Revenue from Contracts with Customers (Tables)
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9 Months Ended |
Sep. 30, 2018 |
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| Revenue from Contract with Customer [Abstract] |
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| 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 $4,454 on January 1, 2018 due to the cumulative impact of adopting Topic 606, as detailed below.
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January 1, 2018 |
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As Reported |
|
606 Adjustments |
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Adjusted Balances |
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Assets: |
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Costs and estimated earnings in excess of billings |
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$ |
104,852 |
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$ |
(9,194 |
) |
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$ |
95,658 |
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Prepaid expenses and other current assets |
|
14,037 |
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|
4,343 |
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|
18,380 |
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Deferred income taxes, net |
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— |
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|
1,003 |
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|
1,003 |
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Liabilities: |
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Accrued expenses and other current liabilities
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23,260 |
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1,190 |
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24,450 |
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Deferred income taxes, net |
|
584 |
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(584 |
) |
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— |
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Shareholders' Equity: |
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Retained earnings |
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235,844 |
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(4,454 |
) |
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|
231,390 |
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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:
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Impact of changes in accounting policies |
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Three Months Ended September 30, 2018 |
Nine Months Ended September 30, 2018 |
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As Reported |
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Balances without adoption of Topic 606 |
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Effect of Change Higher/(Lower) |
As Reported |
|
Balances without adoption of Topic 606 |
|
Effect of Change Higher/(Lower) |
Revenues |
|
$ |
205,375 |
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|
$ |
206,048 |
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|
$ |
(673 |
) |
$ |
569,767 |
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$ |
568,985 |
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$ |
782 |
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Cost of revenues |
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159,213 |
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|
157,476 |
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|
1,737 |
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445,356 |
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|
441,973 |
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|
3,383 |
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Gross profit |
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46,162 |
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48,572 |
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(2,410 |
) |
124,411 |
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127,012 |
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(2,601 |
) |
Operating expenses: |
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Selling, general and administrative expenses |
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28,866 |
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28,866 |
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— |
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84,871 |
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84,871 |
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— |
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Operating income |
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17,296 |
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19,706 |
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(2,410 |
) |
39,540 |
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|
42,141 |
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(2,601 |
) |
Other expenses, net |
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3,244 |
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3,244 |
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— |
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10,754 |
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10,754 |
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— |
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Income before provision for income taxes |
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14,052 |
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16,462 |
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(2,410 |
) |
28,786 |
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31,387 |
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(2,601 |
) |
Income tax provision |
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3,351 |
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3,493 |
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(142 |
) |
1,879 |
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2,040 |
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(161 |
) |
Net income |
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10,701 |
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12,969 |
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(2,268 |
) |
26,907 |
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29,347 |
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(2,440 |
) |
Net income attributable to redeemable non-controlling interests |
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— |
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— |
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— |
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(516 |
) |
|
(516 |
) |
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— |
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Net income attributable to common shareholders |
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$ |
10,701 |
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$ |
12,969 |
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$ |
(2,268 |
) |
$ |
26,391 |
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$ |
28,831 |
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$ |
(2,440 |
) |
Basic income per share |
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$ |
0.23 |
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$ |
0.28 |
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$ |
(0.05 |
) |
$ |
0.58 |
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$ |
0.63 |
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$ |
(0.05 |
) |
Diluted income per share |
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$ |
0.23 |
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$ |
0.28 |
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$ |
(0.05 |
) |
$ |
0.57 |
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$ |
0.62 |
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$ |
(0.05 |
) |
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September 30, 2018 |
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As Reported |
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Balances without adoption of Topic 606 |
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Effect of Change Higher/(Lower) |
Assets: |
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Costs and estimated earnings in excess of billings |
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$ |
66,471 |
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$ |
74,886 |
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$ |
(8,415 |
) |
Prepaid expenses and other current assets |
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13,123 |
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12,196 |
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|
927 |
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Liabilities: |
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Accrued expenses and other current liabilities
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28,067 |
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26,910 |
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|
1,157 |
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Deferred income taxes, net |
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3,453 |
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|
5,202 |
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(1,749 |
) |
Shareholders' Equity: |
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Retained earnings |
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258,213 |
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|
265,110 |
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(6,897 |
) |
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| 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 nine months ended September 30, 2018.
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US Regions |
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U.S. Federal |
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Canada |
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Non-Solar DG |
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All Other |
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Total |
Line of Business |
Three Months Ended September 30, 2018 |
Project revenue |
$ |
77,345 |
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$ |
49,762 |
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$ |
9,206 |
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$ |
1,268 |
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$ |
4,074 |
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$ |
141,655 |
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O&M revenue |
4,432 |
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10,733 |
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15 |
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2,006 |
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— |
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17,186 |
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Energy assets |
4,064 |
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1,507 |
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|
921 |
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18,790 |
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|
222 |
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25,504 |
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Other |
561 |
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|
376 |
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1,462 |
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74 |
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18,557 |
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|
21,030 |
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Total revenues |
$ |
86,402 |
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$ |
62,378 |
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$ |
11,604 |
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$ |
22,138 |
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$ |
22,853 |
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$ |
205,375 |
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Nine months ended September 30, 2018 |
Project revenue |
$ |
223,662 |
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$ |
135,037 |
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$ |
21,459 |
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$ |
3,368 |
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$ |
8,844 |
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$ |
392,370 |
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O&M revenue |
12,396 |
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29,477 |
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34 |
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6,260 |
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— |
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48,167 |
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Energy assets |
12,844 |
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3,416 |
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2,304 |
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50,405 |
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|
821 |
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69,790 |
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Other |
969 |
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|
447 |
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4,669 |
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|
143 |
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53,212 |
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|
59,440 |
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Total revenues |
$ |
249,871 |
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$ |
168,377 |
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$ |
28,466 |
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$ |
60,176 |
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$ |
62,877 |
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$ |
569,767 |
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Geographical Regions
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Three Months Ended September 30, 2018 |
United States |
$ |
86,402 |
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$ |
62,378 |
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$ |
419 |
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$ |
22,138 |
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$ |
17,445 |
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$ |
188,782 |
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Canada |
— |
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— |
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11,185 |
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— |
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|
33 |
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11,218 |
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Other |
— |
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— |
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— |
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— |
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5,375 |
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5,375 |
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Total revenues |
$ |
86,402 |
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$ |
62,378 |
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$ |
11,604 |
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$ |
22,138 |
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$ |
22,853 |
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$ |
205,375 |
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Nine months ended September 30, 2018 |
United States |
$ |
249,871 |
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$ |
168,377 |
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$ |
1,587 |
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$ |
60,176 |
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$ |
51,336 |
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$ |
531,347 |
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Canada |
— |
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— |
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|
26,879 |
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— |
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|
261 |
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27,140 |
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Other |
— |
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— |
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— |
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— |
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|
11,280 |
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|
11,280 |
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Total revenues |
$ |
249,871 |
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$ |
168,377 |
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$ |
28,466 |
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$ |
60,176 |
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$ |
62,877 |
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$ |
569,767 |
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| Summary of Contract with Customer, Asset and Liability |
The following table provides information about receivables, contract assets and contract liabilities from contracts with customers:
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January 1, 2018 |
|
September 30, 2018 |
|
Accounts receivable, net |
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$ |
85,121 |
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$ |
90,378 |
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Accounts receivable retainage, net |
|
17,484 |
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|
14,401 |
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Contract Assets: |
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Costs and estimated earnings in excess of billings |
|
95,658 |
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|
66,471 |
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Contract Liabilities: |
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Billings in excess of cost and estimated earnings |
|
27,248 |
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|
39,533 |
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