2013 Q2 Form 10-Q Financial Statement

#000148813913000026 Filed on August 09, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2012 Q2 2012 Q1
Revenue $126.3M $164.1M $146.6M
YoY Change -23.06% 99064.86% 100004.49%
Cost Of Revenue $102.9M $132.9M $117.3M
YoY Change -22.62% -0.29% -0.92%
Gross Profit $23.38M $31.16M $29.22M
YoY Change -24.95% -3.09% 4.43%
Gross Profit Margin 18.52% 18.99% 19.94%
Selling, General & Admin $24.60M $19.10M $21.60M
YoY Change 28.8% 41.48% 41.18%
% of Gross Profit 105.2% 61.3% 73.91%
Research & Development $3.800M $4.200M
YoY Change -28.3% -4.55%
% of Gross Profit 12.2% 14.37%
Depreciation & Amortization $4.150M $4.769M $4.939M
YoY Change -12.98% 67.35% 84.3%
% of Gross Profit 17.75% 15.31% 16.9%
Operating Expenses $25.29M $22.90M $25.80M
YoY Change 10.45% 121743.34% 130992.58%
Operating Profit -$1.910M $8.259M $3.425M
YoY Change -123.13% 61725.3% 41147.62%
Interest Expense $1.013M $929.6K $1.209M
YoY Change 8.97% -3.12% -234.3%
% of Operating Profit 11.26% 35.29%
Other Income/Expense, Net -$448.0K -$1.413M -$1.108M
YoY Change -68.29% 98624.25% 175452.93%
Pretax Income -$2.358M $6.846M $2.317M
YoY Change -134.44% 57298.17% 30101.39%
Income Tax -$577.0K $2.027M $581.9K
% Of Pretax Income 29.6% 25.11%
Net Earnings -$1.781M $4.819M $1.735M
YoY Change -136.96% 57337.43% 31121.88%
Net Earnings / Revenue -1.41% 2.94% 1.18%
Basic Earnings Per Share -$0.04 $0.11 $0.04
Diluted Earnings Per Share -$0.04 $0.10 $0.04
COMMON SHARES
Basic Shares Outstanding 45.47M shares 44.54M shares 44.15M shares
Diluted Shares Outstanding 45.47M shares 46.36M shares 46.13M shares

Balance Sheet

Concept 2013 Q2 2012 Q2 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $17.60M $28.90M $38.40M
YoY Change -39.1% -51.67% 31.06%
Cash & Equivalents $17.63M $28.91M $38.44M
Short-Term Investments
Other Short-Term Assets $105.7M $96.40M $83.60M
YoY Change 9.65% 15.31% 6.91%
Inventory $11.55M $9.146M $8.776M
Prepaid Expenses $11.02M $10.68M $6.184M
Receivables $101.5M $120.7M $105.5M
Other Receivables $5.800M $8.200M $10.30M
Total Short-Term Assets $242.2M $263.3M $246.6M
YoY Change -8.02% 0.65% 13.54%
LONG-TERM ASSETS
Property, Plant & Equipment $9.422M $8.186M $7.695M
YoY Change 15.1% 32.66% -94.83%
Goodwill $55.24M $47.88M $47.92M
YoY Change 15.38% 132.63%
Intangibles $11.49M $9.757M $11.07M
YoY Change 17.77%
Long-Term Investments
YoY Change
Other Assets $5.141M $4.713M $3.990M
YoY Change 9.08% -2.92% -46.08%
Total Long-Term Assets $377.7M $397.3M $379.4M
YoY Change -4.93% -0.4% -3.47%
TOTAL ASSETS
Total Short-Term Assets $242.2M $263.3M $246.6M
Total Long-Term Assets $377.7M $397.3M $379.4M
Total Assets $619.9M $660.7M $626.0M
YoY Change -6.16% 0.01% 2.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $67.32M $80.90M $71.42M
YoY Change -16.78% 4.01% -1.35%
Accrued Expenses $10.67M $11.97M $10.76M
YoY Change -10.88% 70.3% -16.62%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $13.92M $12.27M $12.37M
YoY Change 13.48% 11.16% 12.46%
Total Short-Term Liabilities $114.4M $140.4M $122.5M
YoY Change -18.47% 12.94% 0.98%
LONG-TERM LIABILITIES
Long-Term Debt $186.4M $207.8M $197.3M
YoY Change -10.33% -21.1% -14.93%
Other Long-Term Liabilities $26.00M $28.64M $28.14M
YoY Change -9.22% -7.58% -22.7%
Total Long-Term Liabilities $243.5M $271.8M $225.4M
YoY Change -10.4% -7.69% -15.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $114.4M $140.4M $122.5M
Total Long-Term Liabilities $243.5M $271.8M $225.4M
Total Liabilities $357.9M $412.1M $260.8M
YoY Change -13.15% 30.03% -35.8%
SHAREHOLDERS EQUITY
Retained Earnings $173.5M $168.0M $162.8M
YoY Change 3.25% 19.38%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $9.183M $9.183M -$9.183M
YoY Change 0.0% -200.0%
Treasury Stock Shares 4.833M shares 4.833M shares 4.833M shares
Shareholders Equity $262.0M $248.5M $242.6M
YoY Change
Total Liabilities & Shareholders Equity $619.9M $660.7M $626.0M
YoY Change -6.16% 0.01% 2.59%

Cashflow Statement

Concept 2013 Q2 2012 Q2 2012 Q1
OPERATING ACTIVITIES
Net Income -$1.781M $4.819M $1.735M
YoY Change -136.96% 57337.43% 31121.88%
Depreciation, Depletion And Amortization $4.150M $4.769M $4.939M
YoY Change -12.98% 67.35% 84.3%
Cash From Operating Activities $6.883M $6.267M $33.21M
YoY Change 9.83% 294.28% -229.61%
INVESTING ACTIVITIES
Capital Expenditures $446.2K $1.105M $1.277M
YoY Change -59.62% 21.25% 42.59%
Acquisitions $7.538M $0.00 $0.00
YoY Change
Other Investing Activities -$7.240M $0.00 $3.840M
YoY Change -42.69%
Cash From Investing Activities -$26.45M -$10.80M -$7.441M
YoY Change 144.9% 19.46% 841.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $2.935M $1.327M $807.5K
YoY Change 121.09% -19.19% -11.45%
Cash From Financing Activities $17.13M -$4.939M -$13.71M
YoY Change -446.94% -113.04% -227.45%
NET CHANGE
Cash From Operating Activities $6.883M $6.267M $33.21M
Cash From Investing Activities -$26.45M -$10.80M -$7.441M
Cash From Financing Activities $17.13M -$4.939M -$13.71M
Net Change In Cash -$2.433M -$9.472M $12.06M
YoY Change -74.31% -131.14% -177.02%
FREE CASH FLOW
Cash From Operating Activities $6.883M $6.267M $33.21M
Capital Expenditures $446.2K $1.105M $1.277M
Free Cash Flow $6.437M $5.162M $31.93M
YoY Change 24.7% 661.19% -220.42%

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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 &#8220;Company&#8221;) 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&#8217;s comprehensive set of services includes upgrades to a facility&#8217;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></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&#8217;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:inherit;font-size:10pt;color:#000000;text-decoration:none;">June&#160;30, 2013</font><font style="font-family:inherit;font-size:10pt;"> and December&#160;31, 2012, and for the three and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">six months ended June 30, 2013</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:inherit;font-size:10pt;color:#000000;text-decoration:none;">June&#160;30, 2013</font><font style="font-family:inherit;font-size:10pt;">, and for the three and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">six months ended June 30, 2013</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 (&#8220;GAAP&#8221;) 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 December&#160;31, 2012, and notes thereto, included in the Company&#8217;s annual report on Form 10-K for the year ended December 31, 2012 filed with the Securities and Exchange Commission on March 18, 2013 (the &#8220;2012 Form 10-K&#8221;). 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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us-gaap Use Of Estimates
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CY2013Q2 amrc Rebates From Utility Company
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dei Amendment Flag
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dei Current Fiscal Year End Date
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dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
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dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
dei Document Period End Date
DocumentPeriodEndDate
2013-06-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001488139
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
Ameresco, Inc.

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