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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
OR
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________ to ___________.
Commission File Number: 001-34811
Ameresco, Inc.
(Exact name of registrant as specified in its charter)
Delaware 04-3512838
(State or Other Jurisdiction of
Incorporation or Organization)
 (I.R.S. Employer
Identification No.)
111 Speen Street, Suite 410
Framingham, Massachusetts
 01701
(Address of Principal Executive Offices) (Zip Code)
(508661-2200
(Registrant’s Telephone Number, Including Area Code)
N/A
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of exchange on which registered
Class A Common Stock, par value $0.0001 per share
AMRCNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer ☑
Accelerated Filer o
Non-accelerated filer o
Smaller reporting company 
Emerging growth company 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class
Shares outstanding as of November 3, 2023
Class A Common Stock, $0.0001 par value per share34,234,525
Class B Common Stock, $0.0001 par value per share18,000,000



TABLE OF CONTENTS
  Page
 
 
 
 



Part I - Financial Information
Item 1. Condensed Consolidated Financial Statements

AMERESCO, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts)
September 30, 2023December 31, 2022
(Unaudited)
ASSETS
Current assets: 
Cash and cash equivalents (1)
$107,776 $115,534 
Restricted cash (1)
56,909 20,782 
Accounts receivable, net of allowance of $897 and $911, respectively (1)
133,070 174,009 
Accounts receivable retainage, net33,459 38,057 
Costs and estimated earnings in excess of billings (1)
591,378 576,363 
Inventory, net13,648 14,218 
Prepaid expenses and other current assets (1)
67,864 38,617 
Income tax receivable7,219 7,746 
Project development costs, net18,800 16,025 
Total current assets (1)
1,030,123 1,001,351 
Federal ESPC receivable529,382 509,507 
Property and equipment, net (1)
17,551 15,707 
Energy assets, net (1)
1,656,585 1,181,525 
Deferred income tax assets, net9,439 3,045 
Goodwill, net77,343 70,633 
Intangible assets, net7,347 4,693 
Operating lease assets (1)
52,857 38,224 
Restricted cash, non-current portion (1)
11,010 13,572 
Other assets (1)
69,356 38,564 
 Total assets (1)
$3,460,993 $2,876,821 
LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS, AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portions of long-term debt and financing lease liabilities, net (1)
$409,906 $331,479 
Accounts payable (1)
328,155 349,126 
Accrued expenses and other current liabilities (1)
93,584 89,166 
Current portions of operating lease liabilities (1)
12,703 5,829 
Billings in excess of cost and estimated earnings36,880 34,796 
Income taxes payable1,114 1,672 
Total current liabilities (1)
882,342 812,068 
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs (1)
1,022,256 568,635 
Federal ESPC liabilities486,019 478,497 
Deferred income tax liabilities, net4,134 9,181 
Deferred grant income7,070 7,590 
Long-term operating lease liabilities, net of current portion (1)
38,806 31,703 
Other liabilities (1)
73,965 49,493 
Commitments and contingencies (Note 10)
Redeemable non-controlling interests, net47,275 46,623 
(1) Includes restricted assets of consolidated variable interest entities (“VIEs”) at September 30, 2023 and December 31, 2022 of $304,634 and $213,913, respectively. Includes non-recourse liabilities of consolidated VIEs at September 30, 2023 and December 31, 2022 of $180,085 and $50,729, respectively. See Note 13.
1

AMERESCO, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts) (Continued)
September 30, 2023December 31, 2022
(Unaudited)
Stockholders’ equity:
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at September 30, 2023 and December 31, 2022
$ $ 
Class A common stock, $0.0001 par value, 500,000,000 shares authorized, 36,336,341 shares issued and 34,234,546 shares outstanding at September 30, 2023, 36,050,157 shares issued and 33,948,362 shares outstanding at December 31, 2022
3 3 
Class B common stock, $0.0001 par value, 144,000,000 shares authorized, 18,000,000 shares issued and outstanding at September 30, 2023 and December 31, 2022
2 2 
Additional paid-in capital321,821 306,314 
Retained earnings562,203 533,549 
Accumulated other comprehensive loss, net(3,735)(4,051)
Treasury stock, at cost, 2,101,795 shares at September 30, 2023 and December 31, 2022
(11,788)(11,788)
Stockholders’ equity before non-controlling interest868,506 824,029 
Non-controlling interests30,620 49,002 
Total stockholders’ equity899,126 873,031 
Total liabilities, redeemable non-controlling interests, and stockholders’ equity$3,460,993 $2,876,821 

See notes to condensed consolidated financial statements.

2

AMERESCO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share and per share amounts) (Unaudited)
 Three Months Ended September 30,Nine Months Ended September 30,
 2023202220232022
Revenues$335,149 $441,296 $933,265 $1,492,695 
Cost of revenues271,493 361,740 761,012 1,263,458 
Gross profit63,656 79,556 172,253 229,237 
Earnings from unconsolidated entities526 488 1,356 1,477 
Selling, general and administrative expenses42,752 41,106 125,466 120,036 
Operating income21,430 38,938 48,143 110,678 
Other expenses, net10,642 7,546 27,883 19,876 
Income before income taxes10,788 31,392 20,260 90,802 
Income tax (benefit) provision(10,054)3,657 (10,552)10,896 
Net income20,842 27,735 30,812 79,906 
Net loss (income) attributable to non-controlling interests and redeemable non-controlling interests423 (344)(2,077)(2,915)
Net income attributable to common shareholders$21,265 $27,391 $28,735 $76,991 
Net income per share attributable to common shareholders: 
Basic$0.41 $0.53 $0.55 $1.48 
Diluted$0.40 $0.51 $0.54 $1.44 
Weighted average common shares outstanding:  
Basic52,209 51,869 52,104 51,810 
Diluted53,300 53,297 53,259 53,252 

See notes to condensed consolidated financial statements.
3

AMERESCO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands) (Unaudited)
 Three Months Ended September 30,
 20232022
Net income$20,842 $27,735 
Other comprehensive income (loss):
Unrealized gain from interest rate hedges, net of tax764 1,757 
Foreign currency translation adjustments(1,651)(3,053)
Total other comprehensive loss(887)(1,296)
Comprehensive income19,955 26,439 
Comprehensive income attributable to non-controlling interests and redeemable non-controlling interests:
Net loss (income)423 (344)
Foreign currency translation adjustments36  
Comprehensive loss (income) attributable to non-controlling interests and redeemable non-controlling interests459 (344)
Comprehensive income attributable to common shareholders$20,414 $26,095 
 Nine Months Ended September 30,
 20232022
Net income30,812 79,906 
Other comprehensive income:
Unrealized gain from interest rate hedges, net of tax716 6,033 
Foreign currency translation adjustments(425)(5,016)
Total other comprehensive income 291 1,017 
Comprehensive income31,103 80,923 
Comprehensive income attributable to non-controlling interests and redeemable non-controlling interests:
Net income(2,077)(2,915)
Foreign currency translation adjustments26  
Comprehensive income attributable to non-controlling interests and redeemable non-controlling interests(2,051)(2,915)
Comprehensive income attributable to common shareholders$29,052 $78,008 

See notes to condensed consolidated financial statements.
4

AMERESCO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE NON-CONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY
For the Three Months Ended September 30, 2023 and 2022
(In thousands, except share amounts) (Unaudited)
Redeemable Non-controlling InterestsClass A Common StockClass B Common StockAdditional Paid-in CapitalAccumulated Other Comprehensive LossTreasury StockNon-controlling InterestsTotal Stockholders’ Equity
SharesAmountSharesAmountRetained EarningsSharesAmount
Balance, June 30, 2022$47,918 33,833,893 $3 18,000,000 $2 $294,240 $488,278 $(4,354)2,101,795 $(11,788)$15,186 $781,567 
Exercise of stock options— 80,300 — — — 1,616 — — — — — 1,616 
Stock-based compensation expense— — — — — 3,631 — — — — — 3,631 
Unrealized gain from interest rate hedges, net— — — — — — — 1,757 — — — 1,757 
Foreign currency translation adjustment— — — — — — — (3,053)— — — (3,053)
Distributions to redeemable non-controlling interests(212)— — — — — — — — — — — 
Accretion of tax equity financing fees27 — — — — — (27)— — — — (27)
Contributions from non-controlling interest— — — — — — — — — — 1,658 1,658 
Net income344 — — — — — 27,391 — — — — 27,391 
Balance, September 30, 2022$48,077 33,914,193 $3 18,000,000 $2 $299,487 $515,642 $(5,650)2,101,795 $(11,788)$16,844 $814,540 
Balance, June 30, 2023$47,994 34,200,610 $3 18,000,000 $2 $317,228 $540,964 $(2,884)2,101,795 $(11,788)$30,458 $873,983 
Exercise of stock options— 22,150 — — — 274 — — — — — 274 
Stock-based compensation expense— — — — — 4,319 — — — — — 4,319 
Restricted stock units released— 11,786 — — — — — — — — — — 
Unrealized gain from interest rate hedges, net— — — — — — — 764 — — — 764 
Foreign currency translation adjustment— — — — — — — (1,615)— — (36)(1,651)
Distributions to redeemable non-controlling interests(159)— — — — — — — — — — — 
Accretion of tax equity financing fees26 — — — — — (26)— — — — (26)
Contributions from non-controlling interests— — — — — — — — — — 35 35 
Net (loss) income(586)— — — — — 21,265 — — — 163 21,428 
Balance, September 30, 2023$47,275 34,234,546 $3 18,000,000 $2 $321,821 $562,203 $(3,735)2,101,795 $(11,788)$30,620 $899,126 

See notes to condensed consolidated financial statements.
5

AMERESCO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE NON-CONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY
For the Nine Months Ended September 30, 2023 and 2022
(In thousands, except share amounts) (Unaudited)
Redeemable Non-controlling InterestsClass A Common StockClass B Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive LossTreasury StockNon-controlling InterestsTotal Stockholders’ Equity
SharesAmountSharesAmountSharesAmount
Balance, December 31, 2021$46,182 33,716,309 $3 18,000,000 $2 $283,982 $438,732 $(6,667)2,101,795 $(11,788)$ $704,264 
Exercise of stock options— 180,888 — — — 3,482 — — — — — 3,482 
Stock-based compensation expense— — — — — 10,837 — — — — — 10,837 
Employee stock purchase plan— 16,996 — — — 948 — — — — — 948 
Unrealized gain from interest rate hedges, net— — — — — — — 6,033 — — — 6,033 
Foreign currency translation adjustment— — — — — — — (5,016)— — — (5,016)
Distributions to redeemable non-controlling interests(863)— — — — — — — — — — 
Accretion of tax equity financing fees81 — — — — (81)— — — — (81)
Investment fund call option exercise(238)— — — — 238 — — — — — 238 
Contributions from non-controlling interest— — — — — — — — — — 16,844 16,844 
Net income2,915 — — — — — 76,991 — — — — 76,991 
Balance, September 30, 2022$48,077 33,914,193 $3 18,000,000 $2 $299,487 $515,642 $(5,650)2,101,795 $(11,788)$16,844 $814,540 
Balance, December 31, 2022$46,623 33,948,362 $3 18,000,000 $2 $306,314 $533,549 $(4,051)2,101,795 $(11,788)$49,002 $873,031 
Exercise of stock options— 238,750 — — — 2,367 — — — — — 2,367 
Stock-based compensation expense— — — — — 12,318 — — — — — 12,318 
Employee stock purchase plan— 24,833 — — — 1,017 — — — — — 1,017 
Restricted stock units released— 22,601 — — — — — — — — — — 
Unrealized gain from interest rate hedges, net— — — — — — — 716 — — — 716 
Foreign currency translation adjustment— — — — — — — (400)— — (25)(425)
Distributions to redeemable non-controlling interests(494)— — — — — — — — — — — 
Accretion of tax equity financing fees81 — — — — — (81)— — — — (81)
Investment fund call option exercise195 — — — — (195)— — — — — (195)
Contributions from non-controlling interests— — — — — — — — — — 957 957 
Distributions to non-controlling interest— — — — — — — — — — (20,521)(20,521)
Net income870 — — — — — 28,735 — — — 1,207 29,942 
Balance, September 30, 2023$47,275 34,234,546 $3 18,000,000 $2 $321,821 $562,203 $(3,735)2,101,795 $(11,788)$30,620 $899,126 
See notes to condensed consolidated financial statements.
6

AMERESCO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands) (Unaudited)
 Nine Months Ended September 30,
 20232022
Cash flows from operating activities:  
Net income$30,812 $79,906 
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation of energy assets, net42,847 36,911 
Depreciation of property and equipment2,849 2,057 
Increase in contingent consideration705 814 
Accretion of ARO liabilities194 108 
Amortization of debt discount and debt issuance costs3,407 2,869 
Amortization of intangible assets1,681 1,462 
Provision for bad debts637 363 
Loss on write-off of long-lived assets18 888 
Earnings from unconsolidated entities(1,356)(1,477)
Net gain from derivatives(3,306)(225)
Stock-based compensation expense12,318 10,837 
Deferred income taxes, net(13,089)4,927 
Unrealized foreign exchange loss1,148 466 
Changes in operating assets and liabilities:
Accounts receivable58,135 (47,257)
Accounts receivable retainage4,589 225 
Federal ESPC receivable(143,647)(180,249)
Inventory, net570 (4,287)
Costs and estimated earnings in excess of billings5,260 (325,057)
Prepaid expenses and other current assets(10,925)864 
Project development costs(4,638)(823)
Other assets(2,080)(10,254)
Accounts payable, accrued expenses and other current liabilities(38,444)143,026 
Billings in excess of cost and estimated earnings10,104 7,802 
Other liabilities1,200 (436)
Income taxes receivable, net590 3,371 
Cash flows from operating activities
(40,421)(273,169)
Cash flows from investing activities:
Purchases of property and equipment(4,597)(3,981)
Capital investment in energy assets(445,540)(182,119)
Capital investment in major maintenance of energy assets(8,024)(16,106)
Asset acquisition, net of cash acquired6,206  
Contributions to equity investments(3,489) 
Acquisitions, net of cash received(9,183) 
Loans to joint venture investments(566)(458)
Cash flows from investing activities
(465,193)(202,664)
See notes to condensed consolidated financial statements.
7

AMERESCO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands) (Unaudited) (Continued)
Nine Months Ended September 30,
20232022
Cash flows from financing activities:  
Payments of debt discount and debt issuance costs$(8,635)$(2,885)
Proceeds from exercises of options and ESPP3,384 4,430 
(Payments on) proceeds from senior secured revolving credit facility, net(115,000)139,000 
Proceeds from long-term debt financings728,600 331,086 
Proceeds from Federal ESPC projects107,303 173,865 
Net proceeds from energy asset receivable financing arrangements12,514 7,675 
Contributions from non-controlling interests499 13,148 
Distributions to non-controlling interest(20,521) 
Distributions to redeemable non-controlling interests, net(494)(784)
Payment on seller's promissory note(12,500) 
Payments on long-term debt and financing leases(162,749)(111,341)
Cash flows from financing activities
532,401 554,194 
Effect of exchange rate changes on cash(980)(1,857)
Net increase in cash, cash equivalents, and restricted cash25,807 76,504 
Cash, cash equivalents, and restricted cash, beginning of period149,888 87,054 
Cash, cash equivalents, and restricted cash, end of period$175,695 $163,558 
Supplemental disclosures of cash flow information:
Cash paid for interest$51,180 $23,658 
Cash paid for income taxes$2,719 $3,728 
Non-cash Federal ESPC settlement$99,164 $395 
Accrued purchases of energy assets$89,820 $52,744 
Non-cash contributions from non-controlling interest$458 $3,696 
Non-cash financing for energy asset project acquisition$82,964 $ 

See notes to condensed consolidated financial statements.
8

AMERESCO, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands) (Unaudited)


1. BASIS OF PRESENTATION
The accompanying condensed consolidated financial statements of Ameresco, Inc. (including its subsidiaries, the “Company,” “Ameresco,” “we,” “our,” or “us”) are unaudited, according to certain rules and regulations of the Securities and Exchange Commission, and include, in our opinion, normal recurring adjustments necessary for a fair presentation in conformity with accounting principles generally accepted in the United States (“GAAP”) of the results for the periods indicated.
The results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of results which may be expected for the full year. The December 31, 2022 consolidated balance sheet data was derived from audited financial statements, but certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. The interim condensed consolidated financial statements and accompanying notes should be read in conjunction with the audited consolidated financial statements and accompanying notes for the year ended December 31, 2022, included in our annual report on Form 10-K (“2022 Form 10-K”) filed with the Securities and Exchange Commission on February 28, 2023.
Reclassification and Rounding
Certain prior period amounts were reclassified to conform to the presentation in the current period. We round amounts in the condensed consolidated financial statements to thousands and calculate all percentages and per-share data from the underlying whole-dollar amounts. Thus, certain amounts may not foot, crossfoot, or recalculate based on reported numbers due to rounding.
Significant Risks and Uncertainties
Global factors have continued to result in global supply chain disruptions, certain governmental travel and other restrictions, and inflationary pressures.
We have considered the impact of general global economic conditions on the assumptions and estimates used, which may change in response to this evolving situation. Results of future operations and liquidity could be adversely impacted by a number of factors including supply chain disruptions, varying levels of inflation, payments of outstanding receivable amounts beyond normal payment terms, workforce disruptions, and uncertain demand. As of the date of issuance of these condensed consolidated financial statements, we cannot reasonably estimate the extent to which macroeconomic conditions may impact our financial condition, liquidity, or results of operations in the foreseeable future. The ultimate impact of the pandemic and general global economic conditions on our business is highly uncertain and will depend on future developments, and such impacts could exist for an extended period of time, even after the pandemic subsides.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Our accounting policies are set forth in Note 2 to the consolidated financial statements contained in our 2022 Form 10-K. We have included certain updates to those policies below.
Accounts Receivable and Allowance for Credit Losses
Changes in the allowance for credit losses are as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Allowance for credit losses, beginning of period$903 $2,262 $911 $2,263 
Provision for bad debts58 119 637 363 
Account write-offs and other(64)(19)(651)(264)
Allowance for credit losses, end of period$897 $2,362 $897 $2,362 
Accounts Receivable Factoring
Ameresco’s wholly-owned subsidiary in Italy entered into factoring agreements to sell certain receivables to unrelated third-party financial institutions on a non-recourse basis. These transactions are accounted for in accordance with ASC Topic 860, Transfers and Servicing and result in a reduction in accounts receivable because the agreements transfer effective control over the
9

AMERESCO, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands) (Unaudited) (Continued)
receivables, and related risk, to the buyers. Our Italian subsidiary does not retain any interest in the underlying accounts receivable once sold. Trade accounts receivables balances sold are removed from the condensed consolidated balance sheets, and cash received is reflected in operating activities in the condensed consolidated statements of cash flows. Factoring fees during the three and nine months ended September 30, 2023 were $2,075 and $3,326, respectively, and are included in other expense, net in the condensed consolidated statements of income. See Note 18. Other Expenses, Net.
Recent Accounting Pronouncements
Reference Rate Reform
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04, as amended by ASU 2021-01 in January 2021, directly addressing the effects of reference rate reform on financial reporting as a result of the cessation of the publication of certain London interbank offered rate (“LIBOR”) rates beginning December 31, 2021, with complete elimination of the publication of the LIBOR rates by June 30, 2023. The guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform by virtue of referencing LIBOR or another reference rate expected to be discontinued. This guidance became effective on March 12, 2020, and then amended by ASU 2022-06 in December 2022, extending the adoption date to no later than December 31, 2024, with early adoption permitted. We adopted this guidance beginning January 1, 2023 upon entering amendments to credit agreements which introduced the secured overnight financing rate as administrated by the Federal Reserve Bank of New York to replace LIBOR as the benchmark. The adoption of this guidance did not have a material impact on our condensed consolidated financial statements.
Derivatives and Hedging
In March 2022, the FASB issued ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method, which expands the current single-layer method to allow multiple hedged layers of a single closed portfolio to be hedged under the method. ASU 2022-01 is effective for our fiscal year ending beginning after December 15, 2022. We adopted this accounting standard as of January 1, 2023 and the adoption did not have an impact on our condensed consolidated financial statements.
Fair Value Measurement
In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which clarifies the measurement criteria for equity securities and refines the disclosure requirements for equity securities subject to contractual sale restrictions. ASU 2022-03 is effective for our fiscal year ending beginning after December 15, 2023. We are currently evaluating the impact that adopting this new accounting standard would have on our condensed consolidated financial statements.
Investments - Equity Method and Joint Ventures
In March 2023, the FASB issued ASU 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method, which defines consistent accounting for equity investments for the purpose of receiving income tax credits and other income tax benefits. ASU 2023-02 is effective for our fiscal year ending beginning after December 15, 2023. We are currently evaluating the impact that adopting this new accounting standard would have on our condensed consolidated financial statements.
Business Combinations— Joint Venture Formations
In August 2023, the FASB issued ASU 2023-05, Business Combinations— Joint Venture Formations (Subtopic 805-60) Recognition and Initial Measurement, which addresses the accounting for contributions made to a joint venture, upon formation, in a joint venture’s separate financial statements. ASU 2023-05 is effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. We are currently evaluating the impact that adopting this new accounting standard would have on our condensed consolidated financial statements.
10

AMERESCO, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands) (Unaudited) (Continued)
3. REVENUE FROM CONTRACTS WITH CUSTOMERS
Disaggregation of Revenue
Our reportable segments for the three and nine months ended September 30, 2023 and 2022 were U.S. Regions, U.S. Federal, Canada, Alternative Fuels and All Other.
The following table presents our revenue disaggregated by line of business and reportable segment for the three months ended September 30, 2023:
U.S. RegionsU.S. FederalCanadaAlternative FuelsAll OtherTotal
Project revenue$120,297 $71,779 $12,872 $ $37,736 $242,684 
O&M revenue6,353 13,838 17 2,073 492 22,773 
Energy assets15,911 1,495 1,274 25,227 352 44,259 
Integrated-PV4    11,611 11,615 
Other674 229 3,371 19 9,525 13,818 
Total revenues$143,239 $87,341 $17,534 $27,319 $59,716 $335,149 
The following table presents our revenue disaggregated by line of business and reportable segment for the three months ended September 30, 2022:
U.S. RegionsU.S. FederalCanadaAlternative FuelsAll OtherTotal
Project revenue$251,338 $83,878 $8,788 $ $7,527 $351,531 
O&M revenue5,936 13,524 10 2,251 133 21,854 
Energy assets11,892 1,570 1,264 26,956  41,682 
Integrated-PV    13,616 13,616 
Other2,040 152 2,304 214 7,903 12,613 
Total revenues$271,206 $99,124 $12,366 $29,421 $29,179 $441,296 

The following table presents our revenue disaggregated by line of business and reportable segment for the nine months ended September 30, 2023:
U.S. RegionsU.S. FederalCanadaAlternative FuelsAll OtherTotal
Project revenue$338,119 $181,232 $38,865 $ $96,585 $654,801 
O&M revenue18,191 40,439 80 8,054 1,285 68,049 
Energy assets47,619 4,735 3,370 77,901 1,412