0 million, compared to net income of $0.8 million. Adjusted EBITDA was $56.2 million, compared to $45.9 million. Non-GAAP net income was $16.8 million, compared to $9.6 million. Net income per basic and diluted share was $0.26, compared to $0.02. Non-GAAP EPS was $0.36, compared to $0.20.

Additional Full Year 2016 Operating Highlights:

Project revenues were $454.2 million, an increase of 4.6%.
Revenues from other service offerings was $197.0 million, an increase of 0.3%.
Cash flows used in operating activities were $58.1 million, compared to $49.5 million in the prior period, and adjusted cash from operations, a non-GAAP financial measure, was $32.0 million, compared to $28.4 million.
Total project backlog was $1.49 billion as of December 31, 2016 and consisted of:
$534.1 million of fully-contracted backlog of signed customer contracts for installation or construction of projects, which we expect to convert into revenue over the next 12-24 months, on average; and
$957.6 million of awarded projects, representing projects in development for which we do not have signed contracts.
Assets in development were up 35.2% to $228.3 million.
FY 2017 Guidance

Ameresco expects to earn total revenue in the range of $665 million to $700 million in 2017. The Company also expects adjusted EBITDA for 2017 to be in the range of $60 million to $65 million and net income per diluted share to be in the range of $0.37 to $0.43 for 2017. This guidance excludes the impact of any non-controlling interest activity and any additional charges relating to the SunEdison bankruptcy and our restructuring activities.

Share Repurchase Program

Ameresco’s Board of Directors has authorized an increase in the Company’s share repurchase authorization to $15 million, up from $10 million, of the Company’s Class A common stock. The Company has repurchased 1,298,418 shares for $6.3 million through December 31, 2016.

The timing and amount of any shares repurchased will be determined by the Company’s management based on its evaluation of market conditions and other factors. Repurchases may also be made under a Rule 10b5-1 plan, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The repurchase program may be suspended or discontinued at any time. Any repurchased shares will be available for use in connection with its stock plans and for other corporate purposes.

Webcast Reminder

The Company will host a conference call today at 8:30 a.m. ET today to discuss results. Participants may access the earnings conference call by dialing +1 (877) 359-9508 or internationally +1 (224) 357-2393. The passcode is 58212980. Participants are advised to dial into the call at least ten minutes prior to register. 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 “Investor Relations” section of the Company’s website at www.ameresco.com. An archived webcast will be available on the Company’s website for one year.

In conjunction with the conference call, the Company will provide management’s prepared remarks in the “Investor Relations” section of the Company’s website, as well as in a Current Report on Form 8-K filed with the SEC.

Revision of Previously Issued Financial Statements

As previously reported, Ameresco determined that it did not provide for the deferred tax liability and related income tax provision during the year ended December 31, 2015 related to the outside basis difference in its consolidated investment in an investment fund. As explained in note 2 to the Company’s consolidated financial statements included in its Annual Report on Form 10-K being filed with the Securities and Exchange Commission tomorrow, the Company is revising its historical financial statements for the year 2015. As a result, 2015 was revised as follows: (i) total long term liabilities increased by $2.1 million as of December 31, 2015 as a result of increasing the deferred tax liability and retained earnings decreased by the same amount as of December 31, 2015, (ii) the income tax provision increased by $2.1 million for the year ended December 31, 2015 which resulted in an increase to net loss and a decrease of net income attributable to Ameresco, Inc. of the same amount for the year ended December 31, 2015, (iii) the basic and diluted net income per share attributable to Ameresco, Inc. decreased from $0.06 to $0.02, (iv) an increase in comprehensive loss, and comprehensive loss attributable to shareholders of $2.1 million for the year ended December 31, 2015, and (v) net loss increased and deferred income taxes decreased within the cash flows from operating activities by $2.1 million resulting in no change to cash flows from operating activities for the year ended December 31, 2015. The Company has determined that the impact on its previously issued financial statements was not material.

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 Other Non-GAAP Disclosures and Non-GAAP Financial Guidance in the accompanying tables.

Source:businesswire
Anand Gupta Editor - EQ Int'l Media Network

LEAVE YOUR COMMENT

Your email address will not be published. Required fields are marked *

Open chat