Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.23.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents [1] $ 48,999 $ 115,534
Restricted cash [1] 39,137 20,782
Accounts receivable, net of allowance [1] 123,361 174,009
Accounts receivable retainage, net 37,803 38,057
Costs and estimated earnings in excess of billings [1] 575,113 576,363
Inventory, net 14,127 14,218
Prepaid expenses and other current assets [1] 58,874 38,617
Income tax receivable 7,497 7,746
Project development costs, net 16,956 16,025
Total current assets [1] 921,867 1,001,351
Federal ESPC receivable 499,250 509,507
Property and equipment, net [1] 16,888 15,707
Energy assets, net [1] 1,417,690 1,181,525
Deferred income tax assets, net 3,594 3,045
Goodwill, net 77,846 70,633
Intangible assets, net 8,142 4,693
Operating lease assets [1] 38,833 38,224
Restricted cash, non-current portion [1] 13,677 13,572
Other assets [1] 43,223 38,564
Total assets [1] 3,041,010 2,876,821
Current liabilities:    
Current portions of long-term debt and financing lease liabilities [1] 332,999 331,479
Accounts payable [1] 290,284 349,126
Accrued expenses and other current liabilities [1] 81,008 89,166
Current portions of operating lease liabilities [1] 5,935 5,829
Billings in excess of cost and estimated earnings 40,459 34,796
Income taxes payable 1,564 1,672
Total current liabilities [1] 752,249 812,068
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs [1] 784,266 568,635
Federal ESPC liabilities 464,566 478,497
Deferred income tax liabilities, net 7,971 9,181
Deferred grant income 7,319 7,590
Long-term operating lease liabilities, net of current portion [1] 32,487 31,703
Other liabilities [1] 70,175 49,493
Commitments and contingencies (Note 10)
Redeemable non-controlling interests, net 47,994 46,623
Stockholders’ equity:    
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at June 30, 2023 and December 31, 2022 0 0
Additional paid-in capital 317,228 306,314
Retained earnings 540,964 533,549
Accumulated other comprehensive loss, net (2,884) (4,051)
Treasury stock, at cost, 2,101,795 shares at June 30, 2023 and December 31, 2022 (11,788) (11,788)
Stockholders’ equity before non-controlling interest 843,525 824,029
Non-controlling interests 30,458 49,002
Total stockholders’ equity 873,983 873,031
Total liabilities, redeemable non-controlling interests and stockholders’ equity 3,041,010 2,876,821
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, 2023 and December 31, 2022 of $275,589 and $213,913, respectively. Includes non-recourse liabilities of consolidated VIEs at June 30, 2023 and December 31, 2022 of $153,715 and $50,729, respectively. See Note 13.