Ameresco, Inc. (NYSE:AMRC) Q3 2023 Results Conference Call November 6, 2023 4:30 PM ET

Company Participants

Leila Dillon - SVP, Marketing & Communications

George Sakellaris - Chairman, President & CEO

Doran Hole - EVP, CFO

Mark Chiplock - SVP, CAO

Joshua Baribeau - SVP, Finance and Corporate Treasury

Conference Call Participants

Christopher Souther - B. Riley

Eric Stine - Craig-Hallum

George Gianarikas - Canaccord Genuity

Greg Wasikowski - Webber Research & Advisory

Joseph Osha - Guggenheim

Julien Dumoulin-Smith - Bank of America

Noah Kaye - Oppenheimer

Pavel Molchanov - Raymond James

Stephen Gengaro - Stifel

Tim Mulrooney - William Blair

Moses Sutton - BNP Paribas

Davis Sunderland - Baird

William Grippin - UBS

Operator

Good day, ladies and gentlemen, and thank you for standing by. Welcome to the Ameresco Incorporated Third Quarter 2023 Earnings Call. [Operator Instructions] As a reminder, this conference call is being recorded.

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

Leila Dillon

Thank you, Howard, 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 2 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 ended the quarter with a record total project backlog of $3.7 billion, which was up 14% sequentially and 41% versus last year. We added an impressive $700 million in new project awards during the quarter bringing our year-to-date awards of $1.7 billion, more than double last year's level. And we anticipate that our new awards will continue to grow given the 35% increase in proposal activity as compared to last year's levels. This backlog, together with our energy asset and operation remained visibility gives us over $7.2 billion in total multiyear visibility of profitable revenue supporting our confidence in Ameresco's long-term growth.