Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents [1] $ 50,450 $ 66,422
Restricted cash [1] 24,267 22,063
Accounts receivable, net [1] 161,970 125,010
Accounts receivable retainage 43,067 30,189
Costs and estimated earnings in excess of billings [1] 306,172 185,960
Inventory, net 8,807 8,575
Prepaid expenses and other current assets [1] 25,377 26,854
Income tax receivable 5,261 9,803
Project development costs, net 13,214 15,839
Total current assets [1] 638,585 490,715
Federal ESPC receivable 557,669 396,725
Property and equipment, net [1] 13,117 8,982
Energy assets, net [1] 856,531 729,378
Goodwill, net 71,157 58,714
Intangible assets, net 6,961 927
Operating lease assets [1] 41,982 39,151
Restricted cash, non-current portion 12,337 10,352
Deferred income tax assets, net 3,703 3,864
Other assets [1] 22,779 15,307
Total assets [1] 2,224,821 1,754,115
Current liabilities:    
Current portions of long-term debt and financing lease liabilities [1] 78,934 69,362
Accounts payable [1] 308,963 230,916
Accrued expenses and other liabilities [1] 43,311 41,748
Current portion of operating lease liabilities [1] 6,276 6,106
Billings in excess of cost and estimated earnings 35,918 33,984
Income taxes payable 822 981
Total current liabilities [1] 474,224 383,097
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs [1] 377,184 311,674
Federal ESPC liabilities 532,287 440,223
Deferred income tax liabilities, net 3,871 6,227
Deferred grant income 8,498 8,271
Long-term operating lease liabilities, net of current portion [1] 35,135 35,300
Other liabilities [1] 43,176 37,660
Commitments and contingencies
Redeemable non-controlling interests, net 46,182 38,850
Stockholders’ equity:    
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at December 31, 2021 and 2020 0 0
Additional paid-in capital 283,982 145,496
Retained earnings 438,732 368,390
Accumulated other comprehensive loss, net (6,667) (9,290)
Treasury stock, at cost, 2,101,795 shares at December 31, 2021 and 2020 (11,788) (11,788)
Total stockholder’s equity 704,264 492,813
Total liabilities, redeemable non-controlling interests and stockholders’ equity 2,224,821 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”) of $124,454 as of December 31, 2021 and $162,198 as of December 31, 2020. Includes non-recourse liabilities of consolidated VIEs of $31,125 as of December 31, 2021 and $33,335 as of December 31, 2020. See Note 11.