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) |
Title of Each Class | Trading Symbol | Name of exchange on which registered | ||||||
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 November 3, 2023 | ||||
Class A Common Stock, $0.0001 par value per share | |||||
Class B Common Stock, $0.0001 par value per share | |||||
Page | ||||||||
September 30, 2023 | December 31, 2022 | ||||||||||
(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, net | |||||||||||
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, non-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, net (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 10) | |||||||||||
Redeemable non-controlling interests, net |
September 30, 2023 | December 31, 2022 | ||||||||||
(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 interests | |||||||||||
Total stockholders’ equity | |||||||||||
Total liabilities, redeemable non-controlling interests, and stockholders’ equity | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenues | $ | $ | $ | $ | |||||||||||||||||||
Cost of revenues | |||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Earnings from unconsolidated entities | |||||||||||||||||||||||
Selling, general and administrative expenses | |||||||||||||||||||||||
Operating income | |||||||||||||||||||||||
Other expenses, net | |||||||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||
Income tax (benefit) provision | ( | ( | |||||||||||||||||||||
Net income | |||||||||||||||||||||||
Net loss (income) attributable to non-controlling interests and 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 September 30, | |||||||||||
2023 | 2022 | ||||||||||
Net income | $ | $ | |||||||||
Other comprehensive income (loss): | |||||||||||
Unrealized gain from interest rate hedges, net of tax | |||||||||||
Foreign currency translation adjustments | ( | ( | |||||||||
Total other comprehensive loss | ( | ( | |||||||||
Comprehensive income | |||||||||||
Comprehensive income attributable to non-controlling interests and redeemable non-controlling interests: | |||||||||||
Net loss (income) | ( | ||||||||||
Foreign currency translation adjustments | |||||||||||
Comprehensive loss (income) attributable to non-controlling interests and redeemable non-controlling interests | ( | ||||||||||
Comprehensive income attributable to common shareholders | $ | $ | |||||||||
Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Net income | |||||||||||
Other comprehensive income: | |||||||||||
Unrealized gain from interest rate hedges, net of tax | |||||||||||
Foreign currency translation adjustments | ( | ( | |||||||||
Total other comprehensive income | |||||||||||
Comprehensive income | |||||||||||
Comprehensive income attributable to non-controlling interests and redeemable non-controlling interests: | |||||||||||
Net income | ( | ( | |||||||||
Foreign currency translation adjustments | |||||||||||
Comprehensive income attributable to non-controlling interests and redeemable non-controlling interests | ( | ( | |||||||||
Comprehensive income attributable to common shareholders | $ | $ |
Redeemable Non-controlling Interests | Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Treasury Stock | Non-controlling Interests | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Retained Earnings | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | $ | $ | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | — | — | — | ( | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions from non-controlling interest | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2022 | $ | $ | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2023 | $ | $ | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock units released | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain from interest rate hedges, net | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | — | ( | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to redeemable non-controlling interests | ( | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accretion of tax equity financing fees | — | — | — | — | — | ( | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions from non-controlling interests | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss) income | ( | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2023 | $ | $ | $ | $ | $ | $ | ( | $ | ( | $ | $ |
Redeemable Non-controlling Interests | Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Non-controlling Interests | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | $ | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee stock purchase plan | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, September 30, 2022 | $ | $ | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2022 | $ | $ | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee stock purchase plan | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock units released | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 interests | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to non-controlling interest | — | — | — | — | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2023 | $ | $ | $ | $ | $ | $ | ( | $ | ( | $ | $ |
Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash flows from operating activities: | |||||||||||
Depreciation of energy assets, net | |||||||||||
Depreciation of property and equipment | |||||||||||
Increase in contingent consideration | |||||||||||
Accretion of ARO liabilities | |||||||||||
Amortization of debt discount and debt issuance costs | |||||||||||
Amortization of intangible assets | |||||||||||
Provision for bad debts | |||||||||||
Loss on write-off of long-lived assets | |||||||||||
Earnings from unconsolidated entities | ( | ( | |||||||||
Net 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 | ( | ( | |||||||||
Capital investment in major maintenance of energy assets | ( | ( | |||||||||
Asset acquisition, net of cash acquired | |||||||||||
Contributions to equity investments | ( | ||||||||||
Acquisitions, net of cash received | ( | ||||||||||
Loans to joint venture investments | ( | ( | |||||||||
Cash flows from investing activities | ( | ( | |||||||||
See notes to condensed consolidated financial statements. | |||||||||||
AMERESCO, INC. | |||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
(In thousands) (Unaudited) (Continued) | |||||||||||
Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Cash flows from financing activities: | |||||||||||
Payments of debt discount and debt issuance costs | $ | ( | $ | ( | |||||||
Proceeds from exercises of options and ESPP | |||||||||||
(Payments on) proceeds from senior secured revolving credit facility, net | ( | ||||||||||
Proceeds from long-term debt financings | |||||||||||
Proceeds from Federal ESPC projects | |||||||||||
Net proceeds from energy asset receivable financing arrangements | |||||||||||
Contributions from non-controlling interests | |||||||||||
Distributions to non-controlling interest | ( | ||||||||||
Distributions to redeemable non-controlling interests, net | ( | ( | |||||||||
Payment on seller's promissory note | ( | ||||||||||
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 | $ | $ | |||||||||
Non-cash Federal ESPC settlement | $ | $ | |||||||||
Accrued purchases of energy assets | $ | $ | |||||||||
Non-cash contributions from non-controlling interest | $ | $ | |||||||||
Non-cash financing for energy asset project acquisition | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
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 | Alternative Fuels | All Other | Total | ||||||||||||||||||||||||||||||
Project revenue | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
O&M revenue | |||||||||||||||||||||||||||||||||||
Energy assets | |||||||||||||||||||||||||||||||||||
Integrated-PV | |||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||
Total revenues | $ | $ | $ | $ | $ | $ |
U.S. Regions | U.S. Federal | Canada | Alternative Fuels | All Other | Total | ||||||||||||||||||||||||||||||
Project revenue | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
O&M revenue | |||||||||||||||||||||||||||||||||||
Energy assets | |||||||||||||||||||||||||||||||||||
Integrated-PV | |||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||
Total revenues | $ | $ | $ | $ | $ | $ |
U.S. Regions | U.S. Federal | Canada | Alternative Fuels | All Other | Total | ||||||||||||||||||||||||||||||
Project revenue | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
O&M revenue | |||||||||||||||||||||||||||||||||||
Energy assets | |||||||||||||||||||||||||||||||||||
Integrated-PV | |||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||
Total revenues | $ | $ | $ | $ | $ | $ |
U.S. Regions | U.S. Federal | Canada | Alternative Fuels | All Other | Total | ||||||||||||||||||||||||||||||
Project revenue | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
O&M revenue | |||||||||||||||||||||||||||||||||||
Energy assets | |||||||||||||||||||||||||||||||||||
Integrated-PV | |||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||
Total revenues | $ | $ | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Percentage of revenue recognized over time |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
United States | $ | $ | $ | $ | |||||||||||||||||||
Canada | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total revenues | $ | $ | $ | $ |
September 30, 2023 | December 31, 2022 | |||||||||||||
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 | $ | $ |
September 30, 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 | $ | $ | |||||||||
(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. |
March 30, 2023 | |||||
Cash and cash equivalents | $ | ||||
Accounts receivable | |||||
Costs and estimated earnings in excess of billings | |||||
Prepaid expenses and other current assets | |||||
Project development costs | |||||
Property and equipment and energy assets | |||||
Goodwill | |||||
Intangible assets | |||||
Long-term restricted cash | |||||
Accounts payable | ( | ||||
Accrued expenses and other current liabilities | ( | ||||
Current portions of long-term debt | ( | ||||
Deferred income tax liabilities, net | ( | ||||
Other liabilities | ( | ||||
Purchase price | $ | ||||
Purchase price, net of cash acquired | $ | ||||
Long-term debt assumed, net of current portions | $ | ||||
Total fair value of consideration | $ | ||||
Cash paid | $ |
U.S. Regions | U.S. Federal | Canada | Alternative Fuels | Other | Total | ||||||||||||||||||||||||||||||
Carrying Value of Goodwill | |||||||||||||||||||||||||||||||||||
Balance, December 31, 2022 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Goodwill acquired during the year | |||||||||||||||||||||||||||||||||||
Currency effects | ( | ( | ( | ||||||||||||||||||||||||||||||||
Balance, September 30, 2023 | $ | $ | $ | $ | $ | $ |
As of September 30, 2023 | As of December 31, 2022 | ||||||||||
Gross carrying amount | $ | ||||||||||
Less - accumulated amortization | ( | ( | |||||||||
Intangible assets, net | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
Asset type | Location | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||
Customer contracts | Cost of revenues | $ | $ | $ | $ | |||||||||||||||||||||||||||
All other intangible assets | Selling, general and administrative expenses | |||||||||||||||||||||||||||||||
Total amortization expense | $ | $ | $ | $ |
September 30, 2023 | December 31, 2022 | ||||||||||
Energy assets (1) | $ | $ | |||||||||
Less - accumulated depreciation and amortization | ( | ( | |||||||||
Energy assets, net | $ | $ | |||||||||
(1) Includes financing lease assets (see Note 7), capitalized interest and asset retirement obligations (“ARO”) assets (see tables below). Also includes the energy asset project acquired in August 2023. See section below for additional information. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
Location | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Cost of revenues (2) | $ | $ | $ | $ | |||||||||||||||||||
(2) Includes depreciation and amortization on financing lease assets (see Note 7). |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Capitalized interest | $ | $ | $ | $ |
Location | September 30, 2023 | December 31, 2022 | ||||||||||||
ARO assets, net | Energy assets, net | $ | $ | |||||||||||
ARO liabilities, non-current | Other liabilities | $ | $ | |||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Depreciation expense of ARO assets | $ | $ | $ | $ | |||||||||||||||||||
Accretion expense of ARO liabilities | $ | $ | $ | $ |
September 30, 2023 | December 31, 2022 | ||||||||||
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 September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Operating Leases: | |||||||||||||||||||||||
Operating lease costs | $ | $ | $ | $ | |||||||||||||||||||
Financing Leases: | |||||||||||||||||||||||
Amortization expense | |||||||||||||||||||||||
Interest on lease liabilities | |||||||||||||||||||||||
Total lease costs | $ | $ | $ | $ |
Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
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 (1) | $ | $ | |||||||||
(1) Includes non-monetary lease transactions of $ | |||||||||||
Operating Leases | Financing Leases | ||||||||||
Year ended December 31, | |||||||||||
2023 | $ | $ | |||||||||
2024 | |||||||||||
2025 | |||||||||||
2026 | |||||||||||
2027 | |||||||||||
Thereafter | |||||||||||
Total minimum lease payments | |||||||||||
Less: interest | |||||||||||
Present value of lease liabilities | $ | $ |
September 30, 2023 | December 31, 2022 | ||||||||||
Senior secured revolving credit facility (1) | $ | $ | |||||||||
Senior secured term loans | |||||||||||
Non-recourse construction revolvers (2) (4) | |||||||||||
Non-recourse term loans (3) (4) | |||||||||||
Non-recourse long-term financing facilities (5) | |||||||||||
Non-recourse financing lease liabilities (6) | |||||||||||
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 September 30, 2023, funds of $ | |||||||||||
(2) Includes a construction loan of $ | |||||||||||
(3) Includes a balance of $ | |||||||||||
(4) Most of these agreements are now using the Secured Overnight Financing Rate (“SOFR”) as the primary reference rate used to calculate interest. | |||||||||||
(5) These facilities are accounted for as failed sale leasebacks and are classified as long-term financing facilities. See Note 7 for additional disclosures. | |||||||||||
(6) Financing lease liabilities are sale-leaseback arrangements under previous guidance. See Note 7 for additional disclosures. | |||||||||||
Gross Unrecognized Tax Benefits | |||||
Balance, December 31, 2022 | $ | ||||
Balance, September 30, 2023 | $ |
Fair Value as of | |||||||||||||||||
Level | September 30, 2023 | December 31, 2022 | |||||||||||||||
Assets: | |||||||||||||||||
Interest rate swap instruments | 2 | $ | $ | ||||||||||||||
Total assets | $ | $ | |||||||||||||||
Liabilities: | |||||||||||||||||
Interest rate swap instruments | 2 | $ | $ | ||||||||||||||
Make-whole provisions | 2 | ||||||||||||||||
Contingent consideration | 3 | ||||||||||||||||
Total liabilities | $ | $ |
Fair Value as of | |||||||||||
September 30, 2023 | December 31, 2022 | ||||||||||
Contingent consideration liability balance at the beginning of period | $ | $ | |||||||||
Changes in fair value included in earnings | ( | ||||||||||
Payment of contingent consideration | ( | ||||||||||
Remeasurement period adjustment | ( | ||||||||||
Contingent consideration liability balance at the end of period | $ | $ |
As of September 30, 2023 | As of December 31, 2022 | ||||||||||||||||||||||
Fair Value | Carrying Value | Fair Value | Carrying Value | ||||||||||||||||||||
Long-term debt (Level 2) | $ | $ | $ | $ |
Derivatives as of | |||||||||||||||||
September 30, 2023 | December 31, 2022 | ||||||||||||||||
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 | $ | $ | ||||||||||||||
Make-whole provisions | Other liabilities | $ | $ |
Amount of Loss (Gain) Recognized in Net Income | |||||||||||||||||||||||||||||
Location of Loss (Gain) Recognized in Net Income | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||
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 | $ | ( | $ | ( | ( | ( | ||||||||||||||||||||||
Nine Months Ended September 30, 2023 | |||||
Derivatives Designated as Hedging Instruments: | |||||
Accumulated gain in AOCL at the beginning of the period | $ | ||||
Unrealized gain recognized in AOCL | |||||
Gain reclassified from AOCL to other expenses, net | ( | ||||
Loss on derivatives | |||||
Accumulated gain in AOCL 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 | |||||||||||||||||||||||
March 2020 | June 2028 | $ | Designated | |||||||||||||||||||||||
March 2020 | June 2028 | $ | Designated | |||||||||||||||||||||||
May 2020 | March 2033 | $ | Not Designated | |||||||||||||||||||||||
May 2020 | March 2033 | $ | Not Designated | |||||||||||||||||||||||
March 2023 | December 2040 | $ | Designated | |||||||||||||||||||||||
July 2023 | July 2041 | $ | 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 | $ | ||||||||||||||||||||||
Make-whole provisions | Liability | June 2022 | March 2042 | $ | ||||||||||||||||||||||
Make-whole provisions | Liability | March 2023 | December 2047 | $ |
September 30, | December 31, | ||||||||||
2023 (1) | 2022 (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, non-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 | ||||||||||||||
September 30, 2023 | December 31, 2022 | |||||||||||||
Equity method investments | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(In thousands, except per share data) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
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 September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Stock-based compensation expense | $ | $ | $ | $ |
U.S. Regions | U.S. Federal | Canada | Alternative Fuels | All Other | Total Consolidated | ||||||||||||||||||||||||||||||
Three Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||
Revenues | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
U.S. Regions | U.S. Federal | Canada | Alternative Fuels | All Other | Total Consolidated | ||||||||||||||||||||||||||||||
Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||
Revenues | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
U.S. Regions | U.S. Federal | Canada | Alternative Fuels | All Other | Total Consolidated | ||||||||||||||||||||||||||||||
Nine months ended September 30, 2023 | |||||||||||||||||||||||||||||||||||
Revenues | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
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 |
U.S. Regions | U.S. Federal | Canada | Alternative Fuels | All Other | Total Consolidated | ||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||
Revenues | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
(Gain) 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 September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Gain on derivatives | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Interest expense, net of interest income | |||||||||||||||||||||||
Amortization of debt discount and debt issuance costs | |||||||||||||||||||||||
Foreign currency transaction loss | |||||||||||||||||||||||
Government incentives | ( | ( | |||||||||||||||||||||
Factoring fees | |||||||||||||||||||||||
Other expenses, net | $ | $ | $ | $ |
As of September 30, | |||||||||||
(In Thousands) | 2023 | 2022 | |||||||||
Project Backlog | |||||||||||
Fully-contracted backlog | $ | 1,188,460 | $ | 933,295 | |||||||
Awarded, not yet signed customer contracts | 2,512,880 | 1,693,480 | |||||||||
Total project backlog | $ | 3,701,340 | $ | 2,626,775 | |||||||
12-month project backlog | $ | 765,125 | $ | 557,830 | |||||||
O&M Backlog | |||||||||||
Fully-contracted backlog | $ | 1,237,985 | $ | 1,245,790 | |||||||
12-month O&M backlog | $ | 87,475 | $ | 79,150 |
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2023 | 2022 | Year-Over-Year Change | |||||||||||||||||||||||||||||||||
(In Thousands) | Amount | % of Revenues | Amount | % of Revenues | Dollar Change | % Change | |||||||||||||||||||||||||||||
Revenues | $ | 335,149 | 100.0 | % | $ | 441,296 | 100.0 | % | $ | (106,147) | (24.1) | % | |||||||||||||||||||||||
Cost of revenues | 271,493 | 81.0 | % | 361,740 | 82.0 | % | (90,247) | (24.9) | % | ||||||||||||||||||||||||||
Gross profit | 63,656 | 19.0 | % | 79,556 | 18.0 | % | (15,900) | (20.0) | % | ||||||||||||||||||||||||||
Earnings from unconsolidated entities | 526 | 0.2 | % | 488 | 0.1 | % | 38 | 7.8 | % | ||||||||||||||||||||||||||
Selling, general and administrative expenses | 42,752 | 12.8 | % | 41,106 | 9.3 | % | 1,646 | 4.0 | % | ||||||||||||||||||||||||||
Operating income | 21,430 | 6.4 | % | 38,938 | 8.8 | % | (17,508) | (45.0) | % | ||||||||||||||||||||||||||
Other expenses, net | 10,642 | 3.2 | % | 7,546 | 1.7 | % | 3,096 | 41.0 | % | ||||||||||||||||||||||||||
Income before income taxes | 10,788 | 3.2 | % | 31,392 | 7.1 | % | (20,604) | (65.6) | % | ||||||||||||||||||||||||||
Income tax (benefit) provision | (10,054) | (3.0) | % | 3,657 | 0.8 | % | (13,711) | 374.9 | % | ||||||||||||||||||||||||||
Net income | 20,842 | 6.2 | % | 27,735 | 6.3 | % | $ | (6,893) | (24.9) | % | |||||||||||||||||||||||||
Net loss (income) attributable to non-controlling interests and redeemable non-controlling interests | 423 | 0.1 | % | (344) | (0.1) | % | $ | (767) | (223.0) | % | |||||||||||||||||||||||||
Net income attributable to common shareholders | $ | 21,265 | 6.3 | % | $ | 27,391 | 6.2 | % | $ | (6,126) | (22.4) | % |
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2023 | 2022 | Year-Over-Year Change | |||||||||||||||||||||||||||||||||
(In Thousands) | Amount | % of Revenues | Amount | % of Revenues | Dollar Change | % Change | |||||||||||||||||||||||||||||
Revenues | $ | 933,265 | 100.0 | % | $ | 1,492,695 | 100.0 | % | $ | (559,430) | (37.5) | % | |||||||||||||||||||||||
Cost of revenues | 761,012 | 81.5 | % | 1,263,458 | 84.6 | % | (502,446) | (39.8) | % | ||||||||||||||||||||||||||
Gross profit | 172,253 | 18.5 | % | 229,237 | 15.4 | % | (56,984) | (24.9) | % | ||||||||||||||||||||||||||
Earnings from unconsolidated entities | 1,356 | 0.1 | % | 1,477 | 0.1 | % | (121) | (8.2) | % | ||||||||||||||||||||||||||
Selling, general and administrative expenses | 125,466 | 13.4 | % | 120,036 | 8.0 | % | 5,430 | 4.5 | % | ||||||||||||||||||||||||||
Operating income | 48,143 | 5.2 | % | 110,678 | 7.4 | % | (62,535) | (56.5) | % | ||||||||||||||||||||||||||
Other expenses, net | 27,883 | 3.0 | % | 19,876 | 1.3 | % | 8,007 | 40.3 | % | ||||||||||||||||||||||||||
Income before income taxes | 20,260 | 2.2 | % | 90,802 | 6.1 | % | (70,542) | (77.7) | % | ||||||||||||||||||||||||||
Income tax (benefit) provision | (10,552) | (1.1) | % | 10,896 | 0.7 | % | (21,448) | 196.8 | % | ||||||||||||||||||||||||||
Net income | 30,812 | 3.3 | % | 79,906 | 5.4 | % | $ | (49,094) | (61.4) | % | |||||||||||||||||||||||||
Net income attributable to redeemable non-controlling interest | (2,077) | (0.2) | % | (2,915) | (0.2) | % | $ | 838 | 28.7 | % | |||||||||||||||||||||||||
Net income attributable to common shareholders | $ | 28,735 | 3.1 | % | $ | 76,991 | 5.2 | % | $ | (48,256) | (62.7) | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | 2023 | 2022 | Dollar Change | % Change | 2023 | 2022 | Dollar Change | % Change | |||||||||||||||||||||||||||||||||||||||
U.S. Regions | $ | 143,239 | $ | 271,206 | $ | (127,967) | (47.2) | % | $ | 406,593 | $ | 983,111 | $ | (576,518) | (58.6) | % | |||||||||||||||||||||||||||||||
U.S. Federal | 87,341 | 99,124 | (11,783) | (11.9) | 226,916 | 276,198 | (49,282) | (17.8) | |||||||||||||||||||||||||||||||||||||||
Canada | 17,534 | 12,366 | 5,168 | 41.8 | 51,140 | 43,999 | 7,141 | 16.2 | |||||||||||||||||||||||||||||||||||||||
Alternative Fuels | 27,319 | 29,421 | (2,102) | (7.1) | 85,974 | 87,874 | (1,900) | (2.2) | |||||||||||||||||||||||||||||||||||||||
All Other | 59,716 | 29,179 | 30,537 | 104.7 | 162,642 | 101,513 | 61,129 | 60.2 | |||||||||||||||||||||||||||||||||||||||
Total revenues | $ | 335,149 | $ | 441,296 | $ | (106,147) | (24.1) | % | $ | 933,265 | $ | 1,492,695 | $ | (559,430) | (37.5) | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | 2023 | 2022 | Dollar Change | % Change | 2023 | 2022 | Dollar Change | % Change | |||||||||||||||||||||||||||||||||||||||
U.S. Regions | $ | 15,161 | $ | 26,349 | $ | (11,188) | (42.5) | % | $ | 33,401 | $ | 77,407 | $ | (44,006) | (56.9) | % | |||||||||||||||||||||||||||||||
U.S. Federal | 12,128 | 15,726 | (3,598) | (22.9) | 26,227 | 36,623 | (10,396) | (28.4) | |||||||||||||||||||||||||||||||||||||||
Canada | 1,106 | 191 | 915 | 479.1 | 3,027 | 1,482 | 1,545 | 104.3 | |||||||||||||||||||||||||||||||||||||||
Alternative Fuels | 820 | 4,993 | (4,173) | (83.6) | 7,445 | 18,891 | (11,446) | (60.6) | |||||||||||||||||||||||||||||||||||||||
All Other | 1,953 | 3,104 | (1,151) | (37.1) | 6,514 | 8,952 | (2,438) | (27.2) | |||||||||||||||||||||||||||||||||||||||
Unallocated corporate activity | (20,380) | (18,971) | (1,409) | (7.4) | (56,354) | (52,553) | (3,801) | (7.2) | |||||||||||||||||||||||||||||||||||||||
Income before taxes | $ | 10,788 | $ | 31,392 | $ | (20,604) | (65.6) | % | $ | 20,260 | $ | 90,802 | $ | (70,542) | (77.7) | % |
Nine Months Ended September 30, | |||||||||||||||||
(In Thousands) | 2023 | 2022 | $ Change | ||||||||||||||
Cash flows from operating activities | $ | (40,421) | $ | (273,169) | $ | 232,748 | |||||||||||
Cash flows from investing activities | (465,193) | (202,664) | (262,529) | ||||||||||||||
Cash flows from financing activities | 532,401 | 554,194 | (21,793) | ||||||||||||||
Effect of exchange rate changes on cash | (980) | (1,857) | 877 | ||||||||||||||
Total net cash flows | $ | 25,807 | $ | 76,504 | $ | (50,697) |
Name (Title) | Action Taken (Date of Action) | Duration of Trading Arrangement | Aggregate Number of Securities | ||||||||
Adoption: | Until February 11, 2025 or such earlier date upon which all transactions are completed or expire without execution | Sale of up to | |||||||||
Exhibit Number | Description | ||||
10.1 | Amendment No. 3 to Fifth Amended and Restated Credit Agreement dated as of August 24, 2023 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 filed with the Commission on August 24, 2023 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 September 30, 2023, 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: | November 7, 2023 | By: | /s/ Spencer Doran Hole | ||||||||||||||
Spencer Doran Hole | |||||||||||||||||
Executive 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: November 7, 2023 | /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: November 7, 2023 | /s/ Spencer Doran Hole | |||||||||||||||||||
Spencer Doran Hole | ||||||||||||||||||||
Executive 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: November 7, 2023 | /s/ George P. Sakellaris | |||||||||||||||||||
George P. Sakellaris | ||||||||||||||||||||
President and Chief Executive Officer (principal executive officer) | ||||||||||||||||||||
Date: November 7, 2023 | /s/ Spencer Doran Hole | |||||||||||||||||||
Spencer Doran Hole | ||||||||||||||||||||
Executive Vice President and Chief Financial Officer (duly authorized and principal financial officer) | ||||||||||||||||||||
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
Accounts receivable, allowance for credit loss, current | $ 897 | $ 911 | ||
Total VIE assets | [1] | $ 3,460,993 | $ 2,876,821 | |
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 (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) | 36,336,341 | 36,050,157 | ||
Common stock, shares outstanding (in shares) | 34,234,546 | 33,948,362 | ||
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 VIE assets | $ 304,634 | $ 213,913 | ||
Total VIE liabilities | $ 180,085 | $ 50,729 | ||
|
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Income Statement [Abstract] | ||||
Revenues | $ 335,149 | $ 441,296 | $ 933,265 | $ 1,492,695 |
Cost of revenues | 271,493 | 361,740 | 761,012 | 1,263,458 |
Gross profit | 63,656 | 79,556 | 172,253 | 229,237 |
Earnings from unconsolidated entities | 526 | 488 | 1,356 | 1,477 |
Selling, general and administrative expenses | 42,752 | 41,106 | 125,466 | 120,036 |
Operating income | 21,430 | 38,938 | 48,143 | 110,678 |
Other expenses, net | 10,642 | 7,546 | 27,883 | 19,876 |
Income before income taxes | 10,788 | 31,392 | 20,260 | 90,802 |
Income tax (benefit) provision | (10,054) | 3,657 | (10,552) | 10,896 |
Net income | 20,842 | 27,735 | 30,812 | 79,906 |
Net loss (income) attributable to non-controlling interests and redeemable non-controlling interests | 423 | (344) | (2,077) | (2,915) |
Net income attributable to common shareholders | $ 21,265 | $ 27,391 | $ 28,735 | $ 76,991 |
Net income per share attributable to common shareholders: | ||||
Basic (in usd per share) | $ 0.41 | $ 0.53 | $ 0.55 | $ 1.48 |
Diluted (in usd per share) | $ 0.40 | $ 0.51 | $ 0.54 | $ 1.44 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 52,209 | 51,869 | 52,104 | 51,810 |
Diluted (in shares) | 53,300 | 53,297 | 53,259 | 53,252 |
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 20,842 | $ 27,735 | $ 30,812 | $ 79,906 |
Other comprehensive income (loss): | ||||
Unrealized gain from interest rate hedges, net of tax | 764 | 1,757 | 716 | 6,033 |
Foreign currency translation adjustments | (1,651) | (3,053) | (425) | (5,016) |
Total other comprehensive loss | (887) | (1,296) | 291 | 1,017 |
Comprehensive income | 19,955 | 26,439 | 31,103 | 80,923 |
Comprehensive income attributable to non-controlling interests and redeemable non-controlling interests: | ||||
Net loss (income) | 423 | (344) | (2,077) | (2,915) |
Foreign currency translation adjustments | 36 | 0 | 26 | 0 |
Comprehensive loss (income) attributable to non-controlling interests and redeemable non-controlling interests | 459 | (344) | (2,051) | (2,915) |
Comprehensive income attributable to common shareholders | $ 20,414 | $ 26,095 | $ 29,052 | $ 78,008 |
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 Interests |
---|---|---|---|---|---|---|---|---|---|---|
Redeemable non-controlling interests, beginning balance at Dec. 31, 2021 | $ 46,182 | |||||||||
Redeemable Non-controlling Interests | ||||||||||
Distributions to redeemable non-controlling interests | (863) | |||||||||
Accretion of tax equity financing fees | 81 | |||||||||
Investment fund call option exercise | (238) | |||||||||
Net income | 2,915 | |||||||||
Redeemable non-controlling interests, ending balance at Sep. 30, 2022 | 48,077 | |||||||||
Beginning balance (in shares) at Dec. 31, 2021 | 33,716,309 | 18,000,000 | ||||||||
Treasury stock, beginning balance (in shares) at Dec. 31, 2021 | 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] | ||||||||||
Exercise of stock options (in shares) | 180,888 | |||||||||
Exercise of stock options | 3,482 | 3,482 | ||||||||
Stock-based compensation expense | 10,837 | 10,837 | ||||||||
Employee stock purchase plan (in shares) | 16,996 | |||||||||
Employee stock purchase plan | 948 | 948 | ||||||||
Unrealized gain from interest rate hedges, net | 6,033 | 6,033 | ||||||||
Foreign currency translation adjustment | (5,016) | (5,016) | ||||||||
Accretion of tax equity financing fees | (81) | (81) | ||||||||
Investment fund call option exercise | 238 | 238 | ||||||||
Contributions from non-controlling interests | 16,844 | 16,844 | ||||||||
Net (loss) income | 76,991 | 76,991 | ||||||||
Ending balance (in shares) at Sep. 30, 2022 | 33,914,193 | 18,000,000 | ||||||||
Treasury stock, ending balance (in shares) at Sep. 30, 2022 | 2,101,795 | |||||||||
Ending balance at Sep. 30, 2022 | 814,540 | $ 3 | $ 2 | 299,487 | 515,642 | (5,650) | $ (11,788) | 16,844 | ||
Redeemable non-controlling interests, beginning balance at Jun. 30, 2022 | 47,918 | |||||||||
Redeemable Non-controlling Interests | ||||||||||
Distributions to redeemable non-controlling interests | (212) | |||||||||
Accretion of tax equity financing fees | 27 | |||||||||
Net income | 344 | |||||||||
Redeemable non-controlling interests, ending balance at Sep. 30, 2022 | 48,077 | |||||||||
Beginning balance (in shares) at Jun. 30, 2022 | 33,833,893 | 18,000,000 | ||||||||
Treasury stock, beginning balance (in shares) at Jun. 30, 2022 | 2,101,795 | |||||||||
Beginning balance at Jun. 30, 2022 | 781,567 | $ 3 | $ 2 | 294,240 | 488,278 | (4,354) | $ (11,788) | 15,186 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Exercise of stock options (in shares) | 80,300 | |||||||||
Exercise of stock options | 1,616 | 1,616 | ||||||||
Stock-based compensation expense | 3,631 | 3,631 | ||||||||
Unrealized gain from interest rate hedges, net | 1,757 | 1,757 | ||||||||
Foreign currency translation adjustment | (3,053) | (3,053) | ||||||||
Accretion of tax equity financing fees | (27) | (27) | ||||||||
Contributions from non-controlling interests | 1,658 | 1,658 | ||||||||
Net (loss) income | 27,391 | 27,391 | ||||||||
Ending balance (in shares) at Sep. 30, 2022 | 33,914,193 | 18,000,000 | ||||||||
Treasury stock, ending balance (in shares) at Sep. 30, 2022 | 2,101,795 | |||||||||
Ending balance at Sep. 30, 2022 | 814,540 | $ 3 | $ 2 | 299,487 | 515,642 | (5,650) | $ (11,788) | 16,844 | ||
Redeemable non-controlling interests, beginning balance at Dec. 31, 2022 | 46,623 | |||||||||
Redeemable Non-controlling Interests | ||||||||||
Distributions to redeemable non-controlling interests | (494) | |||||||||
Accretion of tax equity financing fees | 81 | |||||||||
Investment fund call option exercise | 195 | |||||||||
Net income | 870 | |||||||||
Redeemable non-controlling interests, ending balance at Sep. 30, 2023 | $ 47,275 | |||||||||
Beginning balance (in shares) at Dec. 31, 2022 | 33,948,362 | 18,000,000 | 33,948,362 | 18,000,000 | ||||||
Treasury stock, beginning balance (in shares) at Dec. 31, 2022 | 2,101,795 | 2,101,795 | ||||||||
Beginning balance at Dec. 31, 2022 | $ 873,031 | $ 3 | $ 2 | 306,314 | 533,549 | (4,051) | $ (11,788) | 49,002 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Exercise of stock options (in shares) | 238,750 | |||||||||
Exercise of stock options | 2,367 | 2,367 | ||||||||
Stock-based compensation expense | 12,318 | 12,318 | ||||||||
Employee stock purchase plan (in shares) | 24,833 | |||||||||
Employee stock purchase plan | 1,017 | 1,017 | ||||||||
Restricted stock units released (in shares) | 22,601 | |||||||||
Unrealized gain from interest rate hedges, net | 716 | 716 | ||||||||
Foreign currency translation adjustment | (425) | (400) | (25) | |||||||
Accretion of tax equity financing fees | (81) | (81) | ||||||||
Investment fund call option exercise | (195) | (195) | ||||||||
Contributions from non-controlling interests | 957 | 957 | ||||||||
Distributions to non-controlling interest | (20,521) | (20,521) | ||||||||
Net (loss) income | $ 29,942 | 28,735 | 1,207 | |||||||
Ending balance (in shares) at Sep. 30, 2023 | 34,234,546 | 18,000,000 | 34,234,546 | 18,000,000 | ||||||
Treasury stock, ending balance (in shares) at Sep. 30, 2023 | 2,101,795 | 2,101,795 | ||||||||
Ending balance at Sep. 30, 2023 | $ 899,126 | $ 3 | $ 2 | 321,821 | 562,203 | (3,735) | $ (11,788) | 30,620 | ||
Redeemable non-controlling interests, beginning balance at Jun. 30, 2023 | 47,994 | |||||||||
Redeemable Non-controlling Interests | ||||||||||
Distributions to redeemable non-controlling interests | (159) | |||||||||
Accretion of tax equity financing fees | 26 | |||||||||
Net income | (586) | |||||||||
Redeemable non-controlling interests, ending balance at Sep. 30, 2023 | 47,275 | |||||||||
Beginning balance (in shares) at Jun. 30, 2023 | 34,200,610 | 18,000,000 | ||||||||
Treasury stock, beginning balance (in shares) at Jun. 30, 2023 | 2,101,795 | |||||||||
Beginning balance at Jun. 30, 2023 | 873,983 | $ 3 | $ 2 | 317,228 | 540,964 | (2,884) | $ (11,788) | 30,458 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Exercise of stock options (in shares) | 22,150 | |||||||||
Exercise of stock options | 274 | 274 | ||||||||
Stock-based compensation expense | 4,319 | 4,319 | ||||||||
Restricted stock units released (in shares) | 11,786 | |||||||||
Unrealized gain from interest rate hedges, net | 764 | 764 | ||||||||
Foreign currency translation adjustment | (1,651) | (1,615) | (36) | |||||||
Accretion of tax equity financing fees | (26) | (26) | ||||||||
Contributions from non-controlling interests | 35 | 35 | ||||||||
Net (loss) income | $ 21,428 | 21,265 | 163 | |||||||
Ending balance (in shares) at Sep. 30, 2023 | 34,234,546 | 18,000,000 | 34,234,546 | 18,000,000 | ||||||
Treasury stock, ending balance (in shares) at Sep. 30, 2023 | 2,101,795 | 2,101,795 | ||||||||
Ending balance at Sep. 30, 2023 | $ 899,126 | $ 3 | $ 2 | $ 321,821 | $ 562,203 | $ (3,735) | $ (11,788) | $ 30,620 |
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Cash flows from operating activities: | ||
Net income | $ 30,812 | $ 79,906 |
Adjustments to reconcile net income to net cash flows from operating activities: | ||
Depreciation of energy assets, net | 42,847 | 36,911 |
Depreciation of property and equipment | 2,849 | 2,057 |
Increase in contingent consideration | 705 | 814 |
Accretion of ARO liabilities | 194 | 108 |
Amortization of debt discount and debt issuance costs | 3,407 | 2,869 |
Amortization of intangible assets | 1,681 | 1,462 |
Provision for bad debts | 637 | 363 |
Loss on write-off of long-lived assets | 18 | 888 |
Earnings from unconsolidated entities | (1,356) | (1,477) |
Net gain from derivatives | (3,306) | (225) |
Stock-based compensation expense | 12,318 | 10,837 |
Deferred income taxes, net | (13,089) | 4,927 |
Unrealized foreign exchange loss | 1,148 | 466 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 58,135 | (47,257) |
Accounts receivable retainage | 4,589 | 225 |
Federal ESPC receivable | (143,647) | (180,249) |
Inventory, net | 570 | (4,287) |
Costs and estimated earnings in excess of billings | 5,260 | (325,057) |
Prepaid expenses and other current assets | (10,925) | 864 |
Project development costs | (4,638) | (823) |
Other assets | (2,080) | (10,254) |
Accounts payable, accrued expenses and other current liabilities | (38,444) | 143,026 |
Billings in excess of cost and estimated earnings | 10,104 | 7,802 |
Other liabilities | 1,200 | (436) |
Income taxes receivable, net | 590 | 3,371 |
Cash flows from operating activities | (40,421) | (273,169) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (4,597) | (3,981) |
Capital investment in energy assets | (445,540) | (182,119) |
Capital investment in major maintenance of energy assets | (8,024) | (16,106) |
Asset acquisition, net of cash acquired | 6,206 | 0 |
Contributions to equity investments | (3,489) | 0 |
Acquisitions, net of cash received | (9,183) | 0 |
Loans to joint venture investments | (566) | (458) |
Cash flows from investing activities | (465,193) | (202,664) |
Cash flows from financing activities: | ||
Payments of debt discount and debt issuance costs | (8,635) | (2,885) |
Proceeds from exercises of options and ESPP | 3,384 | 4,430 |
(Payments on) proceeds from senior secured revolving credit facility, net | (115,000) | 139,000 |
Proceeds from long-term debt financings | 728,600 | 331,086 |
Proceeds from Federal ESPC projects | 107,303 | 173,865 |
Net proceeds from energy asset receivable financing arrangements | 12,514 | 7,675 |
Contributions from non-controlling interests | 499 | 13,148 |
Distributions to non-controlling interest | (20,521) | 0 |
Distributions to redeemable non-controlling interests, net | (494) | (784) |
Payment on seller's promissory note | (12,500) | 0 |
Payments on long-term debt and financing leases | (162,749) | (111,341) |
Cash flows from financing activities | 532,401 | 554,194 |
Effect of exchange rate changes on cash | (980) | (1,857) |
Net increase in cash, cash equivalents, and restricted cash | 25,807 | 76,504 |
Cash, cash equivalents, and restricted cash, beginning of period | 149,888 | 87,054 |
Cash, cash equivalents, and restricted cash, end of period | 175,695 | 163,558 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 51,180 | 23,658 |
Cash paid for income taxes | 2,719 | 3,728 |
Non-cash Federal ESPC settlement | 99,164 | 395 |
Accrued purchases of energy assets | 89,820 | 52,744 |
Non-cash contributions from non-controlling interest | 458 | 3,696 |
Non-cash financing for energy asset project acquisition | $ 82,964 | $ 0 |
Basis of Presentation |
9 Months Ended |
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Sep. 30, 2023 | |
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 and nine months ended September 30, 2023 are not necessarily indicative of results which may be expected for the full year. The December 31, 2022 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, 2022, included in our annual report on Form 10-K (“2022 Form 10-K”) filed with the Securities and Exchange Commission on February 28, 2023. Reclassification and Rounding Certain prior period amounts were reclassified to conform to the presentation in the current period. We round amounts in the condensed consolidated financial statements to thousands and calculate all percentages and per-share data from the underlying whole-dollar amounts. Thus, certain amounts may not foot, crossfoot, or recalculate based on reported numbers due to rounding. Significant Risks and Uncertainties Global factors have continued to result in global supply chain disruptions, certain governmental travel and other restrictions, and inflationary pressures. We have considered the impact of general global economic conditions 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 including supply chain disruptions, varying levels of inflation, payments of outstanding receivable amounts beyond normal payment terms, workforce disruptions, and uncertain demand. As of the date of issuance of these condensed consolidated financial statements, we cannot reasonably estimate the extent to which macroeconomic conditions may impact our financial condition, liquidity, or results of operations in the foreseeable future. The ultimate impact of the pandemic and general global economic conditions on our business 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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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 2022 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:
Accounts Receivable Factoring Ameresco’s wholly-owned subsidiary in Italy entered into factoring agreements to sell certain receivables to unrelated third-party financial institutions on a non-recourse basis. These transactions are accounted for in accordance with ASC Topic 860, Transfers and Servicing and result in a reduction in accounts receivable because the agreements transfer effective control over the receivables, and related risk, to the buyers. Our Italian subsidiary does not retain any interest in the underlying accounts receivable once sold. Trade accounts receivables balances sold are removed from the condensed consolidated balance sheets, and cash received is reflected in operating activities in the condensed consolidated statements of cash flows. Factoring fees during the three and nine months ended September 30, 2023 were $2,075 and $3,326, respectively, and are included in other expense, net in the condensed consolidated statements of income. See Note 18. Other Expenses, Net. 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, as amended by ASU 2021-01 in January 2021, directly addressing the effects of reference rate reform on financial reporting as a result of the cessation of the publication of certain London interbank offered rate (“LIBOR”) rates beginning December 31, 2021, with complete elimination of the publication of the LIBOR rates by June 30, 2023. The guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform by virtue of referencing LIBOR or another reference rate expected to be discontinued. This guidance became effective on March 12, 2020, and then amended by ASU 2022-06 in December 2022, extending the adoption date to no later than December 31, 2024, with early adoption permitted. We adopted this guidance beginning January 1, 2023 upon entering amendments to credit agreements which introduced the secured overnight financing rate as administrated by the Federal Reserve Bank of New York to replace LIBOR as the benchmark. The adoption of this guidance did not have a material impact on our condensed 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 fiscal year ending beginning after December 15, 2022. We adopted this accounting standard as of January 1, 2023 and the adoption did not have an impact on our condensed consolidated financial statements. Fair Value Measurement In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which clarifies the measurement criteria for equity securities and refines the disclosure requirements for equity securities subject to contractual sale restrictions. ASU 2022-03 is effective for our fiscal year ending beginning after December 15, 2023. We are currently evaluating the impact that adopting this new accounting standard would have on our condensed consolidated financial statements. Investments - Equity Method and Joint Ventures In March 2023, the FASB issued ASU 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method, which defines consistent accounting for equity investments for the purpose of receiving income tax credits and other income tax benefits. ASU 2023-02 is effective for our fiscal year ending beginning after December 15, 2023. We are currently evaluating the impact that adopting this new accounting standard would have on our condensed consolidated financial statements. Business Combinations— Joint Venture Formations In August 2023, the FASB issued ASU 2023-05, Business Combinations— Joint Venture Formations (Subtopic 805-60) Recognition and Initial Measurement, which addresses the accounting for contributions made to a joint venture, upon formation, in a joint venture’s separate financial statements. ASU 2023-05 is effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. We are currently evaluating the impact that adopting this new accounting standard would have on our condensed 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 and nine months ended September 30, 2023 and 2022 were U.S. Regions, U.S. Federal, Canada, Alternative Fuels and All Other. The following table presents our revenue disaggregated by line of business and reportable segment for the three months ended September 30, 2023:
The following table presents our revenue disaggregated by line of business and reportable segment for the three months ended September 30, 2022:
The following table presents our revenue disaggregated by line of business and reportable segment for the nine months ended September 30, 2023:
The following table presents our revenue disaggregated by line of business and reportable segment for the nine months ended September 30, 2022:
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 nine months ended September 30, 2023 was primarily due to billings of $634,340 offset by revenue recognized of $631,136. Contract assets are also affected by reclassifications, primarily from contract liabilities as a result of timing of customer payments. The increase in contract liabilities was primarily driven by the receipt of advance payments from customers, and related billings, as well as reclassifications from contract assets as a result of timing of customer payments. The advance payments and reclassifications exceeded the recognition of revenue as performance obligations were satisfied. For the nine months ended September 30, 2023, we recognized revenue of $130,262 and billed $135,158 to customers that had balances which were included in contract liabilities at December 31, 2022. The increase in contract assets for the nine months ended September 30, 2022 was primarily due to revenue recognized of $1,168,996 offset by billings of $850,243. Contract assets also increased due to reclassifications, primarily from contract liabilities as a result of timing of customer payments. The increase in contract liabilities was primarily driven by the receipt of advance payments from customers, and related billings, as well as reclassifications from contract assets as a result of timing of customer payments. In addition, the advance payments and reclassifications exceeded the recognition of revenue as performance obligations were satisfied. For the nine months ended September 30, 2022, we billed customers $99,121 and recognized revenue of $99,424 that was previously included in the beginning balance of contract liabilities. Performance Obligations Our remaining performance obligations (“backlog”) represent the unrecognized revenue value of our contract commitments. At September 30, 2023, we had contracted backlog of $2,426,445 of which approximately 35% 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 $3,059 and $5,614 were recognized in our condensed consolidated statements of income on projects that converted to customer contracts during the three months ended September 30, 2023 and 2022, respectively. Project development costs of $9,276 and $11,594 were recognized in the condensed consolidated statements of income on projects that converted to customer contracts during the nine months ended September 30, 2023 and 2022, respectively. No impairment charges in connection with our project development costs were recorded during the three or nine months ended September 30, 2023 and 2022.
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Business Acquisitions and Related Transactions |
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Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BUSINESS ACQUISITIONS AND RELATED TRANSACTIONS | BUSINESS ACQUISITIONS AND RELATED TRANSACTIONS We account for acquisitions using the acquisition method in accordance with ASC 805, Business Combinations. The purchase price for each acquisition is allocated to the assets based on their estimated fair values at the date of acquisition. The excess purchase price over the estimated fair value of the net assets acquired, which is calculated using level 3 inputs per the fair value hierarchy as defined in Note 11, is recorded as goodwill. Intangible assets, if identified, are also recorded. See Note 5 for additional information. Enerqos Energy Solutions S.r.l. (“Enerqos”) On February 24, 2023, we signed a definitive purchase and sale agreement to acquire Enerqos, a renewable energy and energy efficiency company headquartered in Milan, Italy. The acquisition closed on March 30, 2023 and the total purchase consideration was $13,445, of which $9,535 has been paid. There is no contingent consideration related to this acquisition. Cash acquired was $353, debt assumed was $3,951, and a deferred tax liability, net of $931 was recorded. The transaction costs, pro-forma effects of this acquisition on our operations, and contribution to revenue and net income the three and nine months ended September 30, 2023 were not material. The estimated goodwill of $6,855 from the Enerqos acquisition consists largely of expected benefits, including the combined entities experience and the acquired workforce. This goodwill is not deductible for income tax purposes. The estimated fair value of tangible and intangible assets acquired and liabilities assumed are based on management's estimates and assumptions that are preliminary and subject to adjustments. Any measurement period adjustments made within one year from acquisition date, are recorded as adjustments to goodwill. Any adjustments made beyond the measurement period will be included in our condensed consolidated statements of income. The results of the acquisition since the date of the acquisition have been included in our operations as presented in the accompanying condensed consolidated statements of income, condensed consolidated statements of comprehensive income and condensed consolidated statements of cash flows. We did not complete any acquisitions during the year ended December 31, 2022. A summary of the cumulative consideration paid and allocation of the purchase price for the Enerqos acquisition are presented in the table below:
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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, NET Energy assets, net consisted of the following:
August 2023 Purchase and Sale Agreement On August 4, 2023, we entered into a purchase and sale agreement to acquire an energy asset project and to acquire 100% of the stock of Bright Canyon Energy Corporation (“BCE”) in a two-phased transaction. Phase 1, the purchase of the energy asset project, closed on August 4, 2023 and did not constitute a business in accordance with ASC 805-50, Business Combinations. The adjusted purchase price for phase 1, net of cash acquired of $11,206, was $76,758, of which $5,000 was paid in cash, $46,694 was financed by the seller, and we assumed a construction loan on the energy asset project for $36,270. In September 2023, we paid $12,500 in principal on the sellers note. As of September 30, 2023, the balance of the seller’s note was $34,194. See Note 8 for additional information about these loans. We also assumed a land lease for the energy asset project. See Note 7. for additional information on the lease. In the second phase, we plan to acquire BCE, including its interest in a consolidated joint venture and its interests in project subsidiaries developing or with rights to develop solar, battery, and microgrid assets for a purchase price of $39,100. The completion of the second phase is subject to a number of conditions and third-party consents and is targeted to close late in 2023 or early 2024. Depreciation and Amortization Expense The following table sets forth our depreciation and amortization expense on energy assets, net of deferred grant amortization:
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:
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 | LEASESThe 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:
We have a future lease commitment for a ground lease which does not yet meet the criteria for recording a ROU asset or ROU liability. The net present value of this commitment totals $10,500 as of September 30, 2023 and relates to lease payments to be made over a 20-year period. We are in process of modifying the terms of this agreement such that the criteria to record a ROU asset and ROU liability may not be met. We also have a future lease commitment for an office lease which does not yet meet the criteria for recording a ROU asset or ROU liability. The net present value of this commitment totals $1,354 as of September 30, 2023 and relates to lease payments to be made over a 5-year period. Non-monetary Lease Transactions We have two lease liabilities consisting of obligations that will be settled with non-monetary consideration. The lease liabilities relating to non-monetary consideration were recorded during the nine months ended September 30, 2023 based on the fair market value of the project services or back up power expected to be provided, as noted below. In January 2023, a 37-year land lease commenced with the United States Navy (“Navy”), which expires in 2059. We plan to complete an In-Kind Consideration Project (“IKCP”), which the Navy will credit as consideration toward our lease obligation upon the Navy’s final acceptance of the IKCP. In August 2023, we acquired an energy asset project and assumed the related 30-year land lease agreement with the United States Army (“Army”), which commenced in 2022 and expires in 2052. Once construction of the project is complete, we will provide backup power as a stand ready obligation as consideration toward our lease obligation. See Note 6 Energy Assets, Net for additional information. Long-term Financing Facilities These facilities are accounted for as failed sale leasebacks and are classified as long-term financing facilities. August 2018 Master Sale-leaseback We enter into amendments to our August 2018 master lease and participation agreement from to time to time, which may extend the maturity date, increase the availability, or modify other covenants. We sold and leased back five energy assets for $91,137 in cash proceeds under this facility during the nine months ended September 30, 2023. As of September 30, 2023, a majority of the total commitment of $350,000 remained available under this lending commitment. 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 and $57 for the three months ended September 30, 2023 and 2022, respectively, and $171 and $171 for the nine months ended September 30, 2023 and 2022, respectively. December 2020 Master Sale-leaseback We enter into amendments to our December 2020 master lease and participation agreement from to time to time, which may extend the maturity date, increase the availability, or modify other covenants. We sold and leased back three energy assets for $9,201 in cash proceeds under this facility during the nine months ended September 30, 2023.
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LEASES | LEASESThe 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:
We have a future lease commitment for a ground lease which does not yet meet the criteria for recording a ROU asset or ROU liability. The net present value of this commitment totals $10,500 as of September 30, 2023 and relates to lease payments to be made over a 20-year period. We are in process of modifying the terms of this agreement such that the criteria to record a ROU asset and ROU liability may not be met. We also have a future lease commitment for an office lease which does not yet meet the criteria for recording a ROU asset or ROU liability. The net present value of this commitment totals $1,354 as of September 30, 2023 and relates to lease payments to be made over a 5-year period. Non-monetary Lease Transactions We have two lease liabilities consisting of obligations that will be settled with non-monetary consideration. The lease liabilities relating to non-monetary consideration were recorded during the nine months ended September 30, 2023 based on the fair market value of the project services or back up power expected to be provided, as noted below. In January 2023, a 37-year land lease commenced with the United States Navy (“Navy”), which expires in 2059. We plan to complete an In-Kind Consideration Project (“IKCP”), which the Navy will credit as consideration toward our lease obligation upon the Navy’s final acceptance of the IKCP. In August 2023, we acquired an energy asset project and assumed the related 30-year land lease agreement with the United States Army (“Army”), which commenced in 2022 and expires in 2052. Once construction of the project is complete, we will provide backup power as a stand ready obligation as consideration toward our lease obligation. See Note 6 Energy Assets, Net for additional information. Long-term Financing Facilities These facilities are accounted for as failed sale leasebacks and are classified as long-term financing facilities. August 2018 Master Sale-leaseback We enter into amendments to our August 2018 master lease and participation agreement from to time to time, which may extend the maturity date, increase the availability, or modify other covenants. We sold and leased back five energy assets for $91,137 in cash proceeds under this facility during the nine months ended September 30, 2023. As of September 30, 2023, a majority of the total commitment of $350,000 remained available under this lending commitment. 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 and $57 for the three months ended September 30, 2023 and 2022, respectively, and $171 and $171 for the nine months ended September 30, 2023 and 2022, respectively. December 2020 Master Sale-leaseback We enter into amendments to our December 2020 master lease and participation agreement from to time to time, which may extend the maturity date, increase the availability, or modify other covenants. We sold and leased back three energy assets for $9,201 in cash proceeds under this facility during the nine months ended September 30, 2023.
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LEASES | LEASESThe 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:
We have a future lease commitment for a ground lease which does not yet meet the criteria for recording a ROU asset or ROU liability. The net present value of this commitment totals $10,500 as of September 30, 2023 and relates to lease payments to be made over a 20-year period. We are in process of modifying the terms of this agreement such that the criteria to record a ROU asset and ROU liability may not be met. We also have a future lease commitment for an office lease which does not yet meet the criteria for recording a ROU asset or ROU liability. The net present value of this commitment totals $1,354 as of September 30, 2023 and relates to lease payments to be made over a 5-year period. Non-monetary Lease Transactions We have two lease liabilities consisting of obligations that will be settled with non-monetary consideration. The lease liabilities relating to non-monetary consideration were recorded during the nine months ended September 30, 2023 based on the fair market value of the project services or back up power expected to be provided, as noted below. In January 2023, a 37-year land lease commenced with the United States Navy (“Navy”), which expires in 2059. We plan to complete an In-Kind Consideration Project (“IKCP”), which the Navy will credit as consideration toward our lease obligation upon the Navy’s final acceptance of the IKCP. In August 2023, we acquired an energy asset project and assumed the related 30-year land lease agreement with the United States Army (“Army”), which commenced in 2022 and expires in 2052. Once construction of the project is complete, we will provide backup power as a stand ready obligation as consideration toward our lease obligation. See Note 6 Energy Assets, Net for additional information. Long-term Financing Facilities These facilities are accounted for as failed sale leasebacks and are classified as long-term financing facilities. August 2018 Master Sale-leaseback We enter into amendments to our August 2018 master lease and participation agreement from to time to time, which may extend the maturity date, increase the availability, or modify other covenants. We sold and leased back five energy assets for $91,137 in cash proceeds under this facility during the nine months ended September 30, 2023. As of September 30, 2023, a majority of the total commitment of $350,000 remained available under this lending commitment. 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 and $57 for the three months ended September 30, 2023 and 2022, respectively, and $171 and $171 for the nine months ended September 30, 2023 and 2022, respectively. December 2020 Master Sale-leaseback We enter into amendments to our December 2020 master lease and participation agreement from to time to time, which may extend the maturity date, increase the availability, or modify other covenants. We sold and leased back three energy assets for $9,201 in cash proceeds under this facility during the nine months ended September 30, 2023.
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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 are comprised of the following:
Senior Secured Credit Facility - Revolver and Term Loans On March 17, 2023, we entered into amendment number two to the fifth amended and restated senior secured credit facility with five banks to increase the total funded debt to EBITDA covenant ratio from a maximum of 3.50 to 4.00 for the quarters ending March 31, 2023 and June 30, 2023, and 3.5 thereafter. On August 24, 2023, we entered into amendment number three to the fifth amended and restated senior secured credit facility to extend the maturity date of the $220,000 delayed draw term loan A, such that after paying $55,000 in connection with the amendment, $45,000 is due November 15, 2023, and the remaining principal amount is due December 15, 2023. The amendment also increased the total funded debt to EBITDA covenant ratio from a maximum of 3.50 to 4.25 for the quarter ending September 30, 2023, and 3.50 thereafter. Non-recourse Term Shelf Notes, 5.99%, due December 31, 2047 On March 28, 2023, three senior secured notes (“Shelf Notes”) due December 31, 2047 were issued under our shelf facility, with gross proceeds of $22,625. The Shelf Notes bear interest at a fixed rate of 5.99% per annum and are payable quarterly commencing June 30, 2023. At closing, we incurred $282 in lender fees and debt issuance costs. In connection with the Shelf Notes, we recorded a derivative instrument for make-whole provisions with an initial value of $3,123, which was recorded as a debt discount. Non-recourse Variable Rate Term Loan, 7.17%, due March 28, 2028 On March 30, 2023, we entered into an amended and restated financing agreement (“Amended Agreement”) with the existing bank that extended the maturity date of the loan from March 30, 2023 to March 28, 2028. The Amended Agreement consists of a term loan of $14,084, an incremental term loan of $359 and a letter of credit of $899. The term loan bears interest at a variable rate, with interest payments due in quarterly installments. The rate at September 30, 2023 was 7.17% per annum. The remaining principal balance and unpaid interest is due March 28, 2028. As a result of this refinancing, we entered into a new interest rate swap contract with an initial notional amount of $14,084 and termination date of December 31, 2040. See Note 12 Derivative Instruments and Hedging Activities for additional information on this new swap contract. Non-recourse Fixed Rate Note, 6.70%, due August 31, 2039 (formerly 6.38%, due May 31, 2038) On March 31, 2023, we drew down $30,000 under this facility and on May 31, 2023, we entered into the first amendment to the loan agreement that increased the original commitment of $125,000 by an additional $90,000 to $215,000 and at closing we drew down the $90,000. The first amendment also contained the following amended terms: •The loan bears interest on the unpaid principal amount thereof from the date made through repayment at an interest rate of 6.38% per annum compared to the original rate of 6.50%. •The loan maturity date was changed from October 26, 2037 to May 31, 2038 On September 28, 2023, we entered into a second amendment to the loan agreement that increased the maximum commitment from $215,000 to $500,000, continued existing loans to project companies, added certain renewable natural gas project companies to the loan portfolio, and provided that additional wholly- and majority-owned project companies may be added to the loan portfolio subject to certain conditions. At the closing of the second amendment, we drew down an additional $135,544 under the loan, which was used to pay transaction costs, reimburse project costs incurred by us, make other permitted distributions to Ameresco, and to fund the required reserve accounts. Subject to certain conditions, the facility allows for additional draws to be made up to the remaining principal amount to fund the construction and operation of renewable natural gas projects owned and operated by the project companies. As of September 30, 2023, $334,717 was outstanding under this facility, net of unamortized debt discount and issuance costs. The second amendment also contained the following amended terms: •The loan bears interest at a rate of 6.70% with a residual percentage of distributable cash flows payable after the maturity date of the loan, until the earlier of the lender achieving an 8.51% internal rate of return (“IRR”) on funds borrowed under the facility, or the facility discharge date which was extended to August 31, 2049. •The loan maturity date was changed from May 31, 2038 to August 31, 2039 •All borrowings may be paid before maturity in whole or in part at RNG Holdings’ option after August 30, 2027 provided that the lender’s IRR is achieved, and against a prepayment of 102% of par for prepayments between August 31, 2027 and August 31, 2029 and 101% of par for prepayments between September 1, 2029 and August 30, 2031. No call premium applies for payments after August 30, 2031. Non-recourse Construction Credit Facility, 2.00% On March 31, 2023, we entered into a credit agreement for a construction facility with a total commitment of CAD$100,000 which has an availability period of five years. As of September 30, 2023, no funds were drawn under this facility. During the availability period the loans will bear interest at a fixed rate of 2.00% and during the operating period the rate will range from 1.00% to 3.00% as set forth in the agreement. The maturity date is the earlier of twenty years from project commencement date or one year prior to the termination date of the last remaining energy services agreements. Non-recourse Construction Credit Facility, 6.54%, due July 31, 2024 On April 18, 2023, one of our consolidated joint venture subsidiaries (“JV”) entered into a construction loan agreement with two lenders for a principal amount of up to $140,844 under a non-recourse credit facility. At the closing, the JV drew down $90,921 for construction of an energy asset and subsequently drew down an additional $32,206. Monthly payments of interest only on the loan will be due and payable in accordance with the provisions as set forth in the agreement. Any outstanding principal of the loan shall be paid in full no later than the maturity date (or in any event upon acceleration of the loan), together with all accrued and unpaid interest on such amount. The loan will be repaid after the energy asset project achieves provisional acceptance, through a sale-leaseback financing under lease agreements to be entered into between the same parties, the form of which were included in the closing documents. Non-recourse Construction Credit Facility, 9.32%, due August 31, 2026 On August 18, 2023, we entered into a construction and development loan agreement which provides a loan in a principal amount of up to $300,000. At the closing, we drew down $200,000 under this facility, of which approximately $187,000 was used to reimburse Ameresco for development and construction costs. Subsequent to closing, we drew down an additional $15,240. The loan bears interest at a rate of 4.00% plus the greater of (i) Term SOFR for a one-month tenor and (ii) the 10-year United States treasury rate and a fee equal to 0.25% of any unused committed principal amount. The loan matures on August 31, 2026, with a one-year extension option that can be exercised if certain circumstances are met, including payment of a $3,000 extension fee. We plan to accrue the extension fee if the extension becomes probable. Non-recourse Debt Instruments - Energy Project Asset Acquisition As discussed in Note 6, on August 4, 2023, we acquired an energy asset project. The adjusted purchase price for phase 1 was $76,758, of which $5,000 was paid in cash, $46,694 was financed by the seller, and we assumed a construction loan on the energy asset project for $36,270. The construction loan bears interest at a monthly variable SOFR term rate, which was 6.84% per annum at September 30, 2023. Subject to the terms and conditions contained in the assumed credit agreement, the construction loan shall convert into a term loan upon the project’s commercial operation date, which is expected to occur this fiscal year. The term loan shall have a maturity date of April 2030 and, therefore, the construction loan is classified as non-current. In September 2023, we paid $12,500 in principal on the seller’s promissory note and paid interest at a rate of 5.00%. As of September 30, 2023, the balance of the seller’s note was $34,194, of which $5,900 is expected to be paid on the earlier of the phase 2 close date or December 2023, and the remaining balance of $28,294 is expected to be paid in January 2024, without bearing interest.
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Income Taxes |
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Sep. 30, 2023 | |||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||
INCOME TAXES | INCOME TAXES We recorded a benefit for income taxes of $10,054 and provision of $3,657 for the three months ended September 30, 2023 and 2022, respectively. The estimated effective annualized tax rate impacted by the period discrete items is a benefit of 93.2% for the three months ended September 30, 2023, compared to an expense of 11.6% of estimated effective annualized tax rate for the three months ended September 30, 2022. We recorded a benefit for income taxes of $10,552 and provision of $10,896 for the nine months ended September 30, 2023 and 2022, respectively. The estimated effective annualized tax rate impacted by the period discrete items is a benefit of 52.1% for the nine months ended September 30, 2023, compared to an expense of 12.0% of estimated effective annualized tax rate for the nine months ended September 30, 2022. The principal reasons for the difference between the statutory rate and the estimated annual effective rate for 2023 were the effects of Section 179 Energy Efficient Building deductions, investment tax credits which we are entitled from solar, storage and RNG plants placed into service or are forecasted to be placed into service during 2023, stock plan compensation deductions and deductions related to the Section 179D. 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 $450 at September 30, 2023 and December 31, 2022 (net of the federal benefit on state amounts).
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Commitments and Contingencies |
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Sep. 30, 2023 | |
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 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. Commitments as a Result of Acquisitions 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 4 years from the acquisition date. The fair value remained consistent at $358 at December 31, 2022 and September 30, 2023. At December 31, 2022 it was included in other liabilities and at September 30, 2023 it was included in accrued expenses and other current liabilities on the condensed consolidated balance sheets. The contingent consideration will be paid no later than May 2024. 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 $3,800 upon acquisition and as of December 31, 2022. At September 30, 2023, the fair value of the contingent consideration decreased to $1,465 and is included in accrued expenses and other current liabilities, and other liabilities on the condensed consolidated balance sheets. The decrease is due to payments of $3,040 made during the nine months ended September 30, 2023, partially offset by a $705 increase in fair value. See Note 11 for additional information.
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Fair Value Measurement |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 nine months ended September 30, 2023 and the year ended December 31, 2022. 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 September 30, 2023 or December 31, 2022.
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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 ACTIVITIESDuring the nine months ended September 30, 2023, we adopted ASU 2020-04, Reference Rate Reform, for six interest rate swap contracts with the transition from LIBOR to SOFR as the reference rate. In March 2023, we dedesignated one interest rate swap contract for a previous loan facility and entered into a new interest rate swap contract to hedge $14,084 of the extended loan facility. The new interest rate swap was designated as a cash flow hedge. In June 2023, we prepaid one loan facility and terminated the related swap prior to its maturity date. In August 2023, we acquired one interest rate swap through an energy asset project acquisition. This interest rate swap was not designated as an effective hedge and we recorded the change in the valuation in other expenses, net in our condensed consolidated statements of income. See Note 6 for additional information about this energy asset project acquisition. The following table presents information about the fair value amounts of our cash flow derivative instruments:
As of September 30, 2023 and December 31, 2022, all but 3 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 Loss (“AOCL”), net of taxes, from our hedging instruments:
The following tables present all of our active derivative instruments as of September 30, 2023:
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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 ventures, which we determined meet the definition of a variable interest entity (“VIE”), as of:
See Note 14 for additional information on the call and put options related to our investment funds. Non-controlling Interests Non-controlling interests represents the equity owned by the other joint venture members of consolidated joint ventures. During the nine months ended September 30, 2023, joint venture members contributed $957 to joint ventures. One JV member was refunded $20,521, net of adjustments, from debt proceeds received from the JV’s Non-recourse Construction Credit Facility, 6.54%, due July 2024. 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 earnings from unconsolidated entities on the condensed consolidated statements of 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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Sep. 30, 2023 | |
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 September 30, 2023 and December 31, 2022 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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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 September 30, 2023, there was $39,632 of unrecognized compensation expense related to non-vested stock option awards that is expected to be recognized over a weighted-average period of 2.3 years. Stock Option and Restricted Stock Units (“RSUs”) Grants During the nine months ended September 30, 2023, we granted 140 common stock options to certain employees under our 2020 Stock Incentive Plan (“2020 Plan”), which have a contractual life of ten years and vest over a five-year period. We also granted awards of 66 RSUs to certain employees and directors under our 2020 Plan. We did not grant awards to individuals who were not either an employee or director of ours during the nine months ended September 30, 2023 and 2022.
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Business Segment Information |
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BUSINESS SEGMENT INFORMATION | BUSINESS SEGMENT INFORMATION Our reportable segments for the three and nine months ended September 30, 2023 were U.S. Regions, U.S. Federal, Canada, Alternative Fuels and All Other. 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 Alternative Fuels segment sells electricity and processed renewable natural gas (“RNG”) derived from biomethane from small-scale plants that we own and operate and provides O&M services for customer-owned small-scale RNG 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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Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
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Pay vs Performance Disclosure | ||||
Net income attributable to common shareholders | $ 21,265 | $ 27,391 | $ 28,735 | $ 76,991 |
Insider Trading Arrangements |
3 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023
shares
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Sep. 30, 2023
shares
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Trading Arrangements, by Individual | ||||||||||||||||||||||||||||||||||||||
Rule 10b5-1 Arrangement Adopted | false | |||||||||||||||||||||||||||||||||||||
Non-Rule 10b5-1 Arrangement Adopted | false | |||||||||||||||||||||||||||||||||||||
Rule 10b5-1 Arrangement Terminated | false | |||||||||||||||||||||||||||||||||||||
Non-Rule 10b5-1 Arrangement Terminated | false | |||||||||||||||||||||||||||||||||||||
Jennifer Miller [Member] | ||||||||||||||||||||||||||||||||||||||
Trading Arrangements, by Individual | ||||||||||||||||||||||||||||||||||||||
Material Terms of Trading Arrangement | The following table describes contracts, instructions or written plans for the sale or purchase of Company securities adopted by our directors and officers during the quarterly period covered by this report/fourth quarter of 2023 that are intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) (a “Rule 10b5-1 trading arrangement”):
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Name | Jennifer Miller | |||||||||||||||||||||||||||||||||||||
Title | Director | |||||||||||||||||||||||||||||||||||||
Adoption Date | 5/22/2023 | |||||||||||||||||||||||||||||||||||||
Arrangement Duration | 631 days | |||||||||||||||||||||||||||||||||||||
Aggregate Available | 40,000 | 40,000 |
Summary of Significant Accounting Policies (Policies) |
9 Months Ended |
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Sep. 30, 2023 | |
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 and RoundingCertain prior period amounts were reclassified to conform to the presentation in the current period. |
Accounts Receivable Factoring | Accounts Receivable Factoring Ameresco’s wholly-owned subsidiary in Italy entered into factoring agreements to sell certain receivables to unrelated third-party financial institutions on a non-recourse basis. These transactions are accounted for in accordance with ASC Topic 860, Transfers and Servicing and result in a reduction in accounts receivable because the agreements transfer effective control over the receivables, and related risk, to the buyers. Our Italian subsidiary does not retain any interest in the underlying accounts receivable once sold. Trade accounts receivables balances sold are removed from the condensed consolidated balance sheets, and cash received is reflected in operating activities in the condensed consolidated statements of cash flows. Factoring fees during the three and nine months ended September 30, 2023 were $2,075 and $3,326, respectively, and are included in other expense, net in the condensed consolidated statements of income.
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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, as amended by ASU 2021-01 in January 2021, directly addressing the effects of reference rate reform on financial reporting as a result of the cessation of the publication of certain London interbank offered rate (“LIBOR”) rates beginning December 31, 2021, with complete elimination of the publication of the LIBOR rates by June 30, 2023. The guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform by virtue of referencing LIBOR or another reference rate expected to be discontinued. This guidance became effective on March 12, 2020, and then amended by ASU 2022-06 in December 2022, extending the adoption date to no later than December 31, 2024, with early adoption permitted. We adopted this guidance beginning January 1, 2023 upon entering amendments to credit agreements which introduced the secured overnight financing rate as administrated by the Federal Reserve Bank of New York to replace LIBOR as the benchmark. The adoption of this guidance did not have a material impact on our condensed 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 fiscal year ending beginning after December 15, 2022. We adopted this accounting standard as of January 1, 2023 and the adoption did not have an impact on our condensed consolidated financial statements. Fair Value Measurement In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which clarifies the measurement criteria for equity securities and refines the disclosure requirements for equity securities subject to contractual sale restrictions. ASU 2022-03 is effective for our fiscal year ending beginning after December 15, 2023. We are currently evaluating the impact that adopting this new accounting standard would have on our condensed consolidated financial statements. Investments - Equity Method and Joint Ventures In March 2023, the FASB issued ASU 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method, which defines consistent accounting for equity investments for the purpose of receiving income tax credits and other income tax benefits. ASU 2023-02 is effective for our fiscal year ending beginning after December 15, 2023. We are currently evaluating the impact that adopting this new accounting standard would have on our condensed consolidated financial statements. Business Combinations— Joint Venture Formations In August 2023, the FASB issued ASU 2023-05, Business Combinations— Joint Venture Formations (Subtopic 805-60) Recognition and Initial Measurement, which addresses the accounting for contributions made to a joint venture, upon formation, in a joint venture’s separate financial statements. ASU 2023-05 is effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. We are currently evaluating the impact that adopting this new accounting standard would have on our condensed consolidated financial statements.
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Summary of Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Allowance for Credit Loss | Changes in the allowance for credit losses are as follows:
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Revenue from Contracts with Customers (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 September 30, 2023:
The following table presents our revenue disaggregated by line of business and reportable segment for the three months ended September 30, 2022:
The following table presents our revenue disaggregated by line of business and reportable segment for the nine months ended September 30, 2023:
The following table presents our revenue disaggregated by line of business and reportable segment for the nine months ended September 30, 2022:
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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Business Acquisitions and Related Transactions (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | A summary of the cumulative consideration paid and allocation of the purchase price for the Enerqos acquisition are presented in the table below:
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Goodwill and Intangible Assets, Net (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
Supplemental cash flow information related to our leases was 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) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt and Financing Lease Liabilities | Our debt and financing lease liabilities are comprised of the following:
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Income Taxes (Tables) |
9 Months Ended | ||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||
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) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule 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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Schedule of 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) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 Statements 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 Loss (“AOCL”), 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 September 30, 2023:
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Variable Interest Entities And Equity Method Investments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 ventures, 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) |
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
Other Expenses, Net (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Expenses, Net | The following table presents the components of other expenses, net:
|
Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Accounting Policies [Abstract] | ||||
Factoring fees | $ 2,075 | $ 0 | $ 3,326 | $ 0 |
Summary of Significant Accounting Policies - Allowance for Credit Losses (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for credit losses, beginning of period | $ 903 | $ 2,262 | $ 911 | $ 2,263 |
Provision for bad debts | 58 | 119 | 637 | 363 |
Account write-offs and other | (64) | (19) | (651) | (264) |
Allowance for credit losses, end of period | $ 897 | $ 2,362 | $ 897 | $ 2,362 |
Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 335,149 | $ 441,296 | $ 933,265 | $ 1,492,695 |
Percentage of revenue recognized over time | 95.00% | 96.00% | 94.00% | 96.00% |
United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 279,651 | $ 421,939 | $ 783,692 | $ 1,409,210 |
Canada | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 15,535 | 11,416 | 46,335 | 40,429 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 39,963 | 7,941 | 103,238 | 43,056 |
Project revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 242,684 | 351,531 | 654,801 | 1,234,055 |
O&M revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 22,773 | 21,854 | 68,049 | 63,371 |
Energy assets | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 44,259 | 41,682 | 135,037 | 123,033 |
Integrated-PV | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 11,615 | 13,616 | 35,045 | 37,239 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 13,818 | 12,613 | 40,333 | 34,997 |
U.S. Regions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 143,239 | 271,206 | 406,593 | 983,111 |
U.S. Regions | Project revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 120,297 | 251,338 | 338,119 | 928,616 |
U.S. Regions | O&M revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 6,353 | 5,936 | 18,191 | 16,473 |
U.S. Regions | Energy assets | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 15,911 | 11,892 | 47,619 | 34,163 |
U.S. Regions | Integrated-PV | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 4 | 0 | 4 | 0 |
U.S. Regions | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 674 | 2,040 | 2,660 | 3,859 |
U.S. Federal | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 87,341 | 99,124 | 226,916 | 276,198 |
U.S. Federal | Project revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 71,779 | 83,878 | 181,232 | 231,945 |
U.S. Federal | O&M revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 13,838 | 13,524 | 40,439 | 39,186 |
U.S. Federal | Energy assets | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,495 | 1,570 | 4,735 | 4,734 |
U.S. Federal | Integrated-PV | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
U.S. Federal | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 229 | 152 | 510 | 333 |
Canada | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 17,534 | 12,366 | 51,140 | 43,999 |
Canada | Project revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 12,872 | 8,788 | 38,865 | 32,899 |
Canada | O&M revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 17 | 10 | 80 | 32 |
Canada | Energy assets | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,274 | 1,264 | 3,370 | 3,512 |
Canada | Integrated-PV | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Canada | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 3,371 | 2,304 | 8,825 | 7,556 |
Alternative Fuels | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 27,319 | 29,421 | 85,974 | 87,874 |
Alternative Fuels | Project revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Alternative Fuels | O&M revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 2,073 | 2,251 | 8,054 | 7,361 |
Alternative Fuels | Energy assets | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 25,227 | 26,956 | 77,901 | 80,513 |
Alternative Fuels | Integrated-PV | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Alternative Fuels | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 19 | 214 | 19 | 0 |
All Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 59,716 | 29,179 | 162,642 | 101,513 |
All Other | Project revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 37,736 | 7,527 | 96,585 | 40,595 |
All Other | O&M revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 492 | 133 | 1,285 | 319 |
All Other | Energy assets | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 352 | 0 | 1,412 | 111 |
All Other | Integrated-PV | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 11,611 | 13,616 | 35,041 | 37,239 |
All Other | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 9,525 | $ 7,903 | $ 28,319 | $ 23,249 |
Revenue from Contracts with Customers - Contract Balances (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Dec. 31, 2021 |
||||
---|---|---|---|---|---|---|---|---|
Revenue from Contract with Customer [Abstract] | ||||||||
Accounts receivable, net | $ 133,070 | [1] | $ 174,009 | [1] | $ 219,817 | $ 161,970 | ||
Accounts receivable retainage, net | 33,459 | 38,057 | 42,456 | 43,067 | ||||
Contract Assets: | ||||||||
Costs and estimated earnings in excess of billings | 591,378 | [1] | 576,363 | [1] | 628,529 | 306,172 | ||
Contract Liabilities: | ||||||||
Billings in excess of cost and estimated earnings | 36,880 | 34,796 | 43,173 | 35,918 | ||||
Billings in excess of cost and estimated earnings, non-current | 15,622 | 7,617 | 6,310 | 6,481 | ||||
Total contract liabilities | $ 52,502 | $ 42,413 | $ 49,483 | $ 42,399 | ||||
|
Revenue from Contracts with Customers - Additional Information (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Revenue from Contract with Customer [Abstract] | ||||
Contract with customer, asset, reclassified to receivable | $ 634,340,000 | $ 850,243,000 | ||
Contract with customer, asset, revenue recognized | 631,136,000 | 1,168,996,000 | ||
Revenue recognized | 130,262,000 | 99,424,000 | ||
Contract with customer, liability, billings | 135,158,000 | 99,121,000 | ||
Revenue, remaining performance obligation | $ 2,426,445,000 | $ 2,426,445,000 | ||
Contract term | 25 years | |||
Capitalized contract cost, project development costs | 3,059,000 | $ 5,614,000 | $ 9,276,000 | 11,594,000 |
Capitalized contract cost, impairment loss | $ 0 | $ 0 | $ 0 | $ 0 |
Revenue from Contracts with Customers - Performance Obligation (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 |
Sep. 30, 2023 |
---|---|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, percentage | 35.00% |
Revenue, remaining performance obligation, remaining satisfaction | 12 months |
Business Acquisitions and Related Transactions - Additional Information (Details) - USD ($) |
6 Months Ended | ||
---|---|---|---|
Mar. 30, 2023 |
Sep. 30, 2023 |
Dec. 31, 2022 |
|
Business Acquisition [Line Items] | |||
Goodwill | $ 77,343,000 | $ 70,633,000 | |
Enerqos | |||
Business Acquisition [Line Items] | |||
Business combination, consideration price | $ 13,445,000 | ||
Cash paid | $ 9,535,000 | ||
Contingent consideration | 0 | ||
Cash acquired | 353,000 | ||
Long-term debt assumed, net of current portions | 3,951,000 | ||
Deferred tax liability | 931,000 | ||
Goodwill | $ 6,855,000 |
Business Acquisitions and Related Transactions - Consideration Paid and the Allocation of the Purchase Price (Details) - USD ($) $ in Thousands |
6 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Mar. 30, 2023 |
Sep. 30, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
|
Business Acquisition [Line Items] | |||||
Goodwill | $ 77,343 | $ 77,343 | $ 70,633 | ||
Purchase price, net of cash acquired | $ 9,183 | $ 0 | |||
Enerqos | |||||
Business Acquisition [Line Items] | |||||
Cash and cash equivalents | $ 190 | ||||
Accounts receivable | 6,230 | ||||
Costs and estimated earnings in excess of billings | 8,985 | ||||
Prepaid expenses and other current assets | 16,504 | ||||
Project development costs | 5,140 | ||||
Property and equipment and energy assets | 1,234 | ||||
Goodwill | 6,855 | ||||
Intangible assets | 4,438 | ||||
Long-term restricted cash | 163 | ||||
Accounts payable | (15,480) | ||||
Accrued expenses and other current liabilities | (4,510) | ||||
Current portions of long-term debt | (15,165) | ||||
Deferred income tax liabilities, net | (931) | ||||
Other liabilities | (208) | ||||
Purchase price | 13,445 | ||||
Purchase price, net of cash acquired | 13,092 | ||||
Long-term debt assumed, net of current portions | 3,951 | ||||
Total fair value of consideration | $ 13,445 | ||||
Cash paid | $ 9,535 |
Goodwill and Intangible Assets, Net - Goodwill (Details) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2023
USD ($)
| |
Carrying Value of Goodwill | |
Beginning Balance | $ 70,633 |
Goodwill acquired during the year | 6,855 |
Currency effects | (145) |
Ending Balance | 77,343 |
U.S. Regions | |
Carrying Value of Goodwill | |
Beginning Balance | 39,593 |
Goodwill acquired during the year | 0 |
Currency effects | 0 |
Ending Balance | 39,593 |
U.S. Federal | |
Carrying Value of Goodwill | |
Beginning Balance | 3,981 |
Goodwill acquired during the year | 0 |
Currency effects | 0 |
Ending Balance | 3,981 |
Canada | |
Carrying Value of Goodwill | |
Beginning Balance | 3,236 |
Goodwill acquired during the year | 0 |
Currency effects | (8) |
Ending Balance | 3,228 |
Alternative Fuels | |
Carrying Value of Goodwill | |
Beginning Balance | 0 |
Goodwill acquired during the year | 0 |
Currency effects | 0 |
Ending Balance | 0 |
Other | |
Carrying Value of Goodwill | |
Beginning Balance | 23,823 |
Goodwill acquired during the year | 6,855 |
Currency effects | (137) |
Ending Balance | $ 30,541 |
Goodwill and Intangible Assets, Net - Intangible Assets (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Gross carrying amount | $ 36,646 | $ 32,277 |
Less - accumulated amortization | (29,299) | (27,584) |
Intangible assets, net | $ 7,347 | $ 4,693 |
Goodwill and Intangible Assets, Net - Amortization (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Finite-Lived Intangible Assets [Line Items] | ||||
Total amortization expense | $ 690 | $ 442 | $ 1,681 | $ 1,462 |
Customer contracts | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Total amortization expense | 0 | 138 | 0 | 459 |
All other intangible assets | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Total amortization expense | $ 690 | $ 304 | $ 1,681 | $ 1,003 |
Energy Assets, Net - Energy Assets (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
Property, Plant and Equipment [Line Items] | ||||
Energy assets, net | [1] | $ 1,656,585 | $ 1,181,525 | |
Energy Assets | ||||
Property, Plant and Equipment [Line Items] | ||||
Energy assets | 2,012,528 | 1,493,913 | ||
Less - accumulated depreciation and amortization | (355,943) | (312,388) | ||
Energy assets, net | $ 1,656,585 | $ 1,181,525 | ||
|
Energy Assets, Net - August 2023 Purchase and Sale Agreement (Details) - USD ($) $ in Thousands |
1 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Aug. 04, 2023 |
Sep. 30, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Business Acquisition [Line Items] | ||||
Payment on seller's promissory note | $ 12,500 | $ 0 | ||
Bright Canyon Corporation | ||||
Business Acquisition [Line Items] | ||||
Cash acquired | $ 11,206 | |||
Asset acquisition, total purchase price | 76,758 | |||
Cash payment for asset acquisition | 5,000 | |||
Payable to seller | 46,694 | $ 34,194 | $ 34,194 | |
Asset acquisition, debt assumed | $ 36,270 | |||
Payment on seller's promissory note | $ 12,500 | |||
Bright Canyon Corporation | ||||
Business Acquisition [Line Items] | ||||
Percentage of energy asset project acquired | 100.00% | |||
Total fair value of consideration | $ 39,100 |
Energy Assets, Net - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
|
Business Acquisition [Line Items] | |||||
Cost of revenues | $ 15,122 | $ 12,933 | $ 42,847 | $ 36,911 | |
Capitalized interest | 12,824 | 3,877 | 28,842 | 7,785 | |
ARO assets, net | 3,499 | 3,499 | $ 2,359 | ||
ARO liabilities, non-current | 4,541 | 4,541 | $ 3,052 | ||
Depreciation expense of ARO assets | 2,849 | 2,057 | |||
Accretion expense of ARO liabilities | 64 | 36 | 194 | 108 | |
ARO Assets | |||||
Business Acquisition [Line Items] | |||||
Depreciation expense of ARO assets | $ 53 | $ 37 | $ 161 | $ 110 |
Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
Operating Leases: | ||||
Operating lease assets | [1] | $ 52,857 | $ 38,224 | |
Current portions of operating lease liabilities | [1] | 12,703 | 5,829 | |
Long-term portions of operating lease liabilities | [1] | 38,806 | 31,703 | |
Total operating lease liabilities | $ 51,509 | $ 37,532 | ||
Weighted-average remaining lease term | 19 years | 13 years | ||
Weighted-average discount rate | 6.40% | 6.00% | ||
Financing Leases: | ||||
Energy assets | $ 27,788 | $ 29,365 | ||
Current portions of financing lease liabilities | 1,706 | 1,992 | ||
Long-term financing lease liabilities, net of current portion, unamortized discount and debt issuance costs | 13,421 | 14,068 | ||
Total financing lease liabilities | $ 15,127 | $ 16,060 | ||
Weighted-average remaining lease term | 13 years | 14 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 | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Operating Leases: | ||||
Operating lease costs | $ 2,692 | $ 1,890 | $ 7,128 | $ 6,244 |
Financing Leases: | ||||
Amortization expense | 526 | 691 | 1,577 | 1,578 |
Interest on lease liabilities | 485 | 525 | 1,362 | 1,620 |
Total lease costs | $ 3,703 | $ 3,106 | $ 10,067 | $ 9,442 |
Leases - Supplemental Cash Flows (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Leases [Abstract] | ||
Cash paid for amounts included in the measurement of operating lease liabilities | $ 5,975 | $ 5,948 |
Right-of-use assets (“ROU”) obtained in exchange for new operating lease liabilities | 19,255 | $ 2,960 |
Non-monetary lease transactions | $ 14,249 |
Leases - Minimum Future Lease Obligations (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Operating Leases | ||
2023 | $ 3,134 | |
2024 | 15,166 | |
2025 | 10,174 | |
2026 | 4,474 | |
2027 | 3,460 | |
Thereafter | 37,145 | |
Total minimum lease payments | 73,553 | |
Less: interest | 22,044 | |
Present value of lease liabilities | 51,509 | $ 37,532 |
Financing Leases | ||
2023 | 1,741 | |
2024 | 2,565 | |
2025 | 2,213 | |
2026 | 2,054 | |
2027 | 1,922 | |
Thereafter | 17,891 | |
Total minimum lease payments | 28,386 | |
Less: interest | 13,259 | |
Present value of lease liabilities | $ 15,127 | $ 16,060 |
Leases - Additional Information (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
project
lease_liability
|
Sep. 30, 2022
USD ($)
|
Aug. 31, 2023 |
Jan. 31, 2023 |
|
Lessee, Lease, Description [Line Items] | ||||||
Number of lease liabilities | lease_liability | 2 | |||||
Lease agreement period | 30 years | 37 years | ||||
Net amortization expense | $ 57 | $ 57 | $ 171 | $ 171 | ||
Ground Lease | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Commitment for future lease payments for leases that do not yet meet the criteria of a ROU asset or liability | $ 10,500 | $ 10,500 | ||||
Lease term | 20 years | 20 years | ||||
Office Lease | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Commitment for future lease payments for leases that do not yet meet the criteria of a ROU asset or liability | $ 1,354 | $ 1,354 | ||||
Lease term | 5 years | 5 years | ||||
August 2018 Long Term Finance Liability | Solar Photovoltaic Projects | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Solar PV projects sold | project | 5 | |||||
Investment fund call option exercise | $ 91,137 | |||||
August 2018 Long Term Finance Liability | Solar Photovoltaic Projects | Revolving Credit Facility | Line of Credit | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Available funding under lending commitment | $ 350,000 | $ 350,000 | ||||
December 2020 Long Term Finance Liability | Solar Photovoltaic Projects | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Solar PV projects sold | project | 3 | |||||
Investment fund call option exercise | $ 9,201 |
Debt and Financing Lease Liabilities - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Aug. 04, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|---|
Debt Instrument [Line Items] | |||||
Financing lease liabilities | $ 15,127 | $ 16,060 | |||
Total debt and financing lease liabilities | 1,455,266 | 915,677 | |||
Less: current maturities | 409,906 | 331,479 | |||
Less: unamortized discount and debt issuance costs | 23,104 | 15,563 | |||
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs | [1] | 1,022,256 | 568,635 | ||
Bright Canyon Corporation | |||||
Debt Instrument [Line Items] | |||||
Asset acquisition, debt assumed | $ 36,270 | ||||
Payable to seller | 34,194 | $ 46,694 | |||
Secured Debt | Senior secured term loans | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | 240,000 | 295,000 | |||
Secured Debt | Non-recourse term loans | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | 538,134 | 255,403 | |||
Financing Facility | Non-recourse long-term financing facilities | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | 183,623 | 120,923 | |||
Revolving Senior Secured Credit Facility | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | 67,900 | 182,900 | |||
Revolving Credit Facility | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Funds available for borrowing | 38,327 | ||||
Revolving Credit Facility | Line of Credit | Non-recourse construction revolvers | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 410,482 | $ 45,391 | |||
|
Debt and Financing Lease Liabilities - Additional Information (Details) |
1 Months Ended | 5 Months Ended | 9 Months Ended | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023
USD ($)
|
Sep. 28, 2023
USD ($)
|
Aug. 24, 2023
USD ($)
|
Aug. 18, 2023
USD ($)
|
Aug. 04, 2023
USD ($)
|
May 31, 2023
USD ($)
|
Apr. 18, 2023
USD ($)
lender
|
Mar. 31, 2023
USD ($)
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
Aug. 23, 2023 |
Mar. 31, 2023
CAD ($)
|
Mar. 30, 2023
USD ($)
|
Mar. 28, 2023
USD ($)
note
|
Mar. 17, 2023
bank
|
Mar. 16, 2023 |
|
Debt Instrument [Line Items] | |||||||||||||||||||
Payment on seller's promissory note | $ 12,500,000 | $ 0 | |||||||||||||||||
Bright Canyon Corporation | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Fixed interest rate, percentage | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | ||||||||||||||
Asset acquisition, total purchase price | $ 76,758,000 | ||||||||||||||||||
Cash payment for asset acquisition | 5,000,000 | ||||||||||||||||||
Payable to seller | $ 34,194,000 | 46,694,000 | $ 34,194,000 | $ 34,194,000 | $ 34,194,000 | $ 34,194,000 | |||||||||||||
Asset acquisition, debt assumed | $ 36,270,000 | ||||||||||||||||||
Payment on seller's promissory note | 12,500,000 | ||||||||||||||||||
Bright Canyon Corporation | Earlier Of Phase 2 Close Date Or December 2023 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Payable to seller | 5,900,000 | 5,900,000 | 5,900,000 | 5,900,000 | 5,900,000 | ||||||||||||||
Bright Canyon Corporation | January 2024 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Payable to seller | $ 28,294,000 | $ 28,294,000 | $ 28,294,000 | $ 28,294,000 | $ 28,294,000 | ||||||||||||||
Interest rate swap instruments | Designated | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Notional amount | $ 14,084,000 | $ 14,084,000 | |||||||||||||||||
None-recourse Term Shelf Notes Due December 2047 | Senior Notes | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Fixed interest rate, percentage | 5.99% | ||||||||||||||||||
Number of notes | note | 3 | ||||||||||||||||||
Original principal amount | $ 22,625,000 | ||||||||||||||||||
Debt issuance costs | 282,000 | ||||||||||||||||||
Debt discount | $ 3,123,000 | ||||||||||||||||||
Term Loan Due March 28, 2028 | Secured Debt | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Maximum borrowing capacity | $ 14,084,000 | ||||||||||||||||||
Fixed interest rate, percentage | 7.17% | 7.17% | 7.17% | 7.17% | 7.17% | 7.17% | |||||||||||||
Term Loan Due March 28, 2028 | Term Loan | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Maximum borrowing capacity | $ 359,000 | ||||||||||||||||||
Term Loan Due March 28, 2028 | Letter of Credit | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Maximum borrowing capacity | $ 899,000 | ||||||||||||||||||
Revolving Credit Facility | Senior Secured Credit Facility, Revolver And Term Loans | Line of Credit | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Line of credit facility, number of banks | bank | 5 | ||||||||||||||||||
Revolving Credit Facility | Senior Secured Credit Facility, Revolver And Term Loans | Line of Credit | Quarters ending March 31, 2023 and June 30, 2023 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Total funded debt to EBITDA covenant ratio, maximum | 4.00 | 3.50 | |||||||||||||||||
Revolving Credit Facility | Senior Secured Credit Facility, Revolver And Term Loans | Line of Credit | Quarter ending September 30, 2023 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Total funded debt to EBITDA covenant ratio, maximum | 4.25 | 3.50 | |||||||||||||||||
Revolving Credit Facility | Senior Secured Credit Facility, Revolver And Term Loans | Line of Credit | Thereafter | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Total funded debt to EBITDA covenant ratio, maximum | 3.50 | 3.5 | |||||||||||||||||
Revolving Credit Facility | Delayed Draw Term Loan | Line of Credit | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Maximum borrowing capacity | $ 220,000,000 | ||||||||||||||||||
Debt restructuring costs | 55,000,000 | ||||||||||||||||||
Payment due November 15, 2023 | $ 45,000,000 | ||||||||||||||||||
Revolving Credit Facility | Non-recourse Fixed Rate Note, Due August, 2039 | Line of Credit | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Maximum borrowing capacity | $ 500,000,000 | $ 215,000,000 | 125,000,000 | ||||||||||||||||
Fixed interest rate, percentage | 6.70% | 6.38% | 6.50% | ||||||||||||||||
Proceeds from lines of credit | $ 135,544,000 | $ 90,000,000 | $ 30,000,000 | ||||||||||||||||
Line of credit facility, additional borrowing capacity | $ 90,000,000 | ||||||||||||||||||
Line of credit | $ 334,717,000 | $ 334,717,000 | $ 334,717,000 | $ 334,717,000 | $ 334,717,000 | ||||||||||||||
Internal rate of return, percentage | 8.51% | 8.51% | 8.51% | 8.51% | 8.51% | ||||||||||||||
Revolving Credit Facility | Non-recourse Fixed Rate Note, Due August, 2039 | Line of Credit | August 31, 2027 through August 31, 2029 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Internal rate of return prepayment percentage | 102.00% | ||||||||||||||||||
Revolving Credit Facility | Non-recourse Fixed Rate Note, Due August, 2039 | Line of Credit | September 1, 2029 through August 30, 2031 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Internal rate of return prepayment percentage | 101.00% | ||||||||||||||||||
Revolving Credit Facility | Non-recourse construction revolvers | Line of Credit | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Maximum borrowing capacity | $ 100,000,000 | ||||||||||||||||||
Fixed interest rate, percentage | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | ||||||||||||
Line of credit | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||||||||
Line of credit facility, availability period | 5 years | ||||||||||||||||||
Revolving Credit Facility | Non-recourse construction revolvers | Line of Credit | Minimum | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Fixed interest rate, percentage | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | ||||||||||||||
Debt instrument term | 1 year | ||||||||||||||||||
Revolving Credit Facility | Non-recourse construction revolvers | Line of Credit | Maximum | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Fixed interest rate, percentage | 3.00% | 3.00% | 3.00% | 3.00% | 3.00% | ||||||||||||||
Debt instrument term | 20 years | ||||||||||||||||||
Revolving Credit Facility | Non-recourse Construction Credit Facility, Due July 2024 | Line of Credit | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Fixed interest rate, percentage | 6.54% | ||||||||||||||||||
Revolving Credit Facility | Non-recourse Construction Credit Facility, Due July 2024 | Line of Credit | Corporate Joint Venture | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Maximum borrowing capacity | $ 140,844,000 | ||||||||||||||||||
Proceeds from lines of credit | $ 90,921,000 | $ 32,206,000 | |||||||||||||||||
Number of lenders | lender | 2 | ||||||||||||||||||
Revolving Credit Facility | Non-recourse Construction Credit Facility | Line of Credit | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Fixed interest rate, percentage | 9.32% | ||||||||||||||||||
Interest rate | 4.00% | ||||||||||||||||||
Revolving Credit Facility | Non-recourse Construction Credit Facility | Line of Credit | Corporate Joint Venture | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Maximum borrowing capacity | $ 300,000,000 | ||||||||||||||||||
Proceeds from lines of credit | 200,000,000 | $ 15,240,000 | |||||||||||||||||
Proceeds used to reimburse development and construction cost | $ 187,000,000 | ||||||||||||||||||
Unused commitment fee percentage | 0.25% | ||||||||||||||||||
Maturity extension option period | 1 year | ||||||||||||||||||
Payment for extension fee | $ 3,000,000 |
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
|
Income Tax Disclosure [Abstract] | |||||
Income tax (benefit) provision | $ (10,054) | $ 3,657 | $ (10,552) | $ 10,896 | |
Effective tax rate, percentage | (93.20%) | 11.60% | (52.10%) | 12.00% | |
Unrecognized tax benefits | $ 450 | $ 450 | $ 450 |
Income Taxes - Unrecognized Tax Benefits (Details) $ in Thousands |
Sep. 30, 2023
USD ($)
|
---|---|
Gross Unrecognized Tax Benefits | |
Beginning balance | $ 900 |
Ending balance | $ 900 |
Commitments and Contingencies (Details) - USD ($) |
1 Months Ended | 9 Months Ended | 62 Months Ended | |||
---|---|---|---|---|---|---|
Dec. 31, 2021 |
Aug. 31, 2018 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Dec. 31, 2022 |
|
Loss Contingencies [Line Items] | ||||||
Increase in contingent consideration | $ 705,000 | $ 814,000 | ||||
Chelsea Group Limited | ||||||
Loss Contingencies [Line Items] | ||||||
Contingent consideration, liability, revenue earn-outs, payment period (in years) | 4 years | |||||
Contingent consideration, liability, fair value at date of acquisition | 358,000 | $ 358,000 | $ 358,000 | |||
Payments of contingent consideration | 0 | |||||
Plug Smart | ||||||
Loss Contingencies [Line Items] | ||||||
Contingent consideration, liability, revenue earn-outs, payment period (in years) | 5 years | |||||
Payments of contingent consideration | 3,040,000 | |||||
Maximum cumulative earn-out | $ 5,000,000 | |||||
Contingent consideration, liability | 1,465,000 | $ 1,465,000 | $ 3,800,000 | |||
Increase in contingent consideration | $ 705,000 |
Fair Value Measurement - Fair Value of Assets and Liabilities Measured on a Recurring Basis (Details) - Recurring - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Assets: | ||
Total assets | $ 7,553 | $ 5,202 |
Liabilities: | ||
Total liabilities | 8,147 | 9,515 |
Level 2 | Interest rate swap instruments | ||
Assets: | ||
Total assets | 7,553 | 5,202 |
Liabilities: | ||
Liability derivatives | 0 | 9 |
Level 2 | Make-whole provisions | ||
Liabilities: | ||
Liability derivatives | 6,324 | 5,348 |
Level 3 | ||
Liabilities: | ||
Contingent consideration | $ 1,823 | $ 4,158 |
Fair Value Measurement - Changes in Contingent Liabilities (Details) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2023 |
Dec. 31, 2022 |
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Contingent consideration liability balance at the beginning of period | $ 4,158 | $ 2,838 |
Changes in fair value included in earnings | 705 | (19) |
Payment of contingent consideration | (3,040) | 1,614 |
Remeasurement period adjustment | 0 | (275) |
Contingent consideration liability balance at the end of period | $ 1,823 | $ 4,158 |
Fair Value Measurement - Fair Value and Carrying Value of Long-term Debt (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt (Level 2) | $ 1,402,242 | $ 869,771 |
Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt (Level 2) | $ 1,417,035 | $ 884,054 |
Fair Value Measurement - Narrative (Details) - USD ($) |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
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 - Additional Information (Details) |
Sep. 30, 2023
derivative_instrument
|
Aug. 31, 2023
derivative_instrument
|
Jun. 30, 2023
loan_facility
|
Mar. 31, 2023
derivative_instrument
|
Dec. 31, 2022
derivative_instrument
|
---|---|---|---|---|---|
Interest rate swap instruments | |||||
Derivative [Line Items] | |||||
Number of instruments held | 6 | ||||
Number of instruments dedesignated | 1 | ||||
Number of instruments prepaid | loan_facility | 1 | ||||
Number of instruments acquired | 1 | ||||
Not Designated | |||||
Derivative [Line Items] | |||||
Number of instruments held | 3 | 3 |
Derivative Instruments and Hedging Activities - Fair Value of Derivative Instruments on the Balance Sheet (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Derivatives Designated as Hedging Instruments: | Interest rate swap contracts | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | $ 2,719 | $ 1,748 |
Derivatives Designated as Hedging Instruments: | Interest rate swap contracts | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | 0 | 9 |
Derivatives Not Designated as Hedging Instruments: | Interest rate swap contracts | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | 4,834 | 3,454 |
Derivatives Not Designated as Hedging Instruments: | Make-whole provisions | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | $ 6,324 | $ 5,348 |
Derivative Instruments and Hedging Activities - Effects on Statements of Income (Loss) and Consolidated Statements of Comprehensive Loss (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Loss (Gain) Recognized in Net Income | $ (3,047) | $ (780) | $ (3,308) | $ (225) |
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 | (546) | 185 | (757) | 1,026 |
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 | (1,281) | (844) | (1,160) | (2,865) |
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 | 0 | 514 | 0 | 3,028 |
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 | $ (1,764) | $ (450) | $ (2,146) | $ (388) |
Derivative Instruments and Hedging Activities - Effects of Derivative Instruments in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | $ 873,983 | $ 781,567 | $ 873,031 | $ 704,264 |
Total other comprehensive loss | (887) | (1,296) | 291 | 1,017 |
Ending balance | 899,126 | $ 814,540 | 899,126 | $ 814,540 |
Accumulated Gain (Loss), Net, Cash Flow Hedge | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | 1,284 | |||
Unrealized gain recognized in AOCL | 1,473 | |||
Gain reclassified from AOCL to other expenses, net | (757) | |||
Total other comprehensive loss | 716 | |||
Ending balance | $ 2,007 | $ 2,007 |
Derivative Instruments and Hedging Activities - Schedule of Active Derivative Instruments (Details) |
9 Months Ended |
---|---|
Sep. 30, 2023
USD ($)
| |
Designated | Interest Rate Swap October 2029 | |
Derivative [Line Items] | |
Term of contract, years | 11 years |
Fixed interest rate, percentage | 5.77% |
Initial Notional Amount ($) | $ 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 - June 2028 | |
Derivative [Line Items] | |
Term of contract, years | 8 years |
Fixed interest rate, percentage | 3.49% |
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 | 3.49% |
Initial Notional Amount ($) | $ 10,734,000 |
Designated | Interest Rate Swap - December 2040 | |
Derivative [Line Items] | |
Term of contract, years | 7 years 9 months |
Fixed interest rate, percentage | 3.16% |
Initial Notional Amount ($) | $ 14,084,000 |
Not Designated | Interest Rate Swap March 2033 | |
Derivative [Line Items] | |
Term of contract, years | 13 years |
Fixed interest rate, percentage | 0.72% |
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 | 0.72% |
Initial Notional Amount ($) | $ 6,968,000 |
Not Designated | Interest Rate Swap - July 2041 | |
Derivative [Line Items] | |
Term of contract, years | 18 years |
Fixed interest rate, percentage | 3.81% |
Initial Notional Amount ($) | $ 32,021,000 |
Not Designated | Make-whole Provisions December 2038 | Other liabilities | |
Derivative [Line Items] | |
Liability derivatives, fair value | 467,000 |
Not Designated | Make-whole Provisions April 2031 | Other liabilities | |
Derivative [Line Items] | |
Liability derivatives, fair value | 61,000 |
Not Designated | Make-whole Provisions February 2034 | Other liabilities | |
Derivative [Line Items] | |
Liability derivatives, fair value | 45,000 |
Not Designated | Make-whole Provision December 2027 | Other liabilities | |
Derivative [Line Items] | |
Liability derivatives, fair value | 39,000 |
Not Designated | Make-whole Provision May 2028 | Other liabilities | |
Derivative [Line Items] | |
Liability derivatives, fair value | 14,000 |
Not Designated | Make-whole Provision April 2045 | Other liabilities | |
Derivative [Line Items] | |
Liability derivatives, fair value | 73,000 |
Not Designated | Make-whole Provision March 2046 | Other liabilities | |
Derivative [Line Items] | |
Liability derivatives, fair value | 2,219,000 |
Not Designated | Make-whole Provision March 2042 | Other liabilities | |
Derivative [Line Items] | |
Liability derivatives, fair value | 957,000 |
Not Designated | Make-whole Provision December 2047 | Other liabilities | |
Derivative [Line Items] | |
Liability derivatives, fair value | $ 2,449,000 |
Variable Interest Entities And Equity Method Investments - Schedule of Variable Interest Entity Financial Information (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Dec. 31, 2021 |
||||
---|---|---|---|---|---|---|---|---|
Current assets: | ||||||||
Cash and cash equivalents | [1] | $ 107,776 | $ 115,534 | |||||
Restricted cash | [1] | 56,909 | 20,782 | |||||
Accounts receivable, net | 133,070 | [1] | 174,009 | [1] | $ 219,817 | $ 161,970 | ||
Costs and estimated earnings in excess of billings | 591,378 | [1] | 576,363 | [1] | $ 628,529 | $ 306,172 | ||
Prepaid expenses and other current assets | [1] | 67,864 | 38,617 | |||||
Total current assets | [1] | 1,030,123 | 1,001,351 | |||||
Property and equipment, net | [1] | 17,551 | 15,707 | |||||
Energy assets, net | [1] | 1,656,585 | 1,181,525 | |||||
Operating lease assets | [1] | 52,857 | 38,224 | |||||
Restricted cash, non-current portion | [1] | 11,010 | 13,572 | |||||
Other assets | [1] | 69,356 | 38,564 | |||||
Total assets | [1] | 3,460,993 | 2,876,821 | |||||
Current liabilities: | ||||||||
Current portions of long-term debt and financing lease liabilities | [1] | 409,906 | 331,479 | |||||
Accounts payable | [1] | 328,155 | 349,126 | |||||
Accrued expenses and other current liabilities | [1] | 93,584 | 89,166 | |||||
Current portions of operating lease liabilities | [1] | 12,703 | 5,829 | |||||
Total current liabilities | [1] | 882,342 | 812,068 | |||||
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs | [1] | 1,022,256 | 568,635 | |||||
Long-term operating lease liabilities, net of current portion | [1] | 38,806 | 31,703 | |||||
Other liabilities | [1] | 73,965 | 49,493 | |||||
Variable Interest Entity, Primary Beneficiary | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | 8,676 | 10,107 | ||||||
Restricted cash | 0 | 799 | ||||||
Accounts receivable, net | 0 | 590 | ||||||
Costs and estimated earnings in excess of billings | 19,754 | 952 | ||||||
Prepaid expenses and other current assets | 3,013 | 14,322 | ||||||
Total current assets | 31,443 | 26,770 | ||||||
Property and equipment, net | 275 | 89 | ||||||
Energy assets, net | 238,425 | 182,050 | ||||||
Operating lease assets | 17,577 | 4,901 | ||||||
Restricted cash, non-current portion | 73 | 73 | ||||||
Other assets | 16,841 | 30 | ||||||
Total assets | 304,634 | 213,913 | ||||||
Current liabilities: | ||||||||
Current portions of long-term debt and financing lease liabilities | 122,524 | 2,087 | ||||||
Accounts payable | 7,966 | 8,055 | ||||||
Accrued expenses and other current liabilities | 13,173 | 12,559 | ||||||
Current portions of operating lease liabilities | 6,658 | 117 | ||||||
Total current liabilities | 150,321 | 22,818 | ||||||
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs | 17,970 | 19,177 | ||||||
Long-term operating lease liabilities, net of current portion | 9,961 | 5,159 | ||||||
Other liabilities | 1,833 | 3,575 | ||||||
Total VIE liabilities | $ 180,085 | $ 50,729 | ||||||
|
Variable Interest Entities And Equity Method Investments - Additional Information (Details) $ in Thousands |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2023
USD ($)
joint_venture
|
Sep. 30, 2022
USD ($)
|
Apr. 18, 2023 |
|
Variable Interest Entity [Line Items] | |||
Distributions to redeemable non-controlling interests, net | $ 494 | $ 784 | |
Non-recourse Construction Credit Facility, Due July 2024 | Line of Credit | Revolving Credit Facility | |||
Variable Interest Entity [Line Items] | |||
Fixed interest rate, percentage | 6.54% | ||
Corporate Joint Venture | |||
Variable Interest Entity [Line Items] | |||
Distributions to redeemable non-controlling interests, net | $ 957 | ||
Number of JV members refunded | joint_venture | 1 | ||
Distributions to non-controlling interest | $ 20,521 |
Variable Interest Entities And Equity Method Investments - Investment in Joint Ventures (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Equity method investments | $ 16,204 | $ 10,855 |
Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Numerator: | ||||
Net income attributable to common shareholders | $ 21,265 | $ 27,391 | $ 28,735 | $ 76,991 |
Adjustment for accretion of tax equity financing fees | (26) | (27) | (81) | (81) |
Income attributable to common shareholders | $ 21,239 | $ 27,364 | $ 28,654 | $ 76,910 |
Denominator: | ||||
Basic weighted-average shares outstanding (in shares) | 52,209 | 51,869 | 52,104 | 51,810 |
Effect of dilutive securities: | ||||
Stock options (in shares) | 1,091 | 1,428 | 1,155 | 1,442 |
Diluted weighted-average shares outstanding (in shares) | 53,300 | 53,297 | 53,259 | 53,252 |
Net income per share attributable to common shareholders: | ||||
Basic (in usd per share) | $ 0.41 | $ 0.53 | $ 0.55 | $ 1.48 |
Diluted (in usd per share) | $ 0.40 | $ 0.51 | $ 0.54 | $ 1.44 |
Potentially dilutive shares (in shares) | 1,954 | 1,262 | 1,950 | 1,087 |
Stock-Based Compensation - Compensation Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Share-Based Payment Arrangement [Abstract] | ||||
Stock-based compensation expense | $ 4,319 | $ 3,631 | $ 12,318 | $ 10,837 |
Stock-Based Compensation - Additional Information (Details) shares in Thousands, $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2023
USD ($)
shares
| |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-vested stock options unrecognized compensation expense | $ | $ 39,632 |
2020 Stock Incentive Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options granted in period (in shares) | 140 |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted-average period | 2 years 3 months 18 days |
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 |
Restricted Stock Units (RSUs) | 2020 Stock Incentive Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards granted in period (in shares) | 66 |
Business Segment Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Segment Reporting Information [Line Items] | ||||
Revenues | $ 335,149 | $ 441,296 | $ 933,265 | $ 1,492,695 |
(Gain) loss on derivatives | (3,047) | (780) | (3,308) | (225) |
Interest expense, net of interest income | 7,564 | 4,737 | 18,168 | 13,376 |
Depreciation and amortization of intangible assets | 16,613 | 13,529 | 46,053 | 39,037 |
Income before taxes, excluding unallocated corporate activity | 31,168 | 50,363 | 76,614 | 143,355 |
U.S. Regions | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 143,239 | 271,206 | 406,593 | 983,111 |
U.S. Federal | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 87,341 | 99,124 | 226,916 | 276,198 |
Canada | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 17,534 | 12,366 | 51,140 | 43,999 |
Alternative Fuels | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 27,319 | 29,421 | 85,974 | 87,874 |
All Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 59,716 | 29,179 | 162,642 | 101,513 |
Operating Segments | U.S. Regions | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 143,239 | 271,206 | 406,593 | 983,111 |
(Gain) loss on derivatives | (1,658) | (329) | (2,086) | (363) |
Interest expense, net of interest income | 1,583 | 1,694 | 4,701 | 5,219 |
Depreciation and amortization of intangible assets | 7,031 | 5,300 | 19,784 | 15,876 |
Income before taxes, excluding unallocated corporate activity | 15,161 | 26,349 | 33,401 | 77,407 |
Operating Segments | U.S. Federal | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 87,341 | 99,124 | 226,916 | 276,198 |
(Gain) loss on derivatives | (792) | 0 | (788) | 0 |
Interest expense, net of interest income | 278 | 306 | 864 | 927 |
Depreciation and amortization of intangible assets | 1,229 | 1,219 | 3,688 | 3,677 |
Income before taxes, excluding unallocated corporate activity | 12,128 | 15,726 | 26,227 | 36,623 |
Operating Segments | Canada | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 17,534 | 12,366 | 51,140 | 43,999 |
(Gain) loss on derivatives | (107) | (121) | (60) | (25) |
Interest expense, net of interest income | 175 | 196 | 539 | 731 |
Depreciation and amortization of intangible assets | 408 | 420 | 1,222 | 1,297 |
Income before taxes, excluding unallocated corporate activity | 1,106 | 191 | 3,027 | 1,482 |
Operating Segments | Alternative Fuels | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 27,319 | 29,421 | 85,974 | 87,874 |
(Gain) loss on derivatives | (490) | (330) | (374) | 163 |
Interest expense, net of interest income | 4,762 | 2,589 | 10,549 | 6,572 |
Depreciation and amortization of intangible assets | 6,668 | 6,391 | 18,741 | 17,458 |
Income before taxes, excluding unallocated corporate activity | 820 | 4,993 | 7,445 | 18,891 |
Operating Segments | All Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 59,716 | 29,179 | 162,642 | 101,513 |
(Gain) loss on derivatives | 0 | 0 | 0 | 0 |
Interest expense, net of interest income | 766 | (48) | 1,515 | (73) |
Depreciation and amortization of intangible assets | 1,277 | 199 | 2,618 | 729 |
Income before taxes, excluding unallocated corporate activity | 1,953 | 3,104 | 6,514 | 8,952 |
Unallocated corporate activity | ||||
Segment Reporting Information [Line Items] | ||||
Unallocated corporate activity | $ (20,380) | $ (18,971) | $ (56,354) | $ (52,553) |
Other Expenses, Net (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Other Income and Expenses [Abstract] | ||||
Gain on derivatives | $ (3,045) | $ (780) | $ (3,306) | $ (225) |
Interest expense, net of interest income | 9,199 | 7,175 | 23,614 | 18,220 |
Amortization of debt discount and debt issuance costs | 1,042 | 833 | 3,407 | 2,869 |
Foreign currency transaction loss | 1,371 | 318 | 1,364 | 1,032 |
Government incentives | 0 | 0 | (522) | (2,020) |
Factoring fees | 2,075 | 0 | 3,326 | 0 |
Other expenses, net | $ 10,642 | $ 7,546 | $ 27,883 | $ 19,876 |
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