Ameresco Inc (AMRC) 2025 Q2 法說會逐字稿

Thank you for standing by. At this time, I would like to welcome everyone to Ameresco Inc., second-quarter 2025 earnings conference call. (Operator Instructions) Thank you. I would now like to turn the conference over to Leila Dillon. Please go ahead.

感謝您的支持。現在，我歡迎大家參加 Ameresco Inc. 2025 年第二季財報電話會議。（操作員指示）謝謝。現在我想將會議交給 Leila Dillon。請繼續。

Thank you, Demi, and good afternoon everyone. We appreciate you joining us for today's call. Our speakers on the call today will be George Sakellaris, Ameresco's Chairman and Chief Executive Officer; and Mark Chiplock, Chief Financial Officer. In addition, Nicole Bulgarino, President of Federal and Utility infrastructure, and Josh Baribeau, our Chief Investment Officer, will be available during Q&A to help answer questions.

謝謝你，黛米，大家下午好。感謝您參加今天的電話會議。今天電話會議的發言人是 Ameresco 董事長兼執行長 George Sakellaris 和財務長 Mark Chiplock。此外，聯邦和公用事業基礎設施總裁 Nicole Bulgarino 和我們的首席投資長 Josh Baribeau 將在問答期間解答問題。

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.

在將電話轉給喬治之前，我想就前瞻性言論發表簡短聲明。今天的收益資料包含前瞻性陳述，包括有關我們預期的陳述。

All forward-looking statements are subject to risks and uncertainties. Please refer to today's earnings materials, the Safe Harbor language on slide 2 of our supplemental information, 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.

所有前瞻性陳述都存在風險和不確定性。請參閱今天的收益資料、補充資訊投影片 2 上的安全港語言以及我們向美國證券交易委員會提交的文件，以了解可能導致我們的實際結果與前瞻性陳述中的結果不同的主要風險因素。

In addition, we use several non-GAAP measures when presenting our financial results. We have included the reconciliations of these measures and additional information in our supplemental slides that were posted to our website. Please note that all comparisons that we will be discussing today are on a year-over-year basis unless otherwise noted.

此外，我們在展示財務績效時使用了幾個非公認會計準則指標。我們在發佈到我們網站的補充幻燈片中加入了這些措施的對帳和其他資訊。請注意，除非另有說明，我們今天討論的所有比較都是基於同比的。

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

現在我將電話轉給喬治。喬治？

Thank you, Leila, and good afternoon, everyone. We are very pleased to report that Ameresco could delivered another quarter of strong financial and operational performance, building upon the momentum generated from our first quarter.

謝謝你，萊拉，大家午安。我們非常高興地報告，Ameresco 在第一季取得的良好勢頭的基礎上，又取得了一個季度強勁的財務和營運業績。

Second quarter revenue and adjusted EBITDA grew 8% and 24% respectively, coupled with very strong earnings per share growth. The Ameresco team continued to focus on profitable execution, leveraging our large project backlog, and achieving higher profit margin growth than top line growth.

第二季營收和調整後 EBITDA 分別成長 8% 和 24%，每股盈餘成長非常強勁。Ameresco 團隊繼續專注於獲利執行，利用我們大量的專案積壓，實現高於營業額成長的利潤率成長。

In addition to the contracts awarded in our traditional core business, we also captured significant emerging opportunities to provide energy infrastructure solutions to a number of rapidly growing sectors in both the US and Europe.

除了我們傳統核心業務中授予的合約外，我們還抓住了重要的新興機遇，為美國和歐洲許多快速成長的行業提供能源基礎設施解決方案。

We believe demand for our diverse portfolio of energy solutions is being driven by the increasing demand for electricity, significant increases in utility rates, and growing grid instability. While, we continue to execute on our traditional energy efficiency and renewable energy projects, we are very pleased to see an even broader need for comprehensive energy infrastructure and microgrid solutions.

我們相信，對我們多樣化能源解決方案組合的需求是由不斷增長的電力需求、公用事業費率的大幅上漲以及電網不穩定性日益加劇所推動的。雖然我們繼續執行傳統的能源效率和再生能源項目，但我們很高興看到對綜合能源基礎設施和微電網解決方案的更廣泛的需求。

The increase in global electricity prices continues to be top of mind for many of our clients, along with reliability of supply. So I wanted to make some quick comments on that topic, with prices projected to outpace overall inflation for many years to come. We believe this trend will be a meaningful catalyst for our continued growth.

全球電價上漲以及供應可靠性仍然是我們許多客戶最關心的問題。因此，我想就這個主題發表一些簡短的評論，預計未來許多年價格上漲速度將超過整體通膨速度。我們相信這一趨勢將成為我們持續成長的重要催化劑。

Higher power prices drive customer demand for both our core energy efficiency solutions and our integrated on-site generation offerings. This dynamic creates better economics and faster and faster project paybacks for our customers. Diversification has been the foundation of our business model and positions us to take great advantage of the growth opportunities ahead. This comes in three key areas.

更高的電價推動了客戶對我們的核心能源效率解決方案和綜合現場發電產品的需求。這種動態為我們的客戶創造了更好的經濟效益和越來越快的專案回報。多元化一直是我們商業模式的基礎，使我們能夠充分利用未來的成長機會。這體現在三個關鍵領域。

First, our customer base, we are well diversified across a very broad range of public and private customers. Our expertise and focus on energy infrastructure solutions has enabled us to grow our business with both domestic and international utilities and international and independent power producers, which now account for over 20% of our total project backlog.

首先，我們的客戶群非常多樣化，涵蓋非常廣泛的公共和私人客戶。我們的專業知識和對能源基礎設施解決方案的關注使我們能夠與國內外公用事業公司以及國際和獨立電力生產商拓展業務，目前這些公司占我們總項目積壓量的 20% 以上。

We are also pursuing large and exciting opportunities with the C&I market which we believe offer tremendous growth potential. C&I now represents over 10% of our total project backlog, and we anticipate continued growth in this segment.

我們也在商業和工業市場尋求巨大而令人興奮的機遇，我們相信該市場具有巨大的成長潛力。目前，商業與工業 (C&I) 占我們總專案積壓量的 10% 以上，我們預計該領域將繼續成長。

Second, our technology portfolio. We offer a complete suite of energy efficiency, storage, and generation solutions. Currently, almost half of our total project backlog is comprised of energy infrastructure solutions including natural gas turbines and engines, coal generation equipment, hydroelectric, and other power generation technologies, as well as battery energy storage systems and microgrid offerings.

第二，我們的技術組合。我們提供全套能源效率、儲存和發電解決方案。目前，我們總專案積壓的近一半由能源基礎設施解決方案組成，包括天然氣渦輪機和發動機、煤炭發電設備、水力發電和其他發電技術，以及電池儲能係統和微電網產品。

And finally, in our geographic reach. We cover the US, Canada, the UK, and many key growth markets in continental Europe. Driven by our continued expansion, Europe now accounts for approximately 20% of our total project backlog, and we see this as a good balance to the change in policies and regulations in the United States.

最後，我們的地理覆蓋範圍。我們的業務涵蓋美國、加拿大、英國以及歐洲大陸的許多主要成長市場。在我們持續擴張的推動下，歐洲目前約占我們總專案積壓量的 20%，我們認為這與美國政策和法規的變化形成了良好的平衡。

In short, Ameresco continues to demonstrate that diversification is not just a hedge, it's our strategic advantage. And as we prepare for this growth, we continue to stay ahead of the curve by investing in our most important asset, our human capital.

簡而言之，Ameresco 繼續證明多元化不僅僅是對沖，更是我們的策略優勢。在我們為這一成長做準備的同時，我們將繼續投資於我們最重要的資產——人力資本，以保持領先地位。

Ameresco is well known for hiring and developing industry expertise in cutting edge technologies well in advance of full commercial potential. Years ago, we demonstrated this with our investments in battery storage, renewable natural gas, and microgrids. Those investments have yielded incredible returns, and Ameresco became a go to provider for these solutions, and they now account for a material part of our business.

Ameresco 因在充分發揮商業潛力之前就聘用和培養尖端技術領域的行業專家而聞名。多年前，我們透過對電池儲存、再生天然氣和微電網的投資證明了這一點。這些投資產生了令人難以置信的回報，Ameresco 成為這些解決方案的首選提供者，現在它們佔據了我們業務的重要組成部分。

We are again looking ahead to technologies such as small modular reactors. They recently hired an executive to focus on developing exciting partnerships in this area of huge potential. We are also investing in our continued European expansion with the hire of a key executive to manage the growing opportunities across continental Europe.

我們再次展望小型模組化反應器等技術。他們最近聘請了一位高階主管，專注於在這個具有巨大潛力的領域發展令人興奮的合作關係。我們還投資於我們在歐洲的持續擴張，並聘請了一位關鍵高管來管理整個歐洲大陸不斷增長的機會。

Before I turn the call over to Mark, I wanted to cover the policy and regulatory changes in DC and their impact on Ameresco. At this point we are pleased to have seen an improved business environment with the federal government compared to the beginning of the year.

在我將電話轉給馬克之前，我想介紹一下華盛頓特區的政策和監管變化及其對 Ameresco 的影響。目前，我們很高興看到聯邦政府的商業環境與年初相比有所改善。

Not only do we continue to execute on our many federal contracts, but we are also engaged in exciting new opportunities that leverage secure federal land for critical energy infrastructure projects. Along those lines, the White House recently announced an executive order aimed at accelerating the construction of data centers by removing some of the regulatory hurdles, primarily at the permitting level. Importantly, the order also opens the potential for federal land to be used for these sites.

我們不僅繼續履行許多聯邦合同，而且還致力於利用安全的聯邦土地開展關鍵能源基礎設施項目的激動人心的新機會。按照這一思路，白宮最近宣布了一項行政命令，旨在透過消除一些監管障礙（主要是在許可層面）來加速資料中心的建設。重要的是，該命令還為使用聯邦土地建造這些場地提供了可能性。

We are continuing to evaluate the One Big Beautiful Bill and its expected impact on our business, especially as additional details from the bill are worked out. At this time, however, we do not believe the bill will have a significant near-term impact on our business.

我們正在繼續評估「一項美麗法案」及其對我們業務的預期影響，特別是在製定法案的更多細節之後。然而，目前我們認為該法案不會對我們的業務產生重大的短期影響。

Now, I would like to turn the call over to Mark to provide additional commentary on our excellent results and outlook. Mark?

現在，我想將電話轉給馬克，讓他對我們的優異成績和前景提供進一步的評論。標記？

Thank you, George, and good afternoon everyone. I'll echo George's excitement around another solid quarter. We continue to deliver strong financial results with second quarter revenue growing 8% and adjusted EBITDA growing 24%, supported by consistent execution, steady backlog conversion, and expanding contributions from Europe and our energy asset portfolio.

謝謝你，喬治，大家下午好。我和喬治一樣對本季業績的穩健成長感到興奮。我們繼續取得強勁的財務業績，第二季度營收成長 8%，調整後 EBITDA 成長 24%，這得益於持續的執行、穩定的積壓轉換以及來自歐洲和能源資產組合的貢獻不斷擴大。

Revenue in the quarter exceeded our expectations and reflects broad-based contributions across our business lines. Our project's revenue grew 8%, reflecting strength across our geography and customer base, with a notably strong performance from our European-based joint venture with Sunel.

本季的營收超出了我們的預期，反映了我們各業務線的廣泛貢獻。我們專案的收入成長了 8%，反映了我們整個地理和客戶群的實力，其中與 Sunel 在歐洲成立的合資企業表現尤為強勁。

Europe continues to be an exciting growth market for us and is an important component of our revenue diversification strategy. Energy asset revenue grew 18%, driven largely by the growth of assets in operations compared to last year, with our base of operating assets now standing at almost 750 megawatts.

歐洲對我們來說仍然是一個令人興奮的成長市場，也是我們收入多元化策略的重要組成部分。能源資產收入成長了 18%，這主要得益於營運資產與去年同期相比的成長，目前我們的營運資產基礎已接近 750 兆瓦。

Our recurring O&M revenue maintains steady growth, as we continue to win more long term O&M business. While revenue from our other line of business declined due to the divestiture of our AEG business at the end of 2024, the remaining businesses within our other revenue segment continued to experience growth.

隨著我們繼續贏得更多長期 O&M 業務，我們的經常性 O&M 收入保持穩定成長。雖然由於 2024 年底剝離 AEG 業務導致我們其他業務線的收入下降，但我們其他收入部門的剩餘業務仍持續成長。

Gross margin of 15.5% for the quarter was in line with our expectations and reflected solid improvement both sequentially and year over year. Net income attributable to common shareholders was $12.9 million or $0.24 per share, with non-GAAP EPS of $0.27 adjusted primarily for certain costs for restructuring activities related to our Canadian operations.

本季毛利率為 15.5%，符合我們的預期，與上一季及去年同期相比均有穩定提升。歸屬於普通股股東的淨利潤為 1,290 萬美元，即每股 0.24 美元，非 GAAP 每股收益為 0.27 美元，主要根據與加拿大業務相關的重組活動的某些成本進行調整。

Net income and EPS were positively impacted by $4.3 million in non-cash mark to market gains on certain unhedged derivatives and $3 million in foreign exchange translation gains. Excluding the impact of these factors, our earnings per share still grew by approximately 30% compared to last year.

淨收入和每股盈餘受到某些未對沖衍生性商品的非現金以市價計價收益 430 萬美元和外匯折算收益 300 萬美元的正面影響。剔除這些因素的影響，我們的每股盈餘仍比去年成長了約30%。

Adjusted EBITDA increased 24% to $56.1 million with an adjusted EBITA margin of nearly 12%, with this strong performance reflecting the contributions from our revenue growth, improved gross margins, and strong operating leverage.

調整後的 EBITDA 成長 24% 至 5,610 萬美元，調整後的 EBITA 利潤率接近 12%，這一強勁表現反映了我們的營收成長、毛利率提高和強勁的經營槓桿的貢獻。

Our visibility of future revenues remains outstanding, and we believe the demand for a diverse portfolio of solutions remains strong. We continue to achieve substantial growth in our total project backlog, which increased 16% to a record $5.1 billion the first time Ameresco has exceeded this milestone.

我們對未來營收的預見性依然出色，我們相信對多樣化解決方案組合的需求仍然強勁。我們的專案積壓總額持續大幅成長，成長了 16%，達到創紀錄的 51 億美元，這是 Ameresco 首次突破這一里程碑。

We added over $550 million of new project awards during the quarter, and as importantly, we continued to convert a significant amount of our awarded backlog into contracts, driving our contracted project backlog up 46% to $2.4 billion. Including the backlog from our recurring O&M and operating energy assets portfolio, our total revenue visibility now stands at almost $10 billion.

我們在本季度增加了超過 5.5 億美元的新項目授予，同樣重要的是，我們繼續將大量已授予的積壓訂單轉化為合同，使我們的合同項目積壓訂單增長 46%，達到 24 億美元。包括我們經常性的營運和維護以及營運能源資產組合的積壓訂單在內，我們的總收入可見度現已接近 100 億美元。

Turning to our balance sheet and cash flows, we ended the quarter with approximately $82 million in cash with total corporate debt of $294 million. Our debt to EBITDA leverage ratio under our senior secured facility was 3.4 times and remains below the covenant level of 3.5 times. We continue to fuel our energy asset pipeline through the use of innovative financing solutions.

談到我們的資產負債表和現金流，本季末我們擁有約 8,200 萬美元的現金，公司總債務為 2.94 億美元。我們的優先擔保貸款下的債務與 EBITDA 槓桿率為 3.4 倍，仍低於 3.5 倍的契約水準。我們繼續透過使用創新融資解決方案來為我們的能源資產管道提供動力。

During the quarter, the company raised approximately $170 million in new project financing proceeds, including a $78 million note issuance which we are using to finance an energy storage asset currently under construction. The note purchase agreement also includes an uncommitted private shell facility to support the development of future solar and battery energy assets.

本季度，該公司籌集了約 1.7 億美元的新專案融資收益，其中包括發行 7,800 萬美元的票據，我們正用這筆錢為目前正在建設的能源儲存資產提供融資。該票據購買協議還包括一項未承諾的私人空殼工具，以支持未來太陽能和電池能源資產的開發。

Our cash generation continued to be positive with adjusted cash flows from operations of approximately $50 million. This included the successful sale of approximately $71 million in investment tax credits generated from three of our RNG projects. Our eight quarter rolling average adjusted cash from operations was approximately $47 million.

我們的現金產生持續保持正成長，調整後的經營現金流約為 5,000 萬美元。其中包括成功出售我們三個 RNG 項目產生的約 7,100 萬美元的投資稅收抵免。我們八個季度的滾動平均調整後經營現金流約為 4700 萬美元。

I want to briefly discuss an update we have made to our non-GAAP adjusted cash flows from operations metric. Historically, we classified the proceeds resulting from the sale of transferable ITCs as operating activities in our GAAP statement of cash flows.

我想簡要討論一下我們對非公認會計準則調整後的營運現金流量指標所做的更新。從歷史上看，我們將出售可轉讓 ITC 所產生的收益歸類為 GAAP 現金流量表中的營業活動。

In 2025, to better align with current accounting interpretations, we are now classifying these proceeds as investing activities. We are adding these proceeds back to adjusted cash from operations, because we believe it enhances comparability with prior periods and better reflects the economic substance of these transactions.

2025 年，為了更好地符合當前的會計解釋，我們現在將這些收益歸類為投資活動。我們將這些收益重新添加到調整後的經營現金流中，因為我們認為這可以增強與前期的可比性，更好地反映這些交易的經濟實質。

I also wanted to quickly touch on an item that you will see in our second-quarter 10-Q. Battery Supplier Powin recently filed for bankruptcy under Chapter 11. Ameresco has a claim of approximately $27 million against Powin related to agreements signed beginning in 2022. We are actively monitoring the proceedings which are in the early stages and assessing any potential exposure, but importantly, this event will not impact the execution of any of our projects or energy assets.

我還想快速談談您將在我們第二季 10-Q 中看到的一個項目。電池供應商 Powin 最近根據第 11 章申請破產。Ameresco 向 Powin 索賠約 2,700 萬美元，涉及 2022 年開始簽署的協議。我們正在積極監控處於早期階段的進程並評估任何潛在的風險，但重要的是，這一事件不會影響我們任何專案或能源資產的執行。

Now let me spend a minute on our 2025 guidance. While we continue to evaluate the industry changes brought about by the One Big Beautiful Bill, we do not expect that these changes will have a material impact on Ameresco in the short term. And with our strong first-half results and excellent forward visibility, we are pleased to reaffirm our guidance ranges for 2025.

現在，請允許我花一點時間介紹我們的 2025 年指導方針。雖然我們繼續評估《美麗新法案》帶來的產業變化，但我們預計這些變化不會在短期內對 Ameresco 產生重大影響。憑藉我們強勁的上半年業績和卓越的前瞻性，我們很高興重申我們對 2025 年的指導範圍。

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

現在，我想將電話轉回給喬治，請他發表最後評論。

Thank you, Mark. The entire Ameresco team continues its excellent execution, delivering strong results. Over 25 years, we have built a unique energy solutions company which has evolved into the resilient business you see today, and is well positioned to serve the dynamic market opportunities of the future. In closing, I would like to once again thank our employees, customers, and stockholders for their continued support.

謝謝你，馬克。整個 Ameresco 團隊繼續發揮出色的執行力，並取得了強勁的成果。25 年來，我們建立了一家獨特的能源解決方案公司，該公司已發展成為您今天看到的具有彈性的企業，並且能夠很好地服務於未來充滿活力的市場機會。最後，我要再次感謝我們的員工、客戶和股東的持續支持。

Operator, we would like to open the call to questions.

接線員，我們想開始回答問題。

(Operator Instructions) Noah Kaye, Oppenheimer.

（操作員指示）Noah Kaye，Oppenheimer。

Hey, good afternoon. Thanks for taking the questions, and great to see the business momentum. I'd like to start with, ask about cash generation, kind of in the back half here. There are always some puts and takes around, I know, project financing, but just want to understand, how you think about, where we may end the year from a net leverage perspective and some of the things that you're watching for and we should be watching for related to finishing up some large projects and any incremental financing?

嘿，下午好。感謝您回答這些問題，很高興看到業務發展動能。我想先詢問一下現金產生狀況，這部分內容在後半部。我知道，專案融資總是存在一些利弊，但我只是想了解一下，您如何看待，從淨槓桿的角度來看，我們可能在年底達到什麼水平，以及在完成一些大型專案和任何增量融資方面，您正在關注和我們應該關注的一些事情？

Sure. Josh?

當然。喬希？

Thanks. This is Josh. So we don't -- we're not putting out a leverage guidance or leveraged target. I think we've said that we feel comfortable where we are now. Our lenders do as well as evidenced by the refi and the extension that we did back in January.

謝謝。這是喬希。所以我們不會——我們不會提出槓桿指導或槓桿目標。我想我們已經說過，我們對現在的狀況感到很滿意。我們的貸款人表現良好，這一點從我們一月份進行的再融資和延期就可以看出。

But as EBITDA begins to grow or continues to grow in the second half of the year, and as you pointed out, as we collect things from projects -- that larger projects are outstanding, we have a lot of project financing still financed, still planned.

但隨著 EBITDA 開始成長或在下半年繼續成長，正如您所指出的，隨著我們從專案中收集到的東西——較大的專案尚未完成，我們仍有許多專案融資正在進行中，仍在計劃中。

We think we probably should get probably below that level, but again, if something comes up where we need a little bit more working capital to work on an interesting project or something else happens, it might be a little different than that, but either way we feel very comfortable where we are from a leverage perspective.

我們認為我們可能應該低於這個水平，但是，如果出現一些情況，我們需要更多的營運資金來開展一個有趣的項目，或者發生其他事情，情況可能會有所不同，但無論如何，從槓桿的角度來看，我們對目前的狀況感到非常滿意。

Thank you. I want to ask a little bit about the contracted backlog. I think a trend now for several courses has been the accelerating conversion to contracted backlog was up again, very substantially. Can you talk a little bit about the driving factors there, maybe some of the factors that are helping the increasing conversion and then also talk a little bit about the margin profile here whether these could potentially be comparable to or better than the margins on the mix of converting now?

謝謝。我想問一下有關合約積壓的問題。我認為現在幾個課程的趨勢是加速轉換為合約積壓，並且再次大幅增加。您能否談談其中的驅動因素，也許是一些有助於提高轉換率的因素，然後再談談這裡的利潤率狀況，這些是否有可能與現在的轉換率組合利潤率相當或更好？

Yeah, well, we, because the services that we are in and the expanded offerings from the infrastructure upgrades and there's more demand out there in the market, so you see people moving from the awarded category to the constructed category. That's why our contracted projects back now year over year 46% up, which is unprecedented but great position to be in and that's why we feel pretty good where we are at the end of the year numbers.

是的，因為我們提供的服務和基礎設施升級帶來的擴展產品以及市場上的更多需求，所以你會看到人們從獲獎類別轉向建造類別。這就是為什麼我們的簽約項目現在比去年同期成長了 46%，這是前所未有的，但卻是一個非常好的狀態，這也是為什麼我們對年底的數字感到非常滿意。

As far as the margin and marketing come to this is that there are more, but we are very pleased to see a slight uptick trend on the projects and even in Europe, we started and early on in order to establish a good footprint there, we had some lower margin projects but we established great credibility in the marketplace and even there we have established guidelines that we will not take projects below certain margins and we still continue to be very successful in getting projects, if you want to add something.

就利潤和行銷而言，情況確實如此，但我們很高興看到項目略有上升趨勢，甚至在歐洲，我們很早就開始了，為了在那裡建立良好的影響力，我們有一些利潤較低的項目，但我們在市場上建立了良好的信譽，甚至在那裡，我們也制定了指導方針，我們不會接受低於一定利潤率的項目，如果你想補充項目的話，我們仍然想獲得項目的項目，如果你非常想獲得項目，如果你補充項目。

Yeah, no, that's great, I think we feel really good about the quality of gross margins in the project backlog. As George said that you know we've even seen a bit of an uptick, I think the diversity in that backlog, helps to create a little bit of a stabilizer, but we're encouraged to see that they're actually trending, slightly up. So that's been great.

是的，不，那太好了，我認為我們對專案積壓的毛利率品質感到非常滿意。正如喬治所說，你知道我們甚至看到了一些上升趨勢，我認為積壓的多樣性有助於創造一點穩定器，但我們很高興地看到它們實際上呈現略微上升的趨勢。這真是太棒了。

George mentioned the margins on the projects that we're seeing a lot of growth in Europe, and again we're really pleased to see those margins heading in the right direction. So yeah, I think you know the margins themselves, it's a reflection not only of the way we execute on our projects, but we also have taken a more disciplined approach to how we screen projects and we're obviously continuing to focus on developing projects that have better gross margins, so.

喬治提到，我們在歐洲看到的專案利潤率有很大增長，我們再次非常高興地看到這些利潤率朝著正確的方向發展。是的，我想您知道利潤率本身，它不僅反映了我們執行項目的方式，而且我們對項目篩選採取了更嚴謹的方法，而且我們顯然會繼續專注於開發具有更好毛利率的項目，所以。

Yeah, that's great to hear. I just got to ask one more as a tack on to this, you highlighted the improving permitting environment for data center infrastructure. I think we'd all love to understand a little bit more how you see this playing out for Ameresco, talk a little bit about your exposure in data center. What may be in the backlog, what may be in the pipeline, and (multiple speakers)

是的，聽到這個消息真是太好了。我只是想再問一個問題，您強調了資料中心基礎設施授權環境的改善。我想我們都想進一步了解您對 Ameresco 的影響，請您談談您在資料中心的經驗。哪些工作可能積壓，哪些工作可能正在籌備中，以及（多位發言者）

Nicole has been spearheading that particular effort, so I will let Nicole take this question.

妮可一直在帶頭進行這項特別的努力，所以我將讓妮可來回答這個問題。

Sure. We've been working with a variety of players in the data center space from data center developers and users for data centers, commercial developers, and our role in this is certainly focused on the energy center for these data centers as you can well aware of the power shortage across the country and especially for this new AI that's presenting itself, so we're well positioned to be able to provide services for the energy supply similar to what we do for federal -- for the federal government.

當然。我們一直與資料中心領域的各種參與者合作，從資料中心開發商和資料中心使用者到商業開發商，我們在這方面的角色當然集中在這些資料中心的能源中心，正如您所知，全國範圍內的電力短缺，特別是對於正在出現的這種新人工智慧，因此我們完全有能力為能源供應提供服務，類似於我們為聯邦政府所做的服務。

So we've got several projects that we're working on, and a lot of them are in the early stages and a different types of projects or different sizes of projects, and we're excited about the opportunity that it's for Ameresco.

因此，我們正在進行幾個項目，其中許多都處於早期階段，並且是不同類型的項目或不同規模的項目，我們對 Ameresco 的這個機會感到非常興奮。

Wait, I'll follow up online offline about that but excited to hear it. Thanks so much.

等一下，我會在線下跟進此事，但很高興聽到這個消息。非常感謝。

Okay. Great.

好的。偉大的。

George Gianarikas, Canaccord Genuity.

喬治·賈納里卡斯（George Gianarikas），Canaccord Genuity。

Hey everyone, good afternoon and thank you for taking my questions.

大家好，下午好，謝謝你們回答我的問題。

Hey, George.

嘿，喬治。

I'd like to ask about equipment supply and, it relates to either natural gas turbines or cell battery cells. How's that potentially impacting your growth trajectory over the next, couple few quarters to years?

我想問一下有關設備供應的問題，它與天然氣渦輪機或電池單元有關。這會對您未來幾季甚至幾年的成長軌跡產生什麼潛在影響？

I mean we still, it's tight, especially on transformers, electrical equipment is very tight on gas turbines, I think, much, much longer timelines, but some of the gas engines, though reciprocating engines and so on, is not the timeline is not as long.

我的意思是我們仍然很緊張，特別是在變壓器、電氣設備上，對燃氣渦輪機來說非常緊張，我認為，時間表要長得多，但一些燃氣發動機，雖然往復式發動機等等，時間表沒有那麼長。

And we have much better availability, but some of the clients that we work with, they already have some of the gas turbines in order, and they just want us to basically implement the project, provide the turkey installation of the project.

我們的可用性要好得多，但與我們合作的一些客戶已經訂購了一些燃氣渦輪機，他們只是希望我們基本上實施該項目，提供該項目的全面安裝。

So, transformers and they can even the transformers, they are bifurcated, the large ones, the really large ones, we're talking in a long, long delivery schedules, a couple of years, and if you can get them, whereas the smaller ones, which they are more suited for the smaller projects that we the distributor generation projects, the 5, 10 to 15 megawatts, and so on, and sometimes we have to double up the transformers to get the smaller size, but somehow some way we get into the other -- to the other side and we have been successful so far. We don't see any particular delays on projects that we have in the implementation schedule right now over the next 6 to 12 months.

因此，變壓器，甚至是變壓器，它們都是分叉的，大型的，真正大型的，我們談論的是長期的交付時間表，幾年，如果你能得到它們，而較小的變壓器，它們更適合我們分銷商發電項目的小型項目，5、10 到 15 兆瓦等等，有時我們必須將變壓器加倍才能獲得更小的尺寸，但到目前為止我們進入了另一端，我們已經進入另一端的尺寸我們認為，在未來 6 到 12 個月內，我們目前實施計畫中的專案不會有任何特別的延誤。

Thank you. And maybe as a follow up given the success you've had in Europe, and just sort of talk about your strategy there could potentially [beef] up operations, are there additional acquisitions you're looking at on the continent? Thank you.

謝謝。也許作為後續問題，考慮到您在歐洲的成功，並談談您在歐洲的策略可能會加強運營，您是否正在考慮在歐洲大陸進行其他收購？謝謝。

Both of the above, the person we hired, a great very seasoned executive, he worked for various American companies, so it's very good from that perspective, especially public companies, and his mission is to start hiring people and he already has hired, I think at least one he's got a couple more to hire, but our strategy will be organic growth and we have done very, very well so far as well, especially the markets that we picked up like Greece, Italy, Spain, and some of the Balkans like Romania and so on.

上述兩位，我們聘請的那位，是一位經驗豐富的優秀高管，他曾在多家美國公司工作過，所以從這個角度來看，這非常好，尤其是上市公司，他的使命是開始招聘人才，他已經招聘了，我想至少有一個人，他還有幾個人要招聘，但我們的戰略是有機增長，到目前為止，我們也做得非常好，特別是我們進入西班牙的市場，如西班牙

We have a very, very good truck collection that record. And then the other thing that's emerging a lot that they haven't done much, whether it's Greece, Italy or whatever in Germany, battery storage. They are in the very, very early stages of battery storage, so I think you will see us making a concerted effort to build up or develop a great reputation in Europe as we did over here on battery storage as well as the solar, of course, and acquisitions. We're always looking for good opportunities. If they present themselves, we will do it. But right now, the organic expansion that we have underway, it's working very, very well.

我們有非常非常好的卡車收藏記錄。然後，另一個經常出現的問題是，無論是希臘、義大利還是德國，他們都沒有做太多的事情，那就是電池儲存。他們正處於電池儲存的非常早期的階段，所以我認為你會看到我們齊心協力在歐洲建立或發展良好的聲譽，就像我們在這裡所做的那樣，在電池儲存以及太陽能，當然還有收購方面。我們一直在尋找好的機會。如果他們主動提出，我們就會這麼做。但目前，我們正在進行的有機擴張進展非常順利。

Thank you.

謝謝。

Stephen Gengaro, Stifel.

史蒂芬·根加羅（Stephen Gengaro），Stifel。

Thanks. Hi, everybody. I think two for me. If I could start, when we're thinking about the deployment of energy assets, Can you talk about how we should think about the back half of the year and sort of energy asset deliveries and kind of where you think the energy assets deployed assets look at your end?

謝謝。大家好。我認為對我來說有兩個。如果我可以開始的話，當我們考慮能源資產的部署時，您能否談談我們應該如何考慮下半年的能源資產交付以及您認為能源資產部署的情況？

Josh.

喬希。

Sure. Steve, so we guided, I think, 100 to 120 megawatts. That's still our guidance. It seems like that would be a little bit light given how many assets we've put in service in the first two quarters. But the next two will be pretty chunky.

當然。史蒂夫，所以我們的指導是，我認為是 100 到 120 兆瓦。這仍然是我們的指導。考慮到我們在前兩個季度投入使用的資產數量，這似乎有點輕了。但接下來的兩個將會相當龐大。

Mark indicated that we've got a battery asset that we just financed that's in construction, it's actually in very late stages of construction. And we had the press release about the Lee County RNG facility, which went COD in July. So that was not in the June numbers. So we still feel really good about that number, 100 to 120 megawatts. Was that -- did that answer the whole question? Or do you have a question about the pipeline as well?

馬克表示，我們剛融資的電池資產正在建設中，實際上處於建設的後期階段。我們發布了有關李縣 RNG 設施的新聞稿，該設施於 7 月開始 COD。所以這不在六月的數據中。因此，我們對 100 到 120 兆瓦這個數字仍然感到非常滿意。這是否回答了整個問題？或者您對管道也有疑問？

No, that was helpful and just kind of how you -- and I imagine there was no change to the guide as far as the deployed assets for the year. That was what I was getting at that. The other quick question I had is I think is a follow-up on one of the earlier questions.

不，這很有幫助，只是你如何——我想就今年部署的資產而言，指南沒有變化。這就是我所要表達的意思。我想問的另一個簡短問題是對之前的一個問題的後續。

You talked about in the last quarter, the success you have in Europe on the project side from an order flow perspective. And I believe that the margin profile in Europe was a little bit lighter. I'm just curious how that's evolving and if you think we kind of ultimately get the parity there as operations scale up in Europe?

您在上個季度談到了從訂單流角度在歐洲專案方面的成功。我相信歐洲的利潤率會稍微低一點。我只是好奇情況是如何發展的，您是否認為隨著歐洲業務規模的擴大，我們最終會在那裡實現平等？

We started out, like you indicated, the margins were lower. But now the projects we have signed, let's say, the last six months and going forward, the margins are considerably higher than when we started out with. So we established the reputation there, then we established the guidelines and we brought in the talent in our group. And the organic growth, the people that we have developing projects are doing excellent, excellent job. I mean there's no shortage of responding to requests or proposals.

正如您所說，我們一開始的利潤率較低。但現在，我們簽署的項目，比如說，過去六個月以及未來的利潤率都比我們剛開始時高得多。因此，我們在那裡建立了聲譽，然後制定了指導方針，並引進了我們團隊的人才。隨著有機成長，我們開發專案的人員做得非常出色。我的意思是，對請求或提議的回應並不缺乏。

It's -- but our efforts, and that's why it's a good counterbalance to what's going on in the United States that we will put special focus in Europe, especially in what I call high-growth areas in the Continental Europe and to grow that particular unit to a good size.

這是我們的努力，這就是為什麼它會對美國的情況產生很好的平衡作用，我們會特別關注歐洲，特別是我所說的歐洲大陸的高增長地區，並將這個特定的部門發展到相當大的規模。

And basically, the strategy that we use is no different than what we did in the United States, start organically and when we find a good acquisition, we take it and grow from there because especially when you go into a new country, you got to learn their culture and so on and so forth.

基本上，我們使用的策略與我們在美國所採用的策略沒有什麼不同，都是從有機開始，當我們找到一個好的收購對象時，我們就會接受它並從那裡發展，因為特別是當你進入一個新的國家時，你必須了解他們的文化等等。

But sometimes you're going to buy a very small company, it helps you hit the ground running. And the people that we have that we have as partners, they know Romania very well because they worked there before. They know Italy very well, and they know Spain very well. And of course, Greece because they are from Greece. So it has worked out very, very well with this particular team up with Sunel.

但有時你會收購一家非常小的公司，這可以幫助你快速起步。我們的合作夥伴非常了解羅馬尼亞，因為他們之前在那裡工作過。他們非常了解義大利，也非常了解西班牙。當然還有希臘，因為他們來自希臘。因此，與 Sunel 合作的這個團隊效果非常好。

Great. Thanks. And if I could just ask one other quick one. Have you had any proposals or looked at battery storage that's not lithium ion and things that are more domestically sourced. I'm thinking of one in particular, but has there been any progress outside of that as far as opportunities on a more US manufactured product in the US market?

偉大的。謝謝。我是否可以再問一個簡單的問題。您是否有任何建議或考慮過非鋰離子電池儲存以及更多國內來源的東西。我正在考慮一個特別的問題，但除此之外，在美國市場上推出更多美國製造產品的機會方面還有其他進展嗎？

Yes. We have, Josh, because he was working on the finance quite a view of everything, [and he] will talk about it.

是的。我們有，喬希，因為他從事金融工作，對一切都有相當的看法，[而且他]會談論它。

We have. And it was just maybe two years ago that we had a pilot project up in Canada with a non-lithium technology. And so we got a little bit of experience with it back then, and we're in active discussions with that -- with similar types of technologies and similar vendors for projects in the future as well with some pretty large industrial C&I customers.

我們有。大約兩年前，我們在加拿大開展了一個採用非鋰技術的試點計畫。因此，我們當時在這方面積累了一些經驗，並且正在積極討論未來專案的類似技術和類似供應商，以及一些相當大的工業 C&I 客戶。

Great, thanks. Appreciate the color.

太好了，謝謝。欣賞色彩。

Ryan Pfingst, B. Riley.

Ryan Pfingst、B. Riley。

Thanks for taking my questions. Not sure if Michael is on. But how are you thinking about the RNG business broadly following the legislation and the EPA's recent proposed role for cellulosic biofuel requirements over the next couple of years here?

感謝您回答我的問題。不確定邁克爾是否在線。但是，您如何看待 RNG 業務在未來幾年內遵循立法和美國環保署 (EPA) 最近提出的纖維素生物燃料要求的作用？

I mean we still feel very, very good about the RNG business, and we continue to be very excited about it, especially with the ITC being able to monetize it. And it's important to note that 10 plants that we plan to put in service over the next two to three years, we already have safe harbor in order to be able to ship by the end of last year '24 in order to get the ITC back from them.

我的意思是，我們仍然對 RNG 業務感到非常非常滿意，並且我們對此感到非常興奮，尤其是 ITC 能夠將其貨幣化。值得注意的是，我們計劃在未來兩到三年內投入使用的 10 家工廠，我們已經擁有安全港，以便能夠在去年年底之前發貨，從而從他們那裡收回 ITC。

And then the RVO, the way they established it recently I think they match -- it matches the growth of the industry, and that's why the re-prices, they have not moved that much. And so we're excited about it. And I think that we started earlier, we did the first plant back in 2003, and we learned a lot and here we are.

然後是 RVO，我認為他們最近建立的方式與行業成長相匹配，這就是為什麼重新定價沒有太大變化的原因。因此我們對此感到很興奮。我認為我們起步較早，早在 2003 年我們就建立了第一家工廠，我們學到了很多東西，現在我們在這裡。

Yeah. And the 45Z, just to add also it creates another opportunity. We are really encouraged to see that extended as part of the big beautiful bill. So once we get clarity on that, I think that's going to be another great opportunity for us with the RNG.

是的。而 45Z，也創造了另一個機會。我們非常高興看到該法案被延長為大美麗法案的一部分。因此，一旦我們明確了這一點，我認為這對我們 RNG 來說將是另一個絕佳的機會。

Appreciate that, guys. And then, George, you mentioned the SMR opportunity, understanding it's very early days there. But could you talk about the partnership you announced with Terrestrial Energy and what Ameresco's role might look like in potential projects there?

非常感謝，夥計們。然後，喬治，您提到了 SMR 機會，我知道現在還處於早期階段。但是您能談談您與 Terrestrial Energy 宣布的合作關係以及 Ameresco 在那裡的潛在項目中可能扮演的角色嗎？

With terrestrial --

隨著地面--

The SMR technology --

SMR技術--

I will let -- Nicole is running that particular effort. So Nicole can talk about it.

我會讓──妮可負責這項特別的工作。所以妮可可以談論它。

Yes. This is part of our kind of next-generation firm energy potential. And one of the things with Terrestrial, we are -- we've been following their technology and working on part of a bridge solution for -- especially for the data center energy as we believe that in the later years, they'll be able to provide a more answer to firm clean energy potential for these customers.

是的。這是我們下一代公司能源潛力的一部分。我們與 Terrestrial 合作的其中一件事是——我們一直在關注他們的技術，並致力於部分橋樑解決方案——特別是針對資料中心能源，因為我們相信在未來幾年，他們將能夠為這些客戶提供更有力的清潔能源潛力。

So this is -- I mean, it's still a few years out. However, these projects take a while to get off the ground, energy -- large energy projects in general. So it's the collaboration needs to start now to be able to start getting us that and go through all the steps that we need to get there.

所以這是——我的意思是，這還需要幾年的時間。然而，這些項目，尤其是大型能源項目，需要一段時間才能啟動。因此，我們需要立即開始合作，以便能夠開始實現這一目標，並完成實現這一目標所需的所有步驟。

Great. Appreciate it guys. I'll turn it back.

偉大的。感謝你們。我會把它轉回去。

Ben Kallo, Baird.

本卡洛，貝爾德。

Hey, thank you guys. Congratulations on the results. Following up to George's question earlier about (technical difficulty) turbine cells. I heard the turbine and the equipment piece. But just on the battery side, is there any -- do you have any thoughts in being able to get batteries?

嘿，謝謝大家。恭喜你取得這樣的成績。接下來是喬治之前關於渦輪機單元（技術難題）的問題。我聽到了渦輪機和設備的聲音。但就電池方面而言，您有沒有什麼想法可以獲得電池？

And I saw that in your owned assets, pipeline that also increased the percentage of batteries. So I'm just wondering with the new rules of tariffs as well as a forward entity of concern, if you're still able to -- in the bankruptcy of someone like Powin, you're still able to get batteries. That is my first question. Thank you.

我發現，在你們擁有的資產中，電池的佔比也增加了。所以我只是想知道，有了新的關稅規則以及令人擔憂的未來實體，如果你仍然能夠 - 在像 Powin 這樣的人破產的情況下，你仍然能夠獲得電池。這是我的第一個問題。謝謝。

Yeah. We can get the batteries, especially in the United States. But the broader question, I think Nicole can answer it because she knows the mix of the various particular assets that we are working on. Nicole?

是的。我們可以得到電池，尤其是在美國。但對於更廣泛的問題，我認為妮可可以回答，因為她了解我們正在研究的各種特定資產的組合。妮可？

Yes. I'm sorry, the first part of that is just you're asking if there is potential supply, the time line on that. You were breaking up for the very first part of the question.

是的。抱歉，第一部分您只是詢問是否有潛在供應以及時間表。從問題的第一部分開始，你就已經分手了。

Yes. Sorry, just more on being able to -- with tariffs and impact -- potentially impacting battery supply in the U.S. and then also around being able to get the ITC with foreign entity of concerns people have suppliers the foreign entity of concerns, if that's disrupting at all, not this year but out year type of supply chain for you guys?

是的。抱歉，我只是更多地談論關稅和影響——可能影響美國的電池供應，然後還談論能夠與外國實體就 ITC 展開合作，人們擔心供應商會關注外國實體，如果這會造成乾擾，那麼不是今年，而是明年你們的供應鏈類型？

Sure. I think it's more -- I mean, first, we're closely monitoring what is going to come out related to the foreign entity and seeing how that impacts us. The first focus is really the ones that we have in construction right now that are being delivered within -- still within this calendar year.

當然。我認為更重要的是——我的意思是，首先，我們正在密切關注與外國實體有關的消息，並觀察這將如何影響我們。第一個重點其實是我們目前正在建造的、將在今年內交付的項目。

And we haven't had issues on the ones that are currently in construction and then just being strategic about the planning of the ones that we're starting ahead. We're confident that with the different battery suppliers that we're using now that there will be supply for those, and then working through to see how we need to have adjustments for the tariffs like through our contracts with customers, making sure that the tariff adjustment language is in there on our contracts as well to protect us from different price impacts that we can't capture at this point.

我們對目前正在建造的專案沒有遇到任何問題，並且只是對即將開始的專案進行策略規劃。我們相信，現在我們使用的不同電池供應商都會有供應，然後我們會研究如何調整關稅，比如通過與客戶簽訂的合同，確保我們的合同中也有關稅調整條款，以保護我們免受目前無法捕捉到的不同價格影響。

And then just making sure that we're keeping that active in those contracts and on timing. And at this point, we're still -- the short outlook that we have is still trending in the right direction for us on timing and being able to protect through existing contract price adjustments. Does that answer your question?

然後確保我們在這些合約中保持活躍並按時完成。目前，我們的短期前景仍然朝著正確的方向發展，我們能夠掌握時機，並能夠透過現有合約價格調整進行保護。這回答了你的問題嗎？

Yeah, yeah. Thanks. And then just on the bill, the reconciliation bill creating a shorter time line in some areas and longer time lines in other areas. Could you just talk about the tightness of engineering construction, the engineering construction market and that should be a positive benefit on margin, which you guys have already said margin is trending in the right direction.

是啊是啊。謝謝。然後就該法案而言，和解法案在某些領域設定了較短的時間表，而在其他領域設定了較長的時間表。您能否談談工程建設的緊張程度，工程建設市場，這對利潤率應該是一個積極的好處，你們已經說過利潤率正朝著正確的方向發展。

Is that -- could you also talk about how you can shift between the different areas of your diversification? So meaning like if you're going to do less mix in solar, can you move those employees more to energy efficiency or into another area? Maybe just talk about like your ability to move your own employee force into the most lucrative areas. Thank you.

那是——您能否談談如何在多元化的不同領域之間轉換？所以意思是，如果你打算減少在太陽能方面的投入，你能否將這些員工更多地轉移到能源效率或其他領域？也許只是談論一下你將自己的員工隊伍調動到最賺錢的領域的能力。謝謝。

Yeah. So certainly, on the point about maybe pivoting from solar, we are already proactively with some of that team that was developing more on the solar side pivoting to more on the battery storage. So we can certainly do it there. I think within the projects business Nicole, you might be able to speak to that a little bit more. But again, I don't think we're seeing as much impact there. So won't need to shift as much with respect to the labor resources there. But --

是的。因此，當然，關於可能從太陽能轉向電池儲存的問題，我們已經積極與一些在太陽能方面進行更多開發的團隊合作，將更多的精力轉向電池儲存。所以我們當然可以在那裡做到這一點。我認為在專案業務中，妮可，你也許可以更多地談論這一點。但我再次認為，我們不會在那裡看到太大的影響。因此，就那裡的勞動力資源而言，不需要太多的轉移。但--

I mean, so far, we have been able to execute and execute very well, even though whether it's material supplies or labor constraints and so on. I cannot say that we have a particular project being delayed because of any shortages. And that's what the numbers indicate. They are what they are.

我的意思是，到目前為止，我們已經能夠執行，而且執行得很好，即使是材料供應或勞動力限制等等。我不能說我們的某個項目因為任何短缺而被推遲。數字表明了這一點。他們就是他們。

Yes, thank you very much.

是的，非常感謝。

Thank you.

謝謝。

Eric Stine, Craig-Hallum.

艾瑞克·史坦、克雷格·哈勒姆。

Everyone.

每個人。

Hi, Eric.

你好，埃里克。

Hey. So maybe we could just touch on the federal business. I know if we go back to earlier in the year, you'd called out the three projects, then fast forward a quarter and two of them kind of were back to normal and one, I think, was being rescoped.

嘿。所以也許我們可以談談聯邦事務。我知道如果我們回到今年早些時候，你會提到這三個項目，然後快進一個季度，其中兩個項目已經恢復正常，而我認為其中一個項目正在重新調整範圍。

You clearly sound more optimistic about it, but it doesn't sound like you're necessarily ready to sound the all clear. So I mean, curious, is that -- would you agree with that characterization? And if so, I mean, what do you kind of need to see to where you think, you know what, that everything that was going on in late January and February was kind of noise. But in actuality, the business is kind of where it would have ended up all along.

您顯然對此持更樂觀的態度，但聽起來您還不一定準備好宣布一切正常。所以我的意思是，好奇的是──你同意這種描述嗎？如果是這樣，我的意思是，你需要看到什麼，你認為，一月底和二月發生的一切都只是噪音。但實際上，業務的最終結果還是如它原本應該的那樣。

Basically, I'll let Nicole answer it, put more color to it. But we are very pleased where we are. Like I said, the federal government is moving much, much better than it is -- that it was in the beginning of the year. And we're very much -- I think we are at the level that we were under the previous administration and probably a little bit better because of the larger projects and the data centers developing in the federal places and so on.

基本上，我會讓妮可來回答這個問題，並為它增添更多的色彩。但我們對於目前的狀況感到非常滿意。正如我所說的，聯邦政府的行動比今年年初好得多。而且我們非常——我認為我們處於上一屆政府領導下的水平，並且可能更好一些，因為有更大的項目和在聯邦地區開發的數據中心等等。

Nicole, do you want to add a little bit more to it?

妮可，你還想補充一點嗎？

Yeah. I think that's right, George. And I think just to add to that, like we said earlier in the year, our value proposition of energy savings, especially in our energy savings performance contracting for the federal government is -- provides bipartisan value and that it's giving infrastructure upgrades at these military bases at GSA buildings, and we are working through even with the GSA projects that we mentioned back earlier this year and just rescoping some of those that may have had, for example, solar looking at have been replacing with natural gas solutions, the value that still is -- it's still inherently there in those contracts.

是的。我認為這是沒錯的，喬治。我想補充一點，就像我們今年早些時候所說的那樣，我們的節能價值主張，特別是我們為聯邦政府簽訂的節能績效合同，提供了兩黨價值，並為 GSA 大樓的這些軍事基地提供了基礎設施升級，我們甚至正在努力完成今年早些時候提到的 GSA 項目，並重新調整其中一些項目的範圍，例如，太陽能正在被價值解決方案取代這些合同中仍然存在於這些合同中 - 它仍然存在於這些合同中。

So I think we're still as new people come in with this administration, there's always an education that has to go -- has to happen and that advocacy and -- but certainly in a much better place than they we were at January as they learn and become more familiar about these types of projects and the value they provide.

因此，我認為，隨著新人加入本屆政府，我們仍然需要教育，需要進行宣傳，但隨著他們學習並更加熟悉這些類型的項目及其提供的價值，他們的處境肯定比一月份好得多。

Got it. And then I guess in the context of early in the year, rescoping, many, including me, kind of took that as maybe less content, but it doesn't sound like that's the case. It might just be, as you said, just changing some of the characteristics of the project itself, not necessarily the value to Ameresco.

知道了。然後我想，在年初重新確定範圍的背景下，包括我在內的許多人都認為這可能不太重要，但聽起來事實並非如此。正如您所說，它可能只是改變了專案本身的一些特徵，而不一定會改變對 Ameresco 的價值。

That's correct. Right. That's exactly right. We are trying to -- I guess the buddy is still not there for the federal government. So it's still a very unique tool that can be used, and it's just what -- how you're using it and what the scope actually will be.

沒錯。正確的。完全正確。我們正在嘗試——我想這位夥伴仍然沒有為聯邦政府效力。因此，它仍然是一個非常獨特的工具，關鍵在於如何使用它以及它的實際範圍是什麼。

Yeah, got it. Okay. Thank you for that. And maybe last one for me. Just when you think about just high level second half of the year, whether it's based on -- you mentioned some assets coming online, the RNG plant, which will start to impact third quarter, project backlog. I mean, any thoughts on kind of linearity of third quarter and fourth quarter relative to each other? Thanks.

是的，明白了。好的。謝謝你。對我來說這也許是最後一次了。當您想到下半年的高水準時，無論它是否基於 - 您提到一些資產上線，RNG 工廠，它將開始影響第三季度，專案積壓。我的意思是，對於第三季和第四季之間的線性關係有什麼看法？謝謝。

Yeah, hey Eric, this is Mark. Yes. I mean I think with respect to the revenue, I'd probably expect Q4 to be a bit heavier than Q3. I think we've been -- with the strong execution, certainly in the first half, we've been able to execute a little bit faster on some projects, and we certainly saw that again in Q2 as we were able to pull some revenue ahead from Q3. So I would expect Q4 to be a bit heavier than Q3 just from a shaping standpoint.

是的，嘿，艾瑞克，我是馬克。是的。我的意思是，就收入而言，我可能會預期第四季的收入會比第三季高一些。我認為我們已經——憑藉強大的執行力，當然在上半年，我們已經能夠在一些項目上執行得更快一些，而且我們在第二季度再次看到了這一點，因為我們能夠從第三季度獲得一些收入。因此，從造型角度來看，我預期 Q4 會比 Q3 重一些。

Okay. Got it. But then, I mean, obviously, continued energy asset growth, especially since you are bringing on -- well, the RNG plant, which -- that will start to impact third quarter.

好的。知道了。但是，我的意思是，顯然，能源資產會持續成長，特別是自從你引進 RNG 工廠以來，這將開始對第三季產生影響。

Oh that's --

哦，那是--

Yes. I mean those plants take a little bit of time to ramp up. So we'll start to see some of that, but probably not as much of an impact in Q3. It will start to really hit its stride in Q4 and beyond.

是的。我的意思是這些植物需要一點時間來生長。因此，我們將開始看到一些這樣的情況，但可能不會在第三季產生太大的影響。它將在第四季度及以後開始真正步入正軌。

Joseph Osha, Guggenheim.

約瑟夫‧奧沙，古根漢美術館。

Thank you. Hello everybody. I wanted to return a little bit to -- hi, the line of questioning on storage. Obviously, we're waiting for some resolution, but -- we do know it's going to be pretty hard to claim an ITC if you're using Chinese cells because of the [FIOC] issue. So I'm just wondering in your conversations with your customers, is the intention basically to tell them they have eat that cost?

謝謝。大家好。我想稍微回顧一下——嗨，關於儲存的問題。顯然，我們正在等待某種解決方案，但是——我們確實知道，由於[FIOC]問題，如果您使用中國電池，申請 ITC 將會非常困難。所以我只是想知道，在您與客戶的對話中，您的意圖是否基本上是告訴他們他們必須承擔這些成本？

Or are there real plans to source cells from the US or what? I'm just trying to get a sense of what's happening here because we do have some decent level of understanding into what the challenges are going to be here?

或者是否有真正計劃從美國購買細胞？我只是想了解這裡發生了什麼，因為我們確實對這裡將要面臨的挑戰有相當程度的了解？

Yeah, hey Joe, this is Josh. I'll take the first stab. So you're right, there was, I think, a line of questioning about domestic supply, and we are investigating that from new suppliers as well as existing. One of the larger suppliers here in the US is working on a domestic solution.

是的，嘿喬，我是喬希。我會先試試看。所以你是對的，我認為存在一系列關於國內供應的問題，我們正在從新供應商和現有供應商進行調查。美國一家較大的供應商正在研究國內解決方案。

You can probably figure out who it might be. So we're exploring domestic solutions. We have other places where our customers can absorb some costs, so it's really just a mix. I think we're going to do as much as we can to safe harbor responsibly, projects that can start construction this year, of course, pending guidance of what that really means from treasury.

您大概能猜出是誰了。因此我們正在探索國內解決方案。我們還有其他地方可以讓我們的客戶承擔一些成本，所以這實際上只是一種混合。我認為我們將盡最大努力負責任地為今年可以開工建設的項目提供安全港，當然，這還要等待財政部給予真正指導。

And then where we can get domestic supply, we'll explore that and where we can share or even pass on the full price increase to customers that are a little bit less price sensitive, we'll do that as well. It's not really a one size fit all because all of our projects are so different, yeah.

然後，我們將探索在哪裡可以獲得國內供應，以及在哪裡我們可以與對價格不太敏感的客戶分擔甚至將全部價格上漲轉嫁給他們，我們也會這樣做。是的，這並不是萬能的解決方案，因為我們所有的專案都非常不同。

And I guess that latter point is the most interesting one. You are in such a strong position here and people need storage. So it sounds like in some cases, there are situations where -- are you saying you're simply just going to take Chinese sales and tell your customers deal with it? Is that part of the solution here?

我認為後一點是最有趣的。您在這裡處於如此強大的地位，人們需要儲存。因此聽起來在某些情況下，存在這樣的情況——您是說您只是接受中國銷售並告訴您的客戶如何處理它？這是解決方案的一部分嗎？

I don't think from a customer service perspective, we'd ever say deal with it. I think everything is a negotiation and we have good relations with our customers. And I think if there are levers to pull on price, but maybe we can add value somewhere else or they can extend the contract or I mean there's 100 different things we can negotiate with customers in every deal.

我認為從客戶服務的角度來看，我們絕對不會說要處理它。我認為一切都是談判，我們與客戶的關係良好。我認為，如果有槓桿來拉動價格，但也許我們可以在其他地方增加價值，或者他們可以延長合同，或者我的意思是，在每筆交易中，我們可以與客戶協商 100 種不同的事宜。

But that is one potential possibility, especially if it's time sensitive, if we can get, let's call it, Chinese sales quicker, that they might be willing to pay for that speed versus waiting for something domestic, right? Everything is a little bit different.

但這是一種潛在的可能性，特別是如果它對時間敏感，如果我們可以更快地獲得中國銷售，他們可能願意為這種速度付費而不是等待國內產品，對嗎？一切都有些不同。

But it's all very, we'll call it, cordial, professional. I don't think we're taking any position with our customers, take it, leave it, deal with it anything like that. It is -- they are active negotiations, and we're standing with all the customers.

但我們可以稱之為，一切都非常親切、專業。我認為，我們對客戶不採取任何立場，接受它，放棄它，或以任何類似方式處理它。是的——他們正在積極談判，我們與所有客戶站在一起。

And follow-up on that, we have a couple of customers that if this happens, this is the price. And if that happens, this is the price. It's a back and forth (multiple speakers)

並且對此進行跟進，我們有幾個客戶，如果發生這種情況，這就是價格。如果發生這種情況，這就是代價。這是一個來回的過程（多位發言者）

No. Thank you very much guys. Thank you.

不。非常感謝你們。謝謝。

Thanks, Joe.

謝謝，喬。

Craig Shere, Tuohy Brothers.

克雷格‧謝爾 (Craig Shere)、圖伊兄弟 (Tuohy Brothers)。

Good afternoon. Thanks for taking the question. So I understand the big beautiful bill is not impacting near-term guidance. So I guess a two part initial question. Do you see this potentially having a moderating influence on US growth and in light of the European, I mean like over multiple years. And with the strength in Europe, could you envision the geographic mix kind of moving over time more towards a 50/50 rather than a third or so?

午安.感謝您回答這個問題。因此，我理解這項美麗的大法案不會影響近期的指導。所以我猜初始問題分為兩部分。您是否認為這可能會對美國經濟成長產生緩和影響？鑑於歐洲的情況，我的意思是說，這種情況會持續多年。鑑於歐洲的實力，您是否可以預見地理分佈結構會隨著時間的推移朝著 50/50 而不是三分之一左右的方向發展？

Look, Europe is 20% of the backlog right now and most likely it's going to grow much faster than the United States, no question about it. But the market in the United States because of the energy prices, the electric rates going up as they are doing for the next several years and the resiliency issues associated, especially with some of the commercial and industrial customers, what we see in the market, they are concerned about the reliability.

你看，歐洲目前佔積壓訂單的 20%，而且很有可能它的成長速度會比美國快得多，這是毫無疑問的。但美國市場由於能源價格、電費在未來幾年內不斷上漲以及相關的彈性問題，特別是對於一些商業和工業客戶，我們在市場上看到，他們擔心可靠性。

So we have several -- we have the industrial customers that they're looking for battery storage combined with solar or some kind of cogeneration. So it's -- the market in the United States has expanded. And that's why we feel very good where we are.

因此，我們有幾個——我們有幾個工業客戶，他們正在尋找與太陽能或某種熱電聯產相結合的電池儲存。所以——美國市場已經擴大了。這就是為什麼我們對現狀感覺很好。

Great. And then I just wanted to dig a little more into the timing of SMR deployments and maybe your ideal size project there, both domestically and internationally. And do you see Ameresco's role more of a supportive function like transitional generation until the modular nuclear comes online? Or could you ultimately get into some EPC work around actual SMR infrastructure?

偉大的。然後，我只是想更深入地探討 SMR 部署的時間，以及您在國內和國際上理想的專案規模。您是否認為 Ameresco 的作用更像是一種支援性功能，就像模組化核能上線之前的過渡發電一樣？或者您最終能否參與一些圍繞實際 SMR 基礎設施的 EPC 工作？

I mean we have been growing into the actual infrastructure, and this is nothing new. I mean if you go back to the Savannah River project, that was a $200 million infrastructure project, a cogeneration project with wood chip factory there as well as a wood burning facility with fluoride boilers and so on. And many of the projects we do with the federal government, they involve cogeneration turbines, engines.

我的意思是，我們已經在實際基礎設施方面不斷發展，這並不是什麼新鮮事。我的意思是，如果你回顧一下薩凡納河項目，那是一個耗資 2 億美元的基礎設施項目，一個帶有木片工廠的熱電聯產項目，以及一個帶有氟化物鍋爐的木材燃燒設施等等。我們與聯邦政府合作的許多項目都涉及熱電聯產渦輪機和發動機。

And if you look at the LNG -- renewable natural gas plants, it's about [$500 million] projects, each one of them, they are more complex than anything else anybody can do. So -- but I think that the best projects for us will be the $100 million to $200 million, maybe $300 million projects and especially on the battery size or the turbine or the engine size projects. And we will probably on those projects be the EPC contractor.

如果你看一下液化天然氣（LNG）再生天然氣工廠，它大約是一個耗資 5 億美元的項目，每個項目都比任何人能做的任何其他項目都要複雜。所以——但我認為對我們來說最好的項目是 1 億到 2 億美元，也許是 3 億美元的項目，尤其是電池尺寸、渦輪機或引擎尺寸的項目。我們很可能成為這些專案的 EPC 承包商。

Great. Thank you.

偉大的。謝謝。

Seeing no further questions at this time, that concludes our question-and-answer session and today's conference call. Thank you all for joining. You may now disconnect.

目前沒有其他問題，我們的問答環節和今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。