Q1 2024 Ameresco Inc Earnings Call Transcript
Key Points
- Ameresco Inc (AMRC) reported a strong first quarter with revenue exceeding guidance, driven by effective execution across all business lines.
- The company's project backlog exceeded $4 million for the first time, showing a significant year-on-year growth of 36%.
- Ameresco Inc (AMRC) successfully brought an additional 13 megawatts of energy assets into operation, enhancing its large and growing base of operating assets.
- The company's focus on cash generation yielded positive results, with adjusted cash flow from operations exceeding $40 million during the quarter.
- Ameresco Inc (AMRC) reaffirmed its full-year guidance, anticipating continued revenue growth and adjusted EBITDA growth of 20% and 38% at the midpoints of their ranges, respectively.
- Despite overall growth, Ameresco Inc (AMRC) faced challenges with higher than normal project cost adjustments during the quarter, which impacted gross margins.
- The industry continues to experience stretched supply chains and tight labor markets, which generally lengthen project timelines and create operational challenges.
- The gross margin of approximately 16% dipped due to project cost adjustments, highlighting ongoing pressures on profitability.
- While the company is seeing early signs of improving gross margins in project backlogs, the continuation of industry challenges affects forecasting and guidance.
- Ameresco Inc (AMRC) noted that market challenges remain, requiring ongoing strategic adjustments to maintain competitiveness and execution efficiency.
Good day and thank you for standing by, and welcome to the First Quarter 2024 Ameresco Earnings Conference Call. (Operator Instructions) Please be advised that today's conference may be recorded on. I would like to hand the conference over to your first speaker today, Leila Dillon, Senior Vice President Marketing. Please go ahead.
Thank you, and good afternoon, everyone. We appreciate you joining us for today's call. Joining me here are George Sakellaris, Ameresco's Chairman, President and Chief Executive Officer; Doran Hole, Executive Vice President and Chief Financial Officer; and Mark Chiplock, Senior Vice President and Chief Accounting Officer.
Before I turn the call over to George, I would like to make a brief statement regarding forward-looking remarks. Our earnings materials contain forward-looking statements, including statements regarding our expectation, all forward-looking statements are subject to risks and uncertainties prior to today's earnings materials, safe harbor language
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