Annual report pursuant to Section 13 and 15(d)

Revenue from Contracts with Customers (Tables)

v3.19.3.a.u2
Revenue from Contracts with Customers (Tables)
12 Months Ended
Dec. 31, 2019
Revenue from Contract with Customer [Abstract]  
Summary of Impact of Adoption to our Condensed Consolidated Statements of Income and Balance Sheets
The Company recorded a net decrease to beginning retained earnings of $4,454 on January 1, 2018 due to the cumulative impact of adopting Topic 606, as detailed below.

 
January 1, 2018
 
As Reported
 
606 Adjustments
 
Adjusted Balances
 
Assets:
 
 
 
 
 
 
 
 
 
Costs and estimated earnings in excess of billings
 
$
104,852

 
 
$
(9,194
)
 
 
$
95,658

 
Prepaid expenses and other current assets
 
14,037

 
 
4,343

 
 
18,380

 
Deferred income taxes, net
 

 
 
1,003

 
 
1,003

 
Liabilities:
 

 
 
 
 
 
 
 
Accrued expenses and other current liabilities

 
23,260

 
 
1,190

 
 
24,450

 
Deferred income taxes, net
 
584

 
 
(584
)
 
 

 
Shareholders' Equity:
 
 
 
 
 
 
 
 
 
Retained earnings
 
235,844

 
 
(4,454
)
 
 
231,390

 

In accordance with Topic 606, the disclosure of the impact of adoption to the Company’s consolidated statements of income and balance sheets was as follows:

 
 
Impact of changes in accounting policies
 
 
12/31/2019
 
12/31/2018
 
 
As Reported
 
Balances without adoption of Topic 606
 
Effect of Change Higher/(Lower)
 
As Reported
 
Balances without adoption of Topic 606
 
Effect of Change Higher/(Lower)
Revenues
 
$
866,933

 
$
871,409

 
$
(4,476
)
 
$
787,138

 
$
784,316

 
$
2,822

Cost of revenues
 
698,815

 
701,397

 
(2,582
)
 
613,526

 
610,229

 
3,297

Gross profit
 
168,118

 
170,012

 
(1,894
)
 
173,612

 
174,087

 
(475
)
Operating expenses:
 
 

 
 

 
 

 
 
 
 
 
 
Selling, general and administrative expenses
 
116,504

 
116,504

 

 
114,513

 
114,513

 

Operating income
 
51,614

 
53,508

 
(1,894
)
 
59,099

 
59,574

 
(475
)
Other expenses, net
 
15,061

 
15,061

 

 
16,709

 
16,709

 

Income before provision for income taxes
 
36,553

 
38,447

 
(1,894
)
 
42,390

 
42,865

 
(475
)
Income tax (benefit) provision
 
(3,748
)
 
(3,256
)
 
(492
)
 
4,813

 
4,998

 
(185
)
Net income
 
40,301

 
41,703

 
(1,402
)
 
37,577

 
37,867

 
(290
)
Net loss attributable to redeemable non-controlling interests
 
4,135

 
4,135

 

 
407

 
407

 

Net income attributable to common shareholders
 
$
44,436

 
$
45,838

 
$
(1,402
)
 
$
37,984

 
$
38,274

 
$
(290
)
Basic income per share
 
$
0.95

 
$
0.98

 
$
(0.03
)
 
$
0.83

 
$
0.84

 
$
(0.01
)
Diluted income per share
 
$
0.93

 
$
0.96

 
$
(0.03
)
 
$
0.81

 
$
0.82

 
$
(0.01
)
 
December 31, 2019
 
December 31, 2018
 
As Reported
 
Balances without adoption of Topic 606
 
Effect of Change Higher/(Lower)
 
As Reported
 
Balances without adoption of Topic 606
 
Effect of Change Higher/(Lower)
Assets:
 
 
 
 
 
 
 
 
 
 
 
Costs and estimated earnings in excess of billings
$
202,243

 
$
213,091

 
$
(10,848
)
 
$
86,842

 
$
93,214

 
$
(6,372
)
Prepaid expenses and other current assets
29,424

 
25,776

 
3,648

 
11,571

 
10,644

 
927

Liabilities:
 
 
 
 
 
 

 
 
 
 
Accrued expenses and other current liabilities

31,356

 
30,147

 
1,209

 
35,947

 
34,877

 
1,070

Deferred income taxes, net
115

 
2,378

 
(2,263
)
 
4,352

 
6,123

 
(1,771
)
Shareholders' Equity:
 
 
 
 
 
 

 
 
 
 
Retained earnings
314,459

 
320,605

 
(6,146
)
 
269,806

 
274,550

 
(4,744
)
The Company recorded a net decrease to beginning retained earnings of $4,454 on January 1, 2018 due to the cumulative impact of adopting Topic 606, as detailed below.

 
January 1, 2018
 
As Reported
 
606 Adjustments
 
Adjusted Balances
 
Assets:
 
 
 
 
 
 
 
 
 
Costs and estimated earnings in excess of billings
 
$
104,852

 
 
$
(9,194
)
 
 
$
95,658

 
Prepaid expenses and other current assets
 
14,037

 
 
4,343

 
 
18,380

 
Deferred income taxes, net
 

 
 
1,003

 
 
1,003

 
Liabilities:
 

 
 
 
 
 
 
 
Accrued expenses and other current liabilities

 
23,260

 
 
1,190

 
 
24,450

 
Deferred income taxes, net
 
584

 
 
(584
)
 
 

 
Shareholders' Equity:
 
 
 
 
 
 
 
 
 
Retained earnings
 
235,844

 
 
(4,454
)
 
 
231,390

 
Summary of Disaggregation of Revenue
The following table provides information about disaggregated revenue by line of business and geographical region, by reportable segments, for the year ended December 31, 2019.
 
US Regions
 
U.S. Federal
 
Canada
 
Non-Solar DG
 
All Other
 
Total
Line of Business
Year ended December 31, 2019
Project revenue
$
321,973

 
$
240,656

 
$
27,995

 
$
9,221

 
$
11,219

 
$
611,064

O&M revenue
15,753

 
41,599

 
5

 
9,183

 
169

 
66,709

Energy assets
24,897

 
3,652

 
3,306

 
65,365

 
822

 
98,042

Other
2,437

 
1,519

 
6,604

 
914

 
79,644

 
91,118

Total revenues
$
365,060

 
$
287,426

 
$
37,910

 
$
84,683

 
$
91,854

 
$
866,933

 
 
 
 
 
 
 
 
 
 
 
 
Geographical Regions
Year ended December 31, 2019
United States
$
364,987

 
$
287,426

 
$
3,007

 
$
84,683

 
$
75,302

 
$
815,405

Canada

 

 
34,830

 

 
201

 
35,031

Other
73

 

 
73

 

 
16,351

 
16,497

Total revenues
$
365,060

 
$
287,426

 
$
37,910

 
$
84,683

 
$
91,854

 
$
866,933



The following table provides information about disaggregated revenue by line of business and geographical region, by reportable segments, for the year ended December 31, 2018.
 
US Regions
 
U.S. Federal
 
Canada
 
Non-Solar DG
 
All Other
 
Total
Line of Business
Year ended December 31, 2018
Project revenue
$
296,226

 
$
202,286

 
$
29,571

 
$
4,550

 
$
12,420

 
$
545,053

O&M revenue
17,814

 
39,250

 
37

 
8,135

 

 
65,236

Energy assets
18,442

 
4,062

 
2,604

 
69,599

 
1,069

 
95,776

Other
1,862

 
711

 
6,770

 
371

 
71,359

 
81,073

Total revenues
$
334,344

 
$
246,309

 
$
38,982

 
$
82,655

 
$
84,848

 
$
787,138

 
 
 
 
 
 
 
 
 
 
 
 
Geographical Regions

Year ended December 31, 2018
United States
$
334,344

 
$
246,309

 
$
2,557

 
$
82,655

 
$
68,883

 
$
734,748

Canada

 

 
36,425

 

 
303

 
36,728

Other

 

 

 

 
15,662

 
15,662

Total revenues
$
334,344

 
$
246,309

 
$
38,982

 
$
82,655

 
$
84,848

 
$
787,138

Summary of Contract Balances
The following table provides information about receivables, contract assets and contract liabilities from contracts with customers:
 
 
December 31, 2019
 
December 31, 2018
 
Accounts receivable, net
 
$
95,863

 
$
85,985

 
Accounts receivable retainage, net
 
16,976

 
13,516

 
Contract Assets:
 
 
 
 
 
Costs and estimated earnings in excess of billings
 
202,243

 
86,842

 
Contract Liabilities:
 
 
 
 
 
Billings in excess of cost and estimated earnings
 
32,178

 
30,706