Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.22.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents [1] $ 115,534 $ 50,450
Restricted cash [1] 20,782 24,267
Accounts receivable, net [1] 174,009 161,970
Accounts receivable retainage 38,057 43,067
Costs and estimated earnings in excess of billings [1] 576,363 306,172
Inventory, net 14,218 8,807
Prepaid expenses and other current assets [1] 38,617 25,377
Income tax receivable 7,746 5,261
Project development costs, net 16,025 13,214
Total current assets [1] 1,001,351 638,585
Federal ESPC receivable 509,507 557,669
Property and equipment, net [1] 15,707 13,117
Energy assets, net [1] 1,181,525 856,531
Goodwill, net 70,633 71,157
Intangible assets, net 4,693 6,961
Operating lease assets [1] 38,224 41,982
Restricted cash, non-current portion 13,572 12,337
Deferred income tax assets, net 3,045 3,703
Other assets [1] 38,564 22,779
Total assets [1] 2,876,821 2,224,821
Current liabilities:    
Current portions of long-term debt and financing lease liabilities [1] 331,479 78,934
Accounts payable [1] 349,126 308,963
Accrued expenses and other liabilities [1] 89,166 43,311
Current portion of operating lease liabilities [1] 5,829 6,276
Billings in excess of cost and estimated earnings 34,796 35,918
Income taxes payable 1,672 822
Total current liabilities [1] 812,068 474,224
Long-term debt and financing lease liabilities, net of current portion, unamortized discount, and debt issuance costs [1] 568,635 377,184
Federal ESPC liabilities 478,497 532,287
Deferred income tax liabilities, net 9,181 3,871
Deferred grant income 7,590 8,498
Long-term operating lease liabilities, net of current portion [1] 31,703 35,135
Other liabilities [1] 49,493 43,176
Commitments and contingencies:
Redeemable non-controlling interests, net 46,623 46,182
Stockholders’ equity:    
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at December 31, 2022 and 2021 0 0
Additional paid-in capital 306,314 283,982
Retained earnings 533,549 438,732
Accumulated other comprehensive loss, net (4,051) (6,667)
Treasury stock, at cost, 2,101,795 shares at December 31, 2022 and 2021 (11,788) (11,788)
Stockholders’ equity before non-controlling interest 824,029 704,264
Non-controlling interests 49,002 0
Total stockholders’ equity 873,031 704,264
Total liabilities, redeemable non-controlling interests and stockholders’ equity 2,876,821 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”) of $213,913 as of December 31, 2022 and $124,454 as of December 31, 2021. Includes non-recourse liabilities of consolidated VIEs of $50,729 as of December 31, 2022 and $31,125 as of December 31, 2021. See Note 11.