$AMRC
Ameresco, Inc.

2012 Q1 Form 10-Q Financial Statement

#000148813912000013 Filed on May 10, 2012

View on sec.gov

Income Statement

Concept 2012 Q1 2011 Q4 2011 Q1
Revenue $146.6M $188.5K $146.4K
YoY Change 100004.49% 5.1% 38.62%
Cost Of Revenue $117.3M $153.4M $118.4M
YoY Change -0.92% 3.58% 35.82%
Gross Profit $29.22M $35.10M $27.98M
YoY Change 4.43% 12.14% 52.08%
Gross Profit Margin 19.94% 18621.28% 19111.48%
Selling, General & Admin $21.60M $19.00M $15.30M
YoY Change 41.18% 46.15% 20.47%
% of Gross Profit 73.91% 54.13% 54.68%
Research & Development $4.200M $3.400M $4.400M
YoY Change -4.55% -41.38% 41.94%
% of Gross Profit 14.37% 9.69% 15.72%
Depreciation & Amortization $4.939M $4.460M $2.680M
YoY Change 84.3% 74.22% 25.23%
% of Gross Profit 16.9% 12.71% 9.58%
Operating Expenses $25.80M $22.44K $19.68K
YoY Change 130992.58% 19.57% 24.27%
Operating Profit $3.425M $12.62K $8.303K
YoY Change 41147.62% 0.9% 223.96%
Interest Expense $1.209M -$3.300M -$900.0K
YoY Change -234.3% 230.0% 0.0%
% of Operating Profit 35.29% -26157.26% -10839.46%
Other Income/Expense, Net -$1.108M -$1.748K -$631.00
YoY Change 175452.93% -1044.86% -53.47%
Pretax Income $2.317M $10.87K $7.672K
YoY Change 30101.39% -14.34% 535.63%
Income Tax $581.9K $2.425K $2.115K
% Of Pretax Income 25.11% 22.31% 27.57%
Net Earnings $1.735M $8.443K $5.557K
YoY Change 31121.88% -4.95% 614.27%
Net Earnings / Revenue 1.18% 4.48% 3.8%
Basic Earnings Per Share $0.04 $0.19 $0.13
Diluted Earnings Per Share $0.04 $0.19 $0.12
COMMON SHARES
Basic Shares Outstanding 44.15M shares 43.51M shares 41.32M shares
Diluted Shares Outstanding 46.13M shares 45.55M shares 45.82M shares

Balance Sheet

Concept 2012 Q1 2011 Q4 2011 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $38.40M $26.30M $29.30M
YoY Change 31.06% -41.16% 20.08%
Cash & Equivalents $38.44M $26.28M $59.78M
Short-Term Investments
Other Short-Term Assets $83.60M $103.1M $78.20M
YoY Change 6.91% 45.83% 31.21%
Inventory $8.776M $8.636M $8.400M
Prepaid Expenses $6.184M $8.993M
Receivables $105.5M $135.4M $94.00M
Other Receivables $10.30M $9.600M $7.200M
Total Short-Term Assets $246.6M $283.1M $217.2M
YoY Change 13.54% 33.7% 42.61%
LONG-TERM ASSETS
Property, Plant & Equipment $7.695M $7.086M $148.9M
YoY Change -94.83% 31.07% 17.99%
Goodwill $47.92M $47.88M
YoY Change 132.65%
Intangibles $11.07M $12.73M
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.990M $3.778M $7.400M
YoY Change -46.08% -17.84% -43.94%
Total Long-Term Assets $379.4M $362.5M $393.0M
YoY Change -3.47% -2.73% 70.94%
TOTAL ASSETS
Total Short-Term Assets $246.6M $283.1M $217.2M
Total Long-Term Assets $379.4M $362.5M $393.0M
Total Assets $626.0M $645.6M $610.2M
YoY Change 2.59% 10.84% 59.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $71.42M $93.51M $72.40M
YoY Change -1.35% -1.89% 35.33%
Accrued Expenses $10.76M $8.918M $12.90M
YoY Change -16.62% -28.76% -12.84%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $7.300M $0.00
YoY Change
Long-Term Debt Due $12.37M $11.56M $11.00M
YoY Change 12.46% 144.89% -5.98%
Total Short-Term Liabilities $122.5M $148.3M $121.3M
YoY Change 0.98% 3.98% 10.07%
LONG-TERM LIABILITIES
Long-Term Debt $197.3M $196.4M $231.9M
YoY Change -14.93% -2.97% 76.48%
Other Long-Term Liabilities $28.14M $28.53M $36.40M
YoY Change -22.7% 1.37% 54.89%
Total Long-Term Liabilities $225.4M $260.9M $268.3M
YoY Change -15.98% 13.17% 73.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $122.5M $148.3M $121.3M
Total Long-Term Liabilities $225.4M $260.9M $268.3M
Total Liabilities $260.8M $260.9M $406.2M
YoY Change -35.8% 5.73% 46.64%
SHAREHOLDERS EQUITY
Retained Earnings $162.8M $158.8M
YoY Change 26.65%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) -$9.183M $9.183M
YoY Change 0.0%
Treasury Stock Shares 4.833M shares 4.833M shares
Shareholders Equity $242.6M $236.4M $204.0M
YoY Change
Total Liabilities & Shareholders Equity $626.0M $645.6M $610.2M
YoY Change 2.59% 10.47% 59.65%

Cashflow Statement

Concept 2012 Q1 2011 Q4 2011 Q1
OPERATING ACTIVITIES
Net Income $1.735M $8.443K $5.557K
YoY Change 31121.88% -4.95% 614.27%
Depreciation, Depletion And Amortization $4.939M $4.460M $2.680M
YoY Change 84.3% 74.22% 25.23%
Cash From Operating Activities $33.21M -$97.01M -$25.62M
YoY Change -229.61% -456.0% 42.82%
INVESTING ACTIVITIES
Capital Expenditures $1.277M -$17.68M $895.2K
YoY Change 42.59% 31.06% -114.21%
Acquisitions $0.00
YoY Change
Other Investing Activities $3.840M $2.520M $6.700M
YoY Change -42.69% -1675.0%
Cash From Investing Activities -$7.441M -$15.16M -$790.7K
YoY Change 841.0% 11.06% -87.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $807.5K $911.9K
YoY Change -11.45%
Cash From Financing Activities -$13.71M 106.7M $10.76M
YoY Change -227.45% 9514.41% -107674.43%
NET CHANGE
Cash From Operating Activities $33.21M -97.01M -$25.62M
Cash From Investing Activities -$7.441M -15.16M -$790.7K
Cash From Financing Activities -$13.71M 106.7M $10.76M
Net Change In Cash $12.06M -5.450M -$15.65M
YoY Change -177.02% -137.05% -35.45%
FREE CASH FLOW
Cash From Operating Activities $33.21M -$97.01M -$25.62M
Capital Expenditures $1.277M -$17.68M $895.2K
Free Cash Flow $31.93M -$79.33M -$26.52M
YoY Change -220.42% -294.72% 127.8%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;"> DESCRIPTION OF BUSINESS</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Ameresco, Inc. (including its subsidiaries, the "Company") was organized as a Delaware corporation on April&#160;25, 2000. The Company is a provider of energy efficiency solutions for facilities throughout North America. The Company provides solutions, both products and services, that enable customers to reduce their energy consumption, lower their operating and maintenance costs and realize environmental benefits. The Company's comprehensive set of services includes upgrades to a facility's energy infrastructure and the construction and operation of small-scale renewable energy plants. It also sells certain photovoltaic equipment worldwide. The Company operates in the United States, Canada and Europe.</font><font style="font-family:inherit;font-size:1pt;">&#160;</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company is compensated through a variety of methods, including: 1)&#160;direct payments based on fee-for-services contracts (utilizing lump-sum or cost-plus pricing methodologies); 2)&#160;the sale of energy from the Company's generating assets; and 3)&#160;direct payment for photovoltaic equipment and systems.</font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The condensed consolidated financial statements as of </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">December&#160;31, 2011</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2012</font><font style="font-family:inherit;font-size:10pt;">, and for the </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">three months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31,</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">2011</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">2012</font><font style="font-family:inherit;font-size:10pt;">, include the accounts of Ameresco Inc., its wholly-owned subsidiaries and one subsidiary for which there is a minority shareholder. All significant intercompany transactions have been eliminated. The condensed consolidated financial statements as of </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2012</font><font style="font-family:inherit;font-size:10pt;">, and for the </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">three months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31,</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">2011</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">2012</font><font style="font-family:inherit;font-size:10pt;">, are unaudited. In addition, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States ("GAAP") have been condensed or omitted. The interim condensed consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation in conformity with GAAP. The interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">December&#160;31, 2011</font><font style="font-family:inherit;font-size:10pt;">, and notes thereto, included in the Company's annual report on Form 10-K for the year ended December 31, 2011 filed with the Securities and Exchange Commission on March 15, 2012. The results of operations for the interim periods should not be considered indicative of results to be expected for the full year.</font></div></div>
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