Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.21.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents [1] $ 58,807 $ 66,422
Restricted cash [1] 23,672 22,063
Accounts receivable, net of allowance of $2,311 and $2,266, respectively [1] 115,462 125,010
Accounts receivable retainage, net 36,485 30,189
Costs and estimated earnings in excess of billings [1] 195,027 185,960
Inventory, net 8,798 8,575
Prepaid expenses and other current assets [1] 25,389 26,854
Income tax receivable 5,688 9,803
Project development costs 14,508 15,839
Total current assets [1] 483,836 490,715
Federal ESPC receivable 512,737 396,725
Property and equipment, net [1] 8,826 8,982
Energy assets, net [1] 798,609 729,378
Deferred income tax assets, net 3,972 3,864
Goodwill, net 58,901 58,714
Intangible assets, net 769 927
Operating lease assets [1] 40,608 39,151
Restricted cash, non-current portion [1] 11,363 10,352
Other assets [1] 19,069 15,307
Total assets [1] 1,938,690 1,754,115
Current liabilities:    
Current portions of long-term debt and financing lease liabilities [1] 79,778 69,362
Accounts payable [1] 193,373 230,916
Accrued expenses and other current liabilities [1] 40,108 41,748
Current portions of operating lease liabilities [1] 5,995 6,106
Billings in excess of cost and estimated earnings 26,561 33,984
Income taxes payable 0 981
Total current liabilities [1] 345,815 383,097
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs [1] 305,351 311,674
Federal ESPC liabilities 506,680 440,223
Deferred income taxes, net 7,159 6,227
Deferred grant income 8,075 8,271
Long-term operating lease liabilities, net of current portion [1] 36,731 35,300
Other liabilities [1] 37,300 37,660
Commitments and contingencies (Note 9)
Redeemable non-controlling interests, net 46,003 38,850
Stockholders’ equity:    
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at June 30, 2021 and December 31, 2020 0 0
Additional paid-in capital 270,955 145,496
Retained earnings 393,158 368,390
Accumulated other comprehensive loss, net (6,754) (9,290)
Treasury stock, at cost, 2,101,795 shares at June 30, 2021 and December 31, 2020 (11,788) (11,788)
Total stockholders’ equity 645,576 492,813
Total liabilities, redeemable non-controlling interests and stockholders’ equity 1,938,690 1,754,115
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, 2021 and December 31, 2020 of $155,878 and $162,198, respectively. Includes non-recourse liabilities of consolidated VIEs at June 30, 2021 and December 31, 2020 of $32,318 and $33,335, respectively. See Note 12.