Ameresco, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

VARIABLE INTEREST ENTITIES AND EQUITY METHOD INVESTMENTS (Tables)

VARIABLE INTEREST ENTITIES AND EQUITY METHOD INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The table below presents a summary of amounts related to our consolidated investment funds and joint ventures, which we determined meet the definition of a variable interest entity (“VIE”), as of:


	September 30, 2024 (1)						December 31, 2023 (1)
	Investment Funds		Other VIEs		Total VIEs		Investment Funds		Other VIEs		Total VIEs
Cash and cash equivalents	$	1,328	$	10,067	$	11,395	$	5,099	$	16,780	$	21,879

Accounts receivable, net	—		13,760		13,760		—		1,977		1,977
Costs and estimated earnings in excess of billings	2,699		—		2,699		662		13,409		14,071
Prepaid expenses and other current assets	30		1,859		1,889		33		3,749		3,782
Income taxes receivable	—		625		625		—		—		—
Project development costs, net	—		14,244		14,244		—		—		—
Total VIE current assets	4,057		40,555		44,612		5,794		35,915		41,709
Property and equipment, net	—		—		—		—		267		267
Energy assets, net	75,985		89,544		165,529		79,104		173,808		252,912
Intangible assets net	—		26		26		—		—		—
Operating lease assets	4,627		—		4,627		4,748		12,908		17,656
Restricted cash, non-current portion	73		—		73		73		—		73
Other assets	—		102		102		10		74		84
Total VIE assets	$	84,742	$	130,227	$	214,969	$	89,729	$	222,972	$	312,701
Current portions of long-term debt and financing lease liabilities	$	2,200	$	—	$	2,200	$	2,190	$	132,427	$	134,617
Accounts payable	1,350		7,403		8,753		1,440		6,490		7,930
Accrued expenses and other current liabilities	208		1,549		1,757		241		19,627		19,868
Current portions of operating lease liabilities	146		—		146		133		6,953		7,086
Billings in excess of cost and estimated earnings	—		12,719		12,719		—		3,153		3,153
Income Taxes Payable	—		262		262		—		—		—
Total VIE current liabilities	3,904		21,933		25,837		4,004		168,650		172,654
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs	16,028		—		16,028		17,167		—		17,167
Long-term operating lease liabilities, net of current portion	5,002		—		5,002		5,063		3,823		8,886
Other liabilities	392		—		392		356		—		356
Total VIE liabilities	$	25,326	$	21,933	$	47,259	$	26,590	$	172,473	$	199,063

(1) The amounts in the above table are reflected in Note 1 on our condensed consolidated balance sheets.

Summary of Equity Method Investments

The following table provides information about our equity and cost method investments in joint ventures:


	As of
	September 30, 2024		December 31, 2023
Equity and cost method investments	$	16,729	$	18,709

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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