Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.24.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents [1] $ 79,271 $ 115,534
Restricted cash [1] 62,311 20,782
Accounts receivable, net [1] 153,362 174,009
Accounts receivable retainage 33,826 38,057
Costs and estimated earnings in excess of billings [1] 636,163 576,363
Inventory, net 13,637 14,218
Prepaid expenses and other current assets [1] 123,391 38,617
Income tax receivable 5,775 7,746
Project development costs, net 20,735 16,025
Total current assets [1] 1,128,471 1,001,351
Federal ESPC receivable 609,265 509,507
Property and equipment, net [1] 17,395 15,707
Energy assets, net [1] 1,689,424 1,181,525
Goodwill, net 75,587 70,633
Intangible assets, net 6,808 4,693
Operating lease assets [1] 58,586 38,224
Restricted cash, non-current portion 12,094 13,572
Deferred income tax assets, net 26,411 3,045
Other assets [1] 89,735 38,564
Total assets [1] 3,713,776 2,876,821
Current liabilities:    
Current portions of long-term debt and financing lease liabilities, net of unamortized discount [1] 322,247 331,479
Accounts payable [1] 402,752 349,126
Accrued expenses and other current liabilities [1] 108,831 89,166
Current portions of operating lease liabilities [1] 13,569 5,829
Billings in excess of cost and estimated earnings 52,903 34,796
Income taxes payable 1,169 1,672
Total current liabilities [1] 901,471 812,068
Long-term debt and financing lease liabilities, net of current portion, unamortized discount, and debt issuance costs [1] 1,170,075 568,635
Federal ESPC liabilities 533,054 478,497
Deferred income tax liabilities, net 4,479 9,181
Deferred grant income 6,974 7,590
Long-term operating lease liabilities, net of current portion [1] 42,258 31,703
Other liabilities [1] 82,714 49,493
Commitments and contingencies (Note 15)
Redeemable non-controlling interests, net 46,865 46,623
Stockholders’ equity:    
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at December 31, 2023 and 2022 0 0
Additional paid-in capital 320,892 306,314
Retained earnings 595,911 533,549
Accumulated other comprehensive loss, net (3,045) (4,051)
Treasury stock, at cost, 2,101,795 shares at December 31, 2023 and 2022 (11,788) (11,788)
Stockholders’ equity before non-controlling interest 901,975 824,029
Non-controlling interests 23,911 49,002
Total stockholders’ equity 925,886 873,031
Total liabilities, redeemable non-controlling interests and stockholders’ equity 3,713,776 2,876,821
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”) of $312,701 as of December 31, 2023 and $213,913 as of December 31, 2022. Includes liabilities of consolidated VIEs of $199,063 as of December 31, 2023 and $50,729 as of December 31, 2022. See Note 11.