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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
OR
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________ to ___________.
Commission File Number: 001-34811
Ameresco, Inc.
(Exact name of registrant as specified in its charter)
Delaware 04-3512838
(State or Other Jurisdiction of
Incorporation or Organization)
 (I.R.S. Employer
Identification No.)
111 Speen Street, Suite 410
Framingham, Massachusetts
 01701
(Address of Principal Executive Offices) (Zip Code)
(508661-2200
(Registrant’s Telephone Number, Including Area Code)
N/A
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of exchange on which registered
Class A Common Stock, par value $0.0001 per share
AMRCNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer ☑
Accelerated Filer o
Non-accelerated filer o
Smaller reporting company 
Emerging growth company 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No






Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class
Shares outstanding as of July 29, 2022
Class A Common Stock, $0.0001 par value per share33,833,893
Class B Common Stock, $0.0001 par value per share18,000,000




TABLE OF CONTENTS
  Page
 
 
   
 
 



Part I - Financial Information
Item 1. Condensed Consolidated Financial Statements

AMERESCO, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts)
June 30, 2022December 31, 2021
(Unaudited)
ASSETS
Current assets: 
Cash and cash equivalents (1)
$67,553 $50,450 
Restricted cash (1)
27,079 24,267 
Accounts receivable, net of allowance of $2,262 and $2,266, respectively (1)
207,990 161,970 
Accounts receivable retainage, net43,444 43,067 
Costs and estimated earnings in excess of billings (1)
663,798 306,172 
Inventory, net10,886 8,807 
Prepaid expenses and other current assets (1)
23,153 25,377 
Income tax receivable4,299 5,261 
Project development costs16,668 13,214 
Total current assets (1)
1,064,870 638,585 
Federal ESPC receivable671,241 557,669 
Property and equipment, net (1)
14,000 13,117 
Energy assets, net (1)
964,871 856,531 
Deferred income tax assets, net3,646 3,703 
Goodwill, net70,825 71,157 
Intangible assets, net5,532 6,961 
Operating lease assets (1)
38,929 41,982 
Restricted cash, net of current portion (1)
16,675 12,337 
Other assets (1)
34,187 22,779 
 Total assets (1)
$2,884,776 $2,224,821 
LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portions of long-term debt and financing lease liabilities (1)
$82,707 $78,934 
Accounts payable (1)
432,695 308,963 
Accrued expenses and other current liabilities (1)
41,629 43,311 
Current portions of operating lease liabilities (1)
5,953 6,276 
Billings in excess of cost and estimated earnings39,787 35,918 
Income taxes payable1,633 822 
Total current liabilities (1)
604,404 474,224 
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs (1)
698,365 377,184 
Federal ESPC liabilities657,235 532,287 
Deferred income tax liabilities, net8,855 3,871 
Deferred grant income8,099 8,498 
Long-term operating lease liabilities, net of current portion (1)
32,642 35,135 
Other liabilities (1)
45,691 43,176 
Commitments and contingencies (Note 9)
Redeemable non-controlling interests, net47,918 46,182 
(1) Includes restricted assets of consolidated variable interest entities (“VIEs”) at June 30, 2022 and December 31, 2021 of $155,547 and $124,454, respectively. Includes non-recourse liabilities of consolidated VIEs at June 30, 2022 and December 31, 2021 of $32,251 and $31,125, respectively. See Note 12.
1

AMERESCO, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts) (Continued)
June 30, 2022December 31, 2021
(Unaudited)
Stockholders’ equity:
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at June 30, 2022 and December 31, 2021
$ $ 
Class A common stock, $0.0001 par value, 500,000,000 shares authorized, 35,935,688 shares issued and 33,833,893 shares outstanding at June 30, 2022, 35,818,104 shares issued and 33,716,309 shares outstanding at December 31, 2021
3 3 
Class B common stock, $0.0001 par value, 144,000,000 shares authorized, 18,000,000 shares issued and outstanding at June 30, 2022 and December 31, 2021
2 2 
Additional paid-in capital294,240 283,982 
Retained earnings488,278 438,732 
Accumulated other comprehensive loss, net(4,354)(6,667)
Treasury stock, at cost, 2,101,795 shares at June 30, 2022 and December 31, 2021
(11,788)(11,788)
Stockholders’ equity before non-controlling interest766,381 704,264 
Non-controlling interest15,186  
Total stockholders’ equity781,567 704,264 
Total liabilities, redeemable non-controlling interests and stockholders’ equity
$2,884,776 $2,224,821 

See notes to condensed consolidated financial statements.

2

AMERESCO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share and per share amounts) (Unaudited)
 Three Months Ended June 30,Six Months Ended June 30,
 2022202120222021
Revenues$577,397 $273,920 $1,051,399 $526,122 
Cost of revenues496,094 220,598 901,718 425,891 
Gross profit81,303 53,322 149,681 100,231 
Selling, general and administrative expenses38,249 31,882 77,941 60,483 
Operating income43,054 21,440 71,740 39,748 
Other expenses, net5,249 5,450 12,330 9,122 
Income before income taxes37,805 15,990 59,410 30,626 
Income tax provision (benefit)4,932 (1,896)7,239 309 
Net income32,873 17,886 52,171 30,317 
Net income attributable to redeemable non-controlling interests(657)(4,231)(2,571)(5,488)
Net income attributable to common shareholders$32,216 $13,655 $49,600 $24,829 
Net income per share attributable to common shareholders: 
Basic$0.62 $0.27 $0.96 $0.49 
Diluted$0.61 $0.26 $0.93 $0.48 
Weighted average common shares outstanding:  
Basic51,818 51,315 51,781 50,158 
Diluted53,173 52,570 53,407 51,475 

See notes to condensed consolidated financial statements.
3

AMERESCO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands) (Unaudited)
 Three Months Ended June 30,
 20222021
Net income$32,873 $17,886 
Other comprehensive income (loss):
Unrealized gain (loss) from interest rate hedges, net of tax effect of $531 and $(188)
1,565 (472)
Foreign currency translation adjustments(2,030)477 
Total other comprehensive (loss) income(465)5 
Comprehensive income32,408 17,891 
Comprehensive income attributable to redeemable non-controlling interests(657)(4,231)
Comprehensive income attributable to common shareholders$31,751 $13,660 
 Six Months Ended June 30,
 20222021
Net income$52,171 $30,317 
Other comprehensive income (loss):
Unrealized gain from interest rate hedges, net of tax effect of $1,448 and $531
4,276 1,645 
Foreign currency translation adjustments(1,963)891 
Total other comprehensive income 2,313 2,536 
Comprehensive income54,484 32,853 
Comprehensive income attributable to redeemable non-controlling interests(2,571)(5,488)
Comprehensive income attributable to common shareholders$51,913 $27,365 

See notes to condensed consolidated financial statements.
4

AMERESCO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE NON-CONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY
For the Three Months Ended June 30, 2022 and 2021
(In thousands, except share amounts) (Unaudited)
Class A Common StockClass B Common StockTreasury Stock
Redeemable Non-controlling InterestsSharesAmountSharesAmountAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive LossSharesAmountNon-controlling InterestTotal Stockholders’ Equity
Balance, March 31, 2021$39,668 33,265,925 $3 18,000,000 $2 $267,864 $379,533 $(6,759)2,101,795 $(11,788)$ $628,855 
Equity offering costs— (135)(135)
Exercise of stock options— 101,109 — — — 1,225 — — — — — 1,225 
Stock-based compensation expense— — — — — 1,349 — — — — — 1,349 
Employee stock purchase plan— 15,297 — — — 652 — — — — — 652 
Unrealized loss from interest rate hedges, net— — — — — — — (472)— — — (472)
Foreign currency translation adjustment— — — — — — — 477 — — — 477 
Contributions from redeemable non-controlling interests, net of fees2,269 — — — — — — — — — — — 
Distributions to redeemable non-controlling interests(195)— — — — — — — — — — — 
Accretion of tax equity financing fees30 — — — — — (30)— — — — (30)
Net income4,231 — — — — — 13,655 — — — — 13,655 
Balance, June 30, 2021$46,003 33,382,331 $3 18,000,000 $2 $270,955 $393,158 $(6,754)2,101,795 $(11,788)$ $645,576 
Balance, March 31, 2022$47,438 33,808,964 $3 18,000,000 $2 $289,459 $456,089 $(3,889)2,101,795 $(11,788)$6,335 $736,211 
Exercise of stock options— 7,933 — — — 158 — — — — — 158 
Stock-based compensation expense— — — — — 3,675 — — — — — 3,675 
Employee stock purchase plan— 16,996 — — — 948 — — — — — 948 
Unrealized gain from interest rate hedges, net— — — — — — — 1,565 — — — 1,565 
Foreign currency translation adjustment— — — — — — (2,030)— — — (2,030)
Distributions to redeemable non-controlling interests(204)— — — — — — — — — — — 
Accretion of tax equity financing fees27 — — — — — (27)— — — — (27)
Contributions from non-controlling interest— — — — — — — — — — 8,851 8,851 
Net income657 — — — — — 32,216 — — — — 32,216 
Balance, June 30, 2022$47,918 33,833,893 $3 18,000,000 $2 $294,240 $488,278 $(4,354)2,101,795 $(11,788)$15,186 $781,567 
See notes to condensed consolidated financial statements.
5

AMERESCO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE NON-CONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY
For the Six Months Ended June 30, 2022 and 2021
(In thousands, except share amounts) (Unaudited)
Class A Common StockClass B Common StockTreasury Stock
Redeemable Non-controlling InterestsSharesAmountSharesAmountAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive LossSharesAmountNon-controlling InterestTotal Stockholders’ Equity
Balance, December 31, 2020
$38,850 30,224,654 $3 18,000,000 $2 $145,496 $368,390 $(9,290)2,101,795 $(11,788)$ $492,813 
Equity offering of common stock, net of offering costs of $6,419
— 2,875,000 — — — 120,081 — — — — — 120,081 
Exercise of stock options— 267,380 — — — 2,611 — — — — — 2,611 
Stock-based compensation expense— — — — — 2,115 — — — — — 2,115 
Employee stock purchase plan— 15,297 — — — 652 — — — — — 652 
Unrealized loss from interest rate hedges, net— — — — — — — 1,645 — — — 1,645 
Foreign currency translation adjustment— — — — — — — 891 — — — 891 
Contributions from redeemable non-controlling interests, net of fees2,252 — — — — — — — — — — — 
Distributions to redeemable non-controlling interests(648)— — — — — — — — — — — 
Accretion of tax equity financing fees61 — — — — — (61)— — — — (61)
Net income5,488 — — — — — 24,829 — — — — 24,829 
Balance, June 30, 2021
$46,003 33,382,331 $3 18,000,000 $2 $270,955 $393,158 $(6,754)2,101,795 $(11,788)$ $645,576 
Balance, December 31, 2021
$46,182 33,716,309 $3 18,000,000 $2 $283,982 $438,732 $(6,667)2,101,795 $(11,788)$ $704,264 
Exercise of stock options— 100,588 — — — 1,866 — — — — — 1,866 
Stock-based compensation expense— — — — — 7,206 — — — — — 7,206 
Employee stock purchase plan— 16,996 — — — 948 — — — — — 948 
Unrealized gain from interest rate hedges, net— — — — — — — 4,276 — — — 4,276 
Foreign currency translation adjustment— — — — — — (1,963)— — — (1,963)
Distributions to redeemable non-controlling interests(651)— — — — — — — — — — — 
Accretion of tax equity financing fees54 — — — — — (54)— — — — (54)
Investment fund call option exercise(238)— — — — 238 — — — — — 238 
Contributions from non-controlling interest— — — — — — — — — — 15,186 15,186 
Net income2,571 — — — — — 49,600 — — — — 49,600 
Balance, June 30, 2022
$47,918 33,833,893 $3 18,000,000 $2 $294,240 $488,278 $(4,354)2,101,795 $(11,788)$15,186 $781,567 
See notes to condensed consolidated financial statements.
6

AMERESCO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands) (Unaudited)
 Six Months Ended June 30,
 20222021
Cash flows from operating activities:  
Net income$52,171 $30,317 
Adjustments to reconcile net income to cash flows from operating activities:
Depreciation of energy assets, net23,978 20,136 
Depreciation of property and equipment1,404 1,637 
Gain on contingent consideration(320) 
Accretion of ARO liabilities72 57 
Amortization of debt discount and debt issuance costs2,036 1,477 
Amortization of intangible assets1,020 161 
Provision for bad debts244 6 
Equity in earnings of unconsolidated entity(989) 
Net loss from derivatives555 1,225 
Stock-based compensation expense7,206 2,115 
Deferred income taxes, net3,606 335 
Unrealized foreign exchange loss (gain)467 (32)
Changes in operating assets and liabilities:
Accounts receivable(44,334)15,230 
Accounts receivable retainage(458)(6,211)
Federal ESPC receivable(113,478)(125,146)
Inventory, net(2,080)(224)
Costs and estimated earnings in excess of billings(