QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |||||||
(Address of Principal Executive Offices) | (Zip Code) |
Accelerated Filer o | Non-accelerated filer o | Smaller reporting company | |||||||||
Emerging growth company | |||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o |
Class | Shares outstanding as of April 29, 2022 | |||||||
Page | ||||||||
Item 1. Condensed Consolidated Financial Statements | ||||||||
March 31, 2022 | December 31, 2021 | ||||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents (1) | $ | $ | |||||||||
Restricted cash (1) | |||||||||||
Accounts receivable, net of allowance of $ | |||||||||||
Accounts receivable retainage, net | |||||||||||
Costs and estimated earnings in excess of billings (1) | |||||||||||
Inventory, net | |||||||||||
Prepaid expenses and other current assets (1) | |||||||||||
Income tax receivable | |||||||||||
Project development costs | |||||||||||
Total current assets (1) | |||||||||||
Federal ESPC receivable | |||||||||||
Property and equipment, net (1) | |||||||||||
Energy assets, net (1) | |||||||||||
Deferred income tax assets, net | |||||||||||
Goodwill, net | |||||||||||
Intangible assets, net | |||||||||||
Operating lease assets (1) | |||||||||||
Restricted cash, net of current portion (1) | |||||||||||
Other assets (1) | |||||||||||
Total assets (1) | $ | $ | |||||||||
LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Current portions of long-term debt and financing lease liabilities (1) | $ | $ | |||||||||
Accounts payable (1) | |||||||||||
Accrued expenses and other current liabilities (1) | |||||||||||
Current portions of operating lease liabilities (1) | |||||||||||
Billings in excess of cost and estimated earnings | |||||||||||
Income taxes payable | |||||||||||
Total current liabilities (1) | |||||||||||
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs (1) | |||||||||||
Federal ESPC liabilities | |||||||||||
Deferred income tax liabilities, net | |||||||||||
Deferred grant income | |||||||||||
Long-term operating lease liabilities, net of current portion (1) | |||||||||||
Other liabilities (1) | |||||||||||
Commitments and contingencies (Note 9) | |||||||||||
Redeemable non-controlling interests, net |
March 31, 2022 | December 31, 2021 | ||||||||||
(Unaudited) | |||||||||||
Stockholders’ equity: | |||||||||||
Preferred stock, $ | $ | $ | |||||||||
Class A common stock, $ | |||||||||||
Class B common stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss, net | ( | ( | |||||||||
Treasury stock, at cost, | ( | ( | |||||||||
Stockholders’ equity before non-controlling interest | |||||||||||
Non-controlling interest | |||||||||||
Total stockholders’ equity | |||||||||||
Total liabilities, redeemable non-controlling interests and stockholders’ equity | $ | $ |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Revenues | $ | $ | |||||||||
Cost of revenues | |||||||||||
Gross profit | |||||||||||
Selling, general and administrative expenses | |||||||||||
Operating income | |||||||||||
Other expenses, net | |||||||||||
Income before income taxes | |||||||||||
Income tax provision | |||||||||||
Net income | |||||||||||
Net income attributable to redeemable non-controlling interests | ( | ( | |||||||||
Net income attributable to common shareholders | $ | $ | |||||||||
Net income per share attributable to common shareholders: | |||||||||||
Basic | $ | $ | |||||||||
Diluted | $ | $ | |||||||||
Weighted average common shares outstanding: | |||||||||||
Basic | |||||||||||
Diluted |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Net income | $ | $ | |||||||||
Other comprehensive income (loss): | |||||||||||
Unrealized gain from interest rate hedges, net of tax effect of $ | |||||||||||
Foreign currency translation adjustments | |||||||||||
Total other comprehensive income | |||||||||||
Comprehensive income | |||||||||||
Comprehensive income attributable to redeemable non-controlling interests | ( | ( | |||||||||
Comprehensive income attributable to common shareholders | $ | $ | |||||||||
Class A Common Stock | Class B Common Stock | Treasury Stock | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Non-controlling Interests | Shares | Amount | Shares | Amount | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Shares | Amount | Non-controlling Interest | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | $ | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity offering, net of offering costs of $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain from interest rate hedges, net | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax equity financing fees | ( | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to redeemable non-controlling interests | ( | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accretion of tax equity financing fees | — | — | — | — | — | ( | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2021 | $ | $ | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | $ | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity offering cost adjustment | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain from interest rate hedges, net | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to redeemable non-controlling interests | ( | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accretion of tax equity financing fees | — | — | — | — | — | ( | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment fund call option exercise | ( | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions from non-controlling interest | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2022 | $ | $ | $ | $ | $ | $ | ( | $ | ( | $ | $ |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to cash flows from operating activities: | |||||||||||
Depreciation of energy assets, net | |||||||||||
Depreciation of property and equipment | |||||||||||
Gain on contingent consideration | ( | ||||||||||
Accretion of ARO liabilities | |||||||||||
Amortization of debt discount and debt issuance costs | |||||||||||
Amortization of intangible assets | |||||||||||
Provision for bad debts | |||||||||||
Equity in (earnings) loss of unconsolidated entity | ( | ||||||||||
Net loss (gain) from derivatives | ( | ||||||||||
Stock-based compensation expense | |||||||||||
Deferred income taxes, net | |||||||||||
Unrealized foreign exchange loss | |||||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | ( | ||||||||||
Accounts receivable retainage | ( | ||||||||||
Federal ESPC receivable | ( | ( | |||||||||
Inventory, net | ( | ||||||||||
Costs and estimated earnings in excess of billings | ( | ||||||||||
Prepaid expenses and other current assets | ( | ||||||||||
Project development costs | |||||||||||
Other assets | ( | ||||||||||
Accounts payable, accrued expenses and other current liabilities | ( | ( | |||||||||
Billings in excess of cost and estimated earnings | ( | ( | |||||||||
Other liabilities | ( | ( | |||||||||
Income taxes receivable, net | |||||||||||
Cash flows from operating activities | ( | ( | |||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property and equipment | ( | ( | |||||||||
Capital investment in energy assets | ( | ( | |||||||||
Cash flows from investing activities | ( | ( | |||||||||
See notes to condensed consolidated financial statements. | |||||||||||
AMERESCO, INC. | |||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
(In thousands) (Unaudited) (Continued) | |||||||||||
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from equity offering, net of offering costs | $ | $ | |||||||||
Payments of debt discount and debt issuance costs | ( | ( | |||||||||
Proceeds from exercises of options and ESPP | |||||||||||
Proceeds from (payments on) senior secured revolving credit facility, net | ( | ||||||||||
Proceeds from long-term debt financings | |||||||||||
Proceeds from Federal ESPC projects | |||||||||||
Proceeds for (payments on) energy assets from Federal ESPC | ( | ||||||||||
Contributions from non-controlling interest | |||||||||||
Distributions to redeemable non-controlling interests, net | ( | ( | |||||||||
Payments on long-term debt and financing leases | ( | ( | |||||||||
Cash flows from financing activities | |||||||||||
Effect of exchange rate changes on cash | ( | ||||||||||
Net increase in cash, cash equivalents, and restricted cash | |||||||||||
Cash, cash equivalents, and restricted cash, beginning of period | |||||||||||
Cash, cash equivalents, and restricted cash, end of period | $ | $ | |||||||||
Supplemental disclosures of cash flow information: | |||||||||||
Cash paid for interest | $ | $ | |||||||||
Cash paid for income taxes | $ | $ | |||||||||
Accrued purchases of energy assets | $ | $ | |||||||||
March 31, 2022 | March 31, 2021 | ||||||||||
Allowance for credit losses, beginning of period | $ | $ | |||||||||
Provision for bad debts | |||||||||||
Account write-offs and other | ( | ||||||||||
Allowance for credit losses, end of period | $ | $ |
U.S. Regions | U.S. Federal | Canada | Non-Solar DG | All Other | Total | ||||||||||||||||||||||||||||||
Project revenue | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
O&M revenue | |||||||||||||||||||||||||||||||||||
Energy assets | |||||||||||||||||||||||||||||||||||
Integrated-PV | |||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||
Total revenues | $ | $ | $ | $ | $ | $ |
U.S. Regions | U.S. Federal | Canada | Non-Solar DG | All Other | Total | ||||||||||||||||||||||||||||||
Project revenue | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
O&M revenue | |||||||||||||||||||||||||||||||||||
Energy assets | |||||||||||||||||||||||||||||||||||
Integrated-PV | |||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||
Total revenues | $ | $ | $ | $ | $ | $ |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Percentage of revenue recognized over time |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
United States | $ | $ | |||||||||
Canada | |||||||||||
Other | |||||||||||
Total revenues | $ | $ |
March 31, 2022 | December 31, 2021 | |||||||||||||
Accounts receivable, net | $ | $ | ||||||||||||
Accounts receivable retainage, net | $ | $ | ||||||||||||
Contract Assets: | ||||||||||||||
Costs and estimated earnings in excess of billings | $ | $ | ||||||||||||
Contract Liabilities: | ||||||||||||||
Billings in excess of cost and estimated earnings | $ | $ | ||||||||||||
Billings in excess of cost and estimated earnings, non-current (1) | ||||||||||||||
Total contract liabilities | $ | $ |
March 31, 2021 | December 31, 2020 | ||||||||||
Accounts receivable, net | $ | $ | |||||||||
Accounts receivable retainage, net | $ | $ | |||||||||
Contract Assets: | |||||||||||
Costs and estimated earnings in excess of billings | $ | $ | |||||||||
Contract Liabilities: | |||||||||||
Billings in excess of cost and estimated earnings | $ | $ | |||||||||
Billings in excess of cost and estimated earnings, non-current (1) | |||||||||||
Total contract liabilities | $ | $ | |||||||||
(1) Performance obligations that are expected to be completed beyond the next twelve months and are included in other liabilities in the condensed consolidated balance sheets. |
U.S. Regions | U.S. Federal | Canada | Non-solar DG | Other | Total | ||||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Remeasurement adjustment | |||||||||||||||||||||||||||||||||||
Currency effects | ( | ( | |||||||||||||||||||||||||||||||||
Balance, March 31, 2022 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
As of March 31, 2022 | As of December 31, 2021 | ||||||||||
Gross carrying amount | $ | ||||||||||
Less - accumulated amortization | ( | ( | |||||||||
Intangible assets, net | $ | $ |
Three Months Ended March 31, | ||||||||||||||||||||
Asset type | Location | 2022 | 2021 | |||||||||||||||||
Customer contracts | Cost of revenues | $ | $ | |||||||||||||||||
All other intangible assets | Selling, general and administrative expenses | |||||||||||||||||||
Total amortization expense | $ | $ |
March 31, 2022 | December 31, 2021 | ||||||||||
Energy assets (1) | $ | $ | |||||||||
Less - accumulated depreciation and amortization | ( | ( | |||||||||
Energy assets, net | $ | $ | |||||||||
(1) Includes financing lease assets (see Note 6), capitalized interest and Asset retirement obligations (“ARO”) assets (see tables below). |
Three Months Ended March 31, | |||||||||||
Location | 2022 | 2021 | |||||||||
Cost of revenues (2) | $ | $ | |||||||||
(2) Includes depreciation and amortization on financing lease assets (see Note 6). |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Capitalized interest | $ | $ |
Location | March 31, 2022 | December 31, 2021 | ||||||||||||
ARO assets, net | Energy assets, net | $ | $ | |||||||||||
ARO liabilities, current | Accrued expenses and other current liabilities | $ | $ | |||||||||||
ARO liabilities, non-current | Other liabilities | |||||||||||||
Total ARO liabilities | $ | $ |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Depreciation expense of ARO assets | $ | $ | |||||||||
Accretion expense of ARO liabilities | $ | $ |
March 31, 2022 | December 31, 2021 | ||||||||||
Operating Leases: | |||||||||||
Operating lease assets | $ | $ | |||||||||
Current portions of operating lease liabilities | $ | $ | |||||||||
Long-term portions of operating lease liabilities | |||||||||||
Total operating lease liabilities | $ | $ | |||||||||
Weighted-average remaining lease term | |||||||||||
Weighted-average discount rate | % | % | |||||||||
Financing Leases: | |||||||||||
$ | $ | ||||||||||
$ | $ | ||||||||||
Total financing lease liabilities | $ | $ | |||||||||
Weighted-average remaining lease term | |||||||||||
Weighted-average discount rate | % | % |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Operating Leases: | |||||||||||
Operating lease costs | $ | $ | |||||||||
Financing Leases: | |||||||||||
Amortization expense | |||||||||||
Interest on lease liabilities | |||||||||||
Total lease costs | $ | $ |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Cash paid for amounts included in the measurement of operating lease liabilities | $ | $ | |||||||||
Right-of-use assets (“ROU”) obtained in exchange for new operating lease liabilities | $ | $ | |||||||||
Operating Leases | Financing Leases | ||||||||||
Year ended December 31, | |||||||||||
2022 | $ | $ | |||||||||
2023 | |||||||||||
2024 | |||||||||||
2025 | |||||||||||
2026 | |||||||||||
Thereafter | |||||||||||
Total minimum lease payments | |||||||||||
Less: interest | |||||||||||
Present value of lease liabilities | $ | $ |
March 31, 2022 | December 31, 2021 | ||||||||||
Senior secured revolving credit facility (1) | $ | $ | |||||||||
Senior secured term loans | |||||||||||
Non-recourse construction revolvers | |||||||||||
Non-recourse term loans (4) | |||||||||||
Long-term financing facilities (2) | |||||||||||
Financing lease liabilities (3) | |||||||||||
Total debt and financing lease liabilities | |||||||||||
Less: current maturities | |||||||||||
Less: unamortized discount and debt issuance costs | |||||||||||
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs | $ | $ | |||||||||
(1) At March 31, 2022, funds of $ | |||||||||||
(2) These facilities are sale-leaseback arrangements and are accounted for as failed sales. See Note 6 for additional disclosures. | |||||||||||
(3) Financing lease liabilities are sale-leaseback arrangements under previous guidance. See Note 6 for additional disclosures. | |||||||||||
(4) As of March 31, 2021, we were in default on one non-recourse term loan with a balance of $ |
Gross Unrecognized Tax Benefits | |||||
Balance, December 31, 2021 | $ | ||||
Balance, March 31, 2022 | $ |
Fair Value as of | |||||||||||||||||
Level | March 31, 2022 | December 31, 2021 | |||||||||||||||
Assets: | |||||||||||||||||
Interest rate swap instruments | 2 | $ | $ | ||||||||||||||
Total assets | $ | $ | |||||||||||||||
Liabilities: | |||||||||||||||||
Interest rate swap instruments | 2 | $ | $ | ||||||||||||||
Commodity swap instruments | 2 | ||||||||||||||||
Make-whole provisions | 2 | ||||||||||||||||
Contingent consideration | 3 | ||||||||||||||||
Total liabilities | $ | $ |
Year Ended December 31, | |||||||||||
March 31, 2022 | December 31, 2021 | ||||||||||
Contingent consideration liability balance at the beginning of period | $ | $ | |||||||||
Contingent consideration issued in connection with acquisition | |||||||||||
Changes in fair value included in earnings | ( | ||||||||||
Remeasurement adjustment | ( | ||||||||||
Contingent consideration liability balance at the end of period | $ | $ |
As of March 31, 2022 | As of December 31, 2021 | ||||||||||||||||||||||
Fair Value | Carrying Value | Fair Value | Carrying Value | ||||||||||||||||||||
Long-term debt (Level 2) | $ | $ | $ | $ |
Derivatives as of | |||||||||||||||||
March 31, 2022 | December 31, 2021 | ||||||||||||||||
Balance Sheet Location | Fair Value | Fair Value | |||||||||||||||
Derivatives Designated as Hedging Instruments: | |||||||||||||||||
Interest rate swap contracts | Other assets | $ | $ | ||||||||||||||
Interest rate swap contracts | Other liabilities | $ | $ | ||||||||||||||
Derivatives Not Designated as Hedging Instruments: | |||||||||||||||||
Interest rate swap contracts | Other assets | $ | $ | ||||||||||||||
Commodity swap contracts | Other liabilities | $ | $ | ||||||||||||||
Make-whole provisions | Other liabilities | $ | $ |
Amount of Loss (Gain) Recognized in Net Income | |||||||||||||||||
Location of Loss (Gain) Recognized in Net Income | Three Months Ended March 31, | ||||||||||||||||
2022 | 2021 | ||||||||||||||||
Derivatives Designated as Hedging Instruments: | |||||||||||||||||
Interest rate swap contracts | Other expenses, net | $ | $ | ||||||||||||||
Derivatives Not Designated as Hedging Instruments: | |||||||||||||||||
Interest rate swap contracts | Other expenses, net | $ | ( | $ | ( | ||||||||||||
Commodity swap contracts | Other expenses, net | $ | $ | ||||||||||||||
Make-whole provisions | Other expenses, net | $ | $ | ||||||||||||||
Three Months Ended March 31, 2022 | |||||
Derivatives Designated as Hedging Instruments: | |||||
Accumulated loss in AOCI at the beginning of the period | $ | ( | |||
Unrealized gain recognized in AOCI | |||||
Loss reclassified from AOCI to other expenses, net | |||||
Net gain on derivatives | |||||
Accumulated loss in AOCI at the end of the period | $ | ( |
Active Interest Rate Swaps | Effective Date | Expiration Date | Initial Notional Amount ($) | Status | ||||||||||||||||||||||
October 2018 | October 2029 | $ | Designated | |||||||||||||||||||||||
June 2018 | June 2033 | $ | Designated | |||||||||||||||||||||||
June 2017 | December 2027 | $ | Designated | |||||||||||||||||||||||
February 2023 | December 2038 | $ | Designated | |||||||||||||||||||||||
February 2016 | February 2023 | $ | Designated | |||||||||||||||||||||||
March 2020 | June 2028 | $ | Designated | |||||||||||||||||||||||
March 2020 | June 2028 | $ | Designated | |||||||||||||||||||||||
May 2020 | March 2033 | $ | Not Designated | |||||||||||||||||||||||
May 2020 | March 2033 | $ | Not Designated | |||||||||||||||||||||||
September 2008 | March 2024 | $ | Designated | |||||||||||||||||||||||
December 2020 | September 2023 | $ | Not Designated |
Active Commodity Swaps | Effective Date | Expiration Date | Initial Notional Amount (Volume) | Commodity Measurement | Status | |||||||||||||||||||||||||||
December 2020 | June 2024 | MMBtus | Not Designated |
Other Derivatives | Classification | Effective Date | Expiration Date | Fair Value ($) | ||||||||||||||||||||||
Make-whole provisions | Liability | June/August 2018 | December 2038 | $ | ||||||||||||||||||||||
Make-whole provisions | Liability | August 2016 | April 2031 | $ | ||||||||||||||||||||||
Make-whole provisions | Liability | April 2017 | February 2034 | $ | ||||||||||||||||||||||
Make-whole provisions | Liability | November 2020 | December 2027 | $ | ||||||||||||||||||||||
Make-whole provisions | Liability | October 2011 | May 2028 | $ | ||||||||||||||||||||||
Make-whole provisions | Liability | May 2021 | April 2045 | $ | ||||||||||||||||||||||
Make-whole provisions | Liability | July 2021 | March 2046 | $ |
March 31, | December 31, | ||||||||||
2022 (1) | 2021 (1) | ||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash | |||||||||||
Accounts receivable, net | |||||||||||
Costs and estimated earnings in excess of billings | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Total VIE current assets | |||||||||||
Property and equipment, net | |||||||||||
Energy assets, net | |||||||||||
Operating lease assets | |||||||||||
Restricted cash, net of current portion | |||||||||||
Other assets | |||||||||||
Total VIE assets | $ | $ | |||||||||
Current portions of long-term debt and financing lease liabilities | $ | $ | |||||||||
Accounts payable | |||||||||||
Accrued expenses and other current liabilities | |||||||||||
Current portions of operating lease liabilities | |||||||||||
Total VIE current liabilities | |||||||||||
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs | |||||||||||
Long-term operating lease liabilities, net of current portion | |||||||||||
Other liabilities | |||||||||||
Total VIE liabilities | $ | $ | |||||||||
(1) The amounts in the above table are reflected in Note 1 on our condensed consolidated balance sheets. |
As of | ||||||||||||||
March 31, 2022 | December 31, 2021 | |||||||||||||
Equity method investments | $ | $ | ||||||||||||
Three Months Ended March 31, | ||||||||||||||
March 31, 2022 | March 31, 2021 | |||||||||||||
Earnings (loss) recognized | $ | $ | ( |
Three Months Ended March 31, | |||||||||||
(In thousands, except per share data) | 2022 | 2021 | |||||||||
Numerator: | |||||||||||
Net income attributable to common shareholders | $ | $ | |||||||||
Adjustment for accretion of tax equity financing fees | ( | ( | |||||||||
Income attributable to common shareholders | $ | $ | |||||||||
Denominator: | |||||||||||
Basic weighted-average shares outstanding | |||||||||||
Effect of dilutive securities: | |||||||||||
Stock options | |||||||||||
Diluted weighted-average shares outstanding | |||||||||||
Net income per share attributable to common shareholders: | |||||||||||
Basic | $ | $ | |||||||||
Diluted | $ | $ | |||||||||
Potentially dilutive shares (1) | |||||||||||
(1) Potentially dilutive shares attributable to stock options were excluded from the computation of diluted earnings per share as the effect would have been anti-dilutive. |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Stock-based compensation expense | $ | $ |
U.S. Regions | U.S. Federal | Canada | Non-Solar DG | All Other | Total Consolidated | ||||||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||
Revenues | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Loss on derivatives | |||||||||||||||||||||||||||||||||||
Interest expense, net of interest income | ( | ||||||||||||||||||||||||||||||||||
Depreciation and amortization of intangible assets | |||||||||||||||||||||||||||||||||||
Unallocated corporate activity | — | — | — | — | — | ( | |||||||||||||||||||||||||||||
Income before taxes, excluding unallocated corporate activity | |||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||
Revenues | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Loss (gain) on derivatives | ( | ( | |||||||||||||||||||||||||||||||||
Interest expense, net of interest income | |||||||||||||||||||||||||||||||||||
Depreciation and amortization of intangible assets | |||||||||||||||||||||||||||||||||||
Unallocated corporate activity | — | — | — | — | — | ( | |||||||||||||||||||||||||||||
Income before taxes, excluding unallocated corporate activity | ( | ||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Loss (gain) on derivatives | $ | $ | ( | ||||||||
Interest expense, net of interest income | |||||||||||
Amortization of debt discount and debt issuance costs | |||||||||||
Foreign currency transaction loss | |||||||||||
Government incentives | |||||||||||
Other expenses, net | $ | $ |
As of March 31, | |||||||||||
(In Thousands) | 2022 | 2021 | |||||||||
Project Backlog | |||||||||||
Fully-contracted backlog | $ | 1,342,150 | $ | 787,815 | |||||||
Awarded, not yet signed customer contracts | 1,754,050 | 1,521,160 | |||||||||
Total project backlog | $ | 3,096,200 | $ | 2,308,975 | |||||||
12-month project backlog | $ | 1,154,400 | $ | 607,000 | |||||||
O&M Backlog | |||||||||||
Fully-contracted backlog | $ | 1,211,620 | $ | 1,126,895 | |||||||
12-month O&M backlog | $ | 73,400 | $ | 64,360 |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | Year-Over-Year Change | |||||||||||||||||||||||||||||||||
(In Thousands) | Amount | % of Revenues | Amount | % of Revenues | Dollar Change | % Change | |||||||||||||||||||||||||||||
Revenues | $ | 474,002 | 100.0 | % | $ | 252,202 | 100.0 | % | $ | 221,800 | 87.9 | % | |||||||||||||||||||||||
Cost of revenues | 405,624 | 85.6 | % | 205,293 | 81.4 | % | 200,331 | 97.6 | % | ||||||||||||||||||||||||||
Gross profit | 68,378 | 14.4 | % | 46,909 | 18.6 | % | 21,469 | 45.8 | % | ||||||||||||||||||||||||||
Selling, general and administrative expenses | 39,692 | 8.4 | % | 28,601 | 11.3 | % | 11,091 | 38.8 | % | ||||||||||||||||||||||||||
Operating income | 28,686 | 6.1 | % | 18,308 | 7.3 | % | 10,378 | 56.7 | % | ||||||||||||||||||||||||||
Other expenses, net | 7,081 | 1.5 | % | 3,672 | 1.5 | % | 3,409 | 92.8 | % | ||||||||||||||||||||||||||
Income before income taxes | 21,605 | 4.6 | % | 14,636 | 5.8 | % | 6,969 | 47.6 | % | ||||||||||||||||||||||||||
Income tax (benefit) provision | 2,307 | 0.5 | % | 2,205 | 0.9 | % | 102 | 4.6 | % | ||||||||||||||||||||||||||
Net income | 19,298 | 4.1 | % | 12,431 | 4.9 | % | $ | 6,867 | 55.2 | % | |||||||||||||||||||||||||
Net (income) loss attributable to redeemable non-controlling interest | (1,914) | (0.4) | % | (1,257) | (0.5) | % | (657) | (52.3) | % | ||||||||||||||||||||||||||
Net income attributable to common shareholders | $ | 17,384 | 3.7 | % | $ | 11,174 | 4.4 | % | $ | 6,210 | 55.6 | % |
Three Months Ended March 31, | |||||||||||||||||||||||
(In Thousands) | 2022 | 2021 | Dollar Change | % Change | |||||||||||||||||||
U.S. Regions | $ | 314,520 | $ | 89,244 | $ | 225,276 | 252.4 | % | |||||||||||||||
U.S. Federal | 75,646 | 102,214 | (26,568) | (26.0) | |||||||||||||||||||
Canada | 17,172 | 11,643 | 5,529 | 47.5 | |||||||||||||||||||
Non-Solar DG | 29,261 | 25,580 | 3,681 | 14.4 | |||||||||||||||||||
All Other | 37,403 | 23,521 | 13,882 | 59.0 | |||||||||||||||||||
Total revenues | $ | 474,002 | $ | 252,202 | $ | 221,800 | 87.9 | % |
Three Months Ended March 31, | |||||||||||||||||||||||
(In Thousands) | 2022 | 2021 | Dollar Change | % Change | |||||||||||||||||||
U.S. Regions | $ | 18,218 | $ | 3,239 | $ | 14,979 | 462.5 | % | |||||||||||||||
U.S. Federal | 8,886 | 12,030 | (3,144) | (26.1) | |||||||||||||||||||
Canada | 279 | (85) | 364 | (428.2) | |||||||||||||||||||
Non-Solar DG | 7,422 | 8,772 | (1,350) | (15.4) | |||||||||||||||||||
All Other | 2,709 | 1,645 | 1,064 | 64.7 | |||||||||||||||||||
Unallocated corporate activity | (15,909) | (10,965) | $ | (4,944) | (45.1) | ||||||||||||||||||
Income before taxes | $ | 21,605 | $ | 14,636 | $ | 6,969 | 47.6 | % |
Three Months Ended March 31, | |||||||||||||||||
(In Thousands) | 2022 | 2021 | $ Change | ||||||||||||||
Cash flows from operating activities | $ | (276,122) | $ | (38,724) | $ | (237,398) | |||||||||||
Cash flows from investing activities | (57,733) | (56,479) | (1,254) | ||||||||||||||
Cash flows from financing activities | 355,400 | 112,383 | 243,017 | ||||||||||||||
Effect of exchange rate changes on cash | (196) | 330 | (526) | ||||||||||||||
Total net cash flows | $ | 21,349 | $ | 17,510 | $ | 3,839 |
Exhibit Number | Description | ||||
10.1 | Fifth Amended and Restated Credit Agreement dated as of March 4, 2022 among Ameresco, Inc., certain of its subsidiaries, the lenders (as defined therein), BOFA Securities, Inc. as sole lead arranger and sole bookrunner and Bank of America, N.A. as administrative agent. Filed as Exhibit 10.1 to our Current Report on Form 8-K dated March 4, 2022 and filed with the Commission on March 4, 2022 (file no. 001-34811) and incorporated herein by reference. | ||||
31.1* | |||||
31.2* | |||||
32.1** | |||||
101* | The following condensed consolidated financial statements from Ameresco, Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, formatted in Inline XBRL (Extensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets (ii) Condensed Consolidated Statements of Income, (iii) Condensed Consolidated Statements of Comprehensive Income, (iv) Condensed Consolidated Statement of Changes in Redeemable Non-Controlling Interests and Stockholders’ Equity, (v) Condensed Consolidated Statements of Cash Flows, and (vi) Notes to Condensed Consolidated Financial Statements. | ||||
104* | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | ||||
*Filed herewith. | |||||
**Furnished herewith. | |||||
AMERESCO, INC. | |||||||||||||||||
Date: | May 3, 2022 | By: | /s/ Spencer Doran Hole | ||||||||||||||
Spencer Doran Hole | |||||||||||||||||
Senior Vice President and Chief Financial Officer (duly authorized and principal financial officer) |
1. | I have reviewed this Quarterly Report on Form 10-Q of Ameresco, Inc. (the “Registrant”); | ||||||||||
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | ||||||||||
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report; | ||||||||||
4. | The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have: | ||||||||||
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | ||||||||||
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | ||||||||||
(c) | Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | ||||||||||
(d) | Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and | ||||||||||
5. | The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions): | ||||||||||
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and | ||||||||||
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting. |
Date: May 3, 2022 | /s/ George P. Sakellaris | |||||||||||||||||||
George P. Sakellaris | ||||||||||||||||||||
President and Chief Executive Officer (principal executive officer) |
1. | I have reviewed this Quarterly Report on Form 10-Q of Ameresco, Inc. (the “Registrant”); | ||||||||||
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | ||||||||||
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report; | ||||||||||
4. | The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have: | ||||||||||
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | ||||||||||
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | ||||||||||
(c) | Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | ||||||||||
(d) | Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and | ||||||||||
5. | The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions): | ||||||||||
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and | ||||||||||
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting. |
Date: May 3, 2022 | /s/ Spencer Doran Hole | |||||||||||||||||||
Spencer Doran Hole | ||||||||||||||||||||
Senior Vice President and Chief Financial Officer (duly authorized and principal financial officer) | ||||||||||||||||||||
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and | |||||||||||||||||||
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. | |||||||||||||||||||
Date: May 3, 2022 | /s/ George P. Sakellaris | |||||||||||||||||||
George P. Sakellaris | ||||||||||||||||||||
President and Chief Executive Officer (principal executive officer) | ||||||||||||||||||||
Date: May 3, 2022 | /s/ Spencer Doran Hole | |||||||||||||||||||
Spencer Doran Hole | ||||||||||||||||||||
Senior Vice President and Chief Financial Officer (duly authorized and principal financial officer) | ||||||||||||||||||||
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
||
---|---|---|---|---|
Accounts receivable, allowance for credit loss, current | $ 2,265 | $ 2,266 | ||
Total assets | [1] | $ 2,530,570 | $ 2,224,821 | |
Preferred stock, par value (in usd per share) | $ 0.0001 | $ 0.0001 | ||
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 | ||
Preferred stock, shares issued (in shares) | 0 | 0 | ||
Preferred stock, shares outstanding (in shares) | 0 | 0 | ||
Treasury stock, shares (in shares) | 2,101,795 | 2,101,795 | ||
Class A Common Stock | ||||
Common stock, par value (in usd per share) | $ 0.0001 | $ 0.0001 | ||
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 | ||
Common stock, shares issued (in shares) | 35,910,759 | 35,818,104 | ||
Common stock, shares outstanding (in shares) | 33,808,964 | 33,716,309 | ||
Class B Common Stock | ||||
Common stock, par value (in usd per share) | $ 0.0001 | $ 0.0001 | ||
Common stock, shares authorized (in shares) | 144,000,000 | 144,000,000 | ||
Common stock, shares issued (in shares) | 18,000,000 | 18,000,000 | ||
Common stock, shares outstanding (in shares) | 18,000,000 | 18,000,000 | ||
Variable Interest Entity, Primary Beneficiary | ||||
Total assets | $ 136,315 | $ 124,454 | ||
Total liabilities | $ 30,790 | $ 31,125 | ||
|
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Income Statement [Abstract] | ||
Revenues | $ 474,002 | $ 252,202 |
Cost of revenues | 405,624 | 205,293 |
Gross profit | 68,378 | 46,909 |
Selling, general and administrative expenses | 39,692 | 28,601 |
Operating income | 28,686 | 18,308 |
Other expenses, net | 7,081 | 3,672 |
Income before income taxes | 21,605 | 14,636 |
Income tax provision | 2,307 | 2,205 |
Net income | 19,298 | 12,431 |
Net income attributable to redeemable non-controlling interests | (1,914) | (1,257) |
Net income attributable to common shareholders | $ 17,384 | $ 11,174 |
Net income per share attributable to common shareholders: | ||
Basic (in usd per share) | $ 0.34 | $ 0.23 |
Diluted (in usd per share) | $ 0.32 | $ 0.22 |
Weighted average common shares outstanding: | ||
Basic (in shares) | 51,744 | 48,975 |
Diluted (in shares) | 53,636 | 50,357 |
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 19,298 | $ 12,431 |
Other comprehensive income (loss): | ||
Unrealized gain from interest rate hedges, net of tax effect of $917 and $719 | 2,711 | 2,118 |
Foreign currency translation adjustments | 67 | 413 |
Total other comprehensive income | 2,778 | 2,531 |
Comprehensive income | 22,076 | 14,962 |
Comprehensive income attributable to redeemable non-controlling interests | (1,914) | (1,257) |
Comprehensive income attributable to common shareholders | $ 20,162 | $ 13,705 |
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Statement of Comprehensive Income [Abstract] | ||
Unrealized gain (loss) from interest rate hedges, tax effect | $ 917 | $ 719 |
Condensed Consolidated Statements of Changes in Redeemable Non-Controlling Interests and Stockholders' Equity - USD ($) $ in Thousands |
Total |
Class A Common Stock |
Class B Common Stock |
Common Stock
Class A Common Stock
|
Common Stock
Class B Common Stock
|
Additional Paid-in Capital |
Retained Earnings |
Accumulated Other Comprehensive Loss |
Treasury Stock |
Non-controlling Interest |
---|---|---|---|---|---|---|---|---|---|---|
Redeemable non-controlling interests, beginning balance at Dec. 31, 2020 | $ 38,850 | |||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||
Tax equity financing fees | (17) | |||||||||
Distributions to redeemable non-controlling interests | (453) | |||||||||
Accretion of tax equity financing fees | 31 | |||||||||
Net income | 1,257 | |||||||||
Redeemable non-controlling interests, ending balance at Mar. 31, 2021 | 39,668 | |||||||||
Beginning balance (in shares) at Dec. 31, 2020 | 30,224,654 | 18,000,000 | (2,101,795) | |||||||
Beginning balance at Dec. 31, 2020 | 492,813 | $ 3 | $ 2 | $ 145,496 | $ 368,390 | $ (9,290) | $ (11,788) | $ 0 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Equity offering cost adjustment (in shares) | 2,875,000 | |||||||||
Equity offering cost adjustment | 120,216 | 120,216 | ||||||||
Exercise of stock options (in shares) | 166,271 | |||||||||
Exercise of stock options | 1,386 | 1,386 | ||||||||
Stock-based compensation expense | 766 | 766 | ||||||||
Unrealized gain (loss) from interest rate hedges, net | 2,118 | 2,118 | ||||||||
Foreign currency translation adjustment | 413 | 413 | ||||||||
Accretion of tax equity financing fees | (31) | (31) | ||||||||
Net income | 11,174 | 11,174 | ||||||||
Ending balance (in shares) at Mar. 31, 2021 | 33,265,925 | 18,000,000 | (2,101,795) | |||||||
Ending balance at Mar. 31, 2021 | 628,855 | $ 3 | $ 2 | 267,864 | 379,533 | (6,759) | $ (11,788) | 0 | ||
Redeemable non-controlling interests, beginning balance at Dec. 31, 2021 | 46,182 | |||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||
Distributions to redeemable non-controlling interests | (448) | |||||||||
Accretion of tax equity financing fees | 28 | |||||||||
Investment fund call option exercise | (238) | |||||||||
Net income | 1,914 | |||||||||
Redeemable non-controlling interests, ending balance at Mar. 31, 2022 | 47,438 | |||||||||
Beginning balance (in shares) at Dec. 31, 2021 | 33,716,309 | 18,000,000 | 33,716,309 | 18,000,000 | (2,101,795) | |||||
Beginning balance at Dec. 31, 2021 | 704,264 | $ 3 | $ 2 | 283,982 | 438,732 | (6,667) | $ (11,788) | 0 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Equity offering cost adjustment (in shares) | 92,655 | |||||||||
Exercise of stock options | 1,708 | 1,708 | ||||||||
Stock-based compensation expense | 3,531 | 3,531 | ||||||||
Unrealized gain (loss) from interest rate hedges, net | 2,711 | 2,711 | ||||||||
Foreign currency translation adjustment | 67 | 67 | ||||||||
Accretion of tax equity financing fees | (28) | (28) | ||||||||
Investment fund call option exercise | 238 | 238 | ||||||||
Contributions from non-controlling interest | 6,335 | 6,335 | ||||||||
Net income | 17,384 | 17,384 | ||||||||
Ending balance (in shares) at Mar. 31, 2022 | 33,808,964 | 18,000,000 | 33,808,964 | 18,000,000 | (2,101,795) | |||||
Ending balance at Mar. 31, 2022 | $ 736,210 | $ 3 | $ 2 | $ 289,459 | $ 456,088 | $ (3,889) | $ (11,788) | $ 6,335 |
Condensed Consolidated Statements of Changes in Redeemable Non-Controlling Interests and Stockholders' Equity (Parenthetical) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2021
USD ($)
| |
Statement of Stockholders' Equity [Abstract] | |
Equity offering, offering costs | $ 6,284 |
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Cash flows from operating activities: | ||
Net income | $ 19,298 | $ 12,431 |
Adjustments to reconcile net income to cash flows from operating activities: | ||
Depreciation of energy assets, net | 11,806 | 9,686 |
Depreciation of property and equipment | 734 | 833 |
Gain on contingent consideration | (320) | 0 |
Accretion of ARO liabilities | 36 | 24 |
Amortization of debt discount and debt issuance costs | 852 | 747 |
Amortization of intangible assets | 578 | 80 |
Provision for bad debts | 237 | 3 |
Equity in (earnings) loss of unconsolidated entity | (637) | 62 |
Net loss (gain) from derivatives | 1,622 | (377) |
Stock-based compensation expense | 3,531 | 766 |
Deferred income taxes, net | 1,284 | 1,410 |
Unrealized foreign exchange loss | 132 | 19 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (40,859) | 15,535 |
Accounts receivable retainage | 2,582 | (1,844) |
Federal ESPC receivable | (46,300) | (65,973) |
Inventory, net | (914) | 48 |
Costs and estimated earnings in excess of billings | (154,325) | 6,544 |
Prepaid expenses and other current assets | 2,813 | (726) |
Project development costs | 1,260 | 1,259 |
Other assets | 105 | (600) |
Accounts payable, accrued expenses and other current liabilities | (77,163) | (19,333) |
Billings in excess of cost and estimated earnings | (4,309) | (3,973) |
Other liabilities | (33) | (226) |
Income taxes receivable, net | 1,868 | 4,881 |
Cash flows from operating activities | (276,122) | (38,724) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (889) | (656) |
Capital investment in energy assets | (56,844) | (55,823) |
Cash flows from investing activities | (57,733) | (56,479) |
Cash flows from financing activities: | ||
Proceeds from equity offering, net of offering costs | 0 | 120,216 |
Payments of debt discount and debt issuance costs | (2,570) | (850) |
Proceeds from exercises of options and ESPP | 1,708 | 1,386 |
Proceeds from (payments on) senior secured revolving credit facility, net | 76,000 | (53,073) |
Proceeds from long-term debt financings | 286,744 | 30,811 |
Proceeds from Federal ESPC projects | 64,788 | 33,520 |
Proceeds for (payments on) energy assets from Federal ESPC | 1,925 | (59) |
Contributions from non-controlling interest | 4,594 | 0 |
Distributions to redeemable non-controlling interests, net | (357) | (495) |
Payments on long-term debt and financing leases | (77,432) | (19,073) |
Cash flows from financing activities | 355,400 | 112,383 |
Effect of exchange rate changes on cash | (196) | 330 |
Net increase in cash, cash equivalents, and restricted cash | 21,349 | 17,510 |
Cash, cash equivalents, and restricted cash, beginning of period | 87,054 | 98,837 |
Cash, cash equivalents, and restricted cash, end of period | 108,403 | 116,347 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 4,488 | 4,235 |
Cash paid for income taxes | 78 | 271 |
Accrued purchases of energy assets | $ 40,683 | $ 33,065 |
Basis of Presentation |
3 Months Ended |
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Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION The accompanying condensed consolidated financial statements of Ameresco, Inc. (including its subsidiaries, the “Company,” “Ameresco,” “we,” “our,” or “us”) are unaudited, according to certain rules and regulations of the Securities and Exchange Commission, and include, in our opinion, normal recurring adjustments necessary for a fair presentation in conformity with accounting principles generally accepted in the United States (“GAAP”) of the results for the periods indicated. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of results which may be expected for the full year. The December 31, 2021 consolidated balance sheet data was derived from audited financial statements, but certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. The interim condensed consolidated financial statements and accompanying notes should be read in conjunction with the audited consolidated financial statements and accompanying notes for the year ended December 31, 2021, included in our annual report on Form 10-K (“2021 Annual Report” or “2021 Form 10-K”) for the year ended December 31, 2021 filed with the Securities and Exchange Commission on March 1, 2022. Reclassification Certain prior period amounts were reclassified to conform to the presentation in the current period. Significant Risks and Uncertainties The COVID-19 pandemic has continued to result in global supply chain disruptions and the resurgence of COVID-19 and its variants has caused some governments to extend travel and other restrictions. We have considered the impact of COVID-19 on the assumptions and estimates used, which may change in response to this evolving situation. Results of future operations and liquidity could be adversely impacted by a number of factors associated with the COVID-19 pandemic including payments of outstanding receivable amounts beyond normal payment terms, supply chain disruptions, potential loss of employees due to vaccine mandates, and uncertain demand. As of the date of issuance of these condensed consolidated financial statements, we cannot reasonably estimate the extent to which the COVID-19 pandemic may impact our financial condition, liquidity, or results of operations in the foreseeable future. The ultimate impact of the pandemic on us is highly uncertain and will depend on future developments, and such impacts could exist for an extended period of time, even after the pandemic subsides.
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Summary of Significant Accounting Policies |
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Our accounting policies are set forth in Note 2 to the consolidated financial statements contained in our 2021 Form 10-K. We have included certain updates to those policies below. Accounts Receivable and Allowance for Credit Losses Changes in the allowance for credit losses are as follows:
Recent Accounting Pronouncements Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04, which provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. Companies can apply the ASU immediately, however, the guidance will only be available until December 31, 2022. We are currently evaluating the impact that adopting this new accounting standard would have on our condensed consolidated financial statements and related disclosures. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope. The amendments in ASU 2021-01 provide optional expedients to the current guidance on contract modification and hedge accounting from the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. The guidance generally can be applied to applicable contract modifications through December 31, 2022. We are currently evaluating the impact that adopting this new accounting standard would have on our condensed consolidated financial statements and related disclosures. Government Assistance In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires annual disclosures about certain types of government assistance received. ASU 2021-10 is effective for our fiscal year beginning after December 15, 2021. We adopted this guidance as of January 1, 2022 and the adoption did not have an impact on our consolidated financial statements. Derivatives and Hedging In March 2022, the FASB issued ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method, which expands the current single-layer method to allow multiple hedged layers of a single closed portfolio to be hedged under the method. ASU 2022-01 is effective for our year ending beginning after December 15, 2022. We are currently evaluating the impact that adopting this new accounting standard would have on our consolidated financial statements.
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Revenue from Contracts with Customers |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contracts with Customers | REVENUE FROM CONTRACTS WITH CUSTOMERS Disaggregation of Revenue Our reportable segments for the three months ended March 31, 2022 were U.S. Regions, U.S. Federal, Canada, Non-Solar Distributed Generation (“Non-Solar DG”) and All Other. On January 1, 2022, we changed the structure of our internal organization and our “All Other” segment now includes our U.S.-based enterprise energy management services previously included in our U.S Regions segment and our U.S. Regions segment now includes U.S. project revenue and associated costs previously included in our Non-Solar DG segment. As a result, previously reported amounts have been reclassified for comparative purposes. The following table presents our revenue disaggregated by line of business and reportable segment for the three months ended March 31, 2022:
The following table presents our revenue disaggregated by line of business and reportable segment for the three months ended March 31, 2021:
The following table presents information related to our revenue recognized over time:
The remainder of our revenue is for products and services transferred at a point in time, at which point revenue is recognized. We attribute revenues to customers based on the location of the customer. The following table presents information related to our revenues by geographic area:
Contract Balances The following tables provide information about receivables, contract assets and contract liabilities from contracts with customers:
The increase in contract assets for the three months ended March 31, 2022 was primarily due to revenue recognized of $381,949 offset by billings of $229,540. Contract assets also increased due to reclassifications, primarily from contract liabilities as a result of timing of customer payments. The decrease in contract liabilities was primarily driven by recognition of revenue as performance obligations were satisfied exceeding increases from the receipt of advance payment from customers, and related billings. For the three months ended March 31, 2022, we recognized revenue of $33,077 that was previously included in the beginning balance of contract liabilities and billed customers $23,723. Changes in contract liabilities are also driven by reclassifications to or from contract assets as a result of timing of customer payments. The decrease in contract assets for the three months ended March 31, 2021 was primarily due to billings of approximately $144,539, partially offset by revenue recognized of $130,297. The decrease in contract liabilities was primarily driven by the receipt of advance payment from customers, and related billings, exceeding reductions from the recognition of revenue as performance obligations were satisfied. For the three months ended March 31, 2021, we recognized revenue of $45,483 that was previously included in the beginning balance of contract liabilities and billed customers $33,081. Changes in contract liabilities are also driven by reclassifications to or from contract assets as a result of timing of customer payments. Performance Obligations Our remaining performance obligations (“backlog”) represent the unrecognized revenue value of our contract commitments. At March 31, 2022, we had contracted backlog of $2,553,770 of which approximately 48% is anticipated to be recognized as revenue in the next twelve months. The remaining performance obligations primarily relate to the energy efficiency and renewable energy construction projects, including long-term operations and maintenance (“O&M”) services related to these projects. The long-term services have varying initial contract terms, up to 25 years. Project Development Costs Project development costs of $4,209 and $1,985 were recognized in the condensed consolidated statements of income on projects that converted to customer contracts during the three months ended March 31, 2022 and 2021, respectively. No impairment charges in connection with our project development costs were recorded during the three months ended March 31, 2022 and 2021.
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Goodwill and Intangible Assets, Net |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets, Net | GOODWILL AND INTANGIBLE ASSETS, NET The changes in the carrying value of goodwill balances by reportable segment were as follows:
Definite-lived intangible assets, net consisted of the following:
The table below sets forth amortization expense:
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Energy Assets, Net |
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Energy Assets, Net | ENERGY ASSETS, NETEnergy assets, net consisted of the following:
The following table sets forth our depreciation and amortization expense on energy assets, net of deferred grant amortization:
The following table presents the interest costs relating to construction financing during the period of construction, which were capitalized as part of energy assets, net:
The following tables sets forth information related to our ARO assets and ARO liabilities:
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | LEASES The table below sets forth supplemental condensed consolidated balance sheet information related to our leases:
The costs related to our leases were as follows:
Supplemental cash flow information related to our leases was as follows:
The table below sets forth our estimated minimum future lease obligations under our leases:
Sale-leasebacks In March 2022, we entered into an amendment to our August 2018 long-term financing facility which extended the end date of the agreement from March 31, 2022 to June 30, 2022. We sold and leased back two energy assets for $8,201 in cash proceeds under this agreement during the three months ended March 31, 2022. As of March 31, 2022, approximately $220,367 remained available under this lending commitment. In March 2022, we entered into an amendment to our December 2020 long-term financing facility which extended the end date of the agreement from December 31, 2021 to July 15, 2022. We sold and leased back one energy asset for $4,423 in cash proceeds under this facility during three months ended March 31, 2022. As of March 31, 2022, approximately $11,515 remained available under this lending commitment. These transactions are accounted for as failed sale leasebacks and are classified as long-term financing facilities. See Note 7 for additional information. Net gains from amortization expense recognized in cost of revenues relating to deferred gains and losses in connection with our sale-leaseback agreements were $57 for each of the three months ended March 31, 2022 and 2021
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Leases | LEASES The table below sets forth supplemental condensed consolidated balance sheet information related to our leases:
The costs related to our leases were as follows:
Supplemental cash flow information related to our leases was as follows:
The table below sets forth our estimated minimum future lease obligations under our leases:
Sale-leasebacks In March 2022, we entered into an amendment to our August 2018 long-term financing facility which extended the end date of the agreement from March 31, 2022 to June 30, 2022. We sold and leased back two energy assets for $8,201 in cash proceeds under this agreement during the three months ended March 31, 2022. As of March 31, 2022, approximately $220,367 remained available under this lending commitment. In March 2022, we entered into an amendment to our December 2020 long-term financing facility which extended the end date of the agreement from December 31, 2021 to July 15, 2022. We sold and leased back one energy asset for $4,423 in cash proceeds under this facility during three months ended March 31, 2022. As of March 31, 2022, approximately $11,515 remained available under this lending commitment. These transactions are accounted for as failed sale leasebacks and are classified as long-term financing facilities. See Note 7 for additional information. Net gains from amortization expense recognized in cost of revenues relating to deferred gains and losses in connection with our sale-leaseback agreements were $57 for each of the three months ended March 31, 2022 and 2021
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Leases | LEASES The table below sets forth supplemental condensed consolidated balance sheet information related to our leases:
The costs related to our leases were as follows:
Supplemental cash flow information related to our leases was as follows:
The table below sets forth our estimated minimum future lease obligations under our leases:
Sale-leasebacks In March 2022, we entered into an amendment to our August 2018 long-term financing facility which extended the end date of the agreement from March 31, 2022 to June 30, 2022. We sold and leased back two energy assets for $8,201 in cash proceeds under this agreement during the three months ended March 31, 2022. As of March 31, 2022, approximately $220,367 remained available under this lending commitment. In March 2022, we entered into an amendment to our December 2020 long-term financing facility which extended the end date of the agreement from December 31, 2021 to July 15, 2022. We sold and leased back one energy asset for $4,423 in cash proceeds under this facility during three months ended March 31, 2022. As of March 31, 2022, approximately $11,515 remained available under this lending commitment. These transactions are accounted for as failed sale leasebacks and are classified as long-term financing facilities. See Note 7 for additional information. Net gains from amortization expense recognized in cost of revenues relating to deferred gains and losses in connection with our sale-leaseback agreements were $57 for each of the three months ended March 31, 2022 and 2021
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Debt and Financing Lease Liabilities |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt and Financing Lease Liabilities | DEBT AND FINANCING LEASE LIABILITIES Our debt and financing lease liabilities comprised of the following:
Senior Secured Credit Facility - Revolver and Term Loans On March 4, 2022, we entered into the fifth amended and restated senior secured credit facility with five banks, which included the following amendments: •increased the aggregate amount of total commitments from $245,000 to $495,000, •increased the aggregate amount of the revolving commitments from $180,000 to $200,000, •increased the existing term loan A from $65,000 to $75,000, •extended the maturity date of the revolving commitment and term loan A from June 28, 2024 to March 4, 2025, •added a delayed draw term loan A for up to $220,000 through a September 4, 2023 maturity date, •increased the total funded debt to EBITDA covenant ratio from a maximum of 3.50 to 4.50 for the quarter ended March 31, 2022; 4.25 for the quarter ending June 30, 2022, 4.00 for the quarters ending September 30, 2022 and December 31, 2022; and 3.50 thereafter, •specified the debt service coverage ratio (the ratio of (a) cash flow of the core Ameresco companies, to (b) debt service of the core Ameresco companies as of the end of each fiscal quarter to be less than 1.5, and •increased our limit under an energy conversation project financing to $650,000, which provides us with flexibility to grow our federal business further. The revolving credit facility may be increased by an amount up to an additional $100,000 in increments of at least $25,000 at the approval of the lenders, subject to certain conditions. We accounted for this amendment as a modification and at closing we incurred $2,048 in lenders fees which were reflected as debt discount and $352 in third party fees which were reflected as debt issuance costs. The unamortized debt discount and issuance costs of the previous agreement are being amortized over the remaining term of the amended agreement, with the exception of $96 of costs relating to a previous syndicated lender which did not participate in this amendment. These costs were expensed in other expenses, net during the three months ended March 31, 2022. Construction Revolvers Construction Revolver, 1.74%, due June 2022 In March 2022, we entered into a fourth amendment to the 1.74% construction revolver to extend this facility from March 2022 to June 2022. All remaining unpaid amounts outstanding under the facility are due at that time. As of March 31, 2022, $73,946 was available for borrowing under this facility. On April 29, 2022, a wholly-owned subsidiary of ours executed a joinder agreement to the 1.74% construction revolver, which added it as an additional borrower under the master construction loan agreement. At closing, we borrowed $9,800 for a solar and storage project. Construction Revolver, 1.99%, due July 2022 As of March 31, 2022, $24,145 was available for borrowing under the 1.74% construction revolver.
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Income Taxes |
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Mar. 31, 2022 | |||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||
Income Taxes | INCOME TAXES We recorded a provision for income taxes of $2,307 and $2,205 for the three months ended March 31, 2022 and 2021, respectively. The estimated effective annualized tax rate impacted by the period discrete items is a provision of 10.7% for the three months ended March 31, 2022, compared to a provision of 15.1% of estimated effective annualized tax rate for the three months ended March 31, 2021. The principal reasons for the difference between the statutory rate and the estimated annual effective rate for 2022 were the effects of investment tax credits which we are entitled from solar plants placed into service or are forecasted to be placed into service during 2022, state taxes, and the tax deductions related to the Section 179D deduction. The principal reasons for the difference between the statutory rate and the estimated annual effective rate for 2021 were the effects of investment tax credits which we are entitled from solar plants placed into service or are forecasted placed into service during 2021, the tax deductions related to the Section 179D deduction, the deduction of compensation expense associated with certain employee stock options, and tax basis adjustments on certain partnership flip transactions. Under GAAP accounting rules deferred taxes are shown on a net basis in the condensed consolidated financial statements based on taxing jurisdiction. Under the guidance, we have recorded long term deferred tax assets and deferred tax liabilities based on the underlying jurisdiction in the accompanying condensed consolidated balance sheets. The following table sets forth the total amounts of gross unrecognized tax benefits:
The amount of unrecognized tax benefits that, if recognized, would favorably affect the effective income tax rate in any future periods was $440 at March 31, 2022 and December 31, 2021 (net of the federal benefit on state amounts).
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Commitments and Contingencies |
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Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES From time to time, we issue letters of credit and performance bonds with our third-party lenders, to provide collateral. Legal Proceedings On November 6, 2017, we were served with a complaint filed by a customer against nine contractors, including us, claiming both physical damages to the customer’s tangible property and damages caused by various alleged defects in the design of the project through negligent acts and/or omissions, breaches of contract and breaches of the “implied warranty of good and workmanlike manner.” During the three months ended March 31, 2022, we entered into a settlement agreement and adjusted our accrual for the actual net loss after taking into account our insurance proceeds, which is included in accrued expenses and other current liabilities in our condensed consolidated balance sheets as of March 31, 2022. In addition, we reversed the loss recovery from insurance proceeds. We are involved in a variety of other claims and other legal proceedings generally incidental to our normal business activities. While the outcome of any of these proceedings cannot be accurately predicted, we do not believe the ultimate resolution of any of these existing matters would have a material adverse effect on our financial condition or results of operations. Commitment as a Result of an Acquisition In August 2018, we completed an acquisition which provided for a revenue earn-out contingent upon the acquired business meeting certain cumulative revenue targets over 5 years from the acquisition date. The fair value decreased from $678 at December 31, 2021 to $358 at March 31, 2022 and is included in other liabilities on the condensed consolidated balance sheets. The contingent consideration will be paid annually in May, if any of the cumulative revenue targets are achieved. No payments have been made to date. In December 2021, we completed our acquisition of Plug Smart which provided for an earn-out based on future EBITDA targets beginning with EBITDA performance for the month of December 2021 and each fiscal year thereafter, over a five-year period through December 31, 2026. The maximum cumulative earn-out is $5,000 and we evaluated financial forecasts of the acquired business and concluded that the fair value of this earn-out was approximately $2,160 upon acquisition and remained consistent as of December 31, 2021. At March 31, 2022, the fair value of the contingent consideration was $2,061 and is included in other liabilities on the consolidated balance sheets. No payments have been made to date. See note 10 for additional information.
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Fair Value Measurement |
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Fair Value Measurement | FAIR VALUE MEASUREMENT We recognize our financial assets and liabilities at fair value on a recurring basis. Fair value is defined as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Three levels of inputs that may be used to measure fair value are as follows: Level 1: Inputs are based on unadjusted quoted prices for identical instruments traded in active markets. Level 2: Inputs are based on quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3: Inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques. The following table presents the input level used to determine the fair values of our financial instruments measured at fair value on a recurring basis:
The following table sets forth a summary of changes in the fair value of contingent consideration liability classified as level 3:
The following table sets forth the fair value and the carrying value of our long-term debt, excluding financing leases:
The fair value of our long-term debt was estimated using discounted cash flows analysis, based on our current incremental borrowing rates for similar types of borrowing arrangements which are considered to be level two inputs. There have been no transfers in or out of level two or three financial instruments for the three months ended March 31, 2022 and the year ended December 31, 2021. We are also required to periodically measure certain other assets at fair value on a nonrecurring basis, including long-lived assets, goodwill and other intangible assets. We calculated the fair value used in our annual goodwill impairment analysis utilizing a discounted cash flow analysis and determined that the inputs used were level 3 inputs. There were no assets recorded at fair value on a non-recurring basis as of March 31, 2022 or December 31, 2021.
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Derivative Instruments and Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES The following table presents information about the fair value amounts of our cash flow derivative instruments:
As of March 31, 2022 and December 31, 2021, all but four of our freestanding derivatives were designated as hedging instruments. The following table presents information about the effects of our derivative instruments on our condensed consolidated statements of income and condensed consolidated statements of comprehensive income:
The following table presents the changes in Accumulated Other Comprehensive Income (“AOCI”), net of taxes, from our hedging instruments:
The following tables present all of our active derivative instruments as of March 31, 2022:
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Variable Interest Entities And Equity Method Investments |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entities And Equity Method Investments | VARIABLE INTEREST ENTITIES AND EQUITY METHOD INVESTMENTS Variable Interest Entities The table below presents a summary of amounts related to our consolidated investment funds and joint venture, which we determined meet the definition of a variable interest entity (“VIE”), as of:
See Note 13 for additional information on the call and put options related to our investment funds. Non-controlling Interest Non-controlling interest represents the equity owned by the other joint venture member of a consolidated joint venture. During the three months ended March 31, 2022, the other joint venture member contributed $6,335 to this joint venture which was formed for a specific project. The project did not generate any earnings or losses during the three months ended March 31, 2022. Equity Method Investments Unconsolidated joint ventures are accounted for under the equity method. For these unconsolidated joint ventures, our investment balances are included in other assets on the condensed consolidated balance sheets and our pro rata share of net income or loss is included in operating income. The following table provides information about our equity method investments in joint ventures:
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Redeemable Non-controlling Interests |
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Mar. 31, 2022 | |
Noncontrolling Interest [Abstract] | |
Redeemable Non-controlling Interests | REDEEMABLE NON-CONTROLLING INTERESTS Our subsidiaries with membership interests in the investment funds we formed have the right to elect to require the non-controlling interest holder to sell all of its membership units to our subsidiaries, a call option. Our investment funds also include rights for the non-controlling interest holder to elect to require our subsidiaries to purchase all of the non-controlling membership interests in the fund, a put option. The call options are exercisable beginning on the date that specified conditions are met for each respective fund. The put options for the investment funds are exercisable beginning on the date that specified conditions are met for each respective fund. We initially record our redeemable non-controlling interests at fair value on the date of acquisition and subsequently adjust to redemption value. At both March 31, 2022 and December 31, 2021 redeemable non-controlling interests were reported at their carrying values, as the carrying value at each reporting period was greater than the estimated redemption value.
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Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | EARNINGS PER SHARE Earnings Per Share The following is a reconciliation of the numerator and denominator for the computation of basic and diluted earnings per share:
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Stock-Based Compensation |
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | STOCK-BASED COMPENSATION We recorded stock-based compensation expense, including expense related to our employee stock purchase plan, as follows:
Our stock-based compensation expense is included in selling, general and administrative expenses in the condensed consolidated statements of income. As of March 31, 2022, there was $46,295 of unrecognized compensation expense related to non-vested stock option awards that is expected to be recognized over a weighted-average period of 4.0 years. Stock Option Grants During the three months ended March 31, 2022, we granted 313 common stock options to certain employees under our 2020 Stock Incentive Plan, which have a contractual life of ten years and vest over a five-year period. We did not grant awards to individuals who were not either an employee or director of ours during the three months ended March 31, 2022 and 2021.
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Business Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segment Information | BUSINESS SEGMENT INFORMATIONOur reportable segments for the three months ended March 31, 2022 were U.S. Regions, U.S. Federal, Canada, Non-Solar DG and All Other. On January 1, 2022, we changed the structure of our internal organization and our “All Other” segment now includes our U.S.-based enterprise energy management services previously included in our U.S Regions segment and our U.S. Regions segment now includes U.S. project revenue and associated costs previously included in our Non-Solar DG segment. As a result, previously reported amounts have been reclassified for comparative purposes. Our U.S. Regions, U.S. Federal and Canada segments offer energy efficiency products and services which include the design, engineering and installation of equipment and other measures to improve the efficiency and control the operation of a facility’s energy infrastructure, renewable energy solutions and services and the development and construction of small-scale plants that Ameresco owns or develops for customers that produce electricity, gas, heat or cooling from renewable sources of energy and O&M services. Our Non-Solar DG segment sells electricity, processed renewable gas fuel, heat or cooling, produced from renewable sources of energy, other than solar, and generated by small-scale plants that we own and O&M services for customer-owned small-scale plants. The “All Other” category includes enterprise energy management services, other than the U.S.-based portion; consulting services, energy efficiency products and services outside of the U.S. and Canada; and the sale of solar PV energy products and systems which we refer to as integrated-PV. These segments do not include results of other activities, such as corporate operating expenses not specifically allocated to the segments. Certain reportable segments are an aggregation of operating segments. The tables below present our business segment information recast for the prior-year period and a reconciliation to the condensed consolidated financial statements:
See Note 3 for additional information about our revenues by product line.
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Other Expenses, Net |
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Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Expenses, Net | OTHER EXPENSES, NET The following table presents the components of other expenses, net:
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Subsequent Event |
3 Months Ended |
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Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Event | SUBSEQUENT EVENTIn April 2022, we entered into a binding Framework Agreement Term Sheet with a battery manufacturer for the purchase and sale of battery energy storage (“BESS”) equipment for our BESS projects at committed amounts and agreed upon delivery dates for a period of several years. The purchase and sale commitment covers BESS equipment to be used for our BESS projects. In connection with entering into the term sheet, we agreed to pay a $10,000 deposit, which will be credited against our future equipment purchases. |
Summary of Significant Accounting Policies (Policies) |
3 Months Ended |
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Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATIONThe accompanying condensed consolidated financial statements of Ameresco, Inc. (including its subsidiaries, the “Company,” “Ameresco,” “we,” “our,” or “us”) are unaudited, according to certain rules and regulations of the Securities and Exchange Commission, and include, in our opinion, normal recurring adjustments necessary for a fair presentation in conformity with accounting principles generally accepted in the United States (“GAAP”) of the results for the periods indicated. |
Reclassification | Reclassification Certain prior period amounts were reclassified to conform to the presentation in the current period.
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Recent Accounting Pronouncements | Recent Accounting Pronouncements Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04, which provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. Companies can apply the ASU immediately, however, the guidance will only be available until December 31, 2022. We are currently evaluating the impact that adopting this new accounting standard would have on our condensed consolidated financial statements and related disclosures. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope. The amendments in ASU 2021-01 provide optional expedients to the current guidance on contract modification and hedge accounting from the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. The guidance generally can be applied to applicable contract modifications through December 31, 2022. We are currently evaluating the impact that adopting this new accounting standard would have on our condensed consolidated financial statements and related disclosures. Government Assistance In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires annual disclosures about certain types of government assistance received. ASU 2021-10 is effective for our fiscal year beginning after December 15, 2021. We adopted this guidance as of January 1, 2022 and the adoption did not have an impact on our consolidated financial statements. Derivatives and Hedging In March 2022, the FASB issued ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method, which expands the current single-layer method to allow multiple hedged layers of a single closed portfolio to be hedged under the method. ASU 2022-01 is effective for our year ending beginning after December 15, 2022. We are currently evaluating the impact that adopting this new accounting standard would have on our consolidated financial statements.
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Summary of Significant Accounting Policies (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Accounts Receivable, Allowance for Credit Loss | Changes in the allowance for credit losses are as follows:
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Revenue from Contracts with Customers (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Disaggregation of Revenue | The following table presents our revenue disaggregated by line of business and reportable segment for the three months ended March 31, 2022:
The following table presents our revenue disaggregated by line of business and reportable segment for the three months ended March 31, 2021:
The following table presents information related to our revenue recognized over time:
The remainder of our revenue is for products and services transferred at a point in time, at which point revenue is recognized. We attribute revenues to customers based on the location of the customer. The following table presents information related to our revenues by geographic area:
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Summary of Contract with Customer, Asset and Liability | The following tables provide information about receivables, contract assets and contract liabilities from contracts with customers:
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Goodwill and Intangible Assets, Net (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Carrying Value of Goodwill Attributable to Each Reportable Segment | The changes in the carrying value of goodwill balances by reportable segment were as follows:
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Schedule of Gross Carrying Amount and Accumulated Amortization of Intangible Assets | Definite-lived intangible assets, net consisted of the following:
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Schedule of Amortization Expense | The table below sets forth amortization expense:
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Energy Assets, Net (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Energy Assets | Energy assets, net consisted of the following:
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Schedule of Depreciation and Amortization Expense of Energy Assets | The following table sets forth our depreciation and amortization expense on energy assets, net of deferred grant amortization:
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Schedule of Capitalized Interest | The following table presents the interest costs relating to construction financing during the period of construction, which were capitalized as part of energy assets, net:
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Schedule Of Asset And Liabilities Retirement Obligations | The following tables sets forth information related to our ARO assets and ARO liabilities:
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Leases (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assets and Liabilities, Lessee | The table below sets forth supplemental condensed consolidated balance sheet information related to our leases:
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Schedule of Other Lease Cost Details | The costs related to our leases were as follows:
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Schedule of Operating Lease Liability Maturity | The table below sets forth our estimated minimum future lease obligations under our leases:
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Schedule of Finance Lease Liability Maturity | The table below sets forth our estimated minimum future lease obligations under our leases:
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Debt and Financing Lease Liabilities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments | Our debt and financing lease liabilities comprised of the following:
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Income Taxes (Tables) |
3 Months Ended | ||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||
Reconciliation of Gross Unrecognized Tax Benefits | The following table sets forth the total amounts of gross unrecognized tax benefits:
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Fair Value Measurement (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Changes in Fair Value by Balance Sheet Grouping | The following table presents the input level used to determine the fair values of our financial instruments measured at fair value on a recurring basis:
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Schedule of Changes in Fair Value of Contingent Liabilities Classified as Level 3 | The following table sets forth a summary of changes in the fair value of contingent consideration liability classified as level 3:
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Fair Value and Carrying Value of Long-Term Debt | The following table sets forth the fair value and the carrying value of our long-term debt, excluding financing leases:
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Derivative Instruments and Hedging Activities (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value of Derivative Instruments | The following table presents information about the fair value amounts of our cash flow derivative instruments:
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Schedule of Derivative Effect on Consolidated Statement of Income (Loss) | The following table presents information about the effects of our derivative instruments on our condensed consolidated statements of income and condensed consolidated statements of comprehensive income:
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Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table presents the changes in Accumulated Other Comprehensive Income (“AOCI”), net of taxes, from our hedging instruments:
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Schedule of Active Derivative Instruments | The following tables present all of our active derivative instruments as of March 31, 2022:
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Variable Interest Entities And Equity Method Investments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Variable Interest Entities | The table below presents a summary of amounts related to our consolidated investment funds and joint venture, which we determined meet the definition of a variable interest entity (“VIE”), as of:
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Schedule of Equity Method Investments | The following table provides information about our equity method investments in joint ventures:
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Earnings Per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following is a reconciliation of the numerator and denominator for the computation of basic and diluted earnings per share:
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Stock-Based Compensation (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation Expense | We recorded stock-based compensation expense, including expense related to our employee stock purchase plan, as follows:
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Business Segment Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Operational Results by Business Segments | The tables below present our business segment information recast for the prior-year period and a reconciliation to the condensed consolidated financial statements:
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Other Expenses, Net (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Expenses, Net | The following table presents the components of other expenses, net:
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Summary of Significant Accounting Policies - Allowance for Credit Loss (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for credit losses, beginning of period | $ 2,263 | $ 2,266 |
Provision for bad debts | 237 | 3 |
Account write-offs and other | (235) | 41 |
Allowance for credit losses, end of period | $ 2,265 | $ 2,310 |
Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 474,002 | $ 252,202 |
Percentage of revenue recognized over time | 96.00% | 94.00% |
United States | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 438,391 | $ 234,009 |
Canada | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 15,988 | 10,853 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 19,623 | 7,340 |
Project revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 393,404 | 180,693 |
O&M revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 20,253 | 18,484 |
Energy assets | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 38,428 | 33,287 |
Integrated-PV | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 11,356 | 9,154 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 10,561 | 10,584 |
U.S. Regions | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 314,520 | 89,244 |
U.S. Regions | Project revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 298,632 | 75,812 |
U.S. Regions | O&M revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 5,080 | 4,415 |
U.S. Regions | Energy assets | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 10,018 | 8,802 |
U.S. Regions | Integrated-PV | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
U.S. Regions | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 790 | 215 |
U.S. Federal | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 75,646 | 102,214 |
U.S. Federal | Project revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 62,217 | 90,089 |
U.S. Federal | O&M revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 12,297 | 11,440 |
U.S. Federal | Energy assets | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 1,090 | 664 |
U.S. Federal | Integrated-PV | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
U.S. Federal | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 42 | 21 |
Canada | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 17,172 | 11,643 |
Canada | Project revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 13,951 | 9,001 |
Canada | O&M revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 11 | 26 |
Canada | Energy assets | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 761 | 747 |
Canada | Integrated-PV | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Canada | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 2,449 | 1,869 |
Non-Solar DG | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 29,261 | 25,580 |
Non-Solar DG | Project revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Non-Solar DG | O&M revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 2,774 | 2,532 |
Non-Solar DG | Energy assets | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 26,487 | 22,939 |
Non-Solar DG | Integrated-PV | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Non-Solar DG | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 109 |
All Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 37,403 | 23,521 |
All Other | Project revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 18,604 | 5,791 |
All Other | O&M revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 91 | 71 |
All Other | Energy assets | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 72 | 135 |
All Other | Integrated-PV | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 11,356 | 9,154 |
All Other | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 7,280 | $ 8,370 |
Revenue from Contracts with Customers - Contract Balances (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
Mar. 31, 2021 |
Dec. 31, 2020 |
||||
---|---|---|---|---|---|---|---|---|
Revenue from Contract with Customer [Abstract] | ||||||||
Accounts receivable, net | $ 204,082 | [1] | $ 161,970 | [1] | $ 113,095 | $ 125,010 | ||
Accounts receivable retainage, net | 40,555 | 43,067 | 32,071 | 30,189 | ||||
Contract Assets: | ||||||||
Costs and estimated earnings in excess of billings | 460,240 | [1] | 306,172 | [1] | 179,474 | 185,960 | ||
Contract Liabilities: | ||||||||
Billings in excess of cost and estimated earnings | 31,729 | 35,918 | 30,211 | 33,984 | ||||
Billings in excess of cost and estimated earnings, non-current | 6,322 | 6,481 | 6,590 | 6,631 | ||||
Total contract liabilities | $ 38,051 | $ 42,399 | $ 36,801 | $ 40,615 | ||||
|
Revenue from Contracts with Customers - Additional Information (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Contract with customer, asset, revenue recognized | $ 381,949,000 | $ 130,297,000 |
Contract with customer, asset, reclassified to receivable | 229,540,000 | 144,539,000 |
Contract with customer, liability, revenue recognized | 33,077,000 | 45,483,000 |
Contract with customer, liability, billings | 23,723,000 | 33,081,000 |
Revenue, remaining performance obligation | $ 2,553,770,000 | |
Contract term | 25 years | |
Capitalized contract cost, project development costs | $ 4,209,000 | 1,985,000 |
Capitalized contract cost, impairment loss | $ 0 | $ 0 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Revenue, remaining performance obligation, percentage | 48.00% | |
Revenue, remaining performance obligation, remaining satisfaction | 12 months |
Goodwill and Intangible Assets, Net - Goodwill (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2022
USD ($)
| |
Carrying Value of Goodwill | |
Balance, December 31, 2021 | $ 71,157 |
Remeasurement adjustment | 309 |
Currency effects | (132) |
Balance, March 31, 2022 | 71,334 |
U.S. Regions | |
Carrying Value of Goodwill | |
Balance, December 31, 2021 | 39,204 |
Remeasurement adjustment | 309 |
Currency effects | 0 |
Balance, March 31, 2022 | 39,513 |
U.S. Federal | |
Carrying Value of Goodwill | |
Balance, December 31, 2021 | 3,981 |
Remeasurement adjustment | 0 |
Currency effects | 0 |
Balance, March 31, 2022 | 3,981 |
Canada | |
Carrying Value of Goodwill | |
Balance, December 31, 2021 | 3,454 |
Remeasurement adjustment | 0 |
Currency effects | 53 |
Balance, March 31, 2022 | 3,507 |
Non-solar DG | |
Carrying Value of Goodwill | |
Balance, December 31, 2021 | 0 |
Remeasurement adjustment | 0 |
Currency effects | 0 |
Balance, March 31, 2022 | 0 |
Other | |
Carrying Value of Goodwill | |
Balance, December 31, 2021 | 24,518 |
Remeasurement adjustment | 0 |
Currency effects | (185) |
Balance, March 31, 2022 | $ 24,333 |
Goodwill and Intangible Assets, Net - Intangible Assets (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Gross carrying amount | $ 32,939 | $ 33,526 |
Less - accumulated amortization | (26,965) | (26,565) |
Intangible assets, net | $ 5,974 | $ 6,961 |
Goodwill and Intangible Assets, Net - Amortization (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets | $ 578 | $ 80 |
Customer contracts | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets | 184 | 0 |
All other intangible assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets | $ 394 | $ 80 |
Energy Assets, Net - Energy Assets (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
||
---|---|---|---|---|
Property, Plant and Equipment [Line Items] | ||||
Energy assets, net | [1] | $ 908,006 | $ 856,531 | |
Energy Assets | ||||
Property, Plant and Equipment [Line Items] | ||||
Energy assets | 1,184,314 | 1,120,712 | ||
Less - accumulated depreciation and amortization | (276,308) | (264,181) | ||
Energy assets, net | $ 908,006 | $ 856,531 | ||
|
Energy Assets, Net - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Dec. 31, 2021 |
|
Business Acquisition [Line Items] | |||
Cost of revenues | $ 11,806 | $ 9,686 | |
Capitalized interest | 1,312 | 2,238 | |
ARO assets, net | 2,473 | $ 1,939 | |
ARO liabilities, current | 9 | 6 | |
ARO liabilities, non-current | 2,947 | 2,342 | |
Total ARO liabilities | 2,956 | $ 2,348 | |
Depreciation expense of ARO assets | 734 | 833 | |
Accretion expense of ARO liabilities | 36 | 24 | |
ARO Asset | |||
Business Acquisition [Line Items] | |||
Depreciation expense of ARO assets | $ 37 | $ 23 |
Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
||
---|---|---|---|---|
Operating Leases: | ||||
Operating lease assets | [1] | $ 39,485 | $ 41,982 | |
Current portions of operating lease liabilities | [1] | 6,134 | 6,276 | |
Long-term portions of operating lease liabilities | [1] | 32,854 | 35,135 | |
Total operating lease liabilities | $ 38,988 | $ 41,411 | ||
Weighted-average remaining lease term | 12 years | 12 years | ||
Weighted-average discount rate | 5.70% | 5.70% | ||
Financing Leases: | ||||
Energy assets | $ 31,521 | $ 31,876 | ||
Current portions of financing lease liabilities | 3,226 | 3,125 | ||
Long-term financing lease liabilities, net of current portion, unamortized discount and debt issuance costs | 15,973 | 16,101 | ||
Total financing lease liabilities | $ 19,199 | $ 19,226 | ||
Weighted-average remaining lease term | 15 years | 15 years | ||
Weighted-average discount rate | 12.10% | 12.10% | ||
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Energy assets, net | Energy assets, net | ||
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Current portions of long-term debt and financing lease liabilities | Current portions of long-term debt and financing lease liabilities | ||
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs | Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs | ||
|
Leases - Lease Cost (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Operating Leases: | ||
Operating lease costs | $ 2,291 | $ 2,153 |
Financing Leases: | ||
Amortization expense | 355 | 532 |
Interest on lease liabilities | 559 | 658 |
Total lease costs | $ 3,205 | $ 3,343 |
Leases - Supplemental Cash Flows (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Leases [Abstract] | ||
Cash paid for amounts included in the measurement of operating lease liabilities | $ 1,907 | $ 2,423 |
Right-of-use assets (“ROU”) obtained in exchange for new operating lease liabilities | $ 367 | $ 3,773 |
Leases - Minimum Future Lease Obligations (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Operating Leases | ||
2022 | $ 6,134 | |
2023 | 7,176 | |
2024 | 5,943 | |
2025 | 4,725 | |
2026 | 2,880 | |
Thereafter | 28,615 | |
Total minimum lease payments | 55,473 | |
Less: interest | 16,485 | |
Present value of lease liabilities | 38,988 | $ 41,411 |
Financing Leases | ||
2022 | 5,124 | |
2023 | 3,676 | |
2024 | 2,565 | |
2025 | 2,213 | |
2026 | 2,054 | |
Thereafter | 19,813 | |
Total minimum lease payments | 35,445 | |
Less: interest | 16,246 | |
Present value of lease liabilities | $ 19,199 | $ 19,226 |
Leases - Additional Information (Details) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022
USD ($)
project
|
Mar. 31, 2021
USD ($)
|
|
Lessee, Lease, Description [Line Items] | ||
Net amortization expense | $ 57 | $ 57 |
Solar Photovoltaic Projects | August 2018 Long Term Finance Liability | ||
Lessee, Lease, Description [Line Items] | ||
Solar PV projects sold | project | 2 | |
Investment fund call option exercise | $ 8,201 | |
Solar Photovoltaic Projects | December 2020 Long Term Finance Liability | ||
Lessee, Lease, Description [Line Items] | ||
Solar PV projects sold | project | 1 | |
Investment fund call option exercise | $ 4,423 | |
Solar Photovoltaic Projects | Revolving Credit Facility | Line of Credit | August 2018 Long Term Finance Liability | ||
Lessee, Lease, Description [Line Items] | ||
Available funding under lending commitment | 220,367 | |
Solar Photovoltaic Projects | Revolving Credit Facility | Line of Credit | December 2020 Long Term Finance Liability | ||
Lessee, Lease, Description [Line Items] | ||
Available funding under lending commitment | $ 11,515 |
Debt and Financing Lease Liabilities - Summary of Long-term Debt (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Mar. 03, 2022 |
Dec. 31, 2021 |
Mar. 31, 2021 |
||
---|---|---|---|---|---|---|
Debt Instrument [Line Items] | ||||||
Financing lease liabilities | $ 19,199 | $ 19,226 | ||||
Total debt and financing lease liabilities | 756,855 | 471,488 | ||||
Less: current maturities | 80,191 | 78,934 | ||||
Less: unamortized discount and debt issuance costs | 16,969 | $ 96 | 15,370 | |||
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs | [1] | 659,695 | 377,184 | |||
Term Loan | Senior secured term loans | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | 275,000 | 52,813 | ||||
Term Loan | Non-recourse term loans | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | 205,329 | 218,136 | ||||
Debt instrument, debt default, amount | $ 3,809 | |||||
Term Loan | Long-term financing facilities | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | 104,417 | 104,615 | ||||
Line of Credit | Non-recourse construction revolvers | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | 31,910 | 31,698 | ||||
Revolving Senior Secured Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | 121,000 | $ 45,000 | ||||
Revolving Credit Facility | Line of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Funds available for borrowing | $ 47,341 | |||||
|
Debt and Financing Lease Liabilities - Additional Information (Details) |
Mar. 04, 2022
USD ($)
bank
|
Apr. 29, 2022
USD ($)
|
Mar. 31, 2022
USD ($)
|
Mar. 03, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
---|---|---|---|---|---|
Debt Instrument [Line Items] | |||||
Unamortized discount and debt issuance costs | $ 16,969,000 | $ 96,000 | $ 15,370,000 | ||
Line of Credit | Senior Secured Credit Facility, Revolver And Term Loans | |||||
Debt Instrument [Line Items] | |||||
Original principal amount | $ 495,000,000 | 245,000,000 | |||
Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, additional borrowing capacity | 650,000,000 | ||||
Revolving Credit Facility | Maximum | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, additional borrowing capacity | 100,000,000 | ||||
Revolving Credit Facility | Minimum | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, additional borrowing capacity | $ 25,000,000 | ||||
Revolving Credit Facility | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, number of banks | bank | 5 | ||||
Maximum borrowing capacity | $ 180,000,000 | ||||
Current borrowing capacity | $ 200,000,000 | ||||
Total funded debt to EBITDA covenant ratio, maximum | 4.50 | 3.50 | |||
Basis spread on variable rate | 150.00% | ||||
Lender fees and debt issuance costs | $ 2,048,000 | ||||
Debt issuance costs | $ 352,000 | ||||
Funds available for borrowing | $ 47,341,000 | ||||
Revolving Credit Facility | Line of Credit | Quarter ending June 30, 2022 | |||||
Debt Instrument [Line Items] | |||||
Total funded debt to EBITDA covenant ratio, maximum | 4.25 | ||||
Revolving Credit Facility | Line of Credit | Quarter ending September 30, 2022 | |||||
Debt Instrument [Line Items] | |||||
Total funded debt to EBITDA covenant ratio, maximum | 4.00 | ||||
Revolving Credit Facility | Line of Credit | Thereafter | |||||
Debt Instrument [Line Items] | |||||
Total funded debt to EBITDA covenant ratio, maximum | 3.50 | ||||
Revolving Credit Facility | Line of Credit | June 2022 Construction Revolver | |||||
Debt Instrument [Line Items] | |||||
Fixed interest rate, percentage | 1.74% | ||||
Funds available for borrowing | $ 73,946,000 | ||||
Revolving Credit Facility | Line of Credit | June 2022 Construction Revolver | Subsequent Event | |||||
Debt Instrument [Line Items] | |||||
Funds available for borrowing | $ 9,800,000 | ||||
Revolving Credit Facility | Line of Credit | July 2022 Construction Revolver | |||||
Debt Instrument [Line Items] | |||||
Fixed interest rate, percentage | 1.99% | ||||
Funds available for borrowing | $ 24,145,000 | ||||
Term Loan | Line of Credit | Term Loan Due September 2023 | |||||
Debt Instrument [Line Items] | |||||
Delayed draw | $ 220,000,000 | ||||
Term Loan | Secured Debt | |||||
Debt Instrument [Line Items] | |||||
Original principal amount | $ 75,000,000 | $ 65,000,000 |
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Dec. 31, 2021 |
|
Income Tax Disclosure [Abstract] | |||
Income tax provision | $ 2,307 | $ 2,205 | |
Effective tax rate, percentage | 10.70% | 15.10% | |
Unrecognized tax benefits | $ 440 | $ 440 |
Income Taxes - Unrecognized Tax Benefits (Details) $ in Thousands |
Mar. 31, 2022
USD ($)
|
---|---|
Gross Unrecognized Tax Benefits | |
Balance, December 31, 2021 | $ 900 |
Balance, March 31, 2022 | $ 900 |
Commitments and Contingencies (Details) |
1 Months Ended | 4 Months Ended | 44 Months Ended | ||
---|---|---|---|---|---|
Nov. 06, 2017
contractor
|
Aug. 31, 2018 |
Mar. 31, 2022
USD ($)
|
Mar. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
|
Loss Contingencies [Line Items] | |||||
Number of defendants | contractor | 9 | ||||
Chelsea Group Limited | |||||
Loss Contingencies [Line Items] | |||||
Contingent consideration, liability, revenue earn-outs, payment period (in years) | 5 years | ||||
Contingent consideration, liability, fair value at date of acquisition | $ 358,000 | $ 358,000 | $ 678,000 | ||
Payments | 0 | ||||
Plug Smart | |||||
Loss Contingencies [Line Items] | |||||
Contingent consideration, liability, revenue earn-outs, payment period (in years) | 5 years | ||||
Contingent consideration, liability, fair value at date of acquisition | $ 2,061,000 | $ 2,061,000 | |||
Payments | $ 0 | ||||
Maximum cumulative earn-out | 5,000,000 | ||||
Contingent consideration | $ 2,160,000 |
Fair Value Measurement - Fair Value of Assets and Liabilities Measured on a Recurring Basis (Details) - Recurring - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Assets: | ||
Total assets | $ 2,220 | $ 919 |
Liabilities: | ||
Total liabilities | 14,798 | 15,916 |
Level 2 | Interest rate swap instruments | ||
Assets: | ||
Total assets | 2,220 | 919 |
Liabilities: | ||
Liability derivatives | 2,726 | 6,316 |
Level 2 | Commodity swap instruments | ||
Liabilities: | ||
Liability derivatives | 4,568 | 1,962 |
Level 2 | Make-whole provisions | ||
Liabilities: | ||
Liability derivatives | 5,085 | 4,800 |
Level 3 | ||
Liabilities: | ||
Contingent consideration | $ 2,419 | $ 2,838 |
Fair Value Measurement - Changes in Contingent Liabilities (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2022 |
Dec. 31, 2021 |
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Contingent consideration liability balance at the beginning of period | $ 2,838 | $ 678 |
Contingent consideration issued in connection with acquisition | 0 | 2,160 |
Changes in fair value included in earnings | (320) | 0 |
Remeasurement adjustment | (99) | 0 |
Contingent consideration liability balance at the end of period | $ 2,419 | $ 2,838 |
Fair Value Measurement - Fair Value and Carrying Value of Long-term Debt (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt (Level 2) | $ 726,649 | $ 442,429 |
Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt (Level 2) | $ 720,687 | $ 436,892 |
Fair Value Measurement - Narrative (Details) - USD ($) |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Fair Value, Measurements, Nonrecurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, fair value disclosure, nonrecurring | $ 0 | $ 0 |
Derivative Instruments and Hedging Activities - Fair Value of Derivative Instruments on the Balance Sheet (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Derivatives Designated as Hedging Instruments | Interest rate swap contracts | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | $ 39 | $ 0 |
Derivatives Designated as Hedging Instruments | Interest rate swap contracts | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | 2,726 | 6,316 |
Derivatives Not Designated as Hedging Instruments | Interest rate swap contracts | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | 2,181 | 919 |
Derivatives Not Designated as Hedging Instruments | Commodity swap contracts | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | 4,568 | 1,962 |
Derivatives Not Designated as Hedging Instruments | Make-whole provisions | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | $ 5,085 | $ 4,800 |
Derivative Instruments and Hedging Activities - Additional Information (Details) - contract |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Not Designated | ||
Derivative [Line Items] | ||
Number of instruments held | 4 | 4 |
Derivative Instruments and Hedging Activities - Effects on Statements of Income (Loss) and Consolidated Statements of Comprehensive Loss (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss (Gain) Recognized in Net Income | $ 1,622 | $ (363) |
Derivatives Designated as Hedging Instruments | Other expenses, net | Interest rate swap contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss (Gain) Recognized in Net Income | 481 | 523 |
Derivatives Not Designated as Hedging Instruments | Other expenses, net | Interest rate swap contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss (Gain) Recognized in Net Income | (1,262) | (1,323) |
Derivatives Not Designated as Hedging Instruments | Other expenses, net | Commodity swap contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss (Gain) Recognized in Net Income | 2,606 | 248 |
Derivatives Not Designated as Hedging Instruments | Other expenses, net | Make-whole provisions | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss (Gain) Recognized in Net Income | $ 278 | $ 697 |
Derivative Instruments and Hedging Activities - Effects of Derivative Instruments in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | $ 704,264 | $ 492,813 |
Total other comprehensive income | 2,778 | 2,531 |
Ending balance | 736,210 | $ 628,855 |
Accumulated Gain (Loss), Net, Cash Flow Hedge | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | (4,733) | |
Unrealized gain recognized in AOCI | 2,230 | |
Loss reclassified from AOCI to other expenses, net | 481 | |
Total other comprehensive income | 2,711 | |
Ending balance | $ (2,022) |
Derivative Instruments and Hedging Activities - Summary of Active Derivative Instruments (Details) |
3 Months Ended |
---|---|
Mar. 31, 2022
USD ($)
MMBTU
$ / MMBTU
| |
Designated | Interest Rate Swap October 2029 | |
Derivative [Line Items] | |
Term of contract, years | 11 years |
Fixed interest rate, percentage | 5.77% |
Initial Notional Amount ($) | $ 9,200,000 |
Designated | Interest Rate Swap June 2033 | |
Derivative [Line Items] | |
Term of contract, years | 15 years |
Fixed interest rate, percentage | 5.24% |
Initial Notional Amount ($) | $ 10,000,000 |
Designated | Interest Rate Swap - December 2027 | |
Derivative [Line Items] | |
Term of contract, years | 10 years |
Fixed interest rate, percentage | 4.74% |
Initial Notional Amount ($) | $ 14,100,000 |
Designated | Interest Rate Swap - December 2038 | |
Derivative [Line Items] | |
Term of contract, years | 15 years |
Fixed interest rate, percentage | 3.26% |
Initial Notional Amount ($) | $ 14,084,000 |
Designated | Interest Rate Swap - February 2023 | |
Derivative [Line Items] | |
Term of contract, years | 7 years |
Fixed interest rate, percentage | 2.19% |
Initial Notional Amount ($) | $ 20,746,000 |
Designated | Interest Rate Swap - June 2028 | |
Derivative [Line Items] | |
Term of contract, years | 8 years |
Fixed interest rate, percentage | 3.70% |
Initial Notional Amount ($) | $ 14,643,000 |
Designated | Interest Rate Swap - June 2028 | |
Derivative [Line Items] | |
Term of contract, years | 8 years |
Fixed interest rate, percentage | 3.70% |
Initial Notional Amount ($) | $ 10,734,000 |
Designated | Interest Rate Swap - March 2024 | |
Derivative [Line Items] | |
Term of contract, years | 15 years 6 months |
Fixed interest rate, percentage | 5.40% |
Initial Notional Amount ($) | $ 13,081,000 |
Not Designated | Interest Rate Swap March 2033 | |
Derivative [Line Items] | |
Term of contract, years | 13 years |
Fixed interest rate, percentage | 0.93% |
Initial Notional Amount ($) | $ 9,505,000 |
Not Designated | Interest Rate Swap March 2033 | |
Derivative [Line Items] | |
Term of contract, years | 13 years |
Fixed interest rate, percentage | 0.93% |
Initial Notional Amount ($) | $ 6,968,000 |
Not Designated | Interest Rate Swap - September 2023 | |
Derivative [Line Items] | |
Term of contract, years | 2 years 9 months |
Fixed interest rate, percentage | 0.41% |
Initial Notional Amount ($) | $ 26,250,000 |
Not Designated | Commodity Contract - June 2024 | |
Derivative [Line Items] | |
Term of contract, years | 3 years 6 months |
Active commodity swap, price (in usd per unit) | $ / MMBTU | 2.65 |
Nonmonetary notional amount (in MMBtus) | MMBTU | 3,296,160 |
Not Designated | Make-whole Provisions December 2038 | Other liabilities | |
Derivative [Line Items] | |
Liability derivatives, fair value | $ 583,000 |
Not Designated | Make-whole Provisions April 2031 | Other liabilities | |
Derivative [Line Items] | |
Liability derivatives, fair value | 77,000 |
Not Designated | Make-whole Provisions February 2034 | Other liabilities | |
Derivative [Line Items] | |
Liability derivatives, fair value | 72,000 |
Not Designated | Make-whole Provision December 2027 | Other liabilities | |
Derivative [Line Items] | |
Liability derivatives, fair value | 56,000 |
Not Designated | Make-whole Provision May 2028 | Other liabilities | |
Derivative [Line Items] | |
Liability derivatives, fair value | 12,000 |
Not Designated | Make-whole Provision April 2045 | Other liabilities | |
Derivative [Line Items] | |
Liability derivatives, fair value | 319,000 |
Not Designated | Make-whole Provision March 2046 | Other liabilities | |
Derivative [Line Items] | |
Liability derivatives, fair value | $ 3,966,000 |
Variable Interest Entities And Equity Method Investments - Schedule of Variable Interest Entity Financial Information (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
||
---|---|---|---|---|
Variable Interest Entity [Line Items] | ||||
Variable interest entities, current assets | [1] | $ 845,201 | $ 638,585 | |
Total assets | [1] | 2,530,570 | 2,224,821 | |
Variable interest entities, current liabilities | [1] | 395,142 | 474,224 | |
Variable Interest Entity, Primary Beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest entities, current assets | 9,043 | 7,965 | ||
Total assets | 136,315 | 124,454 | ||
Variable interest entities, current liabilities | 2,985 | 3,042 | ||
Total VIE liabilities | 30,790 | 31,125 | ||
Cash and cash equivalents | Variable Interest Entity, Primary Beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest entities, current assets | 5,434 | 4,915 | ||
Restricted cash | Variable Interest Entity, Primary Beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest entities, current assets | 776 | 822 | ||
Accounts receivable, net | Variable Interest Entity, Primary Beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest entities, current assets | 790 | 656 | ||
Costs and estimated earnings in excess of billings | Variable Interest Entity, Primary Beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest entities, current assets | 1,884 | 1,421 | ||
Prepaid expenses and other current assets | Variable Interest Entity, Primary Beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest entities, current assets | 159 | 151 | ||
Property and equipment, net | Variable Interest Entity, Primary Beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest entities, noncurrent assets | 1,266 | 1,266 | ||
Energy assets, net | Variable Interest Entity, Primary Beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest entities, noncurrent assets | 119,310 | 108,498 | ||
Operating lease assets | Variable Interest Entity, Primary Beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest entities, noncurrent assets | 6,225 | 6,271 | ||
Restricted cash, net of current portion | Variable Interest Entity, Primary Beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest entities, noncurrent assets | 435 | 418 | ||
Other assets | Variable Interest Entity, Primary Beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest entities, noncurrent assets | 36 | 36 | ||
Current portions of long-term debt and financing lease liabilities | Variable Interest Entity, Primary Beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest entities, current liabilities | 2,196 | 2,210 | ||
Accounts payable | Variable Interest Entity, Primary Beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest entities, current liabilities | 94 | 47 | ||
Accrued expenses and other current liabilities | Variable Interest Entity, Primary Beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest entities, current liabilities | 548 | 643 | ||
Current portions of operating lease liabilities | Variable Interest Entity, Primary Beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest entities, current liabilities | 147 | 142 | ||
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs | Variable Interest Entity, Primary Beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest entities, noncurrent liabilities | 20,499 | 20,952 | ||
Long-term operating lease liabilities, net of current portion | Variable Interest Entity, Primary Beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest entities, noncurrent liabilities | 6,630 | 6,558 | ||
Other liabilities | Variable Interest Entity, Primary Beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest entities, noncurrent liabilities | $ 676 | $ 573 | ||
|
Variable Interest Entities And Equity Method Investments - Investment in Joint Ventures (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Dec. 31, 2021 |
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Non-controlling interest | $ 6,335 | $ 0 | |
Equity method investments | 9,839 | $ 9,206 | |
Earnings (loss) recognized | $ 637 | $ (62) |
Variable Interest Entities And Equity Method Investments - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Variable Interest Entity [Line Items] | ||
Distributions to redeemable non-controlling interests, net | $ 357 | $ 495 |
Corporate Joint Venture | ||
Variable Interest Entity [Line Items] | ||
Distributions to redeemable non-controlling interests, net | $ 6,335 |
Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Numerator: | ||
Net income attributable to common shareholders | $ 17,384 | $ 11,174 |
Adjustment for accretion of tax equity financing fees | (28) | (31) |
Income attributable to common shareholders | $ 17,356 | $ 11,143 |
Denominator: | ||
Basic weighted-average shares outstanding (in shares) | 51,744 | 48,975 |
Effect of dilutive securities: | ||
Stock options (in shares) | 1,892 | 1,382 |
Diluted weighted-average shares outstanding (in shares) | 53,636 | 50,357 |
Net income per share attributable to common shareholders: | ||
Basic (in usd per share) | $ 0.34 | $ 0.23 |
Diluted (in usd per share) | $ 0.32 | $ 0.22 |
Potentially dilutive shares (in shares) | 783 | 1,157 |
Stock-Based Compensation - Compensation Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Share-based Payment Arrangement [Abstract] | ||
Stock-based compensation expense | $ 3,531 | $ 766 |
Stock-Based Compensation - Additional Information (Details) shares in Thousands, $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2022
USD ($)
shares
| |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-vested stock options unrecognized compensation expense | $ | $ 46,295 |
2020 Stock Incentive Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options granted in period (in shares) | shares | 313 |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted-average period | 4 years |
Stock Options | 2020 Stock Incentive Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock options, contractual period | 10 years |
Stock options, vesting period | 5 years |
Business Segment Information (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Segment Reporting Information [Line Items] | ||
Revenues | $ 474,002 | $ 252,202 |
Loss (gain) on derivatives | 1,622 | (363) |
Interest expense, net of interest income | 3,953 | 2,740 |
Depreciation and amortization of intangible assets | 12,657 | 10,150 |
Income before taxes, excluding unallocated corporate activity | 37,514 | 25,601 |
U.S. Regions | ||
Segment Reporting Information [Line Items] | ||
Revenues | 314,520 | 89,244 |
U.S. Federal | ||
Segment Reporting Information [Line Items] | ||
Revenues | 75,646 | 102,214 |
Canada | ||
Segment Reporting Information [Line Items] | ||
Revenues | 17,172 | 11,643 |
Non-Solar DG | ||
Segment Reporting Information [Line Items] | ||
Revenues | 29,261 | 25,580 |
All Other | ||
Segment Reporting Information [Line Items] | ||
Revenues | 37,403 | 23,521 |
Operating Segments | U.S. Regions | ||
Segment Reporting Information [Line Items] | ||
Revenues | 314,520 | 89,244 |
Loss (gain) on derivatives | 227 | 532 |
Interest expense, net of interest income | 1,642 | 1,443 |
Depreciation and amortization of intangible assets | 5,278 | 3,486 |
Income before taxes, excluding unallocated corporate activity | 18,218 | 3,239 |
Operating Segments | U.S. Federal | ||
Segment Reporting Information [Line Items] | ||
Revenues | 75,646 | 102,214 |
Loss (gain) on derivatives | 51 | 0 |
Interest expense, net of interest income | 306 | 321 |
Depreciation and amortization of intangible assets | 1,245 | 1,010 |
Income before taxes, excluding unallocated corporate activity | 8,886 | 12,030 |
Operating Segments | Canada | ||
Segment Reporting Information [Line Items] | ||
Revenues | 17,172 | 11,643 |
Loss (gain) on derivatives | 0 | 179 |
Interest expense, net of interest income | 222 | 207 |
Depreciation and amortization of intangible assets | 447 | 415 |
Income before taxes, excluding unallocated corporate activity | 279 | (85) |
Operating Segments | Non-Solar DG | ||
Segment Reporting Information [Line Items] | ||
Revenues | 29,261 | 25,580 |
Loss (gain) on derivatives | 1,344 | (1,074) |
Interest expense, net of interest income | 1,790 | 610 |
Depreciation and amortization of intangible assets | 5,416 | 4,862 |
Income before taxes, excluding unallocated corporate activity | 7,422 | 8,772 |
Operating Segments | All Other | ||
Segment Reporting Information [Line Items] | ||
Revenues | 37,403 | 23,521 |
Loss (gain) on derivatives | 0 | 0 |
Interest expense, net of interest income | (7) | 159 |
Depreciation and amortization of intangible assets | 271 | 377 |
Income before taxes, excluding unallocated corporate activity | 2,709 | 1,645 |
Unallocated corporate activity | ||
Segment Reporting Information [Line Items] | ||
Unallocated corporate activity | $ (15,909) | $ (10,965) |
Other Expenses, Net (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Other Income and Expenses [Abstract] | ||
Loss (gain) on derivatives | $ 1,622 | $ (377) |
Interest expense, net of interest income | 4,489 | 2,805 |
Amortization of debt discount and debt issuance costs | 852 | 747 |
Foreign currency transaction loss | 116 | 495 |
Government incentives | 2 | 2 |
Other expenses, net | $ 7,081 | $ 3,672 |
Subsequent Event (Details) $ in Thousands |
1 Months Ended |
---|---|
Apr. 30, 2022
USD ($)
| |
Subsequent Event | |
Subsequent Event [Line Items] | |
Payment of purchase commitment deposit | $ 10,000 |
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