Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 02, 2016 | |
Entity Information [Line Items] | ||
Entity Registrant Name | Ameresco, Inc. | |
Entity Central Index Key | 1,488,139 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Common Class A | ||
Entity Information [Line Items] | ||
Common Stock | 28,783,142 | |
Common Class B | ||
Entity Information [Line Items] | ||
Common Stock | 18,000,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 17,102 | $ 21,645 |
Restricted cash | 11,126 | 16,236 |
Accounts receivable, net | 69,113 | 73,372 |
Accounts receivable retainage, net | 23,339 | 21,454 |
Costs and estimated earnings in excess of billings | 58,426 | 88,334 |
Inventory, net | 13,547 | 13,223 |
Prepaid expenses and other current assets | 14,452 | 11,745 |
Income tax receivable | 1,576 | 2,151 |
Project development costs | 17,328 | 15,538 |
Total current assets | 226,009 | 263,698 |
Federal ESPC receivable | 104,449 | 125,804 |
Property and equipment, net | 5,059 | 5,328 |
Project assets, net | 247,841 | 244,309 |
Goodwill | 59,092 | 59,085 |
Intangible assets, net | 6,085 | 6,770 |
Other assets | 21,643 | 18,446 |
Total assets | 670,178 | 723,440 |
Current liabilities: | ||
Current portions of long-term debt and capital lease liabilities | 13,571 | 13,427 |
Accounts payable | 91,042 | 114,759 |
Accrued expenses and other current liabilities | 21,590 | 21,983 |
Billings in excess of cost and estimated earnings | 25,880 | 28,744 |
Income taxes payable | 834 | 810 |
Total current liabilities | 152,917 | 179,723 |
Long-term debt and capital lease liabilities, less current portions and net of deferred financing fees | 91,180 | 100,490 |
Federal ESPC liabilities | 99,259 | 122,040 |
Deferred income taxes | 1,962 | 4,010 |
Deferred grant income | 8,153 | 8,291 |
Other liabilities | $ 21,090 | $ 18,854 |
Commitments and contingencies | ||
Redeemable non-controlling interest | $ 6,722 | $ 490 |
Stockholders’ equity: | ||
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at March 31, 2016 and December 31, 2015 | 0 | 0 |
Additional paid-in capital | 111,004 | 110,311 |
Retained earnings | 185,508 | 184,454 |
Accumulated other comprehensive loss, net | (7,622) | (5,228) |
Total equity | 288,895 | 289,542 |
Total liabilities, redeemable non-controlling interest and equity | 670,178 | 723,440 |
Common Class A | ||
Stockholders’ equity: | ||
Common Stock | 3 | 3 |
Common Class B | ||
Stockholders’ equity: | ||
Common Stock | $ 2 | $ 2 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
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 |
Common Class A | ||
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) | 28,783,142 | 28,684,392 |
Common stock, shares outstanding (in shares) | 28,783,142 | 28,684,392 |
Common Class B | ||
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 |
Consolidated Statements of Inco
Consolidated Statements of Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement [Abstract] | ||
Revenues | $ 133,776 | $ 115,433 |
Cost of revenues | 106,100 | 95,790 |
Gross profit | 27,676 | 19,643 |
Selling, general and administrative expenses | 25,888 | 24,071 |
Operating income (loss) | 1,788 | (4,428) |
Other expenses, net | 843 | 2,662 |
Income (loss) before provision (benefit) for income taxes | 945 | (7,090) |
Income tax provision (benefit) | 241 | (2,902) |
Net income (loss) | 704 | (4,188) |
Net loss attributable to redeemable non-controlling interest | 350 | 0 |
Net income (loss) attributable to Ameresco, Inc. | $ 1,054 | $ (4,188) |
Net income (loss) per share attributable to common shareholders: | ||
Basic (in usd per share) | $ 0.02 | $ (0.09) |
Diluted (in usd per share) | $ 0.02 | $ (0.09) |
Weighted average common shares outstanding: | ||
Basic (in shares) | 46,742,488 | 46,408,123 |
Diluted (in shares) | 46,860,344 | 46,408,123 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 704 | $ (4,188) |
Other comprehensive loss: | ||
Unrealized (loss) gain from interest rate hedge, net of tax | (1,877) | (611) |
Foreign currency translation adjustments | (517) | (1,797) |
Net loss reclassified from AOCI to other expenses, net | (2,394) | (2,408) |
Comprehensive income (loss) | $ (1,690) | $ (6,596) |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income Loss (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Unrealized (loss) gain from interest rate hedge, tax | $ 923 | $ 274 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity - 3 months ended Mar. 31, 2016 - USD ($) $ in Thousands | Total | Common Class A | Common Class B | Common StockCommon Class A | Common StockCommon Class B | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss |
Redeemable non-controlling interest, Balance, December 31, 2015 at Dec. 31, 2015 | $ 490 | |||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||
Contributions from redeemable non-controlling interest | 6,582 | |||||||
Net (loss) income | (350) | |||||||
Redeemable non-controlling interest, Balance, March 31, 2016 at Mar. 31, 2016 | 6,722 | |||||||
Balance, December 31, 2015 at Dec. 31, 2015 | 289,542 | $ 3 | $ 2 | $ 110,311 | $ 184,454 | $ (5,228) | ||
Balance, December 31, 2015 (in shares) at Dec. 31, 2015 | 28,684,392 | 18,000,000 | 28,684,392 | 18,000,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Exercise of stock options | 326 | 326 | ||||||
Exercise of stock options (in shares) | 98,750 | |||||||
Stock-based compensation expense | 367 | 367 | ||||||
Unrealized loss from interest rate hedge, net | (1,877) | (1,877) | ||||||
Foreign currency translation adjustments | (517) | (517) | ||||||
Net (loss) income | 1,054 | 1,054 | ||||||
Balance, March 31, 2016 at Mar. 31, 2016 | $ 288,895 | $ 3 | $ 2 | $ 111,004 | $ 185,508 | $ (7,622) | ||
Balance, March 31, 2016 (in shares) at Mar. 31, 2016 | 28,783,142 | 18,000,000 | 28,783,142 | 18,000,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 704 | $ (4,188) |
Adjustments to reconcile net income (loss) to cash flows from operating activities: | ||
Depreciation of project assets | 4,543 | 3,983 |
Depreciation of property and equipment | 772 | 748 |
Amortization of deferred financing fees | 290 | 282 |
Amortization of intangible assets | 604 | 1,009 |
Provision for bad debts | 1,154 | 33 |
Unrealized gain on interest rate swaps | (70) | (83) |
Stock-based compensation expense | 367 | 518 |
Deferred income taxes | (1,160) | (1,353) |
Unrealized foreign exchange (gain) loss | (806) | 843 |
Changes in operating assets and liabilities: | ||
Restricted cash | (1,455) | (277) |
Accounts receivable | 5,096 | 5,102 |
Accounts receivable retainage | (1,710) | 2,554 |
Federal ESPC receivable | (22,879) | (13,133) |
Inventory | (325) | (66) |
Costs and estimated earnings in excess of billings | 33,816 | 2,880 |
Prepaid expenses and other current assets | (2,946) | 1,374 |
Project development costs | (2,093) | (1,438) |
Other assets | 55 | (2,274) |
Accounts payable, accrued expenses and other current liabilities | (25,260) | (21,423) |
Billings in excess of cost and estimated earnings | (3,042) | 4,522 |
Other liabilities | (1,277) | 49 |
Income taxes payable | 553 | (1,745) |
Cash flows from operating activities | (15,069) | (22,083) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (497) | (285) |
Purchases of project assets | (8,598) | (5,871) |
Cash flows from investing activities | (9,095) | (6,156) |
Cash flows from financing activities: | ||
Payments of financing fees | (397) | (857) |
Proceeds from exercises of options | 326 | 430 |
Repayments of senior secured credit facility, net | (11,300) | (2,000) |
Proceeds from long-term debt financing | 3,049 | 0 |
Proceeds from Federal ESPC projects | 16,385 | 18,015 |
Proceeds from sale-leaseback financing | 3,541 | 7,581 |
Proceeds from investment by redeemable non-controlling interest | 6,582 | 0 |
Restricted cash | 3,892 | 13 |
Payments on long-term debt | (2,584) | (2,525) |
Cash flows from financing activities | 19,494 | 20,657 |
Effect of exchange rate changes on cash | 127 | 1,482 |
Net decrease in cash and cash equivalents | (4,543) | (6,100) |
Cash and cash equivalents, beginning of period | 21,645 | 23,762 |
Cash and cash equivalents, end of period | 17,102 | 17,662 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 1,285 | 1,463 |
Cash paid for income taxes | 942 | 106 |
Non-cash Federal ESPC settlement | 44,234 | 8,121 |
Accrued purchases of project assets | $ 5,141 | $ 2,200 |
Description of Business
Description of Business | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | DESCRIPTION OF BUSINESS Ameresco, Inc. (including its subsidiaries, the “Company”) was organized as a Delaware corporation on April 25, 2000. The Company is a provider of energy efficiency solutions for facilities throughout North America. The Company provides solutions, both products and services, that enable customers to reduce their energy consumption, lower their operating and maintenance costs and realize environmental benefits. The Company’s comprehensive set of services includes upgrades to a facility’s energy infrastructure and the construction and operation of small-scale renewable energy plants. It also sells certain photovoltaic (“PV”) equipment worldwide. The Company operates in the United States, Canada and Europe. The Company is compensated through a variety of methods, including: 1) direct payments based on fee-for-services contracts (utilizing lump-sum or cost-plus pricing methodologies); 2) the sale of energy from the Company’s operating assets; and 3) direct payment for PV equipment and systems. The condensed consolidated financial statements as of March 31, 2016 , and for the three months ended March 31, 2016 and 2015 , are unaudited. In addition, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted. The interim condensed consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation in conformity with GAAP. The interim condensed consolidated financial statements, and notes thereto, should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2015 , and notes thereto, included in the Company’s annual report on Form 10-K for the year ended December 31, 2015 filed with the Securities and Exchange Commission on March 4, 2016 . The results of operations for the interim periods should not be considered indicative of results to be expected for the full year. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Certain amounts have been reclassified in the prior year financial statements to conform to the current year presentation. Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of Ameresco, Inc. and its subsidiaries. All significant intercompany accounts and transactions have been eliminated. The Company prepares its financial statements in conformity with GAAP. Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The most significant estimates and assumptions used in these condensed consolidated financial statements relate to management’s estimates of final construction contract profit in accordance with accounting for long-term contracts, allowance for doubtful accounts, inventory reserves, project development costs, fair value of derivative financial instruments and stock-based awards, impairment of long-lived assets, income taxes, self insurance reserves and any potential liability in conjunction with certain commitments and contingencies. Actual results could differ from those estimates. The Company is self-insured for employee health insurance. The maximum exposure in fiscal year 2016 under the plan is $100 per covered participant, after which reinsurance takes effect. The liability for unpaid claims and associated expenses, including incurred but not reported claims, is determined by management and reflected in the Company’s consolidated balance sheets in accrued expenses and other current liabilities. The liability is calculated based on historical data, which considers both the frequency and settlement amount of claims. The Company’s estimated accrual for this liability could be different than its ultimate obligation if variables such as the frequency or amount of future claims differ significantly from management’s assumptions. Cash and Cash Equivalents Cash and cash equivalents includes cash on deposit, overnight repurchase agreements and amounts invested in highly liquid money market funds. Cash equivalents consist of short term investments with original maturities of three months or less. The Company maintains accounts with financial institutions and the balances in such accounts, at times, exceed federally insured limits. This credit risk is divided among a number of financial institutions that management believes to be of high quality. The carrying amount of cash and cash equivalents approximates their fair value measured using level one inputs per the fair value hierarchy as defined in Note 6. Restricted Cash Restricted cash consists of cash and cash equivalents held in an escrow account in association with construction draws for energy savings performance contracts (“ESPCs”), construction of project assets, operations and maintenance (“O&M”) reserve accounts and cash collateralized letters of credit as well as cash required under term loans to be maintained in debt service reserve accounts until all obligations have been indefeasibly paid in full. These accounts are primarily invested in highly liquid money market funds. The carrying amount of the cash and cash equivalents in these accounts approximates their fair value measured using level one inputs per the fair value hierarchy as defined in Note 6. Restricted cash also includes funds held for clients, which represent assets that, based upon the Company’s intent, are restricted for use solely for the purposes of satisfying the obligations to remit funds to third parties, primarily utility service providers, relating to the Company’s enterprise energy management services. As of March 31, 2016 and December 31, 2015 , the Company classified the non-current portion of restricted cash of $16,672 and $13,515 , respectively, in other assets on its consolidated balance sheets. Accounts Receivable Accounts receivable are stated at the amount management expects to collect from outstanding balances. An allowance for doubtful accounts is provided for those accounts receivable considered to be uncollectible based upon historical experience and management’s evaluation of outstanding accounts receivable. Bad debts are written off against the allowance when identified. Changes in the allowance for doubtful accounts are as follows: Three Months Ended March 31, 2016 2015 Allowance for doubtful accounts, beginning of period $ 3,729 $ 2,851 Charges to costs and expenses 204 33 Account write-offs and other 432 (91 ) Allowance for doubtful accounts, end of period $ 4,365 $ 2,793 During the three months ended March 31, 2016 , the Company reserved for certain assets related to a customer who declared bankruptcy. A portion of this amount, $200 , was recorded as an allowance for accounts receivable, net. In addition, the Company recorded a $476 allowance for costs and estimated earnings in excess of billings, as well as a $325 allowance for project costs incurred during the quarter. The Company has an additional exposure of $2,952 for the remaining receivables. Accounts Receivable Retainage Accounts receivable retainage represents amounts due from customers, but where payments are withheld contractually until certain construction milestones are met. Amounts retained typically range from 5% to 10% of the total invoice. The Company classifies as a current asset those retainages that are expected to be billed in the next twelve months. During the year ended December 31, 2015 , based upon an evaluation by management, the Company recorded a reserve totaling $1,282 against the accounts receivable retainage balance for amounts determined to be potentially uncollectible. For the quarter ending March 31, 2016 , the Company recorded a reduction in reserve totaling $248 . Inventory Inventories, which consist primarily of PV solar panels, batteries and related accessories, are stated at the lower of cost (“first-in, first-out” method) or net realizable value (determined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation). Provisions have been made to reduce the carrying value of inventory to the net realizable value. Prepaid Expenses Prepaid expenses consist primarily of short-term prepaid expenditures that will amortize within one year. Federal ESPC Receivable Federal ESPC receivable represents the amount to be paid by various federal government agencies for work performed and earned by the Company under specific ESPCs. The Company assigns certain of its rights to receive those payments to third-party investors that provide construction and permanent financing for such contracts. The receivable is recognized as revenue as each project is constructed. Upon completion and acceptance of the project by the government, typically within 24 months of construction commencement, the assigned ESPC receivable from the government and corresponding ESPC liability are eliminated from the Company’s condensed consolidated financial statements. Project Development Costs The Company capitalizes as project development costs only those costs incurred in connection with the development of energy projects, primarily direct labor, interest costs, outside contractor services, consulting fees, legal fees and travel, if incurred after a point in time where the realization of related revenue becomes probable. Project development costs incurred prior to the probable realization of revenue are expensed as incurred. The Company classifies as a current asset those project development efforts that are expected to proceed to construction activity in the twelve months that follow. The Company periodically reviews these balances and writes off any amounts where the realization of the related revenue is no longer probable. Property and Equipment Property and equipment consists primarily of office and computer equipment, and is recorded at cost. Major additions and improvements are capitalized as additions to the property and equipment accounts, while replacements, maintenance and repairs that do not improve or extend the life of the respective assets are expensed as incurred. Depreciation and amortization of property and equipment are computed on a straight-line basis over the following estimated useful lives: Asset Classification Estimated Useful Life Furniture and office equipment Five years Computer equipment and software costs Three to five years Leasehold improvements Lesser of term of lease or five years Automobiles Five years Land Unlimited Project Assets Project assets consist of costs of materials, direct labor, interest costs, outside contract services and project development costs incurred in connection with the construction of small-scale renewable energy plants that the Company owns and the implementation of energy savings contracts. These amounts are capitalized and amortized to cost of revenues in the Company’s consolidated statements of income (loss) on a straight line basis over the lives of the related assets or the terms of the related contracts. The Company capitalizes interest costs relating to construction financing during the period of construction. Capitalized interest is included in project assets, net in the Company’s consolidated balance sheets. Capitalized interest is amortized to cost of revenues in the Company’s consolidated statements of income (loss) on a straight line basis over the useful life of the associated project asset. There was $164 in interest capitalized for the three months ended March 31, 2016 . There was $114 interest capitalized for the three months ended March 31, 2015 . Routine maintenance costs are expensed in the current year’s consolidated statements of income (loss) to the extent that they do not extend the life of the asset. Major maintenance, upgrades and overhauls are required for certain components of the Company’s assets. In these instances, the costs associated with these upgrades are capitalized and are depreciated over the shorter of the remaining life of the asset or the period until the next required major maintenance or overhaul. Gains or losses on disposal of property and equipment are reflected in selling, general and administrative expenses in the consolidated statements of income (loss). The Company evaluates its long-lived assets for impairment as events or changes in circumstances indicate the carrying value of these assets may not be fully recoverable. Examples of such triggering events applicable to the Company’s assets include a significant decrease in the market price of a long-lived asset or asset group or a current-period operating or cash flow loss combined with a history of operating or cash flow losses or a projection or forecast that demonstrates continuing losses associated with the use of a long-lived asset or asset group. The Company evaluates recoverability of long-lived assets to be held and used by estimating the undiscounted future cash flows before interest associated with the expected uses and eventual disposition of those assets. When these comparisons indicate that the carrying value of those assets is greater than the undiscounted cash flows, the Company recognizes an impairment loss for the amount that the carrying value exceeds the fair value. From time to time, the Company applies for and receives cash grant awards from the U.S. Treasury Department (the “Treasury”) under Section 1603 of the American Recovery and Reinvestment Act of 2009 (the “Act”). The Act authorized the Treasury to make payments to eligible persons who place in service qualifying renewable energy projects. The grants are paid in lieu of investment tax credits. All of the cash proceeds from the grants were used and recorded as a reduction in the cost basis of the applicable project assets. If the Company disposes of the property, or the property ceases to qualify as specified energy property, within five years from the date the property is placed in service, then a prorated portion of the Section 1603 payment must be repaid. The Company did not receive any Section 1603 grants during the three months ended March 31, 2016 and March 31, 2015 . For tax purposes, the Section 1603 payments are not included in federal and certain state taxable income and the basis of the property is reduced by 50% of the payment received. Deferred grant income of $8,153 and $8,291 recorded in the accompanying consolidated balance sheets as of March 31, 2016 and December 31, 2015 , respectively, represents the benefit of the basis difference to be amortized to income tax expense over the life of the related property. Deferred Financing Fees Deferred financing fees relate to the external costs incurred to obtain financing for the Company. Deferred financing fees are amortized over the respective term of the financing using the effective interest method, with the exception of the Company’s revolving credit facility, as discussed in Note 11, for which deferred financing fees are amortized on a straight-line basis over the term of the agreement. Deferred financing fees are presented on the Consolidated Balance Sheets as a reduction to long-term debt and capital lease liabilities . Goodwill and Intangible Assets The Company has classified as goodwill the amounts paid in excess of fair value of the net assets (including tax attributes) of companies acquired in purchase transactions. The Company has recorded intangible assets related to customer contracts, customer relationships, non-compete agreements, trade names and technology, each with defined useful lives. The Company assesses the impairment of goodwill and intangible assets that have indefinite lives on an annual basis (December 31 st ) and whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. The Company would record an impairment charge if such an assessment were to indicate that the fair value of such assets was less than their carrying values. Judgment is required in determining whether an event has occurred that may impair the value of goodwill or identifiable intangible assets. Factors that could indicate that an impairment may exist include significant under-performance relative to plan or long-term projections, significant changes in business strategy, significant negative industry or economic trends or a significant decline in the base price of the Company’s publicly traded stock for a sustained period of time. Although the Company believes goodwill and intangible assets are appropriately stated in the accompanying condensed consolidated financial statements, changes in strategy or market conditions could significantly impact these judgments and require an adjustment to the recorded balance. See Note 3 for additional disclosures. Other Assets Other assets consist primarily of notes and contracts receivable due to the Company from various customers and non-current restricted cash. Other assets also include the non-current portion of project development costs, accounts receivable retainages, sale-leaseback deferred loss and deferred contract costs. Asset Retirement Obligations The Company recognizes a liability for the fair value of required asset retirement obligations (“AROs”) when such obligations are incurred. The liability is estimated on a number of assumptions requiring management’s judgment, including equipment removal costs, site restoration costs, salvage costs, cost inflation rates and discount rates and is credited to its projected future value over time. The capitalized asset is depreciated using the convention of depreciation of plant assets. Upon satisfaction of the ARO conditions, any difference between the recorded ARO liability and the actual retirement cost incurred is recognized as an operating gain or loss in the consolidated statements of income (loss). As of March 31, 2016 and December 31, 2015 , the Company had no ARO liabilities recorded. Federal ESPC Liabilities Federal ESPC liabilities represent the advances received from third-party investors under agreements to finance certain energy savings performance contract (“ESPC”) projects with various federal government agencies. Upon completion and acceptance of the project by the government, typically within 24 months of construction commencement, the ESPC receivable from the government and corresponding ESPC liability is eliminated from the Company’s consolidated balance sheet. Until recourse to the Company ceases for the ESPC receivables transferred to the investor, upon final acceptance of the work by the government customer, the Company remains the primary obligor for financing received. Sale-Leaseback During the first quarter of 2015, the Company entered into an agreement with an investor which gives the Company the option to sell and contemporaneously lease back solar photovoltaic (“solar-PV”) projects. The lender has committed to provide up to a maximum combined funding amount of $50,000 through December 31, 2016 on certain projects. During the quarter ended March 31, 2016, the Company sold two solar-PV projects and in return received $3,541 under the agreement. During the quarter ended March 31, 2015, the Company sold two solar-PV projects and in return received $7,581 under the agreement. During the quarter ended December 31, 2015, the Company sold an additional project and in return received $4,925 under the agreement. As part of the agreement, the Company is a party to a master lease agreement that provides for the sale of solar-PV projects to a third-party investor and the simultaneous leaseback of the projects, which the Company then operates and maintains, recognizing revenue through the sale of the electricity and solar renewable energy credits generated by these projects. In sale-leaseback arrangements, the Company first determines whether the solar-PV project under the sale-leaseback arrangement is “integral equipment.” A solar-PV project is determined to be integral equipment when the cost to remove the project from its existing location, including the shipping and reinstallation costs of the solar-PV project at the new site, including any diminution in fair value, exceeds 10% of the fair value of the solar-PV project at the time of its original installation. When the leaseback arrangement expires, the Company has the option to purchase the solar-PV project for the then fair market value or, in certain circumstances, renew the lease for an extended term. All solar-PV projects sold to date under the sale-leaseback program have been determined by the Company not to be integral equipment as the cost to remove the project from its existing location would not exceed 10% of its original fair value. For solar-PV projects that the Company has determined not to be integral equipment, the Company then determines if the leaseback should be classified as a capital lease or an operating lease. All solar-PV projects sold to date under the sale-leaseback program have been determined by the Company to be capital leases. For leasebacks classified as capital leases, the Company initially records a capital lease asset and capital lease obligation in its consolidated balance sheet equal to the lower of the present value of the Company’s future minimum leaseback payments or the fair value of the solar-PV project. For capital leasebacks, the Company defers any gain or loss, representing the excess or shortfall of cash received from the investor compared to the net book value of the asset in the Company’s consolidated balance sheet at the time of the sale. The Company records the long term portion of deferred income and loss in other liabilities and other assets, respectively, and the current portion of deferred income and loss in accrued expenses and other current liabilities and prepaid expenses and other current assets, respectively, in its consolidated balance sheet and amortizes the deferred amounts over the lease term in cost of revenues in its consolidated statements of income (loss). During the three months ended March 31, 2016 and March 31, 2015 the Company recorded $708 and $1,029 of deferred income, respectively, which will be recognized straight-line over the 20 year lease terms, and during the quarter ended December 31, 2015, the Company recorded $1,421 of deferred loss related to sale-leasebacks which will be recognized straight-line over the 20 year lease terms. The Company records the capital leaseback assets in project assets, net in its consolidated balance sheets. The Company records the capital lease liabilities in long-term debt and capital lease liabilities, less current portions and deferred financing fees, net in its consolidated balance sheets. During the quarters ended March 31, 2016 and March 31, 2015, the Company recorded $1,406 and $3,511 respectively, in capital lease assets and corresponding capital lease liabilities, and during the quarter ended December 31, 2015 the Company recorded $3,299 in capital lease assets and corresponding capital lease liabilities. The capital lease assets will be amortized straight-line over the 20 year lease terms. Leaseback payments made to the lessor, related to the capital lease liabilities, are allocated between interest expense and a reduction to the sale-leaseback financing obligation. The initial lease terms for the solar-PV projects sold during the quarter ended March 31, 2016 are 20 years with semi-annual leaseback payments due to the investor ranging from $8 to $139 over the lease term. The initial lease terms for the solar-PV projects sold during the year ended December 31, 2015 are 20 years with semi-annual leaseback payments due to the investor ranging from $7 to $348 over the lease term. Other Liabilities Other liabilities consist primarily of deferred revenue related to multi-year operation and maintenance contracts which expire as late as 2031. Other liabilities also include the fair value of derivatives and the long term portion of sale-leaseback deferred gains (s ee Note 7 for additional disclosures). Revenue Recognition The Company derives revenues from energy efficiency and renewable energy products and services. Energy efficiency products and services 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 products and services include the construction of small-scale plants that produce electricity, gas, heat or cooling from renewable sources of energy, the sale of such electricity, gas, heat or cooling from plants that the Company owns, and the sale and installation of solar energy products and systems. Revenue from the installation or construction of projects is recognized on a percentage-of-completion basis. The percentage-of-completion for each project is determined on an actual cost-to-estimated final cost basis. Maintenance revenue is recognized as related services are performed. In accordance with industry practice, the Company includes in current assets and liabilities the amounts of receivables related to construction projects realizable and payable over a period in excess of one year. The revenue associated with contract change orders is recognized only when the authorization for the change order has been properly executed and the work has been performed. When the estimate on a contract indicates a loss, or claims against costs incurred reduce the likelihood of recoverability of such costs, the Company records the entire expected loss immediately, regardless of the percentage of completion. Billings in excess of cost and estimated earnings represents advanced billings on certain construction contracts. Costs and estimated earnings in excess of billings represent certain amounts under customer contracts that were earned and billable but not invoiced. The Company sells certain products and services in bundled arrangements, where multiple products and/or services are involved. The Company divides bundled arrangements into separate deliverables and revenue is allocated to each deliverable based on the relative selling price. The relative selling price is determined using third-party evidence or management’s best estimate of selling price. The Company recognizes revenue from the sale and delivery of products, including the output from renewable energy plants, when produced and delivered to the customer, in accordance with specific contract terms, provided that persuasive evidence of an arrangement exists, the Company’s price to the customer is fixed or determinable and collectability is reasonably assured. The Company recognizes revenues from O&M contracts, consulting services and enterprise energy management services as the related services are performed. For a limited number of contracts under which the Company receives additional revenue based on a share of energy savings, such additional revenue is recognized as energy savings are generated. Cost of Revenues Cost of revenues include the cost of labor, materials, equipment, subcontracting and outside engineering that are required for the development and installation of projects, as well as preconstruction costs, sales incentives, associated travel, inventory obsolescence charges, amortization of intangible assets related to customer contracts and, if applicable, costs of procuring financing. A majority of the Company’s contracts have fixed price terms; however, in some cases the Company negotiates protections, such as a cost-plus structure, to mitigate the risk of rising prices for materials, services and equipment. Cost of revenues also include the costs of maintaining and operating the small-scale renewable energy plants that the Company owns, including the cost of fuel (if any) and depreciation charges. Income Taxes The Company provides for income taxes based on the liability method. The Company provides for deferred income taxes based on the expected future tax consequences of differences between the financial statement basis and the tax basis of assets and liabilities calculated using the enacted tax rates in effect for the year in which the differences are expected to be reflected in the tax return. The Company accounts for uncertain tax positions using a “more-likely-than-not” threshold for recognizing and resolving uncertain tax positions. The evaluation of uncertain tax positions is based on factors that include, but are not limited to, changes in tax law, the measurement of tax positions taken or expected to be taken in tax returns, the effective settlement of matters subject to audit, new audit activity and changes in facts or circumstances related to a tax position. The Company evaluates uncertain tax positions on a quarterly basis and adjusts the level of the liability to reflect any subsequent changes in the relevant facts surrounding the uncertain positions. The Company’s liabilities for uncertain tax positions can be relieved only if the contingency becomes legally extinguished through either payment to the taxing authority or the expiration of the statute of limitations, the recognition of the benefits associated with the position meet the “more-likely-than-not” threshold or the liability becomes effectively settled through the examination process. The Company considers matters to be effectively settled once the taxing authority has completed all of its required or expected examination procedures, including all appeals and administrative reviews; the Company has no plans to appeal or litigate any aspect of the tax position; and the Company believes that it is highly unlikely that the taxing authority would examine or re-examine the related tax position. The Company also accrues for potential interest and penalties, related to unrecognized tax benefits in income tax expense. In November 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-17, which simplifies the presentation of deferred income taxes. The Company elected to early adopt ASU 2015-17 retrospectively in the fourth quarter of 2015. As a result, it has presented all deferred tax assets and liabilities as noncurrent on its consolidated balance sheet as of March 31, 2016 and December 31, 2015, respectively. See Note 4 for additional information on the Company’s income taxes. Foreign Currency The local currency of the Company’s foreign operations is considered the functional currency of such operations. All assets and liabilities of the Company’s foreign operations are translated into U.S. dollars at period-end exchange rates. Income and expense items are translated at average exchange rates prevailing during the period. Translation adjustments are accumulated as a separate component of stockholders’ equity. Foreign currency translation gains and losses are reported in the consolidated statements of comprehensive loss. Foreign currency transaction gains and losses are reported in the consolidated statements of income (loss). Fair Value Measurements The Company follows the guidance related to fair value measurements for all of its non-financial assets and non-financial liabilities, except for those recognized at fair value in the financial statements at least annually. These assets include goodwill and long-lived assets measured at fair value for impairment assessments, and non-financial assets and liabilities initially measured at fair value in a business combination. The Company’s financial instruments include cash and cash equivalents, restricted cash, accounts and notes receivable, long-term contract receivables, interest rate swaps, accounts payable, accrued expenses and short- and long-term borrowings. Because of their short maturity, the carrying amounts of cash and cash equivalents, restricted cash, accounts and notes receivable, accounts payable, accrued expenses and short-term borrowings approximate fair value. The carrying value of long-term variable-rate debt approximates fair value. As of March 31, 2016 , the fair value of the Company’s long-term debt exceeds its carrying value by approximately $926 . Fair value of the Company’s debt is based on quoted market prices or on rates available to the Company for debt with similar terms and maturities, which are level two inputs of the fair value hierarchy, as defined in Note 6. The Company accounts for its interest rate swaps as derivative financial instruments in accordance with the related guidance. Under this guidance, derivatives are carried on the Company’s consolidated balance sheets at fair value. The fair value of the Company’s interest rate swaps are determined based on observable market data in combination with expected cash flows for each instrument. See Note 6 for additional information related to fair value measurements. Stock-Based Compensation Expense Stock-based compensation expense results from the issuance of shares of restricted common stock and grants of stock options to employees, directors, outside consultants and others. The Company recognizes the costs associated with restricted stock and option grants using the fair value recognition provisions of ASC 718, Compensation - Stock Compensation on a straight-line basis over the vesting period of the awards. Stock-based compensation expense is recognized based on the grant-date fair value. The Company estimates the fair value of the stock-based awards, including stock options, using the Black-Scholes option-pricing model. Determining the fair value of stock-based awards requires the use of highly subjective assumptions, including the fair value of the common stock underlying the award, the expected term of the award and expected stock price volatility. The assumptions used in determining the fair value of stock-based awards represent management’s estimates, which involve inherent uncertainties and the application of management judgment. As a result, if factors change, and different assumptions are employed, the stock-based compensation could be materially different in the future. The risk-free interest rates are based on the U.S. Treasury yield curve in effect at the time of grant, with maturities approximating the expected life of the stock options. The Company has no history of paying dividends. Additionally, as of each of the grant dates, there was no expectation that the Company would pay dividends over the expected life of the options. The expected life of the awards is estimated using historical data and management’s expectations. Because there was |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | GOODWILL AND INTANGIBLE ASSETS The changes in the carrying value of goodwill attributable to each reportable segment are as follows: U.S. Regions U.S. Federal Canada Small-Scale Infrastructure Other Total Balance, December 31, 2015 $ 24,759 $ 3,375 $ 3,162 $ — $ 27,789 $ 59,085 Goodwill acquired during the year — — — — — — Fair value adjustment — — — — — — Currency effects — — 220 — (213 ) 7 Balance, March 31, 2016 $ 24,759 $ 3,375 $ 3,382 $ — $ 27,576 $ 59,092 Accumulated Goodwill Impairment Balance, December 31, 2015 $ — $ — $ (1,016 ) $ — $ — $ (1,016 ) Accumulated Goodwill Impairment Balance, March 31, 2016 $ — $ — $ (1,016 ) $ — $ — $ (1,016 ) Separable intangible assets that are not deemed to have indefinite lives are amortized over their useful lives. The Company annually assesses whether a change in the life over which the Company’s assets are amortized is necessary, or more frequently if events or circumstances warrant. No changes to useful lives were made during the three months ended March 31, 2016 or for the year ended December 31, 2015 . Acquired intangible assets other than goodwill that are subject to amortization include customer contracts, customer relationships, non-compete agreements, technology and trade names. Customer contracts are amortized ratably over the period of the acquired customer contracts ranging in periods from approximately one to five years. All other acquired intangible assets are amortized over periods ranging from approximately four to fifteen years, as defined by the nature of the respective intangible asset. The gross carrying amount and accumulated amortization of intangible assets are as follows: As of March 31, As of December 31, 2016 2015 Gross Carrying Amount Customer contracts $ 7,880 $ 7,898 Customer relationships 12,361 12,496 Non-compete agreements 3,316 3,324 Technology 2,734 2,701 Trade names 544 540 26,835 26,959 Accumulated Amortization Customer contracts 7,709 7,683 Customer relationships 7,044 6,621 Non-compete agreements 3,175 3,149 Technology 2,322 2,241 Trade names 500 495 20,750 20,189 Intangible assets, net $ 6,085 $ 6,770 Amortization expense related to customer contracts is included in cost of revenues in the consolidated statements of income (loss). Amortization expense related to all other acquired intangible assets is included in selling, general and administrative expenses in the consolidated statements of income (loss). Amortization expense for the three months ended March 31, 2016 and 2015 related to customer contracts was $46 and $228 , respectively. Amortization expense for the three months ended March 31, 2016 and 2015 related to all other acquired intangible assets was $558 and $781 , respectively. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The provision (benefit) for income taxes was $241 and $(2,902) for the three months ended March 31, 2016 and 2015 , respectively. The estimated 2016 effective tax rate was 25.5% for the three months ended March 31, 2016 compared to a 40.9% estimated annual effective tax rate for the three months ended March 31, 2015 . The principal reason for the difference between the statutory rate and the estimated annual effective rate for 2016 were the effects of the tax deduction under Internal Revenue Code Section 179D and investment tax credits and production tax credits to which the Company is entitled from owned plants. The principal reason for the difference between the statutory rate and the estimated annual effective rate for 2015 were the effects of the valuation allowance required for the expected Canada losses as well as the investment tax credits and production tax credits to which the Company is entitled to from owned plants. The investment tax credits to which the Company is entitled to fluctuate from year to year based on the cost of the renewable energy plants the Company places or expects to place in service in that year. In addition, the tax deduction under Internal Revenue Code Section 179D expired as of December 31, 2014 and and was retroactively reinstated in December of 2015. The current expiration date for the 179D deduction is December 31, 2016. A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows: Gross Unrecognized Tax Benefits Balance, December 31, 2015 $ 2,200 Additions for prior year tax positions — Settlements with tax authorities — Reductions of prior year tax positions — Balance, March 31, 2016 $ 2,200 At both March 31, 2016 and December 31, 2015 , the Company had approximately $2,200 of total gross unrecognized tax benefits. Of the total gross unrecognized tax benefits as of March 31, 2016 and December 31, 2015 , approximately $800 and $800 , respectively, (net of the federal benefit on state amounts) represents the amount of unrecognized tax benefits that, if recognized, would favorably affect the effective income tax rate in any future periods. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Legal Proceedings The Company is involved in a variety of claims and other legal proceedings generally incidental to its normal business activities. While the outcome of any of these proceedings cannot be accurately predicted, the Company does not believe the ultimate resolution of any of these existing matters would have a material adverse effect on its financial condition or results of operations. Solar Tariff Contingency In October 2012, the U.S. Department of Commerce (“Commerce”) announced its final determination in the anti-dumping (“AD”) and countervailing duty (“CVD”) investigations of imports of solar cells manufactured in the People’s Republic of China (“PRC”), including solar modules containing such cells. Commerce’s final determination confirmed its previously published AD duty of 249.96% , for manufacturers without a separate rate, and increased its CVD from 3.61% to 15.24% ; both duties are applied to the value of imports of solar modules containing PRC cells. On November 7, 2012, the International Trade Commission announced its final determination upholding the duties. All shipments from May 25, 2012 until the Company suspended importing solar modules containing PRC cells in July 2012 (“covered shipments”) were subject to the CVD and were covered by a single continuous entry bond. Covered shipments also were subject to AD duty, for each of which the Company was required to post a single entry bond. In August, 2014, U.S. Customs lifted suspension of liquidation of covered shipments. As a result of liquidation, during the third and fourth quarters of 2014, the Company paid CVD on covered shipments at the 3.61% rate. During the fourth quarter of 2014 through the first quarter of 2015, the Company paid AD duties on covered shipments at a 31.18% rate. During the fourth quarter of 2015, the Company received the final bill from U.S. Customs for liquidation of one remaining covered shipment containing PRC cells and the matter was resolved in the first quarter of 2016. Commitments as a Result of Acquisitions Related to the Company's acquisition of EEX in the second quarter of 2014, the former owners of EEX, who are now employees of the Company, may be entitled to receive up to 4,500 British pounds sterling ( $6,466 converted as of March 31, 2016 ) in additional consideration, accounted for as compensation for post-combination services, if the acquired business meets certain financial performance milestones through December 31, 2018. No amounts were accrued as of March 31, 2016 and December 31, 2015 , respectively. |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | FAIR VALUE MEASUREMENT The Company recognizes its financial assets and liabilities at fair value on a recurring basis (at least annually). Fair value is defined as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Three levels of inputs that may be used to measure fair value are as follows: Level 1: Inputs are based upon unadjusted quoted prices for identical instruments traded in active markets. Level 2: Inputs are based upon 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 the Company’s financial instruments measured at fair value on a recurring basis: Fair Value as of March 31, December 31, Level 2016 2015 Liabilities: Interest rate swap instruments 2 $ 7,411 $ 4,681 The fair value of the Company’s interest rate swaps was determined using a cash flow analysis on the expected cash flow of the contract in combination with observable market-based inputs, including interest rate curves and implied volatilities. As part of this valuation, the Company considered the credit ratings of the counterparties to the interest rate swaps to determine if a credit risk adjustment was required. The fair value of financial instruments is determined by reference to observable market data and other valuation techniques, as appropriate. The only category of financial instruments where the difference between fair value and recorded book value is notable is long-term debt. At March 31, 2016 , the fair value of the Company’s long-term debt was estimated using discounted cash flows analysis, based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements which are considered to be level two inputs. There were no transfers in or out of level two for the three months ended March 31, 2016 . Based on the analysis performed, the fair value and the carrying value of the Company’s long-term debt, excluding capital lease liabilities, are as follows: As of March 31, 2016 As of December 31, 2015 Fair Value Carrying Value Fair Value Carrying Value Long-term debt $ 97,497 $ 96,571 $ 108,323 $ 107,148 The Company is also required periodically to measure certain other assets at fair value on a nonrecurring basis, including long-lived assets, goodwill and other intangible assets. There were no assets recorded at fair value on a non-recurring basis at March 31, 2016 . |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES Information about the fair value amounts of the Company’s derivative instruments is as follows: Derivatives as of March 31, 2016 December 31, 2015 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives Designated as Hedging Instruments: Interest rate swap contracts Other liabilities $ 7,411 Other liabilities $ 4,681 The following table presents information about the effects of the Company’s derivative instruments on the consolidated statements of income (loss) and consolidated statements of comprehensive loss: Location of Gain Recognized in Net Income Amount of Gain Recognized in Net Income Three Months Ended March 31, 2016 2015 Derivatives Designated as Hedging Instruments: Interest rate swap contracts Other expenses, net $ (70 ) $ (83 ) The following table summarizes the pre-tax amount of unrealized gain or loss recognized in accumulated other comprehensive loss, net (“AOCI”) in the Company’s consolidated balance sheets: Three Months Ended March 31, 2016 Derivatives Designated as Hedging Instruments: Accumulated loss in AOCI at the beginning of the period $ (2,548 ) Unrealized loss recognized in AOCI (1,595 ) Loss reclassified from AOCI to other expenses, net (282 ) Net loss reclassified from AOCI to other expenses, net (1,877 ) Accumulated loss in AOCI at the end of the period $ (4,425 ) |
Investment Fund
Investment Fund | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Investment Fund | INVESTMENT FUND During the third quarter of 2015, the Company formed an investment fund for the purpose of funding the purchase of a solar energy system. The Company consolidates the investment fund, and all inter-company balances and transactions between the Company and the investment fund are eliminated in its consolidated financial statements. The Company determined that the investment fund meets the definition of a VIE. The Company uses a qualitative approach in assessing the consolidation requirement for VIEs that focuses on determining whether the Company has the power to direct the activities of the VIE that most significantly affect the VIE’s economic performance and whether the Company has the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The Company has considered the provisions within the contractual arrangements that grant it power to manage and make decisions that affect the operation of this VIE, including determining the solar energy systems and associated long term customer contracts to be sold or contributed to the VIE, and installation, operation and maintenance of the solar energy systems. The Company considers that the rights granted to the other investors under the contractual arrangements are more protective in nature rather than participating rights. As such, the Company has determined it is the primary beneficiary of the VIE for all periods presented. The Company evaluates its relationships with VIEs on an ongoing basis to ensure that it continues to be the primary beneficiary. Under the related agreements, cash distributions of income and other receipts by the fund, net of agreed-upon expenses and estimated expenses, tax benefits and detriments of income and loss, and tax benefits of tax credits, are assigned to the fund investor and Company’s subsidiary as specified in contractual arrangements. Certain of these arrangements have call and put options to acquire the investor’s equity interest as specified in the contractual agreement. See Note 9 for additional information on the call and put options. At March 31, 2016 the Company included $1,556 in restricted cash and $33,096 of project assets, net related to the investment fund in the Company’s consolidated balance sheet. At December 31, 2015 , the Company included $5,419 in restricted cash and $32,657 of project assets, net related to the investment fund in the Company’s consolidated balance sheet. |
Non-Controlling Interests
Non-Controlling Interests | 3 Months Ended |
Mar. 31, 2016 | |
Noncontrolling Interest [Abstract] | |
Non-Controlling Interests | NON-CONTROLLING INTERESTS Redeemable Non-controlling Interest The Company’s wholly owned subsidiary with a membership interest in the investment fund has the right, beginning on the fifth anniversary of the final funding of the variable rate construction and term loans due 2023 and extending for six months , to elect to require the non-controlling interest holder to sell all of its membership units to the Company’s wholly owned subsidiary (the “Call Option”). The Company’s investment fund also includes a right, beginning on the sixth anniversary of the final funding and extending for one year , for the non-controlling interest holder to elect to require the Company’s wholly owned subsidiary to purchase all of its membership interests in the fund (the “Put Option”). Because the Put Option represents a redemption feature that is not solely within the control of the Company, the non-controlling interest in these funds is presented outside of permanent equity. Redeemable non-controlling interests are reported using the greater of their carrying value at each reporting date (which is impacted by attribution under the HLBV method) or their estimated redemption value in each reporting period. The purchase price for the fund investor’s membership interest under the Call Option is equal to the fair market value as of the exercise date. |
Business Segment Information
Business Segment Information | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Business Segment Information | BUSINESS SEGMENT INFORMATION The Company reports results under ASC 280, Segment Reporting. The Company’s reportable segments are U.S. Regions, U.S. Federal, Canada and Small-Scale Infrastructure. The Company’s 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, which include the construction of small-scale plants for customers that produce electricity, gas, heat or cooling from renewable sources of energy; and O&M services. The Company’s Small-Scale Infrastructure segment sells electricity, processed landfill gas, heat or cooling produced from renewable sources of energy from small-scale plants that the Company owns. The “All Other” category offers enterprise energy management services, consulting services and the sale and installation of solar-PV energy products and systems. These segments do not include results of other activities, such as corporate operating expenses not specifically allocated to the segments. The reports of the Company’s chief operating decision maker do not include assets at the operating segment level. An analysis of the Company’s business segment information and reconciliation to the condensed consolidated financial statements is as follows: U.S. Regions U.S. Federal Canada Small-Scale Infrastructure All Other Total Consolidated Three Months Ended March 31, 2016 Revenues $ 41,621 $ 38,669 $ 14,807 $ 20,693 $ 17,986 $ 133,776 Interest income — 2 — 9 1 12 Interest expense — 99 347 1,028 — 1,474 Depreciation and amortization of intangible assets 137 523 239 3,849 673 5,421 Unallocated corporate activity — — — — — (7,727 ) Income (loss) before taxes, excluding unallocated corporate activity 191 6,400 541 2,321 (781 ) 8,672 Three Months Ended March 31, 2015 Revenues 46,434 24,143 10,895 13,603 20,358 115,433 Interest income — — 1 150 — 151 Interest expense — — 329 948 — 1,277 Depreciation and amortization of intangible assets 205 306 243 3,466 1,007 5,227 Unallocated corporate activity — — — — — (6,508 ) Income (loss) before taxes, excluding unallocated corporate activity 1,917 3,258 (5,008 ) 237 (986 ) (582 ) |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Long-term Debt | LONG-TERM DEBT Variable-Rate Construction and Term Loans In October 2012, the Company entered into a credit and guaranty agreement with two banks for use in providing limited recourse financing for certain of its landfill gas to energy and solar PV projects. The credit and guaranty agreement provides for a $47,234 construction-to-term loan credit facility and bears interest at a variable rate. The loans were fully converted to a term loan during the year ended December 31, 2014. At March 31, 2016 , $37,814 was outstanding under the term loan. The variable rate for this loan at March 31, 2016 was 3.63% . In September 2015, the Company entered into a credit and guaranty agreement for use in providing non-recourse financing for certain of its solar-PV projects currently under construction. The credit and guaranty agreement provides for a $20,746 construction-to-term loan credit facility and bears interest at a variable rate. The term loan matures on March 30, 2023. On March 30, 2016, the construction loan was converted to a term loan. At December 31, 2015 , $17,663 was outstanding under the construction loan. At March 31, 2016 , $20,746 was outstanding under the term loan. The variable rate for this loan at March 31, 2016 was 3.140% . Senior Secured Credit Facility - Revolver and Term Loan On June 30, 2015 , the Company entered into a third amended and restated bank credit facility with two banks. The new credit facility replaces and extended the Company’s existing credit facility, which was scheduled to expire in accordance with its terms on June 30, 2016. The revolving credit facility matures on June 30, 2020 and the term loan facility matures on June 30, 2018, when all amounts will be due and payable in full. The Company expects to use the new credit facility for general corporate purposes of the Company and its subsidiaries, including permitted acquisitions, refinancing of existing indebtedness and working capital. The credit facility consists of a $60,000 revolving credit facility and a $17,143 term loan. The amount of the term loan represents the amount outstanding under the Company’s existing term loan at closing. The revolving credit facility may be increased by up to an additional $25,000 at the Company’s option if lenders are willing to provide such increased commitments, subject to certain conditions. Up to $20,000 of the revolving credit facility may be borrowed in Canadian dollars, Euros and Pounds Sterling. The Company is the sole borrower under the credit facility. The obligations under the credit facility are guaranteed by certain of the Company’s direct and indirect wholly owned domestic subsidiaries and are secured by a pledge of all of the Company’s and such subsidiary guarantors’ assets, other than the equity interests of certain subsidiaries and assets held in non-core subsidiaries (as defined in the agreement). At March 31, 2016 , there were no amounts outstanding under the revolving credit facility and $12,857 outstanding under the term loan. At December 31, 2015 , there was $11,300 outstanding under the revolving credit facility and $14,285 outstanding under the term loan. The interest rate for borrowings under the credit facility is based on, at the Company’s option, either (1) a base rate equal to a margin of 0.50% or 0.25% , depending on the Company’s ratio of Total Funded Debt to EBITDA (each as defined in the agreement), over the highest of (a) the federal funds effective rate, plus 0.50% , (b) Bank of America’s prime rate and (c) a rate based on the London interbank deposit rate (“LIBOR”) plus 1.50% , or (2) the one-, two- three- or six-month LIBOR plus a margin of 2.00% or 1.75% , depending on the Company’s ratio of Total Funded Debt to EBITDA. A commitment fee of 0.375% is payable quarterly on the undrawn portion of the revolving credit facility. At March 31, 2016 , the interest rate for borrowings under the revolving credit facility was 4.00% and interest rate for borrowings under the term loan was 2.63% . Interest on the term loan has been swapped into a fixed rate of 3.72% . The revolving credit facility does not require amortization of principal. The term loan requires quarterly principal payments of $1,429 , with the balance due at maturity. All borrowings may be paid before maturity in whole or in part at the Company’s option without penalty or premium, other than reimbursement of any breakage and deployment costs in the case of LIBOR borrowings. The credit facility limits the Company’s and its subsidiaries’ ability to, among other things: incur additional indebtedness; incur liens or guarantee obligations; merge, liquidate or dispose of assets; make acquisitions or other investments; enter into hedging agreements; pay dividends and make other distributions and engage in transactions with affiliates, except in the ordinary course of business on an arms’ length basis. Under the credit facility, the Company and its subsidiaries may not invest cash or property in, or loan to, the Company’s non-core subsidiaries in aggregate amounts exceeding 49% of the Company’s consolidated stockholders’ equity. In addition, under the credit facility, the Company and its core subsidiaries must maintain the following financial covenants: • a ratio of total funded debt to EBITDA of less than 2.0 to 1.0; and • a debt service coverage ratio (as defined in the agreement) of at least 1.5 to 1.0. Any failure to comply with the financial or other covenants of the credit facility would not only prevent the Company from being able to borrow additional funds, but would constitute a default, permitting the lenders to, among other things, accelerate the amounts outstanding, including all accrued interest and unpaid fees, under the credit facility, to terminate the credit facility, and enforce liens against the collateral. The credit facility also includes several other customary events of default, including a change in control of the Company, permitting the lenders to accelerate the indebtedness, terminate the credit facility, and enforce liens against the collateral. For purposes of the Company’s senior secured facility: EBITDA excludes the results of certain renewable energy projects that the Company owns and for which financing from others remains outstanding; total funded debt includes amounts outstanding under both the term loan and revolver portions of the senior secured credit facility plus other indebtedness, but excludes non-recourse indebtedness of project company subsidiaries; and debt service includes principal and interest payments on the indebtedness included in total funded debt other than principal payments on the revolver portion of the facility. At March 31, 2016 , the Company was in compliance with all financial and operational covenants. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events In April 2016, the Company’s Board of Directors authorized the repurchase of up to $10 million of the Company's Class A common stock from time to time on the open market or in privately negotiated transactions. The timing and amount of any shares repurchased will be determined by the Company's management based on its evaluation of market conditions and other factors. Any repurchased shares will be available for use in connection with its stock plans and for other corporate purposes. The repurchase program will be funded using the Company's working capital and borrowings under its revolving line of credit. |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of Ameresco, Inc. and its subsidiaries. All significant intercompany accounts and transactions have been eliminated. The Company prepares its financial statements in conformity with GAAP. |
Use of Estimates | Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The most significant estimates and assumptions used in these condensed consolidated financial statements relate to management’s estimates of final construction contract profit in accordance with accounting for long-term contracts, allowance for doubtful accounts, inventory reserves, project development costs, fair value of derivative financial instruments and stock-based awards, impairment of long-lived assets, income taxes, self insurance reserves and any potential liability in conjunction with certain commitments and contingencies. Actual results could differ from those estimates. The Company is self-insured for employee health insurance. The maximum exposure in fiscal year 2016 under the plan is $100 per covered participant, after which reinsurance takes effect. The liability for unpaid claims and associated expenses, including incurred but not reported claims, is determined by management and reflected in the Company’s consolidated balance sheets in accrued expenses and other current liabilities. The liability is calculated based on historical data, which considers both the frequency and settlement amount of claims. The Company’s estimated accrual for this liability could be different than its ultimate obligation if variables such as the frequency or amount of future claims differ significantly from management’s assumptions. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents includes cash on deposit, overnight repurchase agreements and amounts invested in highly liquid money market funds. Cash equivalents consist of short term investments with original maturities of three months or less. The Company maintains accounts with financial institutions and the balances in such accounts, at times, exceed federally insured limits. This credit risk is divided among a number of financial institutions that management believes to be of high quality. The carrying amount of cash and cash equivalents approximates their fair value measured using level one inputs per the fair value hierarchy as defined in Note 6. |
Restricted Cash | Restricted Cash Restricted cash consists of cash and cash equivalents held in an escrow account in association with construction draws for energy savings performance contracts (“ESPCs”), construction of project assets, operations and maintenance (“O&M”) reserve accounts and cash collateralized letters of credit as well as cash required under term loans to be maintained in debt service reserve accounts until all obligations have been indefeasibly paid in full. These accounts are primarily invested in highly liquid money market funds. The carrying amount of the cash and cash equivalents in these accounts approximates their fair value measured using level one inputs per the fair value hierarchy as defined in Note 6. Restricted cash also includes funds held for clients, which represent assets that, based upon the Company’s intent, are restricted for use solely for the purposes of satisfying the obligations to remit funds to third parties, primarily utility service providers, relating to the Company’s enterprise energy management services. |
Accounts Receivable | Accounts Receivable Accounts receivable are stated at the amount management expects to collect from outstanding balances. An allowance for doubtful accounts is provided for those accounts receivable considered to be uncollectible based upon historical experience and management’s evaluation of outstanding accounts receivable. Bad debts are written off against the allowance when identified. |
Accounts Receivable Retainage | Accounts Receivable Retainage Accounts receivable retainage represents amounts due from customers, but where payments are withheld contractually until certain construction milestones are met. Amounts retained typically range from 5% to 10% of the total invoice. The Company classifies as a current asset those retainages that are expected to be billed in the next twelve months. |
Inventory | Inventory Inventories, which consist primarily of PV solar panels, batteries and related accessories, are stated at the lower of cost (“first-in, first-out” method) or net realizable value (determined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation). Provisions have been made to reduce the carrying value of inventory to the net realizable value. |
Prepaid Expenses | Prepaid Expenses Prepaid expenses consist primarily of short-term prepaid expenditures that will amortize within one year. |
Federal ESPC Receivable | Federal ESPC Receivable Federal ESPC receivable represents the amount to be paid by various federal government agencies for work performed and earned by the Company under specific ESPCs. The Company assigns certain of its rights to receive those payments to third-party investors that provide construction and permanent financing for such contracts. The receivable is recognized as revenue as each project is constructed. Upon completion and acceptance of the project by the government, typically within 24 months of construction commencement, the assigned ESPC receivable from the government and corresponding ESPC liability are eliminated from the Company’s condensed consolidated financial statements. |
Project Development Costs | Project Development Costs The Company capitalizes as project development costs only those costs incurred in connection with the development of energy projects, primarily direct labor, interest costs, outside contractor services, consulting fees, legal fees and travel, if incurred after a point in time where the realization of related revenue becomes probable. Project development costs incurred prior to the probable realization of revenue are expensed as incurred. The Company classifies as a current asset those project development efforts that are expected to proceed to construction activity in the twelve months that follow. The Company periodically reviews these balances and writes off any amounts where the realization of the related revenue is no longer probable. |
Property and Equipment | Property and Equipment Property and equipment consists primarily of office and computer equipment, and is recorded at cost. Major additions and improvements are capitalized as additions to the property and equipment accounts, while replacements, maintenance and repairs that do not improve or extend the life of the respective assets are expensed as incurred. Depreciation and amortization of property and equipment are computed on a straight-line basis over the following estimated useful lives: Asset Classification Estimated Useful Life Furniture and office equipment Five years Computer equipment and software costs Three to five years Leasehold improvements Lesser of term of lease or five years Automobiles Five years Land Unlimited |
Project Assets | Project Assets Project assets consist of costs of materials, direct labor, interest costs, outside contract services and project development costs incurred in connection with the construction of small-scale renewable energy plants that the Company owns and the implementation of energy savings contracts. These amounts are capitalized and amortized to cost of revenues in the Company’s consolidated statements of income (loss) on a straight line basis over the lives of the related assets or the terms of the related contracts. The Company capitalizes interest costs relating to construction financing during the period of construction. Capitalized interest is included in project assets, net in the Company’s consolidated balance sheets. Capitalized interest is amortized to cost of revenues in the Company’s consolidated statements of income (loss) on a straight line basis over the useful life of the associated project asset. There was $164 in interest capitalized for the three months ended March 31, 2016 . There was $114 interest capitalized for the three months ended March 31, 2015 . Routine maintenance costs are expensed in the current year’s consolidated statements of income (loss) to the extent that they do not extend the life of the asset. Major maintenance, upgrades and overhauls are required for certain components of the Company’s assets. In these instances, the costs associated with these upgrades are capitalized and are depreciated over the shorter of the remaining life of the asset or the period until the next required major maintenance or overhaul. Gains or losses on disposal of property and equipment are reflected in selling, general and administrative expenses in the consolidated statements of income (loss). The Company evaluates its long-lived assets for impairment as events or changes in circumstances indicate the carrying value of these assets may not be fully recoverable. Examples of such triggering events applicable to the Company’s assets include a significant decrease in the market price of a long-lived asset or asset group or a current-period operating or cash flow loss combined with a history of operating or cash flow losses or a projection or forecast that demonstrates continuing losses associated with the use of a long-lived asset or asset group. The Company evaluates recoverability of long-lived assets to be held and used by estimating the undiscounted future cash flows before interest associated with the expected uses and eventual disposition of those assets. When these comparisons indicate that the carrying value of those assets is greater than the undiscounted cash flows, the Company recognizes an impairment loss for the amount that the carrying value exceeds the fair value. From time to time, the Company applies for and receives cash grant awards from the U.S. Treasury Department (the “Treasury”) under Section 1603 of the American Recovery and Reinvestment Act of 2009 (the “Act”). The Act authorized the Treasury to make payments to eligible persons who place in service qualifying renewable energy projects. The grants are paid in lieu of investment tax credits. All of the cash proceeds from the grants were used and recorded as a reduction in the cost basis of the applicable project assets. If the Company disposes of the property, or the property ceases to qualify as specified energy property, within five years from the date the property is placed in service, then a prorated portion of the Section 1603 payment must be repaid. The Company did not receive any Section 1603 grants during the three months ended March 31, 2016 and March 31, 2015 . For tax purposes, the Section 1603 payments are not included in federal and certain state taxable income and the basis of the property is reduced by 50% of the payment received. |
Deferred Financing Fees | Deferred Financing Fees Deferred financing fees relate to the external costs incurred to obtain financing for the Company. Deferred financing fees are amortized over the respective term of the financing using the effective interest method, with the exception of the Company’s revolving credit facility, as discussed in Note 11, for which deferred financing fees are amortized on a straight-line basis over the term of the agreement. Deferred financing fees are presented on the Consolidated Balance Sheets as a reduction to long-term debt and capital lease liabilities . |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The Company has classified as goodwill the amounts paid in excess of fair value of the net assets (including tax attributes) of companies acquired in purchase transactions. The Company has recorded intangible assets related to customer contracts, customer relationships, non-compete agreements, trade names and technology, each with defined useful lives. The Company assesses the impairment of goodwill and intangible assets that have indefinite lives on an annual basis (December 31 st ) and whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. The Company would record an impairment charge if such an assessment were to indicate that the fair value of such assets was less than their carrying values. Judgment is required in determining whether an event has occurred that may impair the value of goodwill or identifiable intangible assets. Factors that could indicate that an impairment may exist include significant under-performance relative to plan or long-term projections, significant changes in business strategy, significant negative industry or economic trends or a significant decline in the base price of the Company’s publicly traded stock for a sustained period of time. Although the Company believes goodwill and intangible assets are appropriately stated in the accompanying condensed consolidated financial statements, changes in strategy or market conditions could significantly impact these judgments and require an adjustment to the recorded balance. |
Other Assets | Other Assets Other assets consist primarily of notes and contracts receivable due to the Company from various customers and non-current restricted cash. Other assets also include the non-current portion of project development costs, accounts receivable retainages, sale-leaseback deferred loss and deferred contract costs. |
Asset Retirement Obligations | Asset Retirement Obligations The Company recognizes a liability for the fair value of required asset retirement obligations (“AROs”) when such obligations are incurred. The liability is estimated on a number of assumptions requiring management’s judgment, including equipment removal costs, site restoration costs, salvage costs, cost inflation rates and discount rates and is credited to its projected future value over time. The capitalized asset is depreciated using the convention of depreciation of plant assets. Upon satisfaction of the ARO conditions, any difference between the recorded ARO liability and the actual retirement cost incurred is recognized as an operating gain or loss in the consolidated statements of income (loss). |
Federal ESPC Liabilities | Federal ESPC Liabilities Federal ESPC liabilities represent the advances received from third-party investors under agreements to finance certain energy savings performance contract (“ESPC”) projects with various federal government agencies. Upon completion and acceptance of the project by the government, typically within 24 months of construction commencement, the ESPC receivable from the government and corresponding ESPC liability is eliminated from the Company’s consolidated balance sheet. Until recourse to the Company ceases for the ESPC receivables transferred to the investor, upon final acceptance of the work by the government customer, the Company remains the primary obligor for financing received. |
Sale-Leaseback | Sale-Leaseback During the first quarter of 2015, the Company entered into an agreement with an investor which gives the Company the option to sell and contemporaneously lease back solar photovoltaic (“solar-PV”) projects. The lender has committed to provide up to a maximum combined funding amount of $50,000 through December 31, 2016 on certain projects. During the quarter ended March 31, 2016, the Company sold two solar-PV projects and in return received $3,541 under the agreement. During the quarter ended March 31, 2015, the Company sold two solar-PV projects and in return received $7,581 under the agreement. During the quarter ended December 31, 2015, the Company sold an additional project and in return received $4,925 under the agreement. As part of the agreement, the Company is a party to a master lease agreement that provides for the sale of solar-PV projects to a third-party investor and the simultaneous leaseback of the projects, which the Company then operates and maintains, recognizing revenue through the sale of the electricity and solar renewable energy credits generated by these projects. In sale-leaseback arrangements, the Company first determines whether the solar-PV project under the sale-leaseback arrangement is “integral equipment.” A solar-PV project is determined to be integral equipment when the cost to remove the project from its existing location, including the shipping and reinstallation costs of the solar-PV project at the new site, including any diminution in fair value, exceeds 10% of the fair value of the solar-PV project at the time of its original installation. When the leaseback arrangement expires, the Company has the option to purchase the solar-PV project for the then fair market value or, in certain circumstances, renew the lease for an extended term. All solar-PV projects sold to date under the sale-leaseback program have been determined by the Company not to be integral equipment as the cost to remove the project from its existing location would not exceed 10% of its original fair value. For solar-PV projects that the Company has determined not to be integral equipment, the Company then determines if the leaseback should be classified as a capital lease or an operating lease. All solar-PV projects sold to date under the sale-leaseback program have been determined by the Company to be capital leases. For leasebacks classified as capital leases, the Company initially records a capital lease asset and capital lease obligation in its consolidated balance sheet equal to the lower of the present value of the Company’s future minimum leaseback payments or the fair value of the solar-PV project. For capital leasebacks, the Company defers any gain or loss, representing the excess or shortfall of cash received from the investor compared to the net book value of the asset in the Company’s consolidated balance sheet at the time of the sale. The Company records the long term portion of deferred income and loss in other liabilities and other assets, respectively, and the current portion of deferred income and loss in accrued expenses and other current liabilities and prepaid expenses and other current assets, respectively, in its consolidated balance sheet and amortizes the deferred amounts over the lease term in cost of revenues in its consolidated statements of income (loss). |
Other Liabilities | Other Liabilities Other liabilities consist primarily of deferred revenue related to multi-year operation and maintenance contracts which expire as late as 2031. Other liabilities also include the fair value of derivatives and the long term portion of sale-leaseback deferred gains (s ee Note 7 for additional disclosures). |
Revenue Recognition | Revenue Recognition The Company derives revenues from energy efficiency and renewable energy products and services. Energy efficiency products and services 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 products and services include the construction of small-scale plants that produce electricity, gas, heat or cooling from renewable sources of energy, the sale of such electricity, gas, heat or cooling from plants that the Company owns, and the sale and installation of solar energy products and systems. Revenue from the installation or construction of projects is recognized on a percentage-of-completion basis. The percentage-of-completion for each project is determined on an actual cost-to-estimated final cost basis. Maintenance revenue is recognized as related services are performed. In accordance with industry practice, the Company includes in current assets and liabilities the amounts of receivables related to construction projects realizable and payable over a period in excess of one year. The revenue associated with contract change orders is recognized only when the authorization for the change order has been properly executed and the work has been performed. When the estimate on a contract indicates a loss, or claims against costs incurred reduce the likelihood of recoverability of such costs, the Company records the entire expected loss immediately, regardless of the percentage of completion. Billings in excess of cost and estimated earnings represents advanced billings on certain construction contracts. Costs and estimated earnings in excess of billings represent certain amounts under customer contracts that were earned and billable but not invoiced. The Company sells certain products and services in bundled arrangements, where multiple products and/or services are involved. The Company divides bundled arrangements into separate deliverables and revenue is allocated to each deliverable based on the relative selling price. The relative selling price is determined using third-party evidence or management’s best estimate of selling price. The Company recognizes revenue from the sale and delivery of products, including the output from renewable energy plants, when produced and delivered to the customer, in accordance with specific contract terms, provided that persuasive evidence of an arrangement exists, the Company’s price to the customer is fixed or determinable and collectability is reasonably assured. The Company recognizes revenues from O&M contracts, consulting services and enterprise energy management services as the related services are performed. For a limited number of contracts under which the Company receives additional revenue based on a share of energy savings, such additional revenue is recognized as energy savings are generated. |
Cost of Revenues | Cost of Revenues Cost of revenues include the cost of labor, materials, equipment, subcontracting and outside engineering that are required for the development and installation of projects, as well as preconstruction costs, sales incentives, associated travel, inventory obsolescence charges, amortization of intangible assets related to customer contracts and, if applicable, costs of procuring financing. A majority of the Company’s contracts have fixed price terms; however, in some cases the Company negotiates protections, such as a cost-plus structure, to mitigate the risk of rising prices for materials, services and equipment. Cost of revenues also include the costs of maintaining and operating the small-scale renewable energy plants that the Company owns, including the cost of fuel (if any) and depreciation charges. |
Income Taxes | Income Taxes The Company provides for income taxes based on the liability method. The Company provides for deferred income taxes based on the expected future tax consequences of differences between the financial statement basis and the tax basis of assets and liabilities calculated using the enacted tax rates in effect for the year in which the differences are expected to be reflected in the tax return. The Company accounts for uncertain tax positions using a “more-likely-than-not” threshold for recognizing and resolving uncertain tax positions. The evaluation of uncertain tax positions is based on factors that include, but are not limited to, changes in tax law, the measurement of tax positions taken or expected to be taken in tax returns, the effective settlement of matters subject to audit, new audit activity and changes in facts or circumstances related to a tax position. The Company evaluates uncertain tax positions on a quarterly basis and adjusts the level of the liability to reflect any subsequent changes in the relevant facts surrounding the uncertain positions. The Company’s liabilities for uncertain tax positions can be relieved only if the contingency becomes legally extinguished through either payment to the taxing authority or the expiration of the statute of limitations, the recognition of the benefits associated with the position meet the “more-likely-than-not” threshold or the liability becomes effectively settled through the examination process. The Company considers matters to be effectively settled once the taxing authority has completed all of its required or expected examination procedures, including all appeals and administrative reviews; the Company has no plans to appeal or litigate any aspect of the tax position; and the Company believes that it is highly unlikely that the taxing authority would examine or re-examine the related tax position. The Company also accrues for potential interest and penalties, related to unrecognized tax benefits in income tax expense. In November 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-17, which simplifies the presentation of deferred income taxes. The Company elected to early adopt ASU 2015-17 retrospectively in the fourth quarter of 2015. As a result, it has presented all deferred tax assets and liabilities as noncurrent on its consolidated balance sheet as of March 31, 2016 and December 31, 2015, respectively. See Note 4 for additional information on the Company’s income taxes. |
Foreign Currency | Foreign Currency The local currency of the Company’s foreign operations is considered the functional currency of such operations. All assets and liabilities of the Company’s foreign operations are translated into U.S. dollars at period-end exchange rates. Income and expense items are translated at average exchange rates prevailing during the period. Translation adjustments are accumulated as a separate component of stockholders’ equity. Foreign currency translation gains and losses are reported in the consolidated statements of comprehensive loss. Foreign currency transaction gains and losses are reported in the consolidated statements of income (loss). |
Fair Value Measurements | Fair Value Measurements The Company follows the guidance related to fair value measurements for all of its non-financial assets and non-financial liabilities, except for those recognized at fair value in the financial statements at least annually. These assets include goodwill and long-lived assets measured at fair value for impairment assessments, and non-financial assets and liabilities initially measured at fair value in a business combination. The Company’s financial instruments include cash and cash equivalents, restricted cash, accounts and notes receivable, long-term contract receivables, interest rate swaps, accounts payable, accrued expenses and short- and long-term borrowings. Because of their short maturity, the carrying amounts of cash and cash equivalents, restricted cash, accounts and notes receivable, accounts payable, accrued expenses and short-term borrowings approximate fair value. The carrying value of long-term variable-rate debt approximates fair value. As of March 31, 2016 , the fair value of the Company’s long-term debt exceeds its carrying value by approximately $926 . Fair value of the Company’s debt is based on quoted market prices or on rates available to the Company for debt with similar terms and maturities, which are level two inputs of the fair value hierarchy, as defined in Note 6. The Company accounts for its interest rate swaps as derivative financial instruments in accordance with the related guidance. Under this guidance, derivatives are carried on the Company’s consolidated balance sheets at fair value. The fair value of the Company’s interest rate swaps are determined based on observable market data in combination with expected cash flows for each instrument. See Note 6 for additional information related to fair value measurements. |
Stock-Based Compensation Expense | Stock-Based Compensation Expense Stock-based compensation expense results from the issuance of shares of restricted common stock and grants of stock options to employees, directors, outside consultants and others. The Company recognizes the costs associated with restricted stock and option grants using the fair value recognition provisions of ASC 718, Compensation - Stock Compensation on a straight-line basis over the vesting period of the awards. Stock-based compensation expense is recognized based on the grant-date fair value. The Company estimates the fair value of the stock-based awards, including stock options, using the Black-Scholes option-pricing model. Determining the fair value of stock-based awards requires the use of highly subjective assumptions, including the fair value of the common stock underlying the award, the expected term of the award and expected stock price volatility. The assumptions used in determining the fair value of stock-based awards represent management’s estimates, which involve inherent uncertainties and the application of management judgment. As a result, if factors change, and different assumptions are employed, the stock-based compensation could be materially different in the future. The risk-free interest rates are based on the U.S. Treasury yield curve in effect at the time of grant, with maturities approximating the expected life of the stock options. The Company has no history of paying dividends. Additionally, as of each of the grant dates, there was no expectation that the Company would pay dividends over the expected life of the options. The expected life of the awards is estimated using historical data and management’s expectations. Because there was no public market for the Company’s common stock prior to the Company’s initial public offering, management lacked company-specific historical and implied volatility information. Therefore, estimates of expected stock volatility were based on that of publicly traded peer companies, and it is expected that the Company will continue to use this methodology until such time as there is adequate historical data regarding the volatility of the Company’s publicly traded stock price. The Company is required to recognize compensation expense for only the portion of options that are expected to vest. Actual historical forfeiture rate of options is based on employee terminations and the number of shares forfeited. This data and other qualitative factors are considered by the Company in determining the forfeiture rate used in recognizing stock compensation expense. If the actual forfeiture rate varies from historical rates and estimates, additional adjustments to compensation expense may be required in future periods. If there are any modifications or cancellations of the underlying unvested securities or the terms of the stock option, it may be necessary to accelerate, increase or cancel any remaining unamortized stock-based compensation expense. For the three months ended March 31, 2016 and 2015 , the Company recorded stock-based compensation expense of $367 and $518 , respectively, in connection with stock-based payment awards. The compensation expense is allocated between cost of revenues and selling, general and administrative expenses in the accompanying consolidated statements of income (loss) based on the salaries and work assignments of the employees holding the options. As of March 31, 2016 , there was $3,167 of unrecognized compensation expense related to non-vested stock option awards that is expected to be recognized over a weighted-average period of 2.8 years . The Company also accounts for equity instruments issued to non-employee directors and consultants at fair value. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. The measurement date of the fair value of the equity instrument issued is the date on which the counterparty’s performance is complete. |
Derivative Financial Instruments | Derivative Financial Instruments In the normal course of business, the Company utilizes derivatives contracts as part of its risk management strategy to manage exposure to market fluctuations in interest rates. These instruments are subject to various credit and market risks. Controls and monitoring procedures for these instruments have been established and are routinely reevaluated. Credit risk represents the potential loss that may occur because a party to a transaction fails to perform according to the terms of the contract. The measure of credit exposure is the replacement cost of contracts with a positive fair value. The Company seeks to manage credit risk by entering into financial instrument transactions only through counterparties that the Company believes to be creditworthy. Market risk represents the potential loss due to the decrease in the value of a financial instrument caused primarily by changes in interest rates. The Company seeks to manage market risk by establishing and monitoring limits on the types and degree of risk that may be undertaken. As a matter of policy, the Company does not use derivatives for speculative purposes. The Company considers the use of derivatives with all financing transactions to mitigate risk. The Company recognizes cash flows from derivative instruments as operating activities in the consolidated statements of cash flows. The effective portion of changes in fair value on interest rate swaps designated as cash flow hedges are recognized in the Company’s consolidated statements of comprehensive loss. The ineffective portion of changes in fair value on interest rate swaps designated as hedges and changes in fair value on interest rate swaps not designated as hedges are recognized in the Company’s consolidated statements of income (loss). |
Earnings Per Share | Earnings Per Share Basic earnings per share is calculated using the Company’s weighted-average outstanding common shares, including vested restricted shares. When the effects are not anti-dilutive, diluted earnings per share is calculated using the weighted-average outstanding common shares; the dilutive effect of convertible preferred stock, under the “if converted” method; and the treasury stock method with regard to warrants and stock options; all as determined under the treasury stock method. |
Variable Interest Entities | Variable Interest Entities Certain contracts are executed jointly through partnership and joint venture arrangements with unrelated third parties. Generally, these arrangements are characterized by a 50 percent or less ownership interest that requires only a small initial investment. The arrangements are often formed for the single business purpose of executing a specific project and allow the Company to share risks and/or secure specialty skills required for project execution. The Company evaluates each partnership and joint venture at inception to determine if it qualifies as a variable interest entity (“VIE”) under ASC 810, Consolidation . A VIE is an entity used for business purposes that either (a) does not have equity investors with voting rights or (b) has equity investors who are not required to provide sufficient financial resources for the entity to support its activities without additional subordinated financial support. Upon the occurrence of certain events outlined in ASC 810, the Company reassesses its initial determination of whether the partnership or joint venture is a VIE. The Company also evaluates whether it is the primary beneficiary of each VIE and consolidates the VIE if the Company has both (a) the power to direct the economically significant activities of the entity and (b) the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. The Company considers the contractual agreements that define the ownership structure, distribution of profits and losses, risks, responsibilities, indebtedness, voting rights and board representation of the respective parties in determining whether it qualifies as the primary beneficiary. The Company also considers all parties that have direct or implicit variable interests when determining whether it is the primary beneficiary. When the Company is determined to be the primary beneficiary, the VIE is consolidated. As required by ASC 810, management's assessment of whether the Company is the primary beneficiary of a VIE is continuously performed. |
Redeemable Non-Controlling Interest | Redeemable Non-Controlling Interest In September 2015, the Company formed an investment fund with a third party investor which granted the investor ownership interests in the net assets of certain of the Company’s renewable energy project subsidiaries. The Company entered into this agreement in order to finance the costs of constructing the project assets which are under long-term customer contracts. The Company has determined that it is the primary beneficiary in the operational partnership for accounting purposes. Accordingly, the Company will consolidate the assets and liabilities and operating results of the entities in its consolidated financial statements. The Company will recognize the investors’ share of the net assets of the subsidiary as a redeemable non-controlling interest in its condensed consolidated balance sheets. The Company has determined that the provisions in the contractual arrangement represent a substantive profit-sharing arrangement. The Company has further determined that the appropriate methodology for attributing income and loss to the redeemable non-controlling interest each period is a balance sheet approach referred to as the hypothetical liquidation at book value (“HLBV”) method. Under the HLBV method, the amounts of income and loss attributed to the redeemable non-controlling interest in the consolidated statements of income (loss) reflect changes in the amounts the investor would hypothetically receive at each balance sheet date under the liquidation provisions of the contractual agreement, assuming the net assets of this funding structure were liquidated at recorded amounts. The investors’ non-controlling interest in the results of operations of this funding structure is determined as the difference in the non-controlling interest’s claim under the HLBV method at the start and end of each reporting period, after taking into account any capital transactions, such as contributions or distributions, between the Company’s subsidiary and the investor. The use of the HLBV methodology to allocate income to the redeemable non-controlling interest holder may create volatility in the Company’s consolidated statements of income (loss) as the application of HLBV can drive changes in net income available and loss attributable to the redeemable non-controlling interest from quarter to quarter. The Company classified the non-controlling interest with redemption features that are not solely within the control of the Company outside of permanent equity on its consolidated balance sheets. The redeemable non-controlling interest will be reported using the greater of its carrying value at each reporting date as determined by the HLBV method or the estimated redemption value in each reporting period. See Note 9 for additional disclosures. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The guidance in this ASU affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. The guidance in this ASU supersedes the revenue recognition requirements in ASC 605, Revenue Recognition, and most industry-specific guidance throughout the Industry Topics of the Codification. This ASU also supersedes some cost guidance included in ASC 605-35, Revenue Recognition-Construction-Type and Production-Type Contracts. In addition, the existing requirements for the recognition of a gain or loss on the transfer of nonfinancial assets that are not in a contract with a customer are amended to be consistent with the guidance on recognition and measurement in this ASU. The FASB has approved a one year deferral of this standard, and this pronouncement is now effective for annual reporting periods beginning after December 15, 2017. Entities would be permitted to adopt the standard as early as the original public entity effective date (i.e., annual reporting periods beginning after December 15, 2016 and interim periods therein). Early adoption prior to that date is not permitted. Retrospective application of the amendments in this ASU is required. The new guidance must be adopted using either a full retrospective approach for all periods presented in the period of adoption (with some limited relief provided) or a modified retrospective approach. Early application is not permitted under GAAP. The Company is currently assessing the impact of this ASU on its consolidated financial statements. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements — Going Concern (Subtopic 205-40) (“ASU 2014-15”). ASU 2014-15 requires management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles of current U.S. auditing standards. Specifically, the amendments (1) provide a definition of the term “substantial doubt”, (2) require an evaluation every reporting period, including interim periods, (3) provide principles for considering the mitigating effect of management’s plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) require an express statement and other disclosures when substantial doubt is still present, and (6) require an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). ASU 2014-15 is effective for annual reporting periods ending after December 15, 2016 and interim periods thereafter. Early adoption is permitted. The Company does not believe that this pronouncement will have an impact on its consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU 2015-02”). ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. ASU 2015-02 is effective for annual reporting periods beginning after December 15, 2015 and interim periods within those annual reporting periods. The Company adopted this guidance in the first quarter of fiscal 2016. This pronouncement did not change the Company’s previous consolidation conclusions. In April 2015, the FASB issued ASU 2015-03, Interest — Imputation of Interest (Subtopic 835-03): Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). ASU 2015-03 requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the debt liability rather than as an asset. ASU 2015-03 is effective for annual reporting periods beginning after December 15, 2015, and interim periods within those annual reporting periods. The Company adopted this guidance in the first quarter of fiscal 2016. As such, deferred financing fees are presented on the Consolidated Balance Sheets as a reduction to long-term debt and capital lease liabilities . In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The guidance in this ASU supersedes the leasing guidance in Topic 840, Leases. Under the new guidance, lessees are required to recognize lease assets and lease liabilities on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently evaluating the impact of our pending adoption of the new standard on its consolidated financial statements. |
Summary of Significant Accoun22
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Changes in Allowance for Doubtful Accounts | Changes in the allowance for doubtful accounts are as follows: Three Months Ended March 31, 2016 2015 Allowance for doubtful accounts, beginning of period $ 3,729 $ 2,851 Charges to costs and expenses 204 33 Account write-offs and other 432 (91 ) Allowance for doubtful accounts, end of period $ 4,365 $ 2,793 |
Estimated Useful Lives of Property and Equipment | Depreciation and amortization of property and equipment are computed on a straight-line basis over the following estimated useful lives: Asset Classification Estimated Useful Life Furniture and office equipment Five years Computer equipment and software costs Three to five years Leasehold improvements Lesser of term of lease or five years Automobiles Five years Land Unlimited |
Schedule of Earnings Per Share, Basic and Diluted | When the effects are not anti-dilutive, diluted earnings per share is calculated using the weighted-average outstanding common shares; the dilutive effect of convertible preferred stock, under the “if converted” method; and the treasury stock method with regard to warrants and stock options; all as determined under the treasury stock method. Three Months Ended March 31, 2016 2015 Net income (loss) $ 1,054 $ (4,188 ) Basic weighted-average shares outstanding 46,742,488 46,408,123 Effect of dilutive securities: Stock options 117,856 — Diluted weighted-average shares outstanding 46,860,344 46,408,123 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The changes in the carrying value of goodwill attributable to each reportable segment are as follows: U.S. Regions U.S. Federal Canada Small-Scale Infrastructure Other Total Balance, December 31, 2015 $ 24,759 $ 3,375 $ 3,162 $ — $ 27,789 $ 59,085 Goodwill acquired during the year — — — — — — Fair value adjustment — — — — — — Currency effects — — 220 — (213 ) 7 Balance, March 31, 2016 $ 24,759 $ 3,375 $ 3,382 $ — $ 27,576 $ 59,092 Accumulated Goodwill Impairment Balance, December 31, 2015 $ — $ — $ (1,016 ) $ — $ — $ (1,016 ) Accumulated Goodwill Impairment Balance, March 31, 2016 $ — $ — $ (1,016 ) $ — $ — $ (1,016 ) |
Schedule of Intangible Assets, Net | The gross carrying amount and accumulated amortization of intangible assets are as follows: As of March 31, As of December 31, 2016 2015 Gross Carrying Amount Customer contracts $ 7,880 $ 7,898 Customer relationships 12,361 12,496 Non-compete agreements 3,316 3,324 Technology 2,734 2,701 Trade names 544 540 26,835 26,959 Accumulated Amortization Customer contracts 7,709 7,683 Customer relationships 7,044 6,621 Non-compete agreements 3,175 3,149 Technology 2,322 2,241 Trade names 500 495 20,750 20,189 Intangible assets, net $ 6,085 $ 6,770 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Unrecognized Tax Benefits | A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows: Gross Unrecognized Tax Benefits Balance, December 31, 2015 $ 2,200 Additions for prior year tax positions — Settlements with tax authorities — Reductions of prior year tax positions — Balance, March 31, 2016 $ 2,200 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Liabilities Measured on a Recurring Basis | The following table presents the input level used to determine the fair values of the Company’s financial instruments measured at fair value on a recurring basis: Fair Value as of March 31, December 31, Level 2016 2015 Liabilities: Interest rate swap instruments 2 $ 7,411 $ 4,681 |
Fair Value, by Balance Sheet Grouping | Based on the analysis performed, the fair value and the carrying value of the Company’s long-term debt, excluding capital lease liabilities, are as follows: As of March 31, 2016 As of December 31, 2015 Fair Value Carrying Value Fair Value Carrying Value Long-term debt $ 97,497 $ 96,571 $ 108,323 $ 107,148 |
Derivative Instruments and He26
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Value Amounts of Liability Derivative | Information about the fair value amounts of the Company’s derivative instruments is as follows: Derivatives as of March 31, 2016 December 31, 2015 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives Designated as Hedging Instruments: Interest rate swap contracts Other liabilities $ 7,411 Other liabilities $ 4,681 |
Effect of Derivative Instruments on the Condensed Consolidated Statements of Comprehensive Loss | The following table presents information about the effects of the Company’s derivative instruments on the consolidated statements of income (loss) and consolidated statements of comprehensive loss: Location of Gain Recognized in Net Income Amount of Gain Recognized in Net Income Three Months Ended March 31, 2016 2015 Derivatives Designated as Hedging Instruments: Interest rate swap contracts Other expenses, net $ (70 ) $ (83 ) The following table summarizes the pre-tax amount of unrealized gain or loss recognized in accumulated other comprehensive loss, net (“AOCI”) in the Company’s consolidated balance sheets: Three Months Ended March 31, 2016 Derivatives Designated as Hedging Instruments: Accumulated loss in AOCI at the beginning of the period $ (2,548 ) Unrealized loss recognized in AOCI (1,595 ) Loss reclassified from AOCI to other expenses, net (282 ) Net loss reclassified from AOCI to other expenses, net (1,877 ) Accumulated loss in AOCI at the end of the period $ (4,425 ) |
Business Segment Information (T
Business Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Operational Results by Business Segments | An analysis of the Company’s business segment information and reconciliation to the condensed consolidated financial statements is as follows: U.S. Regions U.S. Federal Canada Small-Scale Infrastructure All Other Total Consolidated Three Months Ended March 31, 2016 Revenues $ 41,621 $ 38,669 $ 14,807 $ 20,693 $ 17,986 $ 133,776 Interest income — 2 — 9 1 12 Interest expense — 99 347 1,028 — 1,474 Depreciation and amortization of intangible assets 137 523 239 3,849 673 5,421 Unallocated corporate activity — — — — — (7,727 ) Income (loss) before taxes, excluding unallocated corporate activity 191 6,400 541 2,321 (781 ) 8,672 Three Months Ended March 31, 2015 Revenues 46,434 24,143 10,895 13,603 20,358 115,433 Interest income — — 1 150 — 151 Interest expense — — 329 948 — 1,277 Depreciation and amortization of intangible assets 205 306 243 3,466 1,007 5,227 Unallocated corporate activity — — — — — (6,508 ) Income (loss) before taxes, excluding unallocated corporate activity 1,917 3,258 (5,008 ) 237 (986 ) (582 ) |
Summary of Significant Accoun28
Summary of Significant Accounting Policies- Use of Estimates (Details) | 3 Months Ended |
Mar. 31, 2016$ / participant | |
Accounting Policies [Abstract] | |
Maximum exposure per participant | 100,000 |
Summary of Significant Accoun29
Summary of Significant Accounting Policies- Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Accounting Policies [Abstract] | ||
Restricted cash non-current | $ 16,672 | $ 13,515 |
Summary of Significant Accoun30
Summary of Significant Accounting Policies- Accounts Receivable (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Changes in the Allowance for Doubtful Accounts [Roll Forward] | |||
Allowance for doubtful accounts, beginning of period | $ 3,729 | $ 2,851 | |
Charges to costs and expenses | 204 | 33 | |
Account write-offs and other | 432 | (91) | |
Allowance for doubtful accounts, end of period | 4,365 | $ 2,793 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Contracts receivable retainage allowances and reserves | 248 | $ 1,282 | |
Loss contingency, additional exposure | $ 2,952 | ||
Minimum | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable retainage | 5.00% | ||
Maximum | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable retainage | 10.00% | ||
Accounts Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for doubtful accounts receivable, period increase | $ 200 | ||
Costs in Excess of Billings | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for doubtful accounts receivable, period increase | 476 | ||
Construction in Progress, Gross | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for doubtful accounts receivable, period increase | $ 325 |
Summary of Significant Accoun31
Summary of Significant Accounting Policies- Property and Equipment (Details) | 3 Months Ended |
Mar. 31, 2016 | |
Furniture and office equipment | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful life | 5 years |
Computer equipment and software costs | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful life | 3 years |
Computer equipment and software costs | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful life | 5 years |
Leasehold improvements | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful life | 5 years |
Automobiles | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful life | 5 years |
Land | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, land, estimated useful life | Unlimited |
Summary of Significant Accoun32
Summary of Significant Accounting Policies- Project Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | |||
Interest costs capitalized | $ 164 | $ 114 | |
Minimum qualifying operating period for prorated repayments of grants | 5 years | ||
Deferred grant income | $ 8,153 | $ 8,291 |
Summary of Significant Accoun33
Summary of Significant Accounting Policies - Sale-Leaseback (Details) | 3 Months Ended | ||
Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Mar. 31, 2015USD ($)project | |
Sale Leaseback Transaction [Line Items] | |||
Proceeds from sale of solar-PV projects | $ 3,541,000 | $ 7,581,000 | |
Solar Photovoltaic Projects | |||
Sale Leaseback Transaction [Line Items] | |||
Maximum combined funding amount | 50,000,000 | ||
Number of solar photovoltaic projects sold | project | 2 | ||
Proceeds from sale of solar-PV projects | $ 3,541,000 | $ 4,925,000 | $ 7,581,000 |
Percentage of fair value threshold, integral equipment | 10.00% | ||
Sale leaseback transaction, deferred gain | $ 708,000 | $ 1,029,000 | |
Lease terms | 20 years | ||
Sale leaseback transaction, deferred loss | 1,421,000 | ||
Capital lease assets | 1,406,000 | $ 3,299,000 | |
Capital lease liabilities | 3,299,000 | $ 3,511,000 | |
Solar Photovoltaic Projects | Minimum | |||
Sale Leaseback Transaction [Line Items] | |||
Monthly payments | 8,000 | 7,000 | |
Solar Photovoltaic Projects | Maximum | |||
Sale Leaseback Transaction [Line Items] | |||
Monthly payments | $ 139,000 | $ 348,000 |
Summary of Significant Accoun34
Summary of Significant Accounting Policies- Fair Value Measurements (Details) $ in Thousands | Mar. 31, 2016USD ($) |
Level 2 | |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | |
Carrying value of fixed-rate long-term debt in excess of fair value | $ 926 |
Summary of Significant Accoun35
Summary of Significant Accounting Policies - Share-based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 367 | $ 518 |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Non-vested stock options unrecognized compensation expense | $ 3,167 | |
Non-vested stock options unrecognized compensation expense, weighted-average period of recognition | 2 years 9 months 4 days |
Summary of Significant Accoun36
Summary of Significant Accounting Policies- Derivative Financial Instruments (Details) - Interest rate swap instruments $ in Thousands | 1 Months Ended | 3 Months Ended | |||||
Sep. 30, 2015USD ($) | Oct. 31, 2012USD ($)swap | Jul. 31, 2011USD ($) | Mar. 31, 2010USD ($) | Jun. 30, 2014USD ($) | Sep. 30, 2013USD ($) | Dec. 31, 2007USD ($)contract | |
Derivative [Line Items] | |||||||
Number of instruments held | contract | 2 | ||||||
Interest Rate Swap Contract 1 | |||||||
Derivative [Line Items] | |||||||
Initial notional amount of interest rate swaps | $ 13,081 | ||||||
Interest rate swaps, variable to fixed interest rates | 5.40% | ||||||
Interest Rate Swap Contract 2 | |||||||
Derivative [Line Items] | |||||||
Initial notional amount of interest rate swaps | $ 3,256 | ||||||
Interest rate swaps, variable to fixed interest rates | 5.30% | ||||||
Interest Rate Swap Contract 3 | |||||||
Derivative [Line Items] | |||||||
Initial notional amount of interest rate swaps | $ 27,900 | ||||||
Interest rate swaps, variable to fixed interest rates | 6.99% | ||||||
Term of interest rate swap contract | 14 years | ||||||
Interest expense reclassified from accumulated other comprehensive loss into other expenses, net | $ 566 | ||||||
Interest Rate Swap Contract 4 | |||||||
Derivative [Line Items] | |||||||
Initial notional amount of interest rate swaps | $ 38,571 | ||||||
Interest rate swaps, variable to fixed interest rates | 1.965% | ||||||
Term of interest rate swap contract | 5 years | ||||||
Interest Rate Swap Contract 5 | |||||||
Derivative [Line Items] | |||||||
Number of instruments held | swap | 2 | ||||||
Initial notional amount of interest rate swaps | $ 16,750 | ||||||
Interest rate swaps, variable to fixed interest rates | 1.71% | ||||||
Term of interest rate swap contract | 8 years | ||||||
Future increase in notional amount | $ 42,247 | ||||||
Interest Rate Swap Contract 6 | |||||||
Derivative [Line Items] | |||||||
Number of instruments held | swap | 2 | ||||||
Initial notional amount of interest rate swaps | $ 25,377 | ||||||
Interest rate swaps, variable to fixed interest rates | 3.70% | ||||||
Term of interest rate swap contract | 8 years | ||||||
Interest Rate Swap Contract 7 | |||||||
Derivative [Line Items] | |||||||
Initial notional amount of interest rate swaps | $ 20,746 | ||||||
Interest rate swaps, variable to fixed interest rates | 2.19% | ||||||
Term of interest rate swap contract | 7 years | ||||||
Interest Rate Swap Contract 8 | |||||||
Derivative [Line Items] | |||||||
Initial notional amount of interest rate swaps | $ 14,084 | ||||||
Interest rate swaps, variable to fixed interest rates | 3.26% | ||||||
Term of interest rate swap contract | 15 years |
Summary of Significant Accoun37
Summary of Significant Accounting Policies - Earnings Per Share (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Accounting Policies [Abstract] | ||
Net income | $ 704 | $ (4,188) |
Basic weighted-average shares outstanding | 46,742,488 | 46,408,123 |
Effect of dilutive securities: | ||
Stock options (in shares) | 117,856 | 0 |
Diluted weighted-average shares outstanding | 46,860,344 | 46,408,123 |
Stock options excluded from calculation of dilutive shares as the effect would be anti-dilutive (in shares) | 3,297,938 |
Goodwill and Intangible Assets-
Goodwill and Intangible Assets- Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Goodwill [Roll Forward] | ||
Balance, December 31, 2015 | $ 59,085 | |
Goodwill acquired during the year | 0 | |
Fair value adjustment | 0 | |
Currency effects | 7 | |
Balance, March 31, 2016 | 59,092 | |
Accumulated Goodwill Impairment | (1,016) | $ (1,016) |
Operating Segments | U.S. Regions | ||
Goodwill [Roll Forward] | ||
Balance, December 31, 2015 | 24,759 | |
Goodwill acquired during the year | 0 | |
Fair value adjustment | 0 | |
Currency effects | 0 | |
Balance, March 31, 2016 | 24,759 | |
Accumulated Goodwill Impairment | 0 | 0 |
Operating Segments | U.S. Federal | ||
Goodwill [Roll Forward] | ||
Balance, December 31, 2015 | 3,375 | |
Goodwill acquired during the year | 0 | |
Fair value adjustment | 0 | |
Currency effects | 0 | |
Balance, March 31, 2016 | 3,375 | |
Accumulated Goodwill Impairment | 0 | 0 |
Operating Segments | Canada | ||
Goodwill [Roll Forward] | ||
Balance, December 31, 2015 | 3,162 | |
Goodwill acquired during the year | 0 | |
Fair value adjustment | 0 | |
Currency effects | 220 | |
Balance, March 31, 2016 | 3,382 | |
Accumulated Goodwill Impairment | (1,016) | (1,016) |
Operating Segments | Small-Scale Infrastructure | ||
Goodwill [Roll Forward] | ||
Balance, December 31, 2015 | 0 | |
Goodwill acquired during the year | 0 | |
Fair value adjustment | 0 | |
Currency effects | 0 | |
Balance, March 31, 2016 | 0 | |
Accumulated Goodwill Impairment | 0 | 0 |
Operating Segments | Other | ||
Goodwill [Roll Forward] | ||
Balance, December 31, 2015 | 27,789 | |
Goodwill acquired during the year | 0 | |
Fair value adjustment | 0 | |
Currency effects | (213) | |
Balance, March 31, 2016 | 27,576 | |
Accumulated Goodwill Impairment | $ 0 | $ 0 |
Goodwill and Intangible Asset39
Goodwill and Intangible Assets- Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 26,835 | $ 26,959 | |
Accumulated Amortization | 20,750 | 20,189 | |
Intangible assets, net | 6,085 | 6,770 | |
Amortization of intangible assets | 604 | $ 1,009 | |
Customer contracts | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 7,880 | 7,898 | |
Accumulated Amortization | 7,709 | 7,683 | |
Amortization of intangible assets | 46 | 228 | |
Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 12,361 | 12,496 | |
Accumulated Amortization | 7,044 | 6,621 | |
Non-compete agreements | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 3,316 | 3,324 | |
Accumulated Amortization | 3,175 | 3,149 | |
Technology | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 2,734 | 2,701 | |
Accumulated Amortization | 2,322 | 2,241 | |
Trade names | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 544 | 540 | |
Accumulated Amortization | 500 | $ 495 | |
Customer Relationships, Noncompete Agreements, Technology and Trade Names | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | $ 558 | $ 781 | |
Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life | 4 years | ||
Minimum | Customer contracts | |||
Finite-Lived Intangible Assets [Line Items] | |||
Acquired intangible assets useful life | 1 year | ||
Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life | 15 years | ||
Maximum | Customer contracts | |||
Finite-Lived Intangible Assets [Line Items] | |||
Acquired intangible assets useful life | 5 years |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Income tax provision (benefit) | $ 241 | $ (2,902) | |
Effective tax rate | 25.50% | 40.90% | |
Unrecognized tax benefits | $ 2,200 | $ 2,200 | |
Unrecognized tax benefits, if recognized would affect effective income tax rate | $ 800 | $ 800 |
Income Taxes Income Taxes - Unr
Income Taxes Income Taxes - Unrecognized tax benefits (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |
Balance, beginning of period | $ 2,200 |
Additions for prior year tax positions | 0 |
Settlements with tax authorities | 0 |
Reductions of prior year tax positions | 0 |
Balance, end of period | $ 2,200 |
Commitments and Contingencies-
Commitments and Contingencies- Solar Tariff Contingency (Details) - Unfavorable Regulatory Action | 1 Months Ended | 3 Months Ended | 6 Months Ended | |
Oct. 31, 2012 | Dec. 31, 2014 | Sep. 30, 2014 | Mar. 31, 2015 | |
Loss Contingencies [Line Items] | ||||
Anti-dumping duty rate | 31.18% | |||
Solar tariff, countervailing duty rate prior to increase | 3.61% | 3.61% | 3.61% | |
Solar tariff, countervailing duty rate | 15.24% | |||
Maximum | ||||
Loss Contingencies [Line Items] | ||||
Anti-dumping duty rate | 249.96% |
Commitments and Contingencies43
Commitments and Contingencies- Commitments as a Result of Acquisitions (Details) $ in Thousands | Mar. 31, 2016USD ($) | Jun. 30, 2014GBP (£) |
EEX | ||
Loss Contingencies [Line Items] | ||
Business combination, contingent consideration arrangements, range of outcomes, value, high | $ 6,466 | £ 4,500,000 |
Fair Value Measurement- Fair Va
Fair Value Measurement- Fair Value of Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Recurring | Level 2 | Interest rate swap instruments | ||
Liabilities: | ||
Interest rate swap instruments | $ 7,411 | $ 4,681 |
Fair Value Measurement- Fair 45
Fair Value Measurement- Fair Value and Carrying Value of Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value Disclosures [Abstract] | ||
Long-term debt value, fair value | $ 97,497 | $ 108,323 |
Long-term debt value, carrying value | $ 96,571 | $ 107,148 |
Derivative Instruments and He46
Derivative Instruments and Hedging Activities- Fair Value of Derivative Instruments on the Balance Sheet (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Derivatives Designated as Hedging Instruments | Interest rate swap instruments | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities, fair value | $ 7,411 | $ 4,681 |
Derivative Instruments and He47
Derivative Instruments and Hedging Activities- Effects on Statements of Income and Consolidated Statements of Comprehensive income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Derivatives Designated as Hedging Instruments | Interest rate swap instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain Recognized in Net Income | $ 70 | $ 83 |
Derivative Instruments and He48
Derivative Instruments and Hedging Activities- Effects of Derivative Instruments in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Unrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Loss | ||
Balance, December 31, 2015 | $ 289,542 | |
Net loss reclassified from AOCI to other expenses, net | (2,394) | $ (2,408) |
Balance, March 31, 2016 | 288,895 | |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent | ||
Unrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Loss | ||
Balance, December 31, 2015 | (2,548) | |
Unrealized loss recognized in AOCI | (1,595) | |
Loss reclassified from AOCI to other expenses, net | (282) | |
Net loss reclassified from AOCI to other expenses, net | (1,877) | |
Balance, March 31, 2016 | $ (4,425) |
Investment Fund (Details)
Investment Fund (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Restricted Cash | ||
Variable Interest Entity [Line Items] | ||
Variable interest entity, carrying amount, assets | $ 1,556 | $ 5,419 |
Project Assets | ||
Variable Interest Entity [Line Items] | ||
Variable interest entity, carrying amount, assets | $ 33,096 | $ 32,657 |
Non-Controlling Interests (Deta
Non-Controlling Interests (Details) | 3 Months Ended |
Mar. 31, 2016 | |
Noncontrolling Interest [Abstract] | |
Term of extension of Call Option | 6 months |
Term of extension of Put Option | 1 year |
Business Segment Information (D
Business Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Segment Reporting Information [Line Items] | ||
Revenues | $ 133,776 | $ 115,433 |
Interest income | 12 | 151 |
Interest expense | 1,474 | 1,277 |
Depreciation and amortization of intangible assets | 5,421 | 5,227 |
Income (loss) before taxes, excluding unallocated corporate activity | 8,672 | (582) |
Operating Segments | U.S. Regions | ||
Segment Reporting Information [Line Items] | ||
Revenues | 41,621 | 46,434 |
Interest income | 0 | 0 |
Interest expense | 0 | 0 |
Depreciation and amortization of intangible assets | 137 | 205 |
Income (loss) before taxes, excluding unallocated corporate activity | 191 | 1,917 |
Operating Segments | U.S. Federal | ||
Segment Reporting Information [Line Items] | ||
Revenues | 38,669 | 24,143 |
Interest income | 2 | 0 |
Interest expense | 99 | 0 |
Depreciation and amortization of intangible assets | 523 | 306 |
Income (loss) before taxes, excluding unallocated corporate activity | 6,400 | 3,258 |
Operating Segments | Canada | ||
Segment Reporting Information [Line Items] | ||
Revenues | 14,807 | 10,895 |
Interest income | 0 | 1 |
Interest expense | 347 | 329 |
Depreciation and amortization of intangible assets | 239 | 243 |
Income (loss) before taxes, excluding unallocated corporate activity | 541 | (5,008) |
Operating Segments | Small-Scale Infrastructure | ||
Segment Reporting Information [Line Items] | ||
Revenues | 20,693 | 13,603 |
Interest income | 9 | 150 |
Interest expense | 1,028 | 948 |
Depreciation and amortization of intangible assets | 3,849 | 3,466 |
Income (loss) before taxes, excluding unallocated corporate activity | 2,321 | 237 |
Operating Segments | Other | ||
Segment Reporting Information [Line Items] | ||
Revenues | 17,986 | 20,358 |
Interest income | 1 | 0 |
Interest expense | 0 | 0 |
Depreciation and amortization of intangible assets | 673 | 1,007 |
Income (loss) before taxes, excluding unallocated corporate activity | (781) | (986) |
Consolidation, Eliminations | ||
Segment Reporting Information [Line Items] | ||
Unallocated corporate activity | (7,727) | (6,508) |
Consolidation, Eliminations | U.S. Regions | ||
Segment Reporting Information [Line Items] | ||
Unallocated corporate activity | 0 | 0 |
Consolidation, Eliminations | U.S. Federal | ||
Segment Reporting Information [Line Items] | ||
Unallocated corporate activity | 0 | 0 |
Consolidation, Eliminations | Canada | ||
Segment Reporting Information [Line Items] | ||
Unallocated corporate activity | 0 | 0 |
Consolidation, Eliminations | Small-Scale Infrastructure | ||
Segment Reporting Information [Line Items] | ||
Unallocated corporate activity | 0 | 0 |
Consolidation, Eliminations | Other | ||
Segment Reporting Information [Line Items] | ||
Unallocated corporate activity | $ 0 | $ 0 |
Long-Term Debt - Term Loan (Det
Long-Term Debt - Term Loan (Details) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Oct. 31, 2012USD ($)bank |
Debt Instrument [Line Items] | |||
Number of banks | bank | 2 | ||
Term Loan | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate | 2.63% | ||
Term Loan | Variable Rate Construction Term Loan | |||
Debt Instrument [Line Items] | |||
Original principal amount | $ 47,234,000 | ||
Debt outstanding | $ 37,814,000 | ||
Weighted average interest rate | 3.63% | ||
Term Loan | 2015 Variable Rate Construction Term Loan | |||
Debt Instrument [Line Items] | |||
Original principal amount | $ 20,746,000 | ||
Debt outstanding | $ 17,663,000 | ||
Term Loan | 2015 Variable Rate Term Loan | |||
Debt Instrument [Line Items] | |||
Debt outstanding | $ 20,746,000 | ||
Weighted average interest rate | 3.14% |
Long-Term Debt- Senior Secured
Long-Term Debt- Senior Secured Credit Facility - Revolver and Term Loan (Details) | Jun. 30, 2015USD ($)bankRate | Mar. 31, 2016USD ($)Rate | Dec. 31, 2015USD ($) | Mar. 12, 2014 |
Line of Credit Facility [Line Items] | ||||
Number of banks | bank | 2 | |||
Maximum percentage of investment allowed in non-core subsidiaries | 49.00% | |||
Maximum total funded debt to EBITDA ratio | 2 | |||
Minimum debt service coverage ratio | 1.5 | |||
Term Loan | ||||
Line of Credit Facility [Line Items] | ||||
Current borrowing capacity | $ 17,143,000 | |||
Amount outstanding | $ 12,857,000 | $ 14,285,000 | ||
Weighted average interest rate | 2.63% | |||
Fixed interest rate | Rate | 3.72% | |||
Principal payments due in quarterly installments | $ 1,429,000 | |||
Revolving Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Increase in basis spread on prime rate | 0.25% | |||
Increase in basis spread on variable rate | 0.25% | |||
Current borrowing capacity | 60,000,000 | |||
Additional borrowing capacity | 25,000,000 | |||
Capacity available in Canadian Dollars, Euros, and Pounds Sterling (up to) | $ 20,000,000 | |||
Amount outstanding | $ 0 | $ 11,300,000 | ||
Commitment fee | Rate | 0.375% | |||
Interest rate at period end | 4.00% | |||
LIBOR | Revolving Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 1.50% | |||
LIBOR | Revolving Credit Facility | Maximum | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 2.00% | |||
LIBOR | Revolving Credit Facility | Minimum | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 1.75% | |||
Adjusted Base Rate Applicable Margin Rate | Revolving Credit Facility | Maximum | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 0.50% | |||
Adjusted Base Rate Applicable Margin Rate | Revolving Credit Facility | Minimum | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 0.25% | |||
Federal Funds Rate | Revolving Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 0.50% |
Subsequent Events (Details)
Subsequent Events (Details) | Apr. 30, 2016USD ($) |
Subsequent Event | Common Class A | |
Subsequent Event [Line Items] | |
Stock repurchase program, authorized amount (up to) | $ 10,000,000 |