Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents [1] $ 81,633 $ 108,516
Restricted cash [1] 88,808 69,706
Accounts receivable, net of allowance of $848 and $845, respectively [1] 245,852 256,961
Accounts receivable retainage, net 47,826 39,843
Unbilled revenue [1] 592,871 644,105
Inventory, net 12,389 11,556
Prepaid expenses and other current assets [1] 182,885 145,906
Income taxes receivable 2,868 1,685
Project development costs, net 25,298 22,856
Total current assets [1] 1,280,430 1,301,134
Federal ESPC receivable 609,066 609,128
Property and equipment, net [1] 10,775 11,040
Energy assets, net [1] 2,041,247 1,915,311
Deferred income tax assets, net 70,794 56,523
Goodwill, net 69,443 66,305
Intangible assets, net 8,745 8,814
Right-of-use assets, net [1] 77,181 80,149
Restricted cash, non-current portion [1] 21,576 20,156
Other assets [1] 106,023 89,948
Total assets [1] 4,295,280 4,158,508
Current liabilities:    
Current portions of long-term debt and financing lease liabilities, net [1] 160,578 149,363
Accounts payable [1] 451,571 529,338
Accrued expenses and other current liabilities [1] 105,305 107,293
Current portions of operating lease liabilities [1] 7,616 10,536
Deferred revenue 96,448 91,734
Income taxes payable 557 744
Total current liabilities [1] 822,075 889,008
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs [1] 1,661,839 1,483,900
Federal ESPC liabilities 550,631 555,396
Deferred income tax liabilities, net 2,178 2,223
Deferred grant income 5,682 6,436
Long-term operating lease liabilities, net of current portion [1] 57,547 59,479
Other liabilities [1] 122,914 114,454
Commitments and contingencies (Note 10)
Redeemable non-controlling interests, net 1,543 2,463
Stockholders’ equity:    
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at June 30, 2025 and December 31, 2024 0 0
Additional paid-in capital 386,214 378,321
Retained earnings 659,888 652,561
Accumulated other comprehensive income (loss), net 240 (5,874)
Treasury stock, at cost, 2,101,835 shares at June 30, 2025 and December 31, 2024 (11,788) (11,788)
Stockholders’ equity before non-controlling interest 1,034,559 1,013,225
Non-controlling interests 36,312 31,924
Total stockholders’ equity 1,070,871 1,045,149
Total liabilities, redeemable non-controlling interests, and stockholders’ equity 4,295,280 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 June 30, 2025 and December 31, 2024 of $233,193 and $158,548, respectively. Includes liabilities of consolidated VIEs at June 30, 2025 and December 31, 2024 of $104,183 and $16,871, respectively. See Note 13.