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Table of Contents
<br />AMERESCO, INC.
<br />NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
<br />(In thousands, except per share amounts)
<br />The table below presents our business segment information and reconciliation to our consolidated financial statements:
<br />U.S. Regions
<br />U.S. Federal
<br />Canada
<br />Alternative Fuels
<br />Europe
<br />All Other
<br />Total
<br />2023
<br />Revenues $
<br />557,122
<br />$ 402,884 $
<br />70,110
<br />$ 117,075 $
<br />152,842
<br />$ 74,600 $
<br />1,374,633
<br />Earnings from unconsolidated entities
<br />-
<br />1,758
<br />-
<br />-
<br />-
<br />-
<br />1,758
<br />(Gain) loss on derivatives
<br />(2,326)
<br />857
<br />(136)
<br />497
<br />(1,108)
<br />Net interest expense (income)
<br />6,169
<br />1,429
<br />834
<br />16,019
<br />2,477
<br />(6)
<br />26,922
<br />Depreciation and intangible asset amortization
<br />27,060
<br />5,343
<br />1,626
<br />26,160
<br />2,290
<br />1,650
<br />64,129
<br />Unallocated corporate activity
<br />(68,372)
<br />Income before taxes, excluding unallocated
<br />corporate activity
<br />38,746
<br />49,237
<br />3,813
<br />6,215
<br />4,188
<br />4,442
<br />106,641
<br />2022
<br />Revenues
<br />1,123,343
<br />391,891
<br />58,558
<br />114,459
<br />61,645
<br />74,526
<br />1,824,422
<br />Earnings from unconsolidated entities
<br />-
<br />1,647
<br />-
<br />-
<br />-
<br />-
<br />1,647
<br />(Gain) loss on derivatives
<br />(354)
<br />-
<br />(152)
<br />294
<br />-
<br />-
<br />(212)
<br />Net interest expense (income)
<br />6,948
<br />1,231
<br />917
<br />8,657
<br />25
<br />(3)
<br />17,775
<br />Depreciation and intangible asset amortization
<br />21,463
<br />4,905
<br />1,702
<br />23,354
<br />575
<br />433
<br />52,432
<br />Unallocated corporate activity
<br />(71,180)
<br />Income before taxes, excluding unallocated
<br />corporate activity
<br />88,531
<br />50,866
<br />2,554
<br />22,989
<br />5,589
<br />6,370
<br />176,899
<br />2021
<br />Revenues 551,118 392,948 49,483 111,223 46,164 64,761 1,215,697
<br />Loss from unconsolidated entities (56) - - - (62) - (118)
<br />(Gain) loss on derivatives (1,017) - (73) 1,330 - - 240
<br />Net interest expense 6,255 1,294 879 5,793 378 - 14,599
<br />Depreciation and intangible asset amortization 15,699 4,666 1,872 21,080 716 724 44,757
<br />Unallocated corporate activity (47,361)
<br />Income before taxes, excluding unallocated
<br />corporate activity 38,285 52,388 1,581 27,774 2,997 2,480 125,505
<br />See Note 3 for additional information about our revenues by product line.
<br />21. ASSETS HELD FOR SALE
<br />During the year ended December 31, 2023, we determined that there were5 energy asset projects under construction that were considered to be assets held for sale, since these
<br />assets were being marketed for sale and all the criteria to be classified as held for sale under ASC 360, Property, Plant and Equipment -Impairment or Disposal of Long -Lived
<br />Assets, had been met. The carrying value of these assets was $38,404, with liabilities directly associated with assets classified as held for sale of $,351 as of December 31,
<br />2023. Assets held for sale are measured at the lower of their carrying value or the fair value less cost to sell.
<br />The table below reflects the assets and liabilities associated with assets held for sale by segment
<br />102
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