Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents [1] $ 103,967 $ 71,785
Restricted cash [1] 91,305 92,515
Accounts receivable, net of allowance of $866 and $869, respectively [1] 249,197 257,856
Accounts receivable retainage, net 49,352 53,618
Unbilled revenue [1] 781,994 799,109
Inventory, net 12,519 12,609
Prepaid expenses and other current assets [1] 236,403 239,865
Income taxes receivable 3,453 2,166
Project development costs, net 26,235 23,010
Total current assets [1] 1,554,425 1,552,533
Federal ESPC receivable 512,707 503,449
Property and equipment, net [1] 10,102 10,077
Energy assets, net [1] 2,155,837 2,081,224
Deferred income tax assets, net 99,338 96,868
Goodwill, net 68,988 69,302
Intangible assets, net 6,871 7,464
Right-of-use assets, net [1] 75,645 76,165
Restricted cash, non-current portion [1] 57,178 22,215
Other assets [1] 100,196 117,797
Total assets [1] 4,641,287 4,537,094
Current liabilities:    
Current portions of long-term debt and financing lease liabilities, net [1] 162,176 132,125
Accounts payable [1] 666,744 691,197
Accrued expenses and other current liabilities [1] 118,711 113,878
Current portions of operating lease liabilities [1] 9,582 7,959
Deferred revenue 85,400 79,908
Income taxes payable 1,777 3,845
Total current liabilities [1] 1,044,390 1,028,912
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs [1] 1,824,531 1,749,708
Federal ESPC liabilities 505,246 478,970
Deferred income tax liabilities, net 3,489 2,943
Deferred grant income 5,193 5,385
Long-term operating lease liabilities, net of current portion [1] 53,641 55,938
Other liabilities [1] 93,363 91,003
Commitments and contingencies (Note 10)
Redeemable non-controlling interests, net 1,465 1,419
Stockholders’ equity:    
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at March 31, 2026 and December 31, 2025 0 0
Additional paid-in capital 400,287 395,656
Retained earnings 678,408 696,737
Accumulated other comprehensive loss, net (2,324) (460)
Treasury stock, at cost, 2,101,835 shares at March 31, 2026 and December 31, 2025 (11,788) (11,788)
Stockholders’ equity before non-controlling interest 1,064,588 1,080,150
Non-controlling interests 45,381 42,666
Total stockholders’ equity 1,109,969 1,122,816
Total liabilities, redeemable non-controlling interests, and stockholders’ equity 4,641,287 4,537,094
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, 2026 and December 31, 2025 of $314,414 and $329,354, respectively. Includes liabilities of consolidated VIEs at March 31, 2026 and December 31, 2025 of $165,382 and $179,314, respectively. See Note 13.