Ameresco, Inc. Files Q3 2024 10-Q
Ticker: AMRC · Form: 10-Q · Filed: Nov 8, 2024 · CIK: 1488139
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
Related Tickers: AMRC
TL;DR
AMRC Q3 24 10-Q filed. Financials updated.
AI Summary
Ameresco, Inc. filed its 10-Q for the period ending September 30, 2024. The company reported its financial performance and position, including details on its assets and liabilities. The filing provides an update on its operations and financial health for the third quarter of 2024.
Why It Matters
This filing provides investors and stakeholders with the latest financial performance data for Ameresco, Inc., crucial for understanding the company's current operational status and future outlook.
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
- 2024-09-30 (date) — End of the reporting period
- 2024-11-08 (date) — Filing date
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the quarter ended September 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on November 8, 2024.
What is the company's Central Index Key (CIK)?
Ameresco, Inc.'s Central Index Key is 0001488139.
What is the company's fiscal year end?
Ameresco, Inc.'s fiscal year ends on December 31.
What is the company's business phone number?
Ameresco, Inc.'s business phone number is 508-661-2200.
Filing Stats: 4,760 words · 19 min read · ~16 pages · Grade level 20 · Accepted 2024-11-08 08:44:03
Key Financial Figures
- $0.0001 — stered Class A Common Stock, par value $0.0001 per share AMRC New York Stock Exchange
Filing Documents
- amrc-20240930.htm (10-Q) — 2143KB
- amrc_20240930x10-qxexx311.htm (EX-31.1) — 12KB
- amrc_20240930x10-qxexx312.htm (EX-31.2) — 13KB
- amrc_20240930x10-qxexx321.htm (EX-32.1) — 8KB
- 0001488139-24-000176.txt ( ) — 12469KB
- amrc-20240930.xsd (EX-101.SCH) — 80KB
- amrc-20240930_cal.xml (EX-101.CAL) — 129KB
- amrc-20240930_def.xml (EX-101.DEF) — 390KB
- amrc-20240930_lab.xml (EX-101.LAB) — 906KB
- amrc-20240930_pre.xml (EX-101.PRE) — 656KB
- amrc-20240930_htm.xml (XML) — 2374KB
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION
Condensed Consolidated Financial Statements
Item 1. Condensed Consolidated Financial Statements Condensed Consolidated Balance Sheets at September 30, 2024 (Unaudited) and December 31, 2023 1 Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2024 and 2023 (Unaudited) 3 Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 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 September 30, 2024 and 2023 (Unaudited) 5 Condensed Consolidated Statements of Cash Flows for the nine months ended September 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 43
Controls and Procedures
Item 4. Controls and Procedures 43
- OTHER INFORMATION
PART II - OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings 44
Risk Factors
Item 1A. Risk Factors 44
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 44
Other Information
Item 5. Other Information 44
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) September 30, 2024 December 31, 2023 (Unaudited) ASSETS Current assets: Cash and cash equivalents (1) $ 113,502 $ 79,271 Restricted cash (1) 71,868 62,311 Accounts receivable, net of allowance of $ 2,064 and $ 903 , respectively (1) 230,298 153,362 Accounts receivable retainage, net 43,466 33,826 Costs and estimated earnings in excess of billings (1) 572,804 636,163 Inventory, net 11,973 13,637 Prepaid expenses and other current assets (1) 155,353 123,391 Income taxes receivable 4,468 5,775 Project development costs, net 20,819 20,735 Total current assets (1) 1,224,551 1,128,471 Federal ESPC receivable 565,964 609,265 Property and equipment, net (1) 16,777 17,395 Energy assets, net (1) 1,882,588 1,689,424 Deferred income tax assets, net 36,607 26,411 Goodwill, net 75,922 75,587 Intangible assets, net 5,387 6,808 Operating lease assets (1) 77,609 58,586 Restricted cash, non-current portion (1) 19,021 12,094 Other assets (1) 77,812 89,735 Total assets (1) $ 3,982,238 $ 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) $ 343,247 $ 322,247 Accounts payable (1) 399,244 402,752 Accrued expenses and other current liabilities (1) 101,259 108,831 Current portions of operating lease liabilities (1) 12,242 13,569 Billings in excess of cost and estimated earnings 108,020 52,903 Income taxes payable 655 1,169 Total current liabilities (1) 964,667 901,471 Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs (1) 1,317,517 1,170,075 Federal ESPC liabilities 520,497 533,054 Deferred income tax liabilities, net 2,601 4,479 Deferred grant income 6,806 6,974 Long-term operating l