Quarterly report [Sections 13 or 15(d)]

REVENUE FROM CONTRACTS WITH CUSTOMERS

v3.25.1
REVENUE FROM CONTRACTS WITH CUSTOMERS
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE FROM CONTRACTS WITH CUSTOMERS REVENUE FROM CONTRACTS WITH CUSTOMERS
Disaggregation of Revenue
Our reportable segments for the three months ended March 31, 2025 are North America Regions, U.S. Federal, Europe, Renewable Fuels, and All Other.
The following table presents our revenue disaggregated by line of business and reportable segment for the three months ended March 31, 2025:
North America Regions U.S. Federal Renewable Fuels Europe All Other Total
Project revenue $ 148,953  $ 6,038  $ 4,063  $ 92,407  $ —  $ 251,461 
O&M revenue 8,456  13,730  2,015  645  —  24,846 
Energy assets 18,970  5,357  32,097  269  —  56,693 
Other 1,881  122  —  3,336  14,490  19,829 
Total revenues $ 178,260  $ 25,247  $ 38,175  $ 96,657  $ 14,490  $ 352,829 
The following table presents our revenue disaggregated by line of business and reportable segment for the three months ended March 31, 2024:
North America Regions U.S. Federal Renewable Fuels Europe All Other Total
Project revenue $ 116,211  $ 43,479  $ 3,163  $ 41,424  $ 7  $ 204,284 
O&M revenue 6,933  15,278  2,377  747  —  25,335 
Energy assets 13,754  1,929  27,300  171  —  43,154 
Other 1,387  204  19  1,780  22,243  25,633 
Total revenues $ 138,285  $ 60,890  $ 32,859  $ 44,122  $ 22,250  $ 298,406 

The following table presents information related to our revenue recognized over time:
Three Months Ended March 31,
2025 2024
Percentage of revenue recognized over time 95% 94%
The remainder of our revenue is for products and services transferred at a point in time, at which point revenue is recognized.
We attribute revenues to customers based on the location of the customer. The following table presents information related to our revenues by geographic area:
Three Months Ended March 31,
2025 2024
United States $ 232,613  $ 239,099 
Canada 23,551  15,180 
Europe 96,665  44,127 
Total revenues $ 352,829  $ 298,406 
Contract Balances
The following tables provide information about receivables, contract assets and contract liabilities from contracts with customers:
  March 31, 2025 December 31, 2024
Accounts receivable, net $ 226,656  $ 256,961 
Accounts receivable retainage, net 45,276  39,843 
Contract Assets:
Unbilled revenue $ 559,049  $ 644,105 
Contract Liabilities:
Deferred revenue $ 91,219  $ 91,734 
Deferred revenue, non-current (1)
31,904  29,885 
Total contract liabilities $ 123,123  $ 121,619 
March 31, 2024 December 31, 2023
Accounts receivable, net $ 146,836  $ 153,362 
Accounts receivable retainage, net 32,158  33,826 
Contract Assets:
Unbilled revenue $ 652,428  $ 636,163 
Contract Liabilities:
Deferred revenue $ 61,267  $ 52,903 
Deferred revenue, non-current (1)
19,883  18,393 
Total contract liabilities $ 81,150  $ 71,296 
(1) Performance obligations that are expected to be completed beyond the next twelve months and are included in other liabilities in the condensed consolidated balance sheets.
The decrease in contract assets for the three months ended March 31, 2025 was primarily due to billings of $320,530, offset by revenue recognized of $225,443, as well as reclassifications, primarily from contract liabilities as a result of timing of customer payments. The increase in contract liabilities was primarily driven by the receipt of advance payments from customers, and related billings, as well as reclassifications from contract assets as a result of timing of customer payments. The advance payments and reclassifications exceeded the recognition of revenue as performance obligations were satisfied. For the three months ended March 31, 2025, we recognized revenue of $98,936 and billed $75,835 to customers that had balances which were included in contract liabilities at December 31, 2024.
The increase in contract assets for the three months ended March 31, 2024 was primarily due to billings of $210,475 offset by revenue recognized of $203,216. Contract assets are also affected by reclassifications, primarily from contract liabilities as a result of timing of customer payments. The increase in contract liabilities was primarily driven by the receipt of advance payments from customers, and related billings, as well as reclassifications from contract assets as a result of timing of customer payments. The advance payments and reclassifications exceeded the recognition of revenue as performance obligations were satisfied. For the three months ended March 31, 2024, we recognized revenue of $60,748 and billed $46,306 to customers that had balances which were included in the beginning balance of contract liabilities.
Performance Obligations
Our remaining performance obligations (“backlog”) represent the unrecognized revenue value of our contract commitments. At March 31, 2025, we had contracted backlog of $3,968,172 of which approximately 31% is anticipated to be recognized as revenue in the next twelve months. The remaining performance obligations primarily relate to the energy efficiency and renewable energy construction projects, including long-term operations and maintenance (“O&M”) services related to these projects. The long-term services have varying initial contract terms, up to 27 years.
Deferred Project Costs
Deferred project costs include costs incurred on active projects which will be reclassified either to contract assets or energy assets, as applicable, once a change order or other project resolution is finalized.
Project Development Costs
Project development costs of $4,436 and $3,120 were recognized in our condensed consolidated statements of loss on projects that converted to customer contracts during the three months ended March 31, 2025 and 2024, respectively.
No impairment charges in connection with our project development costs were recorded during the three or three months ended March 31, 2025 and 2024.