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EnerNOC Reports Fourth Quarter And Full Year 2012 Results

Stock quotes in this article: ENOC

BOSTON, Feb. 13, 2013 (GLOBE NEWSWIRE) -- EnerNOC, Inc. (Nasdaq:ENOC) (the "Company"), a leading provider of energy management applications, services and products, today announced financial results for the fourth quarter and year ended December 31, 2012.

"I'm proud of how we have positioned the Company over the past two years, and I am excited about our outlook today," said Tim Healy, Chairman and CEO of EnerNOC. "We achieved impressive cash flow generation in 2012 that further enhanced our already strong balance sheet. With increased pricing in PJM, the emergence of the Australian market as a substantial profit center, and a number of profitability initiatives in full swing, we expect significant top and bottom-line growth in 2013. We expect a strong 2013 in which we plan to deliver at least $0.60 per share in earnings at the low end of our increased guidance range."

Financial Summary        
         
In thousands, except per share amounts     Year Ended December 31,
   Q4 2012   Q4 2011 2012 2011
Revenues   $ 42,314  $ 26,759  $ 277,984  $ 286,608
Net (Loss) Income        
         
GAAP  $ (25,792) $ (28,016) $ (22,293) $ (13,383)
         
Non-GAAP* $ (20,391) $ (23,717) $ (1,436) $ 5,937
         
Adjusted EBITDA* $ (13,899) $ (20,935)   $ 18,446 $ 25,970
Diluted Net (Loss) Income per Share (EPS)        
         
GAAP  $ (0.96) $ (1.08)  $ (0.84) $ (0.52)
         
Non-GAAP* $ (0.76) $ (0.91) $ (0.05) $ 0.22
         
Cash Flow from Operations   $ 18,145  $ 10,871    $ 31,011  $ 27,637
Free Cash Flow*  $ 14,043  $ 8,430  $ 15,157  $ 10,024
         
*Please refer to the section below titled "Use of Non-GAAP Financial Measures" for non-GAAP definitions and the financial schedules attached to this press release for a reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures

Fourth Quarter 2012 and Recent Highlights

  • Increased cash and cash equivalents to $115.0 million from $87.3 million as of December 31, 2011.  
  • Grew EfficiencySMART, SupplySMART and Other revenues by over 20% year-over-year, to $33 million.  
  • Ended 2012 with the following DemandSMART statistics: -- 5,900 commercial, institutional, and industrial customers; -- 13,700 commercial, institutional, and industrial sites; -- 10,300 irrigation load control devices; -- Approximately 8,600 Megawatts Under Management; and -- Between 24,000 MW - 27,000 MW of Peak Load Under Management ("PLUM"), of which 30%-35% was curtailable.  
  • Ended 2012 with the following EfficiencySMART statistics: -- Approximately 2,100 sites with active EfficiencySMART Insight deployments, of which over 600 were added in 2012; and -- Over 500 active EfficiencySMART services projects.   
  • Signed new utility contracts with: -- TransGrid to provide 35 MW of demand response capacity in Eastern Australia; -- ERM Power to provide a white-labeled version of DemandSMART and EfficiencySMART, targeting 200 MW of demand response capacity in Eastern Australia; and -- Pacific Gas and Electric and Southern California Edison to provide over 200 MW of demand response capacity through December 31, 2014.  
  • Honored with several awards, including the 2012 Platts Global Energy Award for Industry Leadership, Deloitte's 2012 Technology Fast 500™, the New England Clean Energy Council's Employer of the Year, and CEO of the Year by the Mass Technology Leadership Council.

Financial Highlights

Revenues – Revenues for the fourth quarter of 2012 totaled $42.3 million, compared with $26.8 million in the fourth quarter of 2011, an increase of 58.1%.  Revenues for the year ended December 31, 2012 totaled $278.0 million, compared to $286.6 million for the year ended December 31, 2011, a decrease of 3.0%.

Gross profit – Gross profit for the fourth quarter of 2012 was $14.2 million, compared with $5.6 million in the fourth quarter of 2011, an increase of 152.6%. Gross profit for the year ended December 31, 2012 was $123.4 million, compared to $123.4 million for the year ended December 31, 2011, essentially unchanged. 

Gross margin – Gross margin for the fourth quarter of 2012 increased to 33.6% from 21.0% in the fourth quarter of 2011. Gross margin for the year ended December 31, 2012 increased to 44.4% from 43.1% for the year ended December 31, 2011.

Operating expenses – Operating expenses for the fourth quarter of 2012 were $38.1 million, compared with $35.1 million in the fourth quarter of 2011, an increase of 8.6%. Operating expenses for the year ended December 31, 2012 were $143.8 million compared with $132.9 million for the year ended December 31, 2011, an increase of 8.2%. 

Net loss – GAAP net loss for the fourth quarter of 2012 was $25.8 million, compared to a net loss of $28.0 million for the fourth quarter of 2011. GAAP net loss per share for the fourth quarter of 2012 was $0.96 per basic and diluted share, compared to $1.08 per basic and diluted share for the fourth quarter of 2011. GAAP net loss for the year ended December 31, 2012 was $22.3 million, compared to a net loss of $13.4 million for the year ended December 31, 2011. GAAP net loss per share for the year ended December 31, 2012 was $0.84 per basic and diluted share, compared to $0.52 per basic and diluted share for the year ended December 31, 2011.

Non-GAAP net loss – Excluding stock-based compensation and amortization expense related to acquired intangible assets, non-GAAP net loss for the fourth quarter of 2012 was $20.4 million or $0.76 per basic and diluted share, compared to $23.7 million or $0.91 per basic and diluted share for the fourth quarter of 2011. Excluding stock-based compensation and amortization expense related to acquired intangible assets, non-GAAP net loss for the year ended December 31, 2012 was $1.4 million or $0.05 per basic and diluted share, compared to non-GAAP net income of $5.9 million or $0.22 per diluted share for the year ended December 31, 2011.  Please refer to the discussion of non-GAAP financial measures below under "Use of Non-GAAP Financial Measures."

Capital expenditures – Capital expenditures for the fourth quarter of 2012 were $4.1 million representing a 68.0% increase over the fourth quarter of 2011. Capital expenditures for the year ended December 31, 2012 were $15.9 million representing a 10.0% decrease over the year ended December 31, 2011.

Cash and cash equivalents – Cash and cash equivalents as of December 31, 2012 grew to $115.0 million from $87.3 million as of December 31, 2011, primarily driven by net cash from operating activities.

Financial Outlook

The Company currently expects to deliver the following financial results for the quarter ending March 31, 2013 and the year ending December 31, 2013:

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