Quarterly report [Sections 13 or 15(d)]

IMPACT OF ACCOUNTING METHOD CHANGE FOR INVESTMENT TAX CREDITS

v3.26.3
IMPACT OF ACCOUNTING METHOD CHANGE FOR INVESTMENT TAX CREDITS
 9 Months Ended
Sep. 30, 2026
Accounting Changes and Error Corrections [Abstract]  
IMPACT OF ACCOUNTING METHOD CHANGE FOR INVESTMENT TAX CREDITS IMPACT OF ACCOUNTING METHOD CHANGE FOR INVESTMENT TAX CREDITS
As disclosed in Note 2, effective January 1, 2026, we elected to change our method of accounting for investment tax credits. Comparative financial statements have been adjusted to apply the new method retrospectively. The following financial statement line items for the periods noted were affected by the change in accounting principle.
Balance Sheet Line Items Impacted by Change:
September 30, 2026
Prior Method Effect of Change New Method
Energy assets, net
$
2,332,547 
$
235,145 
$
2,567,692 
Deferred income tax assets, net
127,545 
(70,761)
56,784 
Subtotal - assets
$
2,460,092 
$
164,384 
$
2,624,476 
Additional paid-in capital
381,921 
(17,635)
364,286 
Retained earnings
738,762 
164,802 
903,564 
Non-controlling interests
381,698 
17,217 
398,915 
Subtotal - equity
$
1,502,381 
$
164,384 
$
1,666,765 
June 30, 2026
As Revised (1)
Effect of Change As Adjusted
Energy assets, net
$
2,236,328 
$
237,972 
$
2,474,300 
Deferred income tax assets, net
97,576 
(54,792)
42,784 
Subtotal - assets
$
2,333,904 
$
183,180 
$
2,517,084 
Additional paid-in capital (1)
383,218 
(17,636)
365,582 
Retained earnings
688,126 
183,557 
871,683 
Non-controlling interest (1)
296,120 
17,259 
313,379 
Subtotal - equity
$
1,367,464 
$
183,180 
$
1,550,644 
(1) See Note 2 for correction of an error.
March 31, 2026
Originally Reported Effect of Change As Adjusted
Prepaid expenses and other current assets
$
236,403 
$
20,823 
$
257,226 
Energy assets, net
2,155,837 
217,373 
2,373,210 
Deferred income tax assets, net
99,338 
(52,533)
46,805 
Subtotal - assets
$
2,491,578 
$
185,663 
$
2,677,241 
Retained earnings
678,408 
185,977 
864,385 
Non-controlling interests
45,381 
(314)
45,067 
Subtotal - equity
$
723,789 
$
185,663 
$
909,452 
December 31, 2025
Originally Reported Effect of Change As Adjusted
Prepaid expenses and other current assets
$
239,865 
$
20,823 
$
260,688 
Energy assets, net
2,081,224 
220,200 
2,301,424 
Deferred income tax assets, net
96,868 
(53,287)
43,581 
Subtotal - assets
$
2,417,957 
$
187,736 
$
2,605,693 
Retained earnings
696,737 
187,987 
884,724 
Non-controlling interests
42,666 
(251)
42,415 
Subtotal - equity
$
739,403 
$
187,736 
$
927,139 


Statements of Operations Line Items Impacted by Change:
Three Months Ended September 30, Nine Months Ended September 30,
2026 2026
Prior Method Effect of Change New Method Prior Method Effect of Change New Method
Cost of revenues
$
468,883 
$
2,827 
$
471,710 
$
1,238,036 
$
8,481 
$
1,246,517 
Income tax benefit
(28,224)
15,969 
(12,255)
(31,271)
14,871 
(16,400)
Net income
$
65,598 
$
(18,796)
$
46,802 
$
71,122 
$
(23,352)
$
47,770 
Net (income) loss attributable to non-controlling interests and redeemable non-controlling interests
(14,962)
41 
(14,921)
(29,050)
166 
(28,884)
Net income attributable to common shareholders
$
50,636 
$
(18,755)
$
31,881 
$
42,072 
$
(23,186)
$
18,886 
Net income per share attributable to common shareholders:
Basic
$
0.95 
$
(0.35)
$
0.60 
$
0.80 
$
(0.44)
$
0.36 
Diluted
$
0.94 
$
(0.35)
$
0.59 
$
0.79 
$
(0.44)
$
0.35 
Three Months Ended September 30, Nine Months Ended September 30,
2025 2025
Originally Reported Effect of Change As Adjusted Originally Reported Effect of Change As Adjusted
Cost of revenues
$
441,658 
$
2,029 
$
443,687 
$
1,141,494 
$
6,088 
$
1,147,582 
Income tax benefit
(3,678)
(57,472)
(61,150)
(5,390)
(72,688)
(78,078)
Net income
$
21,840 
$
55,444 
$
77,284 
$
31,753 
$
66,600 
$
98,353 
Net (income) loss attributable to non-controlling interests and redeemable non-controlling interests
(3,308)
63 
(3,245)
(5,839)
189 
(5,650)
Net income attributable to common shareholders
$
18,532 
$
55,507 
$
74,039 
$
25,914 
$
66,789 
$
92,703 
Net income per share attributable to common shareholders:
Basic
$
0.35 
$
1.05 
$
1.40 
$
0.49 
$
1.27 
$
1.76 
Diluted
$
0.35 
$
1.04 
$
1.39 
$
0.49 
$
1.25 
$
1.74 
Three Months Ended June 30,
2026 2025
Originally Reported Effect of Change As Adjusted Originally Reported Effect of Change As Adjusted
Cost of revenues
$
424,157 
$
2,827 
$
426,984 
$
398,926 
$
2,029 
$
400,955 
Income tax provision (benefit)
137 
(343)
(206)
(2,900)
(39,293)
(42,193)
Net income (loss)
$
19,907 
$
(2,484)
$
17,423 
$
15,518 
$
37,264 
$
52,782 
Net (income) loss attributable to non-controlling interests and redeemable non-controlling interests
(10,189)
63 
(10,126)
(2,654)
63 
(2,591)
Net income (loss) attributable to common shareholders
$
9,718 
$
(2,421)
$
7,297 
$
12,864 
$
37,327 
$
50,191 
Net income (loss) per share attributable to common shareholders:
Basic
$
0.18 
$
(0.04)
$
0.14 
$
0.24 
$
0.71 
$
0.95 
Diluted
$
0.18 
$
(0.04)
$
0.14 
$
0.24 
$
0.71 
$
0.95 
Six Months Ended June 30,
2026 2025
Originally Reported Effect of Change As Adjusted Originally Reported Effect of Change As Adjusted
Cost of revenues
$
769,153 
$
5,654 
$
774,807 
$
699,836 
$
4,059 
$
703,895 
Income tax benefit
(3,047)
(1,098)
(4,145)
(1,712)
(15,216)
(16,928)
Net income (loss)
$
5,524 
$
(4,556)
$
968 
$
9,912 
$
11,157 
$
21,069 
Net (income) loss attributable to non-controlling interests and redeemable non-controlling interests
(14,089)
126 
(13,963)
(2,531)
126 
(2,405)
Net (loss) income attributable to common shareholders
$
(8,565)
$
(4,430)
$
(12,995)
$
7,381 
$
11,283 
$
18,664 
Net (loss) income per share attributable to common shareholders:
Basic
$
(0.16)
$
(0.08)
$
(0.24)
$
0.14 
$
0.21 
$
0.35 
Diluted
$
(0.16)
$
(0.08)
$
(0.24)
$
0.14 
$
0.21 
$
0.35 
Three Months Ended March 31,
2026 2025
Originally Reported Effect of Change As Adjusted Originally Reported Effect of Change As Adjusted
Cost of revenues
$
344,996 
$
2,827 
$
347,823 
$
300,910 
$
2,029 
$
302,939 
Income tax (benefit) provision
(3,184)
(755)
(3,939)
1,188 
24,077 
25,265 
Net (loss) income
$
(14,383)
$
(2,072)
$
(16,455)
$
(5,606)
$
(26,106)
$
(31,712)
Net (income) loss attributable to non-controlling interests and redeemable non-controlling interests
(3,900)
63 
(3,837)
123 
63 
186 
Net (loss) income attributable to common shareholders
$
(18,283)
$
(2,009)
$
(20,292)
$
(5,483)
$
(26,043)
$
(31,526)
Net (loss) income per share attributable to common shareholders:
Basic
$
(0.35)
$
(0.04)
$
(0.39)
$
(0.10)
$
(0.50)
$
(0.60)
Diluted
$
(0.35)
$
(0.04)
$
(0.39)
$
(0.10)
$
(0.50)
$
(0.60)
Supplemental Information: Three Months and Year Ended 2025 Statements of Operations Line Items Impacted by Change
Three Months Ended December 31, 2025 (1)
Year Ended December 31, 2025
Originally Recognized Effect of Change As Adjusted Originally Reported Effect of Change As Adjusted
Cost of revenues
$
486,619 
$
2,666 
$
489,285 
$
1,628,113 
$
8,753 
$
1,636,866 
Income tax benefit
(6,310)
(65,177)
(71,487)
(11,700)
(137,865)
(149,565)
Net income
$
24,922 
$
62,511 
$
87,433 
$
56,675 
$
129,112 
$
185,787 
Net (income) loss attributable to non-controlling interests and redeemable non-controlling interests
(6,552)
63 
(6,489)
(12,391)
251 
(12,140)
Net income attributable to common shareholders
$
18,370 
$
62,574 
$
80,944 
$
44,284 
$
129,363 
$
173,647 
Net income per share attributable to common shareholders:
Basic
$
0.35 
$
1.15 
$
1.50 
$
0.84 
$
2.40 
$
3.24 
Diluted
$
0.34 
$
1.17 
$
1.51 
$
0.83 
$
2.40 
$
3.23 
(1) The information for the three months ended December 31, 2025 has been derived from the Company's annual financial information and previously reported quarterly information and has been adjusted to reflect the application of the accounting change.
Statements of Cash Flows Line Items Impacted by Change:
Six Months Ended June 30, 2026
Prior Method Effect of Change As Adjusted
Net income
$
5,524 
$
(4,556)
$
968 
Adjustments to reconcile net loss to net cash flows from operating activities:
Depreciation of energy assets, net
57,251 
5,654 
62,905 
Deferred income taxes, net
(2,486)
(1,098)
(3,584)
Changes in operating assets and liabilities:
Proceeds from sale of investment tax credits
— 
20,411 
20,411 
Operating cash flows
$
(71,813)
$
20,411 
$
(51,402)
Cash flows from investing activities:
Proceeds from sale of investment tax credits
$
20,411 
$
(20,411)
$
— 
Net change in cash
$
64,085 
$
— 
$
64,085 
Six Months Ended June 30, 2025
Originally Reported Effect of Change As Adjusted
Net income
$
9,912 
$
11,157 
$
21,069 
Adjustments to reconcile net loss to net cash flows from operating activities:
Depreciation of energy assets, net
46,839 
4,059 
50,898 
Deferred income taxes, net
(2,916)
(15,216)
(18,132)
Changes in operating assets and liabilities:
Proceeds from sale of investment tax credits
— 
70,788 
70,788 
Operating cash flows
(55,177)
70,788 
15,611 
Cash flows from investing activities:
Proceeds from sale of investment tax credits
$
70,788 
$
(70,788)
$
— 
Net change in cash
$
(6,361)
$
— 
$
(6,361)
Statements of Cash Flows Line Items Impacted by Change:
 Three Months Ended March 31, 2026
Originally Reported Effect of Change As Adjusted
Net income
$
(14,383)
$
(2,072)
$
(16,455)
Adjustments to reconcile net loss to net cash flows from operating activities:
Depreciation of energy assets, net
28,199 
2,827 
31,026 
Deferred income taxes, net
(1,895)
(755)
(2,650)
Changes in operating assets and liabilities:
Proceeds from sale of investment tax credits
— 
— 
— 
Operating cash flows
$
35,396 
$
— 
$
35,396 
Cash flows from investing activities:
Proceeds from sale of investment tax credits
$
— 
$
— 
$
— 
Net change in cash
$
186,515 
$
— 
$
186,515 

Three Months Ended March 31, 2025
Originally Reported Effect of Change As Adjusted
Net income
$
(5,606)
$
(26,106)
$
(31,712)
Adjustments to reconcile net loss to net cash flows from operating activities:
Depreciation of energy assets, net
22,842 
2,029 
24,871 
Deferred income taxes, net
1,188 
24,077 
25,265 
Changes in operating assets and liabilities:
Proceeds from sale of investment tax credits
— 
— 
— 
Operating cash flows
(28,304)
— 
(28,304)
Cash flows from investing activities:
Proceeds from sale of investment tax credits
$
— 
$
— 
$
— 
Net change in cash
$
(31,605)
$
— 
$
(31,605)