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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 September 30, 2021
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)
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 o
Accelerated Filer
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
New York Stock Exchange Symbol
Shares outstanding as of October 29, 2021
Class A Common Stock, $0.0001 par value per shareAMRC33,559,460
Class B Common Stock, $0.0001 par value per share18,000,000




TABLE OF CONTENTS
  Page
 
Item 1. Condensed Consolidated Financial Statements
 
   
 
 



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

AMERESCO, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts)
September 30, 2021December 31, 2020
(Unaudited)
ASSETS
Current assets: 
Cash and cash equivalents (1)
$57,115 $66,422 
Restricted cash (1)
25,075 22,063 
Accounts receivable, net of allowance of $2,306 and $2,266, respectively (1)
112,893 125,010 
Accounts receivable retainage, net39,404 30,189 
Costs and estimated earnings in excess of billings (1)
213,468 185,960 
Inventory, net8,329 8,575 
Prepaid expenses and other current assets (1)
24,796 26,854 
Income tax receivable4,945 9,803 
Project development costs16,166 15,839 
Total current assets (1)
502,191 490,715 
Federal ESPC receivable498,080 396,725 
Property and equipment, net (1)
8,692 8,982 
Energy assets, net (1)
828,678 729,378 
Deferred income tax assets, net3,873 3,864 
Goodwill, net58,629 58,714 
Intangible assets, net687 927 
Operating lease assets (1)
40,355 39,151 
Restricted cash, net of current portion (1)
11,588 10,352 
Other assets (1)
15,405 15,307 
 Total assets (1)
$1,968,178 $1,754,115 
LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portions of long-term debt and financing lease liabilities (1)
$74,901 $69,362 
Accounts payable (1)
196,480 230,916 
Accrued expenses and other current liabilities (1)
41,960 41,748 
Current portions of operating lease liabilities (1)
6,258 6,106 
Billings in excess of cost and estimated earnings28,018 33,984 
Income taxes payable1,299 981 
Total current liabilities (1)
348,916 383,097 
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs (1)
325,335 311,674 
Federal ESPC liabilities487,248 440,223 
Deferred income tax liabilities, net5,061 6,227 
Deferred grant income8,259 8,271 
Long-term operating lease liabilities, net of current portion (1)
36,373 35,300 
Other liabilities (1)
43,202 37,660 
Commitments and contingencies (Note 9)
Redeemable non-controlling interests, net44,948 38,850 
(1) Includes restricted assets of consolidated variable interest entities (“VIEs”) at September 30, 2021 and December 31, 2020 of $126,088 and $162,198, respectively. Includes non-recourse liabilities of consolidated VIEs at September 30, 2021 and December 31, 2020 of $31,224 and $33,335, respectively. See Note 12.
1

AMERESCO, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts) (Continued)
September 30, 2021December 31, 2020
(Unaudited)
Stockholders’ equity:
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at September 30, 2021 and December 31, 2020
$ $ 
Class A common stock, $0.0001 par value, 500,000,000 shares authorized, 35,661,255 shares issued and 33,559,460 shares outstanding at September 30, 2021, 32,326,449 shares issued and 30,224,654 shares outstanding at December 31, 2020
3 3 
Class B common stock, $0.0001 par value, 144,000,000 shares authorized, 18,000,000 shares issued and outstanding at September 30, 2021 and December 31, 2020
2 2 
Additional paid-in capital277,502 145,496 
Retained earnings410,553 368,390 
Accumulated other comprehensive loss, net(7,436)(9,290)
Treasury stock, at cost, 2,101,795 shares at September 30, 2021 and December 31, 2020
(11,788)(11,788)
Total stockholders’ equity668,836 492,813 
Total liabilities, redeemable non-controlling interests and stockholders’ equity
$1,968,178 $1,754,115 

See notes to condensed consolidated financial statements.

2

AMERESCO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share amounts) (Unaudited)
 Three Months Ended September 30,Nine Months Ended September 30,
 2021202020212020
Revenues$273,682 $282,507 $799,804 $717,956 
Cost of revenues214,869 231,133 640,760 588,628 
Gross profit58,813 51,374 159,044 129,328 
Selling, general and administrative expenses35,168 26,859 95,651 82,403 
Operating income23,645 24,515 63,393 46,925 
Other expenses, net4,557 3,726 13,679 13,167 
Income before income taxes19,088 20,789 49,714 33,758 
Income tax (benefit) provision (1,192)3,100 (883)597 
Net income20,280 17,689 50,597 33,161 
Net (income) loss attributable to redeemable non-controlling interests(2,857)2,313 (8,345)(2,593)
Net income attributable to common shareholders$17,423 $20,002 $42,252 $30,568 
Net income per share attributable to common shareholders: 
Basic$0.34 $0.42 $0.83 $0.64 
Diluted$0.33 $0.41 $0.81 $0.62 
Weighted average common shares outstanding:  
Basic51,464 47,788 50,599 47,597 
Diluted52,839 49,101 52,013 48,785 

See notes to condensed consolidated financial statements.
3

AMERESCO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands) (Unaudited)
 Three Months Ended September 30,
 20212020
Net income$20,280 $17,689 
Other comprehensive income (loss):
Unrealized gain from interest rate hedges, net of tax effect of $131 and $199
436 638 
Foreign currency translation adjustments(1,118)861 
Total other comprehensive (loss) income(682)1,499 
Comprehensive income19,598 19,188 
Comprehensive (income) loss attributable to redeemable non-controlling interests(2,857)2,313 
Comprehensive income attributable to common shareholders$16,741 $21,501 
 Nine Months Ended September 30,
 20212020
Net income$50,597 $33,161 
Other comprehensive income (loss):
Unrealized gain (loss) from interest rate hedges, net of tax effect of $662 and $(1,209)
2,081 (3,412)
Foreign currency translation adjustments(227)(769)
Total other comprehensive income (loss)1,854 (4,181)
Comprehensive income52,451 28,980 
Comprehensive income attributable to redeemable non-controlling interests(8,345)(2,593)
Comprehensive income attributable to common shareholders$44,106 $26,387 

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 September 30, 2021 and 2020
(In thousands, except share amounts) (Unaudited)
Class A Common StockClass B Common StockTreasury Stock
Redeemable Non-controlling InterestsSharesAmountSharesAmountAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive LossSharesAmountTotal Stockholders’ Equity
Balance, June 30, 2020$36,303 29,718,102 $3 18,000,000 $2 $139,625 $325,025 $(13,194)2,101,795 $(11,788)$439,673 
Exercise of stock options— 147,813 — — — 1,450 — — — — 1,450 
Stock-based compensation expense— — — — — 522 — — — — 522 
Employee stock purchase plan— 160 — — — 2 — — — — 2 
Unrealized gain from interest rate hedges, net— — — — — — — 638 — — 638 
Foreign currency translation adjustment— — — — — — — 861 — — 861 
Contributions from redeemable non-controlling interests, net of tax equity financing fees of $635
2,865 — — — — — — — — — — 
Distributions to redeemable non-controlling interests(525)— — — — — — — — — — 
Accretion of tax equity financing fees91 — — — — — (91)— — — (91)
Net (loss) income(2,313)— — — — — 20,002 — — — 20,002 
Balance, September 30, 2020$36,421 29,866,075 $3 18,000,000 $2 $141,599 $344,936 $(11,695)2,101,795 $(11,788)$463,057 
Balance, June 30, 2021$46,003 33,382,331 $3 18,000,000 $2 $270,955 $393,157 $(6,754)2,101,795 $(11,788)$645,575 
Equity offering cost adjustment— — — — — 3 — — — — 3 
Exercise of stock options— 177,129 — — — 1,619 — — — — 1,619 
Stock-based compensation expense— — — — — 2,166 — — — — 2,166 
Unrealized gain from interest rate hedges, net— — — — — — — 436 — — 436 
Foreign currency translation adjustment— — — — — — — (1,118)— — (1,118)
Distributions to redeemable non-controlling interests(180)— — — — — — — — — — 
Accretion of tax equity financing fees27 — — — — — (27)— — — (27)
Investment fund call option exercise(3,759)— — — — 2,759 — — — — 2,759 
Net income2,857 — — — — — 17,423 — — — 17,423 
Balance, September 30, 2021$44,948 33,559,460 $3 18,000,000 $2 $277,502 $410,553 $(7,436)2,101,795 $(11,788)$668,836 

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 Nine Months Ended September 30, 2021 and 2020
(In thousands, except share amounts) (Unaudited)
Class A Common StockClass B Common StockTreasury Stock
Redeemable Non-controlling InterestsSharesAmountSharesAmountAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive LossSharesAmountTotal Stockholders’ Equity
Balance, December 31, 2019
$31,616 29,230,005 $3 18,000,000 $2 $133,688 $314,459 $(7,514)2,101,340 $(11,782)$428,856 
Exercise of stock options— 608,063 — — — 6,088 — — — — 6,088 
Stock-based compensation expense— — — — — 1,380 — — — — 1,380 
Employee stock purchase plan— 28,462 — — — 443 — — — — 443 
Open market purchase of common shares— (455)— — — — — — 455 (6)(6)
Unrealized loss from interest rate hedges, net— — — — — — — (3,412)— — (3,412)
Foreign currency translation adjustment— — — — — — — (769)— — (769)
Contributions from redeemable non-controlling interests, net of tax equity financing fees of $635
3,353 — — — — — — — — — — 
Distributions to redeemable non-controlling interests(1,232)— — — — — — — — — — 
Accretion of tax equity financing fees91 — — — — — (91)— — — (91)
Net income2,593 — — — — — 30,568 — — — 30,568 
Balance, September 30, 2020
$36,421 29,866,075 $3 18,000,000 $2 $141,599 $344,936 $(11,695)2,101,795 $(11,788)$463,057 
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 $6,416
— 2,875,000 — — — 120,084 — — — — 120,084 
Exercise of stock options— 444,509 — — — 4,230 — — — — 4,230 
Stock-based compensation expense— — — — — 4,280 — — — — 4,280 
Employee stock purchase plan— 15,297 — — — 653 — — — — 653 
Unrealized gain from interest rate hedges, net— — — — — — — 2,081 — — 2,081 
Foreign currency translation adjustment— — — — — — — (227)— — (227)
Contributions from redeemable non-controlling interests, net of tax equity financing fees of $65
2,251 — — — — — — — — — — 
Distributions to redeemable non-controlling interests(828)— — — — — — — — — — 
Accretion of tax equity financing fees89 — — — — — (89)— — — (89)
Investment fund call option exercise(3,759)— — — — 2,759 — — — — 2,759 
Net income8,345 — — — — — 42,252 — — — 42,252 
Balance, September 30, 2021
$44,948 33,559,460 $3 18,000,000 $2 $277,502 $410,553 $(7,436)2,101,795 $(11,788)$668,836 

See notes to condensed consolidated financial statements.
6

AMERESCO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands) (Unaudited)
 Nine Months Ended September 30,
 20212020
Cash flows from operating activities:  
Net income$50,597 $33,161 
Adjustments to reconcile net income to cash flows from operating activities:
Depreciation of energy assets, net31,449 28,496 
Depreciation of property and equipment2,397 2,492 
Accretion of ARO liabilities90 64 
Amortization of debt discount and debt issuance costs2,085 1,849 
Amortization of intangible assets241 528 
Provision for (recoveries of) bad debts29 (1,089)
Loss on disposal / impairment of long-lived assets1,901 2,146 
Net loss from derivatives1,892 971 
Stock-based compensation expense4,280 1,380 
Deferred income taxes, net(1,834)5,146 
Unrealized foreign exchange loss (gain)124 (43)
Changes in operating assets and liabilities:
Accounts receivable27,721 (21,178)
Accounts receivable retainage(9,214)(7,422)
Federal ESPC receivable(187,984)(160,231)
Inventory, net246 155 
Costs and estimated earnings in excess of billings(22,166)24,824 
Prepaid expenses and other current assets3,771 3,916 
Project development costs15 (2,557)
Other assets(3,595)1,050 
Accounts payable, accrued expenses and other current liabilities(17,677)(2,942)
Billings in excess of cost and estimated earnings(5,856)9,019 
Other liabilities(155)1,972 
Income taxes payable, net5,299 (5,496)
Cash flows from operating activities
(116,344)(83,789)
Cash flows from investing activities:
Purchases of property and equipment(2,133)(1,968)
Capital investment in energy assets(147,967)(125,504)
Contributions to equity investment (130)
Cash flows from investing activities
(150,100)(127,602)
See notes to condensed consolidated financial statements.
7

AMERESCO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands) (Unaudited) (Continued)
Nine Months Ended September 30,
20212020