Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents [1] $ 150,278 $ 79,271
Restricted cash [1] 68,082 62,311
Accounts receivable, net of allowance of $2,060 and $903, respectively [1] 154,665 153,362
Accounts receivable retainage, net 39,225 33,826
Costs and estimated earnings in excess of billings [1] 651,748 636,163
Inventory, net 12,484 13,637
Prepaid expenses and other current assets [1] 134,375 123,391
Income taxes receivable 4,819 5,775
Project development costs, net 24,280 20,735
Total current assets [1] 1,239,956 1,128,471
Federal ESPC receivable 552,376 609,265
Property and equipment, net [1] 16,995 17,395
Energy assets, net [1] 1,813,649 1,689,424
Deferred income tax assets, net 29,512 26,411
Goodwill, net 75,245 75,587
Intangible assets, net 5,639 6,808
Operating lease assets [1] 68,194 58,586
Restricted cash, non-current portion [1] 14,740 12,094
Other assets [1] 148,796 89,735
Total assets [1] 3,965,102 3,713,776
Current liabilities:    
Current portions of long-term debt and financing lease liabilities, net [1] 523,832 322,247
Accounts payable [1] 497,026 402,752
Accrued expenses and other current liabilities [1] 100,198 108,831
Current portions of operating lease liabilities [1] 13,618 13,569
Billings in excess of cost and estimated earnings 97,493 52,903
Income taxes payable 220 1,169
Total current liabilities [1] 1,232,387 901,471
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs [1] 1,078,995 1,170,075
Federal ESPC liabilities 511,226 533,054
Deferred income tax liabilities, net 4,365 4,479
Deferred grant income 6,669 6,974
Long-term operating lease liabilities, net of current portion [1] 48,545 42,258
Other liabilities [1] 97,946 82,714
Commitments and contingencies (Note 10)
Redeemable non-controlling interests, net 43,777 46,865
Stockholders’ equity:    
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at June 30, 2024 and December 31, 2023 0 0
Additional paid-in capital 332,356 320,892
Retained earnings 597,930 595,911
Accumulated other comprehensive loss, net (3,800) (3,045)
Treasury stock, at cost, 2,101,795 shares at June 30, 2024 and December 31, 2023 (11,788) (11,788)
Stockholders’ equity before non-controlling interest 914,703 901,975
Non-controlling interests 26,489 23,911
Total stockholders’ equity 941,192 925,886
Total liabilities, redeemable non-controlling interests, and stockholders’ equity 3,965,102 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 June 30, 2024 and December 31, 2023 of $196,379 and $312,701, respectively. Includes liabilities of consolidated VIEs at June 30, 2024 and December 31, 2023 of $43,071 and $199,063, respectively. See Note 13.