Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents (including amounts in VIEs of $4,666 and $1,255, respectively) $ 33,223 $ 61,397
Restricted cash (including amounts in VIEs of $586 and $156, respectively) 20,006 16,880
Accounts receivable, net (including amounts in VIEs of $532 and $374, respectively) 95,863 85,985
Accounts receivable retainage, net 16,976 13,516
Costs and estimated earnings in excess of billings (including amounts in VIEs of $1,125 and $498, respectively) 202,243 86,842
Inventory, net 9,236 7,765
Prepaid expenses and other current assets (including amounts in VIEs of $108 and $190, respectively) 29,424 11,571
Income tax receivable 5,033 5,296
Project development costs 13,188 21,717
Total current assets 425,192 310,969
Federal ESPC receivable 230,616 293,998
Property and equipment, net (including amounts in VIEs of $1,266 and $0, respectively) 10,104 6,985
Energy assets, net (including amounts in VIEs of $142,456 and $122,641, respectively) 579,461 459,952
Goodwill 58,414 58,332
Intangible assets, net 1,614 2,004
Operating lease assets (including amounts in VIEs of $6,511 and $0, respectively) 32,791  
Other assets (including amounts in VIEs of $1,662 and $1,613, respectively) 35,821 29,394
Total assets 1,374,013 1,161,634
Current liabilities:    
Current portions of long-term debt and financing lease liabilities (including amounts in VIEs of $2,252 and $1,712, respectively) 69,969 26,890
Accounts payable (including amounts in VIEs of $2,006 and $234, respectively) 202,416 134,330
Accrued expenses and other current liabilities (including amounts in VIEs of $2,203 and $4,146, respectively) 31,356 35,947
Current portions of operating lease liabilities (including amounts in VIEs of $102 and $0, respectively) 5,802  
Billings in excess of cost and estimated earnings 26,618 24,363
Income taxes payable 486 1,100
Total current liabilities 336,647 222,630
Long-term debt and financing lease liabilities, less current portions and net of deferred financing fees (including amounts in VIEs of $24,654 and $26,461, respectively) 266,181 219,162
Federal ESPC liabilities 245,037 288,047
Deferred income taxes, net 115 4,352
Deferred grant income 6,885 6,637
Long-term portions of operating lease liabilities, less current portions (including amounts in VIEs of $6,180 and $0, respectively) 29,101  
Other liabilities (including amounts in VIEs of $1,171 and $2,131, respectively) 29,575 29,212
Commitments and contingencies (Note 15)
Redeemable non-controlling interests 31,616 14,719
Stockholders’ equity:    
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at December 31, 2019 and 2018 0 0
Additional paid-in capital 133,688 124,651
Retained earnings 314,459 269,806
Accumulated other comprehensive loss, net of income taxes (7,514) (5,949)
Less - treasury stock, at cost, 2,101,340 shares at December 31, 2019, and 2,091,040 shares at December 31, 2018 (11,782) (11,638)
Total stockholder’s equity 428,856 376,875
Total liabilities, redeemable non-controlling interests and stockholders’ equity 1,374,013 1,161,634
Class A Common Stock    
Stockholders’ equity:    
Common stock 3 3
Class B Common Stock    
Stockholders’ equity:    
Common stock $ 2 $ 2