Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.22.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents [1] $ 67,553 $ 50,450
Restricted cash [1] 27,079 24,267
Accounts receivable, net of allowance of $2,265 and $2,266, respectively [1] 207,990 161,970
Accounts receivable retainage, net 43,444 43,067
Costs and estimated earnings in excess of billings [1] 663,798 306,172
Inventory, net 10,886 8,807
Prepaid expenses and other current assets [1] 23,153 25,377
Income tax receivable 4,299 5,261
Project development costs 16,668 13,214
Total current assets [1] 1,064,870 638,585
Federal ESPC receivable 671,241 557,669
Property and equipment, net [1] 14,000 13,117
Energy assets, net [1] 964,871 856,531
Deferred income tax assets, net 3,646 3,703
Goodwill, net 70,825 71,157
Intangible assets, net 5,532 6,961
Operating lease assets [1] 38,929 41,982
Restricted cash, net of current portion [1] 16,675 12,337
Other assets [1] 34,187 22,779
Total assets [1] 2,884,776 2,224,821
Current liabilities:    
Current portions of long-term debt and financing lease liabilities [1] 82,707 78,934
Accounts payable [1] 432,695 308,963
Accrued expenses and other current liabilities [1] 41,629 43,311
Current portions of operating lease liabilities [1] 5,953 6,276
Billings in excess of cost and estimated earnings 39,787 35,918
Income taxes payable 1,633 822
Total current liabilities [1] 604,404 474,224
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs [1] 698,365 377,184
Federal ESPC liabilities 657,235 532,287
Deferred income tax liabilities, net 8,855 3,871
Deferred grant income 8,099 8,498
Long-term operating lease liabilities, net of current portion [1] 32,642 35,135
Other liabilities [1] 45,691 43,176
Commitments and contingencies (Note 9)
Redeemable non-controlling interests, net 47,918 46,182
Stockholders’ equity:    
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at June 30, 2022 and December 31, 2021 0 0
Additional paid-in capital 294,240 283,982
Retained earnings 488,278 438,732
Accumulated other comprehensive loss, net (4,354) (6,667)
Treasury stock, at cost, 2,101,795 shares at June 30, 2022 and December 31, 2021 (11,788) (11,788)
Stockholders’ equity before non-controlling interest 766,381 704,264
Non-controlling interest 15,186 0
Total stockholders’ equity 781,567 704,264
Total liabilities, redeemable non-controlling interests and stockholders’ equity 2,884,776 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 June 30, 2022 and December 31, 2021 of $155,547 and $124,454, respectively. Includes non-recourse liabilities of consolidated VIEs at June 30, 2022 and December 31, 2021 of $32,251 and $31,125, respectively. See Note 12.