Q2 2024 Ameresco Inc Earnings Call Transcript
Key Points
- Ameresco Inc (AMRC) reported a strong 45% growth in project revenue for Q2.
- The company increased its total backlog by 36% year-over-year to a record $4.4 billion.
- Ameresco Inc (AMRC) brought a record 155 megawatts of energy assets into operation.
- The company secured approximately $170 million in new project financing commitments in the quarter.
- Ameresco Inc (AMRC) raised $100 million in subordinated debt from Nuveen Energy Infrastructure Credit, enhancing its financial flexibility.
- Gross margin dipped to approximately 15% due to additional costs of $6.6 million related to SCE projects and a mix of lower-margin projects.
- The resignation of Chief Financial Officer Doran Hole may create some uncertainty during the transition period.
- The company faces potential risks and uncertainties related to the upcoming elections, which could impact market conditions.
- The revised 2024 guidance reflects a $10 million impact on gross margin due to cost budget revisions on SCE projects.
- There are concerns about potential further budget revisions and delays in the SCE projects, which could impact future financial performance.
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; Nicole Bulgarino, Executive Vice President and General Manager, Federal and Utility Solutions; Mike Bakas, Executive Vice President, Renewable Natural Gas; 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. Today's earnings materials contain forward-looking statements, including statements regarding our expectations. All forward-looking statements are subject to risks and uncertainties.
Please refer to today's earnings materials, the Safe Harbor language on slide two, of our supplemental information. And our SEC filings for a discussion of the major risk factors that could cause our actual results to differ from those in our forward
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