| 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 |
|
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 |
) |
|
|
— |
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Shareholders' Equity: |
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|
|
|
|
|
|
|
|
Retained earnings |
|
235,844 |
|
|
|
(4,454 |
) |
|
|
231,390 |
|
|
In accordance with Topic 606, the disclosure of the impact of adoption to the Company’s consolidated statements of income and balance sheets was as follows:
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Impact of changes in accounting policies |
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12/31/2019 |
|
12/31/2018 |
|
|
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 |
|
$ |
866,933 |
|
|
$ |
871,409 |
|
|
$ |
(4,476 |
) |
|
$ |
787,138 |
|
|
$ |
784,316 |
|
|
$ |
2,822 |
|
Cost of revenues |
|
698,815 |
|
|
701,397 |
|
|
(2,582 |
) |
|
613,526 |
|
|
610,229 |
|
|
3,297 |
|
Gross profit |
|
168,118 |
|
|
170,012 |
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|
(1,894 |
) |
|
173,612 |
|
|
174,087 |
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|
(475 |
) |
Operating expenses: |
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|
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Selling, general and administrative expenses |
|
116,504 |
|
|
116,504 |
|
|
— |
|
|
114,513 |
|
|
114,513 |
|
|
— |
|
Operating income |
|
51,614 |
|
|
53,508 |
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|
(1,894 |
) |
|
59,099 |
|
|
59,574 |
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|
(475 |
) |
Other expenses, net |
|
15,061 |
|
|
15,061 |
|
|
— |
|
|
16,709 |
|
|
16,709 |
|
|
— |
|
Income before provision for income taxes |
|
36,553 |
|
|
38,447 |
|
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(1,894 |
) |
|
42,390 |
|
|
42,865 |
|
|
(475 |
) |
Income tax (benefit) provision |
|
(3,748 |
) |
|
(3,256 |
) |
|
(492 |
) |
|
4,813 |
|
|
4,998 |
|
|
(185 |
) |
Net income |
|
40,301 |
|
|
41,703 |
|
|
(1,402 |
) |
|
37,577 |
|
|
37,867 |
|
|
(290 |
) |
Net loss attributable to redeemable non-controlling interests |
|
4,135 |
|
|
4,135 |
|
|
— |
|
|
407 |
|
|
407 |
|
|
— |
|
Net income attributable to common shareholders |
|
$ |
44,436 |
|
|
$ |
45,838 |
|
|
$ |
(1,402 |
) |
|
$ |
37,984 |
|
|
$ |
38,274 |
|
|
$ |
(290 |
) |
Basic income per share |
|
$ |
0.95 |
|
|
$ |
0.98 |
|
|
$ |
(0.03 |
) |
|
$ |
0.83 |
|
|
$ |
0.84 |
|
|
$ |
(0.01 |
) |
Diluted income per share |
|
$ |
0.93 |
|
|
$ |
0.96 |
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|
$ |
(0.03 |
) |
|
$ |
0.81 |
|
|
$ |
0.82 |
|
|
$ |
(0.01 |
) |
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December 31, 2019 |
|
December 31, 2018 |
|
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) |
Assets: |
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|
|
|
|
|
|
|
|
|
|
Costs and estimated earnings in excess of billings |
$ |
202,243 |
|
|
$ |
213,091 |
|
|
$ |
(10,848 |
) |
|
$ |
86,842 |
|
|
$ |
93,214 |
|
|
$ |
(6,372 |
) |
Prepaid expenses and other current assets |
29,424 |
|
|
25,776 |
|
|
3,648 |
|
|
11,571 |
|
|
10,644 |
|
|
927 |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Accrued expenses and other current liabilities
|
31,356 |
|
|
30,147 |
|
|
1,209 |
|
|
35,947 |
|
|
34,877 |
|
|
1,070 |
|
Deferred income taxes, net |
115 |
|
|
2,378 |
|
|
(2,263 |
) |
|
4,352 |
|
|
6,123 |
|
|
(1,771 |
) |
Shareholders' Equity: |
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|
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|
|
|
|
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Retained earnings |
314,459 |
|
|
320,605 |
|
|
(6,146 |
) |
|
269,806 |
|
|
274,550 |
|
|
(4,744 |
) |
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 |
|
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 |
|
|
|
| Summary of Disaggregation of Revenue |
The following table provides information about disaggregated revenue by line of business and geographical region, by reportable segments, for the year ended December 31, 2019.
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US Regions |
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U.S. Federal |
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Canada |
|
Non-Solar DG |
|
All Other |
|
Total |
Line of Business |
Year ended December 31, 2019 |
Project revenue |
$ |
321,973 |
|
|
$ |
240,656 |
|
|
$ |
27,995 |
|
|
$ |
9,221 |
|
|
$ |
11,219 |
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|
$ |
611,064 |
|
O&M revenue |
15,753 |
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|
41,599 |
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5 |
|
|
9,183 |
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|
169 |
|
|
66,709 |
|
Energy assets |
24,897 |
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|
3,652 |
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|
3,306 |
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|
65,365 |
|
|
822 |
|
|
98,042 |
|
Other |
2,437 |
|
|
1,519 |
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|
6,604 |
|
|
914 |
|
|
79,644 |
|
|
91,118 |
|
Total revenues |
$ |
365,060 |
|
|
$ |
287,426 |
|
|
$ |
37,910 |
|
|
$ |
84,683 |
|
|
$ |
91,854 |
|
|
$ |
866,933 |
|
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|
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|
|
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Geographical Regions |
Year ended December 31, 2019 |
United States |
$ |
364,987 |
|
|
$ |
287,426 |
|
|
$ |
3,007 |
|
|
$ |
84,683 |
|
|
$ |
75,302 |
|
|
$ |
815,405 |
|
Canada |
— |
|
|
— |
|
|
34,830 |
|
|
— |
|
|
201 |
|
|
35,031 |
|
Other |
73 |
|
|
— |
|
|
73 |
|
|
— |
|
|
16,351 |
|
|
16,497 |
|
Total revenues |
$ |
365,060 |
|
|
$ |
287,426 |
|
|
$ |
37,910 |
|
|
$ |
84,683 |
|
|
$ |
91,854 |
|
|
$ |
866,933 |
|
The following table provides information about disaggregated revenue by line of business and geographical region, by reportable segments, for the year ended December 31, 2018.
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US Regions |
|
U.S. Federal |
|
Canada |
|
Non-Solar DG |
|
All Other |
|
Total |
Line of Business |
Year ended December 31, 2018 |
Project revenue |
$ |
296,226 |
|
|
$ |
202,286 |
|
|
$ |
29,571 |
|
|
$ |
4,550 |
|
|
$ |
12,420 |
|
|
$ |
545,053 |
|
O&M revenue |
17,814 |
|
|
39,250 |
|
|
37 |
|
|
8,135 |
|
|
— |
|
|
65,236 |
|
Energy assets |
18,442 |
|
|
4,062 |
|
|
2,604 |
|
|
69,599 |
|
|
1,069 |
|
|
95,776 |
|
Other |
1,862 |
|
|
711 |
|
|
6,770 |
|
|
371 |
|
|
71,359 |
|
|
81,073 |
|
Total revenues |
$ |
334,344 |
|
|
$ |
246,309 |
|
|
$ |
38,982 |
|
|
$ |
82,655 |
|
|
$ |
84,848 |
|
|
$ |
787,138 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Geographical Regions
|
Year ended December 31, 2018 |
United States |
$ |
334,344 |
|
|
$ |
246,309 |
|
|
$ |
2,557 |
|
|
$ |
82,655 |
|
|
$ |
68,883 |
|
|
$ |
734,748 |
|
Canada |
— |
|
|
— |
|
|
36,425 |
|
|
— |
|
|
303 |
|
|
36,728 |
|
Other |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
15,662 |
|
|
15,662 |
|
Total revenues |
$ |
334,344 |
|
|
$ |
246,309 |
|
|
$ |
38,982 |
|
|
$ |
82,655 |
|
|
$ |
84,848 |
|
|
$ |
787,138 |
|
|