AMRC - Earnings call transcript Q3 2024

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Operator

Thank you for standing by. My name is Luella, and I will be your conference operator for today. At this time, I would like to welcome everyone to the Q3 2024 Ameresco, Inc. earnings conference call. [Operator Instructions] Thank you. to President call of like Dillon, to now Vice Senior Marketing. would turn over the Leila I Please go ahead.

Leila Dillon

Thank you, us joining We appreciate Luella, and good for afternoon, today's everyone. you call.

Chief George Chief Maltezos. President, Officer, and of and as Chairman, here our Executive Officer; Financial Sakellaris, Accounting as me Mark Chiplock, are President, Joining Lou and well Executive Chief executives, Officer; Vice Bulgarino Ameresco's X Nicole

risk earnings the are regarding All to to like language in and factors on cause turn I Today's statements. contain to today's our forward-looking supplemental differ harbor call our statement Please a brief for forward-looking information, forward-looking risks George, including would safe our Before our statements, uncertainties. materials, over I earnings Slide make SEC expectations. from X remarks. major discussion those statements that actual the could subject materials forward-looking results of filings our the refer and to of regarding to statements

use when non-GAAP we In measures financial presenting results. addition, several our

We Please unless in website. turn our a today basis have that on and will additional noted. I to comparisons our slides to to information reconciliations are were posted the that will included call be supplemental all year-over-year that George? discussed measures now over George. otherwise note these the

George Sakellaris

Thank you, Leila, and good afternoon, everyone.

president President and East president Infrastructure; Christakis as as Canada; I growth. Today, respective Western profitable X of we taken Renewable continued their Nicole role to have of Lou of the everyone's of begin, Project attention of Bulgarino corporate made as USA steps further and to and leading executives Peter to Mike announced would and Federal drive key draw Greece, I like Bakas Utility to the promotions we optimize Before regarding and the important Central to USA, today Risk. announcement President President, we structure groups. Maltezos of as our Fuels;

and adjusted our on a over growth continued our EBITDA, yield to revenue focus to industry in impressive driven business execution diversified results. backdrop. XX% on results, with both by Now, Ameresco's against model continued strong

XX brings energy additional our an megawatts, amount brought the This already megawatts also to into operation. for assets guidance total of year. XXX-megawatt We a record, above X,XXX our

Our grew execution, expanding $X.X our backlog our were grew contracted also to with We billion. contract backlog successful long-term visibility total very by $X.X as to record XX%, an XX%, billion. project contract project a impressive

continued show our for strong Our offerings. renewables, to resiliency base and diversified demand energy customer very efficiency,

to solutions. as ability We are comprehensive at portfolio transition, the All integrate their offering budget-neutral while meet cost-saving our order goals. to of forefront our value of a energy the unique in solutions customers cleantech

Before diversified said especially recent during budget-constrained I our environment. Also, especially remember more administration. our receive military much are the technologies battery well-insulated that that very and turn times qualify storage, the stand as the strong in had with contracts, become our but for There civilian, of and more bipartisan of years support was last resiliency government, the importantly, probably support. Investors best its Trump to a strong we some performance years. part the resilient solutions, both over core any own solutions have Ameresco call federal comments what the on few continue from over, the federal incentives, incentives. a many we Reiterating outcome. for administration, have we past, believe let the their efficiency without me on in in such relying make as we changes election about The

in the with Lou now thrive asset more efficiently us in very XX last current of execute markets under we X for join discuss business. Similar and have positioned as model, doing for to of the Lou? over majority the the streams, our the the call Maltezos, much we of years continental We a well EBITDA. Geographically, value O&M European will internal I for and be discuss UK, continues believe recurring we and footprint. Due demonstrated every adjusted for growing we will environment. Nicole which how resiliency proposition to some are demand our Lou to to the key have core diversified members to key turn changes made account of administration, the operations team, to profit to are more executive the energy great our of business operating asked over drivers Canada, catalyst cover state, have any have seeing our our call, we have purposely business. And our I now, we our grown also the annual to Lou. like increasing would of been today. in strengths

Louis Maltezos

the is and includes pleased Thanks, state school focused our governments, customer distributed healthcare of work core traditional I'm the project efficiency, bedrock our see That This local to George, we talk and what call and the today mush here on base, and everyone. generation, we business, universities, good savings energy be K work. cost as sector. XX market. and what the to to systems, afternoon, about colleges

in manner. address buildings our our the infrastructure their need we of While projects, and customers' the federal their sustainable, be projects critical growth. projects and These deferred maintenance. At future customers' they Ameresco's improve same aging than of utility the scale business of our an performance smaller for budget-neutral represent to tend the these to time, customers or a reduce and upgrade execute they important part comfort

Within the fundamental consistent. are these markets, drivers

but envelope their HVAC, will typical or automation project customers Our their systems. update, buildings need replace A provide smart building Ameresco are and optimize, to budget building lighting, and often constrained. fix

electric part and needs a like addition, In efficiency, complete parks of facility beyond energy go projects our as incorporate solution. often charging, solar car to efficiency vehicle customer-driven water

core across and customers we're it's upfront It's range ability is Columbia core One accounts. great This as last geographies. to in A Together, we further, targeting our the recently this project cost our project provide products historic we the immediate different of this revitalize of beyond The involved has them having our impact ability company a County, a markets to wide operational our we and service share various completed Ameresco. unique and integrate a to building our be enabled day for months, us the to efficiency a it to energy services technical project example repair can case, of to Gumm building capital. Ameresco address successful. to of needs of renovation is proving technical the use ability savings national to including accelerate in over a to efficiencies, the call providers. new and the our envelope extensive ensure generate for an serve customers' many goes included lighting, were HVAC, to Oregon. In the our able improve our to taken but program can historic projects OpEx, in our landscaping. the conservation realignment X installation energy set these solutions strengths, traditional supports steps a a features, opposed to the lower bolster XX work core and is our maximize beyond with that efficiency, missions. accessibility, we've so those serve and place, projects of market, from the be the resource of This preservation work community. To within elevator irrigation historic county's core to realign went Importantly, critical comprehensive used our John already Like no and customers of our strategically Building. The in squarely and measures expanded projects and benefits competencies. growth organizational our technical

made about we comprehensive more Given have We're and to excited the executing ability internally focused on we to Whether opportunities, great have these place future. feel core on the in integrate or demand for project to the transformational I the well solutions, future I now to Nicole? our know are Nicole. the services, it changes our practical and best capitalize the be unique efficiency call right energy team mission. projects markets, drive growth. I'll leading-edge a over turn our the in couldn't

Nicole Bulgarino

you, Thank afternoon. and Lou, good

Before in about election. follow to I talk the want about on I comments resiliency particular, George's up did

our during had best budget-neutral group with George mentioned, of very our federal for solutions. infrastructure last some Trump its As strong administration has years support the

fact, the ESPC what previous was Xx seen Biden during Trump contracts the volume administration, In we have administration. the during of approximately

to to during look last under We in as did the office. ESCO government administration, federal continue thrive we to the services was new be he a and leader time the to continue of

very Let talk power threats, now aging me focus on customers. across natural on a in the federal, municipal resiliency, particularly of supply, rising big infrastructure. the and our and Energy civilian, cyber reliable about and military is federal, and which a the markets growing increasingly continuous customer focus vital disasters, to ensure face utility, is resiliency

even markets, energy their and uninterrupted the national our military military and families. personnel for federal resiliency ensuring is operation civilian vital of and critical security, supporting for services, For

support infrastructure, can communities, prevent ensuring disruptions, events. robust they require like essential sources renewable in maintain also safety emergency sources, to renewable utility outages widespread intermittent of municipal well-being these reliability. firm, and the use They energy local By to and of the services, need sectors investing markets the during recover services expanding enhance While from grid resiliency, and and populations withstand extreme the energy quickly public to weather wind solutions ability and solar, and serve. resilient systems

built storage resiliency, the of has technologies a systems. and microgrids energy important Ameresco years, the and competency enable Over many battery reputation core around which including excellent

will successfully Beach, the demand, providing energy XX-megawatt-hour come Station this at during the a year. times. Also currently in project example, half on assets transitional of in resiliency and store efficiently and of the it XX-megawatt during California, we XXXX. the won California's project deployed We XX-megawatt surplus Seal of on Solar projects battery electricity supporting are Silicon will discharge our The executing builds the construction are KÅ«pono and first in Power during renewable storage renewable in storage electricity the to Facility of Weapons at asset day Valley which for California. This Naval solar on public-private we successfully model have a partnership in several Hawaii. resiliency these ramp the large By we online building battery expect way in system afternoon grid

land the utility San provides wholesale in Jose with utilizing and, conjunction, Ameresco Clean Navy's is Here, project Navy the improvements for installation. a as to resiliency host the Energy the power

of of with Johnson a kind different in resiliency are projects developing example is at Fort we Another the we have military our solution Louisiana. customers

only it's utility, is key $XX reduce driver and is investment, an Defense's of across believe infrastructure we partnership in are the of efficient with Department geothermal we load resilience Corvias, a closing, military Here, for installing energy more that This the Military leader highly resiliency from will the million our are Initiative. In the sustainable, a Housing underground reliable, local and markets. project projects not upgrading Privatization importantly, exchange but we infrastructure families. and system. provides X,XXX one in The our a geothermal with homes executing

of and portfolio comment solution critical we our kinds our as well over to to provider be address the as to of well-positioned experience, now a projects, turn outlook. on our will financial to these performance need. I Mark leading of depth Mark? the Given are call this infrastructure

Mark Chiplock

Thank and afternoon. you, Nicole, good

As George and another revenue profit mentioned, had quarter strong of growth. we

operations lines Our remained business megawatts revenue our as projects nearly execution. $XXX operating from XX our total our revenue of megawatts. each full-year to of million increased due XX%, $X.X last to to strong assets already billion, experienced on our of quarter, record importantly, greater focus contracts. Energy XX% over our assets backlog This grew compared guidance, asset Projects X grew into a XXX to and of year-to-date double-digit activity our XX% of nearly of to We reflecting growth. Revenues awards largely year. backlog XX% $X.X the conversion again, development contracted and total consistent on exceeds increasing robust, a number into billion result strength bringing our with brought adds grew converted the execution backlog. business this XX%, business of our

Our assets operating now at base stands and XXX growing of large megawatts. energy

driven additional as was million, from savings previous growth, the $XX.X additional to year was million with costs also interest with margin associated during as along reflects to and lower, Non-GAAP the growth operating had SCE larger our $X ago. adjustment leverage. by cost grew business growing increase quarter. Adjusted to quarter, with record also to of EPS revenue O&M EBITDA lower XX% compared XX% interest Those $X.X a our contribution a $X.XX, now to revenue and O&M favorable the strong included of along $X.X over stands contribution at continue long-term we last offset million Our margin non-cash as described win higher XX.X% largely derivatives, from revenue costs adjustment depreciation XX% with compared negative projects O&M a and more projects, backlog business. was The a unhedged a an very million expenses. year. of $XXX by mark-to-market a Gross or billion,

included of million the discrete related the As deduction. last prior third to benefit XXXD quarter year results tax for a tax a a year Section reminder, also $X.X

quarter our to million and debt and balance $XXX we of flows, cash corporate sheet million. cash $XXX in with approximately Turning ended the approximately

X.Xx debt-to-EBITDA the Our ratio Facility Credit Secure decline X.Xx. covenant level continued leverage of below under to of and our remains Senior

Our energy conservative asset a remained advance rate debt XX%. at

Importantly, energy having as options secured with in available, asset access and million to we by continue million. the $XX many our proceeds is financing of us to quarters believe approximately financing in new project commitments excellent demonstrated received net $XXX capital

continued flow cash adjusted cash million. to be of $XX with flow Our operations approximately positive, from

cash adjusted over Our which our cash conversion cycle full X-quarter average rolling operations, $XX represents best believe the implementation was from million. we

milestone X the SCE agreement an received still net of $XXX approximately of on battery reached proceeds up on was $XX million Final of million corporate X During million a in We the follow of in a of of upon completion. projects projects. potential which used portion system the to dispute. A acceptance substantial X for liquidated revolver. these payments our completion these will catch on down milestone are damages, of we holdback vendor $XX payments, quarter, approximately to as as portion storage energy well pay with payments, outstanding

which million QX, project, liquidated of in expected totaling The reach is third payments, remaining substantial milestone potential has to completion damages. X net $XX

spend our me a on let XXXX Finally, minute guidance.

guidance, respectively, reaffirming the of EBITDA of will to and performance. midpoints, finish reflecting be a what be to at adjusted growth representing XX%, pleased are a and believe full-year XX% strong very we solid We our year revenue

While $XX also we annual the rate. largely benefit expect are higher range million in maintaining non-GAAP EPS interest and by other we expenses our of guidance, $XX to our tax driven million, estimated

George to for I'd the comments. over turn back to Now like call closing

George Sakellaris

the quarter the the contracted believe stockholders our energy new Ameresco momentum final The assets, range into backlog, our contracts. as you, results of has growth impactful XXXX. excellent of year, Thank strong Mark. we We the head given into carry will we O&M and in broad never we would customers, closing, solutions the open world. In governments, and thank like call like provide employees, to questions to once to and institutions, for demand our now. been has utilities, the I corporations their again support. Operator, by would around in greater continued

Operator

Gianarikas Genuity. with comes the question line [Operator Instructions] Your of from first George Canaccord

George Gianarikas

us prices? with on quarter, around the your volatility specifically announced just helps to you Can supply Maybe minuses us in pluses through the about California-based can Anything any And Washington, else biofuel ask think changes to in RNG that point you business. the potential RIN and help natural gas agreement mandates? insulate just a utility. impact you to last also, a

George Sakellaris

he George. question. and strong. and Yes, that And will be think particular continue Mike good good that to is will question, to color was strong, give that here, we we But -- business some have we

Michael Bakas

PTC approval. George, for the we're answer utility, now mean, question I the think I on the to waiting last

staff make big in to issuing recommendations similar with So commissioners. uptick utilities to for continue is well. voluntary terms for see the process longer as with a many the segment going And we the requests through RFPs the

remains market that active. So pretty

as things the far Much I think a couple change As has our to in space. in the administration, mean, last in X changed years about.

from Bureau. is would actually There also the stand Oil support I'd and place. that We from billion invested $XXX in the Farm incentives end Bill, to if Farm invested the and Trump fact and that most up. the into the the is have you're day. Bill a almost point campaign. aware that the And we are program of space, stay The open states Musk has benefit Bill has billions roots, into that Elon industry. rural does will should Farm the even the came many Farm remember, at really President-elect out the Vance And remember, that to expect pathway someone Trump's great tax of RFS Vance. Big big into for gain The red he

the come but haven't it, the inversely have costs. of One works. It's things lot thinking effect cellulosic that This how year. we can watching fuel a didn't And it either, right? credit, next proportional year, folks that about, remember waiver into back been to is of

only costs Trump actually market. much creates more I been robust which a credit very vocal So ceiling And up go the gasoline and spigots drive has help for us. if gallon $X down, waiver the opening to goes think trying about gas, will costs below and for our per

the remains about else that's run. everything the pretty about been trades reflective you couple The in ] see $X overall, steady incentives well, have market at in think [ $X.XX a when the think with and And trades. -- the I what hydrogen we days last strong. I think we of as to

Operator

Your next from question comes Molchanov of Pavel Raymond James. with line the

Pavel Molchanov

comments. the election on Follow-up Yes.

you status in If of landscape were to or kind contracting Or there last differences quo? contract has to been basically back of term, Trump's X go compared it first any the the federal years? demand structures the in patterns terms

George Sakellaris

I an Xx as he's he one little of some one more lobbying performance color says, under to the administration Nicole really but contracts the they reasons, to them, were contracts, the contract. will else. something provided, Nicole how number business was see the But as the likes they many let your before during that the they let much about. customers, guy the under sign first remember from No, actually, Yes, the of very, talking we And the Trump they of will incentive you because behind given but can one that things, the in the I years, big the not of contract solace business, Biden, incentives the performance I the that of the administration Trump know, programs, the add explain, and we we bit a to many money roof, excited the it or for of Boehner, did use, And strong. wait Biden. get some Speaker very that. that did we is Obama reasons as Because

So it process. the Nicole? slows down

Nicole Bulgarino

that, Trump's add to the the we think just was administration -- to military. alignment with I other No, in what the saw

did the a infrastructure do lot lot of work as that good that So performance to -- a of our cogeneration some near doing still had Department administration work focus contracting volume we -- Defense it. of administration farm the those improvement. Biden a the we under do infrastructure, that use facilities those they And lot that, on power to but contracts. under not Where a of under tool Trump for of of

So just we that a between the in difference in the ] the in were of business parts [ -- federal X. the seeing type

Pavel Molchanov

main follow-up of say safe recently things. Greece in it me saw with projects is Greece. operating areas that Let Is on of I UK in basically the side international your on about kind as to the Europe? several announcements now par

George Sakellaris

diversification order us well. And performance Yes. that the partnership market funds the a Italy. what in President for Christakis, because Peter the projects. Trump have we're or the I why are up. many we invest mean, and excellent a have teamed know good and in of job, us them been Europeans. and in not the we as Nothing's that But time a for of doing expanding to and getting solar that's but Greek why in with and those farms a they great in that's of to demand. doing change traction that Greece. going And with local it's And well and particular have -- the reputation The Greece, long happen we part And we're things I United I appointed the of of fact to for and world. don't long, Greece the we up States, people forget executing in little happened an monitor There's bit. we with might know SUNEL government because utility, we brought her And there? particular more Italy, the us. that very who's good more administration we're as

Operator

Your line Gengaro next with Stifel. Stephen question comes from of the

Stephen Gengaro

million, Can pieces? asset -- of obviously quarter, think can help the just Because us the help kind the help implying, but fourth of EBITDA, quarter. deployments you and of really part us healthy can quarter mean, I you're million just sort think the you you it's I in $XX of the which I a had about $XX kind bridge to us just would moving you be of energy So quarter? understand third

Mark Chiplock

in Sure. expecting Yes, mean, Stephen, this a is I I think we're Mark. QX. quarter certainly revenue strong

the the profile. I that's the think better got visibility coming revenue, where from of is mix to only a of expect coming good that contracted -- to heavy we we've from margin but revenue, part not revenue gross have

QX. -- expect that EPS think EBITDA then to the end of for EBITDA the the tied wise, EBITDA margin is And to the in we're a see in should -- that's bridge So tax better obviously margin we I expecting largely the the benefits bridge, it and really that of year. part at --

Stephen Gengaro

margin assets? applicable to that projects comment is and And

Mark Chiplock

more on profile. Yes, costs, margins the in bit It's a also last lower focused some just that lower larger, projects the we've margin design just because We've projects certainly but seen, I SEC steady be really a more build talked mean, about type the combination. a based carry margins project of assets. couple quarters, we've the pretty I on think some seen on

So, help yes, improve also will think, that stuff I the again, margin. mix of project

Stephen Gengaro

get comments projects of looks to trying to to out press you any months highlight as next release, a that, you of just of backlog in that can of what last over XX the glimpse as into kind of release margin follow-up a like what part when project the in the quarters? kind on call -- kind And few profile you've that that relative 'XX. registered Just

Mark Chiplock

good good down bit steady project when revenue of The Europe, a of no, to for the pulling we're that consistent. underlying is margins more -- with margin thing the level. expect back project seen the carry from bit is a have margin we've see we'll The margins. that to kind that news SCE, bit. from down European pipeline we're Europe, go I'd be pull then just pretty that pretty projects lower what I little the is you it it's fairly project the backlog, the adding of normalize a in now right kind does one out maintain more seen. profile. actually again, But expect you coming Yes, higher getting without as question. we've projects starting a And a Europe, Again, to steady mix of that margins are

Operator

comes Your next of with Eric Stine line Craig-Hallum Capital the Group. question from

Unknown Analyst

on for is This for Luke you. Eric. We've got here a couple questions

between the going do First, long-term? the business, mix where looking see at for outlook mix utility utility RNG And with your transportation what's and in growth forward? trending customers you that

George Sakellaris

Mike, go ahead.

Michael Bakas

you Utility the in Are terms of about market? customers talking customer. voluntary utility

Unknown Analyst

exactly. Yes, Yes.

Michael Bakas

what look, Well, that tell way. is up picking voluntary market would you in is a big the Okay. I

growth really the I long-term the of market. think addressable that's

leave seeing up starting the program. is as country are We some in well, to the gas freeing which some capacity RFS

demand in long-term, surpass the at will voluntary sector. point see transportation think the the I segment some you'll

Unknown Analyst

just quick And helpful. That's follow-up Perfect. more here. one us for

do with see pursue similar to partnership opportunities So And any you other to are really in competitors touching long-term other on arrangements the service seeing Bristol, you municipalities? full the space? offer

George Sakellaris

Europe in parts happen. other And we that expedite in particular things will Europe. UK have it. market. in will help about that series us several since pursuing actually, they the we up leg one, Yes, other of a competitors other but and that we the have first And space, consultants we are hired got to question a envision talking them. are on we that that couple of are No There

Operator

of next from & from Noah Your question Company. line Oppenheimer comes the Kaye

Noah Kaye

does capital in project this the this change forward? impacting it of maybe we way ask help do is us so the just the Like, the forward? long I time, structure want what how this George. Is the affect understand, All beginning, been all about run that experience company should happy selection? a folks lots a allocation, you with of going change highlighted at that think about business But to or here, where around leadership for them. going business should have the terms of

George Sakellaris

or the and about It's little And we -- together. visibility well as people as either a no investments, consolidate question units otherwise the dollars, do responsibility selection it. around more Project give all invest procurement, it our it bit company. how

For then long with the United example, the -- of same in the Nicole and very Lou Utility Peter. But better been all and time. basically well visibility. Lou. with senior taking very, The broad she's being Canada. we the way work managing same now are the happens for a with now things Infrastructure there Mike, doing, President, it States the one very, they part that they And over the is He managers together. has along of

but costs. share with execute So the standardize basically, helps how it not and team only saving so we on. so procurement, and and one side contracts the other thereby And they lot, the the on. organization We across technology and resources management, project a helps

Noah Kaye

particular, it's than that bit little a asset I other more about then company on previous going -- talked helpful, on RNG. maybe light subject of in much development That's energy the allocation the some think capital George. of quarters capital in And

you're consolidated are CapEx keeping a -- manage How leverage on sheet. philosophy the you balance little development what Now that you're seeing just leverage and bit to around the pipeline? the about going decline, talk

George Sakellaris

Look, Very, question. years. we're XXX, or want get we have for we And megawatts some X said to that good grow X than per third lower will we continue of get by those business or to us. will the doing are good monetize over parties We we to Very overstress lower cost before And don't that good asset And just sheet. question. There do average we they other our thing year on out projects. XXX very about what capital that. a underwrite want balance that some XXX base XX%. the those call very we there projects. our because it's And

And generates have flow we So great team. like developed many our very it developed, on projects a more said And balance before, we sheet. basically, we us. for good cash I than can hold

we monetize them. so And

a business. I lot. It's great helping a think great, it's

Operator

Kusswurm the line Blair. question of comes next Sam Your William with from

Samuel Kusswurm

your and business. election guess to I the to projects start relating

GSA ever slowdown You the are pause with agencies of kind kind for ever projects the delayed funded I'm transition. the sort due the sort that already it changes at the wondering and other or least common contracts noise or bidding of given short several administration? of process a see to for I time, can be federal guess associated that in presidential to a occur, of get if

Nicole Bulgarino

and accomplish the I Yes, slowdown there to the be to be that normally there'll this projects next a be into looking projects a in I wouldn't X active construction in to of a awarded in that then there's be that to now that and at And year. would should actually mean, first But and that projects to an the of messaging able the there XXXX done to time this adjust administration. expect be get will we have And they convert the we pipeline of part in quarter the the year. put this be to out. administration. push convert goals continue lot able

Samuel Kusswurm

Yes, ahead. switching That's helpful. gears here. it. I go Got slightly guess

Nicole Bulgarino

neutral budget. performance and that also too, to mind, is in we're doing and keep the stuff government of in mean, that contracting. it's going most I is budget was I that not say, the federal

on capital government. depending federal So it's the allocations not from

difference and big a makes supported. bipartisan that So

Samuel Kusswurm

Yes, to your related too. chain, maybe more supply now

in were how you of I'm which characterize around. you George, labor mentioned yet it that would think but -- how improved, your made of and [indiscernible] possible supply you the maybe, hadn't stabilized, characterize I were curious market that sort quarters previous planned yes, constraints chain kind

George Sakellaris

of the there and a we it's we plants solar certain for how it's many transformers bit, other is put than still have utilities. the that stabilized here now biggest one, sometimes and labor. very And It and parts to before. megawatts some finding but find the was our that's so country, has But of one estimates little hard what why the make battery it's But of projects right it in we'll whether constraints bottlenecks interconnecting online storage on. better

Operator

of the Instructions] comes line [Operator next Kallo question Ben Your from Baird. with

Ben Kallo

that following point, made of and up longer. you Just interconnection kind about last taking on George,

online? of comfortable coming next year, look into are that or we thereabouts guys XXX As with how megawatts assets you

George Sakellaris

average. X going to connects online. get X XX megawatts we the that them. And probably about depending this the coming making We're to energy utility more XX That's megawatts is XX No, have year, on done, solar. no. another the put Yes, the by XXX of and plant time sure megawatts we --

XXX we megawatts. are for looking year around Next

on up it the year, say the did think we I would megawatts end But this estimate. I we XXX a on putting have in because we many development. megawatts we'll we'll next XXX so be megawatts we XXX much see will go megawatts, how XXX better service. Maybe where range. based time in being, to up it's And for But year are. almost

Ben Kallo

any speed ahead? to assets, back bit, impact for your you kind just it the you then the your own change, this then kind of kind in for customer asset And any side of but is slowdown does government uncertainty of as just there little a or or IRA, a class And is answered in on all await projects? of orders it particular

George Sakellaris

business. our I mean, at look

on don't go be of And it. of it's And with slight the business. now. to the right I -- away government assets, take the with the indiscernible incentives going very the project to associated going might -- that's be one, ] [ the think federal great then ITC, the any And have that act to key I issue. for. And forget, Congress some the the were as It don't don't I batteries, we issue associated modifications. waiting think but don't other support. But it's IRA hard bipartisan reverse see on on become will We especially any because

President Elect for of to issues. Mike, any add more? of you any the pointed that see that, the than electric subsidies vehicles. I out, And some the wanted has don't other things One

Michael Bakas

the that No, the some states and again big support red would benefits go to of I suggest have there. that

So lot of that much I And the beginning get don't anyways. a then see we're stuff to going not from material. counting

Operator

next William question Financial. from [Operator Instruction] comes line the with of UBS Your Grippin

William Grippin

to I point here just the quickly. wanted come back ITC to

It's the to XXXX? you to developers focused actually matter prudence looking equipment It's matter a a in stay. just point harbor But you. tend prudence, Just utility a -- here of right? we've to safe agree heard do of I ITC. with just that durable scale again hear administrations. your to policy might is larger something multiple some as through I likely been look on of as fairly

George Sakellaris

of equipment plants. will or do We -- some some -- safe will I the think harbor too. RNG one we the of that Definitely, we

couple, we is do the solar solar going And a soon. of some anytime are they smaller, ITC plants, Because I anywhere might don't because that much. but not think for the

it's and things President-elect half the think better to states. happen XX,XXX across if our it I they was various planning, are That has they then transmission, with megawatts wind solar much are batteries the offshore those resilient much don't as to distributed more will out thing them, of storage, the play resiliency. farms and combine other They and so don't come The out, are of what much lower And the you on on profile. previous XX-megawatt you we farms, risk it more X offshore, because against much when because better. the on require plant. provides focusing well want market much if And administration wind point to

because they few year busier talked of we them, solar to come, that's so end day, they than people have group, now, work told the from -- I so why at might a today. the we in be have And me, are the

William Grippin

you it. is have side, their RNG peers Got little sales a CapEx. -- maybe to then RNG ITC just getting And both doing? announced something Have private, have, that. you're the of closer to on some that bit your public and that Appreciate related

George Sakellaris

Yes.

it, that see own into have -- -- talking do have your looking in some and into and started And because guys together, you we we're great, arithmetic. potential. We can we'll Mike goes. it we it's where are But put it's looking numbers great

Operator

this to do any the you and we concludes come have we joining. as questions have Seeing more Ladies call. the for all today's not time, at session. question-and-answer Thank gentlemen, that of end

now disconnect. may You

Ameresco (AMRC) 7 Nov 242024 Q3 Earnings call transcript