Ameresco, Inc. (NYSE:AMRC) Q2 2023 Earnings Conference Call July 31, 2023 4:30 PM ET

Company Participants

Leila Dillon - IR

George Sakellaris - Chairman, President and CEO

Doran Hole - EVP and CFO

Mark Chiplock - SVP and CAO

Conference Call Participants

Noah Kaye - Oppenheimer

Stephen Gengaro - Stifel

Joseph Osha - Guggenheim

George Gianarikas - Canaccord Genuity

William Grippin - UBS

Kashy Harrison - Piper Sandler

Julien Dumoulin-Smith - Bank of America

Tim Mulrooney - William Blair

Pavel Molchanov - Raymond James

Christopher Souther - B. Riley

Eric Stine - Craig-Hallum

Operator

Good day ladies and gentlemen and thank you for standing by. Welcome to the Ameresco, Inc. Second Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. As a reminder, this conference is being recorded.

I would now like to turn the conference over to your host, Mrs. Leila Dillon, Senior Vice President, Marketing and Communications. Mrs. Dillon, you may begin.

Leila Dillon

Thank you, Catherine 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. 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, 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-looking statements.

In addition, we use several non-GAAP measures when presenting our financial results. We have included the reconciliations to these measures in our supplemental financial information.

I will now turn the call over to George. George?

George Sakellaris

Thank you, Leila and good afternoon everyone. We had another solid quarter and I’m particularly pleased that our positive momentum continued with the strong growth in project backlog and assets in development, supporting both our 2023 guidance and our longer-term financial targets.

Second quarter revenue was well above our guidance and adjusted EBITDA was at the higher end of our range. Importantly, we ended the quarter with a record total project backlog of $3.2 billion, which was up 9% sequentially.