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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, 2024
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)
(508) 661-2200
(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 November 4, 2024
Class A Common Stock, $0.0001 par value per share34,442,751
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)
September 30, 2024December 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, net43,466 33,826 
Costs and estimated earnings in excess of billings (1)
572,804 636,163 
Inventory, net11,973 13,637 
Prepaid expenses and other current assets (1)
155,353 123,391 
Income taxes receivable
4,468 5,775 
Project development costs, net20,819 20,735 
Total current assets (1)
1,224,551 1,128,471 
Federal ESPC receivable565,964 609,265 
Property and equipment, net (1)
16,777 17,395 
Energy assets, net (1)
1,882,588 1,689,424 
Deferred income tax assets, net36,607 26,411 
Goodwill, net75,922 75,587 
Intangible assets, net5,387 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 earnings108,020 52,903 
Income taxes payable655 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 liabilities520,497 533,054 
Deferred income tax liabilities, net2,601 4,479 
Deferred grant income6,806 6,974 
Long-term operating lease liabilities, net of current portion (1)
58,007 42,258 
Other liabilities (1)
102,645 82,714 
Commitments and contingencies (Note 10)
Redeemable non-controlling interests, net42,761 46,865 
(1) Includes restricted assets of consolidated variable interest entities (“VIEs”) at September 30, 2024 and December 31, 2023 of $214,969 and $312,701, respectively. Includes liabilities of consolidated VIEs at September 30, 2024 and December 31, 2023 of $47,259 and $199,063, respectively. See Note 13.
1
AMERESCO, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts) (Continued)
September 30, 2024December 31, 2023
(Unaudited)
Stockholders’ equity:
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at September 30, 2024 and December 31, 2023
$— $— 
Class A common stock, $0.0001 par value, 500,000,000 shares authorized, 36,544,586 shares issued and 34,442,751 shares outstanding at September 30, 2024, 36,378,990 shares issued and 34,277,195 shares outstanding at December 31, 2023
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, 2024 and December 31, 2023
2 2 
Additional paid-in capital336,425 320,892 
Retained earnings615,503 595,911 
Accumulated other comprehensive loss, net(2,803)(3,045)
Treasury stock, at cost, 2,101,835 shares at September 30, 2024 and 2,101,795 shares at December 31, 2023
(11,788)(11,788)
Stockholders’ equity before non-controlling interest937,342 901,975 
Non-controlling interests29,395 23,911 
Total stockholders’ equity966,737 925,886 
Total liabilities, redeemable non-controlling interests, and stockholders’ equity$3,982,238 $3,713,776 

See notes to condensed consolidated financial statements.

2
AMERESCO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts) (Unaudited)
 Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
Revenues$500,873 $335,149 $1,237,261 $933,265 
Cost of revenues423,734 271,493 1,047,960 761,012 
Gross profit77,139 63,656 189,301 172,253 
Earnings from unconsolidated entities159 526 724 1,356 
Selling, general and administrative expenses42,139 42,752 125,920 125,466 
Operating income35,159 21,430 64,105 48,143 
Other expenses, net21,469 10,642 51,399 27,883 
Income before income taxes13,690 10,788 12,706 20,260 
Income tax benefit(3,324)(10,054)(3,324)(10,552)
Net income17,014 20,842 16,030 30,812 
Net loss (income) attributable to non-controlling interests and redeemable non-controlling interests585 423 3,642 (2,077)
Net income attributable to common shareholders$17,599 $21,265 $19,672 $28,735 
Net income attributable to common shareholders 
Basic$0.34 $0.41 $0.37 $0.55 
Diluted$0.33 $0.40 $0.37 $0.54 
Weighted average common shares outstanding:  
Basic52,413 52,209 52,352 52,104 
Diluted53,243 53,300 53,098 53,259 

See notes to condensed consolidated financial statements.
3
AMERESCO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands) (Unaudited)
 Three Months Ended September 30,
 20242023
Net income$17,014 $20,842 
Other comprehensive income (loss):
Unrealized (loss) gain from interest rate hedges, net of tax(1,060)764 
Foreign currency translation adjustments2,003 (1,651)
Total other comprehensive income (loss)943 (887)
Comprehensive income
17,957 19,955 
Comprehensive loss attributable to non-controlling interests and redeemable non-controlling interests:
Net loss585 423 
Foreign currency translation adjustments54 36 
Comprehensive loss attributable to non-controlling interests and redeemable non-controlling interests639 459 
Comprehensive income attributable to common shareholders$18,596 $20,414 
 Nine Months Ended September 30,
 20242023
Net income16,030 30,812 
Other comprehensive income:
Unrealized (loss) gain from interest rate hedges, net of tax(446)716 
Foreign currency translation adjustments652 (425)
Total other comprehensive income206 291 
Comprehensive income16,236 31,103 
Comprehensive loss (income) attributable to non-controlling interests and redeemable non-controlling interests:
Net loss (income)3,642 (2,077)
Foreign currency translation adjustments36 26 
Comprehensive loss (income) attributable to non-controlling interests and redeemable non-controlling interests
3,678 (2,051)
Comprehensive income attributable to common shareholders$19,914 $29,052 

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, 2024 and 2023
(In thousands, except share amounts) (Unaudited)
Redeemable Non-controlling Interests (“RNCI”)
Class A Common StockClass B Common StockAdditional Paid-in CapitalAccumulated Other Comprehensive LossTreasury Stock
Non-controlling Interests (“NCI”)
Total Stockholders’ Equity
SharesAmountSharesAmountRetained EarningsSharesAmount
Balance, June 30, 2023$47,994 34,200,610 $3 18,000,000 $2 $317,228 $540,964 $(2,884)2,101,795 $(11,788)$30,458 $873,983 
Exercise of stock options— 22,150 — — — 274 — — — — — 274 
Stock-based compensation expense— — — — — 4,319 — — — — — 4,319 
Restricted stock units released— 11,786 — — — — — — — — — — 
Unrealized gain from interest rate hedges, net— — — — — — — 764 — — — 764 
Foreign currency translation adjustment— — — — — — — (1,615)— — (36)(1,651)
Distributions to RNCI(159)— — — — — — — — — — — 
Accretion of tax equity financing fees26 — — — — — (26)— — — — (26)
Contributions from NCI— — — — — — — — — — 35 35 
Net (loss) income(586)— — — — — 21,265 — — — 163 21,428 
Balance, September 30, 2023$47,275 34,234,546 $3 18,000,000 $2 $321,821 $562,203 $(3,735)2,101,795 $(11,788)$30,620 $899,126 
Balance, June 30, 2024$43,777 34,402,515 $3 18,000,000 $2 $332,356 $597,930 $(3,800)2,101,795 $(11,788)$26,489 $941,192 
Exercise of stock options & share sales to cover taxes, net— 7,500 — — — 405 — — — — — 405 
Stock-based compensation expense— — — — — 3,664 — — — — — 3,664 
Restricted stock units released— 32,736 — — — — — — 40 — — — 
Unrealized loss from interest rate hedges, net— — — — — — — (1,060)— — — (1,060)
Foreign currency translation adjustment— — — — — — — 2,057 — — (54)2,003 
Distributions to RNCI(130)— — — — — — — — — — — 
Accretion of tax equity financing fees26 — — — — — (26)— — — — (26)
Contributions from NCI— — — — — — — — — — 2,997 2,997 
Distributions to NCI— — — — — — — — — — (364)(364)
Net (loss) income(912)— — — — — 17,599 — — — 327 17,926 
Balance, September 30, 2024$42,761 34,442,751 $3 18,000,000 $2 $336,425 $615,503 $(2,803)2,101,835 $(11,788)$29,395 $966,737 
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, 2024 and 2023
(In thousands, except share amounts) (Unaudited)
Redeemable Non-controlling InterestsClass A Common StockClass B Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive LossTreasury StockNon-controlling InterestsTotal Stockholders’ Equity
SharesAmountSharesAmountSharesAmount
Balance, December 31, 2022$46,623 33,948,362 $3 18,000,000 $2 $306,314 $533,549 $(4,051)2,101,795 $(11,788)$49,002 $873,031 
Exercise of stock options— 238,750 — — — 2,367 — — — — — 2,367 
Stock-based compensation expense— — — — — 12,318 — — — — — 12,318 
Employee stock purchase plan— 24,833 — — — 1,017 — — — — — 1,017 
Restricted stock units released— 22,601 — — — — — — — — — — 
Unrealized gain from interest rate hedges, net— — — — — — — 716 — — — 716 
Foreign currency translation adjustment— — — — — — — (400)— — (25)(425)
Distributions to RNCI(494)— — — — — — — — — — — 
Accretion of tax equity financing fees81 — — — — — (81)— — — — (81)
Investment fund call option exercise195 — — — — (195)— — — — — (195)
Contributions from NCI— — — — — — — — — — 957 957 
Distributions to NCI— — — — — — — — — — (20,521)(20,521)
Net income870 — — — — — 28,735 — — — 1,207 29,942 
Balance, September 30, 2023$47,275 34,234,546 $3 18,000,000 $2 $321,821 $562,203 $(3,735)2,101,795 $(11,788)$30,620 $899,126 
Balance, December 31, 2023$46,865 34,277,195 $3 18,000,000 $2 $320,892 $595,911 $(3,045)2,101,795 $(11,788)$23,911 $925,886 
Exercise of stock options & share sales to cover taxes, net— 70,089 — — — 909 — — — — — 909 
Stock-based compensation expense— — — — — 10,368 — — — — — 10,368 
Employee stock purchase plan— 32,841 — — — 990 — — — — — 990 
Restricted stock units released— 62,626 — — — — — — 40 — — — 
Unrealized loss from interest rate hedges, net— — — — — — — (446)— — — (446)
Foreign currency translation adjustment— — — — — — — 688 — — (36)652 
Distributions to RNCI(418)— — — — — — — — — — — 
Accretion of tax equity financing fees80 — — — — — (80)— — — — (80)
Contributions from NCI— — — — — 3,040 — — — — 30,749 33,789 
Distributions to NCI— — — — — — — — — — (1,367)(1,367)
Purchase of shares from NCI— — — — — 226 — — — — (23,986)(23,760)
Net (loss) income(3,766)— — — — — 19,672 — — — 124 19,796 
Balance, September 30, 2024$42,761 34,442,751 $3 18,000,000 $2 $336,425 $615,503 $(2,803)2,101,835 $(11,788)$29,395 $966,737 
See notes to condensed consolidated financial statements.
6
AMERESCO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands) (Unaudited)
 Nine Months Ended September 30,
 20242023
Cash flows from operating activities:  
Net income$16,030 $30,812 
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation of energy assets, net57,352 42,847 
Depreciation of property and equipment3,699 2,849 
Increase in contingent consideration87 705 
Accretion of ARO liabilities243 194 
Amortization of debt discount and debt issuance costs3,764 3,407 
Amortization of intangible assets1,615 1,681 
Provision for credit losses1,292 637 
Loss on disposal of assets515 18 
Non-cash project revenue related to in-kind leases(2,971)— 
Earnings from unconsolidated entities(724)(1,356)
Net gain from derivatives(267)(3,306)
Stock-based compensation expense10,368 12,318 
Deferred income taxes, net(3,914)(13,089)
Unrealized foreign exchange (gain) loss(898)1,148 
Changes in operating assets and liabilities:
Accounts receivable(64,045)58,135 
Accounts receivable retainage(9,753)4,589 
Federal ESPC receivable(110,841)(143,647)
Inventory, net1,664 570 
Costs and estimated earnings in excess of billings126,694 5,260 
Prepaid expenses and other current assets15,112 (10,925)
Income taxes receivable, net798 590 
Project development costs(4,456)(4,638)
Other assets(4,664)(2,080)
Accounts payable, accrued expenses and other current liabilities13,511 (38,444)
Billings in excess of cost and estimated earnings42,215 10,104 
Other liabilities6,796 1,200 
Cash flows from operating activities
99,222 (40,421)
Cash flows from investing activities:
Purchases of property and equipment(3,053)(4,597)
Capital investments in energy assets(341,794)(445,540)
Capital investments in major maintenance of energy assets(13,597)(8,024)
Asset acquisition, net of cash acquired— 6,206 
Net proceeds from equity method investments13,091 — 
Contributions to equity method investments(10,442)(3,489)
Grant award received on energy asset403 — 
Acquisitions, net of cash received— (9,183)
Loans to joint venture investments— (566)
Cash flows from investing activities
(355,392)(465,193)
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,
20242023
Cash flows from financing activities:  
Payments of debt discount and debt issuance costs$(10,114)$(8,635)
Proceeds from exercises of options and ESPP1,899 3,384 
Payments on senior secured revolving credit facility, net(33,400)(115,000)
Proceeds from long-term debt financings663,598 728,600 
Proceeds from Federal ESPC projects129,399 107,303 
Net proceeds from energy asset receivable financing arrangements5,216 12,514 
Contributions from non-controlling interests33,789 499 
Distributions to non-controlling interest(1,367)(20,521)
Distributions to redeemable non-controlling interests, net(418)(494)
Payment on seller's promissory note(41,941)(12,500)
Payments on debt and financing leases(441,603)(162,749)
Cash flows from financing activities
305,058 532,401 
Effect of exchange rate changes on cash1,827 (980)
Net increase in cash, cash equivalents, and restricted cash50,715 25,807 
Cash, cash equivalents, and restricted cash, beginning of period153,676 149,888 
Cash, cash equivalents, and restricted cash, end of period$204,391 $175,695 
Supplemental disclosures of cash flow information:
Cash paid for interest$80,172 $51,180 
Cash paid for income taxes$1,946 $2,719 
Non-cash Federal ESPC settlement$143,936 $99,164 
Accrued purchases of energy assets$53,696 $89,820 
Non-cash contributions from non-controlling interest$— $458 
Non-cash financing for energy asset project acquisition$32,500 $82,964 

See notes to condensed consolidated financial statements.
8
AMERESCO, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands) (Unaudited)


1. BASIS OF PRESENTATION
The accompanying condensed consolidated financial statements of Ameresco, Inc. (including its subsidiaries, the “Company,” “Ameresco,” “we,” “our,” or “us”) are unaudited, according to certain rules and regulations of the Securities and Exchange Commission, and include, in our opinion, normal recurring adjustments necessary for a fair presentation in conformity with accounting principles generally accepted in the United States (“GAAP”) of the results for the periods indicated.
The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of results which may be expected for the full year. The December 31, 2023 consolidated balance sheet data was derived from audited financial statements, but certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. The interim condensed consolidated financial statements and accompanying notes should be read in conjunction with the audited consolidated financial statements and accompanying notes for the year ended December 31, 2023, included in our annual report on Form 10-K (“2023 Form 10-K”) filed with the Securities and Exchange Commission on February 29, 2024 as amended on March 11, 2024.
Reclassification and Rounding
Certain prior period amounts were reclassified to conform to the presentation in the current period. We round amounts in the condensed consolidated financial statements to thousands and calculate all percentages and per-share data from the underlying whole-dollar amounts. Thus, certain amounts may not foot, crossfoot, or recalculate based on reported numbers due to rounding.
Significant Risks and Uncertainties
Global factors have continued to result in global supply chain disruptions and inflationary pressures.
We have considered the impact of general global economic conditions on the assumptions and estimates used, which may change in response to this evolving situation. Results of future operations and liquidity could be adversely impacted by a number of factors including supply chain disruptions, varying levels of inflation, payments of outstanding receivable amounts beyond normal payment terms, workforce disruptions, and uncertain demand. As of the date of issuance of these condensed consolidated financial statements, we cannot reasonably estimate the extent to which macroeconomic conditions may impact our financial condition, liquidity, or results of operations in the foreseeable future. The ultimate impact of the pandemic and general global economic conditions on our business is highly uncertain and will depend on future developments, and such impacts could exist for an extended period of time, even after the pandemic subsides.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Our accounting policies are set forth in Note 2 to the consolidated financial statements contained in our 2023 Form 10-K. We have included certain updates to those policies below.
Accounts Receivable and Allowance for Credit Losses
Changes in the allowance for credit losses are as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Allowance for credit losses, beginning of period$2,060 $903 $903 $911 
Charges to costs and expenses, net81 58 1,292 637 
Account write-offs and other(77)(64)(131)(651)
Allowance for credit losses, end of period$2,064 $897 $2,064 $897 
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consist primarily of other receivables, deferred project costs, and other short-term prepaid expenditures that will be expensed within one year.
9
AMERESCO, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands) (Unaudited) (Continued)
Prepaid expenses and other current assets comprised of the following:
September 30, 2024December 31, 2023
Other receivables$14,462 $74,454 
Deferred project costs128,426 38,240 
Prepaid expenses12,465 10,697 
Prepaid expenses and other current assets$155,353 $123,391 
Recent Accounting Pronouncements

Business Combinations— Joint Venture Formations
In August 2023, the FASB issued ASU 2023-05, Business Combinations— Joint Venture Formations (Subtopic 805-60) Recognition and Initial Measurement, which addresses the accounting for contributions made to a joint venture, upon formation, in a joint venture’s separate financial statements. ASU 2023-05 is effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. We are currently evaluating the impact that adopting this new accounting standard would have on our condensed consolidated financial statements.
Disclosure Improvements - Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative
In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements - Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative, which updates the disclosure or presentation requirements for a variety of topics in the codification. ASU 2023-06 is effective from the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K, with early adoption prohibited. We will monitor the removal of the requirements from the current regulations and adopt the related amendments, but we do not anticipate this new guidance will have a material impact on our condensed consolidated financial statements as we are currently subject to SEC requirements.
Segment Reporting (Topic 820) - Improvements to Reportable Segment Disclosures
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 820) - Improvements to Reportable Segment Disclosures, which improves reportable segment disclosures by requiring enhanced disclosures for significant segment expenses and other segment items. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We are currently evaluating the impact that adopting this new accounting standard would have on our condensed consolidated financial statements.
Income Taxes (Topic 740) - Improvements to Income Tax Disclosures
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to enhance the income tax disclosures, including disaggregation of information in the rate reconciliation table and disaggregated information related to income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. We are currently evaluating the impact that adopting this new accounting standard would have on our condensed consolidated financial statements.
Codification Improvements—Amendments to Remove References to the Concepts Statements
In March 2024, the FASB issued ASU 2024-02, Codification Improvements—Amendments to Remove References to the Concepts Statements, to remove references to various FASB Concepts Statements based on suggestions received from stakeholders on the Accounting Standards Codification and other incremental improvements to GAAP. ASU 2024-02 is effective for fiscal years beginning after December 15, 2024. We are currently evaluating the impact that adopting this new accounting standard would have on our condensed consolidated financial statements.
Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, to improve the disclosures by requiring more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions (such as cost of sales, SG&A, and research
10
AMERESCO, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands) (Unaudited) (Continued)
and development). ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. We are currently evaluating the impact that adopting this new accounting standard would have on our condensed consolidated financial statements.
3. REVENUE FROM CONTRACTS WITH CUSTOMERS
Disaggregation of Revenue
Our reportable segments for the three and nine months ended September 30, 2024 were North America Regions, U.S. Federal, Europe, Alternative Fuels and All Other. On January 1, 2024, we changed the structure of our internal organization, and our U.S. Regions and Canada are now included in North America Regions. Additionally, our Asset Sustainability Group was formerly included in Canada, but is now included in “All Other”. As a result, previously reported amounts have been reclassified for comparative purposes.
The following table presents our revenue disaggregated by line of business and reportable segment for the three months ended September 30, 2024:
North America RegionsU.S. FederalEuropeAlternative FuelsAll OtherTotal
Project revenue$258,977 $66,162 $49,943 $10,295 $— $385,377 
O&M revenue10,284 15,817 480 1,844 — 28,425 
Energy assets20,444 7,096 197 31,393 — 59,130 
Other1,906 38 1,993 5 23,999 27,941 
Total revenues$291,611 $89,113 $52,613 $43,537 $23,999 $500,873 
The following table presents our revenue disaggregated by line of business and reportable segment for the three months ended September 30, 2023:
North America RegionsU.S. FederalEuropeAlternative FuelsAll OtherTotal
Project revenue$133,169 $71,779 $37,736 $— $— $242,684 
O&M revenue6,369 13,838 492 2,073 — 22,772 
Energy assets17,185 1,495 326 25,227 26 44,259 
Other977 229 1,946 19 22,263 25,434 
Total revenues$157,700 $87,341 $40,500 $27,319 $22,289 $335,149 
The following table presents our revenue disaggregated by line of business and reportable segment for the nine months ended September 30, 2024:
North America RegionsU.S. FederalEuropeAlternative FuelsAll OtherTotal
Project revenue$553,930 $177,721 $161,431 $27,342 $— $920,424 
O&M revenue25,728 45,723 2,122 6,357 — 79,930 
Energy assets53,944 12,749 557 88,421 29 155,700 
Other4,425 547 5,684 128 70,423 81,207 
Total revenues$638,027 $236,740 $169,794 $122,248 $70,452 $1,237,261 
11
AMERESCO, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands) (Unaudited) (Continued)
The following table presents our revenue disaggregated by line of business and reportable segment for the nine months ended September 30, 2023:
North America RegionsU.S. FederalEuropeAlternative FuelsAll OtherTotal
Project revenue$376,984 $181,232 $95,335