Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.19.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents [1] $ 38,343 $ 61,397
Restricted cash [1] 13,530 16,880
Accounts receivable, net of allowance [1] 109,332 85,985
Accounts receivable retainage, net 15,383 13,516
Costs and estimated earnings in excess of billings [1] 120,686 86,842
Inventory, net 9,219 7,765
Prepaid expenses and other current assets [1] 16,717 11,571
Income tax receivable 1,622 5,296
Project development costs 23,849 21,717
Total current assets [1] 348,681 310,969
Federal ESPC receivable 133,850 293,998
Property and equipment, net [1] 7,871 6,985
Energy assets, net [1] 492,681 459,952
Goodwill 58,129 58,332
Intangible assets, net 2,052 2,004
Operating lease assets [1] 32,051  
Other assets [1] 34,579 29,394
Total assets [1] 1,109,894 1,161,634
Current liabilities:    
Current portions of long-term debt and financing lease liabilities [1] 54,351 26,890
Accounts payable [1] 117,188 134,330
Accrued expenses and other current liabilities [1] 29,259 35,947
Current operating lease liabilities [1] 5,807  
Billings in excess of cost and estimated earnings 24,380 24,363
Income taxes payable 138 1,100
Total current liabilities [1] 231,123 222,630
Long-term debt and financing lease liabilities, less current portions and net of deferred financing fees [1] 224,025 219,162
Federal ESPC liabilities 163,856 288,047
Deferred income taxes, net [1] 3,677 4,352
Deferred grant income 6,361 6,637
Long-term portions of operating lease liabilities [1] 28,308  
Other liabilities [1] 30,179 29,212
Commitments and contingencies (Note 9)
Redeemable non-controlling interests 32,037 14,719
Stockholders’ equity:    
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at June 30, 2019 and December 31, 2018 0 0
Additional paid-in capital 126,693 124,651
Retained earnings 283,386 269,806
Accumulated other comprehensive loss, net (8,118) (5,949)
Treasury stock, at cost, 2,091,040 shares at June 30, 2019 and December 31, 2018 (11,638) (11,638)
Total stockholders’ equity 390,328 376,875
Total liabilities, redeemable non-controlling interests and stockholders’ equity 1,109,894 1,161,634
Common Class A    
Stockholders’ equity:    
Common Stock 3 3
Common Class B    
Stockholders’ equity:    
Common Stock 2 2
Variable Interest Entity, Primary Beneficiary    
Current assets:    
Total assets 134,848 126,727
Stockholders’ equity:    
Non-recourse liabilities of consolidated VIE $ 40,217 $ 34,684
[1] Includes restricted assets of consolidated variable interest entities (“VIEs”) at June 30, 2019 and December 31, 2018 of $134,848 and $126,727, respectively. Includes non-recourse liabilities of consolidated VIEs at June 30, 2019 and December 31, 2018 of $40,217 and $34,684, respectively. See Note 12.