Quarterly report pursuant to Section 13 or 15(d)

Revenue from Contracts with Customers (Tables)

v3.10.0.1
Revenue from Contracts with Customers (Tables)
6 Months Ended
Jun. 30, 2018
Revenue from Contract with Customer [Abstract]  
Summary of Impact of Adoption to our Condensed Consolidated Statements of Income and Balance Sheets
The Company recorded a net decrease to beginning retained earnings of $4,454 on January 1, 2018 due to the cumulative impact of adopting Topic 606, as detailed below.

 
January 1, 2018
(in thousands)
As Reported
 
606 Adjustments
 
Adjusted Balances
 
Assets:
 
 
 
 
 
 
 
 
 
Costs and estimated earnings in excess of billings
 
$
104,852

 
 
$
(9,194
)
 
 
$
95,658

 
Prepaid expenses and other current assets
 
14,037

 
 
4,343

 
 
18,380

 
Deferred income taxes, net
 

 
 
1,003

 
 
1,003

 
Liabilities:
 
 
 
 
 
 
 
 
 
Accrued expenses and other current liabilities

 
23,260

 
 
1,190

 
 
24,450

 
Deferred income taxes, net
 
584

 
 
(584
)
 
 

 
Shareholders' Equity:
 
 
 
 
 
 
 
 
 
Retained earnings
 
235,844

 
 
(4,454
)
 
 
231,390

 
In accordance with Topic 606, the disclosure of the impact of adoption to the Company’s condensed consolidated statements of income (loss) and balance sheets was as follows:

 
 
Impact of changes in accounting policies
 
 
Three Months Ended June 30, 2018
Six Months Ended June 30, 2018
(in thousands, except per share amounts)
 
As Reported
 
Balances without adoption of Topic 606
 
Effect of Change Higher/(Lower)
As Reported
 
Balances without adoption of Topic 606
 
Effect of Change Higher/(Lower)
Revenues
 
$
196,982

 
$
194,698

 
$
2,284

$
364,392

 
$
362,937

 
$
1,455

Cost of revenues
 
154,206

 
150,336

 
3,870

286,143

 
284,497

 
1,646

Gross profit
 
42,776

 
44,362

 
(1,586
)
78,249

 
78,440

 
(191
)
Operating expenses:
 
 

 
 

 
 

 
 
 
 
 
Selling, general and administrative expenses
 
28,801

 
28,801

 

56,005

 
56,005

 

Operating income
 
13,975

 
15,561

 
(1,586
)
22,244

 
22,435

 
(191
)
Other expenses, net
 
3,966

 
3,966

 

7,510

 
7,510

 

Income before benefit for income taxes
 
10,009

 
11,595

 
(1,586
)
14,734

 
14,925

 
(191
)
Income tax (benefit) provision
 
1,307

 
1,641

 
(334
)
(1,472
)
 
(1,453
)
 
(19
)
Net income
 
8,702

 
9,954

 
(1,252
)
16,206

 
16,378

 
(172
)
Net (income) attributable to redeemable non-controlling interests
 

 

 

(516
)
 
(516
)
 

Net income attributable to common shareholders
 
$
8,702

 
$
9,954

 
$
(1,252
)
$
15,690

 
$
15,862

 
$
(172
)
Basic income per share
 
$
0.19

 
$
0.22

 
$
(0.03
)
$
0.35

 
$
0.35

 
$

Diluted income per share
 
$
0.19

 
$
0.21

 
$
(0.02
)
$
0.34

 
$
0.34

 
$


 
June 30, 2018
(in thousands)
 
As Reported
 
Balances without adoption of Topic 606
 
Effect of Change Higher/(Lower)
Assets:
 
 
 
 
 
 
Costs and estimated earnings in excess of billings
 
$
64,656

 
$
72,397

 
$
(7,741
)
Prepaid expenses and other current assets
 
14,853

 
11,798

 
3,055

Liabilities:
 
 
 
 
 
 
Accrued expenses and other current liabilities

 
22,800

 
21,252

 
1,548

Deferred income taxes, net
 
8,505

 
10,112

 
(1,607
)
Shareholders' Equity:
 
 
 
 
 
 
Retained earnings
 
247,080

 
251,707

 
(4,627
)
Summary of Disaggregation of Revenue
The following table provides information about disaggregated revenue by line of business, reportable segments, and geographical region for the three and six months ended June 30, 2018.
 
US Regions
 
U.S. Federal
 
Canada
 
Non-Solar DG
 
All Other
 
Total
Line of Business
Three Months Ended June 30, 2018
Project revenue
$
80,877

 
$
47,437

 
$
5,317

 
$
1,201

 
$
4,200

 
$
139,032

O&M revenue
4,069

 
9,566

 

 
2,258

 

 
15,893

Energy assets
3,799

 
1,140

 
1,017

 
16,501

 
335

 
22,792

Other
33

 
71

 
1,624

 
(39
)
 
17,576

 
19,265

Total revenues
$
88,778

 
$
58,214

 
$
7,958

 
$
19,921

 
$
22,111

 
$
196,982

Six months ended June 30, 2018
Project revenue
$
146,317

 
$
85,275

 
$
12,253

 
$
2,100

 
$
4,770

 
$
250,715

O&M revenue
7,964

 
18,744

 
19

 
4,254

 

 
30,981

Energy assets
8,780

 
1,909

 
1,383

 
31,615

 
599

 
44,286

Other
408

 
71

 
3,207

 
69

 
34,655

 
38,410

Total revenues
$
163,469

 
$
105,999

 
$
16,862

 
$
38,038

 
$
40,024

 
$
364,392

 
 
 
 
 
 
 
 
 
 
 
 
Geographical Regions

Three Months Ended June 30, 2018
United States
$
88,778

 
$
58,214

 
$
648

 
$
19,921

 
$
17,543

 
$
185,104

Canada

 

 
7,310

 

 
173

 
7,483

Other

 

 

 

 
4,395

 
4,395

Total revenues
$
88,778

 
$
58,214

 
$
7,958

 
$
19,921

 
$
22,111

 
$
196,982

Six months ended June 30, 2018
United States
$
163,469

 
$
105,999

 
$
1,168

 
$
38,038

 
$
33,891

 
$
342,565

Canada

 

 
15,694

 

 
228

 
15,922

Other

 

 

 

 
5,905

 
5,905

Total revenues
$
163,469

 
$
105,999

 
$
16,862

 
$
38,038

 
$
40,024

 
$
364,392

Summary of Contract with Customer, Asset and Liability
The following table provides information about receivables, contract assets and contract liabilities from contracts with customers:
 
 
January 1, 2018
 
June 30, 2018
 
Accounts receivable, net
 
$
85,121

 
$
115,596

 
Accounts receivable retainage, net
 
17,484

 
14,669

 
Contract Assets:
 
 
 
 
 
Costs and estimated earnings in excess of billings
 
95,658

 
64,656

 
Contract Liabilities:
 
 
 
 
 
Billings in excess of cost and estimated earnings
 
27,248

 
27,254