Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 29, 2022 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-34811 | |
Entity Registrant Name | Ameresco, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 04-3512838 | |
Entity Address, Address Line One | 111 Speen Street | |
Entity Address, Address Line Two | Suite 410 | |
Entity Address, City or Town | Framingham | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 01701 | |
City Area Code | 508 | |
Local Phone Number | 661-2200 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001488139 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Class A Common Stock | ||
Entity Information [Line Items] | ||
Security Exchange Name | NYSE | |
Title of 12(b) Security | Class A Common Stock, $0.0001 par value per share | |
Trading Symbol | AMRC | |
Entity Common Stock, Shares Outstanding (in shares) | 33,808,964 | |
Class B Common Stock | ||
Entity Information [Line Items] | ||
Security Exchange Name | NYSE | |
Title of 12(b) Security | Class B Common Stock, $0.0001 par value per share | |
Entity Common Stock, Shares Outstanding (in shares) | 18,000,000 | |
No Trading Symbol Flag | true |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | |
Current assets: | |||
Cash and cash equivalents | [1] | $ 68,288 | $ 50,450 |
Restricted cash | [1] | 26,792 | 24,267 |
Accounts receivable, net of allowance of $2,265 and $2,266, respectively | [1] | 204,082 | 161,970 |
Accounts receivable retainage, net | 40,555 | 43,067 | |
Costs and estimated earnings in excess of billings | [1] | 460,240 | 306,172 |
Inventory, net | 9,720 | 8,807 | |
Prepaid expenses and other current assets | [1] | 19,025 | 25,377 |
Income tax receivable | 4,337 | 5,261 | |
Project development costs | 12,162 | 13,214 | |
Total current assets | [1] | 845,201 | 638,585 |
Federal ESPC receivable | 605,871 | 557,669 | |
Property and equipment, net | [1] | 13,063 | 13,117 |
Energy assets, net | [1] | 908,006 | 856,531 |
Deferred income tax assets, net | 3,722 | 3,703 | |
Goodwill, net | 71,334 | 71,157 | |
Intangible assets, net | 5,974 | 6,961 | |
Operating lease assets | [1] | 39,485 | 41,982 |
Restricted cash, net of current portion | [1] | 13,323 | 12,337 |
Other assets | [1] | 24,591 | 22,779 |
Total assets | [1] | 2,530,570 | 2,224,821 |
Current liabilities: | |||
Current portions of long-term debt and financing lease liabilities | [1] | 80,191 | 78,934 |
Accounts payable | [1] | 231,533 | 308,963 |
Accrued expenses and other current liabilities | [1] | 43,784 | 43,311 |
Current portions of operating lease liabilities | [1] | 6,134 | 6,276 |
Billings in excess of cost and estimated earnings | 31,729 | 35,918 | |
Income taxes payable | 1,771 | 822 | |
Total current liabilities | [1] | 395,142 | 474,224 |
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs | [1] | 659,695 | 377,184 |
Federal ESPC liabilities | 600,507 | 532,287 | |
Deferred income tax liabilities, net | 6,063 | 3,871 | |
Deferred grant income | 8,379 | 8,498 | |
Long-term operating lease liabilities, net of current portion | [1] | 32,854 | 35,135 |
Other liabilities | [1] | 44,282 | 43,176 |
Commitments and contingencies (Note 9) | |||
Redeemable non-controlling interests, net | 47,438 | 46,182 | |
Stockholders’ equity: | |||
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at March 31, 2022 and December 31, 2021 | 0 | 0 | |
Additional paid-in capital | 289,459 | 283,982 | |
Retained earnings | 456,088 | 438,732 | |
Accumulated other comprehensive loss, net | (3,889) | (6,667) | |
Treasury stock, at cost, 2,101,795 shares at March 31, 2022 and December 31, 2021 | (11,788) | (11,788) | |
Stockholders’ equity before non-controlling interest | 729,875 | 704,264 | |
Non-controlling interest | 6,335 | 0 | |
Total stockholders’ equity | 736,210 | 704,264 | |
Total liabilities, redeemable non-controlling interests and stockholders’ equity | 2,530,570 | 2,224,821 | |
Class A Common Stock | |||
Stockholders’ equity: | |||
Common stock | 3 | 3 | |
Class B Common Stock | |||
Stockholders’ equity: | |||
Common stock | $ 2 | $ 2 | |
[1] | Includes restricted assets of consolidated variable interest entities (“VIEs”) at March 31, 2022 and December 31, 2021 of $136,315 and $124,454, respectively. Includes non-recourse liabilities of consolidated VIEs at March 31, 2022 and December 31, 2021 of $30,790 and $31,125, respectively. See Note 12. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | |
Accounts receivable, allowance for credit loss, current | $ 2,265 | $ 2,266 | |
Total assets | [1] | $ 2,530,570 | $ 2,224,821 |
Preferred stock, par value (in usd per share) | $ 0.0001 | $ 0.0001 | |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 | |
Preferred stock, shares issued (in shares) | 0 | 0 | |
Preferred stock, shares outstanding (in shares) | 0 | 0 | |
Treasury stock, shares (in shares) | 2,101,795 | 2,101,795 | |
Class A Common Stock | |||
Common stock, par value (in usd per share) | $ 0.0001 | $ 0.0001 | |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 | |
Common stock, shares issued (in shares) | 35,910,759 | 35,818,104 | |
Common stock, shares outstanding (in shares) | 33,808,964 | 33,716,309 | |
Class B Common Stock | |||
Common stock, par value (in usd per share) | $ 0.0001 | $ 0.0001 | |
Common stock, shares authorized (in shares) | 144,000,000 | 144,000,000 | |
Common stock, shares issued (in shares) | 18,000,000 | 18,000,000 | |
Common stock, shares outstanding (in shares) | 18,000,000 | 18,000,000 | |
Variable Interest Entity, Primary Beneficiary | |||
Total assets | $ 136,315 | $ 124,454 | |
Total liabilities | $ 30,790 | $ 31,125 | |
[1] | Includes restricted assets of consolidated variable interest entities (“VIEs”) at March 31, 2022 and December 31, 2021 of $136,315 and $124,454, respectively. Includes non-recourse liabilities of consolidated VIEs at March 31, 2022 and December 31, 2021 of $30,790 and $31,125, respectively. See Note 12. |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||
Revenues | $ 474,002 | $ 252,202 |
Cost of revenues | 405,624 | 205,293 |
Gross profit | 68,378 | 46,909 |
Selling, general and administrative expenses | 39,692 | 28,601 |
Operating income | 28,686 | 18,308 |
Other expenses, net | 7,081 | 3,672 |
Income before income taxes | 21,605 | 14,636 |
Income tax provision | 2,307 | 2,205 |
Net income | 19,298 | 12,431 |
Net income attributable to redeemable non-controlling interests | (1,914) | (1,257) |
Net income attributable to common shareholders | $ 17,384 | $ 11,174 |
Net income per share attributable to common shareholders: | ||
Basic (in usd per share) | $ 0.34 | $ 0.23 |
Diluted (in usd per share) | $ 0.32 | $ 0.22 |
Weighted average common shares outstanding: | ||
Basic (in shares) | 51,744 | 48,975 |
Diluted (in shares) | 53,636 | 50,357 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 19,298 | $ 12,431 |
Other comprehensive income (loss): | ||
Unrealized gain from interest rate hedges, net of tax effect of $917 and $719 | 2,711 | 2,118 |
Foreign currency translation adjustments | 67 | 413 |
Total other comprehensive income | 2,778 | 2,531 |
Comprehensive income | 22,076 | 14,962 |
Comprehensive income attributable to redeemable non-controlling interests | (1,914) | (1,257) |
Comprehensive income attributable to common shareholders | $ 20,162 | $ 13,705 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Unrealized gain (loss) from interest rate hedges, tax effect | $ 917 | $ 719 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Redeemable Non-Controlling Interests and Stockholders' Equity - USD ($) $ in Thousands | Total | Class A Common Stock | Class B Common Stock | Common StockClass A Common Stock | Common StockClass B Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Non-controlling Interest |
Redeemable non-controlling interests, beginning balance at Dec. 31, 2020 | $ 38,850 | |||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||
Tax equity financing fees | (17) | |||||||||
Distributions to redeemable non-controlling interests | (453) | |||||||||
Accretion of tax equity financing fees | 31 | |||||||||
Net income | 1,257 | |||||||||
Redeemable non-controlling interests, ending balance at Mar. 31, 2021 | 39,668 | |||||||||
Beginning balance (in shares) at Dec. 31, 2020 | 30,224,654 | 18,000,000 | (2,101,795) | |||||||
Beginning balance at Dec. 31, 2020 | 492,813 | $ 3 | $ 2 | $ 145,496 | $ 368,390 | $ (9,290) | $ (11,788) | $ 0 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Equity offering cost adjustment (in shares) | 2,875,000 | |||||||||
Equity offering cost adjustment | 120,216 | 120,216 | ||||||||
Exercise of stock options (in shares) | 166,271 | |||||||||
Exercise of stock options | 1,386 | 1,386 | ||||||||
Stock-based compensation expense | 766 | 766 | ||||||||
Unrealized gain (loss) from interest rate hedges, net | 2,118 | 2,118 | ||||||||
Foreign currency translation adjustment | 413 | 413 | ||||||||
Accretion of tax equity financing fees | (31) | (31) | ||||||||
Net income | 11,174 | 11,174 | ||||||||
Ending balance (in shares) at Mar. 31, 2021 | 33,265,925 | 18,000,000 | (2,101,795) | |||||||
Ending balance at Mar. 31, 2021 | 628,855 | $ 3 | $ 2 | 267,864 | 379,533 | (6,759) | $ (11,788) | 0 | ||
Redeemable non-controlling interests, beginning balance at Dec. 31, 2021 | 46,182 | |||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||
Distributions to redeemable non-controlling interests | (448) | |||||||||
Accretion of tax equity financing fees | 28 | |||||||||
Investment fund call option exercise | (238) | |||||||||
Net income | 1,914 | |||||||||
Redeemable non-controlling interests, ending balance at Mar. 31, 2022 | 47,438 | |||||||||
Beginning balance (in shares) at Dec. 31, 2021 | 33,716,309 | 18,000,000 | 33,716,309 | 18,000,000 | (2,101,795) | |||||
Beginning balance at Dec. 31, 2021 | 704,264 | $ 3 | $ 2 | 283,982 | 438,732 | (6,667) | $ (11,788) | 0 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Equity offering cost adjustment (in shares) | 92,655 | |||||||||
Exercise of stock options | 1,708 | 1,708 | ||||||||
Stock-based compensation expense | 3,531 | 3,531 | ||||||||
Unrealized gain (loss) from interest rate hedges, net | 2,711 | 2,711 | ||||||||
Foreign currency translation adjustment | 67 | 67 | ||||||||
Accretion of tax equity financing fees | (28) | (28) | ||||||||
Investment fund call option exercise | 238 | 238 | ||||||||
Contributions from non-controlling interest | 6,335 | 6,335 | ||||||||
Net income | 17,384 | 17,384 | ||||||||
Ending balance (in shares) at Mar. 31, 2022 | 33,808,964 | 18,000,000 | 33,808,964 | 18,000,000 | (2,101,795) | |||||
Ending balance at Mar. 31, 2022 | $ 736,210 | $ 3 | $ 2 | $ 289,459 | $ 456,088 | $ (3,889) | $ (11,788) | $ 6,335 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Changes in Redeemable Non-Controlling Interests and Stockholders' Equity (Parenthetical) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Statement of Stockholders' Equity [Abstract] | |
Equity offering, offering costs | $ 6,284 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 19,298 | $ 12,431 |
Adjustments to reconcile net income to cash flows from operating activities: | ||
Depreciation of energy assets, net | 11,806 | 9,686 |
Depreciation of property and equipment | 734 | 833 |
Gain on contingent consideration | (320) | 0 |
Accretion of ARO liabilities | 36 | 24 |
Amortization of debt discount and debt issuance costs | 852 | 747 |
Amortization of intangible assets | 578 | 80 |
Provision for bad debts | 237 | 3 |
Equity in (earnings) loss of unconsolidated entity | (637) | 62 |
Net loss (gain) from derivatives | 1,622 | (377) |
Stock-based compensation expense | 3,531 | 766 |
Deferred income taxes, net | 1,284 | 1,410 |
Unrealized foreign exchange loss | 132 | 19 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (40,859) | 15,535 |
Accounts receivable retainage | 2,582 | (1,844) |
Federal ESPC receivable | (46,300) | (65,973) |
Inventory, net | (914) | 48 |
Costs and estimated earnings in excess of billings | (154,325) | 6,544 |
Prepaid expenses and other current assets | 2,813 | (726) |
Project development costs | 1,260 | 1,259 |
Other assets | 105 | (600) |
Accounts payable, accrued expenses and other current liabilities | (77,163) | (19,333) |
Billings in excess of cost and estimated earnings | (4,309) | (3,973) |
Other liabilities | (33) | (226) |
Income taxes receivable, net | 1,868 | 4,881 |
Cash flows from operating activities | (276,122) | (38,724) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (889) | (656) |
Capital investment in energy assets | (56,844) | (55,823) |
Cash flows from investing activities | (57,733) | (56,479) |
Cash flows from financing activities: | ||
Proceeds from equity offering, net of offering costs | 0 | 120,216 |
Payments of debt discount and debt issuance costs | (2,570) | (850) |
Proceeds from exercises of options and ESPP | 1,708 | 1,386 |
Proceeds from (payments on) senior secured revolving credit facility, net | 76,000 | (53,073) |
Proceeds from long-term debt financings | 286,744 | 30,811 |
Proceeds from Federal ESPC projects | 64,788 | 33,520 |
Proceeds for (payments on) energy assets from Federal ESPC | 1,925 | (59) |
Contributions from non-controlling interest | 4,594 | 0 |
Distributions to redeemable non-controlling interests, net | (357) | (495) |
Payments on long-term debt and financing leases | (77,432) | (19,073) |
Cash flows from financing activities | 355,400 | 112,383 |
Effect of exchange rate changes on cash | (196) | 330 |
Net increase in cash, cash equivalents, and restricted cash | 21,349 | 17,510 |
Cash, cash equivalents, and restricted cash, beginning of period | 87,054 | 98,837 |
Cash, cash equivalents, and restricted cash, end of period | 108,403 | 116,347 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 4,488 | 4,235 |
Cash paid for income taxes | 78 | 271 |
Accrued purchases of energy assets | $ 40,683 | $ 33,065 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION The accompanying condensed consolidated financial statements of Ameresco, Inc. (including its subsidiaries, the “Company,” “Ameresco,” “we,” “our,” or “us”) are unaudited, according to certain rules and regulations of the Securities and Exchange Commission, and include, in our opinion, normal recurring adjustments necessary for a fair presentation in conformity with accounting principles generally accepted in the United States (“GAAP”) of the results for the periods indicated. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of results which may be expected for the full year. The December 31, 2021 consolidated balance sheet data was derived from audited financial statements, but certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. The interim condensed consolidated financial statements and accompanying notes should be read in conjunction with the audited consolidated financial statements and accompanying notes for the year ended December 31, 2021, included in our annual report on Form 10-K (“2021 Annual Report” or “2021 Form 10-K”) for the year ended December 31, 2021 filed with the Securities and Exchange Commission on March 1, 2022. Reclassification Certain prior period amounts were reclassified to conform to the presentation in the current period. Significant Risks and Uncertainties The COVID-19 pandemic has continued to result in global supply chain disruptions and the resurgence of COVID-19 and its variants has caused some governments to extend travel and other restrictions. We have considered the impact of COVID-19 on the assumptions and estimates used, which may change in response to this evolving situation. Results of future operations and liquidity could be adversely impacted by a number of factors associated with the COVID-19 pandemic including payments of outstanding receivable amounts beyond normal payment terms, supply chain disruptions, potential loss of employees due to vaccine mandates, and uncertain demand. As of the date of issuance of these condensed consolidated financial statements, we cannot reasonably estimate the extent to which the COVID-19 pandemic may impact our financial condition, liquidity, or results of operations in the foreseeable future. The ultimate impact of the pandemic on us is highly uncertain and will depend on future developments, and such impacts could exist for an extended period of time, even after the pandemic subsides. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Our accounting policies are set forth in Note 2 to the consolidated financial statements contained in our 2021 Form 10-K . We have included certain updates to those policies below. Accounts Receivable and Allowance for Credit Losses Changes in the allowance for credit losses are as follows: March 31, 2022 March 31, 2021 Allowance for credit losses, beginning of period $ 2,263 $ 2,266 Provision for bad debts 237 3 Account write-offs and other (235) 41 Allowance for credit losses, end of period $ 2,265 $ 2,310 Recent Accounting Pronouncements Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04, which provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. Companies can apply the ASU immediately, however, the guidance will only be available until December 31, 2022. We are currently evaluating the impact that adopting this new accounting standard would have on our condensed consolidated financial statements and related disclosures. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope. The amendments in ASU 2021-01 provide optional expedients to the current guidance on contract modification and hedge accounting from the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. The guidance generally can be applied to applicable contract modifications through December 31, 2022. We are currently evaluating the impact that adopting this new accounting standard would have on our condensed consolidated financial statements and related disclosures. Government Assistance In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires annual disclosures about certain types of government assistance received. ASU 2021-10 is effective for our fiscal year beginning after December 15, 2021. We adopted this guidance as of January 1, 2022 and the adoption did not have an impact on our consolidated financial statements. Derivatives and Hedging In March 2022, the FASB issued ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method, which expands the current single-layer method to allow multiple hedged layers of a single closed portfolio to be hedged under the method. ASU 2022-01 is effective for our year ending beginning after December 15, 2022. We are currently evaluating the impact that adopting this new accounting standard would have on our consolidated financial statements. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | REVENUE FROM CONTRACTS WITH CUSTOMERS Disaggregation of Revenue Our reportable segments for the three months ended March 31, 2022 were U.S. Regions, U.S. Federal, Canada, Non-Solar Distributed Generation (“Non-Solar DG”) and All Other. On January 1, 2022, we changed the structure of our internal organization and our “All Other” segment now includes our U.S.-based enterprise energy management services previously included in our U.S Regions segment and our U.S. Regions segment now includes U.S. project revenue and associated costs previously included in our Non-Solar DG segment. As a result, previously reported amounts have been reclassified for comparative purposes. The following table presents our revenue disaggregated by line of business and reportable segment for the three months ended March 31, 2022: U.S. Regions U.S. Federal Canada Non-Solar DG All Other Total Project revenue $ 298,632 $ 62,217 $ 13,951 $ — $ 18,604 $ 393,404 O&M revenue 5,080 12,297 11 2,774 91 20,253 Energy assets 10,018 1,090 761 26,487 72 38,428 Integrated-PV — — — — 11,356 11,356 Other 790 42 2,449 — 7,280 10,561 Total revenues $ 314,520 $ 75,646 $ 17,172 $ 29,261 $ 37,403 $ 474,002 The following table presents our revenue disaggregated by line of business and reportable segment for the three months ended March 31, 2021: U.S. Regions U.S. Federal Canada Non-Solar DG All Other Total Project revenue $ 75,812 $ 90,089 $ 9,001 $ — $ 5,791 $ 180,693 O&M revenue 4,415 11,440 26 2,532 71 18,484 Energy assets 8,802 664 747 22,939 135 33,287 Integrated-PV — — — — 9,154 9,154 Other 215 21 1,869 109 8,370 10,584 Total revenues $ 89,244 $ 102,214 $ 11,643 $ 25,580 $ 23,521 $ 252,202 Three Months Ended March 31, 2022 2021 Percentage of revenue recognized over time 96% 94% The remainder of our revenue is for products and services transferred at a point in time, at which point revenue is recognized. We attribute revenues to customers based on the location of the customer. The following table presents information related to our revenues by geographic area: Three Months Ended March 31, 2022 2021 United States $ 438,391 $ 234,009 Canada 15,988 10,853 Other 19,623 7,340 Total revenues $ 474,002 $ 252,202 The following tables provide information about receivables, contract assets and contract liabilities from contracts with customers: March 31, 2022 December 31, 2021 Accounts receivable, net $ 204,082 $ 161,970 Accounts receivable retainage, net $ 40,555 $ 43,067 Contract Assets: Costs and estimated earnings in excess of billings $ 460,240 $ 306,172 Contract Liabilities: Billings in excess of cost and estimated earnings $ 31,729 $ 35,918 Billings in excess of cost and estimated earnings, non-current (1) 6,322 6,481 Total contract liabilities $ 38,051 $ 42,399 March 31, 2021 December 31, 2020 Accounts receivable, net $ 113,095 $ 125,010 Accounts receivable retainage, net $ 32,071 $ 30,189 Contract Assets: Costs and estimated earnings in excess of billings $ 179,474 $ 185,960 Contract Liabilities: Billings in excess of cost and estimated earnings $ 30,211 $ 33,984 Billings in excess of cost and estimated earnings, non-current (1) 6,590 6,631 Total contract liabilities $ 36,801 $ 40,615 (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 three months ended March 31, 2022 was primarily due to revenue recognized of $381,949 offset by billings of $229,540. Contract assets also increased due to reclassifications, primarily from contract liabilities as a result of timing of customer payments. The decrease in contract liabilities was primarily driven by recognition of revenue as performance obligations were satisfied exceeding increases from the receipt of advance payment from customers, and related billings. For the three months ended March 31, 2022, we recognized revenue of $33,077 that was previously included in the beginning balance of contract liabilities and billed customers $23,723. Changes in contract liabilities are also driven by reclassifications to or from contract assets as a result of timing of customer payments. The decrease in contract assets for the three months ended March 31, 2021 was primarily due to billings of approximately $144,539, partially offset by revenue recognized of $130,297. The decrease in contract liabilities was primarily driven by the receipt of advance payment from customers, and related billings, exceeding reductions from the recognition of revenue as performance obligations were satisfied. For the three months ended March 31, 2021, we recognized revenue of $45,483 that was previously included in the beginning balance of contract liabilities and billed customers $33,081. Changes in contract liabilities are also driven by reclassifications to or from contract assets as a result of timing of customer payments. Performance Obligations Our remaining performance obligations (“backlog”) represent the unrecognized revenue value of our contract commitments. At March 31, 2022, we had contracted backlog of $2,553,770 of which approximately 48% is anticipated to be recognized as revenue in the next twelve months. The remaining performance obligations primarily relate to the energy efficiency and renewable energy construction projects, including long-term operations and maintenance (“O&M”) services related to these projects. The long-term services have varying initial contract terms, up to 25 years. Project Development Costs Project development costs of $4,209 and $1,985 were recognized in the condensed consolidated statements of income on projects that converted to customer contracts during the three months ended March 31, 2022 and 2021, respectively. No impairment charges in connection with our project development costs were recorded during the three months ended March 31, 2022 and 2021. |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Net | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets, Net | GOODWILL AND INTANGIBLE ASSETS, NET The changes in the carrying value of goodwill balances by reportable segment were as follows: U.S. Regions U.S. Federal Canada Non-solar DG Other Total Balance, December 31, 2021 $ 39,204 $ 3,981 $ 3,454 $ — $ 24,518 $ 71,157 Remeasurement adjustment 309 — — — — 309 Currency effects — — 53 — (185) (132) Balance, March 31, 2022 $ 39,513 $ 3,981 $ 3,507 $ — $ 24,333 $ 71,334 Definite-lived intangible assets, net consisted of the following: As of March 31, 2022 As of December 31, 2021 Gross carrying amount $ 32,939 33,526 Less - accumulated amortization (26,965) (26,565) Intangible assets, net $ 5,974 $ 6,961 The table below sets forth amortization expense: Three Months Ended March 31, Asset type Location 2022 2021 Customer contracts Cost of revenues $ 184 $ — All other intangible assets Selling, general and administrative expenses 394 80 Total amortization expense $ 578 $ 80 |
Energy Assets, Net
Energy Assets, Net | 3 Months Ended |
Mar. 31, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Energy Assets, Net | ENERGY ASSETS, NET Energy assets, net consisted of the following: March 31, 2022 December 31, 2021 Energy assets (1) $ 1,184,314 $ 1,120,712 Less - accumulated depreciation and amortization (276,308) (264,181) Energy assets, net $ 908,006 $ 856,531 (1) Includes financing lease assets (see Note 6), capitalized interest and Asset retirement obligations (“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 March 31, Location 2022 2021 Cost of revenues (2) $ 11,806 $ 9,686 (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 March 31, 2022 2021 Capitalized interest $ 1,312 $ 2,238 The following tables sets forth information related to our ARO assets and ARO liabilities: Location March 31, 2022 December 31, 2021 ARO assets, net Energy assets, net $ 2,473 $ 1,939 ARO liabilities, current Accrued expenses and other current liabilities $ 9 $ 6 ARO liabilities, non-current Other liabilities 2,947 2,342 Total ARO liabilities $ 2,956 $ 2,348 Three Months Ended March 31, 2022 2021 Depreciation expense of ARO assets $ 37 $ 23 Accretion expense of ARO liabilities $ 36 $ 24 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Leases | LEASES The table below sets forth supplemental condensed consolidated balance sheet information related to our leases: March 31, 2022 December 31, 2021 Operating Leases: Operating lease assets $ 39,485 $ 41,982 Current portions of operating lease liabilities $ 6,134 $ 6,276 Long-term portions of operating lease liabilities 32,854 35,135 Total operating lease liabilities $ 38,988 $ 41,411 Weighted-average remaining lease term 12 years 12 years Weighted-average discount rate 5.7 % 5.7 % Financing Leases: Energy assets $ 31,521 $ 31,876 Current portions of financing lease liabilities $ 3,226 $ 3,125 Long-term financing lease liabilities, net of current portion, unamortized discount and debt issuance costs 15,973 16,101 Total financing lease liabilities $ 19,199 $ 19,226 Weighted-average remaining lease term 15 years 15 years Weighted-average discount rate 12.1 % 12.1 % The costs related to our leases were as follows: Three Months Ended March 31, 2022 2021 Operating Leases: Operating lease costs $ 2,291 $ 2,153 Financing Leases: Amortization expense 355 532 Interest on lease liabilities 559 658 Total lease costs $ 3,205 $ 3,343 Supplemental cash flow information related to our leases was as follows: Three Months Ended March 31, 2022 2021 Cash paid for amounts included in the measurement of operating lease liabilities $ 1,907 $ 2,423 Right-of-use assets (“ROU”) obtained in exchange for new operating lease liabilities $ 367 $ 3,773 The table below sets forth our estimated minimum future lease obligations under our leases: Operating Leases Financing Leases Year ended December 31, 2022 $ 6,134 $ 5,124 2023 7,176 3,676 2024 5,943 2,565 2025 4,725 2,213 2026 2,880 2,054 Thereafter 28,615 19,813 Total minimum lease payments 55,473 35,445 Less: interest 16,485 16,246 Present value of lease liabilities $ 38,988 $ 19,199 Sale-leasebacks In March 2022, we entered into an amendment to our August 2018 long-term financing facility which extended the end date of the agreement from March 31, 2022 to June 30, 2022. We sold and leased back two energy assets for $8,201 in cash proceeds under this agreement during the three months ended March 31, 2022. As of March 31, 2022, approximately $220,367 remained available under this lending commitment. In March 2022, we entered into an amendment to our December 2020 long-term financing facility which extended the end date of the agreement from December 31, 2021 to July 15, 2022. We sold and leased back one energy asset for $4,423 in cash proceeds under this facility during three months ended March 31, 2022. As of March 31, 2022, approximately $11,515 remained available under this lending commitment. These transactions are accounted for as failed sale leasebacks and are classified as long-term financing facilities. See Note 7 for additional information. |
Leases | LEASES The table below sets forth supplemental condensed consolidated balance sheet information related to our leases: March 31, 2022 December 31, 2021 Operating Leases: Operating lease assets $ 39,485 $ 41,982 Current portions of operating lease liabilities $ 6,134 $ 6,276 Long-term portions of operating lease liabilities 32,854 35,135 Total operating lease liabilities $ 38,988 $ 41,411 Weighted-average remaining lease term 12 years 12 years Weighted-average discount rate 5.7 % 5.7 % Financing Leases: Energy assets $ 31,521 $ 31,876 Current portions of financing lease liabilities $ 3,226 $ 3,125 Long-term financing lease liabilities, net of current portion, unamortized discount and debt issuance costs 15,973 16,101 Total financing lease liabilities $ 19,199 $ 19,226 Weighted-average remaining lease term 15 years 15 years Weighted-average discount rate 12.1 % 12.1 % The costs related to our leases were as follows: Three Months Ended March 31, 2022 2021 Operating Leases: Operating lease costs $ 2,291 $ 2,153 Financing Leases: Amortization expense 355 532 Interest on lease liabilities 559 658 Total lease costs $ 3,205 $ 3,343 Supplemental cash flow information related to our leases was as follows: Three Months Ended March 31, 2022 2021 Cash paid for amounts included in the measurement of operating lease liabilities $ 1,907 $ 2,423 Right-of-use assets (“ROU”) obtained in exchange for new operating lease liabilities $ 367 $ 3,773 The table below sets forth our estimated minimum future lease obligations under our leases: Operating Leases Financing Leases Year ended December 31, 2022 $ 6,134 $ 5,124 2023 7,176 3,676 2024 5,943 2,565 2025 4,725 2,213 2026 2,880 2,054 Thereafter 28,615 19,813 Total minimum lease payments 55,473 35,445 Less: interest 16,485 16,246 Present value of lease liabilities $ 38,988 $ 19,199 Sale-leasebacks In March 2022, we entered into an amendment to our August 2018 long-term financing facility which extended the end date of the agreement from March 31, 2022 to June 30, 2022. We sold and leased back two energy assets for $8,201 in cash proceeds under this agreement during the three months ended March 31, 2022. As of March 31, 2022, approximately $220,367 remained available under this lending commitment. In March 2022, we entered into an amendment to our December 2020 long-term financing facility which extended the end date of the agreement from December 31, 2021 to July 15, 2022. We sold and leased back one energy asset for $4,423 in cash proceeds under this facility during three months ended March 31, 2022. As of March 31, 2022, approximately $11,515 remained available under this lending commitment. These transactions are accounted for as failed sale leasebacks and are classified as long-term financing facilities. See Note 7 for additional information. |
Leases | LEASES The table below sets forth supplemental condensed consolidated balance sheet information related to our leases: March 31, 2022 December 31, 2021 Operating Leases: Operating lease assets $ 39,485 $ 41,982 Current portions of operating lease liabilities $ 6,134 $ 6,276 Long-term portions of operating lease liabilities 32,854 35,135 Total operating lease liabilities $ 38,988 $ 41,411 Weighted-average remaining lease term 12 years 12 years Weighted-average discount rate 5.7 % 5.7 % Financing Leases: Energy assets $ 31,521 $ 31,876 Current portions of financing lease liabilities $ 3,226 $ 3,125 Long-term financing lease liabilities, net of current portion, unamortized discount and debt issuance costs 15,973 16,101 Total financing lease liabilities $ 19,199 $ 19,226 Weighted-average remaining lease term 15 years 15 years Weighted-average discount rate 12.1 % 12.1 % The costs related to our leases were as follows: Three Months Ended March 31, 2022 2021 Operating Leases: Operating lease costs $ 2,291 $ 2,153 Financing Leases: Amortization expense 355 532 Interest on lease liabilities 559 658 Total lease costs $ 3,205 $ 3,343 Supplemental cash flow information related to our leases was as follows: Three Months Ended March 31, 2022 2021 Cash paid for amounts included in the measurement of operating lease liabilities $ 1,907 $ 2,423 Right-of-use assets (“ROU”) obtained in exchange for new operating lease liabilities $ 367 $ 3,773 The table below sets forth our estimated minimum future lease obligations under our leases: Operating Leases Financing Leases Year ended December 31, 2022 $ 6,134 $ 5,124 2023 7,176 3,676 2024 5,943 2,565 2025 4,725 2,213 2026 2,880 2,054 Thereafter 28,615 19,813 Total minimum lease payments 55,473 35,445 Less: interest 16,485 16,246 Present value of lease liabilities $ 38,988 $ 19,199 Sale-leasebacks In March 2022, we entered into an amendment to our August 2018 long-term financing facility which extended the end date of the agreement from March 31, 2022 to June 30, 2022. We sold and leased back two energy assets for $8,201 in cash proceeds under this agreement during the three months ended March 31, 2022. As of March 31, 2022, approximately $220,367 remained available under this lending commitment. In March 2022, we entered into an amendment to our December 2020 long-term financing facility which extended the end date of the agreement from December 31, 2021 to July 15, 2022. We sold and leased back one energy asset for $4,423 in cash proceeds under this facility during three months ended March 31, 2022. As of March 31, 2022, approximately $11,515 remained available under this lending commitment. These transactions are accounted for as failed sale leasebacks and are classified as long-term financing facilities. See Note 7 for additional information. |
Debt and Financing Lease Liabil
Debt and Financing Lease Liabilities | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt and Financing Lease Liabilities | DEBT AND FINANCING LEASE LIABILITIES Our debt and financing lease liabilities comprised of the following: March 31, 2022 December 31, 2021 Senior secured revolving credit facility (1) $ 121,000 $ 45,000 Senior secured term loans 275,000 52,813 Non-recourse construction revolvers 31,910 31,698 Non-recourse term loans (4) 205,329 218,136 Long-term financing facilities (2) 104,417 104,615 Financing lease liabilities (3) 19,199 19,226 Total debt and financing lease liabilities 756,855 471,488 Less: current maturities 80,191 78,934 Less: unamortized discount and debt issuance costs 16,969 15,370 Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs $ 659,695 $ 377,184 (1) At March 31, 2022, funds of $47,341 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. (4) As of March 31, 2021, we were in default on one non-recourse term loan with a balance of $3,809 for failure to meet the debt service coverage ratio of 1 to 1, however, a waiver was received in April 2022. Senior Secured Credit Facility - Revolver and Term Loans On March 4, 2022, we entered into the fifth amended and restated senior secured credit facility with five banks, which included the following amendments: • increased the aggregate amount of total commitments from $245,000 to $495,000, • increased the aggregate amount of the revolving commitments from $180,000 to $200,000, • increased the existing term loan A from $65,000 to $75,000, • extended the maturity date of the revolving commitment and term loan A from June 28, 2024 to March 4, 2025, • added a delayed draw term loan A for up to $220,000 through a September 4, 2023 maturity date, • increased the total funded debt to EBITDA covenant ratio from a maximum of 3.50 to 4.50 for the quarter ended March 31, 2022; 4.25 for the quarter ending June 30, 2022, 4.00 for the quarters ending September 30, 2022 and December 31, 2022; and 3.50 thereafter, • specified the debt service coverage ratio (the ratio of (a) cash flow of the core Ameresco companies, to (b) debt service of the core Ameresco companies as of the end of each fiscal quarter to be less than 1.5, and • increased our limit under an energy conversation project financing to $650,000, which provides us with flexibility to grow our federal business further. The revolving credit facility may be increased by an amount up to an additional $100,000 in increments of at least $25,000 at the approval of the lenders, subject to certain conditions. We accounted for this amendment as a modification and at closing we incurred $2,048 in lenders fees which were reflected as debt discount and $352 in third party fees which were reflected as debt issuance costs. The unamortized debt discount and issuance costs of the previous agreement are being amortized over the remaining term of the amended agreement, with the exception of $96 of costs relating to a previous syndicated lender which did not participate in this amendment. These costs were expensed in other expenses, net during the three months ended March 31, 2022. Construction Revolvers Construction Revolver, 1.74%, due June 2022 In March 2022, we entered into a fourth amendment to the 1.74% construction revolver to extend this facility from March 2022 to June 2022. All remaining unpaid amounts outstanding under the facility are due at that time. As of March 31, 2022, $73,946 was available for borrowing under this facility. On April 29, 2022, a wholly-owned subsidiary of ours executed a joinder agreement to the 1.74% construction revolver, which added it as an additional borrower under the master construction loan agreement. At closing, we borrowed $9,800 for a solar and storage project. Construction Revolver, 1.99%, due July 2022 As of March 31, 2022, $24,145 was available for borrowing under the 1.74% construction revolver. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES We recorded a provision for income taxes of $2,307 and $2,205 for the three months ended March 31, 2022 and 2021, respectively. The estimated effective annualized tax rate impacted by the period discrete items is a provision of 10.7% for the three months ended March 31, 2022, compared to a provision of 15.1% of estimated effective annualized tax rate for the three months ended March 31, 2021. The principal reasons for the difference between the statutory rate and the estimated annual effective rate for 2022 were the effects of investment tax credits which we are entitled from solar plants placed into service or are forecasted to be placed into service during 2022, state taxes, and the tax deductions related to the Section 179D deduction. The principal reasons for the difference between the statutory rate and the estimated annual effective rate for 2021 were the effects of investment tax credits which we are entitled from solar plants placed into service or are forecasted placed into service during 2021, the tax deductions related to the Section 179D deduction, the deduction of compensation expense associated with certain employee stock options, and tax basis adjustments on certain partnership flip transactions. Under GAAP accounting rules deferred taxes are shown on a net basis in the condensed consolidated financial statements based on taxing jurisdiction. Under the guidance, we have recorded long term deferred tax assets and deferred tax liabilities based on the underlying jurisdiction in the accompanying condensed consolidated balance sheets. The following table sets forth the total amounts of gross unrecognized tax benefits: Gross Unrecognized Balance, December 31, 2021 $ 900 Balance, March 31, 2022 $ 900 The amount of unrecognized tax benefits that, if recognized, would favorably affect the effective income tax rate in any future periods was $440 at March 31, 2022 and December 31, 2021 (net of the federal benefit on state amounts). |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES From time to time, we issue letters of credit and performance bonds with our third-party lenders, to provide collateral. Legal Proceedings On November 6, 2017, we were served with a complaint filed by a customer against nine contractors, including us, claiming both physical damages to the customer’s tangible property and damages caused by various alleged defects in the design of the project through negligent acts and/or omissions, breaches of contract and breaches of the “implied warranty of good and workmanlike manner.” During the three months ended March 31, 2022, we entered into a settlement agreement and adjusted our accrual for the actual net loss after taking into account our insurance proceeds, which is included in accrued expenses and other current liabilities in our condensed consolidated balance sheets as of March 31, 2022. In addition, we reversed the loss recovery from insurance proceeds. We are involved in a variety of other claims and other legal proceedings generally incidental to our normal business activities. While the outcome of any of these proceedings cannot be accurately predicted, we do not believe the ultimate resolution of any of these existing matters would have a material adverse effect on our financial condition or results of operations. Commitment as a Result of an Acquisition In August 2018, we completed an acquisition which provided for a revenue earn-out contingent upon the acquired business meeting certain cumulative revenue targets over 5 years from the acquisition date. The fair value decreased from $678 at December 31, 2021 to $358 at March 31, 2022 and is included in other liabilities on the condensed consolidated balance sheets. The contingent consideration will be paid annually in May, if any of the cumulative revenue targets are achieved. No payments have been made to date. In December 2021, we completed our acquisition of Plug Smart which provided for an earn-out based on future EBITDA targets beginning with EBITDA performance for the month of December 2021 and each fiscal year thereafter, over a five-year period through December 31, 2026. The maximum cumulative earn-out is $5,000 and we evaluated financial forecasts of the acquired business and concluded that the fair value of this earn-out was approximately $2,160 upon acquisition and remained consistent as of December 31, 2021. At March 31, 2022, the fair value of the contingent consideration was $2,061 and is included in other liabilities on the consolidated balance sheets. No payments have been made to date. See note 10 for additional information. |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | FAIR VALUE MEASUREMENT We recognize our financial assets and liabilities at fair value on a recurring basis. Fair value is defined as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Three levels of inputs that may be used to measure fair value are as follows: Level 1: Inputs are based on unadjusted quoted prices for identical instruments traded in active markets. Level 2: Inputs are based on quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3: Inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques. The following table presents the input level used to determine the fair values of our financial instruments measured at fair value on a recurring basis: Fair Value as of Level March 31, 2022 December 31, 2021 Assets: Interest rate swap instruments 2 $ 2,220 $ 919 Total assets $ 2,220 $ 919 Liabilities: Interest rate swap instruments 2 $ 2,726 $ 6,316 Commodity swap instruments 2 4,568 1,962 Make-whole provisions 2 5,085 4,800 Contingent consideration 3 2,419 2,838 Total liabilities $ 14,798 $ 15,916 The following table sets forth a summary of changes in the fair value of contingent consideration liability classified as level 3: Year Ended December 31, March 31, 2022 December 31, 2021 Contingent consideration liability balance at the beginning of period $ 2,838 $ 678 Contingent consideration issued in connection with acquisition — 2,160 Changes in fair value included in earnings (320) — Remeasurement adjustment (99) — Contingent consideration liability balance at the end of period $ 2,419 $ 2,838 The following table sets forth the fair value and the carrying value of our long-term debt, excluding financing leases: As of March 31, 2022 As of December 31, 2021 Fair Value Carrying Value Fair Value Carrying Value Long-term debt (Level 2) $ 726,649 $ 720,687 $ 442,429 $ 436,892 The fair value of our long-term debt was estimated using discounted cash flows analysis, based on our current incremental borrowing rates for similar types of borrowing arrangements which are considered to be level two inputs. There have been no transfers in or out of level two or three financial instruments for the three months ended March 31, 2022 and the year ended December 31, 2021. We are also required to periodically measure certain other assets at fair value on a nonrecurring basis, including long-lived assets, goodwill and other intangible assets. We calculated the fair value used in our annual goodwill impairment analysis utilizing a discounted cash flow analysis and determined that the inputs used were level 3 inputs. There were no assets recorded at fair value on a non-recurring basis as of March 31, 2022 or December 31, 2021. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES The following table presents information about the fair value amounts of our cash flow derivative instruments: Derivatives as of March 31, 2022 December 31, 2021 Balance Sheet Location Fair Value Fair Value Derivatives Designated as Hedging Instruments: Interest rate swap contracts Other assets $ 39 $ — Interest rate swap contracts Other liabilities $ 2,726 $ 6,316 Derivatives Not Designated as Hedging Instruments: Interest rate swap contracts Other assets $ 2,181 $ 919 Commodity swap contracts Other liabilities $ 4,568 $ 1,962 Make-whole provisions Other liabilities $ 5,085 $ 4,800 As of March 31, 2022 and December 31, 2021, all but four of our freestanding derivatives were designated as hedging instruments. The following table presents information about the effects of our derivative instruments on our condensed consolidated statements of income and condensed consolidated statements of comprehensive income: Amount of Loss (Gain) Recognized in Net Income Location of Loss (Gain) Recognized in Net Income Three Months Ended March 31, 2022 2021 Derivatives Designated as Hedging Instruments: Interest rate swap contracts Other expenses, net $ 481 $ 523 Derivatives Not Designated as Hedging Instruments: Interest rate swap contracts Other expenses, net $ (1,262) $ (1,323) Commodity swap contracts Other expenses, net $ 2,606 $ 248 Make-whole provisions Other expenses, net $ 278 $ 697 The following table presents the changes in Accumulated Other Comprehensive Income (“AOCI”), net of taxes, from our hedging instruments: Three Months Ended March 31, 2022 Derivatives Designated as Hedging Instruments: Accumulated loss in AOCI at the beginning of the period $ (4,733) Unrealized gain recognized in AOCI 2,230 Loss reclassified from AOCI to other expenses, net 481 Net gain on derivatives 2,711 Accumulated loss in AOCI at the end of the period $ (2,022) The following tables present all of our active derivative instruments as of March 31, 2022: 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 $ 583 Make-whole provisions Liability August 2016 April 2031 $ 77 Make-whole provisions Liability April 2017 February 2034 $ 72 Make-whole provisions Liability November 2020 December 2027 $ 56 Make-whole provisions Liability October 2011 May 2028 $ 12 Make-whole provisions Liability May 2021 April 2045 $ 319 Make-whole provisions Liability July 2021 March 2046 $ 3,966 |
Variable Interest Entities And
Variable Interest Entities And Equity Method Investments | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities And Equity Method Investments | VARIABLE INTEREST ENTITIES AND EQUITY METHOD INVESTMENTS Variable Interest Entities The table below presents a summary of amounts related to our consolidated investment funds and joint venture, which we determined meet the definition of a variable interest entity (“VIE”), as of: March 31, December 31, 2022 (1) 2021 (1) Cash and cash equivalents $ 5,434 $ 4,915 Restricted cash 776 822 Accounts receivable, net 790 656 Costs and estimated earnings in excess of billings 1,884 1,421 Prepaid expenses and other current assets 159 151 Total VIE current assets 9,043 7,965 Property and equipment, net 1,266 1,266 Energy assets, net 119,310 108,498 Operating lease assets 6,225 6,271 Restricted cash, net of current portion 435 418 Other assets 36 36 Total VIE assets $ 136,315 $ 124,454 Current portions of long-term debt and financing lease liabilities $ 2,196 $ 2,210 Accounts payable 94 47 Accrued expenses and other current liabilities 548 643 Current portions of operating lease liabilities 147 142 Total VIE current liabilities 2,985 3,042 Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs 20,499 20,952 Long-term operating lease liabilities, net of current portion 6,630 6,558 Other liabilities 676 573 Total VIE liabilities $ 30,790 $ 31,125 (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 related to our investment funds. Non-controlling Interest Non-controlling interest represents the equity owned by the other joint venture member of a consolidated joint venture. During the three months ended March 31, 2022, the other joint venture member contributed $6,335 to this joint venture which was formed for a specific project. The project did not generate any earnings or losses during the three months ended March 31, 2022. Equity Method Investments Unconsolidated joint ventures are accounted for under the equity method. For these unconsolidated joint ventures, our investment balances are included in other assets on the condensed consolidated balance sheets and our pro rata share of net income or loss is included in operating income. The following table provides information about our equity method investments in joint ventures: As of March 31, 2022 December 31, 2021 Equity method investments $ 9,839 $ 9,206 Three Months Ended March 31, March 31, 2022 March 31, 2021 Earnings (loss) recognized $ 637 $ (62) |
Redeemable Non-controlling Inte
Redeemable Non-controlling Interests | 3 Months Ended |
Mar. 31, 2022 | |
Noncontrolling Interest [Abstract] | |
Redeemable Non-controlling Interests | REDEEMABLE NON-CONTROLLING INTERESTS Our subsidiaries with membership interests in the investment funds we formed have the right to elect to require the non-controlling interest holder to sell all of its membership units to our subsidiaries, a call option. Our investment funds also include rights for the non-controlling interest holder to elect to require our subsidiaries to purchase all of the non-controlling membership interests in the fund, a put option. The call options are exercisable beginning on the date that specified conditions are met for each respective fund. The put options for the investment funds are exercisable beginning on the date that specified conditions are met for each respective fund. We initially record our redeemable non-controlling interests at fair value on the date of acquisition and subsequently adjust to redemption value. At both March 31, 2022 and December 31, 2021 redeemable non-controlling interests were reported at their carrying values, as the carrying value at each reporting period was greater than the estimated redemption value. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE Earnings Per Share The following is a reconciliation of the numerator and denominator for the computation of basic and diluted earnings per share: Three Months Ended March 31, (In thousands, except per share data) 2022 2021 Numerator: Net income attributable to common shareholders $ 17,384 $ 11,174 Adjustment for accretion of tax equity financing fees (28) (31) Income attributable to common shareholders $ 17,356 $ 11,143 Denominator: Basic weighted-average shares outstanding 51,744 48,975 Effect of dilutive securities: Stock options 1,892 1,382 Diluted weighted-average shares outstanding 53,636 50,357 Net income per share attributable to common shareholders: Basic $ 0.34 $ 0.23 Diluted $ 0.32 $ 0.22 Potentially dilutive shares (1) 783 1,157 (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 Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | STOCK-BASED COMPENSATION We recorded stock-based compensation expense, including expense related to our employee stock purchase plan, as follows: Three Months Ended March 31, 2022 2021 Stock-based compensation expense $ 3,531 $ 766 Our stock-based compensation expense is included in selling, general and administrative expenses in the condensed consolidated statements of income. As of March 31, 2022, there was $46,295 of unrecognized compensation expense related to non-vested stock option awards that is expected to be recognized over a weighted-average period of 4.0 years. Stock Option Grants During the three months ended March 31, 2022, we granted 313 common stock options to certain employees under our 2020 Stock Incentive Plan, which have a contractual life of ten years and vest over a five-year period. We did not grant awards to individuals who were not either an employee or director of ours during the three months ended March 31, 2022 and 2021. |
Business Segment Information
Business Segment Information | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Business Segment Information | BUSINESS SEGMENT INFORMATIONOur reportable segments for the three months ended March 31, 2022 were U.S. Regions, U.S. Federal, Canada, Non-Solar DG and All Other. On January 1, 2022, we changed the structure of our internal organization and our “All Other” segment now includes our U.S.-based enterprise energy management services previously included in our U.S Regions segment and our U.S. Regions segment now includes U.S. project revenue and associated costs previously included in our Non-Solar DG segment. As a result, previously reported amounts have been reclassified for comparative purposes. Our U.S. Regions, U.S. Federal and Canada segments offer energy efficiency products and services which include the design, engineering and installation of equipment and other measures to improve the efficiency and control the operation of a facility’s energy infrastructure, renewable energy solutions and services and the development and construction of small-scale plants that Ameresco owns or develops for customers that produce electricity, gas, heat or cooling from renewable sources of energy and O&M services. Our Non-Solar DG segment sells electricity, processed renewable gas fuel, heat or cooling, produced from renewable sources of energy, other than solar, and generated by small-scale plants that we own and O&M services for customer-owned small-scale plants. The “All Other” category includes enterprise energy management services, other than the U.S.-based portion; consulting services, energy efficiency products and services outside of the U.S. and Canada; and the sale of solar PV energy products and systems which we refer to as integrated-PV. These segments do not include results of other activities, such as corporate operating expenses not specifically allocated to the segments. Certain reportable segments are an aggregation of operating segments. The tables below present our business segment information recast for the prior-year period and a reconciliation to the condensed consolidated financial statements: U.S. Regions U.S. Federal Canada Non-Solar DG All Other Total Consolidated Three Months Ended March 31, 2022 Revenues $ 314,520 $ 75,646 $ 17,172 $ 29,261 $ 37,403 $ 474,002 Loss on derivatives 227 51 — 1,344 — 1,622 Interest expense, net of interest income 1,642 306 222 1,790 (7) 3,953 Depreciation and amortization of intangible assets 5,278 1,245 447 5,416 271 12,657 Unallocated corporate activity — — — — — (15,909) Income before taxes, excluding unallocated corporate activity 18,218 8,886 279 7,422 2,709 37,514 Three Months Ended March 31, 2021 Revenues $ 89,244 $ 102,214 $ 11,643 $ 25,580 $ 23,521 $ 252,202 Loss (gain) on derivatives 532 — 179 (1,074) — (363) Interest expense, net of interest income 1,443 321 207 610 159 2,740 Depreciation and amortization of intangible assets 3,486 1,010 415 4,862 377 10,150 Unallocated corporate activity — — — — — (10,965) Income before taxes, excluding unallocated corporate activity 3,239 12,030 (85) 8,772 1,645 25,601 See Note 3 for additional information about our revenues by product line. |
Other Expenses, Net
Other Expenses, Net | 3 Months Ended |
Mar. 31, 2022 | |
Other Income and Expenses [Abstract] | |
Other Expenses, Net | OTHER EXPENSES, NET The following table presents the components of other expenses, net: Three Months Ended March 31, 2022 2021 Loss (gain) on derivatives $ 1,622 $ (377) Interest expense, net of interest income 4,489 2,805 Amortization of debt discount and debt issuance costs 852 747 Foreign currency transaction loss 116 495 Government incentives 2 2 Other expenses, net $ 7,081 $ 3,672 |
Subsequent Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Event | SUBSEQUENT EVENTIn April 2022, we entered into a binding Framework Agreement Term Sheet with a battery manufacturer for the purchase and sale of battery energy storage (“BESS”) equipment for our BESS projects at committed amounts and agreed upon delivery dates for a period of several years. The purchase and sale commitment covers BESS equipment to be used for our BESS projects. In connection with entering into the term sheet, we agreed to pay a $10,000 deposit, which will be credited against our future equipment purchases. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATIONThe accompanying condensed consolidated financial statements of Ameresco, Inc. (including its subsidiaries, the “Company,” “Ameresco,” “we,” “our,” or “us”) are unaudited, according to certain rules and regulations of the Securities and Exchange Commission, and include, in our opinion, normal recurring adjustments necessary for a fair presentation in conformity with accounting principles generally accepted in the United States (“GAAP”) of the results for the periods indicated. |
Reclassification | Reclassification Certain prior period amounts were reclassified to conform to the presentation in the current period. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04, which provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. Companies can apply the ASU immediately, however, the guidance will only be available until December 31, 2022. We are currently evaluating the impact that adopting this new accounting standard would have on our condensed consolidated financial statements and related disclosures. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope. The amendments in ASU 2021-01 provide optional expedients to the current guidance on contract modification and hedge accounting from the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. The guidance generally can be applied to applicable contract modifications through December 31, 2022. We are currently evaluating the impact that adopting this new accounting standard would have on our condensed consolidated financial statements and related disclosures. Government Assistance In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires annual disclosures about certain types of government assistance received. ASU 2021-10 is effective for our fiscal year beginning after December 15, 2021. We adopted this guidance as of January 1, 2022 and the adoption did not have an impact on our consolidated financial statements. Derivatives and Hedging In March 2022, the FASB issued ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method, which expands the current single-layer method to allow multiple hedged layers of a single closed portfolio to be hedged under the method. ASU 2022-01 is effective for our year ending beginning after December 15, 2022. We are currently evaluating the impact that adopting this new accounting standard would have on our consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Accounts Receivable, Allowance for Credit Loss | Changes in the allowance for credit losses are as follows: March 31, 2022 March 31, 2021 Allowance for credit losses, beginning of period $ 2,263 $ 2,266 Provision for bad debts 237 3 Account write-offs and other (235) 41 Allowance for credit losses, end of period $ 2,265 $ 2,310 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Disaggregation of Revenue | The following table presents our revenue disaggregated by line of business and reportable segment for the three months ended March 31, 2022: U.S. Regions U.S. Federal Canada Non-Solar DG All Other Total Project revenue $ 298,632 $ 62,217 $ 13,951 $ — $ 18,604 $ 393,404 O&M revenue 5,080 12,297 11 2,774 91 20,253 Energy assets 10,018 1,090 761 26,487 72 38,428 Integrated-PV — — — — 11,356 11,356 Other 790 42 2,449 — 7,280 10,561 Total revenues $ 314,520 $ 75,646 $ 17,172 $ 29,261 $ 37,403 $ 474,002 The following table presents our revenue disaggregated by line of business and reportable segment for the three months ended March 31, 2021: U.S. Regions U.S. Federal Canada Non-Solar DG All Other Total Project revenue $ 75,812 $ 90,089 $ 9,001 $ — $ 5,791 $ 180,693 O&M revenue 4,415 11,440 26 2,532 71 18,484 Energy assets 8,802 664 747 22,939 135 33,287 Integrated-PV — — — — 9,154 9,154 Other 215 21 1,869 109 8,370 10,584 Total revenues $ 89,244 $ 102,214 $ 11,643 $ 25,580 $ 23,521 $ 252,202 Three Months Ended March 31, 2022 2021 Percentage of revenue recognized over time 96% 94% The remainder of our revenue is for products and services transferred at a point in time, at which point revenue is recognized. We attribute revenues to customers based on the location of the customer. The following table presents information related to our revenues by geographic area: Three Months Ended March 31, 2022 2021 United States $ 438,391 $ 234,009 Canada 15,988 10,853 Other 19,623 7,340 Total revenues $ 474,002 $ 252,202 |
Summary of Contract with Customer, Asset and Liability | The following tables provide information about receivables, contract assets and contract liabilities from contracts with customers: March 31, 2022 December 31, 2021 Accounts receivable, net $ 204,082 $ 161,970 Accounts receivable retainage, net $ 40,555 $ 43,067 Contract Assets: Costs and estimated earnings in excess of billings $ 460,240 $ 306,172 Contract Liabilities: Billings in excess of cost and estimated earnings $ 31,729 $ 35,918 Billings in excess of cost and estimated earnings, non-current (1) 6,322 6,481 Total contract liabilities $ 38,051 $ 42,399 March 31, 2021 December 31, 2020 Accounts receivable, net $ 113,095 $ 125,010 Accounts receivable retainage, net $ 32,071 $ 30,189 Contract Assets: Costs and estimated earnings in excess of billings $ 179,474 $ 185,960 Contract Liabilities: Billings in excess of cost and estimated earnings $ 30,211 $ 33,984 Billings in excess of cost and estimated earnings, non-current (1) 6,590 6,631 Total contract liabilities $ 36,801 $ 40,615 (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) | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Carrying Value of Goodwill Attributable to Each Reportable Segment | The changes in the carrying value of goodwill balances by reportable segment were as follows: U.S. Regions U.S. Federal Canada Non-solar DG Other Total Balance, December 31, 2021 $ 39,204 $ 3,981 $ 3,454 $ — $ 24,518 $ 71,157 Remeasurement adjustment 309 — — — — 309 Currency effects — — 53 — (185) (132) Balance, March 31, 2022 $ 39,513 $ 3,981 $ 3,507 $ — $ 24,333 $ 71,334 |
Schedule of Gross Carrying Amount and Accumulated Amortization of Intangible Assets | Definite-lived intangible assets, net consisted of the following: As of March 31, 2022 As of December 31, 2021 Gross carrying amount $ 32,939 33,526 Less - accumulated amortization (26,965) (26,565) Intangible assets, net $ 5,974 $ 6,961 |
Schedule of Amortization Expense | The table below sets forth amortization expense: Three Months Ended March 31, Asset type Location 2022 2021 Customer contracts Cost of revenues $ 184 $ — All other intangible assets Selling, general and administrative expenses 394 80 Total amortization expense $ 578 $ 80 |
Energy Assets, Net (Tables)
Energy Assets, Net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Energy Assets | Energy assets, net consisted of the following: March 31, 2022 December 31, 2021 Energy assets (1) $ 1,184,314 $ 1,120,712 Less - accumulated depreciation and amortization (276,308) (264,181) Energy assets, net $ 908,006 $ 856,531 (1) Includes financing lease assets (see Note 6), capitalized interest and Asset retirement obligations (“ARO”) assets (see tables below). |
Schedule of Depreciation and Amortization Expense of Energy Assets | The following table sets forth our depreciation and amortization expense on energy assets, net of deferred grant amortization: Three Months Ended March 31, Location 2022 2021 Cost of revenues (2) $ 11,806 $ 9,686 (2) Includes depreciation and amortization on financing lease assets (see Note 6). |
Schedule of Capitalized Interest | The following table presents the interest costs relating to construction financing during the period of construction, which were capitalized as part of energy assets, net: Three Months Ended March 31, 2022 2021 Capitalized interest $ 1,312 $ 2,238 |
Schedule Of Asset And Liabilities Retirement Obligations | The following tables sets forth information related to our ARO assets and ARO liabilities: Location March 31, 2022 December 31, 2021 ARO assets, net Energy assets, net $ 2,473 $ 1,939 ARO liabilities, current Accrued expenses and other current liabilities $ 9 $ 6 ARO liabilities, non-current Other liabilities 2,947 2,342 Total ARO liabilities $ 2,956 $ 2,348 Three Months Ended March 31, 2022 2021 Depreciation expense of ARO assets $ 37 $ 23 Accretion expense of ARO liabilities $ 36 $ 24 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Schedule of Assets and Liabilities, Lessee | The table below sets forth supplemental condensed consolidated balance sheet information related to our leases: March 31, 2022 December 31, 2021 Operating Leases: Operating lease assets $ 39,485 $ 41,982 Current portions of operating lease liabilities $ 6,134 $ 6,276 Long-term portions of operating lease liabilities 32,854 35,135 Total operating lease liabilities $ 38,988 $ 41,411 Weighted-average remaining lease term 12 years 12 years Weighted-average discount rate 5.7 % 5.7 % Financing Leases: Energy assets $ 31,521 $ 31,876 Current portions of financing lease liabilities $ 3,226 $ 3,125 Long-term financing lease liabilities, net of current portion, unamortized discount and debt issuance costs 15,973 16,101 Total financing lease liabilities $ 19,199 $ 19,226 Weighted-average remaining lease term 15 years 15 years Weighted-average discount rate 12.1 % 12.1 % |
Schedule of Other Lease Cost Details | The costs related to our leases were as follows: Three Months Ended March 31, 2022 2021 Operating Leases: Operating lease costs $ 2,291 $ 2,153 Financing Leases: Amortization expense 355 532 Interest on lease liabilities 559 658 Total lease costs $ 3,205 $ 3,343 Supplemental cash flow information related to our leases was as follows: Three Months Ended March 31, 2022 2021 Cash paid for amounts included in the measurement of operating lease liabilities $ 1,907 $ 2,423 Right-of-use assets (“ROU”) obtained in exchange for new operating lease liabilities $ 367 $ 3,773 |
Schedule of Operating Lease Liability Maturity | The table below sets forth our estimated minimum future lease obligations under our leases: Operating Leases Financing Leases Year ended December 31, 2022 $ 6,134 $ 5,124 2023 7,176 3,676 2024 5,943 2,565 2025 4,725 2,213 2026 2,880 2,054 Thereafter 28,615 19,813 Total minimum lease payments 55,473 35,445 Less: interest 16,485 16,246 Present value of lease liabilities $ 38,988 $ 19,199 |
Schedule of Finance Lease Liability Maturity | The table below sets forth our estimated minimum future lease obligations under our leases: Operating Leases Financing Leases Year ended December 31, 2022 $ 6,134 $ 5,124 2023 7,176 3,676 2024 5,943 2,565 2025 4,725 2,213 2026 2,880 2,054 Thereafter 28,615 19,813 Total minimum lease payments 55,473 35,445 Less: interest 16,485 16,246 Present value of lease liabilities $ 38,988 $ 19,199 |
Debt and Financing Lease Liab_2
Debt and Financing Lease Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Our debt and financing lease liabilities comprised of the following: March 31, 2022 December 31, 2021 Senior secured revolving credit facility (1) $ 121,000 $ 45,000 Senior secured term loans 275,000 52,813 Non-recourse construction revolvers 31,910 31,698 Non-recourse term loans (4) 205,329 218,136 Long-term financing facilities (2) 104,417 104,615 Financing lease liabilities (3) 19,199 19,226 Total debt and financing lease liabilities 756,855 471,488 Less: current maturities 80,191 78,934 Less: unamortized discount and debt issuance costs 16,969 15,370 Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs $ 659,695 $ 377,184 (1) At March 31, 2022, funds of $47,341 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. (4) As of March 31, 2021, we were in default on one non-recourse term loan with a balance of $3,809 for failure to meet the debt service coverage ratio of 1 to 1, however, a waiver was received in April 2022. |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of Gross Unrecognized Tax Benefits | The following table sets forth the total amounts of gross unrecognized tax benefits: Gross Unrecognized Balance, December 31, 2021 $ 900 Balance, March 31, 2022 $ 900 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Summary of Changes in Fair Value by Balance Sheet Grouping | The following table presents the input level used to determine the fair values of our financial instruments measured at fair value on a recurring basis: Fair Value as of Level March 31, 2022 December 31, 2021 Assets: Interest rate swap instruments 2 $ 2,220 $ 919 Total assets $ 2,220 $ 919 Liabilities: Interest rate swap instruments 2 $ 2,726 $ 6,316 Commodity swap instruments 2 4,568 1,962 Make-whole provisions 2 5,085 4,800 Contingent consideration 3 2,419 2,838 Total liabilities $ 14,798 $ 15,916 |
Schedule of Changes in Fair Value of Contingent Liabilities Classified as Level 3 | The following table sets forth a summary of changes in the fair value of contingent consideration liability classified as level 3: Year Ended December 31, March 31, 2022 December 31, 2021 Contingent consideration liability balance at the beginning of period $ 2,838 $ 678 Contingent consideration issued in connection with acquisition — 2,160 Changes in fair value included in earnings (320) — Remeasurement adjustment (99) — Contingent consideration liability balance at the end of period $ 2,419 $ 2,838 |
Fair Value and Carrying Value of Long-Term Debt | The following table sets forth the fair value and the carrying value of our long-term debt, excluding financing leases: As of March 31, 2022 As of December 31, 2021 Fair Value Carrying Value Fair Value Carrying Value Long-term debt (Level 2) $ 726,649 $ 720,687 $ 442,429 $ 436,892 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Value of Derivative Instruments | The following table presents information about the fair value amounts of our cash flow derivative instruments: Derivatives as of March 31, 2022 December 31, 2021 Balance Sheet Location Fair Value Fair Value Derivatives Designated as Hedging Instruments: Interest rate swap contracts Other assets $ 39 $ — Interest rate swap contracts Other liabilities $ 2,726 $ 6,316 Derivatives Not Designated as Hedging Instruments: Interest rate swap contracts Other assets $ 2,181 $ 919 Commodity swap contracts Other liabilities $ 4,568 $ 1,962 Make-whole provisions Other liabilities $ 5,085 $ 4,800 |
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 Loss (Gain) Recognized in Net Income Location of Loss (Gain) Recognized in Net Income Three Months Ended March 31, 2022 2021 Derivatives Designated as Hedging Instruments: Interest rate swap contracts Other expenses, net $ 481 $ 523 Derivatives Not Designated as Hedging Instruments: Interest rate swap contracts Other expenses, net $ (1,262) $ (1,323) Commodity swap contracts Other expenses, net $ 2,606 $ 248 Make-whole provisions Other expenses, net $ 278 $ 697 |
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: Three Months Ended March 31, 2022 Derivatives Designated as Hedging Instruments: Accumulated loss in AOCI at the beginning of the period $ (4,733) Unrealized gain recognized in AOCI 2,230 Loss reclassified from AOCI to other expenses, net 481 Net gain on derivatives 2,711 Accumulated loss in AOCI at the end of the period $ (2,022) |
Schedule of Active Derivative Instruments | The following tables present all of our active derivative instruments as of March 31, 2022: 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 $ 583 Make-whole provisions Liability August 2016 April 2031 $ 77 Make-whole provisions Liability April 2017 February 2034 $ 72 Make-whole provisions Liability November 2020 December 2027 $ 56 Make-whole provisions Liability October 2011 May 2028 $ 12 Make-whole provisions Liability May 2021 April 2045 $ 319 Make-whole provisions Liability July 2021 March 2046 $ 3,966 |
Variable Interest Entities An_2
Variable Interest Entities And Equity Method Investments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Variable Interest Entities | The table below presents a summary of amounts related to our consolidated investment funds and joint venture, which we determined meet the definition of a variable interest entity (“VIE”), as of: March 31, December 31, 2022 (1) 2021 (1) Cash and cash equivalents $ 5,434 $ 4,915 Restricted cash 776 822 Accounts receivable, net 790 656 Costs and estimated earnings in excess of billings 1,884 1,421 Prepaid expenses and other current assets 159 151 Total VIE current assets 9,043 7,965 Property and equipment, net 1,266 1,266 Energy assets, net 119,310 108,498 Operating lease assets 6,225 6,271 Restricted cash, net of current portion 435 418 Other assets 36 36 Total VIE assets $ 136,315 $ 124,454 Current portions of long-term debt and financing lease liabilities $ 2,196 $ 2,210 Accounts payable 94 47 Accrued expenses and other current liabilities 548 643 Current portions of operating lease liabilities 147 142 Total VIE current liabilities 2,985 3,042 Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs 20,499 20,952 Long-term operating lease liabilities, net of current portion 6,630 6,558 Other liabilities 676 573 Total VIE liabilities $ 30,790 $ 31,125 (1) The amounts in the above table are reflected in Note 1 on our condensed consolidated balance sheets. |
Schedule of Equity Method Investments | The following table provides information about our equity method investments in joint ventures: As of March 31, 2022 December 31, 2021 Equity method investments $ 9,839 $ 9,206 Three Months Ended March 31, March 31, 2022 March 31, 2021 Earnings (loss) recognized $ 637 $ (62) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following is a reconciliation of the numerator and denominator for the computation of basic and diluted earnings per share: Three Months Ended March 31, (In thousands, except per share data) 2022 2021 Numerator: Net income attributable to common shareholders $ 17,384 $ 11,174 Adjustment for accretion of tax equity financing fees (28) (31) Income attributable to common shareholders $ 17,356 $ 11,143 Denominator: Basic weighted-average shares outstanding 51,744 48,975 Effect of dilutive securities: Stock options 1,892 1,382 Diluted weighted-average shares outstanding 53,636 50,357 Net income per share attributable to common shareholders: Basic $ 0.34 $ 0.23 Diluted $ 0.32 $ 0.22 Potentially dilutive shares (1) 783 1,157 (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) | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Share-based Compensation Expense | We recorded stock-based compensation expense, including expense related to our employee stock purchase plan, as follows: Three Months Ended March 31, 2022 2021 Stock-based compensation expense $ 3,531 $ 766 |
Business Segment Information (T
Business Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Operational Results by Business Segments | The tables below present our business segment information recast for the prior-year period and a reconciliation to the condensed consolidated financial statements: U.S. Regions U.S. Federal Canada Non-Solar DG All Other Total Consolidated Three Months Ended March 31, 2022 Revenues $ 314,520 $ 75,646 $ 17,172 $ 29,261 $ 37,403 $ 474,002 Loss on derivatives 227 51 — 1,344 — 1,622 Interest expense, net of interest income 1,642 306 222 1,790 (7) 3,953 Depreciation and amortization of intangible assets 5,278 1,245 447 5,416 271 12,657 Unallocated corporate activity — — — — — (15,909) Income before taxes, excluding unallocated corporate activity 18,218 8,886 279 7,422 2,709 37,514 Three Months Ended March 31, 2021 Revenues $ 89,244 $ 102,214 $ 11,643 $ 25,580 $ 23,521 $ 252,202 Loss (gain) on derivatives 532 — 179 (1,074) — (363) Interest expense, net of interest income 1,443 321 207 610 159 2,740 Depreciation and amortization of intangible assets 3,486 1,010 415 4,862 377 10,150 Unallocated corporate activity — — — — — (10,965) Income before taxes, excluding unallocated corporate activity 3,239 12,030 (85) 8,772 1,645 25,601 |
Other Expenses, Net (Tables)
Other Expenses, Net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Expenses, Net | The following table presents the components of other expenses, net: Three Months Ended March 31, 2022 2021 Loss (gain) on derivatives $ 1,622 $ (377) Interest expense, net of interest income 4,489 2,805 Amortization of debt discount and debt issuance costs 852 747 Foreign currency transaction loss 116 495 Government incentives 2 2 Other expenses, net $ 7,081 $ 3,672 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Allowance for Credit Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for credit losses, beginning of period | $ 2,263 | $ 2,266 |
Provision for bad debts | 237 | 3 |
Account write-offs and other | (235) | 41 |
Allowance for credit losses, end of period | $ 2,265 | $ 2,310 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 474,002 | $ 252,202 |
Percentage of revenue recognized over time | 96.00% | 94.00% |
United States | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 438,391 | $ 234,009 |
Canada | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 15,988 | 10,853 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 19,623 | 7,340 |
Project revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 393,404 | 180,693 |
O&M revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 20,253 | 18,484 |
Energy assets | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 38,428 | 33,287 |
Integrated-PV | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 11,356 | 9,154 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 10,561 | 10,584 |
U.S. Regions | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 314,520 | 89,244 |
U.S. Regions | Project revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 298,632 | 75,812 |
U.S. Regions | O&M revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 5,080 | 4,415 |
U.S. Regions | Energy assets | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 10,018 | 8,802 |
U.S. Regions | Integrated-PV | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
U.S. Regions | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 790 | 215 |
U.S. Federal | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 75,646 | 102,214 |
U.S. Federal | Project revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 62,217 | 90,089 |
U.S. Federal | O&M revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 12,297 | 11,440 |
U.S. Federal | Energy assets | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 1,090 | 664 |
U.S. Federal | Integrated-PV | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
U.S. Federal | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 42 | 21 |
Canada | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 17,172 | 11,643 |
Canada | Project revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 13,951 | 9,001 |
Canada | O&M revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 11 | 26 |
Canada | Energy assets | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 761 | 747 |
Canada | Integrated-PV | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Canada | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 2,449 | 1,869 |
Non-Solar DG | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 29,261 | 25,580 |
Non-Solar DG | Project revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Non-Solar DG | O&M revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 2,774 | 2,532 |
Non-Solar DG | Energy assets | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 26,487 | 22,939 |
Non-Solar DG | Integrated-PV | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Non-Solar DG | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 109 |
All Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 37,403 | 23,521 |
All Other | Project revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 18,604 | 5,791 |
All Other | O&M revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 91 | 71 |
All Other | Energy assets | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 72 | 135 |
All Other | Integrated-PV | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 11,356 | 9,154 |
All Other | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 7,280 | $ 8,370 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Contract Balances (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | ||
Revenue from Contract with Customer [Abstract] | ||||||
Accounts receivable, net | $ 204,082 | [1] | $ 161,970 | [1] | $ 113,095 | $ 125,010 |
Accounts receivable retainage, net | 40,555 | 43,067 | 32,071 | 30,189 | ||
Contract Assets: | ||||||
Costs and estimated earnings in excess of billings | 460,240 | [1] | 306,172 | [1] | 179,474 | 185,960 |
Contract Liabilities: | ||||||
Billings in excess of cost and estimated earnings | 31,729 | 35,918 | 30,211 | 33,984 | ||
Billings in excess of cost and estimated earnings, non-current | 6,322 | 6,481 | 6,590 | 6,631 | ||
Total contract liabilities | $ 38,051 | $ 42,399 | $ 36,801 | $ 40,615 | ||
[1] | Includes restricted assets of consolidated variable interest entities (“VIEs”) at March 31, 2022 and December 31, 2021 of $136,315 and $124,454, respectively. Includes non-recourse liabilities of consolidated VIEs at March 31, 2022 and December 31, 2021 of $30,790 and $31,125, respectively. See Note 12. |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Contract with customer, asset, revenue recognized | $ 381,949,000 | $ 130,297,000 |
Contract with customer, asset, reclassified to receivable | 229,540,000 | 144,539,000 |
Contract with customer, liability, revenue recognized | 33,077,000 | 45,483,000 |
Contract with customer, liability, billings | 23,723,000 | 33,081,000 |
Revenue, remaining performance obligation | $ 2,553,770,000 | |
Contract term | 25 years | |
Capitalized contract cost, project development costs | $ 4,209,000 | 1,985,000 |
Capitalized contract cost, impairment loss | $ 0 | $ 0 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Revenue, remaining performance obligation, percentage | 48.00% | |
Revenue, remaining performance obligation, remaining satisfaction | 12 months |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets, Net - Goodwill (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Carrying Value of Goodwill | |
Balance, December 31, 2021 | $ 71,157 |
Remeasurement adjustment | 309 |
Currency effects | (132) |
Balance, March 31, 2022 | 71,334 |
U.S. Regions | |
Carrying Value of Goodwill | |
Balance, December 31, 2021 | 39,204 |
Remeasurement adjustment | 309 |
Currency effects | 0 |
Balance, March 31, 2022 | 39,513 |
U.S. Federal | |
Carrying Value of Goodwill | |
Balance, December 31, 2021 | 3,981 |
Remeasurement adjustment | 0 |
Currency effects | 0 |
Balance, March 31, 2022 | 3,981 |
Canada | |
Carrying Value of Goodwill | |
Balance, December 31, 2021 | 3,454 |
Remeasurement adjustment | 0 |
Currency effects | 53 |
Balance, March 31, 2022 | 3,507 |
Non-solar DG | |
Carrying Value of Goodwill | |
Balance, December 31, 2021 | 0 |
Remeasurement adjustment | 0 |
Currency effects | 0 |
Balance, March 31, 2022 | 0 |
Other | |
Carrying Value of Goodwill | |
Balance, December 31, 2021 | 24,518 |
Remeasurement adjustment | 0 |
Currency effects | (185) |
Balance, March 31, 2022 | $ 24,333 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets, Net - Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Gross carrying amount | $ 32,939 | $ 33,526 |
Less - accumulated amortization | (26,965) | (26,565) |
Intangible assets, net | $ 5,974 | $ 6,961 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets, Net - Amortization (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets | $ 578 | $ 80 |
Customer contracts | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets | 184 | 0 |
All other intangible assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets | $ 394 | $ 80 |
Energy Assets, Net - Energy Ass
Energy Assets, Net - Energy Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Energy assets, net | [1] | $ 908,006 | $ 856,531 |
Energy Assets | |||
Property, Plant and Equipment [Line Items] | |||
Energy assets | 1,184,314 | 1,120,712 | |
Less - accumulated depreciation and amortization | (276,308) | (264,181) | |
Energy assets, net | $ 908,006 | $ 856,531 | |
[1] | Includes restricted assets of consolidated variable interest entities (“VIEs”) at March 31, 2022 and December 31, 2021 of $136,315 and $124,454, respectively. Includes non-recourse liabilities of consolidated VIEs at March 31, 2022 and December 31, 2021 of $30,790 and $31,125, respectively. See Note 12. |
Energy Assets, Net - Additional
Energy Assets, Net - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | |||
Cost of revenues | $ 11,806 | $ 9,686 | |
Capitalized interest | 1,312 | 2,238 | |
ARO assets, net | 2,473 | $ 1,939 | |
ARO liabilities, current | 9 | 6 | |
ARO liabilities, non-current | 2,947 | 2,342 | |
Total ARO liabilities | 2,956 | $ 2,348 | |
Depreciation expense of ARO assets | 734 | 833 | |
Accretion expense of ARO liabilities | 36 | 24 | |
ARO Asset | |||
Business Acquisition [Line Items] | |||
Depreciation expense of ARO assets | $ 37 | $ 23 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | |
Operating Leases: | |||
Operating lease assets | [1] | $ 39,485 | $ 41,982 |
Current portions of operating lease liabilities | [1] | 6,134 | 6,276 |
Long-term portions of operating lease liabilities | [1] | 32,854 | 35,135 |
Total operating lease liabilities | $ 38,988 | $ 41,411 | |
Weighted-average remaining lease term | 12 years | 12 years | |
Weighted-average discount rate | 5.70% | 5.70% | |
Financing Leases: | |||
Energy assets | $ 31,521 | $ 31,876 | |
Current portions of financing lease liabilities | 3,226 | 3,125 | |
Long-term financing lease liabilities, net of current portion, unamortized discount and debt issuance costs | 15,973 | 16,101 | |
Total financing lease liabilities | $ 19,199 | $ 19,226 | |
Weighted-average remaining lease term | 15 years | 15 years | |
Weighted-average discount rate | 12.10% | 12.10% | |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Energy assets, net | Energy assets, net | |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Current portions of long-term debt and financing lease liabilities | Current portions of long-term debt and financing lease liabilities | |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs | Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs | |
[1] | Includes restricted assets of consolidated variable interest entities (“VIEs”) at March 31, 2022 and December 31, 2021 of $136,315 and $124,454, respectively. Includes non-recourse liabilities of consolidated VIEs at March 31, 2022 and December 31, 2021 of $30,790 and $31,125, respectively. See Note 12. |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Leases: | ||
Operating lease costs | $ 2,291 | $ 2,153 |
Financing Leases: | ||
Amortization expense | 355 | 532 |
Interest on lease liabilities | 559 | 658 |
Total lease costs | $ 3,205 | $ 3,343 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Leases [Abstract] | ||
Cash paid for amounts included in the measurement of operating lease liabilities | $ 1,907 | $ 2,423 |
Right-of-use assets (“ROU”) obtained in exchange for new operating lease liabilities | $ 367 | $ 3,773 |
Leases - Minimum Future Lease O
Leases - Minimum Future Lease Obligations (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Operating Leases | ||
2022 | $ 6,134 | |
2023 | 7,176 | |
2024 | 5,943 | |
2025 | 4,725 | |
2026 | 2,880 | |
Thereafter | 28,615 | |
Total minimum lease payments | 55,473 | |
Less: interest | 16,485 | |
Present value of lease liabilities | 38,988 | $ 41,411 |
Financing Leases | ||
2022 | 5,124 | |
2023 | 3,676 | |
2024 | 2,565 | |
2025 | 2,213 | |
2026 | 2,054 | |
Thereafter | 19,813 | |
Total minimum lease payments | 35,445 | |
Less: interest | 16,246 | |
Present value of lease liabilities | $ 19,199 | $ 19,226 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022USD ($)project | Mar. 31, 2021USD ($) | |
Lessee, Lease, Description [Line Items] | ||
Net amortization expense | $ 57 | $ 57 |
Solar Photovoltaic Projects | August 2018 Long Term Finance Liability | ||
Lessee, Lease, Description [Line Items] | ||
Solar PV projects sold | project | 2 | |
Investment fund call option exercise | $ 8,201 | |
Solar Photovoltaic Projects | December 2020 Long Term Finance Liability | ||
Lessee, Lease, Description [Line Items] | ||
Solar PV projects sold | project | 1 | |
Investment fund call option exercise | $ 4,423 | |
Solar Photovoltaic Projects | Revolving Credit Facility | Line of Credit | August 2018 Long Term Finance Liability | ||
Lessee, Lease, Description [Line Items] | ||
Available funding under lending commitment | 220,367 | |
Solar Photovoltaic Projects | Revolving Credit Facility | Line of Credit | December 2020 Long Term Finance Liability | ||
Lessee, Lease, Description [Line Items] | ||
Available funding under lending commitment | $ 11,515 |
Debt and Financing Lease Liab_3
Debt and Financing Lease Liabilities - Summary of Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 03, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | |
Debt Instrument [Line Items] | |||||
Financing lease liabilities | $ 19,199 | $ 19,226 | |||
Total debt and financing lease liabilities | 756,855 | 471,488 | |||
Less: current maturities | 80,191 | 78,934 | |||
Less: unamortized discount and debt issuance costs | 16,969 | $ 96 | 15,370 | ||
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs | [1] | 659,695 | 377,184 | ||
Term Loan | Senior secured term loans | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | 275,000 | 52,813 | |||
Term Loan | Non-recourse term loans | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | 205,329 | 218,136 | |||
Debt instrument, debt default, amount | $ 3,809 | ||||
Term Loan | Long-term financing facilities | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | 104,417 | 104,615 | |||
Line of Credit | Non-recourse construction revolvers | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | 31,910 | 31,698 | |||
Revolving Senior Secured Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | 121,000 | $ 45,000 | |||
Revolving Credit Facility | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Funds available for borrowing | $ 47,341 | ||||
[1] | Includes restricted assets of consolidated variable interest entities (“VIEs”) at March 31, 2022 and December 31, 2021 of $136,315 and $124,454, respectively. Includes non-recourse liabilities of consolidated VIEs at March 31, 2022 and December 31, 2021 of $30,790 and $31,125, respectively. See Note 12. |
Debt and Financing Lease Liab_4
Debt and Financing Lease Liabilities - Additional Information (Details) | Mar. 04, 2022USD ($)bank | Apr. 29, 2022USD ($) | Mar. 31, 2022USD ($) | Mar. 03, 2022USD ($) | Dec. 31, 2021USD ($) |
Debt Instrument [Line Items] | |||||
Unamortized discount and debt issuance costs | $ 16,969,000 | $ 96,000 | $ 15,370,000 | ||
Line of Credit | Senior Secured Credit Facility, Revolver And Term Loans | |||||
Debt Instrument [Line Items] | |||||
Original principal amount | $ 495,000,000 | 245,000,000 | |||
Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, additional borrowing capacity | 650,000,000 | ||||
Revolving Credit Facility | Maximum | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, additional borrowing capacity | 100,000,000 | ||||
Revolving Credit Facility | Minimum | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, additional borrowing capacity | $ 25,000,000 | ||||
Revolving Credit Facility | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, number of banks | bank | 5 | ||||
Maximum borrowing capacity | $ 180,000,000 | ||||
Current borrowing capacity | $ 200,000,000 | ||||
Total funded debt to EBITDA covenant ratio, maximum | 4.50 | 3.50 | |||
Basis spread on variable rate | 150.00% | ||||
Lender fees and debt issuance costs | $ 2,048,000 | ||||
Debt issuance costs | $ 352,000 | ||||
Funds available for borrowing | $ 47,341,000 | ||||
Revolving Credit Facility | Line of Credit | Quarter ending June 30, 2022 | |||||
Debt Instrument [Line Items] | |||||
Total funded debt to EBITDA covenant ratio, maximum | 4.25 | ||||
Revolving Credit Facility | Line of Credit | Quarter ending September 30, 2022 | |||||
Debt Instrument [Line Items] | |||||
Total funded debt to EBITDA covenant ratio, maximum | 4 | ||||
Revolving Credit Facility | Line of Credit | Thereafter | |||||
Debt Instrument [Line Items] | |||||
Total funded debt to EBITDA covenant ratio, maximum | 3.50 | ||||
Revolving Credit Facility | Line of Credit | June 2022 Construction Revolver | |||||
Debt Instrument [Line Items] | |||||
Fixed interest rate, percentage | 1.74% | ||||
Funds available for borrowing | $ 73,946,000 | ||||
Revolving Credit Facility | Line of Credit | June 2022 Construction Revolver | Subsequent Event | |||||
Debt Instrument [Line Items] | |||||
Funds available for borrowing | $ 9,800,000 | ||||
Revolving Credit Facility | Line of Credit | July 2022 Construction Revolver | |||||
Debt Instrument [Line Items] | |||||
Fixed interest rate, percentage | 1.99% | ||||
Funds available for borrowing | $ 24,145,000 | ||||
Term Loan | Line of Credit | Term Loan Due September 2023 | |||||
Debt Instrument [Line Items] | |||||
Delayed draw | $ 220,000,000 | ||||
Term Loan | Secured Debt | |||||
Debt Instrument [Line Items] | |||||
Original principal amount | $ 75,000,000 | $ 65,000,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Income tax provision | $ 2,307 | $ 2,205 | |
Effective tax rate, percentage | 10.70% | 15.10% | |
Unrecognized tax benefits | $ 440 | $ 440 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Gross Unrecognized Tax Benefits | |
Balance, December 31, 2021 | $ 900 |
Balance, March 31, 2022 | $ 900 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | Nov. 06, 2017contractor | Aug. 31, 2018 | Mar. 31, 2022USD ($) | Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) |
Loss Contingencies [Line Items] | |||||
Number of defendants | contractor | 9 | ||||
Chelsea Group Limited | |||||
Loss Contingencies [Line Items] | |||||
Contingent consideration, liability, revenue earn-outs, payment period (in years) | 5 years | ||||
Contingent consideration, liability, fair value at date of acquisition | $ 358,000 | $ 358,000 | $ 678,000 | ||
Payments | 0 | ||||
Plug Smart | |||||
Loss Contingencies [Line Items] | |||||
Contingent consideration, liability, revenue earn-outs, payment period (in years) | 5 years | ||||
Contingent consideration, liability, fair value at date of acquisition | $ 2,061,000 | $ 2,061,000 | |||
Payments | $ 0 | ||||
Maximum cumulative earn-out | 5,000,000 | ||||
Contingent consideration | $ 2,160,000 |
Fair Value Measurement - Fair V
Fair Value Measurement - Fair Value of Assets and Liabilities Measured on a Recurring Basis (Details) - Recurring - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Assets: | ||
Total assets | $ 2,220 | $ 919 |
Liabilities: | ||
Total liabilities | 14,798 | 15,916 |
Level 2 | Interest rate swap instruments | ||
Assets: | ||
Total assets | 2,220 | 919 |
Liabilities: | ||
Liability derivatives | 2,726 | 6,316 |
Level 2 | Commodity swap instruments | ||
Liabilities: | ||
Liability derivatives | 4,568 | 1,962 |
Level 2 | Make-whole provisions | ||
Liabilities: | ||
Liability derivatives | 5,085 | 4,800 |
Level 3 | ||
Liabilities: | ||
Contingent consideration | $ 2,419 | $ 2,838 |
Fair Value Measurement - Change
Fair Value Measurement - Changes in Contingent Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Contingent consideration liability balance at the beginning of period | $ 2,838 | $ 678 |
Contingent consideration issued in connection with acquisition | 0 | 2,160 |
Changes in fair value included in earnings | (320) | 0 |
Remeasurement adjustment | (99) | 0 |
Contingent consideration liability balance at the end of period | $ 2,419 | $ 2,838 |
Fair Value Measurement - Fair_2
Fair Value Measurement - Fair Value and Carrying Value of Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt (Level 2) | $ 726,649 | $ 442,429 |
Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt (Level 2) | $ 720,687 | $ 436,892 |
Fair Value Measurement - Narrat
Fair Value Measurement - Narrative (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, fair value disclosure, nonrecurring | $ 0 | $ 0 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Fair Value of Derivative Instruments on the Balance Sheet (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Derivatives Designated as Hedging Instruments | Interest rate swap contracts | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | $ 39 | $ 0 |
Derivatives Designated as Hedging Instruments | Interest rate swap contracts | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | 2,726 | 6,316 |
Derivatives Not Designated as Hedging Instruments | Interest rate swap contracts | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | 2,181 | 919 |
Derivatives Not Designated as Hedging Instruments | Commodity swap contracts | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | 4,568 | 1,962 |
Derivatives Not Designated as Hedging Instruments | Make-whole provisions | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | $ 5,085 | $ 4,800 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Additional Information (Details) - contract | Mar. 31, 2022 | Dec. 31, 2021 |
Not Designated | ||
Derivative [Line Items] | ||
Number of instruments held | 4 | 4 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Effects on Statements of Income (Loss) and Consolidated Statements of Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss (Gain) Recognized in Net Income | $ 1,622 | $ (363) |
Derivatives Designated as Hedging Instruments | Other expenses, net | Interest rate swap contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss (Gain) Recognized in Net Income | 481 | 523 |
Derivatives Not Designated as Hedging Instruments | Other expenses, net | Interest rate swap contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss (Gain) Recognized in Net Income | (1,262) | (1,323) |
Derivatives Not Designated as Hedging Instruments | Other expenses, net | Commodity swap contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss (Gain) Recognized in Net Income | 2,606 | 248 |
Derivatives Not Designated as Hedging Instruments | Other expenses, net | Make-whole provisions | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss (Gain) Recognized in Net Income | $ 278 | $ 697 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Effects of Derivative Instruments in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | $ 704,264 | $ 492,813 |
Total other comprehensive income | 2,778 | 2,531 |
Ending balance | 736,210 | $ 628,855 |
Accumulated Gain (Loss), Net, Cash Flow Hedge | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | (4,733) | |
Unrealized gain recognized in AOCI | 2,230 | |
Loss reclassified from AOCI to other expenses, net | 481 | |
Total other comprehensive income | 2,711 | |
Ending balance | $ (2,022) |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities - Summary of Active Derivative Instruments (Details) | 3 Months Ended |
Mar. 31, 2022USD ($)MMBTU$ / MMBTU | |
Designated | Interest Rate Swap October 2029 | |
Derivative [Line Items] | |
Term of contract, years | 11 years |
Fixed interest rate, percentage | 5.77% |
Initial Notional Amount ($) | $ 9,200,000 |
Designated | Interest Rate Swap June 2033 | |
Derivative [Line Items] | |
Term of contract, years | 15 years |
Fixed interest rate, percentage | 5.24% |
Initial Notional Amount ($) | $ 10,000,000 |
Designated | Interest Rate Swap - December 2027 | |
Derivative [Line Items] | |
Term of contract, years | 10 years |
Fixed interest rate, percentage | 4.74% |
Initial Notional Amount ($) | $ 14,100,000 |
Designated | Interest Rate Swap - December 2038 | |
Derivative [Line Items] | |
Term of contract, years | 15 years |
Fixed interest rate, percentage | 3.26% |
Initial Notional Amount ($) | $ 14,084,000 |
Designated | Interest Rate Swap - February 2023 | |
Derivative [Line Items] | |
Term of contract, years | 7 years |
Fixed interest rate, percentage | 2.19% |
Initial Notional Amount ($) | $ 20,746,000 |
Designated | Interest Rate Swap - June 2028 | |
Derivative [Line Items] | |
Term of contract, years | 8 years |
Fixed interest rate, percentage | 3.70% |
Initial Notional Amount ($) | $ 14,643,000 |
Designated | Interest Rate Swap - June 2028 | |
Derivative [Line Items] | |
Term of contract, years | 8 years |
Fixed interest rate, percentage | 3.70% |
Initial Notional Amount ($) | $ 10,734,000 |
Designated | Interest Rate Swap - March 2024 | |
Derivative [Line Items] | |
Term of contract, years | 15 years 6 months |
Fixed interest rate, percentage | 5.40% |
Initial Notional Amount ($) | $ 13,081,000 |
Not Designated | Interest Rate Swap March 2033 | |
Derivative [Line Items] | |
Term of contract, years | 13 years |
Fixed interest rate, percentage | 0.93% |
Initial Notional Amount ($) | $ 9,505,000 |
Not Designated | Interest Rate Swap March 2033 | |
Derivative [Line Items] | |
Term of contract, years | 13 years |
Fixed interest rate, percentage | 0.93% |
Initial Notional Amount ($) | $ 6,968,000 |
Not Designated | Interest Rate Swap - September 2023 | |
Derivative [Line Items] | |
Term of contract, years | 2 years 9 months |
Fixed interest rate, percentage | 0.41% |
Initial Notional Amount ($) | $ 26,250,000 |
Not Designated | Commodity Contract - June 2024 | |
Derivative [Line Items] | |
Term of contract, years | 3 years 6 months |
Active commodity swap, price (in usd per unit) | $ / MMBTU | 2.65 |
Nonmonetary notional amount (in MMBtus) | MMBTU | 3,296,160 |
Not Designated | Make-whole Provisions December 2038 | Other liabilities | |
Derivative [Line Items] | |
Liability derivatives, fair value | $ 583,000 |
Not Designated | Make-whole Provisions April 2031 | Other liabilities | |
Derivative [Line Items] | |
Liability derivatives, fair value | 77,000 |
Not Designated | Make-whole Provisions February 2034 | Other liabilities | |
Derivative [Line Items] | |
Liability derivatives, fair value | 72,000 |
Not Designated | Make-whole Provision December 2027 | Other liabilities | |
Derivative [Line Items] | |
Liability derivatives, fair value | 56,000 |
Not Designated | Make-whole Provision May 2028 | Other liabilities | |
Derivative [Line Items] | |
Liability derivatives, fair value | 12,000 |
Not Designated | Make-whole Provision April 2045 | Other liabilities | |
Derivative [Line Items] | |
Liability derivatives, fair value | 319,000 |
Not Designated | Make-whole Provision March 2046 | Other liabilities | |
Derivative [Line Items] | |
Liability derivatives, fair value | $ 3,966,000 |
Variable Interest Entities An_3
Variable Interest Entities And Equity Method Investments - Schedule of Variable Interest Entity Financial Information (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | |
Variable Interest Entity [Line Items] | |||
Variable interest entities, current assets | [1] | $ 845,201 | $ 638,585 |
Total assets | [1] | 2,530,570 | 2,224,821 |
Variable interest entities, current liabilities | [1] | 395,142 | 474,224 |
Variable Interest Entity, Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Variable interest entities, current assets | 9,043 | 7,965 | |
Total assets | 136,315 | 124,454 | |
Variable interest entities, current liabilities | 2,985 | 3,042 | |
Total VIE liabilities | 30,790 | 31,125 | |
Cash and cash equivalents | Variable Interest Entity, Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Variable interest entities, current assets | 5,434 | 4,915 | |
Restricted cash | Variable Interest Entity, Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Variable interest entities, current assets | 776 | 822 | |
Accounts receivable, net | Variable Interest Entity, Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Variable interest entities, current assets | 790 | 656 | |
Costs and estimated earnings in excess of billings | Variable Interest Entity, Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Variable interest entities, current assets | 1,884 | 1,421 | |
Prepaid expenses and other current assets | Variable Interest Entity, Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Variable interest entities, current assets | 159 | 151 | |
Property and equipment, net | Variable Interest Entity, Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Variable interest entities, noncurrent assets | 1,266 | 1,266 | |
Energy assets, net | Variable Interest Entity, Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Variable interest entities, noncurrent assets | 119,310 | 108,498 | |
Operating lease assets | Variable Interest Entity, Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Variable interest entities, noncurrent assets | 6,225 | 6,271 | |
Restricted cash, net of current portion | Variable Interest Entity, Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Variable interest entities, noncurrent assets | 435 | 418 | |
Other assets | Variable Interest Entity, Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Variable interest entities, noncurrent assets | 36 | 36 | |
Current portions of long-term debt and financing lease liabilities | Variable Interest Entity, Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Variable interest entities, current liabilities | 2,196 | 2,210 | |
Accounts payable | Variable Interest Entity, Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Variable interest entities, current liabilities | 94 | 47 | |
Accrued expenses and other current liabilities | Variable Interest Entity, Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Variable interest entities, current liabilities | 548 | 643 | |
Current portions of operating lease liabilities | Variable Interest Entity, Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Variable interest entities, current liabilities | 147 | 142 | |
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs | Variable Interest Entity, Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Variable interest entities, noncurrent liabilities | 20,499 | 20,952 | |
Long-term operating lease liabilities, net of current portion | Variable Interest Entity, Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Variable interest entities, noncurrent liabilities | 6,630 | 6,558 | |
Other liabilities | Variable Interest Entity, Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Variable interest entities, noncurrent liabilities | $ 676 | $ 573 | |
[1] | Includes restricted assets of consolidated variable interest entities (“VIEs”) at March 31, 2022 and December 31, 2021 of $136,315 and $124,454, respectively. Includes non-recourse liabilities of consolidated VIEs at March 31, 2022 and December 31, 2021 of $30,790 and $31,125, respectively. See Note 12. |
Variable Interest Entities An_4
Variable Interest Entities And Equity Method Investments - Investment in Joint Ventures (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Non-controlling interest | $ 6,335 | $ 0 | |
Equity method investments | 9,839 | $ 9,206 | |
Earnings (loss) recognized | $ 637 | $ (62) |
Variable Interest Entities An_5
Variable Interest Entities And Equity Method Investments - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Variable Interest Entity [Line Items] | ||
Distributions to redeemable non-controlling interests, net | $ 357 | $ 495 |
Corporate Joint Venture | ||
Variable Interest Entity [Line Items] | ||
Distributions to redeemable non-controlling interests, net | $ 6,335 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Numerator: | ||
Net income attributable to common shareholders | $ 17,384 | $ 11,174 |
Adjustment for accretion of tax equity financing fees | (28) | (31) |
Income attributable to common shareholders | $ 17,356 | $ 11,143 |
Denominator: | ||
Basic weighted-average shares outstanding (in shares) | 51,744 | 48,975 |
Effect of dilutive securities: | ||
Stock options (in shares) | 1,892 | 1,382 |
Diluted weighted-average shares outstanding (in shares) | 53,636 | 50,357 |
Net income per share attributable to common shareholders: | ||
Basic (in usd per share) | $ 0.34 | $ 0.23 |
Diluted (in usd per share) | $ 0.32 | $ 0.22 |
Potentially dilutive shares (in shares) | 783 | 1,157 |
Stock-Based Compensation - Comp
Stock-Based Compensation - Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | ||
Stock-based compensation expense | $ 3,531 | $ 766 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) shares in Thousands, $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-vested stock options unrecognized compensation expense | $ | $ 46,295 |
2020 Stock Incentive Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options granted in period (in shares) | shares | 313 |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted-average period | 4 years |
Stock Options | 2020 Stock Incentive Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock options, contractual period | 10 years |
Stock options, vesting period | 5 years |
Business Segment Information (D
Business Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Revenues | $ 474,002 | $ 252,202 |
Loss (gain) on derivatives | 1,622 | (363) |
Interest expense, net of interest income | 3,953 | 2,740 |
Depreciation and amortization of intangible assets | 12,657 | 10,150 |
Income before taxes, excluding unallocated corporate activity | 37,514 | 25,601 |
U.S. Regions | ||
Segment Reporting Information [Line Items] | ||
Revenues | 314,520 | 89,244 |
U.S. Federal | ||
Segment Reporting Information [Line Items] | ||
Revenues | 75,646 | 102,214 |
Canada | ||
Segment Reporting Information [Line Items] | ||
Revenues | 17,172 | 11,643 |
Non-Solar DG | ||
Segment Reporting Information [Line Items] | ||
Revenues | 29,261 | 25,580 |
All Other | ||
Segment Reporting Information [Line Items] | ||
Revenues | 37,403 | 23,521 |
Operating Segments | U.S. Regions | ||
Segment Reporting Information [Line Items] | ||
Revenues | 314,520 | 89,244 |
Loss (gain) on derivatives | 227 | 532 |
Interest expense, net of interest income | 1,642 | 1,443 |
Depreciation and amortization of intangible assets | 5,278 | 3,486 |
Income before taxes, excluding unallocated corporate activity | 18,218 | 3,239 |
Operating Segments | U.S. Federal | ||
Segment Reporting Information [Line Items] | ||
Revenues | 75,646 | 102,214 |
Loss (gain) on derivatives | 51 | 0 |
Interest expense, net of interest income | 306 | 321 |
Depreciation and amortization of intangible assets | 1,245 | 1,010 |
Income before taxes, excluding unallocated corporate activity | 8,886 | 12,030 |
Operating Segments | Canada | ||
Segment Reporting Information [Line Items] | ||
Revenues | 17,172 | 11,643 |
Loss (gain) on derivatives | 0 | 179 |
Interest expense, net of interest income | 222 | 207 |
Depreciation and amortization of intangible assets | 447 | 415 |
Income before taxes, excluding unallocated corporate activity | 279 | (85) |
Operating Segments | Non-Solar DG | ||
Segment Reporting Information [Line Items] | ||
Revenues | 29,261 | 25,580 |
Loss (gain) on derivatives | 1,344 | (1,074) |
Interest expense, net of interest income | 1,790 | 610 |
Depreciation and amortization of intangible assets | 5,416 | 4,862 |
Income before taxes, excluding unallocated corporate activity | 7,422 | 8,772 |
Operating Segments | All Other | ||
Segment Reporting Information [Line Items] | ||
Revenues | 37,403 | 23,521 |
Loss (gain) on derivatives | 0 | 0 |
Interest expense, net of interest income | (7) | 159 |
Depreciation and amortization of intangible assets | 271 | 377 |
Income before taxes, excluding unallocated corporate activity | 2,709 | 1,645 |
Unallocated corporate activity | ||
Segment Reporting Information [Line Items] | ||
Unallocated corporate activity | $ (15,909) | $ (10,965) |
Other Expenses, Net (Details)
Other Expenses, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Other Income and Expenses [Abstract] | ||
Loss (gain) on derivatives | $ 1,622 | $ (377) |
Interest expense, net of interest income | 4,489 | 2,805 |
Amortization of debt discount and debt issuance costs | 852 | 747 |
Foreign currency transaction loss | 116 | 495 |
Government incentives | 2 | 2 |
Other expenses, net | $ 7,081 | $ 3,672 |
Subsequent Event (Details)
Subsequent Event (Details) $ in Thousands | 1 Months Ended |
Apr. 30, 2022USD ($) | |
Subsequent Event | |
Subsequent Event [Line Items] | |
Payment of purchase commitment deposit | $ 10,000 |