Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.19.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents [1] $ 34,104 $ 61,397
Restricted cash [1] 13,498 16,880
Accounts receivable, net of allowance [1] 91,755 85,985
Accounts receivable retainage, net 16,652 13,516
Costs and estimated earnings in excess of billings [1] 124,652 86,842
Inventory, net 9,902 7,765
Prepaid expenses and other current assets [1] 22,585 11,571
Income tax receivable 1,629 5,296
Project development costs 26,305 21,717
Total current assets [1] 341,082 310,969
Federal ESPC receivable 182,012 293,998
Property and equipment, net [1] 10,469 6,985
Energy assets, net [1] 507,759 459,952
Goodwill 57,899 58,332
Intangible assets, net 1,810 2,004
Operating lease assets [1] 32,540 0
Other assets [1] 36,786 29,394
Total assets [1] 1,170,357 1,161,634
Current liabilities:    
Current portions of long-term debt and financing lease liabilities [1] 54,958 26,890
Accounts payable [1] 133,833 134,330
Accrued expenses and other current liabilities [1] 28,700 35,947
Current operating lease liabilities 5,935 [1] 0
Billings in excess of cost and estimated earnings 23,234 24,363
Income taxes payable 0 1,100
Total current liabilities [1] 246,660 222,630
Long-term debt and financing lease liabilities, less current portions and net of deferred financing fees [1] 223,766 219,162
Federal ESPC liabilities 196,584 288,047
Deferred income taxes, net [1] 3,242 4,352
Deferred grant income 6,223 6,637
Long-term portions of operating lease liabilities, net of current 28,799 [1] 0
Other liabilities [1] 30,989 29,212
Commitments and contingencies (Note 9)
Redeemable non-controlling interests 32,108 14,719
Stockholders’ equity:    
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at September 30, 2019 and December 31, 2018 0 0
Additional paid-in capital 131,111 124,651
Retained earnings 292,256 269,806
Accumulated other comprehensive loss, net (9,609) (5,949)
Treasury stock, at cost, 2,101,040 shares at September 30, 2019 and 2,091,040 shares at December 31, 2018 (11,777) (11,638)
Total stockholders’ equity 401,986 376,875
Total liabilities, redeemable non-controlling interests and stockholders’ equity 1,170,357 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:    
Costs and estimated earnings in excess of billings 758 498
Prepaid expenses and other current assets 190 190
Energy assets, net 123,092 122,641
Operating lease assets 6,124 0
Other assets 1,624 1,613
Total assets 136,213 126,727
Current liabilities:    
Accounts payable 169 234
Accrued expenses and other current liabilities 3,672 4,146
Current operating lease liabilities 84 0
Long-term debt and financing lease liabilities, less current portions and net of deferred financing fees 26,104 26,461
Long-term portions of operating lease liabilities, net of current 6,271 0
Other liabilities 1,336 2,131
Stockholders’ equity:    
Non-recourse liabilities of consolidated VIE $ 39,548 $ 34,684
[1] Includes restricted assets of consolidated variable interest entities (“VIEs”) at September 30, 2019 and December 31, 2018 of $136,213 and $126,727, respectively. Includes non-recourse liabilities of consolidated VIEs at September 30, 2019 and December 31, 2018 of $39,548 and $34,684, respectively. See Note 12.