This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

EnerNOC Reports First Quarter 2013 Financial Results

Stocks in this article: ENOC

BOSTON, May 6, 2013 (GLOBE NEWSWIRE) -- EnerNOC, Inc. (Nasdaq:ENOC) (the "Company"), a leading provider of energy intelligence software and related solutions, today announced financial results for the first quarter ended March 31, 2013.

"In Q1 2013, we grew our year-over-year revenue by approximately 35%, continued to generate strong cash flow from operations, and released several new products and features that helped us secure new demand response opportunities and win approximately 100 new EfficiencySMART and SupplySMART contracts during the quarter," said Tim Healy, Chairman and CEO of EnerNOC. "In addition, we continued to bolster our leadership ranks with proven technology veterans and make investments that will help propel EnerNOC's next phase of growth. For the current year, we are reiterating our annual guidance for revenue of $360 million to $400 million, earnings per share of $0.60 to $0.85, and adjusted EBITDA of $62 million to $77 million."

Financial Summary

(In thousands, except percentages and per share amounts)      
  Q1 2013 Q1 2012 % Increase (Decrease)
Revenue $ 32,850 $ 24,450 34.4%
Net Income (Loss)      
GAAP $ (30,537) $ (27,713) (10.2%)
Non-GAAP* $ (24,039) $ (22,499) (6.8%)
Adjusted EBITDA* $ (18,507) $ (18,582) 0.4%
Diluted Net Income (Loss) per Share (EPS)      
GAAP $ (1.12) $ (1.06) (5.7%)
Non-GAAP* $ (0.88) $ (0.86) (2.3%)
Cash Flow From Operations $ 6,780 $ (188) n/a
Free Cash Flow* $ (2,158) $ (3,741) 42.3%
*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

First Quarter 2013 Operating Metrics & Financial Highlights

  • Grew Q1 2013 trailing twelve month EfficiencySMART, SupplySMART, and Other revenues by 23% year-over-year, to over $34 million.  
  • Grew Q1 2013 trailing twelve month international revenues by 159% year-over-year, to over $39 million.  
  • Ended Q1 2013 with the following DemandSMART statistics:
  • 6,000 + commercial, institutional, and industrial customers;
  • 14,000 + commercial, institutional, and industrial sites;
  • 24,000 MW – 27,000 MW of Peak Load Under Management, of which 30% to 35% was curtailable.
  • Ended Q1 2013 with the following EfficiencySMART statistics:
  • 100 + commercial, institutional, and industrial EfficiencySMART Insight customers;
  • 2,000 + commercial, institutional, and industrial EfficiencySMART Insight sites.

Other Recent Highlights

  • Signed new utility contracts with:
  • PacifiCorp to provide 185 megawatts of agricultural demand response, the largest agricultural demand response contract in Company history; and
  • Southern California Edison, an extension of an existing EfficiencySMART contract.
  • Added Neil Moses as Chief Financial Officer and Fielder Hiss as Vice President of Product Management.  
  • Added Jim Baum and Peter Gyenes to EnerNOC's Board of Directors.  
  • Entered into a new credit facility with up to $70 million of borrowing ability, an expansion of $20 million over our previous credit facility.  
  • Launched new products and features, including:
  • A new DemandSMART Predictor application for New England;
  • A new EfficiencySMART Executive Dashboard;
  • Enhanced EfficiencySMART data analytics and reporting features for industrial customers; and
  • A new wireless mesh data capture and communication system that extends the reach and performance of the EnerNOC Site Server.

Financial Outlook

EnerNOC is issuing guidance for the second quarter and full year 2013 as follows:

1 of 4

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs