Ameresco (AMRC) 2 Aug 222022 Q2 Earnings call transcript

Good day, ladies and gentlemen, thank you for standing by and welcome to the Ameresco, Inc.

Second Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later we'll conduct a question-and-answer session and instructions will follow at that time.

As a reminder, this conference call is being recorded. conference your the Ms. turn now over host, to I’d Marketing Leila President, Communications. Dillon, Vice and Ms. begin. may you Dillon,

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

Chief Sakellaris, Joining are Financial Chief Officer; Senior Vice Ameresco’s Accounting Executive Chiplock Chief Officer; Mark President Chairman, President me and Doran George President Vice here and Officer. Executive Hole, and and

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

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

financial have included will reconciliations measures the to now these We our the over George. George? information. turn I call to supplemental in

supply the being Ameresco have challenges. valued partners, market. with culture. to the worked I Ameresco suppliers navigate wish lines and chain across in and execution. drove all growth and the business the Thank these opportunities expanding our results people, our and to entire that model, that for enabled everyone. report very to record business team, with pleased four This another This team's and was entrepreneurial QX wide the both market of diversity afternoon you. substantial also our our achieved along our pressures our inflationary who increase industry outstanding of the a flexibility customers, mitigate and characteristics profitability. tremendous in strength demonstrates part experienced performance fortitude in of our together Ameresco, is us good and I operational subcontractors corporate financial am to Leila of We better thank quarter in the

Before we on do Southern I provide discuss battery California an like the to strong quarter, update projects. our Edison

progress projects, despite COVID, supply substantial key made we quarter on second a number of achieving the the permitting chain challenges. and During milestones

walked three is batteries doing job project at the projects pleased the service for balance capacity progress to team is grid. Just deliver example with true expect that an California pleased transit. of completion site. storage XXX projects sites all to and of and by making and XXX California both the now in in efforts a they're the megawatts to I week am and of This expect in partnership, on-site I the Approximately are I'm each we continue reliability September will resiliency the working last this I executing. megawatts Ameresco in clock be two-thirds to the excellent our and and end We by battery the very of this succeed the also the these extraordinary in Southern year. Edison teams a together, critical providing year. of know around to

by was highlights, projects business. Turning our our robust to QX led growth back revenue our

carbon proposal customers in reduction seeking demonstrates am the highs years. level that at I awards needs to activity that, multi-year the projects, their but new about of million Edison than we’re our goals. projects XXX clearly we more upgrade project approvals. to particularly had quarter. large backlog. on execute quickly our of also of also than This second are resiliency double Well, other quarter. More customer was benefit continued earlier California results, to cost, momentum excited address increasing solutions added on new to the to continue only previous is we able But We expected Southern energy We what our this the not execute due business and

many customer first renewable the and limited seven of of we we developing are proposals and proposal five in example, advanced exciting our year, projects Federal, technologies, to all segments for across seen all compared not a total our XXXX. this For energy, to all traditional activity of battery have Federal But was geographies. half just comprehensive of for only delivering energy storage efficiency and requests

We also new LLC business. exciting The the energy largest asset our side have of solar deal, KuponT ever and Solar, We combined PV [indiscernible] Asset. signed battery

an megawatts, this storage Energy XX Joint of we and of West solar We under resilient Oahu. of partnership. Energy, early XX to designed Canyon It subsidiary with a Capital energy this island power thrilled Bright Pearl first Pinnacle look to under it megawatts executing Doran? and Up now with use with the Corporation. the battery to XXX are Base over our Asset on Department call our Energy. Navy. be clean equity year will also other We in Yes, it provide the be hour opportunities Bright Doran expected to asset, to completion enhanced some will on agreement performance. financial for will provide of -- Harbor-Hicka future it’s will -- marking making working this on operate on turn on wholly to in will our look with I Hawaiia and a system. forward XXXX partnering Canyon include be owned Electric energy Bright purchase equity a comments XX lease owner megawatt Canyon first XX-year and is installed on

Thank you, George, and good afternoon everyone.

please that after information, to to the press slides today. and financial were refer our supplemental additional For website posted the close market release

that important our lines excellent the the growth. noted, And to to grew quarter quarter. our led As note George top line team business nicely Ameresco during of of second impressive four business projects results. delivered all while It's very

during expected combination, and from backlog O&M giving the energy total remains predictability $X uncertain contracted addition, and visibility excellent these asset economic other anticipated. from that future billion, our line times. our from but led in the revenues In projects and the growth business project faster projects, top businesses not projects acceleration only long-term than on continued over Robust by Ed driven year-on-year was mobilized execution SoCal also us

we terms, which flows year. temporary the past, the in stated unbilled capital which estimated early in the on we of increases Ed our on or is one as working convert Unbilled million receivables continue projects in in quarter, executing This win of our accounts time senior from facility has labeled in particularly earnings to will the credit previously Subsequent balance of of sheet of another and SoCal onset, working contract usually reasons are [indiscernible]. due expected passage was accounts and considers As invoiced capital we costs near-term the revenues. from SoCal completion why and amended to billings needs, to receivable to impact the the have $XX increase second cash we end and milestones. the revenues excess our Edison, in collected which contractual had our under

of does On basis SoCal is in milestones. in recognition, timing the revenue under other Ed does with project resulted Therefore has consider invoicing hand, not is which the not percentage up revenue why match the revenues. of of unbilled contractual typically increase timing recognized which completion the the the the temporary

amounts. levels all of components and to collection with contract more normalized SoCal the for the expect business the to our the capital Ed remaining return of completion of We working

Moving the pertains new on with discipline as energy to want underwriting highlight it assets. the to assets, our I

incredible stage activity. proposal early development of pace and of in show with continues funnel Our an assets award growth to strong

We're of interest assets. returns align increasing and therefore, increases prudent have focus ensuring over also in market commitments been We, that rates capital rates. couple in recent inflation impacted on assets development our the of hurdle portfolio However, our our nearly with assets to megawatt overall development. executing past on in particularly on XXX quarters, in our continue

also in a this supplemental slides We in our quarter. to new development respect note our disclosure with assets

environmental new under a generated after RINs the have financial generate to This reporting our background they of our QX, the as as the who announced total project will Energy Those RINs price we forma RIN how Numbers the Energy well story, mitigate we understand assets future to the we Renewable of positive in performance. business. large adjusting that pull help of should RNG expected to better on business. impact for during the which these to our our hedge half investors fixed majority off-take are a forward to or daily megawatts provide support the various Given our price now volatility pricing total I Bright the the both Ameresco multi-year blocks. dynamically our assets wanted back to attributes quarter of expected increases. partnership to we're This year When a with the asset results. of as generally began bit equity RNG of five sell on RIN sales year approach Canyon partners are after build a a newer part three pro in we in development, the a forward experience financing. are we then of look Identification Near to RINs contract are of exposure interest. on financial Assets generated in remaining helps We effects end second our using approximately to

Massachusetts energy on expecting we XXXX majority SREC-I the of materially Renewable this standards. in not these have SREC-II and REC certificates programs has our from are government to or that we're are our over minimize which price are where electricity a generated and because our concentrated XX% to RINs. Northeastern legacy impact renewable any already assets results. RECs The generate effective primarily markets select of floors. monetize However, our few we in portfolio under solar are to helped hedged assets, impact mandated results, This volatility there XXXX RECs vast renewable

we projects. adding those our to growth Ameresco incremental operating some achieved expenses. volatility, RIN remains Total at managing new contracted backlog our year-over-year strong with the risks. robust end operating it was the a continued and to ability Business direct backlog of with result we So to EBITDA we billion again, Execution impressive revenue do we contracts quarter. adjusted of progression the Ed price the a converted remain while into Back as backfill have add strong of profit leverage, as without dollars as demonstrating SoCal awards. gross equally healthy P&L, REC project exposure proactively the as development on $X.X

in the market. As seeing activity participating were in proposal and George exceptional noted, we

rates has will around and interest this discussion further lead growth awards There's expect energy We the in inflation, prices. to ongoing coming quarters. been in

This energy on solutions. prices to higher our enabled our delivery Our increase project Ameresco's costs. stage this has proposition interest rates far in energy innovative outpaced energy engagement and work actually has increase and even and in the all favor. tend year-on-year Higher is more reduction against us, in in interest driving higher prices of pencil cost to savings. the year-on-year based value is materials projects customer work At in while demand

visibility across lines has annual of our our guidance, as excellent projects. XXXX the in Our well all our the year-to-date to reaffirm experienced as delays performance, despite SoCal enabled us business have we Ed

cadence, to As to revenue than quarterly greater we slightly be QX. QX the expect

margins start normalized XX% gross third and moving for We back expect to approximately levels to the fourth quarters. of

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

Ameresco’s solutions and of need The been Doran. never clean you, demand Thank greater. has for comprehensive energy portfolio

world outstanding this the at engagement geopolitical, the given portfolio for of with I faces team are numerous comprehensive entire market execution. moment customer growing for As very a to budgetary and cleantech want heightened excited our years and believe our growth their dedication the concerns take robust we experience market the the closing, time. again In Ameresco leadership we in and And climate to [indiscernible] level of solutions, thank come. to once we will

recognize ongoing questions. to Operator. the our I support to now long-term and customers the stockholders. open to of want like also floor We would

Bank Instructions] of [Operator of Our comes from America. question first you. Julian Thank Demulan-Smith

Your line is open.

for time, appreciate Thank afternoon. the you good Hey, it. I

unleash more So your maybe love and right business. opportunities a in, bit about IRA for little the I'd this jump that would thoughts on to the just your hear to

I as both might RINs the for heard would you've love already in where actively enable. terms you, as RNG, kind see in the as but here, emerging else comments of as of that tax to about guys? that you what for here, and might projects opportunity open your you set for RNG it opportunity on but pertains up development, think Doran, Again, this Specifically, opportunity the hear about I'm do focused you credit exist business are originated to well

Julian. Sure,

what written, We say credit expansion the going of were the and foremost, favor when particular that we're see and of But gas apply and overall. across where all to of credits, relate spectrum have I the so the now would the the that it to anything renewable clarity the of produce that to between the in is is analyze have to So importantly, facilities certainly that provisions is we there of work law looking been how extension for qualified passes we property, assessing biogas way we're continuing types includes to the industry we the happens technology-agnostic, technologies with might we natural see the in much business, how to RNG. as that sorts at and our first focus.

namely moving solar, technology of a neutral others, I and think -- that our couple domestic will terms of prevailing things the uplift we're battery we're to in, think in with we storage, Now provide Ameresco when industry, the the the I this business that Furthermore, area those then to clearly from XX%, are union, about of in is quite our it. wage, opposed the used X% onto and others, credit space. the in quite provisions familiar well that matches working many to quite elements of as the with an content, of solar years the very in, excited kick law extension

mention And in so we signed it's think again yet, front out yet, But can of not work legislation of working still back that and [indiscernible] analyze passed not really it's those to the to, it. carry we're provisions with intent the folks. we

does three Whether or a the that the it's sector, for years. about the projects no tremendous especially four built potential question If it upside solar company. over storage have we'll XX in we RNG. battery next gets over year, RNG And signed,

a quite -- and on working others. are few we So

will So a for tremendous be the company. uplift it

considerably here? it And just nuance even to the everything if [Technical already Again, on that's clarify right? Difficulty] for George, I think tax contemplated, underway, the capture wasn't key that's

It's effective hasn't going after put be all been we the yet. date. No, new in it to built assets service

Excellent.

sight a with clarity so good here. some clarification SCE and if up on getting here, one of can obviously, more And I stuff line

as to the cost incremental cetera? I Obviously those cost to any Just too the you can that you it's if you characterize resolution it here, a talk are with respect conversations some delays here. those slight meaningful shift at are just in terms can how all, incremental progress, coming about bit little pertains mean, and you but it's all? to not degree defraying of et guys of dynamic, obviously, evolving that

supplier, the So that's good about on it the price. jugs the of its things cost, battery incremental one

of we and quarter we Southern though, schedule the the actually back late the they of that gave contract we the two-thirds is about about about time, weeks of updated But one much, better with it we the and the year. will thing -- announced we as that's site that's we that contract now feel control actually Now done we we the advantages and last balance signed pretty that they rest the Cal. why that And go delivery. on week than materials the much the battery to confident good the that, battery basically the be that California particular all an came on projects, is ships the have have, well felt that four have this Southern we before basically on because associated feel that. of which But delay as right before over us they lost after with

our and weeks, projects -- six last you confidence year. I will quarter say, this increased happened what actually If especially those delivering it the last this of

these I'll and as add there of projects. relationship is, the far with have change Yeah, nature Ed Julian, as the we only thing SoCal no the been the has in dialog finishing

and finishing safe So in schedules the it manner. compressing doing to on a the projects, focus is on

enough. there. guys. I'll fair right, you, Thank leave All it. it Got

Julian. you, Thank

Thank you.

of Stifel. question comes next from Gengaro Our Stephen

open. is line Your

afternoon good and everybody. Thanks,

Good afternoon.

were just the coming on half So stream? timing that the of the there things below the seem cadence just next actual One in going me. I was on into service assets or for if it expectations number projects quarter. the curious is of or and anything just on that energy there in was of from year, put outlook two back in our quarter the assets energy was

to become only big is that demand work get finished, that it them of a we more their of street so XX we big to guidance. for say And year, haven't become the we're maintain we interconnection we already assets interconnections, some has because them been and projects case the But to as issue it's or Yeah, as has did the the because a thing concerned, they that the is that timing schedules utility be. have much might projects will between but megawatts install far delayed some issue we do of bottleneck. able a XX whatever this to interconnect

Great, And you you seems then that just half a is chunk SCE don't suggested into want I a guidance the margin of for that already detail, follow-up ton you've of the but and know the maybe as have accurate? [indiscernible] thank gross probably than we revenue go it indicate you. a back recognized that of Doran expected the to larger year, to

I amount. I a [Multiple don't think No, Speakers] larger it's on think page

I [indiscernible]. think expectations our it's within

mix half expecting. second but back the than that were just different And moving what the toward normal we reflects not business

getting other a that the but greater Yeah, percentage. it's mix are of projects in,

that's you, Thank helpful. Great.

you. Thank

Our Kaye next comes Oppenheimer. question of Noah from

is line Your open.

customers. highlighted be levels federal these on to demand proposal this broadly a and a might to having pick but a critically think than longer to comments cycle, sense about want of And we the what for focus sales be of activity. to conversion think for record how the helpful federal, these as up your areas. showing seem other contracting projects -- where think incrementally I around types cycle more example, I know of Difficulty] [Technical it'd is of bidding get you up, I

be how that backlog at can as we of we forward? going so mindful look award the And trends, and

the to normal XX Yeah. tremendous get But that XX once year now we is see the cycle we're the activity. make up going But government with the as awards, the picking government C&Is in C&I -- they see federal most six the we maybe very proposal see the level, some the that but market, award, to contracted. till less. well, in turnaround especially shorter tremendous up that so storage even the next likely the of tremendous, to have thus we're far months as especially become pickup showing we known the utilities a and the between of sometimes activities and very, one that time, we the months marketplace. some high that now have projects from on a the of battery just co-operatives on activity activity or Group, And the Canadian entity into or federal

So proposals we core are bet with storage. associated battery proposing that’s that now

thing net people activity with would in will better to is see very I I'm increase. the that So and say, level the this road will But we probably during months XX about contracts it months show activity up activity that down the six about we the this very, award XXX added to you executed it. very The level. excited order though, feel, with level And encountered. we than had year keep much going had the other healthy

of value seeing We're It much you energy you of seems door there and the federal, potential winter opened are how never for it has terms EU. be can wins business and in Europe? proposition. much And of mentioned [Technical to it in adding Yeah. how be could the material wider your the What been for crisis like this backlog? Difficulty] activity,

the And to their the the we direction. down I the I or interest to XX%. three XX% costs last becoming especially now to as people, talking the increase now are, Look many though the even in project government that energy it City, their talking somewhat the we as many think average And last cities concerned Bristol time is we're the XX% But many, pointed the are what the institutions, one, prices from costs. high Doran footprint. has other, as potential new costs, going or and even they probably energy costs catalyst know about a in the C&I out, at is blueprint. the more think is they high increase energy were been over have around seen about of quarter, customers from and carbon become federal

So value has the proposition increased.

for much so Thanks the color. Yeah.

Thank you.

Stine next Craig-Hallum. question of from Eric Our comes

Your open. line is

[Technical Difficulty] questions. for taking the

is get your XXXX awards there, confidence up just believe love is at momentum outlook, to, in storage Investor you're $XXX to and in need then large well, another So you in thoughts get I your in XXXX what do of the activity, EBITDA, million you back Day kind step temperature contract the in to March, how plus on assuming that take gave maybe would those a and and new in both a goal? goals proposal pickup XXXX and ultimately or you

EBITDA this and address color then more will we're But add about very $XXX to I XXXX. want to confident still the Doran it. by Yeah, first some million might

as far right the another is battery it getting is no. it That As in the Cal, big with back not Southern contract then as storage or the was now. plan associated like as

It's execute, the supply away, way the about over back when escalated will chain way, we as plan. to it. -- better still this think is than as that those did get renewable past, issues, contracts better where I the we the gas things that we line is it us only price feel good is increase did a the what call course us energy but of been position that the shouting seen our what we normal development feel very has solar get in concern the are. of of be And soon and course we then of way a there to and going you will or pretty of O&M there. the I have the plants, natural they confident in particular assets And get

Canyon, time? could about there how talk partnered And then award just a commentary project little but developing just bit and great. the pipeline assets your on maybe with in maybe you the following energy prepared is mentioned see that's No, from up That you you over Okay. kind the project, of Bright that helpful. or remarks, first

particular We Hawaii. -- enhanced the for do that it's Electric. the got the Hawaiian the already in use then at they Energy, to the for through Bright award the had evolved. interesting PPA, way one, we're And Navy it one We Canyon lease

so they a relationship, and haven't to working in guys So with traction we have that and up came other and won to report news good that perfect parts it out. we be great sometimes down own the a will we guys with channel has on do to there, have partner relationship coming see you road. And some and not for accelerate we ready working It's together but in surprised for deals excellent at did the And other they it back to I out going projects done the you have could that's Noah the them kept work of partners the said, you Greece business so base, much think get down contract question, and We the the and the us. an the what long go we us so in they same was to road asked --going talk contract, worked it give that these actually couple Europe partners some time up, yet, we we're past, too great are the far. the great the potentially a with looking to look, of also some the What them. it's but don't PPA. are activity UK guys some excellent far the Europe and what we lease, together about in help us been relationship in and excellent,

the color. for Thanks Okay.

You're welcome.

Thank you.

Mulroney Tim from comes of question William next Our Blair.

is line open. Your

I contract type taking European well? as cities signing about in talking for you've to my or cities signed of the with Yeah, isolated sure those US also are some cities few City, are correctly George, a you your I these more make conversations Bristol to said want quick earlier to with comments having you of that heard all were ones. you Q&A, thanks Two questions. the

American. a That's One other question. another are European and good is two they

project. you. that's Okay, of year know Doran good It's cash in there's Thank more some flows know. pond due then to a see Mark, rate to support in is SCE probably And out on those well. side range future business like the or After for can this here. as think the one the out sounds we conversion flow as to the or this noise primarily year it we so you right for looking normalization, it's two just look What years? I'm good cash

so we've without So Well, level running we XX% normalized we've at capital Cal working talk capital. working I When think -- of about revenue XX% been Ed, annualized looked on basis. between and more

So seen really a whole there. lot we haven't of volatility

forward. flow consistent So continue on basis, think we've the to flow back trying we expect calculation. we'd those cash think think pretty help been trailing levels. I back again and Cal I So some cash Edwe'd when flow expect and that a From to with get the to But on other perspective, free I cash showing get positive we're of to provide more free a get to to going XX-month some side metrics that

Okay. Thanks very much.

you. Thank

Our Harrison Kashy Piper Sandler. comes of from next question

is line Your open.

for everyone. and taking evening, my Thanks the results. questions Good on congrats

of to question SCE with contract? the follow-up. hoping backlog, is it's was the kind evaluate the much it, So to And relates that become quantify SCE I how help I a just my have you the backlog project. could of first current impact then us difficult given of associated

position. we backlog great, signed great and say quarter is great We We'll another going year don't the this quarter, will The out. have thing in I next next what and in overall it that, only to contemplate a it's year. break put us

Yeah.

is taking can SCE the on revenue estimates recognition way total of quarter, well size. at contract that versus as and the the as look I the you during think the the prior quarters look a the revenue contract at

revenue. what discussion we're Some of -- did think Ed awards, continuing add gotten Ed to into SoCal that as to it would we happen, we're look the backfill ex we SoCal burn haven't continuing contract I like the the off because contract, primarily

actual you visibility that sequential backlog Again, and burning something that remains that SoCal total revenue, worth to billion, and this see the as are with I we're right. contracted increases of backfill the you revenue the five-years' awards from of project see between Ed maintaining supports and the represents think our two So the backlog, awarded the just off. it able $X.X in backlog, fact year-on-year still and

changed. hasn't that So

you. the June, early my impacted wanted temporarily. to you Thank reduced In in dig follow-up prices the RVO as I mentioned, little question, bit RNG to helpful. that That's EPA And maybe the for a then business. DX,

since recover. prices since However, to have begun they have

so is you're how terms part was from we insights maybe on any I the RVO in that, do market about the expectations? it And you. then And of have might industry Thank curious think XXXX? EPA of set growth, parcel what underperforming supply just as RNG and you counterparties hearing

of the think implementation they latter, has -- that think we've are we developing focused The on the the development expect, don't market no, I The might Kashy. Sure we think I we're express going internally be, is you have might answer what on we been terms to building The that that as think our going projects. opinions supply to in XX overall, works folks many right? on the the supply for things that and way slowed got projects construction, in of chain RNG and -- street do.

assets, not that's RIN the feel same probably trend pretty It about what on and clearly we were our chasing monetization the actually years. strategy because gas. that looking positive We for think actually in that putting planning on that What continuing to and the the voluntary we're look script what you'll focus and our in it's see development we certainly the natural time see right? us, for increased like face outlined to see trend-wise, next we several continue that very the Intercom be I economics we're industry on over good ground I exact renewable I have overall. think the think is, parties I purchases then this of an competitors we assets in So like think could after we by something is that

Doran the of that the still very good be in RINs -- prices to very spends out, lot view, on that -- on. If segment a I even on drop It's the some with money, like good when add, of inflation the may we point and pointed bullish on make assets. so despite continue

getting getting and on equipment issues executing there any with getting and permits. the the Now time and

you. coming next George of Genuity. Canaccord is Thank from question Gianarikas The

Your line open. is

for much so Thanks taking my question.

Just a you expanded you to ground have thinking dig little the in you're additional tell what advantage there sales if the you the seeing, should can offices on technologies expand second, us through assets traction? highlight to And just about are you. Europe, there and quickly just you to bit a can which the little through momentum of do feel or us you in Thank take into gaining like acquisition, bit momentum there? you're

we book, comprehensive. but above. Basically, the looking assets much the all Look, there head to were we projects couple States had that that that heat have to the doing we're acquisitions, actually grids, similar infrastructure of to be one board, the doing over of across our help of of United seen, I or at looking jobs they South assets, got batter us more. and micro more we're solar, London, else to we sophisticated, some we so hunters a University geothermal the we they're and everything what visited that light pumps, for we storage, are did to build they pretty they of add more see are we here, the in are going the looking out have

of also things dorms. they but had done for the the [indiscernible] solar, solar the on get they panels, One that this provided they

price on there Southern of we some the said we and So to, Greece, then in trying is solar installations can do I the happening -- energy that's has need Europe. of part are we're the government every they them what know defiantly the what KW/KWH they and generate. think been and you likelihood

-- it's on building there but it. help we we in need our and to infrastructure So are up working

may hard like And is you. equipment those times points pain there one on? call, of on what are. us the little getting you've several a kind cells what ask thank I time dig It having more your during sounds still Can sorts are chain, battery you improved pain in can hands mentioned labor-related, to as follow-ups supply points have of bit, exactly help you it a

that a On it about there. projects. of now as with plants delivery we bottleneck. have with can the we for we're become projects, transformers them. Transformers, extends Southern get for talking the Cal getting And the But example, little have batteries, happens basically, now, especially but we are equipment, has right that for far to what at we as is the RNG it that some implementation sometimes projects other some looking have that difficult more become like bit installation in the we it, new other the

we public that can The actually the terms timelines timelines we But when to in we work in market, key of and luckily kind starting then early, in expecting about see realistic all we timelines to until from it right? not expectations proposals It's we're so talking a we We've timelines deliver the procurement, get-go are -- of factor the layout delivery issue. we timelines. in can we're compressed, happen. compress are

we're the that. realistic we to continue then they number of be any And equipment. to the trying have category time, that look suppliers be at expand So honest, same to in about

having not the to competing quality board. those So compete on they're are right and on timelines that ensuring across only service folks we delivery customer price,

So I'll additional, practices we're the investing certainly within and what resources procurement company. call, management

you. Thank

you. Thank

of EF comes Our from next question Hutton. Moore Chip

line open. Your is

you've to notoriety? you since in-country talk of potential some maybe big European larger the more little some for partners of for projects Want pretty you follow-up in been a picking up these fall the Bristol, specifically question. these on taking for of having with just role can and gained obviously those Thanks gotten you're a discussions activity, about types

our We've happening. Bristol itself outside right? Ameresco shop, was one-stop business continues seeing this and own. as lot over our while the the UK activity we push like got few UK at tend where As do we're a by there the Certainly, partner proposal were own and of jurisdictions we is here, of but that there, on much to efficiency large going to a big a propose things these

sense to you partner in to order of local see additional secure we're and oftentimes into to with work have when it European opportunities. starting energy business to lot a other to However, those a that the see in the makes countries, uptick prices, starting with we're and go

speaking, also but these countries. wind in George will mentioned, So is other equally certainly is some broader seeing the solar, be efficiency we energy of up technology the certainly we're believe that relevant, street UK showing in relevant, lighting

we're -- the Go ahead, George. bullish over on think opportunity that have I So we pretty there.

wind so Basically, some some financial and developing the of or them, assets have bring on. for example, need they they partners over might hump to farms and solar and they them

so legs it, we're getting since our all different And and ground. call development on there potential not might that may kinds we proposals, the you of So accelerate the have do on. partnerships enough

That's Understood. All thank it. Got helpful. right, you.

you. Thank

from Our Christopher question Riley. next of comes B Souther

line Your is open.

that the like, visibility this projects XXXX in it the XX%, speak? we at how on be you sounded we bag shaping, energy pretty it's guys could timing still on can you energy when where a is to asset sense, and and hey, have here. hey, you are it portfolio things like like Looking I do stay, of asset have portfolio when think to wanted the should of the like XXX% what are would to expect things so the get track based just backlog we'll confidence give

you. That's a Doran. ahead go for You question

today. -- open I'll that's Yeah, saying by not

expect, additional as the for we in over talked U.S. just and there asset Europe, about might about in as as here Canada. talked well So expansion you potential we

to market in evolving, assets it forward. way and of the alter as that we cadence plan the I the guidance a as don't up So the and the stand going types provide a energy today. building there is still we're service think we category of any sort

know. we point provide we expect would confidence your about talk But XXXX feel XXXX. question we'll we've that we want the be point, let cadence you in once in done report some of maybe XXXX year we the talk to extent full year we In at that past. some to guidance for for think this the do be full about whether we'll that guidance giving we we this to Day, there, to advance So another got when will level sticking Investor we've that like we see of revisit at can we're to XXXX, XXXX our year probably full I to decided going or

Okay, thanks.

which you $XX the called provide Q, receivable, SCE then me, post project, as related got SCE collection can more you just the is I'm to a out, can excuse But cash any bit just On you've can you and total cash that's maybe curious, see. good And provide a projects? know well? on I million accounts the about the payables, the these the to talk also SCE impact on clarity, you

see anything. look cash in file terms we we a have about you and collections. you can When Mark, the Q, there see can take do disclosures what of

what that timely I from continued we've right. to invoice collect Cal, Yeah, right, as would Chris I think So them, we say,

have disclosed subsequent [indiscernible] So really and disclosed we haven't but we like receipts they're paying clockwork.

and are there, us paying as milestones within we terms. allow to that's quickly where the I contractual So the as invoicing they're think positive us

that's we say pretty think all that's we're the I heading I that. on so much that can positive direction And in and think

expect our revenue, to before, I think contract, going we normalcy return is that working through Yeah, once of flow the that's capital. said to we as XX% XX% XX-month everything it to trailing

pages could leasing might energy of mix pipeline customers? breakdown directly, portfolio perhaps you the got inflation given tax here change makes that's PPAs, for current potentially reduction investment may that, type the more Okay, And tell are be your C&I nonprofits customers credit those the any new asset -- that that curious think non-profit providing the could it how early That it. seems just you like sense. one last versus to too give the all some potential, then there on I'm versus ways or utilize owning

respect I that would stage in think tell are numerous those of terms they that you would the it's limited direct put regarding provisions specific this bill. breakdown So the how customer ongoing at it in pay look. to a I conversations providing with premature that

to happens see need what this it us, see now that we signed. to turns actually need and between before, said I bill gets As we when how to

expect, As may to to as people move tend start you these around noise. things make

it if us. to will very -- to current will it were that form in nevertheless provision its but So pass be relevant

the our business we've municipalities, we've think pay I We direct so lot that equity. XX% way do be said not alternative given with type financed, evaluating and we'll or comes are our disclosure, in profits, that of revenue without projects a in those other tax will schools, allow energy of As pursue and about employing us fact particular that solar projects the talked to hospitals from qualifying projects for government and entities.

will very do think that And there. at in it stays to extent so of we're course, it the it we relevant be closely, and looking

a then sounded I'm And of the how like XXX% a of XX% just they on with lift that already can how going you hitting the would to is you like think it today piece, that is see labor need that taken targets hitting types those you to milestones, are operates different be around. in they ways basically in today, those Okay. you much lot just for the line it of with, think? business would be curious guys that

we out particular percentages, have with throwing such mean. that I familiarity just what those think a without requirements any Well,

nevertheless, to devil are et got that's get simply But cetera. actually be the that what of a think discussion, doing union when going and consider nuts familiar we contract or how requirement considering just you details they're in apprenticeship into turn or wage it's into an non-union the will are I et our cetera. to we've quite meaning, with. again, prevailing sub-contractors and the bolts the and But area

wage our prevailing most of And work unions. or it's

guys. Thanks Okay.

Thank you.

Osha from comes with Joseph question next Guggenheim. Our

Your line open. is

Hello everybody.

I'm could a a have And projects then RNG some XX the follow-up. maybe everything way business, relatively make where do look couple and now a the RINs it is. grade that to the you of works that a business looks, the potentially we managing wondering with function very that short contracts way with questions, years would starting different? I business is be RNG if because in given XX Just with would the utility the But or that world imagine of again offtake

eventually of long-term Yeah because years, need with utilities and not but we're the price execute so and to cogeneration you order that's to contracts XX will that we long-term XX, plans. our some or on. they XX why one very have and now, carbon-neutral, XX which confident get predictability where contracts and be but numbers them are, that opinion of might maybe the of see of talking the universities contracts, of it's they discount reasons to XX colleges, new do much the them we to In contracts us are right some not we I'm long-term now will execute attractive, down them course of road, that and the will better will some give

And better project financing.

Exactly.

And of executing so will long-term carefully we a the we envision day, that are and end we of the contracts. time, at lot day very be those We monitoring that. spent a

that the it's there RIN right just now, you if actual pricing So yet? isn't

Yeah are we questions. market, have hedged way the that for and look, on on us down. this the any even Board XX% great year, of material you that been the kinds It though impact didn't have we over prices saw analysis those went working the done we've

us that will shifting we upwards. prices contract, now. and that going as the and execute don't going on, discount so see we're prices and go more surprised XX%, up, maybe the get it's if felt we longer-term to [Multiple what because using forward, And you XX% Looking to contracts that Speakers], right have we strategy comfortable be will XX%

technology, whether financing storage may sense. potential see there makes Mion, second, in this some you've storage that looking deploying has be particular, perhaps wisdom is credits one of could any is to types we the there you then other energy an And in with there. loan been about in some we've been all talking at done far interlocking so addition everything wonders because DOE That potential our out question,

So just that? about wondering you how I'm think

are now are is leases Scotia in disclosed. Nova got currently is constantly part goes think review project have new we battery lot in installation talking some it. depository We specifics new that looking an right at a of And do putting we technology a the We type of about We technologies. as and to about or with under on chemistry that without a essential that construction the Mion, manufacturer now. one the the we've of

that give that less do either is feel looking way might of and we but customers So a what is in more good about and for. will degradation be, us behind efficient, the tables, the installation that all product of more results of the can longer we do quality the with of has chemistry in does products, same the stand better rest all options duration it our costly we we provide whatever the terms are that we

a just you're DOE thinking whether the newer curious that technologies, factor here And the at whether whether relevant for you then I'm LPO side, be Yeah. some for could that's on about all?

certainly Yes, I for say be. sure. would so. could It

that. I think like the call is Speakers] working something [Multiple

just of the glaringly LPO, clear, The the sorry that for things and size isn't it way type to we do, be that projects they're approaching scale of obvious. the

with regular given what have -- with government we we'd with be business. it Federal and the doing doing many they places, fits is direct However, it were conversations if four, at relationship who it be in the our them about are remiss they're where especially we so would within different

So, yes, those conversations.

Thank you.

all conclude today's Thank and participating. gentlemen, Ladies for you. does this conference. Thank you

disconnect. a may great now Have day. You