EnerNOC, Inc. (ENOC) saw its loss narrow to $32.01 million, or $1.08 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $40.54 million, or $1.41 a share.
Revenue during the quarter dropped 9.87 percent to $48.11 million from $53.38 million in the previous year period. Gross margin for the quarter contracted 837 basis points over the previous year period to 30.57 percent. Operating margin for the quarter stood at negative 58.93 percent as compared to a negative 75.29 percent for the previous year period.
Operating loss for the quarter was $28.35 million, compared with an operating loss of $40.19 million in the previous year period.
Adjusted EBITDA for the quarter stood at negative $14.31 million compared to negative $27.16 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at negative 29.75 percent for the quarter compared to negative 50.88 percent in the last year period.
"We are pleased by our strong start to the year for both our demand response and software businesses, with a number of key customer wins and first quarter top and bottom line results above plan," said Tim Healy, chairman and chief executive officer of EnerNOC.
For financial year 2017, Enernoc forecasts revenue to be in the range of $310 million to $340 million. The company projects net loss to be in the range of $77 million to $62 million. The company expects diluted loss per share to be in the range of $2.57 to $2.07.
Operating cash flow remains negative
EnerNOC, Inc. has spent $24.64 million cash to meet operating activities during the quarter as against cash outgo of $30.39 million in the last year period.
The company has spent $1.95 million cash to meet investing activities during the quarter as against cash outgo of $3.71 million in the last year period.
Cash flow from financing activities was $0.71 million for the quarter as against cash outgo of $0.87 million in the last year period.
Cash and cash equivalents stood at $73.98 million as on Mar. 31, 2017, down 29.49 percent or $30.94 million from $104.92 million on Mar. 31, 2016.
Working capital increases sharply
EnerNOC, Inc. has recorded an increase in the working capital over the last year. It stood at $87.37 million as at Mar. 31, 2017, up 49.03 percent or $28.75 million from $58.62 million on Mar. 31, 2016. Current ratio was at 2.09 as on Mar. 31, 2017, up from 1.34 on Mar. 31, 2016.
Days sales outstanding went down to 185 days for the quarter compared with 222 days for the same period last year.
At the same time, days payable outstanding was almost stable at 9 days for the quarter, when compared with the previous year period.
Debt moves up marginally
EnerNOC, Inc. has witnessed an increase in total debt over the last one year. It stood at $116.25 million as on Mar. 31, 2017, up 3.59 percent or $4.03 million from $112.22 million on Mar. 31, 2016. Enernoc has witnessed an increase in long-term debt over the last one year. It stood at $116.25 million as on Mar. 31, 2017, up 3.59 percent or $4.03 million from $112.22 million on Mar. 31, 2016. Total debt was 39.99 percent of total assets as on Mar. 31, 2017, compared with 29.68 percent on Mar. 31, 2016. Debt to equity ratio was at 1.42 as on Mar. 31, 2017, down from 1.45 as on Mar. 31, 2016.
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