Quarterly report pursuant to Section 13 or 15(d)

Revenue from Contracts with Customers

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Revenue from Contracts with Customers
 3 Months Ended
Mar. 31, 2021
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers REVENUE FROM CONTRACTS WITH CUSTOMERS
Disaggregation of Revenue
Our reportable segments for the three months ended March 31, 2021 are U.S. Regions, U.S. Federal, Canada and Non-Solar Distributed Generation (“Non-Solar DG”). We changed the structure of our internal organization and our U.S. Regions segment now includes our U.S.-based enterprise energy management services previously included in our “All Other” segment. As a result, previously reported amounts have been restated for comparative purposes.
The following table presents our revenue disaggregated by line of business and reportable segment for the three months ended March 31, 2021:
U.S. Regions U.S. Federal Canada Non-Solar DG All Other Total
Project revenue $ 71,158  $ 90,089  $ 9,001  $ 4,654  $ 5,791  $ 180,693 
O&M revenue 4,310  11,440  26  2,637  71  18,484 
Energy assets 8,810  664  747  22,931  135  33,287 
Integrated-PV —  —  —  —  9,154  9,154 
Other 995  21  1,869  146  7,553  10,584 
Total revenues $ 85,273  $ 102,214  $ 11,643  $ 30,368  $ 22,704  $ 252,202 
The following table presents our revenue disaggregated by line of business and reportable segment for the three months ended March 31, 2020:
U.S. Regions U.S. Federal Canada Non-Solar DG All Other Total
Project revenue $ 71,493  $ 56,114  $ 8,864  $ 2,371  $ 5,587  $ 144,429 
O&M revenue 4,352  11,626  9  2,015  60  18,062 
Energy assets 8,854  719  663  17,986  —  28,222 
Integrated-PV —  —  —  —  11,469  11,469 
Other 1,141  286  1,856  352  6,596  10,231 
Total revenues $ 85,840  $ 68,745  $ 11,392  $ 22,724  $ 23,712  $ 212,413 
For the three months ended March 31, 2021 and 2020, approximately 94% and 91%, respectively, of revenue is recognized over time, and the remainder is for products and services transferred at a point in time.
We attribute revenues to customers based on the location of the customer. The following table presents information related to our revenues by geographic area:
Three Months Ended March 31,
2021 2020
United States $ 234,009  $ 195,939 
Canada 10,853  10,553 
Other 7,340  5,921 
Total revenues $ 252,202  $ 212,413 

Contract Balances
The following tables provide information about receivables, contract assets and contract liabilities from contracts with customers:
  March 31, 2021 December 31, 2020
Accounts receivable, net $ 113,095  $ 125,010 
Accounts receivable retainage, net $ 32,071  $ 30,189 
Contract Assets:
Costs and estimated earnings in excess of billings $ 179,474  $ 185,960 
Contract Liabilities:
Billings in excess of cost and estimated earnings $ 30,211  $ 33,984 
Billings in excess of cost and estimated earnings, non-current (1)
6,590  6,631 
Total contract liabilities $ 36,801  $ 40,615 

March 31, 2020 December 31, 2019
Accounts receivable, net $ 110,742  $ 95,863 
Accounts receivable retainage, net $ 21,265  $ 16,976 
Contract Assets:
Costs and estimated earnings in excess of billings $ 189,566  $ 202,243 
Contract Liabilities:
Billings in excess of cost and estimated earnings $ 25,350  $ 26,618 
Billings in excess of cost and estimated earnings, non-current (1)
5,320  5,560 
Total contract liabilities $ 30,670  $ 32,178 
(1) Performance obligations are expected to be completed beyond the next twelve months and are included in other liabilities in the condensed consolidated balance sheets.
The decrease in contract assets for the three months ended March 31, 2021 was primarily due to billings of $144,539, offset in part by revenue recognized of approximately $130,297. The decrease in contract liabilities was primarily driven by recognition of revenue as performance obligations were satisfied exceeding increases from the receipt of advance payment from customers, and related billings. For the three months ended March 31, 2021, we recognized revenue of $45,483 that was previously included in the beginning balance of contract liabilities and billed customers $33,081. Changes in contract liabilities are also driven by reclassifications to or from contract assets as a result of timing of customer payments.
The decrease in contract assets for the three months ended March 31, 2020 was primarily due to billings of approximately $151,885, partially offset by revenue recognized of $137,220. The decrease in contract liabilities was primarily driven by
recognition of revenue as performance obligations were satisfied exceeding increases from the receipt of advance payment from customers, and related billings. For the three months ended March 31, 2020, we recognized revenue of $19,928 that was previously included in the beginning balance of contract liabilities, and billed customers $16,377. Changes in contract liabilities are also driven by reclassifications to or from contract assets as a result of timing of customer payments.
Performance Obligations
Our remaining performance obligations (“backlog”) represent the unrecognized revenue value of our contract commitments. At March 31, 2021, we had backlog of $1,914,710 of which approximately 35% is anticipated to be recognized as revenue in the next twelve months. The remaining performance obligations primarily relate to the energy efficiency and renewable energy construction projects, including long-term O&M services related to these projects. The long-term services have varying initial contract terms, up to 25 years.
Project Development Costs
Project development costs of $1,559 and $1,543 were included in other long-term assets in the accompanying condensed consolidated balance sheets as of March 31, 2021 and December 31, 2020, respectively. Project development costs of $1,985 and $1,635 were recognized in the condensed consolidated statements of income on projects that converted to customer contracts during the three months ended March 31, 2021 and 2020, respectively.
No impairment charges in connection with our capitalized commission costs or project development costs were recorded during the three months ended March 31, 2021 and 2020.