Delaware | 001-34811 | 04-3512838 | ||||||||||||
(State or Other Juris- diction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
111 Speen Street, | Suite 410, | Framingham, | MA | 1701 | |||||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||||
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||||
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||||
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of Each Class | Trading Symbol | Name of exchange on which registered | ||||||
Class A Common Stock, par value $0.0001 per share | AMRC | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | |||||||||||
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. | ☐ |
Exhibit No. | Description | |||||||
99.1 | ||||||||
99.2 | ||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL) |
AMERESCO, INC. |
||||||||||||||
February 27, 2025 | By: | /s/ Mark Chiplock | ||||||||||||
Mark Chiplock | ||||||||||||||
Senior Vice President and Chief Financial Officer (duly authorized and principal financial officer) |
||||||||||||||
(in millions) | Q4 2024 | Q4 2023 | ||||||||||||||||||
Revenue | Net Income (1) |
Adj. EBITDA | Revenue | Net Income (1) |
Adj. EBITDA | |||||||||||||||
Projects | $418.3 | $0.4 | $13.7 | $346.5 | $27.2 | $26.3 | ||||||||||||||
Energy Assets | $57.6 | $8.9 | $31.1 | $43.9 | $1.3 | $23.3 | ||||||||||||||
O&M | $26.5 | $1.7 | $2.6 | $24.4 | $4.1 | $3.4 | ||||||||||||||
Other | $30.2 | $26.2 | $39.8 | $26.6 | $1.1 | $1.9 | ||||||||||||||
Total (2) |
$532.7 | $37.1 | $87.2 | $441.4 | $33.7 | $54.9 | ||||||||||||||
(1) Net Income represents net income attributable to common shareholders | ||||||||||||||||||||
(2) Numbers in table may not sum due to rounding. |
($ in millions) | December 31, 2024 | ||||
Total Corporate Debt (1) |
$243.1 | ||||
Corporate Debt Leverage Ratio (2) |
3.2x | ||||
Total Energy Asset Debt (3) |
$1,390.2 | ||||
Energy Asset Book Value (4) |
$1,915.3 | ||||
Energy Debt Advance Rate (5) |
73% | ||||
Q4 Cash Flows from Operating Activities | $18.4 | ||||
Plus: Q4 Proceeds from Federal ESPC Projects | $35.4 | ||||
Equals: Q4 Adjusted Cash from Operations | $53.8 | ||||
8-quarter rolling average Cash Flows from Operating Activities | $6.0 | ||||
Plus: 8-quarter rolling average Proceeds from Federal ESPC Projects | $39.9 | ||||
Equals: 8-quarter rolling average Adjusted Cash from Operations | $45.8 | ||||
(1) Subordinated debt, term loans, and drawn amounts on the revolving line of credit, net of debt discount and issuance costs |
|||||
(2) Debt to EBITDA, as calculated under our Sr. Secured Credit Facility |
|||||
(3) Term loans, sale-leasebacks and construction loan project financings for our Energy Assets in operations and in-construction and development |
|||||
(4) Book Value of our Energy Assets in operations and in-construction and development |
|||||
(5) Total Energy Asset Debt divided by Energy Asset Book Value |
($ in millions) | At December 31, 2024 |
|||||||
Awarded Project Backlog (1) |
$2,274 | |||||||
Contracted Project Backlog | $2,544 | |||||||
Total Project Backlog | $4,818 | |||||||
12-month Contracted Backlog (2) |
$1,146 | |||||||
O&M Revenue Backlog | $1,378 | |||||||
Energy Asset Visibility (3) |
$3,325 | |||||||
Operating Energy Assets | 731 MWe | |||||||
Ameresco's Net Assets in Development (4) |
637 MWe | |||||||
(1) Customer contracts that have not been signed yet | ||||||||
(2) We define our 12-month backlog as the estimated amount of revenues that we expect to recognize in the next twelve months from our fully-contracted backlog | ||||||||
(3) Estimated contracted revenue and incentives during PPA period plus estimated additional revenue from operating RNG assets over a 20-year period, assuming RINs at $1.50/gallon and brown gas at $3.50/MMBtu with $3.00/MMBtu for LCFS on certain projects | ||||||||
(4) Net MWe capacity includes only our share of any jointly owned assets |
FY 2025 Guidance Ranges | ||||||||
Revenue | $1.85 billion | $1.95 billion | ||||||
Gross Margin | 15.5% | 16.0% | ||||||
Adjusted EBITDA | $225 million | $245 million | ||||||
Depreciation & Amortization | $103 million | $105 million | ||||||
Interest Expense & Other | $85 million | $90 million | ||||||
Effective Tax Rate | (50)% | (35)% | ||||||
Income Attributable to Non-Controlling Interest | ($5) million | ($8) million | ||||||
Non-GAAP EPS | $0.70 | $0.90 |
Contact: |
Media Relations |
Leila Dillon, 508.661.2264, news@ameresco.com |
|||||||||
Investor Relations |
Eric Prouty, AdvisIRy Partners, 212.750.5800,
eric.prouty@advisiry.com
|
||||||||||
Lynn Morgen, AdvisIRy Partners, 212.750.5800,
lynn.morgen@advisiry.com
|
December 31, | |||||||||||
2024 | 2023 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 108,516 | $ | 79,271 | |||||||
Restricted cash | 69,706 | 62,311 | |||||||||
Accounts receivable, net | 256,961 | 153,362 | |||||||||
Accounts receivable retainage | 39,843 | 33,826 | |||||||||
Unbilled revenue | 644,105 | 636,163 | |||||||||
Inventory | 11,556 | 13,637 | |||||||||
Prepaid expenses and other current assets | 145,906 | 123,391 | |||||||||
Income tax receivable | 1,685 | 5,775 | |||||||||
Project development costs, net | 22,856 | 20,735 | |||||||||
Total current assets | 1,301,134 | 1,128,471 | |||||||||
Federal ESPC receivable | 609,128 | 609,265 | |||||||||
Property and equipment, net | 11,040 | 17,395 | |||||||||
Energy assets, net | 1,915,311 | 1,689,424 | |||||||||
Goodwill, net | 66,305 | 75,587 | |||||||||
Intangible assets, net | 8,814 | 6,808 | |||||||||
Right-of-use assets, net | 80,149 | 58,586 | |||||||||
Restricted cash, non-current portion | 20,156 | 12,094 | |||||||||
Deferred income tax assets, net | 56,523 | 26,411 | |||||||||
Other assets | 89,948 | 89,735 | |||||||||
Total assets | $ | 4,158,508 | $ | 3,713,776 | |||||||
LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Current portions of long-term debt and financing lease liabilities, net | $ | 149,363 | $ | 322,247 | |||||||
Accounts payable | 529,338 | 402,752 | |||||||||
Accrued expenses and other current liabilities | 107,293 | 108,831 | |||||||||
Current portions of operating lease liabilities | 10,536 | 13,569 | |||||||||
Deferred revenue | 91,734 | 52,903 | |||||||||
Income taxes payable | 744 | 1,169 | |||||||||
Total current liabilities | 889,008 | 901,471 | |||||||||
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs | 1,483,900 | 1,170,075 | |||||||||
Federal ESPC liabilities | 555,396 | 533,054 | |||||||||
Deferred income tax liabilities, net | 2,223 | 4,479 | |||||||||
Deferred grant income | 6,436 | 6,974 | |||||||||
Long-term operating lease liabilities, net of current portion | 59,479 | 42,258 | |||||||||
Other liabilities | 114,454 | 82,714 | |||||||||
Commitments and contingencies |
December 31, | |||||||||||
2024 | 2023 | ||||||||||
Redeemable non-controlling interests, net | $ | 2,463 | $ | 46,865 | |||||||
Stockholders’ equity: | |||||||||||
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at December 31, 2024 and 2023 | — | — | |||||||||
Class A common stock, $0.0001 par value, 500,000,000 shares authorized, 36,603,048 shares issued and 34,501,213 shares outstanding at December 31, 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 December 31, 2024 and 2023 | 2 | 2 | |||||||||
Additional paid-in capital | 378,321 | 320,892 | |||||||||
Retained earnings | 652,561 | 595,911 | |||||||||
Accumulated other comprehensive loss, net | (5,874) | (3,045) | |||||||||
Treasury stock, at cost, 2,101,835 shares at December 31, 2024 and 2,101,795 at December 31, 2023 |
(11,788) | (11,788) | |||||||||
Stockholders’ equity before non-controlling interest | 1,013,225 | 901,975 | |||||||||
Non-controlling interests | 31,924 | 23,911 | |||||||||
Total stockholders’ equity | 1,045,149 | 925,886 | |||||||||
Total liabilities, redeemable non-controlling interests and stockholders’ equity | $ | 4,158,508 | $ | 3,713,776 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||||||||
Revenues | $ | 532,667 | $ | 441,368 | $ | 1,769,928 | $ | 1,374,633 | |||||||||||||||
Cost of revenues | 465,877 | 367,192 | 1,513,837 | 1,128,204 | |||||||||||||||||||
Gross profit | 66,790 | 74,176 | 256,091 | 246,429 | |||||||||||||||||||
Selling, general and administrative expenses | 47,841 | 36,672 | 173,761 | 162,138 | |||||||||||||||||||
Gain on sale of business, net | 38,007 | — | 38,007 | — | |||||||||||||||||||
Asset impairments | 12,384 | 3,831 | 12,384 | 3,831 | |||||||||||||||||||
Earnings from unconsolidated entities | 68 | 402 | 792 | 1,758 | |||||||||||||||||||
Operating income | 44,640 | 34,075 | 108,745 | 82,218 | |||||||||||||||||||
Interest and other expenses, net | 23,406 | 16,066 | 74,805 | 43,949 | |||||||||||||||||||
Income before income taxes | 21,234 | 18,009 | 33,940 | 38,269 | |||||||||||||||||||
Income tax benefit | (16,676) | (15,083) | (20,000) | (25,635) | |||||||||||||||||||
Net income | 37,910 | 33,092 | 53,940 | 63,904 | |||||||||||||||||||
Net (income) loss attributable to non-controlling interests and redeemable non-controlling interests | (825) | 643 | 2,817 | (1,434) | |||||||||||||||||||
Net income attributable to common shareholders | $ | 37,085 | $ | 33,735 | $ | 56,757 | $ | 62,470 | |||||||||||||||
Net income per share attributable to common shareholders: | |||||||||||||||||||||||
Basic | $ | 0.71 | $ | 0.65 | $ | 1.08 | $ | 1.20 | |||||||||||||||
Diluted | $ | 0.70 | $ | 0.64 | $ | 1.07 | $ | 1.17 | |||||||||||||||
Weighted average common shares outstanding: | |||||||||||||||||||||||
Basic | 52,463 | 52,247 | 52,380 | 52,140 | |||||||||||||||||||
Diluted | 53,257 | 53,063 | 53,140 | 53,228 | |||||||||||||||||||
Year Ended December 31, | |||||||||||
2024 | 2023 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 53,940 | $ | 63,904 | |||||||
Adjustments to reconcile net income to net cash flows from operating activities: | |||||||||||
Depreciation of energy assets, net | 82,114 | 59,390 | |||||||||
Depreciation of property and equipment | 4,963 | 4,155 | |||||||||
Amortization of debt discount and debt issuance costs | 5,151 | 4,201 | |||||||||
Amortization of intangible assets | 2,134 | 2,366 | |||||||||
Increase in contingent consideration | 149 | 347 | |||||||||
Accretion of ARO liabilities | 332 | 258 | |||||||||
Impairment of goodwill | — | 2,222 | |||||||||
Provision for bad debts | 1,340 | 356 | |||||||||
Impairment of long-lived assets / loss on disposal | 12,815 | 1,710 | |||||||||
Gain on sale of business, net of transaction costs | (38,007) | — | |||||||||
Non-cash project revenue related to in-kind leases | (4,164) | (3,164) | |||||||||
Earnings from unconsolidated entities | (792) | (1,758) | |||||||||
Net gain from derivatives | (1,027) | (1,108) | |||||||||
Stock-based compensation expense | 14,130 | 10,318 | |||||||||
Deferred income taxes, net | (24,315) | (27,602) | |||||||||
Unrealized foreign exchange loss (gain) | 2,216 | (368) | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | (96,867) | 52,647 | |||||||||
Accounts receivable retainage | (14,342) | 4,337 | |||||||||
Federal ESPC receivable | (158,937) | (260,378) | |||||||||
Inventory, net | 2,081 | 581 | |||||||||
Unbilled revenue | 54,953 | (13,211) | |||||||||
Prepaid expenses and other current assets | 22,576 | (41,125) | |||||||||
Project development costs | (3,255) | (5,486) | |||||||||
Other assets | (5,287) | (6,896) | |||||||||
Accounts payable, accrued expenses, and other current liabilities | 143,776 | 53,238 | |||||||||
Deferred revenue | 50,738 | 26,202 | |||||||||
Other liabilities | 7,504 | 3,559 | |||||||||
Income taxes receivable, net | 3,679 | 1,314 | |||||||||
Cash flows from operating activities | 117,598 | (69,991) | |||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property and equipment | (4,291) | (5,713) | |||||||||
Capital investment in energy assets | (416,992) | (538,418) | |||||||||
Capital investment in major maintenance of energy assets | (17,063) | (7,636) | |||||||||
Grant award received on energy asset | 400 | — | |||||||||
Net proceeds from sale of business | 54,249 | — | |||||||||
Net proceeds from sale of equity investment | 13,091 | — | |||||||||
Acquisitions, net of cash received | — | (9,182) |
Year Ended December 31, | |||||||||||
2024 | 2023 | ||||||||||
Contributions to equity and other investments | (11,757) | (5,429) | |||||||||
Loans to joint venture investments | — | (565) | |||||||||
Purchases of subsurface land easements | (4,274) | — | |||||||||
Cash flows from investing activities | (386,637) | (566,943) | |||||||||
Cash flows from financing activities: | |||||||||||
Payments on long-term corporate debt financings | (127,000) | (155,000) | |||||||||
Proceeds from long-term corporate debt financings | 100,000 | — | |||||||||
Payments on senior secured revolving credit facility, net | (4,900) | (43,000) | |||||||||
Proceeds from long-term energy asset debt financings | 643,529 | 843,498 | |||||||||
Payments on long-term energy asset debt and financing leases | (424,421) | (148,057) | |||||||||
Payment on seller's promissory note | (61,941) | — | |||||||||
Payments of debt discount and debt issuance costs | (15,308) | (9,315) | |||||||||
Proceeds from Federal ESPC projects | 164,779 | 154,338 | |||||||||
Net proceeds from energy asset receivable financing arrangements | 6,012 | 14,512 | |||||||||
Proceeds from exercises of options and ESPP | 2,763 | 4,455 | |||||||||
Contributions from non-controlling interest | 35,407 | 3,738 | |||||||||
Distributions to non-controlling interest | (1,368) | (21,842) | |||||||||
Distributions to redeemable non-controlling interests, net | (422) | (658) | |||||||||
Investment fund call option exercise | (3,186) | — | |||||||||
Payment of contingent consideration | — | (1,866) | |||||||||
Cash flows from financing activities | 313,944 | 640,803 | |||||||||
Effect of exchange rate changes on cash | (203) | (81) | |||||||||
Net increase in cash, cash equivalents, and restricted cash | 44,702 | 3,788 | |||||||||
Cash, cash equivalents, and restricted cash, beginning of year | 153,676 | 149,888 | |||||||||
Cash, cash equivalents, and restricted cash, end of year | $ | 198,378 | $ | 153,676 |
Three Months Ended December 31, 2024 | |||||||||||||||||
Adjusted EBITDA: | Projects | Energy Assets | O&M | Other | Consolidated | ||||||||||||
Net income attributable to common shareholders | $ | 364 | $ | 8,899 | $ | 1,651 | $ | 26,171 | $ | 37,085 | |||||||
(Less) plus: Income tax (benefit) provision | (1,096) | (26,787) | (8) | 11,215 | (16,676) | ||||||||||||
Plus: Other expenses, net | 10,203 | 11,896 | 508 | 799 | 23,406 | ||||||||||||
Plus: Depreciation and amortization | 1,032 | 24,245 | 276 | 992 | 26,545 | ||||||||||||
Plus: Stock-based compensation | 2,974 | 398 | 180 | 210 | 3,762 | ||||||||||||
Plus: Energy asset impairment charges | — | 12,384 | — | — | 12,384 | ||||||||||||
Plus: Contingent Consideration, restructuring and other charges | 232 | 15 | 4 | 428 | 679 | ||||||||||||
Adjusted EBITDA | $ | 13,709 | $ | 31,050 | $ | 2,611 | $ | 39,815 | $ | 87,185 | |||||||
Adjusted EBITDA margin | 3.3 | % | 53.9 | % | 9.8 | % | 131.7 | % | 16.4 | % |
Three Months Ended December 31, 2023 | |||||||||||||||||
Adjusted EBITDA: | Projects | Energy Assets | O&M | Other | Consolidated | ||||||||||||
Net income attributable to common shareholders | $ | 27,149 | $ | 1,333 | $ | 4,145 | $ | 1,108 | $ | 33,735 | |||||||
Impact from redeemable non-controlling interests | — | (299) | — | — | (299) | ||||||||||||
Less: Income tax benefit | (7,312) | (6,722) | (991) | (58) | (15,083) | ||||||||||||
Plus: Other expenses, net | 4,130 | 11,551 | 110 | 275 | 16,066 | ||||||||||||
Plus: Depreciation and amortization | 1,202 | 16,304 | 295 | 733 | 18,534 | ||||||||||||
Plus: Stock-based compensation | (1,113) | (440) | (210) | (237) | (2,000) | ||||||||||||
Plus: Energy asset and goodwill impairment charges | 2,222 | 1,609 | — | — | 3,831 | ||||||||||||
Plus: Contingent Consideration, restructuring and other charges | 76 | 21 | 2 | 56 | 155 | ||||||||||||
Adjusted EBITDA | $ | 26,354 | $ | 23,357 | $ | 3,351 | $ | 1,877 | $ | 54,939 | |||||||
Adjusted EBITDA margin | 7.6 | % | 53.3 | % | 13.7 | % | 7.1 | % | 12.4 | % | |||||||
Year Ended December 31, 2024 | |||||||||||||||||
Adjusted EBITDA: | Projects | Energy Assets | O&M | Other | Consolidated | ||||||||||||
Net income attributable to common shareholders | $ | 1,779 | $ | 13,981 | $ | 12,252 | $ | 28,745 | $ | 56,757 | |||||||
Impact from redeemable non-controlling interests | — | (3,766) | — | — | (3,766) | ||||||||||||
Plus (less): Income tax provision (benefit) | 1,762 | (34,170) | 588 | 11,820 | (20,000) | ||||||||||||
Plus: Other expenses, net | 25,235 | 45,715 | 1,511 | 2,344 | 74,805 | ||||||||||||
Plus: Depreciation and amortization | 3,929 | 80,849 | 1,232 | 3,201 | 89,211 | ||||||||||||
Plus: Stock-based compensation | 10,687 | 1,703 | 850 | 890 | 14,130 | ||||||||||||
Plus: Energy asset impairment charges | — | 12,384 | — | — | 12,384 | ||||||||||||
Plus: Contingent Consideration, restructuring and other charges | 1,162 | 116 | 19 | 523 | 1,820 | ||||||||||||
Adjusted EBITDA | $ | 44,554 | $ | 116,812 | $ | 16,452 | $ | 47,523 | $ | 225,341 | |||||||
Adjusted EBITDA margin | 3.3 | % | 54.8 | % | 15.5 | % | 42.6 | % | 12.7 | % |
Year Ended December 31, 2023 | |||||||||||||||||
Adjusted EBITDA: | Projects | Energy Assets | O&M | Other | Consolidated | ||||||||||||
Net income attributable to common shareholders | $ | 39,263 | $ | 12,992 | $ | 7,965 | $ | 2,250 | $ | 62,470 | |||||||
Impact from redeemable non-controlling interests | — | 570 | — | — | 570 | ||||||||||||
(Less) plus: Income tax (benefit) provision | (15,717) | (10,642) | 345 | 379 | (25,635) | ||||||||||||
Plus: Other expenses, net | 14,257 | 27,701 | 669 | 1,322 | 43,949 | ||||||||||||
Plus: Depreciation and amortization | 4,103 | 58,455 | 1,218 | 2,135 | 65,911 | ||||||||||||
Plus: Stock-based compensation | 7,516 | 1,343 | 694 | 765 | 10,318 | ||||||||||||
Plus: Energy asset and goodwill impairment charges | 2,222 | 1,609 | — | — | 3,831 | ||||||||||||
Plus: Contingent consideration, restructuring and other charges | 1,223 | 69 | 17 | 267 | 1,576 | ||||||||||||
Adjusted EBITDA | $ | 52,867 | $ | 92,097 | $ | 10,908 | $ | 7,118 | $ | 162,990 | |||||||
Adjusted EBITDA margin | 5.3 | % | 51.5 | % | 11.8 | % | 7.0 | % | 11.9 | % |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||
Non-GAAP net income and EPS: | ||||||||||||||
Net income attributable to common shareholders | $ | 37,085 | $ | 33,735 | $ | 56,757 | $ | 62,470 | ||||||
Adjustment for accretion of tax equity financing fees | (27) | (27) | (107) | (108) | ||||||||||
Impact from redeemable non-controlling interests | — | (299) | (3,766) | 570 | ||||||||||
Plus: Goodwill impairment | — | 2,222 | — | 2,222 | ||||||||||
Plus: Energy asset impairment | 12,384 | 1,609 | 12,384 | 1,609 | ||||||||||
Plus: Contingent consideration, restructuring and other charges | 679 | 155 | 1,820 | 1,576 | ||||||||||
Income tax effect of Non-GAAP adjustments | (3,396) | (649) | (3,692) | (1,018) | ||||||||||
Non-GAAP net income | $ | 46,725 | $ | 36,746 | $ | 63,396 | $ | 67,321 | ||||||
Diluted net income per common share | $ | 0.70 | $ | 0.64 | $ | 1.07 | $ | 1.17 | ||||||
Effect of adjustments to net income | 0.18 | 0.05 | 0.13 | 0.09 | ||||||||||
Non-GAAP EPS | $ | 0.88 | $ | 0.69 | $ | 1.20 | $ | 1.26 | ||||||
Adjusted cash from operations: | ||||||||||||||
Cash flows from operating activities | $ | 18,376 | $ | (29,570) | $ | 117,598 | $ | (69,991) | ||||||
Plus: proceeds from Federal ESPC projects | 35,380 | 47,035 | 164,779 | 154,338 | ||||||||||
Adjusted cash from operations | $ | 53,756 | $ | 17,465 | $ | 282,377 | $ | 84,347 |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||
New contracts and awards: | ||||||||||||||
New contracts | $ | 1,093,914 | $ | 477,280 | $ | 2,527,854 | $ | 1,276,660 | ||||||
New awards (1) |
$ | 711,845 | $ | 519,600 | $ | 2,246,669 | $ | 2,193,225 | ||||||
(1) Represents estimated future revenues from projects that have been awarded, though the contracts have not yet been signed. |
Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA): | ||||||||
Year Ended December 31, 2025 | ||||||||
Low | High | |||||||
Operating income (1) |
$113 million | $132 million | ||||||
Depreciation and amortization | $103 million | $105 million | ||||||
Stock-based compensation | $14 million | $16 million | ||||||
Income attributable to non-controlling interest | $(5) million | $(8) million | ||||||
Adjusted EBITDA | $225 million | $245 million |