Ameresco, Inc. Files 10-Q for Period Ending March 31, 2024
Ticker: AMRC · Form: 10-Q · Filed: May 7, 2024 · CIK: 1488139
Sentiment: neutral
Topics: Ameresco, AMRC, 10-Q, Quarterly Report, Financials
TL;DR
<b>Ameresco, Inc. has filed its Q1 2024 10-Q report detailing financial performance and corporate information.</b>
AI Summary
Ameresco, Inc. (AMRC) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Ameresco, Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal executive offices are located at 111 Speen Street, Framingham, MA 01701. The filing includes financial data for the periods ending March 31, 2024, December 31, 2023, and March 31, 2023. Ameresco, Inc. is incorporated in Delaware and operates within the Construction Special Trade Contractors industry.
Why It Matters
For investors and stakeholders tracking Ameresco, Inc., this filing contains several important signals. This 10-Q filing provides investors and analysts with the latest financial snapshot of Ameresco, Inc., crucial for assessing recent performance and making informed investment decisions. The detailed financial data allows for comparison with previous periods, enabling an understanding of the company's growth trajectory and financial health.
Risk Assessment
Risk Level: low — Ameresco, Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative developments, indicating a routine disclosure.
Analyst Insight
Monitor future filings for specific financial performance metrics and operational updates to gauge Ameresco's progress in its projects and market position.
Key Numbers
- 2024-03-31 — Reporting Period End Date (Conformed Period of Report)
- 2024-05-07 — Filing Date (Filed as of Date)
- 2024-01-01 — Quarter Start Date (Period covered by the report)
- 2023-03-31 — Prior Year Quarter End Date (Comparative financial data)
Key Players & Entities
- Ameresco, Inc. (company) — Filer name
- 111 Speen Street, Framingham, MA 01701 (location) — Business and mailing address
- 0001488139 (company) — Central Index Key
- DE (jurisdiction) — State of incorporation
- 1700 (industry) — Standard Industrial Classification
FAQ
When did Ameresco, Inc. file this 10-Q?
Ameresco, Inc. filed this Quarterly Report (10-Q) with the SEC on May 7, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by Ameresco, Inc. (AMRC).
Where can I read the original 10-Q filing from Ameresco, Inc.?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Ameresco, Inc..
What are the key takeaways from Ameresco, Inc.'s 10-Q?
Ameresco, Inc. filed this 10-Q on May 7, 2024. Key takeaways: Ameresco, Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024.. The filing covers the first quarter of fiscal year 2024.. The company's principal executive offices are located at 111 Speen Street, Framingham, MA 01701..
Is Ameresco, Inc. a risky investment based on this filing?
Based on this 10-Q, Ameresco, Inc. presents a relatively low-risk profile. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative developments, indicating a routine disclosure.
What should investors do after reading Ameresco, Inc.'s 10-Q?
Monitor future filings for specific financial performance metrics and operational updates to gauge Ameresco's progress in its projects and market position. The overall sentiment from this filing is neutral.
How does Ameresco, Inc. compare to its industry peers?
Ameresco, Inc. operates in the energy efficiency and renewable energy sectors, providing solutions for commercial, industrial, and institutional customers.
Are there regulatory concerns for Ameresco, Inc.?
The filing is a standard 10-Q, adhering to SEC regulations for quarterly financial reporting by public companies.
Industry Context
Ameresco, Inc. operates in the energy efficiency and renewable energy sectors, providing solutions for commercial, industrial, and institutional customers.
Regulatory Implications
The filing is a standard 10-Q, adhering to SEC regulations for quarterly financial reporting by public companies.
What Investors Should Do
- Review the full 10-Q document for detailed financial statements and management's discussion and analysis.
- Compare the reported figures with previous quarters and the same quarter last year to identify trends.
- Note any specific disclosures regarding contracts, projects, or legal matters mentioned in the filing.
Key Dates
- 2024-03-31: Quarterly Period End — The end date for the financial reporting period covered by the 10-Q.
- 2024-05-07: Filing Date — The date the 10-Q report was officially filed with the SEC.
Year-Over-Year Comparison
This filing represents the first quarterly report for Ameresco, Inc. in fiscal year 2024, providing updated financial information compared to the previous quarter (ending December 31, 2023) and the prior year's first quarter (ending March 31, 2023).
Filing Stats: 4,615 words · 18 min read · ~15 pages · Grade level 19.6 · Accepted 2024-05-07 17:11:19
Key Financial Figures
- $0.0001 — stered Class A Common Stock, par value $0.0001 per share AMRC New York Stock Exchange
Filing Documents
- amrc-20240331.htm (10-Q) — 1546KB
- amrc_20240331x10-qxexx311.htm (EX-31.1) — 12KB
- amrc_20240331x10-qxexx312.htm (EX-31.2) — 13KB
- amrc_20240331x10-qxexx321.htm (EX-32.1) — 8KB
- 0001488139-24-000081.txt ( ) — 10442KB
- amrc-20240331.xsd (EX-101.SCH) — 76KB
- amrc-20240331_cal.xml (EX-101.CAL) — 128KB
- amrc-20240331_def.xml (EX-101.DEF) — 368KB
- amrc-20240331_lab.xml (EX-101.LAB) — 866KB
- amrc-20240331_pre.xml (EX-101.PRE) — 620KB
- amrc-20240331_htm.xml (XML) — 1834KB
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION
Condensed Consolidated Financial Statements
Item 1. Condensed Consolidated Financial Statements Condensed Consolidated Balance Sheets at March 31, 2024 (Unaudited) and December 31, 2023 1 Condensed Consolidated Statements of (Loss) Income for the three months ended March 31, 2024 and 2023 (Unaudited) 3 Condensed Consolidated Statements of Comprehensive (Loss) Income for the three months ended March 31, 2024 and 2023 (Unaudited) 4 Condensed Consolidated Statements of Changes in Redeemable Non-Controlling Interests and Stockholders' Equity for the three and nine months ended March 31, 2024 and 2023 (Unaudited) 5 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 (Unaudited) 6 Notes to Condensed Consolidated Financial Statements (Unaudited) 8
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 28
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 37
Controls and Procedures
Item 4. Controls and Procedures 37
- OTHER INFORMATION
PART II - OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings 38
Risk Factors
Item 1A. Risk Factors 38
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38
Other Information
Item 5. Other Information 38
Exhibits
Item 6. Exhibits 39
Signatures
Signatures 40 Table of Contents
- Financial Information
Part I - Financial Information
Condensed Consolidated Financial Statements
Item 1. Condensed Consolidated Financial Statements AMERESCO, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share amounts) March 31, 2024 December 31, 2023 (Unaudited) ASSETS Current assets: Cash and cash equivalents (1) $ 77,681 $ 79,271 Restricted cash (1) 57,737 62,311 Accounts receivable, net of allowance of $ 898 and $ 903 , respectively (1) 146,836 153,362 Accounts receivable retainage, net 32,158 33,826 Costs and estimated earnings in excess of billings (1) 652,428 636,163 Inventory, net 13,076 13,637 Prepaid expenses and other current assets (1) 118,813 123,391 Income tax receivable 4,836 5,775 Project development costs, net 22,907 20,735 Total current assets (1) 1,126,472 1,128,471 Federal ESPC receivable 577,651 609,265 Property and equipment, net (1) 17,170 17,395 Energy assets, net (1) 1,788,569 1,689,424 Deferred income tax assets, net 25,677 26,411 Goodwill, net 75,311 75,587 Intangible assets, net 6,197 6,808 Operating lease assets (1) 69,348 58,586 Restricted cash, non-current portion (1) 12,553 12,094 Other assets (1) 104,318 89,735 Total assets (1) $ 3,803,266 $ 3,713,776 LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS, AND STOCKHOLDERS' EQUITY Current liabilities: Current portions of long-term debt and financing lease liabilities, net (1) $ 539,201 $ 322,247 Accounts payable (1) 437,240 402,752 Accrued expenses and other current liabilities (1) 109,954 108,831 Current portions of operating lease liabilities (1) 14,220 13,569 Billings in excess of cost and estimated earnings 61,267 52,903 Income taxes payable 398 1,169 Total current liabilities (1) 1,162,280 901,471 Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs (1) 1,011,576 1,170,075 Federal ESPC liabilities 504,689 533,054 Deferred income tax liabilities, net 4,584 4,479 Deferred grant income 6,737 6,974 Long-term operating lease lia