| Summary of Impact of Adoption to our Condensed Consolidated Statements of Income and Balance Sheets |
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January 1, 2018 |
(in thousands) |
As Reported |
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606 Adjustments |
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Adjusted Balances |
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Assets: |
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Costs and estimated earnings in excess of billings |
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$ |
104,852 |
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$ |
(9,194 |
) |
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$ |
95,658 |
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Prepaid expenses and other current assets |
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14,037 |
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4,343 |
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18,380 |
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Deferred income taxes, net |
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— |
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1,003 |
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1,003 |
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Liabilities: |
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Accrued expenses and other current liabilities
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23,260 |
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1,190 |
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24,450 |
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Deferred income taxes, net |
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584 |
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(584 |
) |
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— |
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Shareholders' Equity: |
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Retained earnings |
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235,844 |
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(4,454 |
) |
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231,390 |
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In accordance with Topic 606, the disclosure of the impact of adoption to the Company’s condensed consolidated statements of income (loss) and balance sheets was as follows:
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Three Months Ended March 31, 2018 |
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Impact of changes in accounting policies |
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(in thousands, except per share amounts) |
As Reported |
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Balances without adoption of Topic 606 |
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Effect of Change Higher/(Lower) |
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Revenues |
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$ |
167,410 |
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$ |
168,239 |
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$ |
(829 |
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Cost of revenues |
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131,937 |
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134,161 |
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(2,224 |
) |
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Gross profit |
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35,473 |
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34,078 |
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1,395 |
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Operating expenses: |
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Selling, general and administrative expenses |
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27,204 |
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27,204 |
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— |
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Operating income |
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8,269 |
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6,874 |
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1,395 |
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Other expenses, net |
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3,544 |
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3,544 |
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— |
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Income before benefit for income taxes |
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4,725 |
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3,330 |
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1,395 |
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Income tax (benefit) provision |
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(2,779 |
) |
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(3,094 |
) |
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315 |
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Net income |
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7,504 |
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6,424 |
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1,080 |
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Net (income) attributable to redeemable non-controlling interests |
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(516 |
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(516 |
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— |
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Net income attributable to common shareholders |
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$ |
6,988 |
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$ |
5,908 |
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$ |
1,080 |
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Basic income per share |
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$ |
0.15 |
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$ |
0.13 |
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$ |
0.02 |
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Diluted income per share |
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$ |
0.15 |
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$ |
0.13 |
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$ |
0.02 |
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March 31, 2018 |
(in thousands) |
As Reported |
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Balances without adoption of Topic 606 |
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Effect of Change Higher/(Lower) |
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Assets: |
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Costs and estimated earnings in excess of billings |
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$ |
64,064 |
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$ |
74,088 |
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$ |
(10,024 |
) |
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Prepaid expenses and other current assets |
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23,258 |
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16,523 |
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6,735 |
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Deferred income taxes |
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3,570 |
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2,298 |
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1,272 |
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Liabilities: |
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Accrued expenses and other current liabilities
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23,818 |
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22,490 |
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1,328 |
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Shareholders' Equity: |
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Retained earnings |
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238,378 |
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241,723 |
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(3,345 |
) |
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| Summary of Disaggregation of Revenue |
The following table provides information about disaggregated revenue by line of business, reportable segments, and geographical region for the three months ended March 31, 2018.
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Three months ended |
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March 31, 2018 |
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US Regions |
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U.S. Federal |
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Canada |
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Non-Solar DG |
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All Other |
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Total |
Line of Business |
Project revenue |
$ |
65,440 |
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$ |
37,838 |
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$ |
6,936 |
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$ |
899 |
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$ |
570 |
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$ |
111,683 |
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O&M revenue |
3,895 |
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9,178 |
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19 |
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1,996 |
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— |
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15,088 |
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Energy assets |
4,981 |
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769 |
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366 |
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15,114 |
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264 |
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21,494 |
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Other |
375 |
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— |
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1,583 |
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108 |
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17,079 |
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19,145 |
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Total revenues |
$ |
74,691 |
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$ |
47,785 |
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$ |
8,904 |
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$ |
18,117 |
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$ |
17,913 |
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$ |
167,410 |
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Geographical Regions
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United States |
$ |
74,691 |
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$ |
47,785 |
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$ |
520 |
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$ |
18,117 |
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$ |
16,348 |
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$ |
157,461 |
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Canada |
— |
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— |
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8,384 |
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— |
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55 |
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8,439 |
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Other |
— |
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— |
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— |
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— |
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1,510 |
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1,510 |
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Total revenues |
$ |
74,691 |
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$ |
47,785 |
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$ |
8,904 |
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$ |
18,117 |
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$ |
17,913 |
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$ |
167,410 |
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| Summary of Contract with Customer, Asset and Liability |
The following table provides information about receivables, contract assets and contract liabilities from contracts with customers:
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January 1, 2018 |
|
March 31, 2018 |
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Accounts receivable, net |
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$ |
85,121 |
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$ |
93,622 |
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Accounts receivable retainage, net |
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17,484 |
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19,869 |
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Contract Assets: |
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Costs and estimated earnings in excess of billings |
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95,658 |
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64,064 |
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Contract Liabilities: |
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Billings in excess of cost and estimated earnings |
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27,248 |
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29,500 |
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