Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.21.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents [1] $ 80,971 $ 66,422
Restricted cash [1] 24,869 22,063
Accounts receivable, net of allowance of $2,310 and $2,266, respectively [1] 113,095 125,010
Accounts receivable retainage, net 32,071 30,189
Costs and estimated earnings in excess of billings [1] 179,474 185,960
Inventory, net 8,527 8,575
Prepaid expenses and other current assets [1] 26,753 26,854
Income tax receivable 5,446 9,803
Project development costs 14,573 15,839
Total current assets [1] 485,779 490,715
Federal ESPC receivable 459,347 396,725
Property and equipment, net [1] 8,804 8,982
Energy assets, net [1] 765,122 729,378
Goodwill, net 58,812 58,714
Intangible assets, net 847 927
Operating lease assets [1] 41,484 39,151
Restricted cash, non-current portion 10,507 10,352
Other assets [1] 18,047 15,307
Total assets [1] 1,848,749 1,750,251
Current liabilities:    
Current portions of long-term debt and financing lease liabilities [1] 71,770 69,362
Accounts payable [1] 202,123 230,916
Accrued expenses and other current liabilities [1] 40,297 41,748
Current portions of operating lease liabilities [1] 5,680 6,106
Billings in excess of cost and estimated earnings 30,211 33,984
Income taxes payable 1,501 981
Total current liabilities [1] 351,582 383,097
Long-term debt and financing lease liabilities, net of current portion and deferred financing fees [1] 268,411 311,674
Federal ESPC liabilities 473,882 440,223
Deferred income taxes, net 4,474 2,363
Deferred grant income 8,167 8,271
Long-term operating lease liabilities, net of current portion [1] 37,718 35,300
Other liabilities [1] 35,992 37,660
Commitments and contingencies (Note 9)
Redeemable non-controlling interests, net 39,668 38,850
Stockholders’ equity:    
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at March 31, 2021 and December 31, 2020 0 0
Additional paid-in capital 267,864 145,496
Retained earnings 379,533 368,390
Accumulated other comprehensive loss, net (6,759) (9,290)
Treasury stock, at cost, 2,101,795 shares at March 31, 2021 and December 31, 2020 (11,788) (11,788)
Total stockholders’ equity 628,855 492,813
Total liabilities, redeemable non-controlling interests and stockholders’ equity 1,848,749 1,750,251
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”) at March 31, 2021 and December 31, 2020 of $159,136 and $162,198, respectively. Includes non-recourse liabilities of consolidated VIEs at March 31, 2021 and December 31, 2020 of $32,614 and $33,335, respectively. See Note 12.