Opening of Proposals - WWTP Solar Guaranteed Energy Savings Contract Proj. No. 124-015 - Ameresco

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Table of Contents AMERESCO, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (In thousands, except per share amounts) Deferred tax assets and liabilities consisted of the following: Deferred income tax assets: Compensation accruals Reserves Sale -leasebacks and other accruals Net operating losses Interest limitation Energy efficiency Deferred revenue Gross deferred income tax assets Valuation allowance Total deferred income tax assets Deferred income tax liabilities: Depreciation Deferred effect of derivative liability Canadian capital cost, allowance and amortization Italy intangibles United Kingdom goodwill amortization Outside basis difference Interest rate swaps Total deferred income tax liabilities Deferred income tax assets (liabilities), net Our valuation allowance related to the following items: Interest rate swaps(') Foreign net operating loss(2) State net operating loss at one of our subsidiaries(3) Total valuation allowance December 31, 2023 2022 $ 4,137 $ 3,306 5,906 4,111 49,300 32,945 28,565 18,395 8,273 — 82,827 71,433 2,114 2,132 181,122 132,322 (3,704) (3,621) $ 177,418 $ 128,701 $ (137,966) $ (122,762) (2,166) (1,640) (5,738) (3,098) (1,324) — (852) (952) (6,599) (5,038) (841) (1,347) (155,486) (134,837) $ 21,932 $ (6,136) December 31, 2023 2022 $ 49 3,702 3,555 17 $ 3,704 $ 3,621 (1) The deferred tax asset represents a future capital loss which can only be recognized for income tax purposes to the extent of capital gain income. Although we anticipate sufficient future taxable income, it is more likely than not that it will not be the appropriate character to allow for the recognition of the future capital loss. (2) It is more likely than not that we will not generate sufficient taxable income at the foreign subsidiary level to utilize the net operating loss. (3) It is more likely than not that we will not generate sufficient taxable income at the subsidiary level to utilize the net operating loss. 87