Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

v3.24.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents [1] $ 113,502 $ 79,271
Restricted cash [1] 71,868 62,311
Accounts receivable, net of allowance of $2,060 and $903, respectively [1] 230,298 153,362
Accounts receivable retainage, net 43,466 33,826
Costs and estimated earnings in excess of billings [1] 572,804 636,163
Inventory, net 11,973 13,637
Prepaid expenses and other current assets [1] 155,353 123,391
Income taxes receivable 4,468 5,775
Project development costs, net 20,819 20,735
Total current assets [1] 1,224,551 1,128,471
Federal ESPC receivable 565,964 609,265
Property and equipment, net [1] 16,777 17,395
Energy assets, net [1] 1,882,588 1,689,424
Deferred income tax assets, net 36,607 26,411
Goodwill, net 75,922 75,587
Intangible assets, net 5,387 6,808
Operating lease assets [1] 77,609 58,586
Restricted cash, non-current portion [1] 19,021 12,094
Other assets [1] 77,812 89,735
Total assets [1] 3,982,238 3,713,776
Current liabilities:    
Current portions of long-term debt and financing lease liabilities, net [1] 343,247 322,247
Accounts payable [1] 399,244 402,752
Accrued expenses and other current liabilities [1] 101,259 108,831
Current portions of operating lease liabilities [1] 12,242 13,569
Billings in excess of cost and estimated earnings 108,020 52,903
Income taxes payable 655 1,169
Total current liabilities [1] 964,667 901,471
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs [1] 1,317,517 1,170,075
Federal ESPC liabilities 520,497 533,054
Deferred income tax liabilities, net 2,601 4,479
Deferred grant income 6,806 6,974
Long-term operating lease liabilities, net of current portion [1] 58,007 42,258
Other liabilities [1] 102,645 82,714
Commitments and contingencies (Note 10)
Redeemable non-controlling interests, net 42,761 46,865
Stockholders’ equity:    
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at September 30, 2024 and December 31, 2023 0 0
Additional paid-in capital 336,425 320,892
Retained earnings 615,503 595,911
Accumulated other comprehensive loss, net (2,803) (3,045)
Treasury stock, at cost, 2,101,835 shares at September 30, 2024 and 2,101,795 shares at December 31, 2023 (11,788) (11,788)
Stockholders’ equity before non-controlling interest 937,342 901,975
Non-controlling interests 29,395 23,911
Total stockholders’ equity 966,737 925,886
Total liabilities, redeemable non-controlling interests, and stockholders’ equity 3,982,238 3,713,776
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, 2024 and December 31, 2023 of $214,969 and $312,701, respectively. Includes liabilities of consolidated VIEs at September 30, 2024 and December 31, 2023 of $47,259 and $199,063, respectively. See Note 13.