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AMRC Ameresco

Cover Page

Cover Page - shares6 Months Ended
Jun. 30, 2021Jul. 30, 2021
Entity Information [Line Items]
Document Type10-Q
Document Quarterly Reporttrue
Document Period End DateJun. 30,
2021
Document Transition Reportfalse
Entity File Number001-34811
Entity Registrant NameAmeresco, Inc.
Entity Incorporation, State or Country CodeDE
Entity Tax Identification Number04-3512838
Entity Address, Address Line One111 Speen Street
Entity Address, Address Line TwoSuite 410
Entity Address, City or TownFramingham
Entity Address, State or ProvinceMA
Entity Address, Postal Zip Code01701
City Area Code508
Local Phone Number661-2200
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Filer CategoryAccelerated Filer
Entity Small Businessfalse
Entity Emerging Growth Companyfalse
Entity Shell Companyfalse
Entity Central Index Key0001488139
Current Fiscal Year End Date--12-31
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ2
Amendment Flagfalse
Class A Common Stock
Entity Information [Line Items]
Security Exchange NameNYSE
Title of 12(b) SecurityClass A Common Stock, $0.0001 par value per share
Trading SymbolAMRC
Entity Common Stock, Shares Outstanding (in shares)33,388,508
Class B Common Stock
Entity Information [Line Items]
Security Exchange NameNYSE
Title of 12(b) SecurityClass B Common Stock, $0.0001 par value per share
Entity Common Stock, Shares Outstanding (in shares)18,000,000
No Trading Symbol Flagtrue

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in ThousandsJun. 30, 2021Dec. 31, 2020
Current assets:
Cash and cash equivalents[1] $ 58,807 $ 66,422
Restricted cash[1]23,672 22,063
Accounts receivable, net of allowance of $2,311 and $2,266, respectively[1]115,462 125,010
Accounts receivable retainage, net36,485 30,189
Costs and estimated earnings in excess of billings[1]195,027 185,960
Inventory, net8,798 8,575
Prepaid expenses and other current assets[1]25,389 26,854
Income tax receivable5,688 9,803
Project development costs14,508 15,839
Total current assets[1]483,836 490,715
Federal ESPC receivable512,737 396,725
Property and equipment, net[1]8,826 8,982
Energy assets, net[1]798,609 729,378
Deferred income tax assets, net3,972 3,864
Goodwill, net58,901 58,714
Intangible assets, net769 927
Operating lease assets[1]40,608 39,151
Restricted cash, non-current portion[1]11,363 10,352
Other assets[1]19,069 15,307
Total assets[1]1,938,690 1,754,115
Current liabilities:
Current portions of long-term debt and financing lease liabilities[1]79,778 69,362
Accounts payable[1]193,373 230,916
Accrued expenses and other current liabilities[1]40,108 41,748
Current portions of operating lease liabilities[1]5,995 6,106
Billings in excess of cost and estimated earnings26,561 33,984
Income taxes payable0 981
Total current liabilities[1]345,815 383,097
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs[1]305,351 311,674
Federal ESPC liabilities506,680 440,223
Deferred income taxes, net7,159 6,227
Deferred grant income8,075 8,271
Long-term operating lease liabilities, net of current portion[1]36,731 35,300
Other liabilities[1]37,300 37,660
Commitments and contingencies (Note 9)
Redeemable non-controlling interests, net46,003 38,850
Stockholders’ equity:
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at June 30, 2021 and December 31, 20200 0
Additional paid-in capital270,955 145,496
Retained earnings393,158 368,390
Accumulated other comprehensive loss, net(6,754)(9,290)
Treasury stock, at cost, 2,101,795 shares at June 30, 2021 and December 31, 2020(11,788)(11,788)
Total stockholders’ equity645,576 492,813
Total liabilities, redeemable non-controlling interests and stockholders’ equity1,938,690 1,754,115
Class A Common Stock
Stockholders’ equity:
Common stock3 3
Class B Common Stock
Stockholders’ equity:
Common stock $ 2 $ 2
[1]Includes restricted assets of consolidated variable interest entities (“VIEs”) at June 30, 2021 and December 31, 2020 of $155,878 and $162,198, respectively. Includes non-recourse liabilities of consolidated VIEs at June 30, 2021 and December 31, 2020 of $32,318 and $33,335, respectively. See Note 12.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in ThousandsJun. 30, 2021Dec. 31, 2020
Accounts receivable, allowance for credit loss, current $ 2,311 $ 2,266
Total assets[1] $ 1,938,690 $ 1,754,115
Preferred stock, par value (in usd per share) $ 0.0001 $ 0.0001
Preferred stock, shares authorized (in shares)5,000,000 5,000,000
Preferred stock, shares issued (in shares)0 0
Preferred stock, shares outstanding (in shares)0 0
Treasury stock, shares (in shares)2,101,795 2,101,795
Class A Common Stock
Common stock, par value (in usd per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares)500,000,000 500,000,000
Common stock, shares issued (in shares)35,484,126 32,326,449
Common stock, shares outstanding (in shares)33,382,331 30,224,654
Class B Common Stock
Common stock, par value (in usd per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares)144,000,000 144,000,000
Common stock, shares issued (in shares)18,000,000 18,000,000
Common stock, shares outstanding (in shares)18,000,000 18,000,000
Variable Interest Entity, Primary Beneficiary
Total assets $ 155,878 $ 162,198
Total liabilities $ 32,318 $ 33,335
[1]Includes restricted assets of consolidated variable interest entities (“VIEs”) at June 30, 2021 and December 31, 2020 of $155,878 and $162,198, respectively. Includes non-recourse liabilities of consolidated VIEs at June 30, 2021 and December 31, 2020 of $32,318 and $33,335, respectively. See Note 12.

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
Income Statement [Abstract]
Revenues $ 273,920 $ 223,036 $ 526,122 $ 435,449
Cost of revenues220,598 183,528 425,891 357,495
Gross profit53,322 39,508 100,231 77,954
Selling, general and administrative expenses31,882 26,620 60,483 55,544
Operating income21,440 12,888 39,748 22,410
Other expenses, net5,450 4,052 9,122 9,441
Income before income taxes15,990 8,836 30,626 12,969
Income tax (benefit) provision(1,896)0 309 (2,503)
Net income17,886 8,836 30,317 15,472
Net income attributable to redeemable non-controlling interests(4,231)(4,471)(5,488)(4,906)
Net income attributable to common shareholders $ 13,655 $ 4,365 $ 24,829 $ 10,566
Net income per share attributable to common shareholders:
Basic (in usd per share) $ 0.27 $ 0.09 $ 0.49 $ 0.22
Diluted (in usd per share) $ 0.26 $ 0.09 $ 0.48 $ 0.22
Weighted average common shares outstanding:
Basic (in shares)51,315 47,488 50,158 47,500
Diluted (in shares)52,570 48,519 51,475 48,571

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income $ 17,886 $ 8,836 $ 30,317 $ 15,472
Other comprehensive income (loss):
Unrealized gain (loss) from interest rate hedges, net(472)(585)1,645 (4,050)
Foreign currency translation adjustments477 682 891 (1,630)
Total other comprehensive income5 97 2,536 (5,680)
Comprehensive income17,891 8,933 32,853 9,792
Comprehensive income attributable to redeemable non-controlling interests(4,231)(4,471)(5,488)(4,906)
Comprehensive income attributable to common shareholders $ 13,660 $ 4,462 $ 27,365 $ 4,886

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Unrealized gain (loss) from interest rate hedges, tax effect $ (188) $ (221) $ 531 $ (1,408)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Redeemable Non-Controlling Interests and Stockholders' Equity - USD ($) $ in ThousandsTotalClass A Common StockClass B Common StockCommon StockClass A Common StockCommon StockClass B Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive LossTreasury Stock
Redeemable non-controlling interests, beginning balance at Dec. 31, 2019 $ 31,616
Increase (Decrease) in Temporary Equity [Roll Forward]
Contributions from redeemable non-controlling interests, net of tax equity financing fees488
Distributions to redeemable non-controlling interests(707)
Net income4,906
Redeemable non-controlling interests, ending balance at Jun. 30, 202036,303
Beginning balance (in shares) at Dec. 31, 201929,230,005 18,000,000 (2,101,340)
Beginning balance at Dec. 31, 2019428,856 $ 3 $ 2 $ 133,688 $ 314,459 $ (7,514) $ (11,782)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)460,250
Exercise of stock options4,638 4,638
Stock-based compensation expense859 859
Employee stock purchase plan (in shares)28,302
Employee stock purchase plan440 440
Open market purchase of common shares (in shares)(455)455
Open market purchase of common shares(6) $ (6)
Unrealized gain (loss) from interest rate hedges, net(4,050)(4,050)
Foreign currency translation adjustment(1,630)(1,630)
Net income10,566 10,566
Ending balance (in shares) at Jun. 30, 202029,718,102 18,000,000 (2,101,795)
Ending balance at Jun. 30, 2020439,673 $ 3 $ 2 139,625 325,025 (13,194) $ (11,788)
Redeemable non-controlling interests, beginning balance at Mar. 31, 202031,939
Increase (Decrease) in Temporary Equity [Roll Forward]
Contributions from redeemable non-controlling interests, net of tax equity financing fees488
Distributions to redeemable non-controlling interests(595)
Net income4,471
Redeemable non-controlling interests, ending balance at Jun. 30, 202036,303
Beginning balance (in shares) at Mar. 31, 202029,510,161 18,000,000 (2,101,795)
Beginning balance at Mar. 31, 2020432,177 $ 3 $ 2 136,591 320,660 (13,291) $ (11,788)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)179,639
Exercise of stock options2,164 2,164
Stock-based compensation expense430 430
Employee stock purchase plan (in shares)28,302
Employee stock purchase plan440 440
Unrealized gain (loss) from interest rate hedges, net(585)(585)
Foreign currency translation adjustment682 682
Net income4,365 4,365
Ending balance (in shares) at Jun. 30, 202029,718,102 18,000,000 (2,101,795)
Ending balance at Jun. 30, 2020439,673 $ 3 $ 2 139,625 325,025 (13,194) $ (11,788)
Redeemable non-controlling interests, beginning balance at Dec. 31, 202038,850
Increase (Decrease) in Temporary Equity [Roll Forward]
Contributions from redeemable non-controlling interests, net of tax equity financing fees2,252
Distributions to redeemable non-controlling interests(648)
Accretion of tax equity financing fees61
Net income5,488
Redeemable non-controlling interests, ending balance at Jun. 30, 202146,003
Beginning balance (in shares) at Dec. 31, 202030,224,654 18,000,000 30,224,654 18,000,000 (2,101,795)
Beginning balance at Dec. 31, 2020492,813 $ 3 $ 2 145,496 368,390 (9,290) $ (11,788)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity offering costs (in shares)2,875,000
Equity offering costs120,081 120,081
Exercise of stock options (in shares)267,380
Exercise of stock options2,611 2,611
Stock-based compensation expense2,115 2,115
Employee stock purchase plan (in shares)15,297
Employee stock purchase plan652 652
Unrealized gain (loss) from interest rate hedges, net1,645 1,645
Foreign currency translation adjustment891 891
Accretion of tax equity financing fees(61)(61)
Net income24,829 24,829
Ending balance (in shares) at Jun. 30, 202133,382,331 18,000,000 33,382,331 18,000,000 (2,101,795)
Ending balance at Jun. 30, 2021645,576 $ 3 $ 2 270,955 393,158 (6,754) $ (11,788)
Redeemable non-controlling interests, beginning balance at Mar. 31, 202139,668
Increase (Decrease) in Temporary Equity [Roll Forward]
Contributions from redeemable non-controlling interests, net of tax equity financing fees2,269
Distributions to redeemable non-controlling interests(195)
Accretion of tax equity financing fees30
Net income4,231
Redeemable non-controlling interests, ending balance at Jun. 30, 202146,003
Beginning balance (in shares) at Mar. 31, 202133,265,925 18,000,000 (2,101,795)
Beginning balance at Mar. 31, 2021628,855 $ 3 $ 2 267,864 379,533 (6,759) $ (11,788)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity offering costs (in shares)0
Equity offering costs(135)(135)
Exercise of stock options (in shares)101,109
Exercise of stock options1,225 1,225
Stock-based compensation expense1,349 1,349
Employee stock purchase plan (in shares)15,297
Employee stock purchase plan652 652
Unrealized gain (loss) from interest rate hedges, net(472)(472)
Foreign currency translation adjustment477 477
Accretion of tax equity financing fees(30)(30)
Net income13,655 13,655
Ending balance (in shares) at Jun. 30, 202133,382,331 18,000,000 33,382,331 18,000,000 (2,101,795)
Ending balance at Jun. 30, 2021 $ 645,576 $ 3 $ 2 $ 270,955 $ 393,158 $ (6,754) $ (11,788)

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Redeemable Non-Controlling Interests and Stockholders' Equity (Parenthetical) $ in Thousands6 Months Ended
Jun. 30, 2021USD ($)
Statement of Stockholders' Equity [Abstract]
Equity offering, offering costs $ 6,419

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands6 Months Ended
Jun. 30, 2021Jun. 30, 2020
Cash flows from operating activities:
Net income $ 30,317 $ 15,472
Adjustments to reconcile net income to cash flows from operating activities:
Depreciation of energy assets, net20,136 18,949
Depreciation of property and equipment1,637 1,659
Accretion of ARO liabilities57 43
Amortization of debt discount and debt issuance costs1,477 1,176
Amortization of intangible assets161 356
Provision for (recoveries of) bad debts6 (80)
Net loss from derivatives1,225 517
Stock-based compensation expense2,115 859
Deferred income taxes335 4,619
Unrealized foreign exchange (gain) loss(32)201
Changes in operating assets and liabilities:
Accounts receivable15,230 12,125
Accounts receivable retainage(6,211)(2,222)
Federal ESPC receivable(125,146)(89,761)
Inventory, net(224)235
Costs and estimated earnings in excess of billings(8,893)6,410
Prepaid expenses and other current assets2,445 1,857
Project development costs760 (2,758)
Other assets(3,691)516
Accounts payable, accrued expenses and other current liabilities(22,941)(45,256)
Billings in excess of cost and estimated earnings(8,174)8,569
Other liabilities(207)316
Income taxes payable3,135 (7,396)
Cash flows from operating activities(96,483)(73,594)
Cash flows from investing activities:
Purchases of property and equipment(1,484)(1,355)
Capital investment in energy assets(104,267)(77,218)
Contributions to equity investment0 (127)
Cash flows from investing activities(105,751)(78,700)
Cash flows from financing activities:
Proceeds from equity offering, net of offering costs120,081 0
Payments of financing fees(1,162)(2,198)
Proceeds from exercises of options and ESPP3,263 5,078
Repurchase of common stock0 (6)
(Payments on) proceeds from senior secured credit facility, net(28,073)16,000
Proceeds from long-term debt financings64,854 14,232
Proceeds from Federal ESPC projects70,159 133,598
(Payments on) proceeds for energy assets from Federal ESPC(117)
(Payments on) proceeds for energy assets from Federal ESPC1,488
Proceeds from redeemable non-controlling interests, net1,583 74
Payments on long-term debt(33,664)(25,860)
Cash flows from financing activities196,924 142,406
Effect of exchange rate changes on cash315 (457)
Net decrease in cash, cash equivalents, and restricted cash(4,995)(10,345)
Cash, cash equivalents, and restricted cash, beginning of period98,837 77,264
Cash, cash equivalents, and restricted cash, end of period93,842 66,919
Supplemental disclosures of cash flow information:
Cash paid for interest9,097 10,499
Cash paid for income taxes1,213 382
Non-cash Federal ESPC settlement4,027 43,368
Accrued purchases of energy assets $ 28,070 $ 35,705

Basis of Presentation

Basis of Presentation6 Months Ended
Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of PresentationBASIS 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 six months ended June 30, 2021 are not necessarily indicative of results which may be expected for the full year. The December 31, 2020 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, 2020, included in our annual report on Form 10-K (“2020 Annual Report” or “2020 Form 10-K”) for the year ended December 31, 2020 filed with the Securities and Exchange Commission on March 2, 2021. Reclassification Certain prior period amounts were reclassified to conform to the presentation in the current period. Significant Risks and Uncertainties We considered the impact of COVID-19 on the assumptions and estimates used and determined that there was no material adverse impact on our results of operations for the six months ended June 30, 2021 or 2020. Our results of future operations and liquidity could be adversely impacted by a number of factors associated with the COVID-19 pandemic, including payments of outstanding receivable amounts beyond normal payment terms, delays in obtaining signed customer contracts for awarded projects, supply chain disruptions and uncertain demand. As of the date of issuance of these condensed consolidated financial statements, the extent to which the COVID-19 pandemic may impact our financial condition, liquidity, or results of operations in the future is uncertain.

Summary of Significant Accounti

Summary of Significant Accounting Policies6 Months Ended
Jun. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting PoliciesSUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Our accounting policies are set forth in Note 2 to the consolidated financial statements contained in our 2020 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: June 30, 2021 June 30, 2020 Allowance for credit losses, beginning of period $ 2,266 $ 2,260 Charges (recoveries) to costs and expenses, net 6 (80) Account write-offs and other 39 (192) Allowance for credit losses, end of period $ 2,311 $ 1,988 Recent Accounting Pronouncements Income Taxes In December 2019, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes, eliminates certain exceptions within Accounting Standards Codification (“ASC”) 740, Income Taxes, and clarifies certain aspects of the current guidance to promote consistency among reporting entities. ASU 2019-12 is effective for our fiscal year beginning after December 15, 2020. We adopted this guidance as of January 1, 2021 and the adoption did not have an impact on our condensed consolidated financial statements. Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04, which provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. Companies can apply the ASU immediately, however, the guidance will only be available until December 31, 2022. We are currently evaluating the impact that adopting this new accounting standard would have on our condensed consolidated financial statements and related disclosures. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope. The amendments in ASU 2021-01 provide optional expedients to the current guidance on contract modification and hedge accounting from the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. The guidance generally can be applied to applicable contract modifications through December 31, 2022. We are currently evaluating the impact that adopting this new accounting standard would have on our condensed consolidated financial statements and related disclosures. Codification Improvements In October 2020, the FASB issued ASU 2020-10, Codification Improvements. The amendments in this ASU represent changes to clarify the ASC, correct unintended application of guidance, or make minor improvements to the ASC that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. ASU 2020-10 is effective for annual periods beginning after December 15, 2020 and interim periods within those annual periods, with early adoption permitted. The amendments in this ASU should be applied retrospectively. We adopted this guidance as of January 1, 2021 and the adoption did not have an impact on our condensed consolidated financial statements.

Revenue from Contracts with Cus

Revenue from Contracts with Customers6 Months Ended
Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with CustomersREVENUE FROM CONTRACTS WITH CUSTOMERS Disaggregation of Revenue Our reportable segments for the three and six months ended June 30, 2021 were U.S. Regions, U.S. Federal, Canada and Non-Solar Distributed Generation (“Non-Solar DG”). On January 1, 2021, we changed the structure of our internal organization and our U.S. Regions segment now includes our U.S.-based enterprise energy management services previously included in our “All Other” segment. As a result, previously reported amounts have been reclassified for comparative purposes. The following table presents our revenue disaggregated by line of business and reportable segment for the three months ended June 30, 2021: U.S. Regions U.S. Federal Canada Non-Solar DG All Other Total Project revenue $ 92,601 $ 77,075 $ 7,307 $ 9,241 $ 10,031 $ 196,255 O&M revenue 5,303 11,742 — 2,462 89 19,596 Energy assets 10,046 1,371 1,571 23,852 101 36,941 Integrated-PV — — — — 10,721 10,721 Other 1,520 12 1,996 16 6,863 10,407 Total revenues $ 109,470 $ 90,200 $ 10,874 $ 35,571 $ 27,805 $ 273,920 The following table presents our revenue disaggregated by line of business and reportable segment for the three months ended June 30, 2020: U.S. Regions U.S. Federal Canada Non-Solar DG All Other Total Project revenue $ 76,040 $ 72,220 $ 6,167 $ 3,004 $ 2,499 $ 159,930 O&M revenue 4,283 10,755 17 2,120 133 17,308 Energy assets 8,080 1,505 1,344 17,820 — 28,749 Integrated-PV — — — — 8,530 8,530 Other 1,171 11 1,507 185 5,645 8,519 Total revenues $ 89,574 $ 84,491 $ 9,035 $ 23,129 $ 16,807 $ 223,036 The following table presents our revenue disaggregated by line of business and reportable segment for the six months ended June 30, 2021: U.S. Regions U.S. Federal Canada Non-Solar DG All Other Total Project revenue $ 163,759 $ 167,164 $ 16,308 $ 13,895 $ 15,822 $ 376,948 O&M revenue 9,613 23,182 26 5,099 160 38,080 Energy assets 18,856 2,035 2,318 46,783 236 70,228 Integrated-PV — — — — 19,875 19,875 Other 2,515 33 3,865 162 14,416 20,991 Total revenues $ 194,743 $ 192,414 $ 22,517 $ 65,939 $ 50,509 $ 526,122 The following table presents our revenue disaggregated by line of business and reportable segment for the six months ended June 30, 2020: U.S. Regions U.S. Federal Canada Non-Solar DG All Other Total Project revenue $ 147,533 $ 128,334 $ 15,031 $ 5,375 $ 8,086 $ 304,359 O&M revenue 8,635 22,381 26 4,135 193 35,370 Energy assets 16,934 2,224 2,007 35,806 — 56,971 Integrated-PV — — — — 19,999 19,999 Other 2,312 297 3,363 537 12,241 18,750 Total revenues $ 175,414 $ 153,236 $ 20,427 $ 45,853 $ 40,519 $ 435,449 The following table presents information related to our revenue recognized over time: Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Percentage of revenue recognized over time 94% 94% 94% 93% The remainder 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: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 United States $ 252,536 $ 211,218 $ 486,545 $ 407,157 Canada 9,973 8,458 20,826 19,011 Other 11,411 3,360 18,751 9,281 Total revenues $ 273,920 $ 223,036 $ 526,122 $ 435,449 Contract Balances The following tables provide information about receivables, contract assets and contract liabilities from contracts with customers: June 30, 2021 December 31, 2020 Accounts receivable, net $ 115,462 $ 125,010 Accounts receivable retainage, net $ 36,485 $ 30,189 Contract Assets: Costs and estimated earnings in excess of billings $ 195,027 $ 185,960 Contract Liabilities: Billings in excess of cost and estimated earnings $ 26,561 $ 33,984 Billings in excess of cost and estimated earnings, non-current (1) 6,082 6,631 Total contract liabilities $ 32,643 $ 40,615 June 30, 2020 December 31, 2019 Accounts receivable, net $ 86,017 $ 95,863 Accounts receivable retainage, net $ 19,119 $ 16,976 Contract Assets: Costs and estimated earnings in excess of billings $ 195,391 $ 202,243 Contract Liabilities: Billings in excess of cost and estimated earnings $ 34,896 $ 26,618 Billings in excess of cost and estimated earnings, non-current (1) 5,035 5,560 Total contract liabilities $ 39,931 $ 32,178 (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. The increase in contract assets for the six months ended June 30, 2021 was primarily due to revenue recognized of $277,960 offset by billings of $288,012. Contract assets also increased due to reclassifications from contract liabilities as a result of timing of customer payments. The decrease in contract liabilities was primarily driven by recognition of revenue as performance obligations were satisfied exceeding increases from the receipt of advance payment from customers, and related billings. For the six months ended June 30, 2021, we recognized revenue of $98,570 that was previously included in the beginning balance of contract liabilities and billed customers $70,884. Changes in contract liabilities are also driven by reclassifications to or from contract assets as a result of timing of customer payments. The decrease in contract assets for the six months ended June 30, 2020 was primarily due to billings of approximately $285,036, partially offset by revenue recognized of $276,492. The increase in contract liabilities was primarily driven by the receipt of advance payment from customers, and related billings, exceeding increases from the recognition of revenue as performance obligations were satisfied. For the six months ended June 30, 2020, we billed customers $50,697 and recognized revenue of $44,446 that was previously included in the beginning balance of contract liabilities. Changes in contract liabilities are also driven by reclassifications to or from contract assets as a result of timing of customer payments. Performance Obligations Our remaining performance obligations (“backlog”) represent the unrecognized revenue value of our contract commitments. At June 30, 2021, we had backlog of $1,902,420 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 $2,128 and $1,543 were included in other long-term assets in the accompanying condensed consolidated balance sheets as of June 30, 2021 and December 31, 2020, respectively. Project development costs of $3,109 and $4,258 were recognized in the condensed consolidated statements of income on projects that converted to customer contracts during the three months ended June 30, 2021 and 2020, respectively. Project development costs of $5,094 and $5,865 were recognized in the condensed consolidated statements of income on projects that converted to customer contracts during the six months ended June 30, 2021 and 2020, respectively. No impairment charges in connection with our capitalized commission costs or project development costs were recorded during the six months ended June 30, 2021 and 2020.

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, Net6 Months Ended
Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets, NetGOODWILL AND INTANGIBLE ASSETS, NET The changes in the carrying value of goodwill balances by reportable segment was as follows: U.S. Regions U.S. Federal Canada Non-solar DG Other Total Balance, December 31, 2020 $ 26,705 $ 3,981 $ 3,441 $ — $ 24,587 $ 58,714 Currency effects — — 96 — 91 187 Balance, June 30, 2021 $ 26,705 $ 3,981 $ 3,537 $ — $ 24,678 $ 58,901 Definite-lived intangible assets, net consisted of the following: As of June 30, 2021 As of December 31, 2020 Gross carrying amount $ 27,378 27,240 Accumulated amortization 26,609 26,313 Intangible assets, net $ 769 $ 927 The table below sets forth amortization expense: Three Months Ended June 30, Six Months Ended June 30, Asset type Location 2021 2020 2021 2020 Customer contracts Cost of revenues $ — $ 22 $ — $ 45 All other intangible assets Selling, general and administrative expenses 81 158 161 311 Total amortization expense $ 81 $ 180 $ 161 $ 356

Energy Assets, Net

Energy Assets, Net6 Months Ended
Jun. 30, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Energy Assets, NetENERGY ASSETS, NET Energy assets, net consisted of the following: June 30, 2021 December 31, 2020 Energy assets (1) $ 1,044,288 $ 954,426 Less - accumulated depreciation and amortization (245,679) (225,048) Energy assets, net $ 798,609 $ 729,378 (1) Includes financing lease assets (see Note 6), capitalized interest and ARO assets (see tables below). The following table sets forth our depreciation and amortization expense on energy assets, net of deferred grant amortization: Three Months Ended June 30, Six Months Ended June 30, Location 2021 2020 2021 2020 Cost of revenues (2) $ 10,450 $ 9,650 $ 20,136 $ 18,949 (2) Includes depreciation and amortization on financing lease assets (see Note 6). 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: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Capitalized interest $ 1,288 $ 912 $ 3,526 $ 1,774 The following tables sets forth information related to our Asset Retirement Obligations (“ARO”) assets and ARO liabilities: Location June 30, 2021 December 31, 2020 ARO assets, net Energy assets, net $ 2,004 $ 1,468 ARO liabilities, current Accrued expenses and other current liabilities $ 6 $ 86 ARO liabilities, non-current Other liabilities 2,284 1,561 Total ARO liabilities $ 2,290 $ 1,647 Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Depreciation expense of ARO assets $ 30 $ 19 $ 53 $ 38 Accretion expense of ARO liabilities $ 33 $ 22 $ 57 $ 43

Leases

Leases6 Months Ended
Jun. 30, 2021
Leases [Abstract]
LeasesLEASES The table below sets forth supplemental condensed consolidated balance sheet information related to our leases: June 30, 2021 December 31, 2020 Operating Leases: Operating lease assets $ 40,608 $ 39,151 Current portions of operating lease liabilities $ 5,995 $ 6,106 Long-term portions of operating lease liabilities 36,731 35,300 Total operating lease liabilities $ 42,726 $ 41,406 Weighted-average remaining lease term 13 years 12 years Weighted-average discount rate 5.79 % 5.94 % Financing Leases: Energy assets $ 32,940 $ 34,005 Current portions of financing lease liabilities $ 3,796 $ 4,273 Long-term financing lease liabilities, net of current portion, unamortized discount and debt issuance costs 17,617 19,227 Total financing lease liabilities $ 21,413 $ 23,500 Weighted-average remaining lease term 16 years 16 years Weighted-average discount rate 12.04 % 11.94 % The costs related to our leases were as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Operating Leases: Operating lease costs $ 2,187 $ 2,106 $ 4,340 $ 3,932 Financing Leases: Amortization expense 533 532 1,065 1,064 Interest on lease liabilities 666 726 1,324 1,559 Total lease costs $ 3,386 $ 3,364 $ 6,729 $ 6,555 Supplemental cash flow information related to our leases was as follows: Six Months Ended June 30, 2021 2020 Cash paid for amounts included in the measurement of operating lease liabilities $ 4,355 $ 3,861 Right-of-use assets obtained in exchange for new operating lease liabilities $ 4,961 $ 4,838 The table below sets forth our estimated minimum future lease obligations under our leases: Operating Leases Financing Leases Year ended December 31, 2021 $ 4,116 $ 3,485 2022 8,098 5,178 2023 6,659 3,676 2024 5,516 2,565 2025 4,488 2,213 Thereafter 32,721 21,866 Total minimum lease payments 61,598 38,983 Less: interest 18,872 17,570 Present value of lease liabilities $ 42,726 $ 21,413 We have a future lease commitment for a certain 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 $3,000 as of June 30, 2021 and relates to a one-time payment due when specific criteria are met, which we estimate will be during the three months ended September 30, 2021. Sale-leasebacks We entered into a fifth amendment dated March 22, 2021 to our August 2018 agreement for a long-term financing facility and increased the maximum funding amount from $150,000 up to $350,000 and extended the end date of the agreement from May 23, 2021 to March 31, 2022. We sold and leased back two energy assets for $26,820 in cash under this facility during the six months ended June 30, 2021. As of June 30, 2021, approximately $284,885 remained available under this lending commitment. These transactions are accounted for as failed sales and are classified as long-term financing facilities. See Note 7 for additional information. In July 2021, we entered into an amendment to our December 2020 long-term financing facility which increased our maximum commitment from $4,500 to $23,559 and extended the end date of the agreement to December 31, 2021. Net gains from amortization expense recognized in cost of revenues relating to deferred gains and losses in connection with our sale-leaseback agreements were $57 for the three months ended June 30, 2021 and 2020 and $114 and $112 for the six months ended June 30, 2021 and 2020, respectively.
LeasesLEASES The table below sets forth supplemental condensed consolidated balance sheet information related to our leases: June 30, 2021 December 31, 2020 Operating Leases: Operating lease assets $ 40,608 $ 39,151 Current portions of operating lease liabilities $ 5,995 $ 6,106 Long-term portions of operating lease liabilities 36,731 35,300 Total operating lease liabilities $ 42,726 $ 41,406 Weighted-average remaining lease term 13 years 12 years Weighted-average discount rate 5.79 % 5.94 % Financing Leases: Energy assets $ 32,940 $ 34,005 Current portions of financing lease liabilities $ 3,796 $ 4,273 Long-term financing lease liabilities, net of current portion, unamortized discount and debt issuance costs 17,617 19,227 Total financing lease liabilities $ 21,413 $ 23,500 Weighted-average remaining lease term 16 years 16 years Weighted-average discount rate 12.04 % 11.94 % The costs related to our leases were as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Operating Leases: Operating lease costs $ 2,187 $ 2,106 $ 4,340 $ 3,932 Financing Leases: Amortization expense 533 532 1,065 1,064 Interest on lease liabilities 666 726 1,324 1,559 Total lease costs $ 3,386 $ 3,364 $ 6,729 $ 6,555 Supplemental cash flow information related to our leases was as follows: Six Months Ended June 30, 2021 2020 Cash paid for amounts included in the measurement of operating lease liabilities $ 4,355 $ 3,861 Right-of-use assets obtained in exchange for new operating lease liabilities $ 4,961 $ 4,838 The table below sets forth our estimated minimum future lease obligations under our leases: Operating Leases Financing Leases Year ended December 31, 2021 $ 4,116 $ 3,485 2022 8,098 5,178 2023 6,659 3,676 2024 5,516 2,565 2025 4,488 2,213 Thereafter 32,721 21,866 Total minimum lease payments 61,598 38,983 Less: interest 18,872 17,570 Present value of lease liabilities $ 42,726 $ 21,413 We have a future lease commitment for a certain 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 $3,000 as of June 30, 2021 and relates to a one-time payment due when specific criteria are met, which we estimate will be during the three months ended September 30, 2021. Sale-leasebacks We entered into a fifth amendment dated March 22, 2021 to our August 2018 agreement for a long-term financing facility and increased the maximum funding amount from $150,000 up to $350,000 and extended the end date of the agreement from May 23, 2021 to March 31, 2022. We sold and leased back two energy assets for $26,820 in cash under this facility during the six months ended June 30, 2021. As of June 30, 2021, approximately $284,885 remained available under this lending commitment. These transactions are accounted for as failed sales and are classified as long-term financing facilities. See Note 7 for additional information. In July 2021, we entered into an amendment to our December 2020 long-term financing facility which increased our maximum commitment from $4,500 to $23,559 and extended the end date of the agreement to December 31, 2021. Net gains from amortization expense recognized in cost of revenues relating to deferred gains and losses in connection with our sale-leaseback agreements were $57 for the three months ended June 30, 2021 and 2020 and $114 and $112 for the six months ended June 30, 2021 and 2020, respectively.
LeasesLEASES The table below sets forth supplemental condensed consolidated balance sheet information related to our leases: June 30, 2021 December 31, 2020 Operating Leases: Operating lease assets $ 40,608 $ 39,151 Current portions of operating lease liabilities $ 5,995 $ 6,106 Long-term portions of operating lease liabilities 36,731 35,300 Total operating lease liabilities $ 42,726 $ 41,406 Weighted-average remaining lease term 13 years 12 years Weighted-average discount rate 5.79 % 5.94 % Financing Leases: Energy assets $ 32,940 $ 34,005 Current portions of financing lease liabilities $ 3,796 $ 4,273 Long-term financing lease liabilities, net of current portion, unamortized discount and debt issuance costs 17,617 19,227 Total financing lease liabilities $ 21,413 $ 23,500 Weighted-average remaining lease term 16 years 16 years Weighted-average discount rate 12.04 % 11.94 % The costs related to our leases were as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Operating Leases: Operating lease costs $ 2,187 $ 2,106 $ 4,340 $ 3,932 Financing Leases: Amortization expense 533 532 1,065 1,064 Interest on lease liabilities 666 726 1,324 1,559 Total lease costs $ 3,386 $ 3,364 $ 6,729 $ 6,555 Supplemental cash flow information related to our leases was as follows: Six Months Ended June 30, 2021 2020 Cash paid for amounts included in the measurement of operating lease liabilities $ 4,355 $ 3,861 Right-of-use assets obtained in exchange for new operating lease liabilities $ 4,961 $ 4,838 The table below sets forth our estimated minimum future lease obligations under our leases: Operating Leases Financing Leases Year ended December 31, 2021 $ 4,116 $ 3,485 2022 8,098 5,178 2023 6,659 3,676 2024 5,516 2,565 2025 4,488 2,213 Thereafter 32,721 21,866 Total minimum lease payments 61,598 38,983 Less: interest 18,872 17,570 Present value of lease liabilities $ 42,726 $ 21,413 We have a future lease commitment for a certain 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 $3,000 as of June 30, 2021 and relates to a one-time payment due when specific criteria are met, which we estimate will be during the three months ended September 30, 2021. Sale-leasebacks We entered into a fifth amendment dated March 22, 2021 to our August 2018 agreement for a long-term financing facility and increased the maximum funding amount from $150,000 up to $350,000 and extended the end date of the agreement from May 23, 2021 to March 31, 2022. We sold and leased back two energy assets for $26,820 in cash under this facility during the six months ended June 30, 2021. As of June 30, 2021, approximately $284,885 remained available under this lending commitment. These transactions are accounted for as failed sales and are classified as long-term financing facilities. See Note 7 for additional information. In July 2021, we entered into an amendment to our December 2020 long-term financing facility which increased our maximum commitment from $4,500 to $23,559 and extended the end date of the agreement to December 31, 2021. Net gains from amortization expense recognized in cost of revenues relating to deferred gains and losses in connection with our sale-leaseback agreements were $57 for the three months ended June 30, 2021 and 2020 and $114 and $112 for the six months ended June 30, 2021 and 2020, respectively.

Debt and Financing Lease Liabil

Debt and Financing Lease Liabilities6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]
Debt and Financing Lease LiabilitiesDEBT AND FINANCING LEASE LIABILITIES Our debt and financing lease liabilities comprised of the following: June 30, 2021 December 31, 2020 Senior secured revolving credit facility (1) $ 25,000 $ 53,073 Senior secured term loan 55,250 57,688 Non-recourse term loans 197,959 198,124 Non-recourse construction revolvers 40,163 26,758 Long-term financing facilities (2) 55,472 32,618 Financing lease liabilities (3) 21,413 23,500 Total debt and financing lease liabilities 395,257 391,761 Less: current maturities 79,778 69,362 Less: unamortized discount and debt issuance costs 10,128 10,725 Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs $ 305,351 $ 311,674 (1) At June 30, 2021, funds of $141,241 were available for borrowing under this facility. (2) These facilities are sale-leaseback arrangements and are accounted for as failed sales. See Note 6 for additional disclosures. (3) Financing lease liabilities are sale-leaseback arrangements under previous guidance. See Note 6 for additional disclosures. Senior Secured Revolving Credit Facility On June 22, 2021, we entered into the second amendment to the fourth amended and restated bank credit facility we have syndicated with three banks, which increased the amount of the revolving commitment by the lenders under the credit facility by $65,000 and included the following amendments: • increased the aggregate amount of the revolving commitments from $115,000 to $180,000 through the existing June 28, 2024 maturity date, • increased the total funded debt to EBITDA covenant ratio from a maximum of 3.25 to 3.50, and • decreased the Eurocurrency rate floor from 1% to 0%. We accounted for this amendment as a modification and at closing we incurred $78 in lender fees which were reflected as debt discount. The unamortized debt discount and issuance costs are being amortized over the remaining term of the agreement. October 2020 Term Loan Modification In October 2020, we entered into an amended and restated credit agreement with a bank primarily to increase the commitments under the existing credit agreement and add projects eligible for financing. The new credit agreement increased the commitment from $28,500 to $35,000 and included an option for the lender to increase the commitment by up to an additional $15,000 for a total not to exceed $50,000. During the six months ended June 30, 2021, the lender increased its commitment by the remaining $15,000 and we received net proceeds of $14,848. The quarterly payments consist of $1,250 in principal plus an additional principal prepayment based on project cash flows in addition to interest to be paid through the earlier of maturity, March 2026, or when the principal balance is paid in full. We accounted for this amendment as a modification and at closing we incurred $150 in lender fees which were reflected as debt discount and $2 in third-party fees which were expensed in selling, general and administrative expenses during the six months ended June 30, 2021. The unamortized debt discount and issuance costs from the October 2020 loan modification are being amortized over the remaining term of the agreement. The balance of the loan outstanding as of June 30, 2021 was $46,988, net of unamortized debt discount and issuance costs. Construction Revolvers In June 2020, we entered into a revolving credit agreement with a bank, with an aggregate borrowing capacity of $100,000 for use in financing the construction cost of our owned projects. In March 2021, we entered into a third amendment to this agreement to extend this facility from May 2021 to March 2022. All remaining unpaid amounts outstanding under the facility are due at that time. During the six months ended June 30, 2021, we closed on $14,013 in funding for four additional projects under this facility and drew down an additional $5,117 for existing projects. The balance of this construction revolver as of June 30, 2021 was $33,977, net of unamortized debt issuance costs and funds of $65,693 were available for borrowing under this facility. We also have funds of $24,145 available for borrowing under our July 2020 construction revolver. In July 2021, two projects financed under this revolver failed to achieve commercial operations date (“COD”) on a timely basis; however, we received a limited waiver and an extension of COD for both projects from our lender, which cured the resulting event of default retroactively. July 2021 Term Loan

Income Taxes

Income Taxes6 Months Ended
Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income TaxesINCOME TAXES We recorded a benefit for income taxes of $(1,896) and $— for the three months ended June 30, 2021 and 2020, respectively. The estimated effective annualized tax rate impacted by the period discrete items is a benefit of 11.9% for the three months ended June 30, 2021, compared to a 0.0% of estimated effective annualized tax rate for the three months ended June 30, 2020. We recorded a provision (benefit) for income taxes of $309 and $(2,503) for the six months ended June 30, 2021 and 2020, respectively. The estimated effective annualized tax rate impacted by the period discrete items is 1.0% for the six months ended June 30, 2021, compared to a benefit of 19.3% of estimated effective annualized tax rate for the six months ended June 30, 2020. The principal reasons for the difference between the statutory rate and the estimated annual effective rate for 2021 were the effects of investment tax credits which we are entitled from solar plants placed into service or are forecasted to be placed into service during 2021, the tax deductions related to the Section 179D deduction, the deduction of compensation expense associated with certain employee stock options, and tax basis adjustments on certain partnership flip transactions. The principal reason for the difference between the statutory rate and the estimated annual effective rate for 2020 were the effects of investment tax credits to which we are entitled from solar plants which were placed into service during 2020, tax deductions related to the Section 179D deduction, tax basis adjustments on certain partnership flip transactions, and tax rate benefits associated with the net operating loss carryback made possible by the passing of the COVID-19 CARES Act on March 27, 2020. Under GAAP accounting rules deferred taxes are shown on a net basis in the 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: Gross Unrecognized Balance, December 31, 2020 $ 600 Additions for prior year tax positions 200 Balance, June 30, 2021 $ 800 The amount of unrecognized tax benefits that, if recognized, would favorably affect the effective income tax rate in any future periods was $400 at June 30, 2021 and $190 at December 31, 2020 (net of the federal benefit on state amounts). We presented all deferred tax assets and liabilities as noncurrent, net liabilities on our condensed consolidated balance sheets as of June 30, 2021, and December 31, 2020.

Commitments and Contingencies

Commitments and Contingencies6 Months Ended
Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and ContingenciesCOMMITMENTS AND CONTINGENCIES From time to time, we issue letters of credit and performance bonds with our third-party lenders, to provide collateral. Legal Proceedings On November 6, 2017, we were served with a complaint filed by a customer against nine contractors, including us, claiming both physical damages to the customer’s tangible property and damages caused by various alleged defects in the design of the project through negligent acts and/or omissions, breaches of contract and breaches of the “implied warranty of good and workmanlike manner.” A mediation was held in January 2021, at which time we made an offer to settle the case, in an amount which we believe would be covered by our insurance. The trial has been set for April 2022 and both parties are taking discovery. Although the customer rejected our offer, both parties have agreed to continue to negotiate a settlement. We believe that it is probable that a loss will be incurred and, therefore, have accrued a reasonable estimate of the loss, which is included in accrued expenses and other current liabilities in our condensed consolidated balance sheets as of June 30, 2021 and December 31, 2020. In addition, we accrued a loss recovery from insurance proceeds as we believe the receipt of such proceeds is probable. The loss recovery accrual is included in prepaid expenses and other current assets in our consolidated balance sheets as of June 30, 2021 and December 31, 2020. There were no changes to our estimate during the six months ended June 30, 2021. We are involved in a variety of other claims and other legal proceedings generally incidental to our normal business activities. While the outcome of any of these proceedings cannot be accurately predicted, we do not believe the ultimate resolution of any of these existing matters would have a material adverse effect on our financial condition or results of operations. Commitment as a Result of an Acquisition

Fair Value Measurement

Fair Value Measurement6 Months Ended
Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value MeasurementFAIR VALUE MEASUREMENT We recognize our financial assets and liabilities at fair value on a recurring basis (at least annually). 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: Fair Value as of Level June 30, 2021 December 31, 2020 Assets: Interest rate swap instruments 2 $ 743 $ 2 Commodity swap instruments 2 — 363 Total assets $ 743 $ 365 Liabilities: Interest rate swap instruments 2 $ 7,859 $ 10,073 Commodity swap instruments 2 1,135 — Make-whole provisions 2 1,247 412 Contingent consideration 3 678 678 Total liabilities $ 10,919 $ 11,163 The following table sets forth the fair value and the carrying value of our long-term debt, excluding financing leases: As of June 30, 2021 As of December 31, 2020 Fair Value Carrying Value Fair Value Carrying Value Long-term debt (Level 2) $ 367,427 $ 363,716 $ 363,460 $ 357,536 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 six months ended June 30, 2021 and the year ended December 31, 2020. 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 June 30, 2021 or December 31, 2020.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities6 Months Ended
Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging ActivitiesDERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES The following table presents information about the fair value amounts of our cash flow derivative instruments: Derivatives as of June 30, 2021 December 31, 2020 Balance Sheet Location Fair Value Fair Value Derivatives Designated as Hedging Instruments: Interest rate swap contracts Other liabilities $ 7,818 $ 9,994 Derivatives Not Designated as Hedging Instruments: Interest rate swap contracts Other assets $ 743 $ 2 Interest rate swap contracts Other liabilities $ 41 $ 79 Commodity swap contracts Other assets $ — $ 363 Commodity swap contracts Other liabilities $ 1,135 $ — Make-whole provisions Other liabilities $ 1,247 $ 412 As of June 30, 2021 and December 31, 2020, all but four of our freestanding derivatives were designated as hedging instruments. The following table presents information about the effects of our derivative instruments on our condensed consolidated statements of income and condensed consolidated statements of comprehensive income: Amount of (Gain) Loss Recognized in Net Income Location of (Gain) Loss Recognized in Net Income Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Derivatives Designated as Hedging Instruments: Interest rate swap contracts Other expenses, net $ 522 $ 306 $ 1,045 $ 405 Derivatives Not Designated as Hedging Instruments: Interest rate swap contracts Other expenses, net $ 543 $ (11) $ (779) $ (1) Commodity swap contracts Other expenses, net $ 1,250 $ 95 1,498 47 Make-whole provisions Other expenses, net $ (205) $ 655 506 470 The following table presents the changes in Accumulated Other Comprehensive Income (“AOCI”), net of taxes, from our hedging instruments: Six Months Ended June 30, 2021 Derivatives Designated as Hedging Instruments: Accumulated loss in AOCI at the beginning of the period $ (7,526) Unrealized gain recognized in AOCI 600 Loss reclassified from AOCI to other expenses, net 1,045 Net gain on derivatives 1,645 Accumulated loss in AOCI at the end of the period $ (5,881) The following tables present all of our active derivative instruments as of June 30, 2021: Active Interest Rate Swaps Effective Date Expiration Date Initial Notional Status 11-Year, 5.77% Fixed October 2018 October 2029 $ 9,200 Designated 15-Year, 5.24% Fixed June 2018 June 2033 $ 10,000 Designated 10-Year, 4.74% Fixed June 2017 December 2027 $ 14,100 Designated 15-Year, 3.26% Fixed February 2023 December 2038 $ 14,084 Designated 7-Year, 2.19% Fixed February 2016 February 2023 $ 20,746 Designated 8-Year, 3.70% Fixed March 2020 June 2028 $ 14,643 Designated 8-Year, 3.70% Fixed March 2020 June 2028 $ 10,734 Designated 13-Year, 0.93% Fixed May 2020 March 2033 $ 9,505 Not Designated 13-Year, 0.93% Fixed May 2020 March 2033 $ 6,968 Not Designated 15.5-Year, 5.40% Fixed September 2008 March 2024 $ 13,081 Designated 2.75-Year, 0.41% Fixed December 2020 September 2023 $ 26,250 Not Designated Active Commodity Swaps Effective Date Expiration Date Initial Notional Amount (Volume) Commodity Measurement Status 3.5-Year, $2.65 MMBtu Fixed December 2020 June 2024 3,296,160 MMBtus Not Designated Other Derivatives Classification Effective Date Expiration Date Fair Value ($) Make-whole provisions Liability June/August 2018 December 2038 $ 545 Make-whole provisions Liability August 2016 April 2031 $ 89 Make-whole provisions Liability April 2017 February 2034 $ 109 Make-whole provisions Liability November 2020 December 2027 $ 90 Make-whole provisions Liability October 2011 May 2028 $ 37 Make-whole provisions Liability May 2021 April 2045 $ 377

Investment Funds and Equity Met

Investment Funds and Equity Method Investments6 Months Ended
Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Investment Funds and Equity Method InvestmentsINVESTMENT FUNDS AND EQUITY METHOD INVESTMENTS Investment Funds The table below presents a summary of amounts related to our investment funds, which we determined meet the definition of a variable interest entity (“VIE”) as of: June 30, December 31, 2021 (1) 2020 (1) Cash and cash equivalents $ 5,351 $ 5,828 Restricted cash 373 3,185 Accounts receivable, net 817 834 Costs and estimated earnings in excess of billings 2,286 968 Prepaid expenses and other current assets 64 120 Total VIE current assets 8,891 10,935 Property and equipment, net 1,266 1,266 Energy assets, net 138,858 143,133 Operating lease assets 6,363 6,439 Restricted cash, non-current portion 383 331 Other assets 117 94 Total VIE assets $ 155,878 $ 162,198 Current portions of long-term debt and financing lease liabilities $ 2,221 $ 2,230 Accounts payable 179 311 Accrued expenses and other current liabilities 482 1,092 Current portions of operating lease liabilities 133 125 Total VIE current liabilities 3,015 3,758 Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs 22,261 22,822 Long-term operating lease liabilities, net of current portion 6,184 6,220 Other liabilities 858 535 Total VIE liabilities $ 32,318 $ 33,335 (1) The amounts in the above table are reflected in Note 1 on our condensed consolidated balance sheets. See Note 13 for additional information on the call and put options. Equity Method Investments Unconsolidated joint ventures are accounted for under the equity method. For these joint ventures, our investment balances are included in other assets on the condensed consolidated balance sheets and our pro rata share of net income or loss is included in operating income. The following table provides information about our equity method investments in joint ventures: As of June 30, 2021 December 31, 2020 Equity method investments $ 1,122 $ 1,189 Three Months Ended June 30, Six Months Ended June 30, June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Expense recognized $ 41 $ 24 $ 103 $ 77

Redeemable Non-controlling Inte

Redeemable Non-controlling Interests6 Months Ended
Jun. 30, 2021
Noncontrolling Interest [Abstract]
Redeemable Non-controlling InterestsREDEEMABLE 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 call option period for one of our investment funds began in March 2021. 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 June 30, 2021 and December 31, 2020 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.

Equity and Earnings Per Share

Equity and Earnings Per Share6 Months Ended
Jun. 30, 2021
Earnings Per Share [Abstract]
Equity and Earnings Per ShareEQUITY AND EARNINGS PER SHARE Equity Offering On March 9, 2021, we closed on an underwritten public offering of 2,500 shares of our Class A common stock at a public offering price of $44.00 per share. Net proceeds from the offering were $104,323, after deducting offering costs of $5,677. On March 15, 2021, we closed on the underwriters’ option to purchase 375 additional shares of Class A common stock from us, resulting in net proceeds of $15,758 after deducting offering costs of $742. We used $80,000 of the net proceeds to repay in full the outstanding U.S. dollar balance under our senior secured revolving credit facility. In the offering, selling shareholders sold 805 shares our Class A Common Stock at a public offering price of $44.00 per share, less the underwriting discount. We did not receive any proceeds from the sale of the shares by the selling stockholders. Earnings Per Share The following is a reconciliation of the numerator and denominator for the computation of basic and diluted earnings per share: Three Months Ended June 30, Six Months Ended June 30, (In thousands, except per share data) 2021 2020 2021 2020 Numerator: Net income attributable to common shareholders $ 13,655 $ 4,365 $ 24,829 $ 10,566 Adjustment for accretion of tax equity financing fees (30) — (61) — Income attributable to common shareholders $ 13,625 $ 4,365 $ 24,768 $ 10,566 Denominator: Basic weighted-average shares outstanding 51,315 47,488 50,158 47,500 Effect of dilutive securities: Stock options 1,255 1,031 1,317 1,071 Diluted weighted-average shares outstanding 52,570 48,519 51,475 48,571 Net income per share attributable to common shareholders: Basic $ 0.27 $ 0.09 $ 0.49 $ 0.22 Diluted $ 0.26 $ 0.09 $ 0.48 $ 0.22 Potentially dilutive shares (1) 1,718 1,450 1,423 1,388 (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.

Stock-Based Compensation

Stock-Based Compensation6 Months Ended
Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based CompensationSTOCK-BASED COMPENSATION We recorded stock-based compensation expense, including expense related to our employee stock purchase plan, as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Stock-based compensation expense $ 1,349 $ 430 $ 2,115 $ 859 Our compensation expense is included in selling, general and administrative expenses in the condensed consolidated statements of income. As of June 30, 2021, there was $29,160 of unrecognized compensation expense related to non-vested stock option awards that is expected to be recognized over a weighted-average period of 3.0 years. Stock Option Grants During the six months ended June 30, 2021, we granted 911 common stock options to certain employees under our 2020 Stock Incentive Plan, which have a contractual life of ten years and vest over a five-year period. We did not grant awards to individuals who were not either an employee or director of ours during the six months ended June 30, 2021 and 2020.

Business Segment Information

Business Segment Information6 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]
Business Segment InformationBUSINESS SEGMENT INFORMATION Our reportable segments for the three and six months ended June 30, 2021 were U.S. Regions, U.S. Federal, Canada and Non-Solar DG. On January 1, 2021, we changed the structure of our internal organization and our U.S. Regions segment now includes our U.S.-based enterprise energy management services previously included in our “All Other” segment. As a result, previously reported amounts have been reclassified for comparative purposes. Our U.S. Regions, U.S. Federal and Canada segments offer energy efficiency products and services which include the design, engineering and installation of equipment and other measures to improve the efficiency and control the operation of a facility’s energy infrastructure, renewable energy solutions and services and the development and construction of small-scale plants that Ameresco owns or develops for customers that produce electricity, gas, heat or cooling from renewable sources of energy and O&M services. Our Non-Solar DG segment sells electricity, processed renewable gas fuel, heat or cooling, produced from renewable sources of energy, other than solar, and generated by small-scale plants that we own and O&M services for customer-owned small-scale plants. The “All Other” category includes enterprise energy management services, other than the U.S.-based portion; consulting services, energy efficiency products and services outside of the U.S. and Canada; and the sale of solar PV energy products and systems which we refer to as integrated-PV. These segments do not include results of other activities, such as corporate operating expenses not specifically allocated to the segments. Certain reportable segments are an aggregation of operating segments. The tables below presents our business segment information recast for the prior-year period and a reconciliation to the condensed consolidated financial statements: U.S. Regions U.S. Federal Canada Non-Solar DG All Other Total Consolidated Three Months Ended June 30, 2021 Revenues $ 109,470 $ 90,200 $ 10,874 $ 35,571 $ 27,805 $ 273,920 Interest income 34 — — — — 34 Interest expense 1,325 326 240 3,000 60 4,951 Depreciation and amortization of intangible assets 4,030 1,139 484 4,937 274 10,864 Unallocated corporate activity — — — — — (10,070) Income before taxes, excluding unallocated corporate activity 7,379 11,082 751 5,093 1,755 26,060 Three Months Ended June 30, 2020 Revenues $ 89,574 $ 84,491 $ 9,035 $ 23,129 $ 16,807 $ 223,036 Interest income 34 34 — 2 — 70 Interest expense 2,190 345 165 1,128 18 3,846 Depreciation and amortization of intangible assets 3,098 942 381 5,420 330 10,171 Unallocated corporate activity — — — — — (10,395) Income before taxes, excluding unallocated corporate activity 5,202 9,945 516 2,906 662 19,231 U.S. Regions U.S. Federal Canada Non-Solar DG All Other Total Consolidated Six Months Ended June 30, 2021 Revenues $ 194,743 $ 192,414 $ 22,517 $ 65,939 $ 50,509 $ 526,122 Interest income 68 2 — — — 70 Interest expense (1) 3,334 650 626 2,536 203 7,349 Depreciation and amortization of intangible assets 7,605 2,149 899 9,799 561 21,013 Unallocated corporate activity — — — — — (21,230) Income before taxes, excluding unallocated corporate activity 10,889 23,112 666 13,721 3,468 51,856 Six Months Ended June 30, 2020 Revenues $ 175,414 $ 153,236 $ 20,427 $ 45,853 $ 40,519 $ 435,449 Interest income 70 74 — 16 — 160 Interest expense (1) 3,671 1,091 337 2,173 33 7,305 Depreciation and amortization of intangible assets 5,960 1,959 772 10,707 607 20,005 Unallocated corporate activity — — — — — (20,712) Income before taxes, excluding unallocated corporate activity 9,240 17,039 295 4,575 2,532 33,681 (1) Includes gains recognized on derivative instruments during the three months ended March 31, 2021 and 2020, which were offset by losses in the three months ended June 30, 2021 and 2020. See Note 11 for additional information. See Note 3 for additional information about our revenues by product line.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)6 Months Ended
Jun. 30, 2021
Accounting Policies [Abstract]
Basis of PresentationBASIS 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.
ReclassificationReclassification Certain prior period amounts were reclassified to conform to the presentation in the current period.
Recent Accounting PronouncementsRecent Accounting Pronouncements Income Taxes In December 2019, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes, eliminates certain exceptions within Accounting Standards Codification (“ASC”) 740, Income Taxes, and clarifies certain aspects of the current guidance to promote consistency among reporting entities. ASU 2019-12 is effective for our fiscal year beginning after December 15, 2020. We adopted this guidance as of January 1, 2021 and the adoption did not have an impact on our condensed consolidated financial statements. Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04, which provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. Companies can apply the ASU immediately, however, the guidance will only be available until December 31, 2022. We are currently evaluating the impact that adopting this new accounting standard would have on our condensed consolidated financial statements and related disclosures. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope. The amendments in ASU 2021-01 provide optional expedients to the current guidance on contract modification and hedge accounting from the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. The guidance generally can be applied to applicable contract modifications through December 31, 2022. We are currently evaluating the impact that adopting this new accounting standard would have on our condensed consolidated financial statements and related disclosures. Codification Improvements In October 2020, the FASB issued ASU 2020-10, Codification Improvements. The amendments in this ASU represent changes to clarify the ASC, correct unintended application of guidance, or make minor improvements to the ASC that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. ASU 2020-10 is effective for annual periods beginning after December 15, 2020 and interim periods within those annual periods, with early adoption permitted. The amendments in this ASU should be applied retrospectively. We adopted this guidance as of January 1, 2021 and the adoption did not have an impact on our condensed consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)6 Months Ended
Jun. 30, 2021
Accounting Policies [Abstract]
Summary of Accounts Receivable, Allowance for Credit LossChanges in the allowance for credit losses are as follows: June 30, 2021 June 30, 2020 Allowance for credit losses, beginning of period $ 2,266 $ 2,260 Charges (recoveries) to costs and expenses, net 6 (80) Account write-offs and other 39 (192) Allowance for credit losses, end of period $ 2,311 $ 1,988

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)6 Months Ended
Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Summary of Disaggregation of RevenueThe following table presents our revenue disaggregated by line of business and reportable segment for the three months ended June 30, 2021: U.S. Regions U.S. Federal Canada Non-Solar DG All Other Total Project revenue $ 92,601 $ 77,075 $ 7,307 $ 9,241 $ 10,031 $ 196,255 O&M revenue 5,303 11,742 — 2,462 89 19,596 Energy assets 10,046 1,371 1,571 23,852 101 36,941 Integrated-PV — — — — 10,721 10,721 Other 1,520 12 1,996 16 6,863 10,407 Total revenues $ 109,470 $ 90,200 $ 10,874 $ 35,571 $ 27,805 $ 273,920 The following table presents our revenue disaggregated by line of business and reportable segment for the three months ended June 30, 2020: U.S. Regions U.S. Federal Canada Non-Solar DG All Other Total Project revenue $ 76,040 $ 72,220 $ 6,167 $ 3,004 $ 2,499 $ 159,930 O&M revenue 4,283 10,755 17 2,120 133 17,308 Energy assets 8,080 1,505 1,344 17,820 — 28,749 Integrated-PV — — — — 8,530 8,530 Other 1,171 11 1,507 185 5,645 8,519 Total revenues $ 89,574 $ 84,491 $ 9,035 $ 23,129 $ 16,807 $ 223,036 The following table presents our revenue disaggregated by line of business and reportable segment for the six months ended June 30, 2021: U.S. Regions U.S. Federal Canada Non-Solar DG All Other Total Project revenue $ 163,759 $ 167,164 $ 16,308 $ 13,895 $ 15,822 $ 376,948 O&M revenue 9,613 23,182 26 5,099 160 38,080 Energy assets 18,856 2,035 2,318 46,783 236 70,228 Integrated-PV — — — — 19,875 19,875 Other 2,515 33 3,865 162 14,416 20,991 Total revenues $ 194,743 $ 192,414 $ 22,517 $ 65,939 $ 50,509 $ 526,122 The following table presents our revenue disaggregated by line of business and reportable segment for the six months ended June 30, 2020: U.S. Regions U.S. Federal Canada Non-Solar DG All Other Total Project revenue $ 147,533 $ 128,334 $ 15,031 $ 5,375 $ 8,086 $ 304,359 O&M revenue 8,635 22,381 26 4,135 193 35,370 Energy assets 16,934 2,224 2,007 35,806 — 56,971 Integrated-PV — — — — 19,999 19,999 Other 2,312 297 3,363 537 12,241 18,750 Total revenues $ 175,414 $ 153,236 $ 20,427 $ 45,853 $ 40,519 $ 435,449 The following table presents information related to our revenue recognized over time: Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Percentage of revenue recognized over time 94% 94% 94% 93% The remainder 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: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 United States $ 252,536 $ 211,218 $ 486,545 $ 407,157 Canada 9,973 8,458 20,826 19,011 Other 11,411 3,360 18,751 9,281 Total revenues $ 273,920 $ 223,036 $ 526,122 $ 435,449
Summary of Contract with Customer, Asset and LiabilityThe following tables provide information about receivables, contract assets and contract liabilities from contracts with customers: June 30, 2021 December 31, 2020 Accounts receivable, net $ 115,462 $ 125,010 Accounts receivable retainage, net $ 36,485 $ 30,189 Contract Assets: Costs and estimated earnings in excess of billings $ 195,027 $ 185,960 Contract Liabilities: Billings in excess of cost and estimated earnings $ 26,561 $ 33,984 Billings in excess of cost and estimated earnings, non-current (1) 6,082 6,631 Total contract liabilities $ 32,643 $ 40,615 June 30, 2020 December 31, 2019 Accounts receivable, net $ 86,017 $ 95,863 Accounts receivable retainage, net $ 19,119 $ 16,976 Contract Assets: Costs and estimated earnings in excess of billings $ 195,391 $ 202,243 Contract Liabilities: Billings in excess of cost and estimated earnings $ 34,896 $ 26,618 Billings in excess of cost and estimated earnings, non-current (1) 5,035 5,560 Total contract liabilities $ 39,931 $ 32,178 (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.

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets, Net (Tables)6 Months Ended
Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Carrying Value of Goodwill Attributable to Each Reportable SegmentThe changes in the carrying value of goodwill balances by reportable segment was as follows: U.S. Regions U.S. Federal Canada Non-solar DG Other Total Balance, December 31, 2020 $ 26,705 $ 3,981 $ 3,441 $ — $ 24,587 $ 58,714 Currency effects — — 96 — 91 187 Balance, June 30, 2021 $ 26,705 $ 3,981 $ 3,537 $ — $ 24,678 $ 58,901
Schedule of Gross Carrying Amount and Accumulated Amortization of Intangible AssetsDefinite-lived intangible assets, net consisted of the following: As of June 30, 2021 As of December 31, 2020 Gross carrying amount $ 27,378 27,240 Accumulated amortization 26,609 26,313 Intangible assets, net $ 769 $ 927
Schedule of Amortization ExpenseThe table below sets forth amortization expense: Three Months Ended June 30, Six Months Ended June 30, Asset type Location 2021 2020 2021 2020 Customer contracts Cost of revenues $ — $ 22 $ — $ 45 All other intangible assets Selling, general and administrative expenses 81 158 161 311 Total amortization expense $ 81 $ 180 $ 161 $ 356

Energy Assets, Net (Tables)

Energy Assets, Net (Tables)6 Months Ended
Jun. 30, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Energy AssetsEnergy assets, net consisted of the following: June 30, 2021 December 31, 2020 Energy assets (1) $ 1,044,288 $ 954,426 Less - accumulated depreciation and amortization (245,679) (225,048) Energy assets, net $ 798,609 $ 729,378 (1) Includes financing lease assets (see Note 6), capitalized interest and ARO assets (see tables below).
Schedule of Depreciation and Amortization Expense of Energy AssetsThe following table sets forth our depreciation and amortization expense on energy assets, net of deferred grant amortization: Three Months Ended June 30, Six Months Ended June 30, Location 2021 2020 2021 2020 Cost of revenues (2) $ 10,450 $ 9,650 $ 20,136 $ 18,949 (2) Includes depreciation and amortization on financing lease assets (see Note 6).
Schedule of Capitalized InterestThe following table presents the interest costs relating to construction financing during the period of construction, which were capitalized as part of energy assets, net: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Capitalized interest $ 1,288 $ 912 $ 3,526 $ 1,774
Schedule Of Asset And Liabilities Retirement ObligationsThe following tables sets forth information related to our Asset Retirement Obligations (“ARO”) assets and ARO liabilities: Location June 30, 2021 December 31, 2020 ARO assets, net Energy assets, net $ 2,004 $ 1,468 ARO liabilities, current Accrued expenses and other current liabilities $ 6 $ 86 ARO liabilities, non-current Other liabilities 2,284 1,561 Total ARO liabilities $ 2,290 $ 1,647 Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Depreciation expense of ARO assets $ 30 $ 19 $ 53 $ 38 Accretion expense of ARO liabilities $ 33 $ 22 $ 57 $ 43

Leases (Tables)

Leases (Tables)6 Months Ended
Jun. 30, 2021
Leases [Abstract]
Schedule of Assets and Liabilities, LesseeThe table below sets forth supplemental condensed consolidated balance sheet information related to our leases: June 30, 2021 December 31, 2020 Operating Leases: Operating lease assets $ 40,608 $ 39,151 Current portions of operating lease liabilities $ 5,995 $ 6,106 Long-term portions of operating lease liabilities 36,731 35,300 Total operating lease liabilities $ 42,726 $ 41,406 Weighted-average remaining lease term 13 years 12 years Weighted-average discount rate 5.79 % 5.94 % Financing Leases: Energy assets $ 32,940 $ 34,005 Current portions of financing lease liabilities $ 3,796 $ 4,273 Long-term financing lease liabilities, net of current portion, unamortized discount and debt issuance costs 17,617 19,227 Total financing lease liabilities $ 21,413 $ 23,500 Weighted-average remaining lease term 16 years 16 years Weighted-average discount rate 12.04 % 11.94 %
Schedule of Other Lease Cost DetailsThe costs related to our leases were as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Operating Leases: Operating lease costs $ 2,187 $ 2,106 $ 4,340 $ 3,932 Financing Leases: Amortization expense 533 532 1,065 1,064 Interest on lease liabilities 666 726 1,324 1,559 Total lease costs $ 3,386 $ 3,364 $ 6,729 $ 6,555 Supplemental cash flow information related to our leases was as follows: Six Months Ended June 30, 2021 2020 Cash paid for amounts included in the measurement of operating lease liabilities $ 4,355 $ 3,861 Right-of-use assets obtained in exchange for new operating lease liabilities $ 4,961 $ 4,838
Schedule of Operating Lease Liability MaturityThe table below sets forth our estimated minimum future lease obligations under our leases: Operating Leases Financing Leases Year ended December 31, 2021 $ 4,116 $ 3,485 2022 8,098 5,178 2023 6,659 3,676 2024 5,516 2,565 2025 4,488 2,213 Thereafter 32,721 21,866 Total minimum lease payments 61,598 38,983 Less: interest 18,872 17,570 Present value of lease liabilities $ 42,726 $ 21,413
Schedule of Finance Lease Liability MaturityThe table below sets forth our estimated minimum future lease obligations under our leases: Operating Leases Financing Leases Year ended December 31, 2021 $ 4,116 $ 3,485 2022 8,098 5,178 2023 6,659 3,676 2024 5,516 2,565 2025 4,488 2,213 Thereafter 32,721 21,866 Total minimum lease payments 61,598 38,983 Less: interest 18,872 17,570 Present value of lease liabilities $ 42,726 $ 21,413

Debt and Financing Lease Liab_2

Debt and Financing Lease Liabilities (Tables)6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of Long-term Debt InstrumentsOur debt and financing lease liabilities comprised of the following: June 30, 2021 December 31, 2020 Senior secured revolving credit facility (1) $ 25,000 $ 53,073 Senior secured term loan 55,250 57,688 Non-recourse term loans 197,959 198,124 Non-recourse construction revolvers 40,163 26,758 Long-term financing facilities (2) 55,472 32,618 Financing lease liabilities (3) 21,413 23,500 Total debt and financing lease liabilities 395,257 391,761 Less: current maturities 79,778 69,362 Less: unamortized discount and debt issuance costs 10,128 10,725 Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs $ 305,351 $ 311,674 (1) At June 30, 2021, funds of $141,241 were available for borrowing under this facility. (2) These facilities are sale-leaseback arrangements and are accounted for as failed sales. See Note 6 for additional disclosures. (3) Financing lease liabilities are sale-leaseback arrangements under previous guidance. See Note 6 for additional disclosures.

Income Taxes (Tables)

Income Taxes (Tables)6 Months Ended
Jun. 30, 2021
Income Tax Disclosure [Abstract]
Reconciliation of Gross Unrecognized Tax BenefitsThe following table sets forth the total amounts of gross unrecognized tax benefits: Gross Unrecognized Balance, December 31, 2020 $ 600 Additions for prior year tax positions 200 Balance, June 30, 2021 $ 800

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)6 Months Ended
Jun. 30, 2021
Fair Value Disclosures [Abstract]
Summary of Changes in Fair Value by Balance Sheet GroupingThe following table presents the input level used to determine the fair values of our financial instruments measured at fair value on a recurring basis: Fair Value as of Level June 30, 2021 December 31, 2020 Assets: Interest rate swap instruments 2 $ 743 $ 2 Commodity swap instruments 2 — 363 Total assets $ 743 $ 365 Liabilities: Interest rate swap instruments 2 $ 7,859 $ 10,073 Commodity swap instruments 2 1,135 — Make-whole provisions 2 1,247 412 Contingent consideration 3 678 678 Total liabilities $ 10,919 $ 11,163
Fair Value and Carrying Value of Long-Term DebtThe following table sets forth the fair value and the carrying value of our long-term debt, excluding financing leases: As of June 30, 2021 As of December 31, 2020 Fair Value Carrying Value Fair Value Carrying Value Long-term debt (Level 2) $ 367,427 $ 363,716 $ 363,460 $ 357,536

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)6 Months Ended
Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Fair Value of Derivative InstrumentsThe following table presents information about the fair value amounts of our cash flow derivative instruments: Derivatives as of June 30, 2021 December 31, 2020 Balance Sheet Location Fair Value Fair Value Derivatives Designated as Hedging Instruments: Interest rate swap contracts Other liabilities $ 7,818 $ 9,994 Derivatives Not Designated as Hedging Instruments: Interest rate swap contracts Other assets $ 743 $ 2 Interest rate swap contracts Other liabilities $ 41 $ 79 Commodity swap contracts Other assets $ — $ 363 Commodity swap contracts Other liabilities $ 1,135 $ — Make-whole provisions Other liabilities $ 1,247 $ 412
Schedule of Derivative Effect on Consolidated Statement of Income (Loss)The following table presents information about the effects of our derivative instruments on our condensed consolidated statements of income and condensed consolidated statements of comprehensive income: Amount of (Gain) Loss Recognized in Net Income Location of (Gain) Loss Recognized in Net Income Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Derivatives Designated as Hedging Instruments: Interest rate swap contracts Other expenses, net $ 522 $ 306 $ 1,045 $ 405 Derivatives Not Designated as Hedging Instruments: Interest rate swap contracts Other expenses, net $ 543 $ (11) $ (779) $ (1) Commodity swap contracts Other expenses, net $ 1,250 $ 95 1,498 47 Make-whole provisions Other expenses, net $ (205) $ 655 506 470
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)The following table presents the changes in Accumulated Other Comprehensive Income (“AOCI”), net of taxes, from our hedging instruments: Six Months Ended June 30, 2021 Derivatives Designated as Hedging Instruments: Accumulated loss in AOCI at the beginning of the period $ (7,526) Unrealized gain recognized in AOCI 600 Loss reclassified from AOCI to other expenses, net 1,045 Net gain on derivatives 1,645 Accumulated loss in AOCI at the end of the period $ (5,881)
Schedule of Active Derivative InstrumentsThe following tables present all of our active derivative instruments as of June 30, 2021: Active Interest Rate Swaps Effective Date Expiration Date Initial Notional Status 11-Year, 5.77% Fixed October 2018 October 2029 $ 9,200 Designated 15-Year, 5.24% Fixed June 2018 June 2033 $ 10,000 Designated 10-Year, 4.74% Fixed June 2017 December 2027 $ 14,100 Designated 15-Year, 3.26% Fixed February 2023 December 2038 $ 14,084 Designated 7-Year, 2.19% Fixed February 2016 February 2023 $ 20,746 Designated 8-Year, 3.70% Fixed March 2020 June 2028 $ 14,643 Designated 8-Year, 3.70% Fixed March 2020 June 2028 $ 10,734 Designated 13-Year, 0.93% Fixed May 2020 March 2033 $ 9,505 Not Designated 13-Year, 0.93% Fixed May 2020 March 2033 $ 6,968 Not Designated 15.5-Year, 5.40% Fixed September 2008 March 2024 $ 13,081 Designated 2.75-Year, 0.41% Fixed December 2020 September 2023 $ 26,250 Not Designated Active Commodity Swaps Effective Date Expiration Date Initial Notional Amount (Volume) Commodity Measurement Status 3.5-Year, $2.65 MMBtu Fixed December 2020 June 2024 3,296,160 MMBtus Not Designated Other Derivatives Classification Effective Date Expiration Date Fair Value ($) Make-whole provisions Liability June/August 2018 December 2038 $ 545 Make-whole provisions Liability August 2016 April 2031 $ 89 Make-whole provisions Liability April 2017 February 2034 $ 109 Make-whole provisions Liability November 2020 December 2027 $ 90 Make-whole provisions Liability October 2011 May 2028 $ 37 Make-whole provisions Liability May 2021 April 2045 $ 377

Investment Funds and Equity M_2

Investment Funds and Equity Method Investments (Tables)6 Months Ended
Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest EntitiesThe table below presents a summary of amounts related to our investment funds, which we determined meet the definition of a variable interest entity (“VIE”) as of: June 30, December 31, 2021 (1) 2020 (1) Cash and cash equivalents $ 5,351 $ 5,828 Restricted cash 373 3,185 Accounts receivable, net 817 834 Costs and estimated earnings in excess of billings 2,286 968 Prepaid expenses and other current assets 64 120 Total VIE current assets 8,891 10,935 Property and equipment, net 1,266 1,266 Energy assets, net 138,858 143,133 Operating lease assets 6,363 6,439 Restricted cash, non-current portion 383 331 Other assets 117 94 Total VIE assets $ 155,878 $ 162,198 Current portions of long-term debt and financing lease liabilities $ 2,221 $ 2,230 Accounts payable 179 311 Accrued expenses and other current liabilities 482 1,092 Current portions of operating lease liabilities 133 125 Total VIE current liabilities 3,015 3,758 Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs 22,261 22,822 Long-term operating lease liabilities, net of current portion 6,184 6,220 Other liabilities 858 535 Total VIE liabilities $ 32,318 $ 33,335 (1) The amounts in the above table are reflected in Note 1 on our condensed consolidated balance sheets.
Schedule of Equity Method InvestmentsThe following table provides information about our equity method investments in joint ventures: As of June 30, 2021 December 31, 2020 Equity method investments $ 1,122 $ 1,189 Three Months Ended June 30, Six Months Ended June 30, June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Expense recognized $ 41 $ 24 $ 103 $ 77

Equity and Earnings Per Share (

Equity and Earnings Per Share (Tables)6 Months Ended
Jun. 30, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and DilutedThe following is a reconciliation of the numerator and denominator for the computation of basic and diluted earnings per share: Three Months Ended June 30, Six Months Ended June 30, (In thousands, except per share data) 2021 2020 2021 2020 Numerator: Net income attributable to common shareholders $ 13,655 $ 4,365 $ 24,829 $ 10,566 Adjustment for accretion of tax equity financing fees (30) — (61) — Income attributable to common shareholders $ 13,625 $ 4,365 $ 24,768 $ 10,566 Denominator: Basic weighted-average shares outstanding 51,315 47,488 50,158 47,500 Effect of dilutive securities: Stock options 1,255 1,031 1,317 1,071 Diluted weighted-average shares outstanding 52,570 48,519 51,475 48,571 Net income per share attributable to common shareholders: Basic $ 0.27 $ 0.09 $ 0.49 $ 0.22 Diluted $ 0.26 $ 0.09 $ 0.48 $ 0.22 Potentially dilutive shares (1) 1,718 1,450 1,423 1,388 (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.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)6 Months Ended
Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Share-based Compensation ExpenseWe recorded stock-based compensation expense, including expense related to our employee stock purchase plan, as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Stock-based compensation expense $ 1,349 $ 430 $ 2,115 $ 859

Business Segment Information (T

Business Segment Information (Tables)6 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]
Schedule of Operational Results by Business SegmentsThe tables below presents our business segment information recast for the prior-year period and a reconciliation to the condensed consolidated financial statements: U.S. Regions U.S. Federal Canada Non-Solar DG All Other Total Consolidated Three Months Ended June 30, 2021 Revenues $ 109,470 $ 90,200 $ 10,874 $ 35,571 $ 27,805 $ 273,920 Interest income 34 — — — — 34 Interest expense 1,325 326 240 3,000 60 4,951 Depreciation and amortization of intangible assets 4,030 1,139 484 4,937 274 10,864 Unallocated corporate activity — — — — — (10,070) Income before taxes, excluding unallocated corporate activity 7,379 11,082 751 5,093 1,755 26,060 Three Months Ended June 30, 2020 Revenues $ 89,574 $ 84,491 $ 9,035 $ 23,129 $ 16,807 $ 223,036 Interest income 34 34 — 2 — 70 Interest expense 2,190 345 165 1,128 18 3,846 Depreciation and amortization of intangible assets 3,098 942 381 5,420 330 10,171 Unallocated corporate activity — — — — — (10,395) Income before taxes, excluding unallocated corporate activity 5,202 9,945 516 2,906 662 19,231 U.S. Regions U.S. Federal Canada Non-Solar DG All Other Total Consolidated Six Months Ended June 30, 2021 Revenues $ 194,743 $ 192,414 $ 22,517 $ 65,939 $ 50,509 $ 526,122 Interest income 68 2 — — — 70 Interest expense (1) 3,334 650 626 2,536 203 7,349 Depreciation and amortization of intangible assets 7,605 2,149 899 9,799 561 21,013 Unallocated corporate activity — — — — — (21,230) Income before taxes, excluding unallocated corporate activity 10,889 23,112 666 13,721 3,468 51,856 Six Months Ended June 30, 2020 Revenues $ 175,414 $ 153,236 $ 20,427 $ 45,853 $ 40,519 $ 435,449 Interest income 70 74 — 16 — 160 Interest expense (1) 3,671 1,091 337 2,173 33 7,305 Depreciation and amortization of intangible assets 5,960 1,959 772 10,707 607 20,005 Unallocated corporate activity — — — — — (20,712) Income before taxes, excluding unallocated corporate activity 9,240 17,039 295 4,575 2,532 33,681 (1) Includes gains recognized on derivative instruments during the three months ended March 31, 2021 and 2020, which were offset by losses in the three months ended June 30, 2021 and 2020. See Note 11 for additional information.

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Allowance for Credit Loss (Details) - USD ($) $ in Thousands6 Months Ended
Jun. 30, 2021Jun. 30, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of period $ 2,266 $ 2,260
Charges (recoveries) to costs and expenses, net6 (80)
Account write-offs and other39
Account write-offs and other(192)
Allowance for credit losses, end of period $ 2,311 $ 1,988

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Revenues $ 273,920 $ 223,036 $ 526,122 $ 435,449
Percentage of revenue recognized over time94.00%94.00%94.00%93.00%
United States
Disaggregation of Revenue [Line Items]
Revenues $ 252,536 $ 211,218 $ 486,545 $ 407,157
Canada
Disaggregation of Revenue [Line Items]
Revenues9,973 8,458 20,826 19,011
Other
Disaggregation of Revenue [Line Items]
Revenues11,411 3,360 18,751 9,281
Project revenue
Disaggregation of Revenue [Line Items]
Revenues196,255 159,930 376,948 304,359
O&M revenue
Disaggregation of Revenue [Line Items]
Revenues19,596 17,308 38,080 35,370
Energy assets
Disaggregation of Revenue [Line Items]
Revenues36,941 28,749 70,228 56,971
Integrated-PV
Disaggregation of Revenue [Line Items]
Revenues10,721 8,530 19,875 19,999
Other
Disaggregation of Revenue [Line Items]
Revenues10,407 8,519 20,991 18,750
U.S. Regions
Disaggregation of Revenue [Line Items]
Revenues109,470 89,574 194,743 175,414
U.S. Regions | Project revenue
Disaggregation of Revenue [Line Items]
Revenues92,601 76,040 163,759 147,533
U.S. Regions | O&M revenue
Disaggregation of Revenue [Line Items]
Revenues5,303 4,283 9,613 8,635
U.S. Regions | Energy assets
Disaggregation of Revenue [Line Items]
Revenues10,046 8,080 18,856 16,934
U.S. Regions | Integrated-PV
Disaggregation of Revenue [Line Items]
Revenues0 0 0 0
U.S. Regions | Other
Disaggregation of Revenue [Line Items]
Revenues1,520 1,171 2,515 2,312
U.S. Federal
Disaggregation of Revenue [Line Items]
Revenues90,200 84,491 192,414 153,236
U.S. Federal | Project revenue
Disaggregation of Revenue [Line Items]
Revenues77,075 72,220 167,164 128,334
U.S. Federal | O&M revenue
Disaggregation of Revenue [Line Items]
Revenues11,742 10,755 23,182 22,381
U.S. Federal | Energy assets
Disaggregation of Revenue [Line Items]
Revenues1,371 1,505 2,035 2,224
U.S. Federal | Integrated-PV
Disaggregation of Revenue [Line Items]
Revenues0 0 0 0
U.S. Federal | Other
Disaggregation of Revenue [Line Items]
Revenues12 11 33 297
Canada
Disaggregation of Revenue [Line Items]
Revenues10,874 9,035 22,517 20,427
Canada | Project revenue
Disaggregation of Revenue [Line Items]
Revenues7,307 6,167 16,308 15,031
Canada | O&M revenue
Disaggregation of Revenue [Line Items]
Revenues0 17 26 26
Canada | Energy assets
Disaggregation of Revenue [Line Items]
Revenues1,571 1,344 2,318 2,007
Canada | Integrated-PV
Disaggregation of Revenue [Line Items]
Revenues0 0 0 0
Canada | Other
Disaggregation of Revenue [Line Items]
Revenues1,996 1,507 3,865 3,363
Non-Solar DG
Disaggregation of Revenue [Line Items]
Revenues35,571 23,129 65,939 45,853
Non-Solar DG | Project revenue
Disaggregation of Revenue [Line Items]
Revenues9,241 3,004 13,895 5,375
Non-Solar DG | O&M revenue
Disaggregation of Revenue [Line Items]
Revenues2,462 2,120 5,099 4,135
Non-Solar DG | Energy assets
Disaggregation of Revenue [Line Items]
Revenues23,852 17,820 46,783 35,806
Non-Solar DG | Integrated-PV
Disaggregation of Revenue [Line Items]
Revenues0 0 0 0
Non-Solar DG | Other
Disaggregation of Revenue [Line Items]
Revenues16 185 162 537
All Other
Disaggregation of Revenue [Line Items]
Revenues27,805 16,807 50,509 40,519
All Other | Project revenue
Disaggregation of Revenue [Line Items]
Revenues10,031 2,499 15,822 8,086
All Other | O&M revenue
Disaggregation of Revenue [Line Items]
Revenues89 133 160 193
All Other | Energy assets
Disaggregation of Revenue [Line Items]
Revenues101 0 236 0
All Other | Integrated-PV
Disaggregation of Revenue [Line Items]
Revenues10,721 8,530 19,875 19,999
All Other | Other
Disaggregation of Revenue [Line Items]
Revenues $ 6,863 $ 5,645 $ 14,416 $ 12,241

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Contract Balances (Details) - USD ($) $ in ThousandsJun. 30, 2021Dec. 31, 2020Jun. 30, 2020Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Accounts receivable, net $ 115,462 [1] $ 125,010 [1] $ 86,017 $ 95,863
Accounts receivable retainage, net36,485 30,189 19,119 16,976
Contract Assets:
Costs and estimated earnings in excess of billings195,027 [1]185,960 [1]195,391 202,243
Contract Liabilities:
Billings in excess of cost and estimated earnings26,561 33,984 34,896 26,618
Billings in excess of cost and estimated earnings, non-current6,082 6,631 5,035 5,560
Total contract liabilities $ 32,643 $ 40,615 $ 39,931 $ 32,178
[1]Includes restricted assets of consolidated variable interest entities (“VIEs”) at June 30, 2021 and December 31, 2020 of $155,878 and $162,198, respectively. Includes non-recourse liabilities of consolidated VIEs at June 30, 2021 and December 31, 2020 of $32,318 and $33,335, respectively. See Note 12.

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Additional Information (Details) - USD ($)3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020Dec. 31, 2020
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Contract with customer, asset, revenue recognized $ 277,960,000 $ 276,492,000
Contract with customer, asset, reclassified to receivable288,012,000 285,036,000
Contract with customer, liability, revenue recognized98,570,000 44,446,000
Contract with customer, liability, billings70,884,000 50,697,000
Revenue, remaining performance obligation $ 1,902,420,000 $ 1,902,420,000
Contract term25 years
Capitalized project development costs, noncurrent2,128,000 $ 2,128,000 $ 1,543,000
Capitalized contract cost, project development costs $ 3,109,000 $ 4,258,000 5,094,000 5,865,000
Capitalized contract cost, impairment loss $ 0 $ 0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue, remaining performance obligation, percentage35.00%35.00%
Revenue, remaining performance obligation, remaining satisfaction12 months12 months

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets, Net - Goodwill (Details) $ in Thousands6 Months Ended
Jun. 30, 2021USD ($)
Carrying Value of Goodwill
Balance, December 31, 2020 $ 58,714
Currency effects187
Balance, June 30, 202158,901
U.S. Regions
Carrying Value of Goodwill
Balance, December 31, 202026,705
Currency effects0
Balance, June 30, 202126,705
U.S. Federal
Carrying Value of Goodwill
Balance, December 31, 20203,981
Currency effects0
Balance, June 30, 20213,981
Canada
Carrying Value of Goodwill
Balance, December 31, 20203,441
Currency effects96
Balance, June 30, 20213,537
Non-solar DG
Carrying Value of Goodwill
Balance, December 31, 20200
Currency effects0
Balance, June 30, 20210
Other
Carrying Value of Goodwill
Balance, December 31, 202024,587
Currency effects91
Balance, June 30, 2021 $ 24,678

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets, Net - Intangible Assets (Details) - USD ($) $ in ThousandsJun. 30, 2021Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Gross carrying amount $ 27,378 $ 27,240
Accumulated amortization26,609 26,313
Intangible assets, net $ 769 $ 927

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets, Net - Amortization (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
Finite-Lived Intangible Assets [Line Items]
Amortization of debt discount and debt issuance costs $ 81 $ 180 $ 161 $ 356
Customer contracts
Finite-Lived Intangible Assets [Line Items]
Amortization of debt discount and debt issuance costs0 22 0 45
All other intangible assets
Finite-Lived Intangible Assets [Line Items]
Amortization of debt discount and debt issuance costs $ 81 $ 158 $ 161 $ 311

Energy Assets, Net - Energy Ass

Energy Assets, Net - Energy Assets (Details) - USD ($) $ in ThousandsJun. 30, 2021Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Energy assets, net[1] $ 798,609 $ 729,378
Energy Assets
Property, Plant and Equipment [Line Items]
Energy assets1,044,288 954,426
Less - accumulated depreciation and amortization(245,679)(225,048)
Energy assets, net $ 798,609 $ 729,378
[1]Includes restricted assets of consolidated variable interest entities (“VIEs”) at June 30, 2021 and December 31, 2020 of $155,878 and $162,198, respectively. Includes non-recourse liabilities of consolidated VIEs at June 30, 2021 and December 31, 2020 of $32,318 and $33,335, respectively. See Note 12.

Energy Assets, Net - Additional

Energy Assets, Net - Additional Information (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020Dec. 31, 2020
Business Acquisition [Line Items]
Cost of revenues $ 10,450 $ 9,650 $ 20,136 $ 18,949
Capitalized interest1,288 912 3,526 1,774
ARO assets, net2,004 2,004 $ 1,468
ARO liabilities, current6 6 86
ARO liabilities, non-current2,284 2,284 1,561
Total ARO liabilities2,290 2,290 $ 1,647
Depreciation expense of ARO assets1,637 1,659
Accretion expense of ARO liabilities33 22 57 43
ARO Asset
Business Acquisition [Line Items]
Depreciation expense of ARO assets $ 30 $ 19 $ 53 $ 38

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in ThousandsJun. 30, 2021Dec. 31, 2020
Operating Leases:
Operating lease assets[1] $ 40,608 $ 39,151
Current portions of operating lease liabilities[1]5,995 6,106
Long-term portions of operating lease liabilities[1]36,731 35,300
Total operating lease liabilities $ 42,726 $ 41,406
Weighted-average remaining lease term13 years12 years
Weighted-average discount rate5.79%5.94%
Financing Leases:
Energy assets $ 32,940 $ 34,005
Current portions of financing lease liabilities3,796 4,273
Long-term financing lease liabilities, net of current portion, unamortized discount and debt issuance costs17,617 19,227
Total financing lease liabilities $ 21,413 $ 23,500
Weighted-average remaining lease term16 years16 years
Weighted-average discount rate12.04%11.94%
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]Energy assets, netEnergy assets, net
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 costsLong-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs
[1]Includes restricted assets of consolidated variable interest entities (“VIEs”) at June 30, 2021 and December 31, 2020 of $155,878 and $162,198, respectively. Includes non-recourse liabilities of consolidated VIEs at June 30, 2021 and December 31, 2020 of $32,318 and $33,335, respectively. See Note 12.

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
Operating Leases:
Operating lease costs $ 2,187 $ 2,106 $ 4,340 $ 3,932
Financing Leases:
Amortization expense533 532 1,065 1,064
Interest on lease liabilities666 726 1,324 1,559
Total lease costs $ 3,386 $ 3,364 $ 6,729 $ 6,555

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flows (Details) - USD ($) $ in Thousands6 Months Ended
Jun. 30, 2021Jun. 30, 2020
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities $ 4,355 $ 3,861
Right-of-use assets obtained in exchange for new operating lease liabilities $ 4,961 $ 4,838

Leases - Minimum Future Lease O

Leases - Minimum Future Lease Obligations (Details) - USD ($) $ in ThousandsJun. 30, 2021Dec. 31, 2020
Operating Leases
2021 $ 4,116
20228,098
20236,659
20245,516
20254,488
Thereafter32,721
Total minimum lease payments61,598
Less: interest18,872
Present value of lease liabilities42,726 $ 41,406
Financing Leases
20213,485
20225,178
20233,676
20242,565
20252,213
Thereafter21,866
Total minimum lease payments38,983
Less: interest17,570
Present value of lease liabilities $ 21,413 $ 23,500

Leases - Additional Information

Leases - Additional Information (Details)3 Months Ended6 Months Ended
Jun. 30, 2021USD ($)Jun. 30, 2020USD ($)Jun. 30, 2021USD ($)projectJun. 30, 2020USD ($)Jul. 31, 2021USD ($)Mar. 22, 2021USD ($)Dec. 31, 2020USD ($)Aug. 31, 2018USD ($)
Lessee, Lease, Description [Line Items]
Commitment, amount $ 3,000,000 $ 3,000,000
Maximum combined funding amount $ 350,000,000 $ 4,500,000 $ 150,000,000
Net amortization expense57,000 $ 57,000 $ 114,000 $ 112,000
Subsequent Event
Lessee, Lease, Description [Line Items]
Maximum combined funding amount $ 23,559,000
Solar Photovoltaic Projects
Lessee, Lease, Description [Line Items]
Solar PV projects sold | project2
Proceeds from sale-leaseback financings $ 26,820,000
Solar Photovoltaic Projects | Revolving Credit Facility | Line of Credit
Lessee, Lease, Description [Line Items]
Available funding under lending commitment $ 284,885,000 $ 284,885,000

Debt and Financing Lease Liab_3

Debt and Financing Lease Liabilities - Summary of Long-term Debt (Details) - USD ($) $ in ThousandsJun. 30, 2021Dec. 31, 2020
Debt Instrument [Line Items]
Financing lease liabilities $ 21,413 $ 23,500
Total debt and financing lease liabilities395,257 391,761
Less: current maturities79,778 69,362
Less: unamortized discount and debt issuance costs10,128 10,725
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs[1]305,351 311,674
Term Loan | Senior secured term loan
Debt Instrument [Line Items]
Long-term debt, gross55,250 57,688
Term Loan | Non-recourse term loans
Debt Instrument [Line Items]
Long-term debt, gross197,959 198,124
Term Loan | Long-term financing facilities
Debt Instrument [Line Items]
Long-term debt, gross55,472 32,618
Line of Credit | Non-recourse construction revolvers
Debt Instrument [Line Items]
Long-term debt, gross40,163 26,758
Revolving Senior Secured Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross $ 25,000 $ 53,073
[1]Includes restricted assets of consolidated variable interest entities (“VIEs”) at June 30, 2021 and December 31, 2020 of $155,878 and $162,198, respectively. Includes non-recourse liabilities of consolidated VIEs at June 30, 2021 and December 31, 2020 of $32,318 and $33,335, respectively. See Note 12.

Debt and Financing Lease Liab_4

Debt and Financing Lease Liabilities - Additional Information (Details)Jul. 27, 2021USD ($)Jun. 22, 2021USD ($)bankJun. 21, 2021USD ($)Oct. 31, 2020USD ($)Jun. 30, 2021USD ($)projectOct. 01, 2020USD ($)Sep. 30, 2020USD ($)Jul. 31, 2020USD ($)Jun. 30, 2020USD ($)
Debt Instrument [Line Items]
Total funded debt to EBITDA covenant ratio, maximum3.503.25
Eurocurrency Rate
Debt Instrument [Line Items]
Basis spread on variable rate0.00%1.00%
Term Loan | July 2021 Term Loan | Subsequent Event
Debt Instrument [Line Items]
Original principal amount $ 44,748,000
Debt instrument option to increase amount60,000,000
Fixed Rate Term Loan | July 2021 Term Loan | Subsequent Event
Debt Instrument [Line Items]
Original principal amount $ 40,683,000
Debt instrument term25 years
Fixed interest rate, percentage3.25%
Floating Rate Term Loan | July 2021 Term Loan | Subsequent Event
Debt Instrument [Line Items]
Original principal amount $ 4,065,000
Debt instrument term9 years
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Line of credit facility, number of banks | bank3
Line of credit facility, additional borrowing capacity $ 65,000,000
Maximum borrowing capacity $ 115,000,000
Current borrowing capacity $ 180,000,000
Unamortized discount $ 78,000
Funds available for borrowing141,241,000
Revolving Credit Facility | Line of Credit | October 2020 Term Loan Modification
Debt Instrument [Line Items]
Line of credit facility, additional borrowing capacity $ 15,000,000 15,000,000
Maximum borrowing capacity $ 50,000,000 $ 35,000,000 $ 28,500,000
Unamortized discount150,000
Debt instrument, fee amount2,000
Net proceeds14,848,000
Principal amount1,250,000
Line of credit46,988,000
Revolving Credit Facility | Line of Credit | June 2020 Construction Revolver
Debt Instrument [Line Items]
Maximum borrowing capacity $ 100,000,000
Line of credit33,977,000
Closed funding for additional projects $ 14,013,000
Number of additional project | project4
Borrowing capacity Increase limit $ 5,117,000
Funds available for borrowing $ 65,693,000
Revolving Credit Facility | Line of Credit | July 2020 Construction Revolver
Debt Instrument [Line Items]
Funds available for borrowing $ 24,145,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income tax (benefit) provision $ (1,896) $ 0 $ 309 $ (2,503)
Effective tax rate, percentage(11.90%)0.00%1.00%(19.30%)
Unrecognized tax benefits $ 400 $ 400 $ 190

Income Taxes - Unrecognized Tax

Income Taxes - Unrecognized Tax Benefits (Details) $ in Thousands6 Months Ended
Jun. 30, 2021USD ($)
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance, December 31, 2020 $ 600
Additions for prior year tax positions200
Balance, June 30, 2021 $ 800

Commitments and Contingencies (

Commitments and Contingencies (Details)Nov. 06, 2017contractorAug. 31, 2018Jun. 30, 2021USD ($)Dec. 31, 2020USD ($)
Loss Contingencies [Line Items]
Number of defendants | contractor9
Undisclosed Name of Acquiree 2
Loss Contingencies [Line Items]
Contingent consideration, liability, revenue earn-outs, payment period (in years)5 years
Contingent consideration, liability, fair value at date of acquisition $ 678,000 $ 678,000
Payments $ 0

Fair Value Measurement - Fair V

Fair Value Measurement - Fair Value of Assets and Liabilities Measured on a Recurring Basis (Details) - Recurring - USD ($) $ in ThousandsJun. 30, 2021Dec. 31, 2020
Liabilities:
Total liabilities $ 10,919 $ 11,163
Level 2
Assets:
Total assets743 365
Level 2 | Interest rate swap instruments
Assets:
Total assets743 2
Liabilities:
Liability derivatives7,859 10,073
Level 2 | Commodity swap instruments
Assets:
Total assets0 363
Liabilities:
Liability derivatives1,135 0
Level 2 | Make-whole provisions
Liabilities:
Liability derivatives1,247 412
Level 3
Liabilities:
Contingent consideration $ 678 $ 678

Fair Value Measurement - Fair_2

Fair Value Measurement - Fair Value and Carrying Value of Long-term Debt (Details) - USD ($) $ in ThousandsJun. 30, 2021Dec. 31, 2020
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt (Level 2) $ 367,427 $ 363,460
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt (Level 2) $ 363,716 $ 357,536

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Fair Value of Derivative Instruments on the Balance Sheet (Details) - USD ($) $ in ThousandsJun. 30, 2021Dec. 31, 2020
Derivatives Designated as Hedging Instruments | Interest rate swap contracts | Other liabilities
Derivatives, Fair Value [Line Items]
Liability derivatives $ 7,818 $ 9,994
Derivatives Not Designated as Hedging Instruments | Interest rate swap contracts | Other liabilities
Derivatives, Fair Value [Line Items]
Liability derivatives41 79
Derivatives Not Designated as Hedging Instruments | Interest rate swap contracts | Other assets
Derivatives, Fair Value [Line Items]
Asset derivatives743 2
Derivatives Not Designated as Hedging Instruments | Commodity swap contracts | Other liabilities
Derivatives, Fair Value [Line Items]
Liability derivatives1,135 0
Derivatives Not Designated as Hedging Instruments | Commodity swap contracts | Other assets
Derivatives, Fair Value [Line Items]
Asset derivatives0 363
Derivatives Not Designated as Hedging Instruments | Make-whole provisions | Other liabilities
Derivatives, Fair Value [Line Items]
Liability derivatives $ 1,247 $ 412

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - Additional Information (Details) - contractJun. 30, 2021Dec. 31, 2020
Not Designated
Derivative [Line Items]
Number of instruments held4 4

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities - Effects on Statements of Income (Loss) and Consolidated Statements of Comprehensive Loss (Details) - Other expenses, net - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
Derivatives Designated as Hedging Instruments | Interest rate swap contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Gain) Loss Recognized in Net Income $ 522 $ 306 $ 1,045 $ 405
Derivatives Not Designated as Hedging Instruments | Interest rate swap contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Gain) Loss Recognized in Net Income543 (11)(779)(1)
Derivatives Not Designated as Hedging Instruments | Commodity swap contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Gain) Loss Recognized in Net Income1,250 95 1,498 47
Derivatives Not Designated as Hedging Instruments | Make-whole provisions
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Gain) Loss Recognized in Net Income $ (205) $ 655 $ 506 $ 470

Derivative Instruments and He_6

Derivative Instruments and Hedging Activities - Effects of Derivative Instruments in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance $ 628,855 $ 432,177 $ 492,813 $ 428,856
Total other comprehensive income5 97 2,536 (5,680)
Ending balance645,576 $ 439,673 645,576 $ 439,673
Accumulated Gain (Loss), Net, Cash Flow Hedge
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance(7,526)
Unrealized gain recognized in AOCI600
Loss reclassified from AOCI to other expenses, net1,045
Total other comprehensive income1,645
Ending balance $ (5,881) $ (5,881)

Derivative Instruments and He_7

Derivative Instruments and Hedging Activities - Summary of Active Derivative Instruments (Details)6 Months Ended
Jun. 30, 2021USD ($)MMBTU$ / MMBTU
Designated | Interest Rate Swap October 2029
Derivative [Line Items]
Term of contract, years11 years
Fixed interest rate, percentage5.77%
Initial Notional Amount ($) $ 9,200,000
Designated | Interest Rate Swap June 2033
Derivative [Line Items]
Term of contract, years15 years
Fixed interest rate, percentage5.24%
Initial Notional Amount ($) $ 10,000,000
Designated | Interest Rate Swap - December 2027
Derivative [Line Items]
Term of contract, years10 years
Fixed interest rate, percentage4.74%
Initial Notional Amount ($) $ 14,100,000
Designated | Interest Rate Swap - December 2038
Derivative [Line Items]
Term of contract, years15 years
Fixed interest rate, percentage3.26%
Initial Notional Amount ($) $ 14,084,000
Designated | Interest Rate Swap - February 2023
Derivative [Line Items]
Term of contract, years7 years
Fixed interest rate, percentage2.19%
Initial Notional Amount ($) $ 20,746,000
Designated | Interest Rate Swap - June 2028
Derivative [Line Items]
Term of contract, years8 years
Fixed interest rate, percentage3.70%
Initial Notional Amount ($) $ 14,643,000
Designated | Interest Rate Swap - June 2028
Derivative [Line Items]
Term of contract, years8 years
Fixed interest rate, percentage3.70%
Initial Notional Amount ($) $ 10,734,000
Designated | Interest Rate Swap - March 2024
Derivative [Line Items]
Term of contract, years15 years 6 months
Fixed interest rate, percentage5.40%
Initial Notional Amount ($) $ 13,081,000
Not Designated | Interest Rate Swap March 2033
Derivative [Line Items]
Term of contract, years13 years
Fixed interest rate, percentage0.93%
Initial Notional Amount ($) $ 9,505,000
Not Designated | Interest Rate Swap March 2033
Derivative [Line Items]
Term of contract, years13 years
Fixed interest rate, percentage0.93%
Initial Notional Amount ($) $ 6,968,000
Not Designated | Interest Rate Swap - September 2023
Derivative [Line Items]
Term of contract, years2 years 9 months
Fixed interest rate, percentage0.41%
Initial Notional Amount ($) $ 26,250,000
Not Designated | Commodity Contract - June 2024
Derivative [Line Items]
Term of contract, years3 years 6 months
Active commodity swap, price (in usd per unit) | $ / MMBTU2.65
Nonmonetary notional amount (in MMBtus) | MMBTU3,296,160
Not Designated | Make-whole Provisions December 2038 | Other liabilities
Derivative [Line Items]
Liability derivatives, fair value $ 545,000
Not Designated | Make-whole Provisions April 2031 | Other liabilities
Derivative [Line Items]
Liability derivatives, fair value89,000
Not Designated | Make-whole Provisions February 2034 | Other liabilities
Derivative [Line Items]
Liability derivatives, fair value109,000
Not Designated | Make-whole Provision December 2027 | Other liabilities
Derivative [Line Items]
Liability derivatives, fair value90,000
Not Designated | Make-whole Provision May 2028 | Other liabilities
Derivative [Line Items]
Liability derivatives, fair value37,000
Not Designated | Make-whole Provision April 2045 | Other liabilities
Derivative [Line Items]
Liability derivatives, fair value $ 377,000

Investment Funds and Equity M_3

Investment Funds and Equity Method Investments - Schedule of Variable Interest Entity Financial Information (Details) - USD ($) $ in ThousandsJun. 30, 2021Dec. 31, 2020
Variable Interest Entity [Line Items]
Variable interest entities, current assets[1] $ 483,836 $ 490,715
Total assets[1]1,938,690 1,754,115
Variable interest entities, current liabilities[1]345,815 383,097
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Variable interest entities, current assets8,891 10,935
Total assets155,878 162,198
Variable interest entities, current liabilities3,015 3,758
Total VIE liabilities32,318 33,335
Cash and cash equivalents | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Variable interest entities, current assets5,351 5,828
Restricted cash | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Variable interest entities, current assets373 3,185
Accounts receivable, net | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Variable interest entities, current assets817 834
Costs and estimated earnings in excess of billings | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Variable interest entities, current assets2,286 968
Prepaid expenses and other current assets | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Variable interest entities, current assets64 120
Property and equipment, net | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Variable interest entities, noncurrent assets1,266 1,266
Energy assets, net | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Variable interest entities, noncurrent assets138,858 143,133
Operating lease assets | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Variable interest entities, noncurrent assets6,363 6,439
Restricted cash, non-current portion | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Variable interest entities, noncurrent assets383 331
Other assets | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Variable interest entities, noncurrent assets117 94
Current portions of long-term debt and financing lease liabilities | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Variable interest entities, current liabilities2,221 2,230
Accounts payable | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Variable interest entities, current liabilities179 311
Accrued expenses and other current liabilities | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Variable interest entities, current liabilities482 1,092
Current portions of operating lease liabilities | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Variable interest entities, current liabilities133 125
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Variable interest entities, noncurrent liabilities22,261 22,822
Long-term operating lease liabilities, net of current portion | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Variable interest entities, noncurrent liabilities6,184 6,220
Other liabilities | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Variable interest entities, noncurrent liabilities $ 858 $ 535
[1]Includes restricted assets of consolidated variable interest entities (“VIEs”) at June 30, 2021 and December 31, 2020 of $155,878 and $162,198, respectively. Includes non-recourse liabilities of consolidated VIEs at June 30, 2021 and December 31, 2020 of $32,318 and $33,335, respectively. See Note 12.

Investment Funds and Equity M_4

Investment Funds and Equity Method Investments - Investment in Joint Ventures (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Equity method investments $ 1,122 $ 1,122 $ 1,189
Expense recognized $ 41 $ 24 $ 103 $ 77

Equity and Earnings Per Share -

Equity and Earnings Per Share - Additional Information (Details) - USD ($)Mar. 15, 2021Mar. 15, 2021Mar. 09, 2021Jun. 30, 2021Jun. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Proceeds from equity offering, net of offering costs $ 120,081,000 $ 0
Proceeds used to repay revolving credit facility $ 80,000,000
Class A Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Sale of stock shares issued in transaction (in shares)2,500,000
Offering price (in dollar per share) $ 44
Proceeds from equity offering, net of offering costs $ 104,323,000
Offering costs $ 5,677,000
Class A Common Stock | Over-Allotment Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Sale of stock shares issued in transaction (in shares)375,000
Proceeds from equity offering, net of offering costs $ 15,758,000
Offering costs $ 742,000
Class A Common Stock | Selling Shareholders
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Sale of stock shares issued in transaction (in shares)805,000
Offering price (in dollar per share) $ 44 $ 44
Proceeds from equity offering, net of offering costs $ 0

Equity and Earnings Per Share_2

Equity and Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
Numerator:
Net income attributable to common shareholders $ 13,655 $ 4,365 $ 24,829 $ 10,566
Adjustment for accretion of tax equity financing fees(30)0 (61)0
Income attributable to common shareholders $ 13,625 $ 4,365 $ 24,768 $ 10,566
Denominator:
Basic weighted-average shares outstanding (in shares)51,315 47,488 50,158 47,500
Effect of dilutive securities:
Stock options (in shares)1,255 1,031 1,317 1,071
Diluted weighted-average shares outstanding (in shares)52,570 48,519 51,475 48,571
Net income per share attributable to common shareholders:
Basic (in usd per share) $ 0.27 $ 0.09 $ 0.49 $ 0.22
Diluted (in usd per share) $ 0.26 $ 0.09 $ 0.48 $ 0.22
Potentially dilutive shares (in shares)1,718 1,450 1,423 1,388

Stock-Based Compensation - Comp

Stock-Based Compensation - Compensation Expense (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Stock-based compensation expense $ 1,349 $ 430 $ 2,115 $ 859

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) shares in Thousands, $ in Thousands6 Months Ended
Jun. 30, 2021USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested stock options unrecognized compensation expense | $ $ 29,160
2020 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period (in shares) | shares911
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested stock options unrecognized compensation expense, weighted-average period of recognition3 years
Stock Options | 2020 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, contractual period10 years
Stock options, vesting period5 years

Business Segment Information (D

Business Segment Information (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
Segment Reporting Information [Line Items]
Revenues $ 273,920 $ 223,036 $ 526,122 $ 435,449
Interest income34 70 70 160
Interest expense4,951 3,846 7,349 7,305
Depreciation and amortization of intangible assets10,864 10,171 21,013 20,005
Income before taxes, excluding unallocated corporate activity26,060 19,231 51,856 33,681
U.S. Regions
Segment Reporting Information [Line Items]
Revenues109,470 89,574 194,743 175,414
U.S. Federal
Segment Reporting Information [Line Items]
Revenues90,200 84,491 192,414 153,236
Canada
Segment Reporting Information [Line Items]
Revenues10,874 9,035 22,517 20,427
Non-Solar DG
Segment Reporting Information [Line Items]
Revenues35,571 23,129 65,939 45,853
All Other
Segment Reporting Information [Line Items]
Revenues27,805 16,807 50,509 40,519
Operating Segments | U.S. Regions
Segment Reporting Information [Line Items]
Revenues109,470 89,574 194,743 175,414
Interest income34 34 68 70
Interest expense1,325 2,190 3,334 3,671
Depreciation and amortization of intangible assets4,030 3,098 7,605 5,960
Income before taxes, excluding unallocated corporate activity7,379 5,202 10,889 9,240
Operating Segments | U.S. Federal
Segment Reporting Information [Line Items]
Revenues90,200 84,491 192,414 153,236
Interest income0 34 2 74
Interest expense326 345 650 1,091
Depreciation and amortization of intangible assets1,139 942 2,149 1,959
Income before taxes, excluding unallocated corporate activity11,082 9,945 23,112 17,039
Operating Segments | Canada
Segment Reporting Information [Line Items]
Revenues10,874 9,035 22,517 20,427
Interest income0 0 0 0
Interest expense240 165 626 337
Depreciation and amortization of intangible assets484 381 899 772
Income before taxes, excluding unallocated corporate activity751 516 666 295
Operating Segments | Non-Solar DG
Segment Reporting Information [Line Items]
Revenues35,571 23,129 65,939 45,853
Interest income0 2 0 16
Interest expense3,000 1,128 2,536 2,173
Depreciation and amortization of intangible assets4,937 5,420 9,799 10,707
Income before taxes, excluding unallocated corporate activity5,093 2,906 13,721 4,575
Operating Segments | All Other
Segment Reporting Information [Line Items]
Revenues27,805 16,807 50,509 40,519
Interest income0 0 0 0
Interest expense60 18 203 33
Depreciation and amortization of intangible assets274 330 561 607
Income before taxes, excluding unallocated corporate activity1,755 662 3,468 2,532
Unallocated corporate activity
Segment Reporting Information [Line Items]
Unallocated corporate activity $ (10,070) $ (10,395) $ (21,230) $ (20,712)