Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.23.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents [1] $ 107,776 $ 115,534
Restricted cash [1] 56,909 20,782
Accounts receivable, net of allowance of $897 and $911, respectively [1] 133,070 174,009
Accounts receivable retainage, net 33,459 38,057
Costs and estimated earnings in excess of billings [1] 591,378 576,363
Inventory, net 13,648 14,218
Prepaid expenses and other current assets [1] 67,864 38,617
Income tax receivable 7,219 7,746
Project development costs, net 18,800 16,025
Total current assets [1] 1,030,123 1,001,351
Federal ESPC receivable 529,382 509,507
Property and equipment, net [1] 17,551 15,707
Energy assets, net [1] 1,656,585 1,181,525
Deferred income tax assets, net 9,439 3,045
Goodwill, net 77,343 70,633
Intangible assets, net 7,347 4,693
Operating lease assets [1] 52,857 38,224
Restricted cash, non-current portion [1] 11,010 13,572
Other assets [1] 69,356 38,564
Total assets [1] 3,460,993 2,876,821
Current liabilities:    
Current portions of long-term debt and financing lease liabilities, net [1] 409,906 331,479
Accounts payable [1] 328,155 349,126
Accrued expenses and other current liabilities [1] 93,584 89,166
Current portions of operating lease liabilities [1] 12,703 5,829
Billings in excess of cost and estimated earnings 36,880 34,796
Income taxes payable 1,114 1,672
Total current liabilities [1] 882,342 812,068
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs [1] 1,022,256 568,635
Federal ESPC liabilities 486,019 478,497
Deferred income tax liabilities, net 4,134 9,181
Deferred grant income 7,070 7,590
Long-term operating lease liabilities, net of current portion [1] 38,806 31,703
Other liabilities [1] 73,965 49,493
Commitments and contingencies (Note 10)
Redeemable non-controlling interests, net 47,275 46,623
Stockholders’ equity:    
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at September 30, 2023 and December 31, 2022 0 0
Additional paid-in capital 321,821 306,314
Retained earnings 562,203 533,549
Accumulated other comprehensive loss, net (3,735) (4,051)
Treasury stock, at cost, 2,101,795 shares at September 30, 2023 and December 31, 2022 (11,788) (11,788)
Stockholders’ equity before non-controlling interest 868,506 824,029
Non-controlling interests 30,620 49,002
Total stockholders’ equity 899,126 873,031
Total liabilities, redeemable non-controlling interests, and stockholders’ equity 3,460,993 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 September 30, 2023 and December 31, 2022 of $304,634 and $213,913, respectively. Includes non-recourse liabilities of consolidated VIEs at September 30, 2023 and December 31, 2022 of $180,085 and $50,729, respectively. See Note 13.