Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.20.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents [1] $ 45,351 $ 33,223
Restricted cash [1] 15,598 20,006
Accounts receivable, net of allowance of $980 and $2,260 respectively [1] 121,672 95,863
Accounts receivable retainage, net 24,359 16,976
Costs and estimated earnings in excess of billings [1] 179,909 202,243
Inventory, net 9,081 9,236
Prepaid expenses and other current assets [1] 34,775 29,424
Income tax receivable 10,263 5,033
Project development costs 15,571 13,188
Total current assets [1] 456,579 425,192
Federal ESPC receivable 330,607 230,616
Property and equipment, net [1] 9,545 10,104
Energy assets, net [1] 670,139 579,461
Goodwill, net 58,172 58,414
Intangible assets, net 1,072 1,614
Operating lease assets [1] 36,336 32,791
Other assets [1] 22,247 35,821
Total assets [1] 1,584,697 1,374,013
Current liabilities:    
Current portions of long-term debt and financing lease liabilities [1] 61,521 69,969
Accounts payable [1] 205,536 202,416
Accrued expenses and other current liabilities [1] 30,059 31,356
Current portions of operating lease liabilities [1] 6,010 5,802
Billings in excess of cost and estimated earnings 35,320 26,618
Income taxes payable 221 486
Total current liabilities [1] 338,667 336,647
Long-term debt and financing lease liabilities, net of current portion and deferred financing fees [1] 278,127 266,181
Federal ESPC liabilities 385,386 245,037
Deferred income taxes, net 3,994 115
Deferred grant income 7,007 6,885
Long-term operating lease liabilities, net of current portion [1] 32,509 29,101
Other liabilities [1] 39,529 29,575
Commitments and contingencies (Note 9)
Redeemable non-controlling interests, net 36,421 31,616
Stockholders’ equity:    
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at September 30, 2020 and December 31, 2019 0 0
Additional paid-in capital 141,599 133,688
Retained earnings 344,936 314,459
Accumulated other comprehensive loss, net (11,695) (7,514)
Treasury stock, at cost, 2,101,795 shares at September 30, 2020 and 2,101,340 shares at December 31, 2019 (11,788) (11,782)
Total stockholders’ equity 463,057 428,856
Total liabilities, redeemable non-controlling interests and stockholders’ equity 1,584,697 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 September 30, 2020 and December 31, 2019 of $166,678 and $158,912, respectively. Includes non-recourse liabilities of consolidated VIEs at September 30, 2020 and December 31, 2019 of $35,334 and $38,568, respectively. See Note 12.