Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.20.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents [1] $ 40,351 $ 33,223
Restricted cash [1] 15,012 20,006
Accounts receivable, net of allowance of $2,587 and $2,765, respectively [1] 110,742 95,863
Accounts receivable retainage, net 21,265 16,976
Costs and estimated earnings in excess of billings [1] 189,566 202,243
Inventory, net 9,229 9,236
Prepaid expenses and other current assets [1] 28,052 29,424
Income tax receivable 7,135 5,033
Project development costs 16,740 13,188
Total current assets [1] 438,092 425,192
Federal ESPC receivable 239,156 230,616
Property and equipment, net [1] 9,952 10,104
Energy assets, net [1] 596,492 579,461
Deferred income taxes, net 2,470 0
Goodwill 57,741 58,414
Intangible assets, net 1,408 1,614
Operating lease assets [1] 32,444 32,791
Other assets [1] 35,828 35,821
Total assets [1] 1,413,583 1,374,013
Current liabilities:    
Current portions of long-term debt and financing lease liabilities [1] 69,282 69,969
Accounts payable [1] 182,354 202,416
Accrued expenses and other current liabilities [1] 32,528 31,356
Current portions of operating lease liabilities [1] 5,360 5,802
Billings in excess of cost and estimated earnings 25,350 26,618
Income taxes payable 1,205 486
Total current liabilities [1] 316,079 336,647
Long-term debt and financing lease liabilities, net current portions and deferred financing fees [1] 285,553 266,181
Federal ESPC liabilities 276,177 245,037
Deferred income taxes, net [1] 0 115
Deferred grant income 6,682 6,885
Long-term portions of operating lease liabilities, net of current portion [1] 29,104 29,101
Other liabilities [1] 35,872 29,575
Commitments and contingencies (Note 9)
Redeemable non-controlling interests 31,939 31,616
Stockholders’ equity:    
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at March 31, 2020 and December 31, 2019 0 0
Additional paid-in capital 136,591 133,688
Retained earnings 320,660 314,459
Accumulated other comprehensive loss, net (13,291) (7,514)
Treasury stock, at cost, 2,101,795 shares at March 31, 2020 and 2,101,340 shares at December 31, 2019 (11,788) (11,782)
Total stockholders’ equity 432,177 428,856
Total liabilities, redeemable non-controlling interests and stockholders’ equity 1,413,583 1,374,013
Common Class A    
Stockholders’ equity:    
Common stock 3 3
Common Class B    
Stockholders’ equity:    
Common stock 2 2
Variable Interest Entity, Primary Beneficiary    
Current assets:    
Total current assets 8,272 7,017
Total assets 163,019 158,912
Current liabilities:    
Total current liabilities $ 6,633 $ 6,563
[1] Includes restricted assets of consolidated variable interest entities (“VIEs”) at March 31, 2020 and December 31, 2019 of $163,019 and $158,912, respectively. Includes non-recourse liabilities of consolidated VIEs at March 31, 2020 and December 31, 2019 of $38,024 and $38,568, respectively. See Note 12.