Ameresco Reports Third Quarter 2012 Financial Results

  Ameresco Reports Third Quarter 2012 Financial Results

Third Quarter 2012 Financial Highlights:

  *Revenue of $163.9 million
  *Net income of $6.8 million
  *Net income per diluted share of $0.15

9 Month Year-to-Date 2012 Financial Highlights:

  *Revenue of $474.6 million
  *Net income of $13.4 million
  *Net income per diluted share of $0.29

Business Wire

FRAMINGHAM, Mass. -- November 08, 2012

Ameresco, Inc. (NYSE:AMRC) a leading energy efficiency and renewable energy
company, today announced financial results for the fiscal quarter ended
September 30, 2012. The Company has also furnished prepared remarks in
conjunction with this press release in a Current Report on Form 8-K. Those
prepared remarks contain supplemental information, including non-GAAP
financial metrics, and have been posted to the “Investor Relations” section of
the Company’s website at www.ameresco.com.

Total revenue for the third quarter of 2012 was $163.9 million, compared to
$227.8 million for the same period in 2011, a decrease of 28.0%
year-over-year. Operating income for the third quarter of 2012 was $10.7
million, compared to $16.4 million for the third quarter of 2011, a decrease
of 34.7% year-over-year. Third quarter 2012 adjusted EBITDA, a non-GAAP
financial measure, was $16.3 million, compared to $20.9 million for the same
period in 2011, a decrease of 21.9% year-over-year. Net income for the third
quarter of 2012 was $6.8 million, compared to $12.4 million for the same
period of 2011, a decrease of 45.2% year-over-year. Third quarter 2012 net
income per diluted share was $0.15, compared to $0.27 per diluted share for
the same period of 2011.

“Increased uncertainty within our customers’ respective political environments
as well as their ongoing budgetary concerns impacted third quarter results,”
stated George P. Sakellaris, President and Chief Executive Officer of
Ameresco. “Customers have been proceeding more cautiously with greater
attention to care and diligence, which has further extended conversion times
from awarded projects to signed contracts during the quarter.”

“We continued to execute well on our projects in construction and third
quarter revenue from all other offerings increased 20%, helped by
annuity-based revenues,” continued Sakellaris. “Further, awarded projects
increased 46% year-over-year and gross additions to backlog for the third
quarter were $281 million, a new record, more than offsetting a 27% decline in
fully-contracted backlog. As a result, total construction backlog of awarded
projects and fully-contracted backlog reached a new record level at nearly
$1.5 billion.”

“We believe that as our customers gain greater clarity going forward and as
market uncertainties, including the elections, are resolved, awarded projects
will begin to convert at a pace more consistent with what we have experienced
historically.In the meantime, we continue to focus on achieving our long-term
strategic plan, improving our competitive position, and offering innovative
budget-neutral energy services for customers looking to cut operating costs
while addressing their aging infrastructure needs.”

For the nine months ended September 30, 2012, Ameresco reported total revenue
of $474.6 million, compared to $539.7 million for the same period in 2011, a
decrease of 12.1% year-over-year. Operating income for the first nine months
of 2012 was $22.4 million, compared to $38.1 million for the first nine months
of 2011, a decrease of 41.2% year-over-year. Adjusted EBITDA for the first
nine months of 2012 was $39.4 million, compared to $49.7 million for the first
nine months of 2011, a decrease of 20.7% year-over-year. Net income for the
first nine months of 2012 was $13.4 million, compared to $26.5 million for the
first nine months of 2011, a decrease of 49.2% year-over-year. Net income per
diluted share was $0.29 for the first nine months of 2012, compared to $0.58
for the first nine months of 2011.

Additional Third Quarter 2012 Operating Highlights:

  *Revenue generated from backlog was $120.7 million for the third quarter of
    2012, a decrease of 37.0% year-over-year.
  *All other revenue was $43.2 million for the third quarter of 2012, an
    increase of 19.8% year-over-year.
  *Operating cash flows were $3.1 million for the third quarter of 2012.
  *Total construction backlog was $1.46 billion as of September 30, 2012 and
    consisted of:

       *$318.4 million of fully-contracted backlog, which represents signed
         customer contracts for installation or construction of projects that
         are expected to convert into revenue over the next 12-24 months, on
         average; and
       *$1.14 billion of awarded projects, which prior to the current
         lengthening of conversion times from awarded projects to signed
         contracts, has historically represented estimated future revenue for
         projects for which contracts are expected to be signed over the next
         6-12 months, on average.

FY 2012 Guidance

Ameresco is revising its guidance for the fiscal year ending December 31,
2012. We continue to experience a lengthening of backlog conversion times, and
as a consequence, a portion of revenue that was previously expected to be
recognized in the second half of 2012 is now not expected to be recognized
until future periods. The Company now expects total revenue to be in the range
of $640 million to $660 million; and net income in the range of $22 million to
$26 million.

Webcast Reminder

Ameresco will hold its earnings conference call today, November 8th, at 8:30
a.m. Eastern Time with President and Chief Executive Officer, George
Sakellaris, and Vice President and Chief Financial Officer, Andrew Spence, to
discuss details regarding the Company’s third quarter 2012 results, business
outlook and strategy. Participants may access it by dialing domestically
888.680.0860 or internationally 617.213.4852. The passcode is 60524689.
Participants are advised to dial into the call at least ten minutes prior to
the call to register. A live, listen-only webcast of the conference call will
also be available over the Internet. Individuals wishing to listen can access
the call through the "Investor Relations" section of the Company’s website at
www.ameresco.com. If you are unable to listen to the live call, the webcast
will be archived on the Company’s website shortly after the call and be
available for one year.

Pre-Registration for the call is also available at:
https://www.theconferencingservice.com/prereg/key.process?key=PJVDEQN8B.
Pre-registrants will be issued a pin number to use when dialing into the live
call which will provide faster access to the conference by bypassing the
operator upon connection.

Use of Non-GAAP Financial Measures

This press release and the accompanying tables include references to adjusted
EBITDA, which is a non-GAAP financial measure. For a description of this
non-GAAP financial measure, including the reasons management uses this
measure, please see the section following the accompanying tables titled
"Exhibit A: Non-GAAP Financial Measures". For a reconciliation of adjusted
EBITDA to operating income, the most directly comparable financial measure
prepared in accordance with GAAP, please see Other Non-GAAP Disclosure in the
accompanying tables.

About Ameresco, Inc.

Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading independent provider
of comprehensive services, energy efficiency, infrastructure upgrades, asset
sustainability and renewable energy solutions for facilities throughout North
America.Ameresco’s services include upgrades to a facility’s energy
infrastructure and the development, construction and operation of renewable
energy plants. Ameresco has successfully completed energy saving,
environmentally responsible projects with federal, state and local
governments, healthcare and educational institutions, housing authorities, and
commercial and industrial customers. With its corporate headquarters in
Framingham, MA, Ameresco provides local expertise through its 63 offices in 34
states and five Canadian provinces.Ameresco has more than 900 employees. For
more information, visit www.ameresco.com.

Safe Harbor Statement

Any statements in this press release about future expectations, plans and
prospects for Ameresco, Inc., including statements about pipeline and backlog,
as well as estimated future revenues and net income, and other statements
containing the words “projects,” “believes,” “anticipates,” “plans,”
“expects,” “will” and similar expressions, constitute forward-looking
statements within the meaning of The Private Securities Litigation Reform Act
of 1995. Actual results may differ materially from those indicated by such
forward-looking statements as a result of various important factors, including
the timing of, and ability to, enter into contracts for awarded projects on
the terms proposed; the timing of work Ameresco does on projects where it
recognizes revenue on a percentage of completion basis, including the ability
to perform under recently signed contracts without unusual delay; demand for
Ameresco’s energy efficiency and renewable energy solutions; the Company’s
ability to arrange financing for its projects; changes in federal, state and
local government policies and programs related to energy efficiency and
renewable energy; the ability of customers to cancel or defer contracts
included in our backlog; the effects of our recent acquisitions; seasonality
in construction and in demand for its products and services; a customer’s
decision to delay the Company’s work on, or other risks involved with, a
particular project; availability and costs of labor and equipment; the
addition of new customers or the loss of existing customers; and other factors
discussed in Ameresco’s Annual Report on Form 10-K for the year ended December
31, 2011, filed with the U.S. Securities and Exchange Commission on March 15,
2012 and in its quarterly reports on Form 10-Q. In addition, the
forward-looking statements included in this press release represent Ameresco’s
views as of the date of this press release. Ameresco anticipates that
subsequent events and developments will cause its views to change. However,
while Ameresco may elect to update these forward-looking statements at some
point in the future, it specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as representing
Ameresco’s views as of any date subsequent to the date of this press release.

                                                          
                                                               
AMERESCO, INC.
CONSOLIDATED BALANCE SHEETS
                                                               
                                           December 31,        September 30,
                                           2011                2012
                                                               (Unaudited)
ASSETS
Current assets:
Cash and cash equivalents                  $ 26,277,366        $ 26,176,800
Restricted cash                              12,372,356          15,771,219
Accounts receivable, net                     109,296,773         103,092,925
Accounts receivable retainage                26,089,216          21,059,147
Costs and estimated earnings in excess       69,251,022          63,136,398
of billings
Inventory, net                               8,635,633           7,093,211
Prepaid expenses and other current           8,992,963           8,310,732
assets
Income tax receivable                        9,662,771           7,851,575
Deferred income taxes                        6,456,671           7,409,218
Project development costs                   6,027,689         8,262,787   
Total current assets                        283,062,460       268,164,012 
Federal ESPC receivable                      110,212,186         138,557,444
Property and equipment, net                  7,086,164           9,245,310
Project assets, net                          177,854,734         197,638,679
Deferred financing fees, net                 2,994,692           2,812,625
Goodwill                                     47,881,346          50,317,305
Intangible assets, net                       12,727,528          10,390,246
Other assets                                3,778,357         4,573,877   
                                            362,535,007       413,535,486 
                                           $ 645,597,467      $ 681,699,498 
                                                               
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt          $ 11,563,983        $ 11,363,774
Accounts payable                             93,506,089          79,153,405
Accrued expenses and other current           8,917,723           12,827,600
liabilities
Book overdraft                               7,297,122           -
Billings in excess of cost and              26,982,858        28,246,514  
estimated earnings
Total current liabilities                   148,267,775       131,591,293 
Long-term debt, less current portion         196,401,588         223,977,467
Deferred income taxes                        29,953,103          29,526,453
Deferred grant income                        6,024,099           6,694,046
Other liabilities                           28,529,867        30,860,993  
                                            260,908,657       291,058,959 
Stockholders’ equity:
Preferred stock, $0.0001 par value,
5,000,000 shares authorized, no shares
issued and                                   -                   -
outstanding at December 31, 2011 and
September 30, 2012
Class A common stock, $0.0001 par
value, 500,000,000 shares authorized,
30,713,837
shares issued and 25,880,553
outstanding at December 31, 2011;            3,071               3,186
31,865,164

shares issued and 27,031,880
outstanding at September 30, 2012
Class B common stock, $0.0001 par
value, 144,000,000 shares authorized,
18,000,000                                   1,800               1,800
shares issued and outstanding at
December 31, 2011 and September 30,
2012
Additional paid-in capital                   86,067,852          93,987,142
Retained earnings                            161,335,621         174,780,969
Accumulated other comprehensive loss         (1,868,352  )       (612,594    )
Minority interest                            63,614              71,314
Less – treasury stock, at cost,             (9,182,571  )      (9,182,571  )
4,833,284 shares
Total stockholders’ equity                  236,421,035       259,049,246 
                                           $ 645,597,467      $ 681,699,498 

                                                    
                                                          
AMERESCO, INC.
CONSOLIDATED STATEMENTS OF INCOME
                                                          
                               Three Months Ended September 30,
                                 2011                     2012           
                               (Unaudited)
Revenue:
Energy efficiency              $  188,718,434             $  108,418,955
revenue
Renewable energy revenue         39,085,134               55,487,250     
                                 227,803,568              163,906,205    
Direct expenses:
Energy efficiency                 155,890,159                87,898,560
expenses
Renewable energy                 32,058,319               41,205,349     
expenses
                                 187,948,478              129,103,909    
Gross profit                     39,855,090               34,802,296     
Operating expenses:
Salaries and benefits             10,984,929                 12,441,502
Project development               5,174,930                  4,288,657
costs
General, administrative          7,286,542                7,362,802      
and other
                                 23,446,401               24,092,961     
Operating income                 16,408,689               10,709,335     
Other expenses, net              (1,359,913     )          (1,254,217     )
Income before provision           15,048,776                 9,455,118
for income taxes
Income tax provision             (2,690,196     )          (2,683,936     )
Net income                     $  12,358,580             $  6,771,182      
Net income per share
attributable to common
shareholders:
Basic                          $  0.29                    $  0.15
Diluted                        $  0.27                    $  0.15
Weighted average common
shares outstanding:
Basic                             43,116,861                 44,788,160
Diluted                           46,308,032                 46,247,239
                                                          
                                                          
OTHER NON-GAAP
DISCLOSURES
                                                          
Gross margins:
Energy efficiency                 17.4           %           18.9           %
revenue
Renewable energy revenue         18.0           %          25.7           %
Total                            17.5           %          21.2           %
                                                          
Operating expenses as a           10.3           %           14.7           %
percent of revenue
                                                          
Adjusted earnings before
interest, taxes,
depreciation and
amortization
(Adjusted EBITDA):
Operating income               $  16,408,689              $  10,709,335
Depreciation and                  4,022,951                  4,738,264
amortization
Stock-based compensation         432,624                  853,866        
Adjusted EBITDA                $  20,864,264             $  16,301,465     
Adjusted EBITDA margin            9.2            %           9.9            %
                                                          
Construction backlog:
Awarded                        $  782,358,080             $  1,142,847,053
Fully-contracted                 438,003,732              318,368,389    
Total construction             $  1,220,361,812          $  1,461,215,442  
backlog
                                                          
Note: Awarded represents estimated future revenues from projects that have
been awarded, though the contracts have not yet been signed.



AMERESCO, INC.
CONSOLIDATED STATEMENTS OF INCOME
                                                          
                                           Nine Months Ended September 30,
                                            2011              2012        
                                           (Unaudited)
Revenue:
Energy efficiency revenue                  $ 418,697,750       $ 341,620,742
Renewable energy revenue                    121,007,530       132,958,737 
                                            539,705,280       474,579,479 
Direct expenses:
Energy efficiency expenses                   344,499,360         275,391,607
Renewable energy expenses                   95,216,122        104,003,905 
                                            439,715,482       379,395,512 
Gross profit                                99,989,798        95,183,967  
Operating expenses:
Salaries and benefits                        29,232,330          38,369,446
Project development costs                    14,839,723          12,335,875
General, administrative and other           17,848,103        22,085,897  
                                            61,920,156        72,791,218  
Operating income                            38,069,642        22,392,749  
Other expenses, net                         (3,248,919  )      (3,654,948  )
Income before provision for income           34,820,723          18,737,801
taxes
Income tax provision                        (8,341,730  )      (5,292,453  )
Net income                                 $ 26,478,993       $ 13,445,348  
Net income per share attributable to
common shareholders:
Basic                                      $ 0.63              $ 0.30
Diluted                                    $ 0.58              $ 0.29
Weighted average common shares
outstanding:
Basic                                        42,275,367          44,492,509
Diluted                                      45,377,104          46,010,138
                                                               
                                                               
OTHER NON-GAAP DISCLOSURES
                                                               
Gross margins:
Energy efficiency revenue                    17.7        %       19.4        %
Renewable energy revenue                    21.3        %      21.8        %
Total                                       18.5        %      20.1        %
                                                               
Operating expenses as a percent of           11.5        %       15.3        %
revenue
                                                               
Adjusted earnings before interest,
taxes, depreciation and amortization
(Adjusted EBITDA):
Operating income                           $ 38,069,642        $ 22,392,749
Depreciation and amortization                9,555,286           14,446,767
Stock-based compensation                    2,027,200         2,527,926   
Adjusted EBITDA                            $ 49,652,128       $ 39,367,442  
Adjusted EBITDA margin                       9.2         %       8.3         %



AMERESCO, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
                                                          
                                           Three Months Ended September 30,
                                            2011              2012        
                                           (Unaudited)
Cash flows from operating activities:
Net income                                 $ 12,358,580        $ 6,771,182
Adjustment to reconcile net income to
cash provided by operating activities:
Depreciation of project assets               2,676,004           2,903,901
Depreciation of property and equipment       845,947             721,330
Amortization of deferred financing           106,776             95,667
fees
Amortization of intangible assets            501,000             1,113,033
Provision for bad debts                      154                 6,024
Stock-based compensation expense             432,624             853,866
Deferred income taxes                        4,097,831           (951,974    )
Excess tax benefits from stock-based         (1,819,749  )       (723,710    )
compensation arrangements
Changes in operating assets and
liabilities:
(Increase) decrease in:
Restricted cash draws                        20,465,804          5,688,561
Accounts receivable                          (45,257,456 )       (5,633,607  )
Accounts receivable retainage                (915,906    )       3,150,711
Federal ESPC receivable financing            (21,910,697 )       (2,569,522  )
Inventory                                    439,704             2,052,646
Costs and estimated earnings in excess       2,294,809           (5,950,854  )
of billings
Prepaid expenses and other current           (1,149,248  )       2,564,642
assets
Project development costs                    (1,383,993  )       (1,078,080  )
Other assets                                 (1,554,165  )       312,248
Increase (decrease) in:
Accounts payable and accrued expenses        38,898,718          (2,942,065  )
Billings in excess of cost and               4,517,219           (7,286,785  )
estimated earnings
Other liabilities                            (4,679,466  )       2,826,363
Income taxes payable                        1,352,618         1,155,924   
Net cash provided by operating              10,317,108        3,079,501   
activities
Cash flows from investing activities:
Purchases of property and equipment          (863,145    )       (1,715,410  )
Purchases of project assets                  (16,837,529 )       (11,604,966 )
Grant awards received on project             -                   395,007
assets
Acquisitions, net of cash received          (60,953,588 )      (3,677,393  )
Net cash used in investing activities       (78,654,262 )      (16,602,762 )
Cash flows from financing activities:
Excess tax benefits from stock-based         1,819,749           723,710
compensation arrangements
Payments of financing fees                   (78,924     )       (164,753    )
Proceeds from exercises of options           905,557             1,216,985
Net proceeds from senior secured             41,571,429          12,017,429
credit facility
Restricted cash                              (1,136,862  )       (1,454,199  )
Payments on long-term debt                  (1,444,018  )      (1,245,455  )
Net cash provided by financing              41,636,931        11,093,717  
activities
Effect of exchange rate changes on          (1,347,221  )      (303,643    )
cash
Net decrease in cash and cash                (28,047,444 )       (2,733,187  )
equivalents
Cash and cash equivalents, beginning        59,782,193        28,909,987  
of period
Cash and cash equivalents, end of          $ 31,734,749       $ 26,176,800  
period



AMERESCO, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
                                                          
                                           Nine Months Ended September 30,
                                            2011              2012        
                                           (Unaudited)
Cash flows from operating activities:
Net income                                 $ 26,478,993        $ 13,445,348
Adjustment to reconcile net income to
cash (used in) provided by operating
activities:
Depreciation of project assets               7,126,617           8,359,908
Depreciation of property and equipment       1,927,669           2,002,804
Amortization of deferred financing           312,431             367,145
fees
Amortization of intangible assets            501,000             4,084,055
Provision for bad debts                      24,374              83,767
Gain on sale of asset                        -                   (800,000    )
Stock-based compensation expense             2,027,200           2,527,926
Deferred income taxes                        7,243,425           (1,458,605  )
Excess tax benefits from stock-based         (5,721,385  )       (2,375,223  )
compensation arrangements
Changes in operating assets and
liabilities:
(Increase) decrease in:
Restricted cash draws                        98,682,379          29,841,218
Accounts receivable                          (57,839,917 )       6,936,036
Accounts receivable retainage                (580,598    )       5,230,093
Federal ESPC receivable financing            (95,550,030 )       (28,345,258 )
Inventory                                    (1,543,288  )       1,542,422
Costs and estimated earnings in excess       (8,600,351  )       6,246,532
of billings
Prepaid expenses and other current           (1,812,750  )       885,482
assets
Project development costs                    (623,548    )       (2,234,165  )
Other assets                                 (1,758,820  )       (629,034    )
Increase (decrease) in:
Accounts payable and accrued expenses        16,997,701          (11,702,805 )
Billings in excess of cost and               4,189,191           957,105
estimated earnings
Other liabilities                            97,928              3,351,544
Income taxes payable                        (3,336,415  )      4,239,382   
Net cash (used in) provided by              (11,758,194 )      42,555,677  
operating activities
Cash flows from investing activities:
Purchases of property and equipment          (2,669,779  )       (4,096,980  )
Purchases of project assets                  (31,558,420 )       (31,303,607 )
Grant awards and rebates received on         6,695,711           4,233,773
project assets
Acquisitions, net of cash received           (60,953,588 )       (3,677,393  )
Additional purchase price paid on 2010      (1,956,366  )      -           
acquisition (Note 3)
Net cash used in investing activities       (90,442,442 )      (34,844,207 )
Cash flows from financing activities:
Excess tax benefits from stock-based         5,721,385           2,375,223
compensation arrangements
Book overdraft                               -                   (7,297,122  )
Payments of financing fees                   (623,213    )       (185,078    )
Proceeds from exercises of options           4,907,645           3,016,256
Net proceeds from senior secured             81,571,429          4,160,287
credit facility
Proceeds from long-term debt financing       5,500,089           -
Minority interest in foreign                 -                   7,700
subsidiary
Restricted cash                              (2,812,428  )       (6,252,306  )
Payments on long-term debt                  (3,998,627  )      (3,380,412  )
Net cash provided by (used in)              90,266,280        (7,555,452  )
financing activities
Effect of exchange rate changes on          (1,021,916  )      (256,584    )
cash
Net decrease in cash and cash                (12,956,272 )       (100,566    )
equivalents
Cash and cash equivalents, beginning        44,691,021        26,277,366  
of year
Cash and cash equivalents, end of          $ 31,734,749       $ 26,176,800  
period

                    Exhibit A: Non-GAAP Financial Measures

Ameresco defines adjusted EBITDA as operating income before depreciation,
amortization of intangible assets and share-based compensation expense.
Adjusted EBITDA is a non-GAAP financial measure and should not be considered
as an alternative to operating income or any other measure of financial
performance calculated and presented in accordance with GAAP.

The Company believes adjusted EBITDA is useful to investors in evaluating its
operating performance for the following reasons: adjusted EBITDA and similar
non-GAAP measures are widely used by investors to measure a company’s
operating performance without regard to items that can vary substantially from
company to company depending upon financing and accounting methods, book
values of assets, capital structures and the methods by which assets were
acquired; securities analysts often use adjusted EBITDA and similar non-GAAP
measures as supplemental measures to evaluate the overall operating
performance of companies; and by comparing Ameresco’s adjusted EBITDA in
different historical periods, investors can evaluate its operating results
without the additional variations of depreciation and amortization expense,
and share-based compensation expense.

Ameresco’s management uses adjusted EBITDA: as a measure of operating
performance, because it does not include the impact of items that management
does not consider indicative of our core operating performance; for planning
purposes, including the preparation of the annual operating budget; to
allocate resources to enhance the financial performance of the business; to
evaluate the effectiveness of Ameresco’s business strategies; and in
communications with the board of directors and investors concerning Ameresco’s
financial performance.

The Company understands that, although measures similar to adjusted EBITDA are
frequently used by investors and securities analysts in their evaluation of
companies, adjusted EBITDA has limitations as an analytical tool, and
investors should not consider it in isolation or as a substitute for GAAP
operating income or an analysis of Ameresco’s results of operations as
reported under GAAP. Some of these limitations are: adjusted EBITDA does not
reflect the Company’s cash expenditures or future requirements for capital
expenditures or other contractual commitments; adjusted EBITDA does not
reflect changes in, or cash requirements for, Ameresco’s working capital
needs; adjusted EBITDA does not reflect stock-based compensation expense;
adjusted EBITDA does not reflect cash requirements for income taxes; adjusted
EBITDA does not reflect net interest income (expense); although depreciation,
amortization and impairment are non-cash charges, the assets being
depreciated, amortized or impaired will often have to be replaced in the
future, and adjusted EBITDA does not reflect any cash requirements for these
replacements; and other companies in Ameresco’s industry may calculate
adjusted EBITDA differently than it does, limiting its usefulness as a
comparative measure.

To properly and prudently evaluate Ameresco’s business, the Company encourages
investors to review its GAAP financial statements included above, and not to
rely on any single financial measure to evaluate the business. Please refer to
the above reconciliation of adjusted EBITDA to operating income, the most
directly comparable GAAP measure.

Contact:

Ameresco, Inc.
Media Relations
CarolAnn Hibbard, 508-661-2264
news@ameresco.com
or
Investor Relations
Suzanne Messere, 508-598-3044
ir@ameresco.com