Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents [1] $ 77,681 $ 79,271
Restricted cash [1] 57,737 62,311
Accounts receivable, net of allowance of $897 and $903, respectively [1] 146,836 153,362
Accounts receivable retainage, net 32,158 33,826
Costs and estimated earnings in excess of billings [1] 652,428 636,163
Inventory, net 13,076 13,637
Prepaid expenses and other current assets [1] 118,813 123,391
Income tax receivable 4,836 5,775
Project development costs, net 22,907 20,735
Total current assets [1] 1,126,472 1,128,471
Federal ESPC receivable 577,651 609,265
Property and equipment, net [1] 17,170 17,395
Energy assets, net [1] 1,788,569 1,689,424
Deferred income tax assets, net 25,677 26,411
Goodwill, net 75,311 75,587
Intangible assets, net 6,197 6,808
Operating lease assets [1] 69,348 58,586
Restricted cash, non-current portion [1] 12,553 12,094
Other assets [1] 104,318 89,735
Total assets [1] 3,803,266 3,713,776
Current liabilities:    
Current portions of long-term debt and financing lease liabilities, net [1] 539,201 322,247
Accounts payable [1] 437,240 402,752
Accrued expenses and other current liabilities [1] 109,954 108,831
Current portions of operating lease liabilities [1] 14,220 13,569
Billings in excess of cost and estimated earnings 61,267 52,903
Income taxes payable 398 1,169
Total current liabilities [1] 1,162,280 901,471
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs [1] 1,011,576 1,170,075
Federal ESPC liabilities 504,689 533,054
Deferred income tax liabilities, net 4,584 4,479
Deferred grant income 6,737 6,974
Long-term operating lease liabilities, net of current portion [1] 50,710 42,258
Other liabilities [1] 88,619 82,714
Commitments and contingencies (Note 10)
Redeemable non-controlling interests, net 43,908 46,865
Stockholders’ equity:    
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at March 31, 2024 and December 31, 2023 0 0
Additional paid-in capital 327,367 320,892
Retained earnings 592,947 595,911
Accumulated other comprehensive loss, net (3,592) (3,045)
Treasury stock, at cost, 2,101,795 shares at March 31, 2024 and December 31, 2023 (11,788) (11,788)
Stockholders’ equity before non-controlling interest 904,939 901,975
Non-controlling interests 25,224 23,911
Total stockholders’ equity 930,163 925,886
Total liabilities, redeemable non-controlling interests, and stockholders’ equity 3,803,266 3,713,776
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, 2024 and December 31, 2023 of $194,752 and $312,701, respectively. Includes liabilities of consolidated VIEs at March 31, 2024 and December 31, 2023 of $45,878 and 199,063, respectively. See Note 13.