Ameresco Inc (AMRC) 2025 Q3 法說會逐字稿

Thank you for standing by. At this time, I would like to welcome everyone to Ameresco Inc third-quarter 2025 earnings conference call. (Operator Instructions)

感謝各位的耐心等待。現在，我謹代表Ameresco公司歡迎各位參加2025年第三季財報電話會議。 （操作說明）

Thank you. I would now like to turn your conference over to Leila Dillion, Chief Marketing Officer. Please go ahead.

謝謝。現在我將把會議交給首席行銷長萊拉·迪倫女士。請開始吧。

Thank you, Demi, and good afternoon to 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; Mark Chiplock, Chief Financial Officer; and Nicole Bulgarino, President of Federal and Utility Infrastructure. In addition, Josh Baribeau, our Chief Investment Officer, will be available during the Q&A to help answer any questions.

謝謝Demi，大家下午好。感謝各位參加今天的電話會議。今天出席會議的發言人有：Ameresco董事長兼執行長George Sakellaris；財務長Mark Chiplock；以及聯邦和公用事業基礎設施總裁Nicole Bulgarino。此外，我們的首席投資長Josh Baribeau將在問答環節解答大家的問題。

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, 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.

在將電話轉給喬治之前，我想就前瞻性陳述作簡要說明。今天的財報資料包含前瞻性陳述，包括關於我們預期的一些陳述，所有前瞻性陳述均受風險和不確定性因素的影響。請參閱今天的財報資料、補充資料投影片2中的「安全港」條款以及我們提交給美國證券交易委員會（SEC）的文件，以了解可能導致我們的實際業績與前瞻性陳述中所述業績存在差異的主要風險因素。

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，我們在列報財務表現時使用了若干非GAAP指標。這些指標的調節表及其他相關資訊已包含在我們網站上發布的補充幻燈片中。請注意，除非另有說明，我們今天討論的所有比較均基於同比數據。

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

現在我把電話轉給喬治。喬治？

Thank you, Leila, and good afternoon, everyone. We are very pleased to report that this was another quarter of excellent execution for Ameresco. We delivered strong financial results with growth across our key metrics. We also further strengthened our tremendous visibility with significant business development achievements in all our business lines.

謝謝Leila，大家下午好。我們非常高興地報告，Ameresco本季表現依然出色。我們取得了強勁的財務業績，各項關鍵指標均實現成長。此外，我們在所有業務線都取得了顯著的業務拓展成果，進一步提升了公司的知名度。

This is a very exciting time for our industry. A combination of factors, including increasing demand for electricity due to the move to electrification and data center demand, rising utility rates and growing grid instability are driving robust demand for our energy infrastructure solutions.

對我們這個產業來說，這是一個令人振奮的時期。多種因素共同推動了對我們能源基礎設施解決方案的強勁需求，包括電氣化和資料中心需求的成長帶來的電力需求增加、公用事業費率上漲以及電網穩定性下降等。

And this demand is not only coming from our traditional federal, municipal, utility, school and hospital customers. We are also seeing considerable opportunities in new end markets, with demand coming from electric co-ops, industrials such as steel manufacturing and cutting-edge industries such as data centers, all of which are looking for quick deploy, large -- to quickly deploy large amounts of highly resilient megawatts.

而且，這種需求不僅來自我們傳統的聯邦政府、市政機構、公用事業公司、學校和醫院客戶。我們也在新興終端市場看到了巨大的機遇，電力合作社、鋼鐵製造等工業企業以及資料中心等尖端產業都提出了需求，所有這些企業都在尋求快速部署大量高彈性兆瓦級電力。

While the customized solutions we are providing have evolved over time. We see Ameresco's domain knowledge and ability to deliver these large and complex solutions as a core capability. We also believe our business model gives us the ability to tailor financial solutions to the needs of our customers and is a meaningful differentiator for Ameresco setting us apart from engineering and construction and ESCO companies.

雖然我們提供的客製化解決方案隨著時間的推移而不斷發展，但我們認為Ameresco的專業知識和交付大型複雜解決方案的能力是我們的核心競爭力。我們也相信，我們的商業模式使我們能夠根據客戶的需求量身定制財務解決方案，這對於Ameresco而言是一項重要的差異化優勢，使我們區別於其他工程建設公司和能源服務公司（ESCO）。

Our mix of project, O&M and energy asset business enables us to design and build a project also operate and maintain it or we can use our balance sheet and all the solution as an Ameresco energy asset, providing our customer with a long-term offtake agreement. This flexibility we offer to our customers is core to Ameresco's DNA, and we believe it provides us with another important long-term competitive advantage.

我們整合了專案、維運和能源資產業務，使我們能夠設計、建造、營運和維護專案；或者，我們也可以利用自身的資產負債表和所有解決方案，將其作為Ameresco的能源資產，為客戶提供長期購電協議。這種靈活性是我們為客戶提供的核心價值，也是Ameresco DNA的重要組成部分，我們相信它能為我們帶來另一個重要的長期競爭優勢。

While we are in the early innings of growth in many of these areas. The impact on our business is already apparent. If you look at our breakdown of total project backlog on our slides, you can see that energy infrastructure-related projects are almost half of our total project backlog.

雖然我們在許多領域仍處於發展初期，但其對我們業務的影響已經顯而易見。如果您查看我們投影片中專案積壓總量的細分數據，您會發現能源基礎設施相關專案幾乎占我們專案積壓總量的一半。

We are also seeing the impact with the energy asset side of our business. You will note the recently aired category of assets called Firm Generation Energy Assets in construction and development side. Firm generation assets such as natural gas generators already account for 22% of our total assets in development.

我們也感受到了能源資產業務方面所受到的影響。您會注意到，在建造和開發方面，我們最近新增了一個名為「固定發電能源資產」的資產類別。諸如天然氣發電機之類的固定發電資產，目前已占我們開發總資產的22%。

Also note that batteries now account for 41% of our assets in development compared to only 22% of battery-operating assets, showing how we are able to pivot to a large and profitable opportunities present themselves.

另請注意，電池目前占我們正在開發的資產的 41%，而電池運行資產僅佔 22%，這表明我們能夠迅速抓住出現的巨大且有利可圖的機會。

Now I would like to turn the call over to Nicole to provide additional commentary on a few of our recent energy infrastructure wins and give an update to our business with the Federal government. Nicole?

現在我想把電話交給妮可，請她就我們近期在能源基礎設施領域取得的一些成功案例做進一步說明，並介紹一下我們與聯邦政府的業務進展。妮可？

Thank you, George, and good afternoon, everyone. Ameresco has delivered energy infrastructure solutions since its founding, but recent industry dynamics, like those that George mentioned, are driving a surge in large-scale opportunities. While data center wins often make headlines, the demand for resilient firm power spans a wide range of customers, including utilities, government agencies, industrial firms and tech companies,

謝謝喬治，大家下午好。 Ameresco 自成立以來一直致力於提供能源基礎設施解決方案，但正如喬治所提到的，近期產業動態正在推動大規模計畫機會的激增。雖然資料中心專案經常成為新聞頭條，但對穩定可靠電力供應的需求涵蓋了廣泛的客戶群體，包括公用事業公司、政府機構、工業企業和科技公司。

Among these markets, data center customers also present a compelling growth area for Ameresco and our opportunities in this space extend well beyond federal sided projects but the common driver across our customer segments is clear. We are seeing a critical need for an increasing supply of resilient firm power.

在這些市場中，資料中心客戶也是Ameresco極具成長潛力的領域，我們在該領域的機會遠不止於聯邦政府項目，但我們所有客戶群的共同驅動因素顯而易見：對穩定可靠的電力供應有著迫切的需求。

An example of this need is the 40-megawatt firm power plant we are building for Hawaiian Electric on Maui. This project, which includes multiple dual fuel engines, is designed to bring resilient firm energy, enhance power grid reliability and provide a highly flexible capacity resource. In addition, it will enable the island to reduce its dependence on foreign sources of fuel.

例如，我們正在為夏威夷電力公司在毛伊島建造一座40兆瓦的穩定發電廠。該項目包含多台雙燃料發動機，旨在提供穩定可靠的電力供應，提高電網可靠性，並提供高度靈活的電力容量。此外，它還將幫助該島減少對進口燃料的依賴。

Another great example is the recently announced 50-megawatt battery energy storage system with Nucor, North America's largest steel producer. As Nucor continues to expand production at its Arizona facility, driving increased electricity demand a behind-the-meter battery energy storage solution was a natural choice for the company and its utility. The project was completed in just under one year and will supply rapidly deployable on-demand power as well as provide significant resilience to that facility.

另一個絕佳的例子是近期宣布與北美最大的鋼鐵生產商紐柯公司合作建造的50兆瓦電池儲能係統。隨著紐柯公司在亞利桑那州工廠不斷擴大生產規模，電力需求也隨之增長，因此，對於該公司及其電力公司而言，採用用戶側電池儲能解決方案是自然的選擇。該項目在不到一年的時間內完成，不僅能夠提供快速部署的按需電力，還能顯著提升該工廠的電力供應韌性。

We will also be adding solar to the facility, providing additional on-site generation as the plant continues to scale its production. As I have just highlighted, we are seeing tremendous interest from a variety of customer segments, including industrial, looking for rapidly deployable and highly resilient solutions. And with the recent push to scale onshore industry in the US, these opportunities are expected to grow.

我們也將為該工廠增設太陽能發電設施，隨著工廠產能的不斷擴大，提供額外的現場發電。正如我剛才提到的，我們看到來自包括工業界在內的各行各業的客戶都對我們產品表現出了濃厚的興趣，他們都在尋求能夠快速部署且具有高度彈性的解決方案。隨著近期美國大力推動陸上工業規模化發展，預計這些機會將持續成長。

And of course, I'm excited to share more about our Lemoore data center initiative with CyrusOne for which we are finalizing the agreement. This solution will be designed to deliver cutting-edge energy infrastructure tailored for AI-driven, high-density computing environment serving hyperscalers. CyrusOne will build and operate the data center while Ameresco will provide the energy infrastructure through a long off-grid agreement to meet its 24/7 power demands.

當然，我也很高興能和大家分享我們與 CyrusOne 合作的 Lemoore 資料中心項目，目前我們正在敲定最終協議。該方案旨在提供專為人工智慧驅動的高密度運算環境量身定制的尖端能源基礎設施，服務超大規模資料中心。 CyrusOne 將負責資料中心的建設和運營，而 Ameresco 將透過長期離網協定提供能源基礎設施，以滿足其全天候的電力需求。

Our solution will combine firm energy via fuel cells, solar and battery storage that will complement local utility power. As the facility scales, we would install up to 350 megawatts, making this one of our largest deployments to date. We expect to own a portion of the asset and the balance will be owned by a financial partner. And this is just the beginning. We have a strong pipeline of future opportunities with data center developers, gas providers, real estate partners and direct tenants. Notably, these projects are not just cited on better land but also on customer and properties.

我們的解決方案將結合燃料電池、太陽能和電池儲能等可靠能源，與當地公用電力形成互補。隨著設施規模的擴大，我們將安裝高達 350 兆瓦的裝置容量，這將是我們迄今為止規模最大的部署專案之一。我們預計將擁有部分資產，其餘部分將由金融合作夥伴持有。而這只是個開始。我們與資料中心開發商、天然氣供應商、房地產合作夥伴和直接租戶之間有著大量未來合作機會。值得一提的是，這些項目不僅選址優越，而且擁有優質的客戶和物業資源。

Before I turn the call over to Mark, I want to briefly address the current federal government shutdowns. Since this was anticipated, we were able to proactively coordinate with our agency partners to implement contingency plans, which has enabled us to maintain operations with minimal disruption. Ameresco has successfully navigated previous shutdowns in the past, and our team is well prepared. Although a prolonged shutdown could delay some project award conversions and shift some revenue timing, we do not anticipate a material impact on our Q4 results.

在將電話轉給馬克之前，我想先簡單談談目前的聯邦政府停擺情況。由於我們對此早有預料，因此能夠主動與合作機構協調，實施緊急計畫，從而最大限度地減少了營運中斷。 Ameresco 過去曾成功應對類似的政府停擺，我們的團隊也做好了充分準備。儘管長時間的停擺可能會延遲部分專案授標的完成，並影響部分收入的到帳時間，但我們預計不會對第四季業績產生重大影響。

Now I will turn over the call to Mark to provide financial commentary on this quarter's results and our outlook for the remainder of the year. Mark?

現在我將把電話交給馬克，讓他對本季業績進行財務點評，並展望今年剩餘時間的業績。馬克？

Thank you, Nicole. I'd first like to reiterate that this was another quarter of strong execution with growth achieved across all of our key metrics. Ameresco delivered solid results in a challenging operating environment, demonstrating the strength and flexibility of our diversified business model. Revenue grew 5% year-over-year, reflecting robust execution across our project portfolio, sustained momentum in our Energy assets segment and reliable recurring income from our O&M business.

謝謝妮可。首先我想重申，本季我們依然保持了強勁的執行力，所有關鍵指標都實現成長。 Ameresco 在充滿挑戰的營運環境下取得了穩健的業績，充分展現了我們多元化業務模式的優勢和靈活性。營收年增 5%，這反映了我們專案組合的穩健執行、能源資產板塊的持續成長動能以及營運維護業務帶來的可靠經常性收入。

Adjusted EBITDA increased 13% from the prior year, driven by higher project margins expanding contributions from Europe and our energy asset portfolio as well as disciplined operating cost management. Projects revenue grew 6%, supported by strong results from our European joint venture with Sunel. This partnership continues to be a key part of our strategy to diversify revenue streams and expand our international footprint.

經調整後的 EBITDA 較上年增長 13%，主要得益於專案利潤率的提高，歐洲業務和能源資產組合的貢獻不斷擴大，以及嚴格的營運成本控制。專案營收成長 6%，這主要得益於我們與 Sunel 在歐洲的合資企業業績強勁。該合作關係仍然是我們實現收入來源多元化和擴大國際商業版圖策略的關鍵組成部分。

And as Nicole mentioned, we have not experienced a notable slowdown in our work even with the current federal government shutdown. The projects team continued its focus on converting awards into contracts and contracts into revenue. We saw strong demand for our comprehensive energy infrastructure solutions that combine efficiency, generation and resiliency, which drove substantial growth in our total project backlog to $5.1 billion.

正如妮可所提到的，即使在聯邦政府目前停擺的情況下，我們的工作也沒有明顯放緩。專案團隊繼續專注於將中標項目轉化為正式合同，並將合同轉化為實際收入。我們看到市場對我們集效率、發電和韌性於一體的綜合能源基礎設施解決方案需求強勁，這推動了我們專案積壓總額的大幅成長，達到51億美元。

Importantly, we secured another $450 million in new project awards this quarter and converted $467 million of awards into signed contracts driving our contracted project backlog up 33% to $2.5 billion. Energy asset revenue also grew 6%, driven largely by the growth of our operating assets portfolio. We placed an additional 16 megawatts into operation during the quarter, including the (technical difficulty) facility, bringing our total operating assets to 765 megawatts. We also added 32 megawatts during the quarter, bringing our net energy assets in development to 626 megawatts.

值得注意的是，本季度我們又獲得了價值 4.5 億美元的新項目，並將其中 4.67 億美元的項目轉化為已簽署的合同，使我們的已簽約項目儲備增長了 33%，達到 25 億美元。能源資產收入也成長了 6%，這主要得益於我們營運資產組合的成長。本季我們新增了 16 兆瓦的發電裝置容量，其中包括（因技術問題而停駛的）設施，使我們的營運資產總額達到 765 兆瓦。此外，本季我們也新增了 32 兆瓦的在建能源資產，使我們的在建淨能源資產達到 626 兆瓦。

We remain on track to reach our annual target of placing 100 to 120 megawatts of additional assets into operation. Our recurring O&M revenue increased by 8% this quarter as we continue to win more long-term O&M business associated with our completed project work. These wins helped to add over $158 million to our long-term O&M backlog, which now stands at approximately $1.5 billion.

我們仍有望實現年度目標，即新增100至120兆瓦的資產投入營運。本季度，我們的經常性維運收入成長了8%，這得益於我們持續贏得更多與已完工專案相關的長期運維業務。這些新業務使我們的長期維運積壓訂單增加了超過1.58億美元，目前總額約15億美元。

Combined, our project backlog and together with our recurring O&M and operating energy asset portfolios gives us long-term revenue visibility of over $10 billion. And finally, while revenues from the remaining businesses within our other revenue segment continue to experience growth, our other line of business was lower year-over-year due to the divestiture of our AEG business at the end of 2024.

綜合來看，我們的專案儲備以及經常性營運維護和能源資產組合，使我們擁有超過100億美元的長期收入保障。最後，儘管我們其他收入板塊下剩餘業務的收入持續成長，但由於我們在2024年底剝離了AEG業務，我們的其他業務收入較去年同期有所下降。

Gross margin improved to 16%, up both sequentially and compared to last year, highlighting our continued focus on higher-margin projects and assets and disciplined cost management. Net income attributable to common shareholders was $18.5 million, with both GAAP and non-GAAP EPS at $0.35. And as I mentioned, adjusted EBITDA grew 13% to $70.4 million resulting in an adjusted EBITDA margin of 13.4%.

毛利率提升至16%，環比及年比均有所成長，凸顯了我們對高利潤率項目和資產的持續關注以及嚴格的成本控制。歸屬於普通股股東的淨利為1850萬美元，GAAP和非GAAP每股收益均為0.35美元。正如我之前提到的，調整後EBITDA成長13%至7,040萬美元，調整後EBITDA利潤率為13.4%。

Turning to our balance sheet and cash flows. We closed the quarter with approximately $95 million in cash and $340 million in total corporate debt. Our debt-to-EBITDA leverage ratio under our senior secured facility was 3.2 times and remains below the covenant level of 3.5 times. We continue to fund our growth primarily through nonrecourse project debt and partner capital at the energy asset level, preserving capacity at the corporate level for working capital and strategic investments.

接下來來看看我們的資產負債表和現金流量。本季末，我們持有約9,500萬美元現金，公司總負債為3.4億美元。根據我們的優先擔保貸款，債務與EBITDA的槓桿率為3.2倍，低於3.5倍的契約標準。我們繼續主要透過能源資產層面的無追索權專案債務和合作夥伴資本來為成長提供資金，從而在公司層級保留足夠的營運資金和策略投資能力。

During the quarter, the company secured approximately $180 million in new project financing commitments. Our cash generation remained solid this quarter with adjusted cash flows from operations of approximately $64 million, an improvement both sequentially and year-over-year. The performance reflects our disciplined approach to working capital management, ensuring that vendor payments are more closely aligned with project milestones and progress.

本季度，該公司獲得了約1.8億美元的新專案融資承諾。本季現金流維持穩健，經調整後的經營活動現金流約為6,400萬美元，季減和年比均成長。這項業績體現了我們嚴謹的營運資本管理策略，確保供應商付款與專案里程碑和進度更加緊密地連結。

While some of this increase is attributable to timing, it highlights our ongoing commitment to rigorous liquidity management in a dynamic operating environment. On a longer-term basis, our eight quarter rolling average adjusted cash from operations was approximately $52 million, underscoring the consistency of our cash generation and the effectiveness of our financial controls.

儘管部分成長可歸因於時機因素，但這凸顯了我們在瞬息萬變的經營環境中持續堅持嚴格的流動性管理。從長期來看，我們過去八個季度的滾動平均調整後經營活動現金流約為5200萬美元，這體現了我們現金流的穩定性以及財務控制的有效性。

Now let me spend a minute on our 2025 guidance. Q3 once again highlighted Ameresco's ability to execute in a complex environment while expanding our strategic positioning. Our strong year-to-date performance, robust demand, expanding presence in data center and resiliency infrastructure and growing energy asset portfolio, provide us with solid momentum and clear visibility as we approach year-end.

現在，我想花一點時間談談我們對2025年的展望。第三季再次凸顯了Ameresco在複雜環境下執行策略目標的能力，同時不斷擴展我們的策略佈局。年初至今的強勁業績、旺盛的市場需求、在資料中心和韌性基礎設施領域不斷擴大的業務以及日益增長的能源資產組合，為我們提供了堅實的發展動力和清晰的業績展望，助力我們邁向年底。

While a prolonged government shutdown could delay the conversion of some project awards, shifting the timing of some revenue, we do not expect this to materially affect our Q4 results. Accordingly, we are reaffirming our guidance ranges for 2025.

儘管政府長期停擺可能會延遲部分專案合約的兌現，從而影響部分收入的到帳時間，但我們預計這不會對第四季業績產生實質影響。因此，我們重申2025年的業績預期範圍。

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

現在我想把電話交還給喬治，讓他做總結發言。

Thank you, Mark. As the Ameresco team continues to deliver excellent results, we are also building our strong foundation for future growth by expanding our backlogs and build in our energy asset business.

謝謝你，馬克。隨著 Ameresco 團隊持續取得優異成績，我們也正在透過擴大訂單儲備和發展能源資產業務，為未來的成長奠定堅實的基礎。

Our strong visibility, along with what we expect to be very favorable industry dynamics for our energy infrastructure solutions supports our confidence in delivering our long-term growth targets of 10% and 20% revenue and adjusted EBITDA, respectively.

我們強大的市場前景，以及我們預期能源基礎設施解決方案將迎來非常有利的產業動態，增強了我們有信心實現長期成長目標，即營收成長 10%，調整後 EBITDA 成長 20%。

In closing, I would like to once again thank our employees, customers and stockholders for their continued support. Operator, we would like to open the call to questions.

最後，我再次感謝我們的員工、顧客和股東們一直以來的支持。接線員，現在開始接受提問。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。現在開始問答環節。 （操作說明）

Noah kaye, Oppenheimer & Company.

Noah Kaye，奧本海默公司。

Hey, good afternoon. Thanks for taking the questions. Maybe if we can start with data center. Nicole, you talked a little bit in the prepared remarks about a strong pipeline kind of extending beyond federal government to other customers. And I wondered if you could maybe frame out for us the opportunity set a little bit.

嗨，下午好。感謝您回答問題。我們先從資料中心談起吧。妮可，您在事先準備好的演講稿中提到，我們擁有強大的客戶管道，不僅面向聯邦政府，也面向其他客戶。我想請您為我們簡單介紹一下目前的市場機會。

Should we think of the scope of these projects being similar to Lemoore where you're providing the energy (inaudible) energy infrastructure, are there additional possibilities and scope? And how should we think about maybe kind of the timing on seeing some of those start to materialize in the orders?

我們是否應該將這些項目的規模視為與萊莫爾項目類似，即你們提供能源（聽不清楚）基礎設施？是否存在其他可能性和規模？我們應該如何看待這些項目何時開始轉化為實際訂單？

Yes, you're correct. They're similar to what we're doing. Our focus is on the energy infrastructure for the data centers. So -- and on the commercial side, we're looking to do similar things, providing power solutions to the data center customers and speed to power for them.

是的，你說得對。他們和我們正在做的事情很相似。我們專注於資料中心的能源基礎設施。所以——在商業方面，我們也希望做類似的事情，為資料中心客戶提供電力解決方案，並加快他們的供電速度。

Okay. And I think you mentioned it as well, and Mark can also touch on this, but just -- it sounds like you're finalizing the details for the first project, but thinking about kind of combination of Ameresco and partner capital, again, can you sort of broadly help us think about the size of the commitment there and when you might expect to have some of those details finalized for the market.

好的。我想您也提到了這一點，Mark 也可以談談這方面，但是——聽起來你們正在敲定第一個項目的細節，考慮到 Ameresco 和合作夥伴資本的結合，您能否大致幫我們考慮一下投入的規模，以及預計何時能最終確定一些細節並推向市場？

Noah, it's Josh. I might jump in here. So we -- in the supplemental slides, we have the updated assets and development at the footnote that it's in there at about 10% of its value, a little bit for conservatism a little bit because, as George and Mark mentioned that we're probably going to bring an equity partner for this 1 just because it is so large, so the increase was about 35 megawatts.

諾亞，我是喬希。我可能要插幾句。我們在補充幻燈片中，腳註裡更新了資產和開發情況，顯示其價值約為原值的10%，這其中一部分是出於保守考慮，另一部分是因為，正如喬治和馬克提到的，我們可能會為這個項目引入股權合作夥伴，因為它規模非常大，所以增幅約為35兆瓦。

So the total opportunity could be as large as 350 just for Lemoore and we're not quite ready to disclose CapEx figures, but it's in line with what we've talked about between battery and solar cost per megawatt. So it's a pretty large project.

因此，僅萊莫爾一地，總的裝置容量就可能高達350千瓦，我們目前還不方便透露資本支出數據，但這與我們之前討論的電池和太陽能每兆瓦成本之間的差距相符。所以，這是一個相當大的項目。

All right. Well, looking forward to the details and congratulations on the broader awards momentum. I'll turn it over.

好的。期待了解更多細節，也恭喜你們在各項獎項評選中取得佳績。我這就交稿。

Thank you.

謝謝。

Eric Stine, Criag-Hallam. Your line is open.

艾瑞克‧斯泰恩，克雷格-哈勒姆。您的線路已開通。

Hi everyone, thanks for taking the questions. So maybe for Nicole and just sticking with the data center with that theme. Can you just talk about this first project? I mean it seems to me that given the timing of the announcement, this would have been underway for quite some time even though it does fit pretty much perfectly with the executive orders and what the government is looking to do on leased land, so maybe just talk about that and once you've announced this, what that's kind of meant in terms of pipeline as you see it?

大家好，感謝大家回答問題。那麼，妮可，就讓我們繼續圍繞著資料中心這個主題。能談談你的第一個專案嗎？我的意思是，考慮到宣布的時間，我覺得這個項目應該已經進行了相當長一段時間了，儘管它與行政命令以及政府在租賃土地上的計劃幾乎完全吻合。所以，你能談談這個項目嗎？在你看來，宣布之後，它對後續專案規劃意味著什麼？

Yeah. I mean the announcement has been a great opportunity for us to provide a good anchor project of what we're trying to do and accomplish being able to provide behind meter energy solutions for data center customers. We have been working on it with the permitting and the other things that go into these large projects in the development side of it. So it's been good, and I think we expect to be able to kind of build and leverage future opportunities using a very similar model.

是的。我的意思是，這次發表會對我們來說是一個絕佳的機會，讓我們能夠展示一個優秀的示範項目，來說明我們正在努力的方向和目標，即為資料中心客戶提供表後能源解決方案。我們一直在推進這個項目，包括審批手續和其他開發階段的各項工作。所以進展順利，我相信我們能夠利用類似的模式，在未來創造和利用更多機會。

Yeah. I mean it's almost as if you kind of patterned to this after exactly what the government was looking to do. So I guess anyways, we'll stay tuned on that, but a great development.

是的。我的意思是，你這做法幾乎就像是完全按照政府的計畫來的。所以，無論如何，我們會繼續關注此事，但這的確是個好消息。

Yeah. I mean using federal land. I mean like we've been providing energy solutions for federal customers for years. And so being able to apply this model and similar like we did in Hawaii for a large project that we did solar and battery using federal land to be able to have a third-party offtake kind of set the -- we initiated this model and there's opportunities with excess land that are that align nicely for data center customers.

是的。我的意思是利用聯邦土地。我們多年來一直為聯邦客戶提供能源解決方案。因此，能夠應用這種模式，就像我們在夏威夷的一個大型項目中所做的那樣，我們利用聯邦土地建設太陽能和電池儲能係統，並達成第三方購電協議——我們啟動了這種模式，而且還有閒置土地的機會，非常適合數據中心客戶。

And as you know, we have several bases that we actually have done work in addition to that when they go out with the RFPs for what we call -- what they call the enhanced use list or they have a plant like whether it was Pearl Harbor or this particular one, the Lemoore, it's a wasted land they want to develop it in a great value. And we announced both of this particular size when we were far along.

如您所知，除了上述專案之外，我們還參與了多個基地的開發工作。當他們發布招標書，列出所謂的「增強用途清單」或類似珍珠港或萊莫爾基地這樣的廢棄土地時，他們希望將其開發成具有巨大價值的資源。我們在專案推進初期就宣布了這兩個規模較大的專案。

We -- on both of them, we've been working for at least a couple of years. And we have several other ones that we are working on when we are ready. We are far along, then we will announce more. But the important point of this data centers and what we wanted to point out, but the need for resilient power in some of the industrial customers like what we did for Nucor is we see great, great need out there because of the great demand for electricity, many of these people are concerned, they don't have the backup.

我們──這兩個項目，我們已經至少籌備了兩年。我們還有其他幾個專案正在開發中，準備好後就會啟動。目前進展順利，到時候我們會公佈更多資訊。但資料中心專案以及我們想強調的重點是，一些工業客戶（例如我們為紐柯公司提供的服務）對電力保障的需求非常迫切，因為電力需求巨大，許多客戶擔心他們沒有備用電源。

And that's why we put the 50 megawatts on Nucor. That's where last year, we put 100 megawatts on United Power, the battery storage there is, and we are working with several other ones, the large industrial customers that they're are concerned about resiliency and you will see substantial amount of battery storage in the future. And nonetheless, like Nucor once they put in the battery storage, they realize they need more capacity, and now we -- we'll be building a 25-megawatt solar farm for them. So it's another business line that it wasn't there a year ago.

這就是為什麼我們為紐柯公司安裝了50兆瓦的儲能係統。去年，我們為聯合電力公司安裝了100兆瓦的儲能係統，那裡有電池儲能裝置。我們也正在與其他幾家大型工業客戶合作，他們都非常關注電力系統的韌性，未來你會看到大量的電池儲能係統投入使用。然而，像紐柯公司這樣的客戶，一旦安裝了電池儲能係統，他們就會意識到需要更大的容量，所以現在我們將為他們建造一座25兆瓦的太陽能發電廠。這是一年前還不存在的另一項業務。

Yeah. No, that's great color. Maybe last 1 for me. Just on the guide, can you just talk about -- a little bit about the puts and takes? I know that coming into this year, there were a lot of questions about the federal business. And I know that kind of ended up being much to do about nothing. But government shutdown and even though you think that, that has a minimal impact to fourth quarter, if I do the math, fourth quarter, it would imply a down sequential quarter in the last couple of years, you've been up sequentially from an EBITDA perspective. So maybe just kind of talk about that dynamic or the assumptions going into that?

是的。不，這顏色真棒。這可能是我最後一張了。關於這份指南，您能談談──關於買賣點嗎？我知道今年年初，聯邦政府業務有很多疑問。我也知道最終結果有點小題大作。但政府停擺，即使您認為這對第四季度影響甚微，但如果我計算一下，第四季度意味著環比下降，而過去幾年，從 EBITDA 的角度來看，你們的業績都是環比增長的。所以，您能談談這種動態或相關的假設嗎？

The thing that you have to remember that we have been able to diversify our business so much in the federal government right now, it only represents 20%, and even though it might be some contracts going from the award to be executed. It might be some slippage on the revenue, but it's not that much, that has a material impact. And that's why we were able to say that even the cadence for next year, the 10% on top line growth and 20% EBITDA growth, we feel pretty good about it.

您需要記住的是，儘管我們目前已實現了聯邦政府業務的多元化，但佔比僅為20%。即便從授標到執行過程中可能會出現一些合約延誤，導致收入略有下降，但影響並不大，不會產生實質影響。正因如此，我們才能對明年的業績成長速度充滿信心，預計營收將成長10%，EBITDA將成長20%。

Yes. I think -- and we've been talking a lot about this throughout the year with respect to 2025 and how we've been managing the guidance, right? I mean we really had to maintain some discipline throughout the year, and that's no different really for Q4, even though visibility remains pretty strong, it's still a heavy execution quarter for us, a lot of project milestones that we need to achieve. So right now, we feel like the guidance that we're maintaining is realistic.

是的。我認為——我們今年一直在討論2025年的業績展望以及我們如何制定業績指引，對吧？我的意思是，我們今年確實必須保持一定的自律性，第四季也不例外。儘管前景依然十分明朗，但對我們來說，這仍然是一個執行壓力很大的季度，我們需要完成許多專案里程碑。所以目前，我們認為我們維持的績效指引是切合實際的。

Okay, thank you.

好的，謝謝。

Ben Kallo, Baird.

本卡洛，貝爾德。

Hey, thank you guys, and congrats on everything and the opportunities. Two quick ones. Just on -- as you do more of this work with data centers, could you explain that if there's any differences that we should think about just from an engineering construction point of view, of doing what you've done separately, but now tied to a data center like if there's more risk or there's more know-how and people that you need as you work on this new end market.

嘿，謝謝各位，祝賀你們所取得的一切成就和獲得的機會。還有兩個小問題。關於資料中心項目，隨著你們在資料中心領域開展更多工作，能否從工程建設的角度解釋一下，與之前單獨開展的工作相比，現在將其與資料中心結合起來，是否存在一些需要考慮的不同之處？例如，在開拓這個新的終端市場時，是否會面臨更大的風險，或需要更多的專業知識和人才？

And then my second question is because storage is coming up with such a big portion of your energy backlog, could you just talk about procuring batteries and how that's changed and how we should think about that as you look into next year and the following year, just as either tariffs or foreign (inaudible) concerned language, anything like that? Thank you.

我的第二個問題是，由於儲能佔你們能源缺口的很大一部分，您能否談談電池採購情況，以及採購方式發生了哪些變化，還有我們在展望明年和後年時應該如何考慮這個問題，例如關稅或外國（聽不清楚）相關條款等等？謝謝。

On the first answer, I mean I'd say this is very similar to the work that we've been doing for the federal government with the requirements and the 24/7 reliability resiliency requirements that we have for mission-critical operations on military basis. So similar there. I mean, maybe the difference is just the scale. There are larger opportunities, a little bit quicker need for -- to go faster. So that can be a positive, but not anything necessarily different than what we would be doing in developing the projects than our other -- yes, than our other customers that we've been doing it for utilities and customers -- I mean utility and federal customers. And then on the second 1 on battery -- go ahead.

關於第一個問題，我想說這和我們之前為聯邦政府所做的工作非常相似，包括我們對軍事關鍵任務運作的全天候可靠性和彈性要求。所以這方面很相似。我的意思是，可能差別只在於規模。機會更多，也需要更快推進。這可能是一個優勢，但與我們為其他客戶（包括公用事業公司和聯邦政府客戶）開發專案的工作並沒有什麼本質區別。至於第二個問題，關於電池—請繼續。

No, just, yeah, I was -- just to remind because my first was so long.

不，只是，嗯，我是——只是想提醒一下，因為我的第一個時間太長了。

I mean I think maybe the answer on the second one with respect to batteries and what we're trying to do there from a supply standpoint is like everybody, I think we're trying to see how we can diversify the supply chain. I think we've done quite a bit, at least on the safe harboring side, to try our best to avoid some of the CIAC restrictions that are still a little unclear, but that are upcoming.

我的意思是，關於第二個問題，也就是電池以及我們從供應角度正在努力的方向，我認為答案可能和大家一樣，我們正在嘗試實現供應鏈多元化。我認為我們已經做了很多工作，至少在安全港方面，我們盡力避免一些CIAC的限制，這些限制目前還不太明確，但即將生效。

So we've done some decent work to try and safe harbor some projects from a physical construction aspect as best we can. And I think as we move forward, I think we're hoping we'll be a natural hedge even with some of the impact of potential tariffs or the ITC impact that the cost of batteries are coming down. So that might create just a natural hedge for us as we move forward to these projects.

因此，我們已經做了一些卓有成效的工作，盡我們所能地從實際建設層面為一些專案提供安全保障。我認為，隨著專案推進，即使面臨潛在關稅或ITC（資訊科技稅收抵免）的影響，電池成本的下降也能起到天然的對沖作用。這或許能為我們推進這些項目提供天然的對沖。

Thank you, guys.

謝謝大家。

Dushyant Ailani, Jefferies.

杜尚特·艾拉尼，傑富瑞。

It's Julien here. Can you guys hear me okay?

我是朱利安。你們聽得到我說話嗎？

Hey Julien, yeah.

嘿，朱利安，是的。

Excellent. Thanks for the time guys. Appreciate it. Nicely done. Look, a couple of things. First, I just wanted to come back to guidance at a high level. Obviously, you guys were commenting about '25 here, but given the meaningful contribution from the data center and the kicking up in '27 here, how do you think about sort of getting back on track with kind of a high teens or 20% EBITDA, CAGR, right? I mean you guys have historically lived by that.

太好了。謝謝各位抽出時間。非常感謝。做得好。有幾點想問。首先，我想再談談業績指引。顯然，你們剛才討論的是2025年的業績，但考慮到資料中心的重要貢獻以及2027年的強勁增長，你們覺得如何才能重回正軌，實現10%到20%的EBITDA複合年增長率？我的意思是，你們過去一直都保持著這樣的成長速度。

Obviously, a very late, a little bit more muted, but clearly seems like there's a little bit more lumpy profile in the business, whether it's tied to this or, frankly, the battery opportunity, which seems to be tied to supply chain that wants to be used in the near -- relatively near term as well.

顯然，雖然來得晚了一些，也稍微低調了一些，但很明顯，這個行業似乎呈現出一種不太穩定的態勢，無論這與此有關，還是坦率地說，與電池機遇有關，而電池機遇似乎與希望在近期——或者說相對近期——投入使用的供應鏈有關。

Go ahead.

前進。

Hey Julien, it's Josh. So you're absolutely right. The data center opportunity will definitely help us maintain that 10% and 20% type of number. We have -- we've been a little bit light on that in the last year too, but we've never said that was going to be guaranteed annual guidance. That's sort of a guideline over the three to five year business cycle.

嗨，朱利安，我是喬希。你說得完全正確。資料中心業務的機會肯定有助於我們維持10%到20%的成長目標。過去一年，我們在這方面的投入確實略顯不足，但我們從未承諾過會把這個目標作為年度業績預期。這只是一個針對三到五年商業週期的參考指標。

So all of those tailwinds that I think all four of our speakers talked about so far today will certainly give us -- as well as the visibility we have just from work we've already contracted and awards we've already received, give us plenty of confidence we'll be able to hit those targets again in the long term.

因此，我認為我們今天四位發言人所談到的所有順風，以及我們已經簽訂合約的工作和已經獲得的獎項所帶來的可見性，肯定會給我們帶來足夠的信心，讓我們能夠在長期內再次實現這些目標。

If there is ever a potential for upside or something else that we'll need to present to investors, we'll certainly do that when we update our formal guidance. which we're not prepared to do right now. But for sure, it helps us keep that target.

如果未來出現任何潛在的上漲空間或其他需要向投資者說明的情況，我們一定會在更新正式業績指引時進行說明，但目前我們還沒有更新的準備。不過可以肯定的是，這有助於我們維持目標績效。

Nicely done, Josh and team, I got to say. Can you guys talk a little bit more about the ability to replicate this model here? I know someone asked you kind of a similar question earlier. But as it pertains to taking the data center model, and running with it, obviously, time to power is front and center. I mean, what's the ability to take this? And what kind of pipeline or sense do you have from other potential customers who want to leverage this model approach here, if you will. How would you set expectations on another lumpy announcements like us?

喬許和他的團隊，幹得漂亮！你們能再詳細談談這種模式在本地複製的可能性嗎？我知道之前有人問過你們類似的問題。但說到資料中心模式的推廣應用，顯然，上線時間是重中之重。我的意思是，這種模式的複製能力如何？你們從其他潛在客戶那裡了解到了哪些訊息，或者說，他們是否也想藉用這種模式？對於像我們這樣後續發布的類似公告，你們會如何設定期望？

Yes, this is Nicole. So I think the important thing is with the AI market and the growth that we're seeing, it's also just transitioning energy supply. And with the amount of capacity that keeps increasing, there's limited utility power. So this sets the opportunity for us to be able to do these bridge solutions and behind meter power solutions very much like the Lemoore project.

是的，我是妮可。我認為，隨著人工智慧市場的發展和成長，能源供應也在轉型，這一點至關重要。隨著產能的不斷成長，公共電力供應卻十分有限。這為我們提供了機會，讓我們能夠提供類似萊莫爾專案的橋接解決方案和表後供電解決方案。

So this is what's pushing and driving the pipeline even more because the hyperscalers are in need for this immediate power solution and that's going to be accomplished behind meter versus their utility theaters, the traditional way that they were getting power in the past.

所以，這正是推動和促進這一進程的因素，因為超大規模資料中心需要這種即時的電力解決方案，而這將透過電錶後供電的方式實現，而不是像過去那樣透過傳統的公用設施供電。

All right, guys. Any sense on margin on that 1 on the data center front?

好了，各位。關於資料中心那1個項目的利潤率，有什麼想法嗎？

Julien, there's no reason to believe it's going to be any different than our regular corporate margins. So it's a little bit of a mix between asset and project as we talked about, but no reason to believe it's not within the corporate average.

朱利安，沒有理由相信它的利潤率會和我們正常的公司利潤率有任何不同。正如我們之前討論的，它融合了資產和專案兩方面的影響，但沒有理由相信它不會在公司平均值之內。

Right. And with the long-term operation maintenance with these.

沒錯。而且這些還需要長期的運作維護。

Absolutely. Thank you guys for all the questions. All the best. Congrats again.

當然。謝謝大家的提問。祝一切順利。再次恭喜。

Ryan Pfingst, B Riley.

Ryan Pfingst，B Riley。

Hey guys, thanks for taking my questions. I'll just follow up on the last question on the CyrusOne deal and kind of the subsequent ones that are potentially coming. Just curious how well positioned Ameresco is right now operationally to support multiple projects like that, just given the size.

大家好，感謝你們回答我的問題。我再補充關於 CyrusOne 交易的最後一個問題，以及之後可能出現的其他問題。我很好奇，考慮到 Ameresco 的規模，它目前的營運狀況是否足以支援多個類似的項目。

Yes. And what we have done in -- we started this process actually last year when we established the unit utility-scale projects, Nicole, has taken it over and we have organized this particular unit that's additional staff that we've been adding and so on. And we're increasing the staff from the federal side as well as this particular side. Nicole can add some more color to it. But we realize that it's a great opportunity for us, and we have the expertise. And Nicole, of course, is one of the top candidates since you took over the particular task, and which have made great progress on it to go both on the human resource as well as on development, a good pipeline.

是的。我們所做的工作——實際上，我們去年就啟動了這項工作，當時我們成立了公用事業規模專案部門，妮可接手了這項工作，我們組織了這個特定部門，並不斷增加人手等等。我們正在增加聯邦政府和我們這個部門的人員。妮可可以補充一些細節。但我們意識到這對我們來說是一個絕佳的機會，而且我們擁有相關的專業知識。當然，自從你接手這項工作以來，妮可一直是最佳人選之一，你在人力資源和人才培養方面都取得了顯著進展，建立了良好的人才儲備。

Yes. And I would just add that we -- like George said, I mean we've shifted resources that we're already working our federal team to be able to focus strictly on this as well as some of the resources that we acquired in the Bright Canyon acquisition a couple of years ago. So we were able to have immediate support in the power side of this and continue to grow that. And expand our construction team, procurement teams, engineers and other front-end partners like the nuclear experts that we brought on earlier this year as well as the power solutions continue to evolve.

是的。我還要補充一點，就像喬治說的，我們已經調整了資源，包括我們正在與聯邦團隊合作，以便能夠專注於這個項目，以及幾年前收購布萊特峽谷項目時獲得的一些資源。因此，我們能夠在電力方面獲得即時支持，並繼續發展壯大。同時，我們也正在擴充我們的施工團隊、採購團隊、工程師和其他前端合作夥伴，例如我們今年稍早引進的核能專家，電力解決方案也不斷發展。

Got it. Appreciate that detail. And then my second question, you guys announced a second nuclear partner a few weeks ago with Terra Innovatum that they're really excited about. Is that starting to feel like more of a real opportunity on the nuclear side that could turn into orders or real work for Ameresco here and maybe '26 or '27 or still feels farther away?

明白了。感謝您提供的細節。我的第二個問題是，幾週前你們宣布了與Terra Innovatum的第二個核能合作夥伴，他們對此感到非常興奮。這是否意味著在核能領域，你們迎來了一個更現實的機會，有可能轉化為訂單或實際業務，也許會在2026年或2027年實現，還是感覺時間還比較遙遠？

It certainly seems more real. I wouldn't say '26 or '27 though, that's a little early even for a traditional power plant. But we're really excited about this other partnership because it's a different type of nuclear technology than the 1 that we did with Terrestrial and that is a microreactor instead of a small modular reactor. So different types of technology. And as we've always been neutral on technology, different -- agnostic on technology solutions, we want to have different partners to be able to address our -- especially on the federal side.

這看起來確實更現實了。不過我不會說2026年或2027年，即使對傳統核電廠來說，那也還為時過早。但我們對這次合作感到非常興奮，因為它採用的核子技術與我們之前和Terrestrial公司合作的核子技術不同，Terrestrial公司採用的是微型反應堆，而Terrestrial公司採用的是小型模組化反應器。所以是不同的技術。而且，我們一直對科技持中立態度，對不同的技術解決方案持開放態度，我們希望與不同的合作夥伴共同解決我們的問題——尤其是在聯邦層級。

So we're excited, and I think that opportunity is very real, especially with the Army announcement that just came out a couple of weeks ago, and more from the Department of Energy that we believe that it's certainly in the future, but probably a few more years than 2027.

所以我們感到很興奮，我認為這個機會非常真實，尤其是幾週前陸軍剛發布的公告，以及能源部發布的更多消息，我們相信這肯定會在未來發生，但可能比 2027 年還要晚幾年。

Great, good to hear. Thanks, Nicole. I'll turn it back.

太好了，很高興聽到這個消息。謝謝你，妮可。我會把它改回去的。

(Operator Instructions)

（操作說明）

George Gianarikas, Canaccord Genuity.

George Gianarikas，Canaccord Genuity。

Are you there, George?

喬治，你在嗎？

Operator, let's reprompt. Folks, I see a lot of you coming in and out. Right now the queue is not showing anybody, so if you want to come in, just hit star one, we'll get you in.

操作員，我們再提示一下。各位，我看到很多人進進出出。現在排隊的人不多，所以如果您想進來，請按星號1，我們會幫您進去。

(Operator Instructions)

（操作說明）

Seeing no further questions at this time, ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，目前沒有其他問題了，今天的電話會議到此結束。感謝各位的參與。現在可以掛斷電話了。