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AMRC Ameresco

Founded in 2000, Ameresco, Inc. is a leading independent clean technology integrator of comprehensive services, energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions for businesses and organizations throughout North America and Europe. Ameresco's sustainability services include upgrades to a facility's energy infrastructure and the development, construction and operation of renewable energy plants. 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 1,000 employees providing local expertise in the United States, Canada, and the United Kingdom.

Company profile

Ticker
AMRC
Exchange
CEO
George Sakellaris
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
1519 Crandall Road LLC • 1724 64th Avenue Solar LLC • 2598837 ONTARIO Inc. • 310 Main St. Solar LLC • 3901 Suitland Road Solar LLC • 399 Revolution Drive Solar LLC • 515 Main Saugus LLC • 5700 Canada • 5715 Livingston Road Solar LLC • 59 Morse Road Solar LLC ...
IRS number
43512838

AMRC stock data

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Calendar

3 Aug 21
28 Oct 21
31 Dec 21
Quarter (USD)
Jun 21 Mar 21 Dec 20 Sep 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from Ameresco earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 93.84M 93.84M 93.84M 93.84M 93.84M 93.84M
Cash burn (monthly) 7.5M (positive/no burn) (positive/no burn) (positive/no burn) 19.25M 10.46M
Cash used (since last report) 29.66M n/a n/a n/a 76.11M 41.34M
Cash remaining 64.18M n/a n/a n/a 17.73M 52.51M
Runway (months of cash) 8.6 n/a n/a n/a 0.9 5.0

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
25 Oct 21 Sutton Joseph W. Class A Common Stock Sell Dispose S Yes Yes 75.3875 33,000 2.49M 162,355
25 Oct 21 Sakellaris George P Class A Common Stock Sell Dispose S No Yes 72.808 500 36.4K 1,041,909
25 Oct 21 Sakellaris George P Class A Common Stock Sell Dispose S No Yes 74.009 2,300 170.22K 1,042,409
25 Oct 21 Sakellaris George P Class A Common Stock Sell Dispose S No Yes 75.361 4,188 315.61K 1,044,709
22 Oct 21 Sakellaris George P Class A Common Stock Sell Dispose S No Yes 72.358 5,747 415.84K 1,048,897
14 Sep 21 Sutton Joseph W. Class A Common Stock Sell Dispose S Yes Yes 70.114 33,000 2.31M 195,355
9 Sep 21 Sakellaris George P Class A Common Stock Sell Dispose S No No 72.422 1,646 119.21K 1,054,644
8 Sep 21 Sakellaris George P Class A Common Stock Sell Dispose S No No 72.481 700 50.74K 1,056,290
7 Sep 21 Sakellaris George P Class A Common Stock Sell Dispose S No No 72.055 24,768 1.78M 1,056,990
7 Sep 21 Sakellaris George P Class A Common Stock Sell Dispose S No No 72.855 10,359 754.7K 1,081,758

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

78.0% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 187 197 -5.1%
Opened positions 31 42 -26.2%
Closed positions 41 39 +5.1%
Increased positions 62 85 -27.1%
Reduced positions 72 51 +41.2%
13F shares
Current Prev Q Change
Total value 2.3B 1.58B +45.2%
Total shares 26.03M 25.15M +3.5%
Total puts 39.2K 86.2K -54.5%
Total calls 76.2K 302.9K -74.8%
Total put/call ratio 0.5 0.3 +80.8%
Largest owners
Shares Value Change
Handelsbanken Fonder AB 2.21M $138.48M -10.0%
BLK Blackrock 2.11M $132.54M +3.6%
Vanguard 1.95M $122.35M +3.1%
Grantham, Mayo, Van Otterloo & Co. 1.36M $85.21M +265.8%
MCQEF Macquarie 1.24M $77.76M +1.6%
Dimensional Fund Advisors 871.39K $54.66M -24.4%
SLFPY Standard Life Aberdeen 853.53K $53.53M +73.3%
IVZ Invesco 769.54K $48.27M -17.2%
Stephens Investment Management 713.89K $44.78M +7.3%
RY Royal Bank Of Canada 667K $41.84M -8.1%
Largest transactions
Shares Bought/sold Change
Grantham, Mayo, Van Otterloo & Co. 1.36M +987.16K +265.8%
Fred Alger Management 575.43K +575.43K NEW
SLFPY Standard Life Aberdeen 853.53K +360.92K +73.3%
Dimensional Fund Advisors 871.39K -280.62K -24.4%
Handelsbanken Fonder AB 2.21M -244.7K -10.0%
Maven Securities 0 -197.5K EXIT
CS Credit Suisse 208.69K +186.83K +854.3%
DekaBank Deutsche Girozentrale 300K +180K +150.0%
Arosa Capital Management 150K -175K -53.8%
Granahan Investment Management 173.3K +173.3K NEW

Financial report summary

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Risks
  • If demand for our energy efficiency and renewable energy solutions does not develop as we expect, our revenues will suffer, and our business will be harmed.
  • In order to secure contracts for new projects, we typically face a long and variable selling cycle that requires significant resource commitments and requires a long lead time before we realize revenues.
  • We may not recognize all revenues from our backlog or receive all payments anticipated under awarded projects and customer contracts.
  • We may be unable to complete or operate our projects on a profitable basis or as we have committed to our customers.
  • Due to the COVID-19 pandemic, we have experienced a lengthening of our selling cycle and, if this slowdown continues, the timeline for realizing revenue on new projects may be further delayed.
  • Our business depends in part on federal, state, provincial and local government support for energy efficiency and renewable energy, and a decline in such support could harm our business.
  • A substantial portion of our earnings are derived from the sale of renewable energy certificates (“RECs”) and other environmental attributes, and our failure to be able to sell such attributes could materially adversely affect our business, financial condition and results of operation.
  • A significant decline in the fiscal health of federal, state, provincial and local governments could reduce demand for our energy efficiency and renewable energy projects.
  • Provisions in our government contracts may harm our business, financial condition and operating results.
  • The projects we undertake for our customers generally require significant capital, which our customers or we may finance through third parties, and such financing may not be available to our customers or to us on favorable terms, if at all.
  • Project development or construction activities may not be successful, and we may make significant investments without first obtaining project financing, which could increase our costs and impair our ability to recover our investments.
  • Our senior credit facility, project financing term loans and construction loans contain financial and operating restrictions that may limit our business activities and our access to credit.
  • The LIBOR calculation method may change and LIBOR is expected to be phased out after 2021.
  • If our subsidiaries default on their obligations under their debt instruments, we may need to make payments to lenders to prevent foreclosure on the collateral securing the debt.
  • Our business is affected by seasonal trends and construction cycles, and these trends and cycles could have an adverse effect on our operating results.
  • We may have exposure to additional tax liabilities and our effective tax rate may increase or fluctuate, which could increase our income tax expense and reduce our net income.
  • Changes in the laws and regulations governing the public procurement of ESPCs could have a material impact on our business.
  • Failure of third parties to manufacture quality products or provide reliable services in a timely manner could cause delays in the delivery of our services and completion of our projects, which could damage our reputation, have a negative impact on our relationships with our customers and adversely affect our growth.
  • We may have liability to our customers under our ESPCs if our projects fail to deliver the energy use reductions to which we are committed under the contract.
  • We may assume responsibility under customer contracts for factors outside our control, including, in connection with some customer projects, the risk that fuel prices will increase.
  • Our business depends on experienced and skilled personnel and substantial specialty subcontractor resources, and if we lose key personnel or if we are unable to attract and integrate additional skilled personnel, it will be more difficult for us to manage our business and complete projects.
  • If we cannot obtain surety bonds and letters of credit, our ability to operate may be restricted.
  • We operate in a highly competitive industry, and our current or future competitors may be able to compete more effectively than we do, which could have a material adverse effect on our business, revenues, growth rates and market share.
  • Our small-scale renewable energy plants may not generate expected levels of output.
  • We have not entered into long-term offtake agreements for a portion of the output from our small-scale renewable energy plants and a portion of the related RINs are not subject to long term contracts.
  • We may not be able to replace expiring offtake agreements with contracts on similar terms. If we are unable to replace an expired offtake agreement with an acceptable new contract, we may be required to remove the small-scale renewable energy plant from the site or, alternatively, we may sell the assets to the customer.
  • We plan to expand our business in part through future acquisitions, but we may not be able to identify or complete suitable acquisitions.
  • We may be required to write-off or impair capitalized costs or intangible assets in the future, or we may incur restructuring costs or other charges, each of which could harm our earnings.
  • We need governmental approvals and permits, and we typically must meet specified qualifications, in order to undertake our energy efficiency projects and construct, own and operate our small-scale renewable energy projects, and any failure to do so would harm our business.
  • Many of our small-scale renewable energy projects are, and other future projects may be, subject to or affected by U.S. federal energy regulation or other regulations that govern the operation, ownership and sale of the facility, or the sale of electricity from the facility.
  • International expansion is one of our growth strategies, and international operations will expose us to additional risks that we do not face in the United States, which could have an adverse effect on our operating results.
  • Changes in utility regulation and tariffs could adversely affect our business.
  • The Securities and Exchange Commission’s investigation into our revenue recognition and compensation practices in our software-as-a-service, or SaaS, businesses could result in a restatement of our financial statements, investment in remediation of our internal controls, sanctions or penalties, distraction of our management, and litigation from third parties, each of which could adversely affect or cause variability in our financial results.
  • The trading price of our Class A common stock is volatile.
  • Holders of our Class A common stock are entitled to one vote per share, and holders of our Class B common stock are entitled to five votes per share. The lower voting power of our Class A common stock may negatively affect the attractiveness of our Class A common stock to investors and, as a result, its market value.
  • For the foreseeable future, Mr. Sakellaris or his affiliates will be able to control the selection of all members of our board of directors, as well as virtually every other matter that requires stockholder approval, which will severely limit the ability of other stockholders to influence corporate matters.
  • Any future acquisitions that we may make could disrupt our business, cause dilution to our stockholders and harm our business, financial condition or operating results.
  • Compliance with environmental laws could adversely affect our operating results.
  • Our activities and operations are subject to numerous health and safety laws and regulations, and if we violate such regulations, we could face penalties and fines.
  • We are subject to various privacy and consumer protection laws.
  • We are exposed to the credit risk of some of our customers.
  • Fluctuations in foreign currency exchange rates can impact our results.
  • Public health threats or outbreaks of communicable diseases could have a material adverse effect on our operations and financial results.
Management Discussion
  • Our results of operations for the three and six months ended June 30, 2021 reflect year-over-year growth in terms of revenues, operating income, and net income attributable to common shareholders. All financial result comparisons made below are against the same prior year period unless otherwise noted.
  • •Revenues: total revenues for the three months ended June 30, 2021 increased over 2020 primarily due to a $36.3 million, or 23%, increase in our project revenue with contributions across a number of geographies and markets, and an $8.2 million, or 28% increase in our energy asset revenue attributed to the continued growth of our operating portfolio, strong renewable gas production and higher pricing on renewable identification numbers (“RINs”) generated from certain non-solar distributed generation assets in operation. Revenues for the six months ended June 30, 2021 increased over 2020 primarily due to a $72.6 million, or 24%, increase, in our project revenue and a $13.3 million, or 23% increase in our energy asset revenue for the same reasons noted above.
  • •Cost of Revenues and Gross Profit: the increase in cost of revenues is primarily due to the increase in project revenues described above. The increase in gross profit as a percentage of revenue increased as our revenue mix continued to shift towards our higher margin Energy Assets business.
Content analysis
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