Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.20.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents [1] $ 41,881 $ 33,223
Restricted cash [1] 15,171 20,006
Accounts receivable, net of allowance of $2,120 and $2,260 respectively [1] 86,017 95,863
Accounts receivable retainage, net 19,119 16,976
Costs and estimated earnings in excess of billings [1] 195,391 202,243
Inventory, net 9,001 9,236
Prepaid expenses and other current assets [1] 27,527 29,424
Income tax receivable 11,940 5,033
Project development costs 16,379 13,188
Total current assets [1] 422,426 425,192
Federal ESPC receivable 274,219 230,616
Property and equipment, net [1] 9,797 10,104
Energy assets, net [1] 637,618 579,461
Goodwill 57,838 58,414
Intangible assets, net 1,232 1,614
Operating lease assets [1] 35,829 32,791
Other assets [1] 20,573 35,821
Total VIE assets [1] 1,459,532 1,374,013
Current liabilities:    
Current portions of long-term debt and financing lease liabilities [1] 44,216 69,969
Accounts payable [1] 162,401 202,416
Accrued expenses and other current liabilities [1] 26,249 31,356
Current portions of operating lease liabilities [1] 5,216 5,802
Billings in excess of cost and estimated earnings 34,896 26,618
Income taxes payable 0 486
Total current liabilities [1] 272,978 336,647
Long-term debt and financing lease liabilities, net current portions and deferred financing fees [1] 295,048 266,181
Federal ESPC liabilities 334,724 245,037
Deferred income taxes, net 3,218 115
Deferred grant income 6,572 6,885
Long-term portions of operating lease liabilities, net of current portion [1] 32,698 29,101
Other liabilities [1] 38,318 29,575
Commitments and contingencies (Note 9)
Redeemable non-controlling interests 36,303 31,616
Stockholders’ equity:    
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at June 30, 2020 and December 31, 2019 0 0
Additional paid-in capital 139,625 133,688
Retained earnings 325,025 314,459
Accumulated other comprehensive loss, net (13,194) (7,514)
Treasury stock, at cost, 2,101,795 shares at June 30, 2020 and 2,101,340 shares at December 31, 2019 (11,788) (11,782)
Total stockholders’ equity 439,673 428,856
Total liabilities, redeemable non-controlling interests and stockholders’ equity 1,459,532 1,374,013
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”) at June 30, 2020 and December 31, 2019 of $164,298 and $158,912, respectively. Includes non-recourse liabilities of consolidated VIEs at June 30, 2020 and December 31, 2019 of $36,104 and $38,568, respectively. See Note 12.