amrc-20200331

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)


☑						QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2020


☐						TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to ___________.

Commission File Number: 001-34811

Ameresco, Inc.

(Exact name of registrant as specified in its charter)


Delaware						04-3512838
(State or Other Jurisdiction of Incorporation or Organization)						(I.R.S. Employer Identification No.)
111 Speen Street, Suite 410 Framingham, Massachusetts						01701
(Address of Principal Executive Offices)						(Zip Code)

(508) 661-2200

(Registrant’s Telephone Number, Including Area Code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes þ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large Accelerated Filer o

Accelerated Filer ☑

Non-accelerated filer o

Smaller reporting company ☐

Emerging growth company ☐

(Do not check if a smaller reporting company)

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No þ

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.


Class	New York Stock Exchange Symbol	Shares outstanding as of May 1 , 2020
Class A Common Stock, $0.0001 par value per share	AMRC	29,567,741
Class B Common Stock, $0.0001 par value per share		18,000,000

AMERESCO, INC.

QUARTERLY REPORT ON FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED March 31, 2020

TABLE OF CONTENTS


	Page
PART I - FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements

Condensed Consolidated Balance Sheets at March 31 , 20 20 (Unaudited) and December 31, 201 9		1

Condensed Consolidated Statements of Income for the three months ended March 31, 2020 and 2019 (Unaudited)		3

Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2020 and 2019 (Unaudited)		4

Condensed Consolidated Statements of Changes in Redeemable Non-Controlling Interests and Stockholders’ Equity for the three months ended March 31, 2020 and 2019 (Unaudited)		5

Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2020 and 2019 (Unaudited)		6

Notes to Condensed Consolidated Financial Statements (Unaudited)		8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		34

Item 3. Quantitative and Qualitative Disclosures About Market Risk		42

Item 4. Controls and Procedures		42

PART II - OTHER INFORMATION
Item 1. Legal Proceedings		43

Item 1A. Risk Factors		43

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		43

Item 5. Other Information		43

Item 6. Exhibits		48

Signatures	49

Exhibit Index	48

AMERESCO, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share amounts)


	March 31,		December 31,
	2020		2019
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents ⁽¹⁾	$	40,351	$	33,223
Restricted cash ⁽¹⁾	15,012		20,006
Accounts receivable, net of allowance of $2,120 and $2,260 respectively ⁽¹⁾	110,742		95,863
Accounts receivable retainage, net	21,265		16,976
Costs and estimated earnings in excess of billings ⁽¹⁾	189,566		202,243
Inventory, net	9,229		9,236
Prepaid expenses and other current assets ⁽¹⁾	28,052		29,424
Income tax receivable	7,135		5,033
Project development costs	16,740		13,188
Total current assets ⁽¹⁾	438,092		425,192
Federal ESPC receivable	239,156		230,616
Property and equipment, net ⁽¹⁾	9,952		10,104
Energy assets, net ⁽¹⁾	596,492		579,461
Deferred income taxes, net	2,470		—
Goodwill	57,741		58,414
Intangible assets, net	1,408		1,614
Operating lease assets ⁽¹⁾	32,444		32,791
Other assets ⁽¹⁾	35,828		35,821
Total assets ⁽¹⁾	$	1,413,583	$	1,374,013

LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portions of long-term debt and financing lease liabilities ⁽¹⁾	$	69,282	$	69,969
Accounts payable ⁽¹⁾	182,354		202,416
Accrued expenses and other current liabilities ⁽¹⁾	32,528		31,356
Current portions of operating lease liabilities ⁽¹⁾	5,360		5,802
Billings in excess of cost and estimated earnings	25,350		26,618
Income taxes payable	1,205		486
Total current liabilities ⁽¹⁾	316,079		336,647
Long-term debt and financing lease liabilities, net of current portions and deferred financing fees ⁽¹⁾	285,553		266,181
Federal ESPC liabilities	276,177		245,037
Deferred income taxes, net	—		115
Deferred grant income	6,682		6,885
Long-term operating lease liabilities, net of current portion ⁽¹⁾	29,104		29,101
Other liabilities ⁽¹⁾	35,872		29,575
Commitments and contingencies (Note 9)

Redeemable non-controlling interests	31,939		31,616

⁽¹⁾ Includes restricted assets of consolidated variable interest entities (“VIEs”) at March 31, 2020 and December 31, 2019 of $163,019 and $158,912, respectively. Includes non-recourse liabilities of consolidated VIEs at March 31, 2020 and December 31, 2019 of $38,024 and $38,568, respectively. See Note 12.

The accompanying notes are an integral part of these condensed consolidated financial statements.


AMERESCO, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS — (Continued)
(in thousands, except share amounts)
	March 31,		December 31,
	2020		2019
	(Unaudited)
Stockholders’ equity:
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at March 31, 2020 and December 31, 2019	$	—	$	—
Class A common stock, $0.0001 par value, 500,000,000 shares authorized, 31,611,956 shares issued and 29,510,161 shares outstanding at March 31, 2020, 31,331,345 shares issued and 29,230,005 shares outstanding at December 31, 2019	3		3
Class B common stock, $0.0001 par value, 144,000,000 shares authorized, 18,000,000 shares issued and outstanding at March 31, 2020 and December 31, 2019	2		2
Additional paid-in capital	136,591		133,688
Retained earnings	320,660		314,459
Accumulated other comprehensive loss, net	(13,291)		(7,514)

Treasury stock, at cost, 2,101,795 shares at March 31, 2020 and 2,101,340 shares at December 31, 2019	(11,788)		(11,782)
Total stockholders’ equity	432,177		428,856
Total liabilities, redeemable non-controlling interests and stockholders’ equity	$	1,413,583	$	1,374,013

The accompanying notes are an integral part of these condensed consolidated financial statements.

AMERESCO, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share amounts)

(Unaudited)


	Three Months Ended March 31,
	2020		2019
Revenues	$	212,413	$	150,112
Cost of revenues	173,967		117,480
Gross profit	38,446		32,632
Selling, general and administrative expenses	28,924		26,083
Operating income	9,522		6,549
Other expenses, net	5,389		3,421
Income before (benefit) provision for income taxes	4,133		3,128
Income tax (benefit) provision	(2,503)		257
Net income	6,636		2,871
Net loss (income) attributable to redeemable non-controlling interests	(435)		1,276
Net income attributable to common shareholders	$	6,201	$	4,147
Net income per share attributable to common shareholders:
Basic	$	0.13	$	0.09
Diluted	$	0.13	$	0.09
Weighted average common shares outstanding:
Basic	47,384		46,293
Diluted	48,497		47,654

The accompanying notes are an integral part of these condensed consolidated financial statements.

AMERESCO, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

(Unaudited)


	Three Months Ended March 31,
	2020		2019
Net income	$	6,636	$	2,871
Other comprehensive income (loss):
Unrealized loss from interest rate hedges, net of tax effect of $(1,187) and $(325), respectively	(3,465)		(1,142)
Foreign currency translation adjustments	(2,312)		606
Total other comprehensive loss	(5,777)		(536)
Comprehensive income	859		2,335
Comprehensive loss (income) attributable to redeemable non-controlling interests	(435)		1,276
Comprehensive income attributable to common shareholders	$	424	$	3,611

The accompanying notes are an integral part of these condensed consolidated financial statements.

AMERESCO, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE NON-CONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY

FOR THE THREE MONTHS ENDED March 31, 2020 AND 2019

(in thousands except share amounts)

(Unaudited)


													Accumulated
	Redeemable								Additional				Other						Total
	Non-Controlling		Class A Common Stock				Class B Common Stock						Paid-in		Retained	Comprehensive		Treasury Stock			Stockholders’
	Interests		Shares	Amount		Shares	Amount		Capital		Earnings		Loss		Shares	Amount			Equity
Balance, December 31, 2018	$	14,719	28,275,506	$	3	18,000,000	$	2	$	124,651	$	269,806	$	(5,949)	2,091,040	$	(11,638)		$	376,875
Cumulative impact from the adoptions of ASU-No. 2018-02 (Note 2)	—		—	—		—	—		—		217		(217)		—	—			—

Exercise of stock options	—		61,920	—		—	—		649		—		—		—	—			649
Stock-based compensation expense	—		—	—		—	—		385		—		—		—	—			385


Unrealized loss from interest rate hedge, net	—		—	—		—	—		—		—		(925)		—	—			(925)
Foreign currency translation adjustment	—		—	—		—	—		—		—		606		—	—			606

Distributions to redeemable non-controlling interests	(102)		—	—		—	—		—		—		—		—	—			—
Net (loss) income	(1,276)		—	—		—	—		—		4,147		—		—	—			4,147
Balance, March 31, 2019	$	13,341	28,337,426	$	3	18,000,000	$	2	$	125,685	$	274,170	$	(6,485)	2,091,040	$	(11,638)		$	381,737

Balance, December 31, 2019	$	31,616	29,230,005	$	3	18,000,000	$	2	$	133,688	$	314,459	$	(7,514)	2,101,340	$	(11,782)		$	428,856

Exercise of stock options	—		280,611	—		—	—		2,474		—		—		—	—			2,474
Stock-based compensation expense	—		—	—		—	—		429		—		—		—	—			429

Open market purchase of common shares	—		(455)	—		—	—		—		—		—		455	(6)			(6)
Unrealized loss from interest rate hedge, net	—		—	—		—	—		—		—		(3,465)		—	—			(3,465)
Foreign currency translation adjustment	—		—	—		—	—		—		—		(2,312)		—	—			(2,312)

Distributions to redeemable non-controlling interests	(112)		—	—		—	—		—		—		—		—	—			—
Net income	435		—	—		—	—		—		6,201		—		—	—			6,201
Balance, March 31, 2020	$	31,939	29,510,161	$	3	18,000,000	$	2	$	136,591	$	320,660	$	(13,291)	2,101,795	$	(11,788)		$	432,177

The accompanying notes are an integral part of these condensed consolidated financial statements.

AMERESCO, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(Unaudited)


	Three Months Ended March 31,
	2020		2019
Cash flows from operating activities:
Net income	$	6,636	$	2,871
Adjustments to reconcile net income to cash flows from operating activities:
Depreciation of energy assets	9,299		8,407
Depreciation of property and equipment	833		619
Amortization of debt discount and deferred financing fees	660		693
Amortization of intangible assets	179		213
Accretion of ARO and contingent consideration	21		51
Provision for bad debts	49		77

Gain on deconsolidation of VIE	—		(2,160)
Net gain from derivatives	(223)		(723)
Stock-based compensation expense	429		385
Deferred income taxes	(1,217)		—

Unrealized foreign exchange loss	212		(59)
Changes in operating assets and liabilities:

Accounts receivable	(14,161)		4,718
Accounts receivable retainage	(4,445)		(1,201)
Federal ESPC receivable	(39,946)		(26,986)
Inventory, net	7		(1,165)
Costs and estimated earnings in excess of billings	12,181		(1,027)
Prepaid expenses and other current assets	1,233		(2,939)
Project development costs	(3,224)		(3,688)
Other assets	8		549
Accounts payable, accrued expenses and other current liabilities	(17,241)		(40,976)
Billings in excess of cost and estimated earnings	(956)		809
Other liabilities	(586)		(228)
Income taxes payable, net	(1,388)		3,666
Cash flows from operating activities	(51,640)		(58,094)
Cash flows from investing activities:
Purchases of property and equipment	(724)		(1,287)
Purchases of energy assets	(28,497)		(23,334)


Acquisitions, net of cash received	—		(1,279)
Contributions to equity investment	(127)		(192)
Cash flows from investing activities	(29,348)		(26,092)



The accompanying notes are an integral part of these condensed consolidated financial statements.


AMERESCO, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS — (Continued)
(in thousands)
(Unaudited)
	Three Months Ended March 31,
	2020		2019
Cash flows from financing activities:

Payments of financing fees	$	(155)	$	—
Proceeds from exercises of options and ESPP	2,473		649
Repurchase of common stock	(6)		—
Proceeds from senior secured credit facility, net	31,000		11,373

Proceeds from Federal ESPC projects	61,198		39,598
Proceeds for energy assets from Federal ESPC	1,541		1,732


Distributions to redeemable non-controlling interests, net	(103)		(103)

Payments on long-term debt	(12,019)		(5,716)
Cash flows from financing activities	83,929		47,533
Effect of exchange rate changes on cash	(509)		140
Net increase (decrease) in cash, cash equivalents, and restricted cash	2,432		(36,513)
Cash, cash equivalents, and restricted cash, beginning of period	77,264		97,914
Cash, cash equivalents, and restricted cash, end of period	$	79,696	$	61,401

Supplemental disclosures of cash flow information:
Cash paid for interest	$	4,917	$	3,391
Cash paid for income taxes	$	183	$	197
Non-cash Federal ESPC settlement	$	29,297	$	5,629
Accrued purchases of energy assets	$	34,308	$	16,247

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the total of the same such amounts shown above:


	Three Months Ended March 31,
	2020		2019
Cash and cash equivalents	$	40,351	$	25,487
Short-term restricted cash	15,012		14,994
Long-term restricted cash included in other assets	24,333		20,920
Total cash and cash equivalents, and restricted cash	$	79,696	$	61,401

The accompanying notes are an integral part of these condensed consolidated financial statements.

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AMERESCO, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(in thousands, except per share amounts)

1. BASIS OF PRESENTATION

The accompanying condensed consolidated financial statements of Ameresco, Inc. (including its subsidiaries, the “Company”) are unaudited, pursuant to certain rules and regulations of the Securities and Exchange Commission, and include, in the opinion of the Company, normal recurring adjustments necessary for a fair presentation in conformity with accounting principles generally accepted in the United States (“GAAP”) of the results for the periods indicated.

The results of operations for the three months ended March 31, 2020 are not necessarily indicative of results which may be expected for the full year. The December 31, 2019 consolidated balance sheet data was derived from audited financial statements, but certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. The interim condensed consolidated financial statements, and notes thereto, should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2019, and notes thereto, included in the Company’s annual report on Form 10-K for the year ended December 31, 2019 filed with the Securities and Exchange Commission on March 4, 2020.

SIGNIFICANT RISKS AND UNCERTAINTIES

In March 2020, the World Health Organization categorized Coronavirus Disease 2019 (“COVID-19”) as a pandemic, and the President of the United States declared the COVID-19 outbreak a national emergency.

The Company’s condensed consolidated financial statements reflect estimates and assumptions made by management that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and reported amounts of revenue and expenses during the reporting periods presented. The Company considered the impact of COVID-19 on the assumptions and estimates used and determined that there were no material adverse impact on the Company’s first quarter 2020 results of operations.

The severity of the impact of the COVID-19 pandemic on the Company's business will depend on a number of factors, including, but not limited to, the duration and severity of the pandemic and the extent and severity of the impact on the Company's customers, all of which are uncertain and cannot be predicted. The Company's future results of operations and liquidity could be adversely impacted by delays in payments of outstanding receivable amounts beyond normal payment terms, delays in obtaining signed customer contracts for awarded projects, supply chain disruptions and uncertain demand. As of the date of issuance of these condensed consolidated financial statements, the extent to which the COVID-19 pandemic may materially impact the Company's financial condition, liquidity, or results of operations is uncertain.

On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) which includes modifications to the limitation on business interest expense and net operating loss provisions, and provides a payment delay of employer payroll taxes during 2020 after the date of enactment. The Company estimates the payment of approximately $5,000 of employer payroll taxes otherwise due in 2020 will be delayed with 50% due by December 31, 2021 and the remaining 50% by December 31, 2022. The CARES Act permits net operating losses from the 2018, 2019, and 2020 tax years to be carried back to the previous five tax years (beginning with the earliest year first). The Company estimates the discrete benefit associated with the net operating loss provisions of the CARES Act to be approximately $2,000 and an estimated refund of taxes paid in prior years of approximately $1,300.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accounting policies of the Company are set forth in Note 2 to the consolidated financial statements contained in the Company’s 2019 annual report on Form 10-K. The Company includes herein certain updates to those policies.

Accounts Receivable and allowance for Credit Losses

Accounts receivable are stated at the amount management expects to collect from outstanding balances. Effective January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13) prospectively. This ASU replaces the incurred loss impairment model with an expected credit loss impairment model for financial instruments, including trade receivables. The amendment requires entities to consider forward-looking information to estimate expected credit losses, resulting in earlier recognition of losses for receivables that are current or not yet due, which were not considered under the previous accounting guidance. The Company

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AMERESCO, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - (Continued)

(in thousands, except per share amounts)

performed an assessment of its allowance for credit losses based upon historical experience, management’s evaluation of outstanding accounts receivable, consideration of its customers’ financial conditions and current macroeconomic and market conditions and determined that no adjustment was required to retained earnings upon adoption.

The Company’s methodology to estimate the allowance for credit losses includes quarterly assessments of historical bad debt write off experience, current economic and market conditions, management’s evaluation of outstanding accounts receivable, and the Company’s forecasts. Due to the short-term nature of its receivables, the estimate of credit losses is primarily based on aged accounts receivable balances and the financial condition of customers. In addition, specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. Bad debts are written off against the allowance when identified. As part of its assessment, the Company also considered the current and expected future economic and market conditions due to the COVID-19 pandemic and determined that the estimate of credit losses was not significantly impacted as of March 31, 2020.

Changes in the allowance for credit losses for the three months ended March 31, 2020 and 2019 are as follows:


	March 31, 2020		March 31, 2019
Allowance for credit loss, beginning of period	$	2,260	$	2,765
Charges to costs and expenses, net	49		77
Account write-offs and other	(189)		(29)
Allowance for credit loss, end of period	$	2,120	$	2,813

Recent Accounting Pronouncements

Fair Value Measurement

In August 2018, the FASB issued ASU 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, which modifies the disclosure requirements on fair value measurements. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company adopted this guidance as of January 1, 2020 and the adoption did not have a material impact on the Company’s consolidated financial statements.

Consolidations

In October 2018, the FASB issued ASU No. 2018-17, Consolidation (Topic 810), Targeted Improvements to Related Party Guidance for Variable Interest Entities, which aligns the evaluation of whether a decision maker's fee is a variable interest with the guidance in the primary beneficiary test by requiring the decision maker to consider an indirect interest in a VIE held by related party under common control on a proportionate basis. The new standard is effective interim and annual periods beginning after December 15, 2019, with early adoption permitted. The Company adopted this guidance as of January 1, 2020 and the adoption did not have an impact on the Company’s consolidated financial statements.

Credit Losses

In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13), and a subsequent amendment to the initial guidance, ASU 2018-19 Codification Improvements to Topic 326, Financial Instruments—Credit Losses (collectively, Topic 326). Topic 326 requires measurement and recognition of expected credit losses for financial assets held, which include, but are not limited to, trade and other receivables. The new standard is effective for fiscal years beginning after December 15, 2019, The Company adopted this guidance as of January 1, 2020 and the adoption did not have a material impact on the Company’s consolidated financial statements.

In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives, and Hedging, and Topic 825, Financial Instruments. The improvements to Topic 815, among other things, clarifies some areas around partial-term fair value hedges, interest rate risk, the amortization of fair value hedge basis adjustments and their disclosure, and some clarification of matters related to the transitioning to ASU. 2017-12, which was adopted by the Company during the year ended December 31, 2018. The improvements to Topic 326 clarifies certain

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AMERESCO, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - (Continued)

(in thousands, except per share amounts)

aspects surrounding accounting for credit losses in connection with the Company’s receivables. These include that the Company should include anticipated recoveries in its calculation of credit losses. For those that have already adopted ASU No. 2017-12, the new standard is effective the first annual period beginning after the issuance date of ASU No. 2019-04, or as of January 1, 2020 for the Company, with early adoption permitted. The Company adopted this guidance as of January 1, 2020 and the adoption did not have a material impact on the Company’s consolidated financial statements.

Income Taxes

In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes, and clarifies certain aspects of the current guidance to promote consistency among reporting entities. ASU 2019-12 is effective for the Company for the fiscal year beginning after December 15, 2020. The Company is currently evaluating the impacts of the provisions of ASU 2019-12 on its consolidated financial statements and disclosures.

Others

In March 2020, the FASB issued ASU 2020-04 Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. Companies can apply the ASU immediately, however the guidance will only be available until December 31, 2022. The Company is currently evaluating the impact that adopting this new accounting standard will have on its condensed consolidated financial statements and related disclosures.

3. REVENUE FROM CONTRACTS WITH CUSTOMERS

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, 2020 and 2019.


	US Regions		U.S. Federal		Canada		Non-Solar DG		All Other		Total
Line of Business
Three Months Ended March 31, 2020
Project revenue	$	71,493	$	56,114	$	8,864	$	2,371	$	5,587	$	144,429
O&M revenue	4,352		11,626		9		2,015		60		18,062
Energy assets	8,554		719		663		17,986		300		28,222
Other