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 $77 million."
|(In thousands, except percentages and per share amounts)|
|Q1 2013||Q1 2012||% Increase (Decrease)|
|Revenue||$ 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|
- 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:
Other Recent Highlights
- 100 + commercial, institutional, and industrial EfficiencySMART Insight customers;
- 2,000 + commercial, institutional, and industrial EfficiencySMART Insight sites.
- 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:
Financial Outlook EnerNOC is issuing guidance for the second quarter and full year 2013 as follows:
- 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.