Ameresco, Inc. Files Q2 2024 10-Q Report
Ticker: AMRC · Form: 10-Q · Filed: Aug 6, 2024 · CIK: 1488139
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
Related Tickers: AMRC
TL;DR
AMRC Q2 10-Q filed. Financials look solid.
AI Summary
Ameresco, Inc. filed its 10-Q for the period ending June 30, 2024. The company, headquartered in Framingham, MA, reported on its financial performance. Key financial data and operational details are included in this filing, which was submitted on August 6, 2024.
Why It Matters
This filing provides investors and analysts with a detailed look into Ameresco's financial health and operational status for the second quarter of 2024, impacting investment decisions.
Risk Assessment
Risk Level: low — This is a standard quarterly financial filing with no immediate red flags or significant new risks indicated.
Key Players & Entities
- Ameresco, Inc. (company) — Filer of the 10-Q
- 0001488139-24-000139 (filing_id) — Accession number for the filing
- 20240630 (date) — End of the reporting period
- 20240806 (date) — Date the filing was submitted
- 111 SPEEN STREET, FRAMINGHAM, MA 01701 (address) — Company's business and mailing address
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the quarter ended June 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on August 6, 2024.
What is Ameresco, Inc.'s primary business address?
Ameresco, Inc.'s business address is 111 SPEEN STREET, FRAMINGHAM, MA 01701.
What is the SEC file number for Ameresco, Inc.?
The SEC file number for Ameresco, Inc. is 001-34811.
What is the fiscal year end for Ameresco, Inc.?
Ameresco, Inc.'s fiscal year ends on December 31.
Filing Stats: 4,850 words · 19 min read · ~16 pages · Grade level 20 · Accepted 2024-08-06 12:16:39
Key Financial Figures
- $0.0001 — stered Class A Common Stock, par value $0.0001 per share AMRC New York Stock Exchange
Filing Documents
- amrc-20240630.htm (10-Q) — 2108KB
- a2017employeestockpurcha.htm (EX-10.3) — 26KB
- amrc_20240630x10-qxexx311.htm (EX-31.1) — 12KB
- amrc_20240630x10-qxexx312.htm (EX-31.2) — 13KB
- amrc_20240630x10-qxexx321.htm (EX-32.1) — 8KB
- a2017employeestockpurcha001.jpg (GRAPHIC) — 118KB
- a2017employeestockpurcha002.jpg (GRAPHIC) — 212KB
- a2017employeestockpurcha003.jpg (GRAPHIC) — 281KB
- a2017employeestockpurcha004.jpg (GRAPHIC) — 274KB
- a2017employeestockpurcha005.jpg (GRAPHIC) — 254KB
- a2017employeestockpurcha006.jpg (GRAPHIC) — 311KB
- a2017employeestockpurcha007.jpg (GRAPHIC) — 259KB
- a2017employeestockpurcha008.jpg (GRAPHIC) — 151KB
- 0001488139-24-000139.txt ( ) — 14708KB
- amrc-20240630.xsd (EX-101.SCH) — 77KB
- amrc-20240630_cal.xml (EX-101.CAL) — 128KB
- amrc-20240630_def.xml (EX-101.DEF) — 374KB
- amrc-20240630_lab.xml (EX-101.LAB) — 896KB
- amrc-20240630_pre.xml (EX-101.PRE) — 637KB
- amrc-20240630_htm.xml (XML) — 2290KB
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION
Condensed Consolidated Financial Statements
Item 1. Condensed Consolidated Financial Statements Condensed Consolidated Balance Sheets at June 30, 2024 (Unaudited) and December 31, 2023 1 Condensed Consolidated Statements of Income for the three and six months ended June 30, 2024 and 2023 (Unaudited) 3 Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2024 and 2023 (Unaudited) 4 Condensed Consolidated Statements of Changes in Redeemable Non-Controlling Interests and Stockholders' Equity for the three and six months ended June 30, 2024 and 2023 (Unaudited) 5 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 (Unaudited) 7 Notes to Condensed Consolidated Financial Statements (Unaudited) 9
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 32
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 42
Controls and Procedures
Item 4. Controls and Procedures 43
- OTHER INFORMATION
PART II - OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings 43
Risk Factors
Item 1A. Risk Factors 43
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 43
Other Information
Item 5. Other Information 43
Exhibits
Item 6. Exhibits 45
Signatures
Signatures 46 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) June 30, 2024 December 31, 2023 (Unaudited) ASSETS Current assets: Cash and cash equivalents (1) $ 150,278 $ 79,271 Restricted cash (1) 68,082 62,311 Accounts receivable, net of allowance of $ 2,060 and $ 903 , respectively (1) 154,665 153,362 Accounts receivable retainage, net 39,225 33,826 Costs and estimated earnings in excess of billings (1) 651,748 636,163 Inventory, net 12,484 13,637 Prepaid expenses and other current assets (1) 134,375 123,391 Income taxes receivable 4,819 5,775 Project development costs, net 24,280 20,735 Total current assets (1) 1,239,956 1,128,471 Federal ESPC receivable 552,376 609,265 Property and equipment, net (1) 16,995 17,395 Energy assets, net (1) 1,813,649 1,689,424 Deferred income tax assets, net 29,512 26,411 Goodwill, net 75,245 75,587 Intangible assets, net 5,639 6,808 Operating lease assets (1) 68,194 58,586 Restricted cash, non-current portion (1) 14,740 12,094 Other assets (1) 148,796 89,735 Total assets (1) $ 3,965,102 $ 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) $ 523,832 $ 322,247 Accounts payable (1) 497,026 402,752 Accrued expenses and other current liabilities (1) 100,198 108,831 Current portions of operating lease liabilities (1) 13,618 13,569 Billings in excess of cost and estimated earnings 97,493 52,903 Income taxes payable 220 1,169 Total current liabilities (1) 1,232,387 901,471 Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs (1) 1,078,995 1,170,075 Federal ESPC liabilities 511,226 533,054 Deferred income tax liabilities, net 4,365 4,479 Deferred grant income 6,669 6,974 Long-term operating leas