Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.22.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents [1] $ 68,288 $ 50,450
Restricted cash [1] 26,792 24,267
Accounts receivable, net of allowance of $2,265 and $2,266, respectively [1] 204,082 161,970
Accounts receivable retainage, net 40,555 43,067
Costs and estimated earnings in excess of billings [1] 460,240 306,172
Inventory, net 9,720 8,807
Prepaid expenses and other current assets [1] 19,025 25,377
Income tax receivable 4,337 5,261
Project development costs 12,162 13,214
Total current assets [1] 845,201 638,585
Federal ESPC receivable 605,871 557,669
Property and equipment, net [1] 13,063 13,117
Energy assets, net [1] 908,006 856,531
Deferred income tax assets, net 3,722 3,703
Goodwill, net 71,334 71,157
Intangible assets, net 5,974 6,961
Operating lease assets [1] 39,485 41,982
Restricted cash, net of current portion [1] 13,323 12,337
Other assets [1] 24,591 22,779
Total assets [1] 2,530,570 2,224,821
Current liabilities:    
Current portions of long-term debt and financing lease liabilities [1] 80,191 78,934
Accounts payable [1] 231,533 308,963
Accrued expenses and other current liabilities [1] 43,784 43,311
Current portions of operating lease liabilities [1] 6,134 6,276
Billings in excess of cost and estimated earnings 31,729 35,918
Income taxes payable 1,771 822
Total current liabilities [1] 395,142 474,224
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs [1] 659,695 377,184
Federal ESPC liabilities 600,507 532,287
Deferred income tax liabilities, net 6,063 3,871
Deferred grant income 8,379 8,498
Long-term operating lease liabilities, net of current portion [1] 32,854 35,135
Other liabilities [1] 44,282 43,176
Commitments and contingencies (Note 9)
Redeemable non-controlling interests, net 47,438 46,182
Stockholders’ equity:    
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at March 31, 2022 and December 31, 2021 0 0
Additional paid-in capital 289,459 283,982
Retained earnings 456,088 438,732
Accumulated other comprehensive loss, net (3,889) (6,667)
Treasury stock, at cost, 2,101,795 shares at March 31, 2022 and December 31, 2021 (11,788) (11,788)
Stockholders’ equity before non-controlling interest 729,875 704,264
Non-controlling interest 6,335 0
Total stockholders’ equity 736,210 704,264
Total liabilities, redeemable non-controlling interests and stockholders’ equity 2,530,570 2,224,821
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, 2022 and December 31, 2021 of $136,315 and $124,454, respectively. Includes non-recourse liabilities of consolidated VIEs at March 31, 2022 and December 31, 2021 of $30,790 and $31,125, respectively. See Note 12.