Enernoc (ENOC), a leading provider of energy intelligence software (EIS) and related solutions, saw its loss widen to $26.78 million, or $0.98 a share for the quarter ended Dec. 31, 2014. In the previous year period, the company reported a loss of $19.88 million, or $0.71 a share. Revenue during the quarter grew 27.73 percent to $45.96 million from $35.98 million in the previous year period. Gross margin for the quarter expanded 200 basis points over the previous year period to 46.01 percent. Operating margin for the quarter stood at negative 61.77 percent as compared to a negative 61.63 percent for the previous year period.
Operating loss for the quarter was $28.39 million, compared with an operating loss of $22.18 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $14.09 million compared with $10.91 million in the prior year period. At the same time, adjusted EBITDA margin improved 33 basis points in the quarter to 30.65 percent from 30.33 percent in the last year period.
“We made significant progress in 2014 to transform EnerNOC into a Software-as-a-Service company. We closed the year with over 50 utility customers and approximately 1,300 enterprise customers subscribing to our software and related solutions. We start 2015 with approximately $115 million in annual recurring revenue, or ARR, from our utility and enterprise customers, and expect to achieve 40-50% cumulative revenue growth from these customers this year. With this kind of momentum, we anticipate that our utility and enterprise revenue will eclipse our grid operator revenue over the next few years,” said Tim Healy, chairman and CEO of EnerNOC.
Operating cash flow declines
Enernoc has generated cash of $60.44 million from operating activities during the year, down 23.94 percent or $19.02 million, when compared with the last year.
The company has spent $74.42 million cash to meet investing activities during the year as against cash outgo of $37.89 million in the last year.
Cash flow from financing activities was $120.86 million for the year as against cash outgo of $6.80 million in the last year period.
Cash and cash equivalents stood at $254.35 million as on Dec. 31, 2014, up 70.49 percent or $105.16 million from $149.19 million on Dec. 31, 2013.
Working capital increases sharply
Enernoc has recorded an increase in the working capital over the last year. It stood at $257.83 million as at Dec. 31, 2014, up 77.09 percent or $112.24 million from $145.60 million on Dec. 31, 2013. Current ratio was at 2.59 as on Dec. 31, 2014, up from 2.16 on Dec. 31, 2013.
Days sales outstanding went up to 105 days for the quarter compared with 97 days for the same period last year.
At the same time, days payable outstanding went up to 17 days for the quarter from 5 for the same period last year.
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