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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, 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 October 28, 2022
Class A Common Stock, $0.0001 par value per share33,914,193
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, 2022December 31, 2021
(Unaudited)
ASSETS
Current assets: 
Cash and cash equivalents (1)
$122,537 $50,450 
Restricted cash (1)
24,403 24,267 
Accounts receivable, net of allowance of $2,362 and $2,266, respectively (1)
219,817 161,970 
Accounts receivable retainage, net42,456 43,067 
Costs and estimated earnings in excess of billings (1)
628,529 306,172 
Inventory, net13,095 8,807 
Prepaid expenses and other current assets (1)
21,980 25,377 
Income tax receivable4,116 5,261 
Project development costs, net16,062 13,214 
Total current assets (1)
1,092,995 638,585 
Federal ESPC receivable726,679 557,669 
Property and equipment, net (1)
14,772 13,117 
Energy assets, net (1)
1,032,809 856,531 
Deferred income tax assets, net3,357 3,703 
Goodwill, net70,118 71,157 
Intangible assets, net5,089 6,961 
Operating lease assets (1)
37,952 41,982 
Restricted cash, non-current portion (1)
16,618 12,337 
Other assets (1)
37,654 22,779 
 Total assets (1)
$3,038,043 $2,224,821 
LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portions of long-term debt and financing lease liabilities (1)
$301,247 $78,934 
Accounts payable (1)
411,371 308,963 
Accrued expenses and other current liabilities (1)
95,268 43,311 
Current portions of operating lease liabilities (1)
6,129 6,276 
Billings in excess of cost and estimated earnings43,173 35,918 
Income taxes payable3,072 822 
Total current liabilities (1)
860,260 474,224 
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs (1)
511,621 377,184 
Federal ESPC liabilities706,933 532,287 
Deferred income tax liabilities, net10,542 3,871 
Deferred grant income7,716 8,498 
Long-term operating lease liabilities, net of current portion (1)
31,142 35,135 
Other liabilities (1)
47,212 43,176 
Commitments and contingencies (Note 9)
Redeemable non-controlling interests, net48,077 46,182 
(1) Includes restricted assets of consolidated variable interest entities (“VIEs”) at September 30, 2022 and December 31, 2021 of $151,877 and $124,454, respectively. Includes non-recourse liabilities of consolidated VIEs at September 30, 2022 and December 31, 2021 of $33,413 and $31,125, respectively. See Note 12.
1

AMERESCO, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts) (Continued)
September 30, 2022December 31, 2021
(Unaudited)
Stockholders’ equity:
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at September 30, 2022 and December 31, 2021
$ $ 
Class A common stock, $0.0001 par value, 500,000,000 shares authorized, 36,015,988 shares issued and 33,914,193 shares outstanding at September 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 September 30, 2022 and December 31, 2021
2 2 
Additional paid-in capital299,487 283,982 
Retained earnings515,642 438,732 
Accumulated other comprehensive loss, net(5,650)(6,667)
Treasury stock, at cost, 2,101,795 shares at September 30, 2022 and December 31, 2021
(11,788)(11,788)
Stockholders’ equity before non-controlling interest797,696 704,264 
Non-controlling interest16,844  
Total stockholders’ equity814,540 704,264 
Total liabilities, redeemable non-controlling interests and stockholders’ equity
$3,038,043 $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 September 30,Nine Months Ended September 30,
 2022202120222021
Revenues$441,296 $273,682 $1,492,695 $799,804 
Cost of revenues361,740 214,869 1,263,458 640,760 
Gross profit79,556 58,813 229,237 159,044 
Selling, general and administrative expenses40,618 35,168 118,559 95,651 
Operating income38,938 23,645 110,678 63,393 
Other expenses, net7,546 4,557 19,876 13,679 
Income before income taxes31,392 19,088 90,802 49,714 
Income tax provision (benefit)3,657 (1,192)10,896 (883)
Net income27,735 20,280 79,906 50,597 
Net income attributable to redeemable non-controlling interests(344)(2,857)(2,915)(8,345)
Net income attributable to common shareholders$27,391 $17,423 $76,991 $42,252 
Net income per share attributable to common shareholders: 
Basic$0.53 $0.34 $1.48 $0.83 
Diluted$0.51 $0.33 $1.44 $0.81 
Weighted average common shares outstanding:  
Basic51,869 51,464 51,810 50,599 
Diluted53,297 52,839 53,252 52,013 

See notes to condensed consolidated financial statements.
3

AMERESCO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands) (Unaudited)
 Three Months Ended September 30,
 20222021
Net income$27,735 $20,280 
Other comprehensive income (loss):
Unrealized gain from interest rate hedges, net of tax effect of $602 and $131
1,757 436 
Foreign currency translation adjustments(3,053)(1,118)
Total other comprehensive loss(1,296)(682)
Comprehensive income26,439 19,598 
Comprehensive income attributable to redeemable non-controlling interests(344)(2,857)
Comprehensive income attributable to common shareholders$26,095 $16,741 
 Nine Months Ended September 30,
 20222021
Net income$79,906 $50,597 
Other comprehensive income (loss):
Unrealized gain from interest rate hedges, net of tax effect of $2,050 and $662
6,033 2,081 
Foreign currency translation adjustments(5,016)(227)
Total other comprehensive income 1,017 1,854 
Comprehensive income80,923 52,451 
Comprehensive income attributable to redeemable non-controlling interests(2,915)(8,345)
Comprehensive income attributable to common shareholders$78,008 $44,106 

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, 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, 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 
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 
Exercise of stock options— 80,300 — — — 1,616 — — — — — 1,616 
Stock-based compensation expense— — — — — 3,631 — — — — — 3,631 
Unrealized gain from interest rate hedges, net— — — — — — — 1,757 — — — 1,757 
Foreign currency translation adjustment— — — — — — — (3,053)— — — (3,053)
Distributions to redeemable non-controlling interests(212)— — — — — — — — — — — 
Accretion of tax equity financing fees27 — — — — — (27)— — — — (27)
Contributions from non-controlling interest— — — — — — — — — — 1,658 1,658 
Net income344 — — — — — 27,391 — — — — 27,391 
Balance, September 30, 2022$48,077 33,914,193 $3 18,000,000 $2 $299,487 $515,642 $(5,650)2,101,795 $(11,788)$16,844 $814,540 
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, 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 $6,416
— 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 
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— 180,888 — — — 3,482 — — — — — 3,482 
Stock-based compensation expense— — — — — 10,837 — — — — — 10,837 
Employee stock purchase plan— 16,996 — — — 948 — — — — — 948 
Unrealized gain from interest rate hedges, net— — — — — — — 6,033 — — — 6,033 
Foreign currency translation adjustment— — — — — — (5,016)— — — (5,016)
Distributions to redeemable non-controlling interests(863)— — — — — — — — — — — 
Accretion of tax equity financing fees81 — — — — — (81)— — — — (81)
Investment fund call option exercise(238)— — — — 238 — — — — — 238 
Contributions from non-controlling interest— — — — — — — — — — 16,844 16,844 
Net income2,915 — — — — — 76,991 — — — — 76,991 
Balance, September 30, 2022
$48,077 33,914,193 $3 18,000,000 $2 $299,487 $515,642 $(5,650)2,101,795 $(11,788)$16,844 $814,540 
See notes to condensed consolidated financial statements.
6

AMERESCO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands) (Unaudited)
 Nine Months Ended September 30,
 20222021
Cash flows from operating activities:  
Net income$79,906 $50,597 
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation of energy assets, net36,911 31,449 
Depreciation of property and equipment2,057 2,397 
Net increase in fair value of contingent consideration814  
Accretion of ARO liabilities108 90 
Amortization of debt discount and debt issuance costs2,869 2,085 
Amortization of intangible assets1,462 241 
Provision for bad debts363 29 
Loss on disposal / impairment of long-lived assets888 1,901 
Equity in earnings of unconsolidated entity(1,477)(128)
Net (gain) loss from derivatives(225)1,892 
Stock-based compensation expense10,837 4,280 
Deferred income taxes, net4,927 (1,834)
Unrealized foreign exchange loss466 124 
Changes in operating assets and liabilities:
Accounts receivable(47,257)27,721 
Accounts receivable retainage225 (9,214)
Federal ESPC receivable(180,249)(