Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents (including amounts in VIEs of $1,355 and $1,255, respectively) $ 25,487 $ 61,397
Restricted cash (including amounts in VIEs of $156 and $156, respectively) 14,994 16,880
Accounts receivable, net (including amounts in VIEs of $272 and $374, respectively) 81,896 85,985
Accounts receivable retainage, net 14,762 13,516
Costs and estimated earnings in excess of billings (including amounts in VIEs of $758 and $498, respectively) 92,264 86,842
Inventory, net 8,930 7,765
Prepaid expenses and other current assets (including amounts in VIEs of $190 and $190, respectively) 14,437 11,571
Income tax receivable 1,727 5,296
Project development costs 25,834 21,717
Total current assets 280,331 310,969
Federal ESPC receivable 310,922 293,998
Property and equipment, net 7,073 6,985
Energy assets, net (including amounts in VIEs of $123,092 and $122,641, respectively) 476,582 459,952
Goodwill 58,835 58,332
Intangible assets, net 2,310 2,004
Operating lease assets (including amounts in VIEs of $6,124 and $0, respectively) 30,350 0
Other assets (including amounts in VIEs of $1,624 and $1,613, respectively) 32,273 29,394
Total assets 1,198,676 1,161,634
Current liabilities:    
Current portions of long-term debt and financing lease liabilities (including amounts in VIEs of $2,263 and $1,712, respectively) 55,731 26,890
Accounts payable (including amounts in VIEs of $169 and $234, respectively) 102,432 134,330
Accrued expenses and other current liabilities (including amounts in VIEs of $3,672 and $4,146, respectively) 28,491 35,947
Current operating lease liabilities (including amounts in VIEs of $84 and $0, respectively) 5,082 0
Billings in excess of cost and estimated earnings 25,354 24,363
Income taxes payable 1,196 1,100
Total current liabilities 218,286 222,630
Long-term debt and financing lease liabilities, less current portions and net of deferred financing fees (including amounts in VIEs of $26,104 and $26,461, respectively) 197,014 219,162
Federal ESPC liabilities 321,954 288,047
Deferred income taxes, net 4,066 4,352
Deferred grant income 6,499 6,637
Long-term portions of operating lease liabilities (including amounts in VIEs of $6,271 and $0, respectively) 27,305 0
Other liabilities (including amounts in VIEs of $1,336 and $2,131, respectively) 28,474 29,212
Commitments and contingencies (Note 9)
Redeemable non-controlling interests 13,341 14,719
Stockholders’ equity:    
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at March 31, 2019 and December 31, 2018 0 0
Additional paid-in capital 125,685 124,651
Retained earnings 274,170 269,806
Accumulated other comprehensive loss, net (6,485) (5,949)
Less - treasury stock, at cost, 2,091,040 shares at March 31, 2019 and 1,873,266 shares at December 31, 2018 (11,638) (11,638)
Total stockholders’ equity 381,737 376,875
Total liabilities, redeemable non-controlling interests and stockholders’ equity 1,198,676 1,161,634
Common Class A    
Stockholders’ equity:    
Common Stock 3 3
Common Class B    
Stockholders’ equity:    
Common Stock $ 2 $ 2