Enernoc Inc (ENOC) 10-Q Quarterly Report Wed Aug 09 2017

Boston, May 9, 2017 -- EnerNOC, Inc. (Nasdaq: ENOC), a leading provider of demand response solutions and energy intelligence software (EIS), today announced results for the quarter ended March 31, 2017.

"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 CEO of EnerNOC.



Summary Financial Results
In Thousands, Except Per Share Amounts
	Q1 2017			Q1 2016
Revenue
Demand Response	$	34,484		$	36,347
Software	13,625			17,033
Total Revenue	$	48,109		$	53,380

Net Loss	$	(32,010	)	$	(40,538	)
Net Loss Per Diluted Share	$	(1.08	)	$	(1.41	)

Cash Used in Operations	$	(24,639	)	$	(30,392	)
Free Cash Flow ¹	$	(28,066	)	$	(34,783	)
Adjusted EBITDA¹
Demand Response adjusted EBITDA	$	(3,456	)	$	(3,484	)
Software adjusted EBITDA	(5,038		)	(18,007		)
Corporate unallocated expenses	(5,817		)	(5,671		)
Consolidated adjusted EBITDA¹	$	(14,311	)	$	(27,162	)

We adopted Accounting Standards Update 2014-09, Revenue from Contracts with Customers (ASC 606) on January 1, 2017 using the modified retrospective method. The reported results for 2017 reflect the application of ASC 606, while the reported results for 2016 were prepared under the previous revenue recognition guidance. Please refer to the schedule below for a comparison of Q1 2017 activity as reported versus pro forma, as if the previous accounting guidance was in effect. The adoption of ASC 606 had no impact on cash used in operations or free cash flow.



	Three Months Ended March 31, 2017
	As reported			Pro forma as if the previous accounting guidance was in effect
Revenue
Demand Response	$	34,484		$	33,196
Software	13,625			15,128
Total Revenues	48,109			48,324
Cost of revenues	33,403			32,668
Total operating expense, net	43,056			43,099
Loss from operations	$	(28,350	)	$	(27,443	)

¹Please refer to "Statement on Use of Non-GAAP Financial Measures" for non-GAAP definitions and refer to the financial schedules attached to this press release for a reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures.

The following information was filed by Enernoc Inc (ENOC) on Tuesday, May 9, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Enernoc Inc's 10-Q Quarterly Report:

Financial - Expense Highlight
Other selling and marketing expenses, which include advertising, marketing, professional services, and a company-wide overhead cost allocation, were lower in the current period, as compared to the same period in 2016, due to the execution of restructuring activities in the prior year and cost saving initiatives.

Revenue - Product Highlight
During the six months ended June 30, 2016, we incurred $9.1 million of capital expenditures partially offset by $13.2 million in net cash received for the sale of businesses and an increase of $0.4 million in deposits.
Financial - Expense Highlight
Other general and administrative expenses, which include professional services, rent, depreciation and a company-wide overhead cost allocation declined in the current period
Financial - Expense Highlight
Other research and development expenses, which include technology expenses, professional services, facilities and a company-wide overhead cost allocation, declined in the current six month period, as compared to the same period in 2016, as a result of a reduction in third party software and data storage costs.
Financial - Expense Highlight
The decrease in payroll and related costs for the three and six months ended June 30, 2017, as compared to the same periods in 2016, was primarily due to the divestiture of the utility customer engagement UCE, business in the second quarter of 2016 and the restructuring actions completed in the third quarter of 2016, which contributed to a reduction in the number of full-time selling and marketing employees from 322 at June 30, 2016 to 197 at June 30, 2017.
Financial - Earnings
The decrease in consolidated gross...Read more
Financial - Expense
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Revenue - Product
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M & A - Other
At the effective time of...Read more
Other - Other
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Financial - Expense
The decrease in payroll and...Read more
Other - Other
As of June 30, 2017,...Read more
Financial - Expense
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Revenue - Product
The decline in AEMO revenues...Read more
Revenue - Product
In addition, 2016 ERCOT revenues...Read more
Other - Other
The impairment related to our...Read more
Financial - Shares
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Specifically, in 2016, all PJM...Read more
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Other - Other
The following table summarizes segment...Read more
Revenue - Product
Total increase in Grid Operator...Read more
Other - Other
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Financial - Expense
Software segment adjusted EBITDA improved...Read more
Financial - Income
For the three and six...Read more
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Demand Response segment adjusted EBITDA...Read more
Other - Other
For the six months ended...Read more
Other - Other
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When we are called upon...Read more
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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Enernoc Inc provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Ticker: ENOC
CIK: 1244937
Form Type: 10-Q Quarterly Report
Accession Number: 0001244937-17-000101
Submitted to the SEC: Wed Aug 09 2017 10:00:14 AM EST
Accepted by the SEC: Wed Aug 09 2017
Period: Friday, June 30, 2017
Industry: Computer Programming Data Processing