Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.20.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents [1] $ 66,422 $ 33,223
Restricted cash [1] 22,063 20,006
Accounts receivable, net [1] 125,010 95,863
Accounts receivable retainage, net 30,189 16,976
Costs and estimated earnings in excess of billings [1] 185,960 202,243
Inventory, net 8,575 9,236
Prepaid expenses and other current assets [1] 26,854 29,424
Income tax receivable 9,803 5,033
Project development costs 15,839 13,188
Total Current Assets [1] 490,715 425,192
Federal ESPC receivable 396,725 230,616
Property and equipment, net [1] 8,982 10,104
Energy assets, net [1] 729,378 579,461
Goodwill, net 58,714 58,414
Intangible assets, net 927 1,614
Operating lease assets [1] 39,151 32,791
Restricted cash, non-current portion 10,352 24,035
Other assets [1] 15,307 11,786
Total assets [1] 1,750,251 1,374,013
Current liabilities:    
Current portions of long-term debt and financing lease liabilities [1] 69,362 69,969
Accounts payable [1] 230,916 202,416
Accrued expenses and other liabilities [1] 41,748 31,356
Current portion of operating lease liabilities [1] 6,106 5,802
Billings in excess of cost and estimated earnings 33,984 26,618
Income taxes payable 981 486
Total current liabilities [1] 383,097 336,647
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs [1] 311,674 266,181
Federal ESPC liabilities 440,223 245,037
Deferred income taxes, net 2,363 115
Deferred grant income 8,271 6,885
Long-term operating lease liabilities, net of current portion [1] 35,300 29,101
Other liabilities [1] 37,660 29,575
Commitments and contingencies
Redeemable non-controlling interests, net 38,850 31,616
Stockholders’ equity:    
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at December 31, 2020 and 2019 0 0
Additional paid-in capital 145,496 133,688
Retained earnings 368,390 314,459
Accumulated other comprehensive loss, net (9,290) (7,514)
Treasury stock, at cost, 2,101,795 shares at December 31, 2020, and 2,101,340 shares at December 31, 2019 (11,788) (11,782)
Total stockholder’s equity 492,813 428,856
Total liabilities, redeemable non-controlling interests and stockholders’ equity 1,750,251 1,374,013
Class A Common Stock    
Stockholders’ equity:    
Common stock 3 3
Class B Common Stock    
Stockholders’ equity:    
Common stock $ 2 $ 2
[1] Includes restricted assets of consolidated variable interest entities (“VIEs”) of $162,198 as of December 31, 2020 and $158,912 as of December 31, 2019. Includes non-recourse liabilities of consolidated VIEs of $33,335 as of December 31, 2020 and $38,568 as of December 31, 2019. See Note 11.