- Announces 2024 Adjusted EBITDA Target of
$300 Million, Double 2021 Levels –
- Articulates Expanding and Rapidly Growing
Addressable Markets -
- Provides Details on Expected/Targeted RNG
Asset Build Schedule -
- Provides Updates on SCE BESS Project
-
Ameresco, Inc. (NYSE:AMRC), a leading cleantech integrator
specializing in energy efficiency and renewable energy, hosted its
previously announced 2022 Investor Day in NYC today. Members of the
leadership team discussed key growth opportunities highlighting the
Company’s portfolio of innovative solutions which makes Ameresco a
preferred partner for complex and comprehensive advanced energy
projects highlighting Ameresco’s integrated business model and
long-term growth opportunities at the nexus of cost savings, energy
resiliency and carbon footprint reduction. A copy of the investor
day presentation will also be available in the “Investor Relations”
section of the Company’s website along with a replay of the day’s
presentations.
“In conjunction with our first investor day we were pleased to
set a 2024 target of $300 million in Adjusted EBITDA, or double our
recently reported 2021 Adjusted EBITDA results. Ameresco’s
expanding addressable markets along with the continued rapid growth
of our Energy Asset business gives us confidence in setting this
goal,” said George P. Sakellaris, President and Chief Executive
Officer. “Our management team and board are fully aligned on
executing this impressive profit growth goal.”
Increased corporate and macro drivers, along with a favorable
policy environment, has continued to expand Ameresco’s addressable
markets at a rapid rate. Our strong market share position in the
ESCO market as well as our reputation for executing on complex
projects put us in a strong position to benefit from a total
addressable market which is projected to grow from approximately
$80B in 2022 to over $100B in 2026.
Ameresco provided more color to the roadmap previously outlined
for the growth plan in its green gas business, including reaching
mechanical completion of RNG assets by the end of 2024 that could
result in a four-fold cumulative MMBtu output compared to 2021
levels when the plants are placed in service, with the company’s
RNG Assets in Development as of the end of 2021 already in the
permitting or construction phase. As noted previously, the company
recently doubled its engineering and construction team to execute
this aggressive RNG development strategy.
In addition, Ameresco provided an update on its transformational
utility scale battery energy storage systems (BESS) at three sites
for Southern California Edison (SCE). The company is pleased to
report that it has placed purchase orders for all major equipment,
has executed subcontracts for all major civil, electrical and
mechanical work and that all sites have been mobilized in
preparation for equipment deliveries. Ameresco is actively managing
global supply chain challenges and continues to expect timely
completion of the project.
“We are excited for the vast opportunity ahead of Ameresco. Our
addressable markets continue to expand as customers continue to
seek out Ameresco to solve their complex energy and environmental
challenges. The breadth and depth of our technological expertise
along with our proven track record across all our markets positions
Ameresco well to benefit from the rapidly growing number of
opportunities in front of us,” Mr. Sakellaris concluded.
About Ameresco, Inc.
Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading
cleantech integrator and renewable energy asset developer, owner
and operator. Our comprehensive portfolio includes energy
efficiency, infrastructure upgrades, asset sustainability and
renewable energy solutions delivered to clients throughout North
America and Europe. Ameresco’s sustainability services in support
of clients’ pursuit of Net-Zero include upgrades to a facility’s
energy infrastructure and the development, construction, and
operation of distributed energy resources. Ameresco has
successfully completed energy saving, environmentally responsible
projects with Federal, state and local governments, healthcare and
educational institutions, housing authorities, and commercial and
industrial customers. With its corporate headquarters in
Framingham, MA, Ameresco has more than 1,200 employees providing
local expertise in the United States, Canada, and Europe. For more
information, visit www.ameresco.com.
Forward Looking Statements
Any statements in this press release about future expectations,
plans and prospects for Ameresco, Inc., including statements about
market conditions, pipeline and backlog, as well as expectation on
estimated future financial results, statements about our long term
outlook and our expected timeline of SCE Project, and other
statements containing the words “projects,” “believes,”
“anticipates,” “plans,” “expects,” “will” and similar expressions,
constitute forward-looking statements within the meaning of The
Private Securities Litigation Reform Act of 1995. Actual results
may differ materially from those indicated by such forward looking
statements as a result of various important factors, including the
timing of, and ability to, enter into contracts for awarded
projects on the terms proposed or at all; the timing of work we do
on projects where we recognize revenue on a percentage of
completion basis, including the ability to perform under recently
signed contracts without delay; demand for our energy efficiency
and renewable energy solutions; our ability to arrange financing to
fund our operations and projects and to comply with covenants in
our existing debt agreements; changes in federal, state and local
government policies and programs related to energy efficiency and
renewable energy and the fiscal health of the government; the
ability of customers to cancel or defer contracts included in our
backlog; the effects of our acquisitions and joint ventures;
seasonality in construction and in demand for our products and
services; a customer’s decision to delay our work on, or other
risks involved with, a particular project; availability and costs
of labor and equipment particularly given global supply chain
challenges; our reliance on third parties for our construction and
installation work; the addition of new customers or the loss of
existing customers including our reliance on the agreement with SCE
for a significant portion of our revenues in 2022; the impact from
Covid-19 on our business; market price of the Company's stock
prevailing from time to time; the nature of other investment
opportunities presented to the Company from time to time; the
Company's cash flows from operations; cybersecurity incidents and
breaches; and other factors discussed in our Annual Report on Form
10-K for the year ended December 31, 2021, filed with the U.S.
Securities and Exchange Commission (SEC) on March 1, 2022. The
forward-looking statements included herein represent our views as
of the date hereof. We anticipate that subsequent events and
developments will cause our views to change. However, while we may
elect to update these forward-looking statements at some point in
the future, we specifically disclaim any obligation to do so. These
forward-looking statements should not be relied upon as
representing our views as of any date subsequent to the date
hereof.
Use of Non-GAAP Financial Measures
This press release includes references to adjusted EBITDA, which
is a Non-GAAP financial measure. For a description of this Non-GAAP
financial measure, the reasons management uses this measure, and a
reconciliation of this Non-GAAP financial measure to the most
directly comparable financial measures prepared in accordance with
GAAP, please see the section titled “Non-GAAP Financial Measures”
at the end of the supplemental earnings presentation for the fiscal
year ended December 31, 2021 filed with the SEC on February 28,
2022 which is also available at Ameresco’s Investor Relations
website at https://ir.ameresco.com/financial-results. Ameresco does
not provide a reconciliation of non-GAAP measures that it discusses
as part of its long-term outlook because certain significant
information required for such reconciliation is not available
without unreasonable efforts or at all.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220323005927/en/
Media Relations Leila Dillon, 508.661.2264,
news@ameresco.com
Investor Relations Eric Prouty, AdvisIRy Partners, 212.750.5800,
eric.prouty@advisiry.com Lynn Morgen, AdvisIRy Partners,
212.750.5800, lynn.morgen@advisiry.com
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