Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents [1] $ 108,516 $ 79,271
Restricted cash [1] 69,706 62,311
Accounts receivable, net [1] 256,961 153,362
Accounts receivable retainage 39,843 33,826
Unbilled revenue [1] 644,105 636,163
Inventory 11,556 13,637
Prepaid expenses and other current assets [1] 145,906 123,391
Income tax receivable 1,685 5,775
Project development costs, net 22,856 20,735
Total current assets [1] 1,301,134 1,128,471
Federal ESPC receivable 609,128 609,265
Property and equipment, net [1] 11,040 17,395
Energy assets, net [1] 1,915,311 1,689,424
Goodwill, net 66,305 75,587
Intangible assets, net 8,814 6,808
Right-of-use assets, net [1] 80,149 58,586
Restricted cash, non-current portion 20,156 12,094
Deferred income tax assets, net 56,523 26,411
Other assets [1] 89,948 89,735
Total assets [1] 4,158,508 3,713,776
Current liabilities:    
Current portions of long-term debt and financing lease liabilities, net of unamortized discount [1] 149,363 322,247
Accounts payable [1] 529,338 402,752
Accrued expenses and other current liabilities [1] 107,293 108,831
Current portions of operating lease liabilities [1] 10,536 13,569
Deferred revenue 91,734 52,903
Income taxes payable 744 1,169
Total current liabilities [1] 889,008 901,471
Long-term debt and financing lease liabilities, net of current portion, unamortized discount, and debt issuance costs [1] 1,483,900 1,170,075
Federal ESPC liabilities 555,396 533,054
Deferred income tax liabilities, net 2,223 4,479
Deferred grant income 6,436 6,974
Long-term operating lease liabilities, net of current portion [1] 59,479 42,258
Other liabilities [1] 114,454 82,714
Commitments and contingencies (Note 15)
Redeemable non-controlling interests, net 2,463 46,865
Stockholders’ equity:    
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at December 31, 2024 and 2023 0 0
Additional paid-in capital 378,321 320,892
Retained earnings 652,561 595,911
Accumulated other comprehensive loss, net (5,874) (3,045)
Treasury stock, at cost, 2,101,835 shares at December 31, 2024 and 2,101,795 at December 31, 2023 (11,788) (11,788)
Stockholders’ equity before non-controlling interest 1,013,225 901,975
Non-controlling interests 31,924 23,911
Total stockholders’ equity 1,045,149 925,886
Total liabilities, redeemable non-controlling interests and stockholders’ equity 4,158,508 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”) of $158,548 as of December 31, 2024 and $312,701 as of December 31, 2023. Includes liabilities of consolidated VIEs of $16,871 as of December 31, 2024 and $199,063 as of December 31, 2023. See Note 11.