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Ameresco Inc. Class A (AMRC-4.83%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenues to $500,873,000 from $335,149,000 in the same quarter the previous year. This increase is attributed to higher project revenues and the timing of revenue recognition based on costs incurred.
Cost of revenues for the quarter was $423,734,000, representing 84.6% of sales, compared to 81.0% in the same quarter of the previous year. The increase in cost ratio is due to cost budget revisions on certain projects and a mix of lower-margin projects.
The company reported a gross profit of $77,139,000 for the quarter, compared to $63,656,000 in the previous year, with the increase attributed to higher project revenues.
Operating income for the quarter was $35,159,000, up from $21,430,000 in the previous year, reflecting higher revenues and lower selling, general, and administrative expenses.
Other expenses, net, increased to $21,469,000 from $10,642,000, primarily due to higher interest expenses and increased losses from derivatives transactions.
Net income for the quarter was $17,014,000, down from $20,842,000 in the previous year. After adjustments, net income attributable to common shareholders was $17,599,000, compared to $21,265,000 in the previous year.
Cash provided by operating activities was $99,222,000, while cash used in investing and financing activities was $355,392,000 and $305,058,000, respectively.
Ameresco had a working capital of $1,224,551,000 as of September 30, 2024. The company acknowledges its dependence on positive operating results and potential financing to meet future obligations.
The filing also details various financial agreements, including a second lien term loan agreement and amendments to the senior secured credit facility.
Ameresco continues to focus on expanding its portfolio of renewable energy assets and highlights its efforts to navigate supply chain challenges and macroeconomic conditions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ameresco Inc. Class A quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.