Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.23.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents [1] $ 178,939 $ 115,534
Restricted cash [1] 21,232 20,782
Accounts receivable, net of allowance of $2,362 and $2,266, respectively [1] 130,940 174,009
Accounts receivable retainage, net 35,625 38,057
Costs and estimated earnings in excess of billings [1] 497,762 576,363
Inventory, net 13,609 14,218
Prepaid expenses and other current assets [1] 56,311 38,617
Income tax receivable 7,626 7,746
Project development costs, net 15,930 16,025
Total current assets [1] 957,974 1,001,351
Federal ESPC receivable 539,820 509,507
Property and equipment, net [1] 16,865 15,707
Energy assets, net [1] 1,270,230 1,181,525
Deferred income tax assets, net 3,049 3,045
Goodwill, net 77,810 70,633
Intangible assets, net 8,666 4,693
Operating lease assets [1] 38,189 38,224
Restricted cash, non-current portion [1] 13,406 13,572
Other assets [1] 41,339 38,564
Total assets [1] 2,967,348 2,876,821
Current liabilities:    
Current portions of long-term debt and financing lease liabilities [1] 313,459 331,479
Accounts payable [1] 285,465 349,126
Accrued expenses and other current liabilities [1] 115,044 89,166
Current portions of operating lease liabilities [1] 5,868 5,829
Billings in excess of cost and estimated earnings 39,326 34,796
Income taxes payable 7,950 1,672
Total current liabilities [1] 767,112 812,068
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs [1] 631,676 568,635
Federal ESPC liabilities 520,816 478,497
Deferred income tax liabilities, net 2,869 9,181
Deferred grant income 7,424 7,590
Long-term operating lease liabilities, net of current portion [1] 31,779 31,703
Other liabilities [1] 64,200 49,493
Commitments and contingencies (Note 10)
Redeemable non-controlling interests, net 46,700 46,623
Stockholders’ equity:    
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at March 31, 2023 and December 31, 2022 0 0
Additional paid-in capital 310,726 306,314
Retained earnings 534,624 533,549
Accumulated other comprehensive loss, net (4,645) (4,051)
Treasury stock, at cost, 2,101,795 shares at March 31, 2023 and December 31, 2022 (11,788) (11,788)
Stockholders’ equity before non-controlling interest 828,922 824,029
Non-controlling interests 65,850 49,002
Total stockholders’ equity 894,772 873,031
Total liabilities, redeemable non-controlling interests and stockholders’ equity 2,967,348 2,876,821
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 March 31, 2023 and December 31, 2022 of $238,666 and $213,913, respectively. Includes non-recourse liabilities of consolidated VIEs at March 31, 2023 and December 31, 2022 of $41,821 and $50,729, respectively. See Note 13.