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Business Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Business Segment Information GEOGRAPHIC INFORMATION
The following table presents our long-lived assets related to our operations by geographic area:
As of December 31,
 20242023
Long-lived Tangible Assets   
United States$1,888,440 $1,670,322 
Canada20,509 23,549
Europe17,402 12,948 
Total long-lived assets$1,926,351  $1,706,819 
We attribute revenues to customers based on the location of the customer. The following table presents revenues by geographic region:
Year Ended December 31,
202420232022
Revenues 
United States$1,446,879 $1,161,775 $1,712,326 
Canada72,37163,36753,461
Europe250,678 149,491 58,635 
Total revenues$1,769,928 $1,374,633 $1,824,422 
BUSINESS SEGMENT INFORMATION
Our reportable segments for the year ended December 31, 2024 were North America Regions, U.S. Federal, Europe, and Renewable Fuels (formerly Alternative Fuels). On January 1, 2024, we changed the structure of our internal organization, and our U.S. Regions and Canada are now included in North America Regions. Additionally, our Asset Sustainability Group was formerly included in Canada, but is now included in “All Other”. As a result, previously reported amounts have been reclassified for comparative purposes.
Our North America Regions, U.S. Federal, and Europe segments offer energy efficiency products and services which include the design, engineering, and installation of equipment and other measures to improve the efficiency and control the operation of a facility’s energy infrastructure, renewable energy solutions, and services which include the construction of small-scale plants that Ameresco owns or develops for customers that produce electricity, gas, heat, or cooling from renewable sources of energy and O&M services.
Our Renewable Fuels segment sells electricity, processed renewable gas fuel, heat or cooling, produced from renewable sources of energy, other than solar, and generated by small-scale plants that we own and O&M services for customer owned small-scale plants. Our North America Regions segment also includes certain small-scale solar grid-tie plants developed for customers. The “All Other” category offers consulting services and the sale of solar PV energy products and systems which we refer to as integrated-PV. These segments do not include results of other activities, such as corporate operating expenses not specifically allocated to the segments. Certain reportable segments are an aggregation of operating segments.
Our Chief Executive Officer and President is our chief operating decision maker (“CODM”). The CODM is responsible for making operating decisions, allocating resources, and assessing performance of the business segments. The CODM uses the segments’ income before income taxes as the profitability measure in making these decisions.
For the years ended December 31, 2024, 2023, and 2022, 67.3%, 71.8%, and 46.0%, respectively, of our revenues have been derived from federal, state, provincial, or local government entities, including public housing authorities, public universities and municipal utilities. The U.S. federal government, which is considered a single customer for reporting purposes, constituted 21.0%, 29.3%, and 21.5% of our consolidated revenues for the years ended December 31, 2024, 2023, and 2022, respectively. Revenues from the U.S. federal government are included in our U.S. Federal segment.
The reports of our CODM do not include assets at the operating segment level.
The table below presents our business segment information and reconciliation to our consolidated financial statements for the years ending December 31:
North America RegionsU.S. FederalRenewable FuelsEuropeAll OtherCorporateTotal
2024
Revenues$878,828 $372,536 $173,342 $250,574 $94,648 $1,769,928 
Cost of revenues773,205 313,413 136,720 227,163 63,336 1,513,837 
Gross profit105,623 59,123 36,622 23,411 31,312 256,091 
Add:
Earnings from unconsolidated entities51 687 — 54 — — 792 
Gain on sale of business, net— — — — 38,007 — 38,007 
Less:
Selling, general and administrative expenses50,985 13,064 2,909 16,951 22,203 67,649 173,761 
Asset impairments527 — 9,233 — — 2,624 12,384 
Loss (gain) on derivatives193 (1,083)(137)— — — (1,027)
Interest expense, net of interest income9,894 4,982 25,552 4,271 (1)20,333 65,031 
Other expenses3,172 883 460 1,467 34 4,785 10,801 
Income before income taxes40,903 41,964 (1,395)776 47,083 (95,391)33,940 
Other Non-cash Segment Disclosures:
Depreciation and intangible asset amortization (1)
36,400 14,206 31,968 2,090 2,684 1,863 89,211 
Amortization of debt discount & debt issuance costs (1)
2,056 883 460 — — 1,752 5,151 
(1) These amounts disclosed by reportable segment are included within the other segment expense captions.
North America RegionsU.S. FederalRenewable FuelsEuropeAll OtherCorporateTotal
2023
Revenues616,434 402,884 117,075 149,354 88,886 1,374,633 
Cost of revenues515,986 340,989 87,819 123,215 60,195 1,128,204 
Gross profit100,448 61,895 29,256 26,139 28,691 246,429 
Add:
Earnings from unconsolidated entities— 1,758 — — — — 1,758 
Less:
Selling, general and administrative expenses51,161 12,090 4,383 14,110 21,969 58,425 162,138 
Asset impairments2,222 — 1,609 — — — 3,831 
(Gain) loss on derivatives
(2,461)857 496 — — — (1,108)
Interest expense, net of interest income7,003 1,429 16,019 2,477 (6)9,247 36,169 
Other expenses1,654 11 533 5,915 75 700 8,888 
Income before income taxes40,869 49,266 6,216 3,637 6,653 (68,372)38,269 
Other Non-cash Segment Disclosures:
Depreciation and intangible asset amortization (1)
$28,682 $5,343 $26,160 $2,082 $1,861 $1,783 $65,911 
Amortization of debt discount & debt issuance costs (1)
2,444 50 533 — — 1,174 4,201 
North America RegionsU.S. FederalRenewable FuelsEuropeAll OtherCorporateTotal
2022
Revenues1,173,281 391,891 114,459 58,410 86,381 1,824,422 
Cost of revenues1,020,266 329,527 78,359 46,808 58,629 1,533,589 
Gross profit153,015 62,364 36,100 11,602 27,752 290,833 
Add:
Earnings from unconsolidated entities— 1,647 — — — — 1,647 
Less:
Selling, general and administrative expenses57,401 11,757 2,962 6,626 18,640 62,102 159,488 
Asset impairments— — — — — — — 
(Gain) loss on derivatives
(506)— 294 — — — (212)
Interest expense, net of interest income7,865 1,231 8,657 24 (3)7,955 25,729 
Other (income) expenses
(580)157 1,198 (150)7 1,124 1,756 
Income before income taxes88,835 50,866 22,989 5,102 9,108 (71,181)105,719 
Other Non-cash Segment Disclosures:
Depreciation and intangible asset amortization (1)
23,152 4,905 23,354 275 746 1,846 54,278 
Amortization of debt discount & debt issuance costs (1)
1,712 157 1,198 — — 1,144 4,211 
(1) These amounts disclosed by reportable segment are included within the other segment expense captions.
See Note 3 for additional information about our revenues by product line.