Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.22.2.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents [1] $ 122,537 $ 50,450
Restricted cash [1] 24,403 24,267
Accounts receivable, net of allowance of $2,362 and $2,266, respectively [1] 219,817 161,970
Accounts receivable retainage, net 42,456 43,067
Costs and estimated earnings in excess of billings [1] 628,529 306,172
Inventory, net 13,095 8,807
Prepaid expenses and other current assets [1] 21,980 25,377
Income tax receivable 4,116 5,261
Project development costs, net 16,062 13,214
Total current assets [1] 1,092,995 638,585
Federal ESPC receivable 726,679 557,669
Property and equipment, net [1] 14,772 13,117
Energy assets, net [1] 1,032,809 856,531
Deferred income tax assets, net 3,357 3,703
Goodwill, net 70,118 71,157
Intangible assets, net 5,089 6,961
Operating lease assets [1] 37,952 41,982
Restricted cash, non-current portion [1] 16,618 12,337
Other assets [1] 37,654 22,779
Total assets [1] 3,038,043 2,224,821
Current liabilities:    
Current portions of long-term debt and financing lease liabilities [1] 301,247 78,934
Accounts payable [1] 411,371 308,963
Accrued expenses and other current liabilities [1] 95,268 43,311
Current portions of operating lease liabilities [1] 6,129 6,276
Billings in excess of cost and estimated earnings 43,173 35,918
Income taxes payable 3,072 822
Total current liabilities [1] 860,260 474,224
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs [1] 511,621 377,184
Federal ESPC liabilities 706,933 532,287
Deferred income tax liabilities, net 10,542 3,871
Deferred grant income 7,716 8,498
Long-term operating lease liabilities, net of current portion [1] 31,142 35,135
Other liabilities [1] 47,212 43,176
Commitments and contingencies (Note 9)
Redeemable non-controlling interests, net 48,077 46,182
Stockholders’ equity:    
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at September 30, 2022 and December 31, 2021 0 0
Additional paid-in capital 299,487 283,982
Retained earnings 515,642 438,732
Accumulated other comprehensive loss, net (5,650) (6,667)
Treasury stock, at cost, 2,101,795 shares at September 30, 2022 and December 31, 2021 (11,788) (11,788)
Stockholders’ equity before non-controlling interest 797,696 704,264
Non-controlling interest 16,844 0
Total stockholders’ equity 814,540 704,264
Total liabilities, redeemable non-controlling interests and stockholders’ equity 3,038,043 2,224,821
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, 2022 and December 31, 2021 of $151,877 and $124,454, respectively. Includes non-recourse liabilities of consolidated VIEs at September 30, 2022 and December 31, 2021 of $33,413 and $31,125, respectively. See Note 12.