Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.21.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents [1] $ 57,115 $ 66,422
Restricted cash [1] 25,075 22,063
Accounts receivable, net of allowance of $2,306 and $2,266, respectively [1] 112,893 125,010
Accounts receivable retainage, net 39,404 30,189
Costs and estimated earnings in excess of billings [1] 213,468 185,960
Inventory, net 8,329 8,575
Prepaid expenses and other current assets [1] 24,796 26,854
Income tax receivable 4,945 9,803
Project development costs 16,166 15,839
Total current assets [1] 502,191 490,715
Federal ESPC receivable 498,080 396,725
Property and equipment, net [1] 8,692 8,982
Energy assets, net [1] 828,678 729,378
Deferred income tax assets, net 3,873 3,864
Goodwill, net 58,629 58,714
Intangible assets, net 687 927
Operating lease assets [1] 40,355 39,151
Restricted cash, net of current portion [1] 11,588 10,352
Other assets [1] 15,405 15,307
Total assets [1] 1,968,178 1,754,115
Current liabilities:    
Current portions of long-term debt and financing lease liabilities [1] 74,901 69,362
Accounts payable [1] 196,480 230,916
Accrued expenses and other current liabilities [1] 41,960 41,748
Current portions of operating lease liabilities [1] 6,258 6,106
Billings in excess of cost and estimated earnings 28,018 33,984
Income taxes payable 1,299 981
Total current liabilities [1] 348,916 383,097
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs [1] 325,335 311,674
Federal ESPC liabilities 487,248 440,223
Deferred income tax liabilities, net 5,061 6,227
Deferred grant income 8,259 8,271
Long-term operating lease liabilities, net of current portion [1] 36,373 35,300
Other liabilities [1] 43,202 37,660
Commitments and contingencies (Note 9)
Redeemable non-controlling interests, net 44,948 38,850
Stockholders’ equity:    
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at September 30, 2021 and December 31, 2020 0 0
Additional paid-in capital 277,502 145,496
Retained earnings 410,553 368,390
Accumulated other comprehensive loss, net (7,436) (9,290)
Treasury stock, at cost, 2,101,795 shares at September 30, 2021 and December 31, 2020 (11,788) (11,788)
Total stockholders’ equity 668,836 492,813
Total liabilities, redeemable non-controlling interests and stockholders’ equity 1,968,178 1,754,115
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 September 30, 2021 and December 31, 2020 of $126,088 and $162,198, respectively. Includes non-recourse liabilities of consolidated VIEs at September 30, 2021 and December 31, 2020 of $31,224 and $33,335, respectively. See Note 12.