Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED BALANCE SHEETS

v3.25.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents [1] $ 71,593 $ 108,516
Restricted cash [1] 74,634 69,706
Accounts receivable, net of allowance of $848 and $845, respectively [1] 226,656 256,961
Accounts receivable retainage, net 45,276 39,843
Unbilled revenue [1] 559,049 644,105
Inventory, net 12,348 11,556
Prepaid expenses and other current assets [1] 242,293 145,906
Income taxes receivable 2,092 1,685
Project development costs, net 23,127 22,856
Total current assets [1] 1,257,068 1,301,134
Federal ESPC receivable 615,343 609,128
Property and equipment, net [1] 11,035 11,040
Energy assets, net [1] 1,955,280 1,915,311
Deferred income tax assets, net 67,228 56,523
Goodwill, net 68,337 66,305
Intangible assets, net 9,169 8,814
Right-of-use assets, net [1] 78,380 80,149
Restricted cash, non-current portion [1] 20,546 20,156
Other assets [1] 87,555 89,948
Total assets [1] 4,169,941 4,158,508
Current liabilities:    
Current portions of long-term debt and financing lease liabilities, net [1] 149,298 149,363
Accounts payable [1] 435,634 529,338
Accrued expenses and other current liabilities [1] 112,447 107,293
Current portions of operating lease liabilities [1] 9,592 10,536
Deferred revenue 91,219 91,734
Income taxes payable 115 744
Total current liabilities [1] 798,305 889,008
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs [1] 1,567,473 1,483,900
Federal ESPC liabilities 567,602 555,396
Deferred income tax liabilities, net 2,120 2,223
Deferred grant income 5,664 6,436
Long-term operating lease liabilities, net of current portion [1] 57,752 59,479
Other liabilities [1] 122,981 114,454
Commitments and contingencies (Note 10)
Redeemable non-controlling interests, net 1,966 2,463
Stockholders’ equity:    
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at March 31, 2025 and December 31, 2024 0 0
Additional paid-in capital 381,595 378,321
Retained earnings 647,051 652,561
Accumulated other comprehensive loss, net (4,935) (5,874)
Treasury stock, at cost, 2,101,835 shares at March 31, 2025 and December 31, 2024 (11,788) (11,788)
Stockholders’ equity before non-controlling interest 1,011,928 1,013,225
Non-controlling interests 34,150 31,924
Total stockholders’ equity 1,046,078 1,045,149
Total liabilities, redeemable non-controlling interests, and stockholders’ equity 4,169,941 4,158,508
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, 2025 and December 31, 2024 of $171,034 and $158,548, respectively. Includes liabilities of consolidated VIEs at March 31, 2025 and December 31, 2024 of $47,771 and $16,871, respectively. See Note 13.