Revenue from Contracts with Customers (Tables)
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12 Months Ended |
Dec. 31, 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 $4,454 on January 1, 2018 due to the cumulative impact of adopting Topic 606, as detailed below.
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January 1, 2018 |
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As Reported |
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606 Adjustments |
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Adjusted Balances |
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Assets: |
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Costs and estimated earnings in excess of billings |
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104,852 |
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$ |
(9,194 |
) |
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$ |
95,658 |
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Prepaid expenses and other current assets |
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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 |
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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 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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12/31/2018 |
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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) |
Revenues |
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$ |
787,138 |
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$ |
784,316 |
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$ |
2,822 |
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Cost of revenues |
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613,526 |
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610,229 |
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3,297 |
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Gross profit |
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173,612 |
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174,087 |
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(475 |
) |
Operating expenses: |
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Selling, general and administrative expenses |
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114,513 |
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114,513 |
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— |
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Operating income |
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59,099 |
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59,574 |
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(475 |
) |
Other expenses, net |
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16,709 |
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16,709 |
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— |
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Income before provision for income taxes |
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42,390 |
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42,865 |
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(475 |
) |
Income tax provision |
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4,813 |
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4,998 |
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(185 |
) |
Net income |
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37,577 |
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37,867 |
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(290 |
) |
Net income attributable to redeemable non-controlling interests |
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407 |
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|
407 |
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— |
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Net income attributable to common shareholders |
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$ |
37,984 |
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$ |
38,274 |
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$ |
(290 |
) |
Basic income per share |
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$ |
0.83 |
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$ |
0.84 |
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$ |
(0.01 |
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Diluted income per share |
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$ |
0.81 |
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$ |
0.82 |
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$ |
(0.01 |
) |
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December 31, 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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$ |
86,842 |
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$ |
93,214 |
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$ |
(6,372 |
) |
Prepaid expenses and other current assets |
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11,571 |
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10,644 |
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|
927 |
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Liabilities: |
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Accrued expenses and other current liabilities
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35,947 |
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34,877 |
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|
1,070 |
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Deferred income taxes, net |
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4,352 |
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6,123 |
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(1,771 |
) |
Shareholders' Equity: |
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Retained earnings |
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269,806 |
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274,550 |
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(4,744 |
) |
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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 year ended December 31, 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 |
Year ended December 31, 2018 |
Project revenue |
$ |
296,226 |
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$ |
202,286 |
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$ |
29,571 |
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$ |
4,550 |
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$ |
12,420 |
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$ |
545,053 |
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O&M revenue |
17,814 |
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39,250 |
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37 |
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8,135 |
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— |
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65,236 |
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Energy assets |
18,442 |
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4,062 |
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2,604 |
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69,599 |
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1,069 |
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95,776 |
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Other |
1,862 |
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|
711 |
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6,770 |
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|
371 |
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71,359 |
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81,073 |
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Total revenues |
$ |
334,344 |
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$ |
246,309 |
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$ |
38,982 |
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$ |
82,655 |
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$ |
84,848 |
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$ |
787,138 |
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Geographical Regions
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Year ended December 31, 2018 |
United States |
$ |
334,344 |
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$ |
246,309 |
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$ |
2,557 |
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$ |
82,655 |
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$ |
68,883 |
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$ |
734,748 |
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Canada |
— |
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— |
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36,425 |
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— |
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|
303 |
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36,728 |
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Other |
— |
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— |
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— |
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— |
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15,662 |
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15,662 |
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Total revenues |
$ |
334,344 |
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$ |
246,309 |
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$ |
38,982 |
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$ |
82,655 |
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$ |
84,848 |
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$ |
787,138 |
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| Summary of Contract Balances |
The following table provides information about receivables, contract assets and contract liabilities from contracts with customers:
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January 1, 2018 |
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December 31, 2018 |
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Accounts receivable, net |
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$ |
85,121 |
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$ |
85,985 |
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Accounts receivable retainage, net |
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17,484 |
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13,516 |
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Contract Assets: |
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Costs and estimated earnings in excess of billings |
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95,658 |
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86,842 |
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Contract Liabilities: |
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Billings in excess of cost and estimated earnings |
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27,248 |
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30,706 |
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