Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 01, 2019 | |
Entity Information [Line Items] | ||
Entity Registrant Name | Ameresco, Inc. | |
Entity Central Index Key | 0001488139 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Common Class A | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 29,033,114 | |
Common Class B | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 18,000,000 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | ||
Current assets: | ||||
Cash and cash equivalents | [1] | $ 34,104 | $ 61,397 | |
Restricted cash | [1] | 13,498 | 16,880 | |
Accounts receivable, net of allowance | [1] | 91,755 | 85,985 | |
Accounts receivable retainage, net | 16,652 | 13,516 | ||
Costs and estimated earnings in excess of billings | [1] | 124,652 | 86,842 | |
Inventory, net | 9,902 | 7,765 | ||
Prepaid expenses and other current assets | [1] | 22,585 | 11,571 | |
Income tax receivable | 1,629 | 5,296 | ||
Project development costs | 26,305 | 21,717 | ||
Total current assets | [1] | 341,082 | 310,969 | |
Federal ESPC receivable | 182,012 | 293,998 | ||
Property and equipment, net | [1] | 10,469 | 6,985 | |
Energy assets, net | [1] | 507,759 | 459,952 | |
Goodwill | 57,899 | 58,332 | ||
Intangible assets, net | 1,810 | 2,004 | ||
Operating lease assets | [1] | 32,540 | 0 | |
Other assets | [1] | 36,786 | 29,394 | |
Total assets | [1] | 1,170,357 | 1,161,634 | |
Current liabilities: | ||||
Current portions of long-term debt and financing lease liabilities | [1] | 54,958 | 26,890 | |
Accounts payable | [1] | 133,833 | 134,330 | |
Accrued expenses and other current liabilities | [1] | 28,700 | 35,947 | |
Current operating lease liabilities | 5,935 | [1] | 0 | |
Billings in excess of cost and estimated earnings | 23,234 | 24,363 | ||
Income taxes payable | 0 | 1,100 | ||
Total current liabilities | [1] | 246,660 | 222,630 | |
Long-term debt and financing lease liabilities, less current portions and net of deferred financing fees | [1] | 223,766 | 219,162 | |
Federal ESPC liabilities | 196,584 | 288,047 | ||
Deferred income taxes, net | [1] | 3,242 | 4,352 | |
Deferred grant income | 6,223 | 6,637 | ||
Long-term portions of operating lease liabilities, net of current | 28,799 | [1] | 0 | |
Other liabilities | [1] | 30,989 | 29,212 | |
Commitments and contingencies (Note 9) | ||||
Redeemable non-controlling interests | 32,108 | 14,719 | ||
Stockholders’ equity: | ||||
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at September 30, 2019 and December 31, 2018 | 0 | 0 | ||
Additional paid-in capital | 131,111 | 124,651 | ||
Retained earnings | 292,256 | 269,806 | ||
Accumulated other comprehensive loss, net | (9,609) | (5,949) | ||
Treasury stock, at cost, 2,101,040 shares at September 30, 2019 and 2,091,040 shares at December 31, 2018 | (11,777) | (11,638) | ||
Total stockholders’ equity | 401,986 | 376,875 | ||
Total liabilities, redeemable non-controlling interests and stockholders’ equity | 1,170,357 | 1,161,634 | ||
Common Class A | ||||
Stockholders’ equity: | ||||
Common Stock | 3 | 3 | ||
Common Class B | ||||
Stockholders’ equity: | ||||
Common Stock | 2 | 2 | ||
Variable Interest Entity, Primary Beneficiary | ||||
Current assets: | ||||
Costs and estimated earnings in excess of billings | 758 | 498 | ||
Prepaid expenses and other current assets | 190 | 190 | ||
Energy assets, net | 123,092 | 122,641 | ||
Operating lease assets | 6,124 | 0 | ||
Other assets | 1,624 | 1,613 | ||
Total assets | 136,213 | 126,727 | ||
Current liabilities: | ||||
Accounts payable | 169 | 234 | ||
Accrued expenses and other current liabilities | 3,672 | 4,146 | ||
Current operating lease liabilities | 84 | 0 | ||
Long-term debt and financing lease liabilities, less current portions and net of deferred financing fees | 26,104 | 26,461 | ||
Long-term portions of operating lease liabilities, net of current | 6,271 | 0 | ||
Other liabilities | 1,336 | 2,131 | ||
Stockholders’ equity: | ||||
Non-recourse liabilities of consolidated VIE | $ 39,548 | $ 34,684 | ||
[1] | Includes restricted assets of consolidated variable interest entities (“VIEs”) at September 30, 2019 and December 31, 2018 of $136,213 and $126,727, respectively. Includes non-recourse liabilities of consolidated VIEs at September 30, 2019 and December 31, 2018 of $39,548 and $34,684, respectively. See Note 12. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | |
Accounts receivable, net of allowance | [1] | $ 91,755 | $ 85,985 |
Accounts receivable, allowance | $ 2,587 | $ 2,765 | |
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) | 31,134,154 | 30,366,546 | |
Common stock, shares outstanding (in shares) | 29,033,114 | 28,275,506 | |
Treasury stock, shares (in shares) | 2,101,040 | 2,091,040 | |
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 | |
[1] | Includes restricted assets of consolidated variable interest entities (“VIEs”) at September 30, 2019 and December 31, 2018 of $136,213 and $126,727, respectively. Includes non-recourse liabilities of consolidated VIEs at September 30, 2019 and December 31, 2018 of $39,548 and $34,684, respectively. See Note 12. |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Statement [Abstract] | ||||
Revenues | $ 212,026 | $ 205,375 | $ 560,321 | $ 569,767 |
Cost of revenues | 167,333 | 159,213 | 439,857 | 445,356 |
Gross profit | 44,693 | 46,162 | 120,464 | 124,411 |
Selling, general and administrative expenses | 31,231 | 28,866 | 87,396 | 84,871 |
Operating income | 13,462 | 17,296 | 33,068 | 39,540 |
Other expenses, net | 4,192 | 3,244 | 11,359 | 10,754 |
Income before provision for income taxes | 9,270 | 14,052 | 21,709 | 28,786 |
Income tax provision | 939 | 3,351 | 2,000 | 1,879 |
Net income | 8,331 | 10,701 | 19,709 | 26,907 |
Net loss (income) attributable to redeemable non-controlling interests | 539 | 0 | 2,524 | (516) |
Net income attributable to common shareholders | $ 8,870 | $ 10,701 | $ 22,233 | $ 26,391 |
Net income per share attributable to common shareholders: | ||||
Basic (in usd per share) | $ 0.19 | $ 0.23 | $ 0.48 | $ 0.58 |
Diluted (in usd per share) | $ 0.19 | $ 0.23 | $ 0.47 | $ 0.57 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 46,555 | 45,854 | 46,413 | 45,599 |
Diluted (in shares) | 47,693 | 46,944 | 47,675 | 46,509 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 8,331 | $ 10,701 | $ 19,709 | $ 26,907 |
Other comprehensive (loss) income: | ||||
Unrealized (loss) gain from interest rate hedges, net of tax (provision) benefit | (1,135) | 125 | (3,949) | 1,686 |
Foreign currency translation adjustments | (356) | (163) | 289 | (161) |
Total other comprehensive (loss) income | (1,491) | (38) | (3,660) | 1,525 |
Comprehensive income | 6,840 | 10,663 | 16,049 | 28,432 |
Comprehensive loss attributable to redeemable non-controlling interests | 539 | 0 | 2,524 | (516) |
Comprehensive income attributable to common shareholders | $ 7,379 | $ 10,663 | $ 18,573 | $ 27,916 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Unrealized (loss) gain from interest rate hedges, tax benefit (provision) | $ (410) | $ 181 | $ (1,308) | $ 590 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Redeemable Non-Controlling Interests and Stockholders' Equity - 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 | Treasury Stock |
Redeemable non-controlling interests, beginning balance at Dec. 31, 2017 | $ 10,338 | ||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||
Contributions from redeemable non-controlling interests | 4,038 | ||||||||
Distributions to redeemable non-controlling interests | (307) | ||||||||
Net (loss) income | 516 | ||||||||
Redeemable non-controlling interests, ending balance at Sep. 30, 2018 | 14,585 | ||||||||
Beginning balance (in shares) at Dec. 31, 2017 | 27,533,049 | 18,000,000 | 1,873,266 | ||||||
Beginning balance at Dec. 31, 2017 | 336,620 | $ 3 | $ 2 | $ 116,196 | $ 235,844 | $ (5,626) | $ (9,799) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Exercise of stock options (in shares) | 625,215 | ||||||||
Exercise of stock options | 4,114 | 4,114 | |||||||
Stock-based compensation expense | 1,137 | 1,137 | |||||||
Employee stock purchase plan (in shares) | 26,075 | ||||||||
Employee stock purchase plan | 213 | 213 | |||||||
Open market purchase of common shares (in shares) | 212,231 | 212,231 | |||||||
Open market purchase of common shares | (1,772) | $ (1,772) | |||||||
Unrealized loss from interest rate hedge, net | 2,172 | 2,172 | |||||||
Foreign currency translation adjustments | (161) | (161) | |||||||
Net (loss) income | 26,391 | 26,391 | |||||||
Ending balance (in shares) at Sep. 30, 2018 | 27,972,108 | 18,000,000 | 2,085,497 | ||||||
Ending balance at Sep. 30, 2018 | 364,206 | $ 3 | $ 2 | 121,660 | 258,213 | (4,101) | $ (11,571) | ||
Redeemable non-controlling interests, beginning balance at Jun. 30, 2018 | 12,322 | ||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||
Contributions from redeemable non-controlling interests | 2,365 | ||||||||
Distributions to redeemable non-controlling interests | (102) | ||||||||
Redeemable non-controlling interests, ending balance at Sep. 30, 2018 | 14,585 | ||||||||
Beginning balance (in shares) at Jun. 30, 2018 | 27,732,511 | 18,000,000 | 2,085,497 | ||||||
Beginning balance at Jun. 30, 2018 | 350,708 | $ 3 | $ 2 | 119,257 | 247,512 | (4,495) | $ (11,571) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Exercise of stock options (in shares) | 239,597 | ||||||||
Exercise of stock options | 2,012 | 2,012 | |||||||
Stock-based compensation expense | 391 | 391 | |||||||
Open market purchase of common shares (in shares) | 0 | ||||||||
Unrealized loss from interest rate hedge, net | 611 | 611 | |||||||
Foreign currency translation adjustments | (163) | (163) | |||||||
Net (loss) income | 10,701 | 10,701 | |||||||
Ending balance (in shares) at Sep. 30, 2018 | 27,972,108 | 18,000,000 | 2,085,497 | ||||||
Ending balance at Sep. 30, 2018 | 364,206 | $ 3 | $ 2 | 121,660 | 258,213 | (4,101) | $ (11,571) | ||
Redeemable non-controlling interests, beginning balance at Dec. 31, 2018 | 14,719 | ||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||
Contributions from redeemable non-controlling interests | 20,482 | ||||||||
Distributions to redeemable non-controlling interests | (569) | ||||||||
Net (loss) income | (2,524) | ||||||||
Redeemable non-controlling interests, ending balance at Sep. 30, 2019 | 32,108 | ||||||||
Beginning balance (in shares) at Dec. 31, 2018 | 28,275,506 | 18,000,000 | 28,275,506 | 18,000,000 | 2,091,040 | ||||
Beginning balance at Dec. 31, 2018 | 376,875 | $ 3 | $ 2 | 124,651 | 269,806 | (5,949) | $ (11,638) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Exercise of stock options (in shares) | 745,484 | ||||||||
Exercise of stock options | 4,960 | 4,960 | |||||||
Stock-based compensation expense | 1,195 | 1,195 | |||||||
Employee stock purchase plan (in shares) | 22,124 | ||||||||
Employee stock purchase plan | 305 | 305 | |||||||
Open market purchase of common shares (in shares) | 10,000 | 10,000 | |||||||
Open market purchase of common shares | (139) | $ (139) | |||||||
Unrealized loss from interest rate hedge, net | (3,732) | (3,732) | |||||||
Foreign currency translation adjustments | 289 | 289 | |||||||
Net (loss) income | 22,233 | 22,233 | |||||||
Ending balance (in shares) at Sep. 30, 2019 | 29,033,114 | 18,000,000 | 29,033,114 | 18,000,000 | 2,101,040 | ||||
Ending balance at Sep. 30, 2019 | 401,986 | $ 3 | $ 2 | 131,111 | 292,256 | (9,609) | $ (11,777) | ||
Redeemable non-controlling interests, beginning balance at Jun. 30, 2019 | 32,037 | ||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||
Contributions from redeemable non-controlling interests | 974 | ||||||||
Distributions to redeemable non-controlling interests | (364) | ||||||||
Net (loss) income | (539) | ||||||||
Redeemable non-controlling interests, ending balance at Sep. 30, 2019 | 32,108 | ||||||||
Beginning balance (in shares) at Jun. 30, 2019 | 28,412,894 | 18,000,000 | 2,091,040 | ||||||
Beginning balance at Jun. 30, 2019 | 390,328 | $ 3 | $ 2 | 126,693 | 283,386 | (8,118) | $ (11,638) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Exercise of stock options (in shares) | 630,220 | ||||||||
Exercise of stock options | 4,005 | 4,005 | |||||||
Stock-based compensation expense | 413 | 413 | |||||||
Open market purchase of common shares (in shares) | 10,000 | 10,000 | |||||||
Open market purchase of common shares | (139) | $ (139) | |||||||
Unrealized loss from interest rate hedge, net | (1,135) | (1,135) | |||||||
Foreign currency translation adjustments | (356) | (356) | |||||||
Net (loss) income | 8,870 | 8,870 | |||||||
Ending balance (in shares) at Sep. 30, 2019 | 29,033,114 | 18,000,000 | 29,033,114 | 18,000,000 | 2,101,040 | ||||
Ending balance at Sep. 30, 2019 | $ 401,986 | $ 3 | $ 2 | $ 131,111 | $ 292,256 | $ (9,609) | $ (11,777) |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | |||
Cash flows from operating activities: | ||||||||||
Net income | $ 8,331 | $ 10,701 | $ 19,709 | $ 26,907 | ||||||
Adjustments to reconcile net income to cash flows from operating activities: | ||||||||||
Depreciation of energy assets | 8,843 | 6,753 | 26,338 | 19,699 | ||||||
Depreciation of property and equipment | 2,115 | 1,573 | ||||||||
Amortization of debt issuance costs | 1,734 | 1,587 | ||||||||
Amortization of intangible assets | 681 | 771 | ||||||||
Accretion of ARO and contingent consideration | 98 | 0 | ||||||||
Provision for bad debts | (134) | 483 | ||||||||
Loss on disposal / sale of assets | 0 | 300 | ||||||||
Gain on deconsolidation of VIE | (2,160) | 0 | ||||||||
Net gain from derivatives | (1,072) | (420) | ||||||||
Stock-based compensation expense | 1,195 | 1,137 | ||||||||
Deferred income taxes | 152 | 3,914 | ||||||||
Unrealized foreign exchange loss | 149 | 486 | ||||||||
Changes in operating assets and liabilities: | ||||||||||
Accounts receivable | (4,468) | 2,073 | ||||||||
Accounts receivable retainage | (3,079) | 3,008 | ||||||||
Federal ESPC receivable | (110,374) | (111,982) | ||||||||
Inventory, net | (2,137) | 10 | ||||||||
Costs and estimated earnings in excess of billings | (23,130) | 28,704 | ||||||||
Prepaid expenses and other current assets | (11,084) | 5,241 | ||||||||
Project development costs | (5,641) | (6,984) | ||||||||
Other assets | (698) | (1,371) | ||||||||
Accounts payable, accrued expenses and other current liabilities | (8,931) | (16,532) | ||||||||
Billings in excess of cost and estimated earnings | (952) | 11,166 | ||||||||
Other liabilities | (1,602) | 227 | ||||||||
Income taxes payable | 2,566 | (2,038) | ||||||||
Cash flows from operating activities | (120,725) | (32,041) | ||||||||
Cash flows from investing activities: | ||||||||||
Purchases of property and equipment | (6,188) | (2,961) | ||||||||
Purchases of energy assets | (72,140) | (103,154) | ||||||||
Acquisitions, net of cash received | (1,279) | (3,592) | ||||||||
Contributions to equity investment | (323) | 0 | ||||||||
Cash flows from investing activities | (79,930) | (109,707) | ||||||||
Cash flows from financing activities: | ||||||||||
Payments of financing fees | (541) | (3,667) | ||||||||
Proceeds from exercises of options and ESPP | 5,265 | 4,327 | ||||||||
Repurchase of common stock | (139) | (1,772) | ||||||||
Proceeds (payments) from senior secured credit facility, net | 41,343 | (900) | ||||||||
Proceeds from long-term debt financings | 7,614 | 78,914 | ||||||||
Proceeds from Federal ESPC projects | 115,556 | 113,570 | ||||||||
Proceeds for energy assets from Federal ESPC | 1,639 | 2,269 | ||||||||
Proceeds from sale-leaseback financings | 0 | 5,145 | ||||||||
Contributions from redeemable non-controlling interests, net of distributions | 20,173 | 3,731 | ||||||||
Payments on long-term debt | (18,033) | (22,825) | ||||||||
Cash flows from financing activities | 172,877 | 178,792 | ||||||||
Effect of exchange rate changes on cash | 249 | (124) | ||||||||
Net (decrease) increase in cash, cash equivalents, and restricted cash | (27,529) | 36,920 | ||||||||
Cash, cash equivalents, and restricted cash, beginning of period | 97,913 | 60,105 | $ 60,105 | |||||||
Cash, cash equivalents, and restricted cash, end of period | 70,384 | 97,025 | 70,384 | 97,025 | 97,913 | |||||
Supplemental disclosures of cash flow information: | ||||||||||
Cash paid for interest | 12,410 | 9,618 | ||||||||
Cash paid for income taxes | 2,983 | 2,018 | ||||||||
Non-cash Federal ESPC settlement | 214,444 | 82,536 | ||||||||
Accrued purchases of energy assets | 17,224 | 7,698 | ||||||||
Conversion of revolver to term loan | 25,000 | 25,000 | ||||||||
Reconciliation of cash, cash equivalents and restricted cash | ||||||||||
Cash and cash equivalents | $ 34,104 | [1] | $ 61,397 | [1] | $ 64,539 | |||||
Short-term restricted cash | 13,498 | [1] | 16,880 | [1] | 13,461 | |||||
Long-term restricted cash included in other assets | 22,782 | 19,637 | 19,025 | |||||||
Total cash and cash equivalents, and restricted cash | $ 70,384 | $ 97,025 | $ 97,913 | $ 60,105 | $ 60,105 | $ 70,384 | $ 97,913 | $ 97,025 | ||
[1] | Includes restricted assets of consolidated variable interest entities (“VIEs”) at September 30, 2019 and December 31, 2018 of $136,213 and $126,727, respectively. Includes non-recourse liabilities of consolidated VIEs at September 30, 2019 and December 31, 2018 of $39,548 and $34,684, respectively. See Note 12. |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION The accompanying condensed consolidated financial statements of Ameresco, Inc. (including its subsidiaries, the “Company”) are unaudited, pursuant to certain rules and regulations of the Securities and Exchange Commission, and include, in the opinion of the Company, normal recurring adjustments necessary for a fair presentation in conformity with accounting principles generally accepted in the United States (“GAAP”) of the results for the periods indicated. The results of operations for the three and nine months ended September 30, 2019 are not necessarily indicative of results which may be expected for the full year. The December 31, 2018 consolidated balance sheet data was derived from audited financial statements, but certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. 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, 2018 , and notes thereto, included in the Company’s annual report on Form 10-K for the year ended December 31, 2018 filed with the Securities and Exchange Commission on March 8, 2019 . |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accounting policies of the Company are set forth in Note 2 to the consolidated financial statements contained in the Company’s 2018 annual report on Form 10-K . The Company includes herein certain updates to those policies. 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 (“ESPC”), construction of energy 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 its fair value measured using level 1 inputs per the fair value hierarchy as defined in Note 10. 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 September 30, 2019 and December 31, 2018 , the Company classified the non-current portion of restricted cash of $22,782 and $19,637 , respectively, in other assets on the accompanying condensed consolidated balance sheets. Leases As of January 1, 2019, the Company adopted Accounting Standard Update (“ASU”) 2016-02, Leases (Topic 842) and, along with the standard, elected to take the practical expedient that the Company will not reassess lease classifications at adoption. Accordingly, the Company’s sales-leaseback arrangements entered into as of December 31, 2018 will remain under the previous guidance. See Note 8 for additional information on these sale-leasebacks. All significant lease arrangements are recognized at lease commencement. Operating lease right-of-use (“ROU”) assets and lease liabilities are recognized at commencement. An ROU asset and corresponding lease liability are not recorded for leases with an initial term of 12 months or less (short term leases) as the Company recognizes lease expense for these leases as incurred over the lease term. ROU assets represent the Company’s right to use an underlying asset during the reasonably certain lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The Company uses its incremental borrowing rate, which is updated annually or when a significant event occurs that would indicate a significant change in rates, based on the information available at commencement date, in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments related to initial direct cost and prepayments and excludes lease incentives. Lease expense is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components, which are accounted for as a single component. See Note 8 for additional discussion on the Company’s leases. Variable Interest Entities The Company generally aggregates the disclosures of its variable interest entities (“VIEs”) based on certain qualitative and quantitative factors including the purpose and design of the underlying VIEs, the nature of the assets in the VIE, and the type of involvement the Company has with the VIE including its role and type of interest held in the VIE. As of September 30, 2019 , all of the fully consolidated VIEs that make up the Company’s investment funds are similar in purpose, design, and the Company’s involvement and, as such, are aggregated in one disclosure. See Note 12 for additional disclosures. Equity Method Investment The Company has entered into a joint venture and has determined it is not the primary beneficiary using the methodology previously described for variable interest entities. The Company does not consolidate the operations of this joint venture and treats the joint venture as an equity method investment. See Note 12 for additional information on the Company’s equity method investment. Recent Accounting Pronouncements Leases In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02, Leases (Topic 842). The guidance in this ASU supersedes the leasing guidance in Topic 840, Leases. Under the new guidance, the Company is electing to only 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 condensed consolidated statements of income. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. On January 1, 2019, the Company adopted ASU No. 2016-02 using the modified retrospective approach of applying the new standard at the adoption date. See Note 8 for the impact of the adoption and the new disclosures required by this standard. In March 2019, the FASB issued ASU No. 2019-01, Leases (Topic 842): Codification Improvements, which provides clarification and improvements to the previous issued guidance. The standard is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. The Company is currently evaluating the impact of ASU 2019-01 on its condensed consolidated financial statements, but does not expect that the adoption of this guidance will have a significant impact on its condensed consolidated financial statements. Intangibles-Goodwill and Other In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use-Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which clarifies the accounting for implementation, setup, and upfront costs and aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The new standard is effective interim and annual periods beginning after December 15, 2019, with early adoption permitted, and can be applied either retrospectively or prospectively. The Company adopted this guidance as of January 1, 2019 and the adoption did not have an impact on the Company’s condensed consolidated financial statements. Derivatives and Hedging In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, which, among other things, clarifies some areas around partial-term fair value hedges interest rate risk, the amortization of fair value hedge basis adjustments and their disclosure, and some clarification of some matters related to transitioning to ASU No. 2017-12, which was adopted by the Company during the year ended December 31, 2018. For those that have already adopted ASU No. 2017-12, the new standard is effective the first annual period beginning after the issuance date of ASU No. 2019-04, or as of January 1, 2020 for the Company, with early adoption permitted. The Company is currently evaluating the impact of ASU No. 2019-04 on its condensed consolidated financial statements, but does not expect that the adoption of this guidance will have a significant impact on its condensed consolidated financial statements. Fair Value Measurement In August 2018, the FASB issued ASU No. 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, which modifies the disclosure requirements on fair value measurements. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company is currently evaluating the impact of ASU 2018-13 on its condensed consolidated financial statements, but does not expect that the adoption of this guidance will have a significant impact on its condensed consolidated financial statements. Accumulated Other Comprehensive Income In February 2018, the FASB issued ASU No. 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, to allow entities to reclassify the income tax effects of tax reform legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”) on items within accumulated other comprehensive income to retained earnings. ASU 2018-02 is effective for fiscal years and interim periods within those years beginning after December 15, 2018, and early adoption is permitted. The Company adopted the guidance as of January 1, 2019. Upon adoption, the Company recognized an increase to retained earnings and a corresponding increase to accumulated other comprehensive loss of $217 . Consolidations In October 2018, the FASB issued ASU No. 2018-17, Consolidation (Topic 810), Targeted Improvements to Related Party Guidance for Variable Interest Entities, which aligns the evaluation of whether a decision maker's fee is a variable interest with the guidance in the primary beneficiary test by requiring the decision maker to consider an indirect interest in a VIE held by related party under common control on a proportionate basis. The new standard is effective interim and annual periods beginning after December 15, 2019, with early adoption permitted. The Company is currently evaluating the impact of ASU 2018-17 on its condensed consolidated financial statements, but does not expect that the adoption of this guidance will have a significant impact on its condensed consolidated financial statements. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | REVENUE FROM CONTRACTS WITH CUSTOMERS Disaggregation of Revenue The following table provides information about disaggregated revenue by line of business, reportable segments, and geographical region for the three and nine months ended September 30, 2019 and 2018 . US Regions U.S. Federal Canada Non-Solar DG All Other Total Line of Business Three Months Ended September 30, 2019 Project revenue $ 72,667 $ 58,199 $ 9,380 $ 3,059 $ 2,592 $ 145,897 O&M revenue 4,280 11,123 — 2,330 88 17,821 Energy assets 6,699 1,339 1,327 16,421 — 25,786 Other 433 597 1,958 65 19,469 22,522 Total revenues $ 84,079 $ 71,258 $ 12,665 $ 21,875 $ 22,149 $ 212,026 Three months ended September 30, 2018 Project revenue $ 77,345 $ 49,762 $ 9,206 $ 1,268 $ 4,074 $ 141,655 O&M revenue 4,432 10,733 15 2,006 — 17,186 Energy assets 4,064 1,507 921 18,790 222 25,504 Other 561 376 1,462 74 18,557 21,030 Total revenues $ 86,402 $ 62,378 $ 11,604 $ 22,138 $ 22,853 $ 205,375 Nine Months Ended September 30, 2019 Project revenue $ 196,284 $ 134,954 $ 20,112 $ 6,318 $ 8,818 $ 366,486 O&M revenue 11,580 30,370 5 6,771 109 48,835 Energy assets 18,063 2,958 2,585 52,612 582 76,800 Other 1,969 1,055 4,994 669 59,513 68,200 Total revenues $ 227,896 $ 169,337 $ 27,696 $ 66,370 $ 69,022 $ 560,321 Nine Months Ended September 30, 2018 Project revenue $ 223,662 $ 135,037 $ 21,459 $ 3,368 $ 8,844 $ 392,370 O&M revenue 12,396 29,477 34 6,260 — 48,167 Energy assets 12,844 3,416 2,304 50,405 821 69,790 Other 969 447 4,669 143 53,212 59,440 Total revenues $ 249,871 $ 168,377 $ 28,466 $ 60,176 $ 62,877 $ 569,767 US Regions U.S. Federal Canada Non-Solar DG All Other Total Geographical Regions Three Months Ended September 30, 2019 United States $ 84,079 $ 71,258 $ 1,023 $ 21,875 $ 17,936 $ 196,171 Canada — — 11,642 — 50 11,692 Other — — — — 4,163 4,163 Total revenues $ 84,079 $ 71,258 $ 12,665 $ 21,875 $ 22,149 $ 212,026 Three Months Ended September 30, 2018 United States $ 86,402 $ 62,378 $ 419 $ 22,138 $ 17,445 $ 188,782 Canada — — 11,185 — 33 11,218 Other — — — — 5,375 5,375 Total revenues $ 86,402 $ 62,378 $ 11,604 $ 22,138 $ 22,853 $ 205,375 Nine Months Ended September 30, 2019 United States $ 227,896 $ 169,337 $ 2,281 $ 66,370 $ 56,052 $ 521,936 Canada — — 25,415 — 157 25,572 Other — — — — 12,813 12,813 Total revenues $ 227,896 $ 169,337 $ 27,696 $ 66,370 $ 69,022 $ 560,321 Nine Months Ended September 30, 2018 United States $ 249,871 $ 168,377 $ 1,587 $ 60,176 $ 51,336 $ 531,347 Canada — — 26,879 — 261 27,140 Other — — — — 11,280 11,280 Total revenues $ 249,871 $ 168,377 $ 28,466 $ 60,176 $ 62,877 $ 569,767 Contract Balances The following table provides information about receivables, contract assets and contract liabilities from contracts with customers: September 30, 2019 December 31, 2018 Accounts receivable, net $ 91,755 $ 85,985 Accounts receivable retainage, net 16,652 13,516 Contract Assets: Costs and estimated earnings in excess of billings 124,652 86,842 Contract Liabilities: Billings in excess of cost and estimated earnings 28,768 30,706 September 30, 2018 January 1, 2018 Accounts receivable, net $ 90,378 $ 85,121 Accounts receivable retainage, net 14,401 17,484 Contract Assets: Costs and estimated earnings in excess of billings 66,471 95,658 Contract Liabilities: Billings in excess of cost and estimated earnings 39,533 27,248 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. Unbilled revenue, presented as costs and estimated earnings in excess of billings, represent amounts earned and billable that were not invoiced at the end of the fiscal period. Contract assets represent the Company’s rights to consideration in exchange for services transferred to a customer that have not been billed as of the reporting date. The Company’s rights to consideration are generally unconditional at the time its performance obligations are satisfied. At the inception of a contract, the Company expects the period between when it satisfies its performance obligations, and when the customer pays for the services, will be one year or less. As such, the Company has elected to apply the practical expedient which allows the Company to not adjust the promised amount of consideration for the effects of a significant financing component, when a financing component is present. When the Company receives consideration, or such consideration is unconditionally due, from a customer prior to transferring goods or services to the customer under the terms of a sales contract, the Company records deferred revenue, which represents a contract liability. Such deferred revenue typically results from billings in excess of costs incurred and advanced payments received on project contracts. As of September 30, 2019 and December 31, 2018 , the Company classified $5,534 and $6,343 , respectively, as a non-current liability, included in other liabilities on the condensed consolidated balance sheets, for those performance obligations expected to be completed beyond the next twelve months. The increase in contract assets for the nine months ended September 30, 2019 was primarily due to revenue recognized of approximately $351,180 , offset in part by billings of approximately $321,344 . The increase in contract liabilities was primarily driven by recognition of revenue as performance obligations were satisfied exceeding increases from the receipt of advance payments from customers, and related billings. For the nine months ended September 30, 2019 , the Company recognized revenue of $58,594 that was previously included in the beginning balance of contract liabilities, and billed customers $53,652 . Changes in contract liabilities are also driven by reclassifications to or from contract assets as a result of timing of customer payments. The decrease in contract assets for the nine months ended September 30, 2018 was primarily due to billings of approximately $398,917 , offset in part by revenue recognized of $344,768 . The decrease in contract liabilities was primarily driven by reductions from recognition of revenue as performance obligations were satisfied exceeding the receipt of advance payments from customers, and related billings. For the nine months ended September 30, 2018 , the Company recognized revenue of $116,892 that was previously included in the beginning balance of contract liabilities, and billed customers $119,961 . Changes in contract liabilities are also driven by reclassifications to or from contract assets as a result of timing of customer payments. Contracts are often modified for a change in scope or other requirements. The Company considers contract modifications to exist when the modification either creates new or changes the existing enforceable rights and obligations. Most of the Company’s contract modifications are for goods or services that are not distinct from the existing performance obligations. The effect of a contract modification on the transaction price, and the measure of progress for the performance obligation to which it relates, is recognized as an adjustment to revenue (either as an increase or decrease) on a cumulative catchup basis. Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. Performance obligations are satisfied as of a point in time or over time and are supported by contracts with customers. For most of the Company’s contracts, there are multiple promises of goods or services. Typically, the Company provides a significant service of integrating a complex set of tasks and components such as design, engineering, construction management, and equipment procurement for a project contract. The bundle of goods and services are provided to deliver one output for which the customer has contracted. In these cases, the Company considers the bundle of goods and services to be a single performance obligation. The Company may also promise to provide distinct goods or services within a contract, such as a project contract for installation of energy conservation measures and post-installation O&M services. In these cases the Company separates the contract into more than one performance obligation. If a contract is separated into more than one performance obligation, the Company allocates the total transaction price to each performance obligation in an amount based on the estimated relative standalone selling prices of the promised goods or services underlying each performance obligation. Backlog - The Company’s remaining performance obligations (hereafter referred to as “backlog”) represent the unrecognized revenue value of the Company’s contract commitments. The Company’s backlog may vary significantly each reporting period based on the timing of major new contract commitments and the backlog may fluctuate with currency movements. In addition, our customers have the right, under some circumstances, to terminate contracts or defer the timing of the Company’s services and their payments to us. At September 30, 2019 , the Company had backlog of approximately $1,696,200 . Approximately 29% of our September 30, 2019 backlog is anticipated to be recognized as revenue in the next twelve months and the remaining, thereafter. The Company has applied the practical expedient for certain revenue streams to exclude the value of remaining performance obligations for (i) contracts with an original expected term of one year or less or (ii) contracts for which the Company recognizes revenue in proportion to the amount it has the right to invoice for services performed. Contract Acquisition Costs The Company accounts for certain acquisition costs over the life of the contract, consisting primarily of commissions when paid. Commission costs are incurred commencing at contract signing. Commission costs are allocated across all performance obligations and deferred and amortized over the contract term of each performance obligations’ completion period. For contracts that have a duration of less than one year, the Company follows a practical expedient and expenses these costs when incurred. During the three and nine months ended September 30, 2019 and 2018, the amortization of commission costs related to contracts was not material and has been included in the accompanying condensed consolidated statements of income. The Company capitalizes costs incurred related to the development of projects prior to contract signing as it is partial fulfillment of its performance obligations. Capitalized project development costs include 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. Project development costs of $1,673 and $639 were included in other long-term assets as of September 30, 2019 and December 31, 2018 , respectively. During the three months ended September 30, 2019 and 2018, $2,048 and $7,561 , respectively, of project development costs were recognized in the condensed consolidated statements of income on projects that converted to customer contracts. During the nine months ended September 30, 2019 and 2018, $13,081 and $13,571 , respectively, of project development costs were recognized in the condensed consolidated statements of income on projects that converted to customer contracts. No impairment charges in connection with the Company’s commission costs or project development costs were recorded during the periods ended September 30, 2019 and 2018 . |
Business Acquisitions and Relat
Business Acquisitions and Related Transactions | 9 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Business Acquisitions and Related Transactions | BUSINESS ACQUISITIONS AND RELATED TRANSACTIONS The Company accounts for acquisitions using the acquisition method in accordance with ASC 805, Business Combinations. The purchase price for each has been allocated to the net assets based on their estimated fair values at the date of each acquisition as set forth in the table below. The excess purchase price over the estimated fair value of the net assets, which are calculated using level 3 inputs per the fair value hierarchy as defined in Note 10, acquired has been recorded as goodwill. Intangible assets, if identified, have been recorded and are being amortized over periods ranging from one to fifteen years. See Note 5 for additional information. Determining the fair value of certain assets and liabilities assumed is judgmental in nature and often involves the use of significant estimates and assumptions. Certain amounts below are provisional based on our best estimates using information available as of the reporting date. The Company is waiting for information to become available to finalize its valuation of certain elements of these transactions. Specifically, the assigned values for energy assets, intangibles, and goodwill are provisional in nature and subject to change upon the completion of the final valuation of such elements. In January 2019, the Company completed an acquisition of a Massachusetts based solar operations and maintenance firm for consideration of $1,279 . The final purchase price is subject to a net working capital adjustment, dependent on the level of working capital at the acquisition date, that has not yet been finalized at September 30, 2019. The pro-forma effects of this acquisition on our operations are not material. During the nine months ended September 30, 2019 , the Company had a measurement period adjustment of $91 , which was recorded as a reduction to goodwill in connection with this acquisition. A summary of the cumulative consideration paid and the allocation of the purchase price of all of the acquisitions in each respective period is as follows: September 30, 2019 December 31, 2018 Accounts receivable $ 150 $ 1,015 Prepaid expenses and other current assets 2 12 Property and equipment and energy assets 315 — Intangibles 500 680 Goodwill 315 2,845 Accounts payable (32 ) (67 ) Billings in excess of cost and estimated earnings (62 ) — Purchase price $ 1,188 $ 4,485 Total, net of cash received $ 1,188 $ 4,485 Debt assumed $ — $ — Total fair value of consideration $ 1,188 $ 4,485 The results of the acquired assets since the dates of the acquisitions have been included in the Company’s operations as presented in the accompanying condensed consolidated statements of income, condensed consolidated statements of comprehensive income and condensed consolidated statements of cash flows. During the nine months ended September 30, 2019 , the Company had an additional measurement period adjustment of $628 related to a 2018 acquisition which was recorded as a reduction to goodwill and included a $398 reduction in the hold back contingency discussed further in Notes 5 and 9. During the nine months ended September 30, 2019 , in order to expand its portfolio of energy assets, the Company acquired 4 solar projects from a developer. The Company has concluded that in accordance with ASC 805, Business Combinations, these acquisitions did not constitute a business as the assets acquired in each case are considered a single asset or group of similar assets that made up substantially all of the fair market value of the acquisitions. See Note 6 for additional disclosures on these asset acquisitions. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Sep. 30, 2019 | |
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 Non-solar DG Other Total Balance, December 31, 2018 $ 26,370 $ 4,609 $ 3,217 $ — $ 24,136 $ 58,332 Goodwill acquired during the year 406 — — — — 406 Re-measurement adjustment (91 ) (628 ) — — — (719 ) Currency effects — — 95 — (215 ) (120 ) Balance, September 30, 2019 $ 26,685 $ 3,981 $ 3,312 $ — $ 23,921 $ 57,899 Accumulated Goodwill Impairment Balance, December 31, 2018 $ — $ — $ (1,016 ) $ — $ — $ (1,016 ) Balance, September 30, 2019 $ — $ — $ (1,016 ) $ — $ — $ (1,016 ) The Company completed one acquisition during the nine months ended September 30, 2019 , which resulted in a $315 net increase in goodwill as disclosed in Note 4. During the nine months ended September 30, 2019 , the Company recorded measurement period adjustments which resulted in a reduction of goodwill of $719 . See Note 4 for further discussion surrounding the measurement period adjustments. Since the Company’s annual goodwill impairment test there have been no events that would have triggered a need for an interim impairment test. 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. 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 determined by the nature of the respective intangible asset. As discussed in Note 4, the Company completed an acquisition in January 2019 which resulted in a $500 increase in customer relationships, which will be amortized over an 8 year period. The gross carrying amount and accumulated amortization of intangible assets are as follows: As of September 30, As of December 31, 2019 2018 Gross Carrying Amount Customer contracts $ 7,778 $ 7,818 Customer relationships 12,438 12,082 Non-compete agreements 2,991 3,013 Technology 2,722 2,710 Trade names 543 541 26,472 26,164 Accumulated Amortization Customer contracts 7,695 7,668 Customer relationships 10,740 10,302 Non-compete agreements 2,991 3,013 Technology 2,707 2,651 Trade names 529 526 24,662 24,160 Intangible assets, net $ 1,810 $ 2,004 Amortization expense related to customer contracts is included in cost of revenues in the condensed consolidated statements of income. Amortization expense related to all other acquired intangible assets is included in selling, general and administrative expenses in the condensed consolidated statements of income. Amortization expense for the three months ended September 30, 2019 and 2018 related to customer contracts was $22 and $0 , respectively. Amortization expense for the three months ended September 30, 2019 and 2018 related to all other acquired intangible assets and was $202 and $269 , respectively. Amortization expense for the nine months ended September 30, 2019 and 2018 related to customer contracts was $67 and $0 , respectively. Amortization expense for the nine months ended September 30, 2019 and 2018 related to all other acquired intangible assets and was $614 and $771 , respectively. |
Energy Assets Energy Assets
Energy Assets Energy Assets | 9 Months Ended |
Sep. 30, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Energy Assets | ENERGY ASSETS Energy assets consist of the following: September 30, December 31, 2019 2018 Energy assets $ 693,916 $ 619,708 Less - accumulated depreciation and amortization (186,157 ) (159,756 ) Energy assets, net $ 507,759 $ 459,952 Included in energy assets are financing lease assets and accumulated depreciation of financing lease assets. Financing lease assets consist of the following: September 30, December 31, 2019 2018 Financing lease assets $ 42,402 $ 42,402 Less - accumulated depreciation and amortization (5,736 ) (4,139 ) Financing lease assets, net $ 36,666 $ 38,263 Depreciation and amortization expense on the above energy assets, net of deferred grant amortization, for the three months ended September 30, 2019 and 2018 was $8,843 and $6,753 , respectively, and is included in cost of revenues in the accompanying condensed consolidated statements of income. Included in these depreciation and amortization expense totals are depreciation and amortization expense on financing lease assets of $533 and $499 for the three months ended September 30, 2019 and 2018 , respectively. Depreciation and amortization expense on the above energy assets, net of deferred grant amortization, for the nine months ended September 30, 2019 and 2018 was $26,338 and $19,699 , respectively, and is included in cost of revenues in the accompanying condensed consolidated statements of income. Included in these depreciation and amortization expense totals are depreciation and amortization expense on financing lease assets of $1,597 and $1,538 for the nine months ended September 30, 2019 and 2018 , respectively. The Company capitalizes interest costs relating to construction financing during the period of construction. Capitalized interest is included in energy assets, net in the Company’s condensed consolidated balance sheets. Capitalized interest is amortized to cost of revenues in the Company’s condensed consolidated statements of income on a straight line basis over the useful life of the associated energy asset. There was $632 and $638 of interest capitalized for the three months ended September 30, 2019 and 2018 , respectively. There was $2,210 and $2,376 of interest capitalized for the nine months ended September 30, 2019 and 2018 , respectively. As of September 30, 2019 and December 31, 2018 , there are 3 ESPC asset projects which are included within energy assets, net on the Company’s condensed consolidated balance sheets. The Company controls and operates the assets as well as obtains financing during the construction period of the assets. As the Company has an obligation to the customer for performance of the asset, the Company records a liability associated with these energy assets, although, the customer is responsible for payments to the lender based on the energy asset’s production. As of September 30, 2019 and December 31, 2018, the liabilities recognized in association with these assets were $10,233 and $8,224 , respectively, of which $724 and $354 , respectively, has been classified as the current portion and is included in accrued expenses and other current liabilities and the remainder is included in other liabilities in the accompanying condensed consolidated balance sheets. During the nine months ended September 30, 2019 , in order to expand its portfolio of energy assets, the Company acquired several energy projects, which did not constitute businesses under ASU 2017-01, Business Combinations. The Company acquired and closed on 4 solar projects from a developer for a total purchase price of $2,529 . The purchase price included deferred consideration of $668 that will be paid upon final completion of the respective projects throughout 2019. As of September 30, 2019 , the Company has paid $1,861 to the developers of the projects. The Company also has a definitive agreement to purchase an additional 3 solar projects from a developer for a total purchase price of $4,556 , of which, the Company has paid $456 to the developers of the projects. As of September 30, 2019 , the Company has remaining deferred purchase price consideration on previously closed projects of $4,122 . As of September 30, 2019 , the Company had $863 in ARO assets recorded in project assets, net of accumulated depreciation, and $930 in ARO liabilities recorded in accrued expenses and other current liabilities and other liabilities. During the three and nine months ended September 30, 2019 , the Company recorded $12 and $34 , respectively, of depreciation expense related to the ARO asset. During the three and nine months ended September 30, 2019 , the Company recorded $10 and $32 , respectively, in accretion expense to the ARO liability, which is reflected in the accretion of ARO and contingent consideration on the condensed consolidated statements of cash flows. The Company’s current ARO liabilities relate to the removal of equipment and pipelines at certain renewable gas projects and obligations related to the decommissioning of certain solar facilities. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The Company recorded a provision for income taxes of $939 and $3,351 , respectively, for the three months ended September 30, 2019 and 2018 . The Company recorded a provision for income taxes of $2,000 for the nine months ended September 30, 2019 and a provision for income taxes of $1,879 for the nine months ended September 30, 2018 . The estimated effective annualized tax rate impacted by discrete items is 10.1% for the three months ended September 30, 2019 compared to a 23.8% estimated effective annualized tax rate impacted by the period discrete items for the three months ended September 30, 2018 . The estimated effective annualized tax rate impacted by period discrete items is 9.2% for the nine months ended September 30, 2019 compared to 6.5% for the nine months ended September 30, 2018 . The principal reason for the difference between the statutory rate and the estimated annual effective rate for 2019 were the effects of investment tax credits to which the Company is entitled from solar plants which have been placed into service or are forecasted to be placed into service during 2019 . The principle reasons for the difference between the statutory rate and the estimated annual effective tax rate for 2018 were the effects of a $ 5,900 benefit of the 2017 Section 179D deduction, which was extended in February 2018 and was included as a tax deduction in 2018, and the use of investment tax credits to which the Company is entitled from owned plants. The investment tax credits and production tax credits to which the Company may be entitled fluctuate from year to year based on the cost of the renewable energy plants the Company places or expects to place in service and production levels at company owned facilities in that year. As part of the Bipartisan Budget Act signed into law on February 9, 2018 the Section 179D deduction for 2017 was retroactively extended. The Section 179D deduction has not been re-approved for tax years beginning after 2017. 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, 2018 $ 1,600 Additions for prior year tax positions — Settlements with tax authorities — Reductions of prior year tax positions — Balance, September 30, 2019 $ 1,600 At September 30, 2019 and December 31, 2018 , the Company had approximately $1,600 of total gross unrecognized tax benefits. At September 30, 2019 and December 31, 2018 , the Company had approximately $705 of total gross unrecognized tax benefits (both net of the federal benefit on state amounts) representing the amount of unrecognized tax benefits that, if recognized, would favorably affect the effective income tax rate in any future periods. The Company has presented all deferred tax assets and liabilities as net liabilities and noncurrent on its condensed consolidated balance sheets as of September 30, 2019 and December 31, 2018 . |
Leases
Leases | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases | LEASES On January 1, 2019, the Company adopted ASU No. 2016-02, Leases (Topic 842), using the modified retrospective approach. The Company elected the package of practical expedients available in the standard and as a result, did not reassess the lease classification of existing contracts or leases or the initial direct costs associated with existing leases. The Company has also elected the practical expedient to not separate lease components and non-lease components and will account for the leases as a single lease component for all classes of leases. As a result of the adoption of ASC 842, the Company recognized an increase in lease ROU assets of $31,639 , current portions of operating lease ROU liabilities of $5,084 and an increase to long-term portions of operating lease liabilities of $28,480 . There was no net impact to the condensed consolidated statements of income or retained earnings for the adoption of ASC 842. No impairment was recognized on the ROU asset upon adoption. These adjustments are detailed as follows: As of January 1, 2019 As Reported 842 Adjustment Adjusted Balances Operating Leases: Operating lease assets $ — $ 31,639 $ 31,639 Current portions of operating lease liabilities — 5,084 5,084 Long-term portions of operating lease liabilities — 28,480 28,480 Total operating lease liabilities $ — $ 33,564 $ 33,564 Weighted-average remaining lease term 10 years Weighted-average discount rate 6.0 % Financing Leases: Energy assets, net $ 38,263 $ — $ 38,263 Current portions of financing lease liabilities 4,956 — 4,956 Long-term financing lease liabilities, less current portions and net of deferred financing fees 28,407 — 28,407 Total financing lease liabilities $ 33,363 $ — $ 33,363 Weighted-average remaining lease term 18 years Weighted-average discount rate 11.7 % The Company enters into a variety of operating lease agreements through the normal course of its business including certain administrative offices. The leases are long-term, non-concealable real estate lease agreements, expiring at various dates through fiscal 2025. The agreements generally provide for fixed minimum rental payments and the payment of utilities, real estate taxes, insurance and repairs. The Company also leases certain land parcels related to our energy projects, expiring at various dates through fiscal 2044. The office and land leases make up a significant portion of the Company’s operating lease activity. Many of these leases have one or more renewal options that allow the Company, at it’s discretion, to renew the lease for six months to seven years . Only renewal options that the Company believed were likely to be exercised were included in our lease calculations. Many land leases include minimum lease payments that increase when the related project becomes operational. In these cases, the commercial operation date was estimated by the Company and used to calculate the estimated minimum lease payments. The Company also enters into leases for IT equipment and service agreements, automobiles, and other leases related to our construction projects such as equipment, mobile trailers and other temporary structures. The Company utilizes the portfolio approach for this class of lease. These leases are either short-term in nature or immaterial. A portion of the Company’s real estate leases are generally subject to annual changes in the Consumer Price Index (“CPI”). The Company utilized each lease’s minimum lease payments to calculate the lease balances upon transition. The subsequent increases in rent based on changes in CPI were excluded and will be excluded for future leases from the calculation of the lease balances, but will be recorded to the condensed consolidated statement of income as part of our operating lease costs. The Company has elected the practical expedient to not separate lease and non-lease components for existing leases for real estate and land leases. Going forward if a lease has non-lease components the Company will allocate consideration based on price information in the agreement or, if this information is not available, the Company will make a good faith estimate based on available pricing information at the time. The discount rate was calculated using an incremental borrowing rate based on financing rates on secured comparable notes with comparable terms and a synthetic credit rating calculated by a third party. The Company elected to apply the discount rate using the remaining lease term at the date of adoption. The Company has a number of leases that are classified as financing leases, which relate to transactions that are considered sale-leasebacks under ASC 840. See the sale-leaseback section below for additional information on the Company’s financing leases. Supplemental balance sheet information related to leases at September 30, 2019 is as follows: September 30, 2019 Operating Leases: Operating lease assets $ 32,540 Current operating lease liabilities 5,935 Long-term portions of operating lease liabilities 28,799 Total operating lease liabilities $ 34,734 Weighted-average remaining lease term 10 years Weighted-average discount rate 6.3 % Financing Leases: Energy assets, net $ 36,666 Current portions of financing lease liabilities 5,008 Long-term financing lease liabilities, less current portions and net of deferred financing fees 26,098 Total financing lease liability $ 31,106 Weighted-average remaining lease term 17 years Weighted-average discount rate 11.8 % The costs related to our leases are as follows: Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Operating Lease: Operating lease costs $ 1,913 $ 5,660 Financing Lease: Amortization expense 533 1,597 Interest on lease liabilities 854 2,750 Total lease costs $ 3,300 $ 10,007 The Company’s estimated minimum future lease obligations under our leases are as follows: Operating Leases Financing Leases Year ended December 31, 2019 $ 1,851 $ 4,302 2020 7,523 7,881 2021 6,156 6,775 2022 5,600 5,173 2023 4,348 3,686 Thereafter 22,977 26,799 Total minimum lease payments $ 48,455 $ 54,616 Less: interest 13,721 23,510 Present value of lease liabilities $ 34,734 $ 31,106 The Company has determined that certain power purchase agreements (“PPAs”) contain a lease component in accordance with ASC 840, Leases. The Company recognized $2,243 and $6,737 of operating lease revenue under these agreements during the three and nine months ended September 30, 2019 , respectively, which was reflected in revenues on the condensed consolidated statements of income. PPAs signed after January 1, 2019 no longer meet the definition of a lease upon the adoption of ASC 842, Leases, and are instead accounted for in accordance with ASC 606, Revenues From Contracts With Customers. Sale-Leaseback 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 financing 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 financing leases. For leasebacks classified as financing leases, the Company initially records a financing lease asset and financing lease obligation in its condensed consolidated balance sheets 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 financing 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 condensed consolidated balance sheets at the time of the sale. The Company records the long term portion of any deferred gain or loss in other liabilities and other assets, respectively, and the current portion of any deferred gain and loss in accrued expenses and other current liabilities and prepaid expenses and other current assets, respectively, in its condensed consolidated balance sheets and amortizes the deferred amounts over the lease term in cost of revenues in its condensed consolidated statements of income. Net amortization expense in cost of revenues related to deferred gains and losses was $57 and $48 of net gains for the three months ended September 30, 2019 and 2018 , respectively. Net amortization expense in cost of revenues related to deferred gains and losses was $172 and $153 for the nine months ended September 30, 2019 and 2018 , respectively. During the third quarter of 2018, the Company entered into an agreement with an investor which gives us the option to sell and contemporaneously lease back solar photovoltaic (“solar PV”) projects through August 2019 up to a maximum funding amount of $100.0 million . The Company amended this agreement to extend the term through November 2019. As of September 30, 2019 , $90.2 million remained available under the lending commitment. A summary of amounts related to sale leasebacks in the Company’s condensed consolidated balance sheets is as follows: September 30, December 31, 2019 2018 Financing lease assets, net $ 36,666 $ 38,263 Deferred loss, short-term, net 115 115 Deferred loss, long-term, net 1,830 1,917 Total deferred loss $ 1,945 $ 2,032 Financing lease liabilities, short-term 5,008 4,956 Financing lease liabilities, long-term 26,098 28,407 Total financing lease liabilities $ 31,106 $ 33,363 Deferred gain, short-term, net 345 345 Deferred gain, long-term, net 5,549 5,808 Total deferred gain $ 5,894 $ 6,153 |
Leases | LEASES On January 1, 2019, the Company adopted ASU No. 2016-02, Leases (Topic 842), using the modified retrospective approach. The Company elected the package of practical expedients available in the standard and as a result, did not reassess the lease classification of existing contracts or leases or the initial direct costs associated with existing leases. The Company has also elected the practical expedient to not separate lease components and non-lease components and will account for the leases as a single lease component for all classes of leases. As a result of the adoption of ASC 842, the Company recognized an increase in lease ROU assets of $31,639 , current portions of operating lease ROU liabilities of $5,084 and an increase to long-term portions of operating lease liabilities of $28,480 . There was no net impact to the condensed consolidated statements of income or retained earnings for the adoption of ASC 842. No impairment was recognized on the ROU asset upon adoption. These adjustments are detailed as follows: As of January 1, 2019 As Reported 842 Adjustment Adjusted Balances Operating Leases: Operating lease assets $ — $ 31,639 $ 31,639 Current portions of operating lease liabilities — 5,084 5,084 Long-term portions of operating lease liabilities — 28,480 28,480 Total operating lease liabilities $ — $ 33,564 $ 33,564 Weighted-average remaining lease term 10 years Weighted-average discount rate 6.0 % Financing Leases: Energy assets, net $ 38,263 $ — $ 38,263 Current portions of financing lease liabilities 4,956 — 4,956 Long-term financing lease liabilities, less current portions and net of deferred financing fees 28,407 — 28,407 Total financing lease liabilities $ 33,363 $ — $ 33,363 Weighted-average remaining lease term 18 years Weighted-average discount rate 11.7 % The Company enters into a variety of operating lease agreements through the normal course of its business including certain administrative offices. The leases are long-term, non-concealable real estate lease agreements, expiring at various dates through fiscal 2025. The agreements generally provide for fixed minimum rental payments and the payment of utilities, real estate taxes, insurance and repairs. The Company also leases certain land parcels related to our energy projects, expiring at various dates through fiscal 2044. The office and land leases make up a significant portion of the Company’s operating lease activity. Many of these leases have one or more renewal options that allow the Company, at it’s discretion, to renew the lease for six months to seven years . Only renewal options that the Company believed were likely to be exercised were included in our lease calculations. Many land leases include minimum lease payments that increase when the related project becomes operational. In these cases, the commercial operation date was estimated by the Company and used to calculate the estimated minimum lease payments. The Company also enters into leases for IT equipment and service agreements, automobiles, and other leases related to our construction projects such as equipment, mobile trailers and other temporary structures. The Company utilizes the portfolio approach for this class of lease. These leases are either short-term in nature or immaterial. A portion of the Company’s real estate leases are generally subject to annual changes in the Consumer Price Index (“CPI”). The Company utilized each lease’s minimum lease payments to calculate the lease balances upon transition. The subsequent increases in rent based on changes in CPI were excluded and will be excluded for future leases from the calculation of the lease balances, but will be recorded to the condensed consolidated statement of income as part of our operating lease costs. The Company has elected the practical expedient to not separate lease and non-lease components for existing leases for real estate and land leases. Going forward if a lease has non-lease components the Company will allocate consideration based on price information in the agreement or, if this information is not available, the Company will make a good faith estimate based on available pricing information at the time. The discount rate was calculated using an incremental borrowing rate based on financing rates on secured comparable notes with comparable terms and a synthetic credit rating calculated by a third party. The Company elected to apply the discount rate using the remaining lease term at the date of adoption. The Company has a number of leases that are classified as financing leases, which relate to transactions that are considered sale-leasebacks under ASC 840. See the sale-leaseback section below for additional information on the Company’s financing leases. Supplemental balance sheet information related to leases at September 30, 2019 is as follows: September 30, 2019 Operating Leases: Operating lease assets $ 32,540 Current operating lease liabilities 5,935 Long-term portions of operating lease liabilities 28,799 Total operating lease liabilities $ 34,734 Weighted-average remaining lease term 10 years Weighted-average discount rate 6.3 % Financing Leases: Energy assets, net $ 36,666 Current portions of financing lease liabilities 5,008 Long-term financing lease liabilities, less current portions and net of deferred financing fees 26,098 Total financing lease liability $ 31,106 Weighted-average remaining lease term 17 years Weighted-average discount rate 11.8 % The costs related to our leases are as follows: Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Operating Lease: Operating lease costs $ 1,913 $ 5,660 Financing Lease: Amortization expense 533 1,597 Interest on lease liabilities 854 2,750 Total lease costs $ 3,300 $ 10,007 The Company’s estimated minimum future lease obligations under our leases are as follows: Operating Leases Financing Leases Year ended December 31, 2019 $ 1,851 $ 4,302 2020 7,523 7,881 2021 6,156 6,775 2022 5,600 5,173 2023 4,348 3,686 Thereafter 22,977 26,799 Total minimum lease payments $ 48,455 $ 54,616 Less: interest 13,721 23,510 Present value of lease liabilities $ 34,734 $ 31,106 The Company has determined that certain power purchase agreements (“PPAs”) contain a lease component in accordance with ASC 840, Leases. The Company recognized $2,243 and $6,737 of operating lease revenue under these agreements during the three and nine months ended September 30, 2019 , respectively, which was reflected in revenues on the condensed consolidated statements of income. PPAs signed after January 1, 2019 no longer meet the definition of a lease upon the adoption of ASC 842, Leases, and are instead accounted for in accordance with ASC 606, Revenues From Contracts With Customers. Sale-Leaseback 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 financing 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 financing leases. For leasebacks classified as financing leases, the Company initially records a financing lease asset and financing lease obligation in its condensed consolidated balance sheets 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 financing 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 condensed consolidated balance sheets at the time of the sale. The Company records the long term portion of any deferred gain or loss in other liabilities and other assets, respectively, and the current portion of any deferred gain and loss in accrued expenses and other current liabilities and prepaid expenses and other current assets, respectively, in its condensed consolidated balance sheets and amortizes the deferred amounts over the lease term in cost of revenues in its condensed consolidated statements of income. Net amortization expense in cost of revenues related to deferred gains and losses was $57 and $48 of net gains for the three months ended September 30, 2019 and 2018 , respectively. Net amortization expense in cost of revenues related to deferred gains and losses was $172 and $153 for the nine months ended September 30, 2019 and 2018 , respectively. During the third quarter of 2018, the Company entered into an agreement with an investor which gives us the option to sell and contemporaneously lease back solar photovoltaic (“solar PV”) projects through August 2019 up to a maximum funding amount of $100.0 million . The Company amended this agreement to extend the term through November 2019. As of September 30, 2019 , $90.2 million remained available under the lending commitment. A summary of amounts related to sale leasebacks in the Company’s condensed consolidated balance sheets is as follows: September 30, December 31, 2019 2018 Financing lease assets, net $ 36,666 $ 38,263 Deferred loss, short-term, net 115 115 Deferred loss, long-term, net 1,830 1,917 Total deferred loss $ 1,945 $ 2,032 Financing lease liabilities, short-term 5,008 4,956 Financing lease liabilities, long-term 26,098 28,407 Total financing lease liabilities $ 31,106 $ 33,363 Deferred gain, short-term, net 345 345 Deferred gain, long-term, net 5,549 5,808 Total deferred gain $ 5,894 $ 6,153 |
Leases | LEASES On January 1, 2019, the Company adopted ASU No. 2016-02, Leases (Topic 842), using the modified retrospective approach. The Company elected the package of practical expedients available in the standard and as a result, did not reassess the lease classification of existing contracts or leases or the initial direct costs associated with existing leases. The Company has also elected the practical expedient to not separate lease components and non-lease components and will account for the leases as a single lease component for all classes of leases. As a result of the adoption of ASC 842, the Company recognized an increase in lease ROU assets of $31,639 , current portions of operating lease ROU liabilities of $5,084 and an increase to long-term portions of operating lease liabilities of $28,480 . There was no net impact to the condensed consolidated statements of income or retained earnings for the adoption of ASC 842. No impairment was recognized on the ROU asset upon adoption. These adjustments are detailed as follows: As of January 1, 2019 As Reported 842 Adjustment Adjusted Balances Operating Leases: Operating lease assets $ — $ 31,639 $ 31,639 Current portions of operating lease liabilities — 5,084 5,084 Long-term portions of operating lease liabilities — 28,480 28,480 Total operating lease liabilities $ — $ 33,564 $ 33,564 Weighted-average remaining lease term 10 years Weighted-average discount rate 6.0 % Financing Leases: Energy assets, net $ 38,263 $ — $ 38,263 Current portions of financing lease liabilities 4,956 — 4,956 Long-term financing lease liabilities, less current portions and net of deferred financing fees 28,407 — 28,407 Total financing lease liabilities $ 33,363 $ — $ 33,363 Weighted-average remaining lease term 18 years Weighted-average discount rate 11.7 % The Company enters into a variety of operating lease agreements through the normal course of its business including certain administrative offices. The leases are long-term, non-concealable real estate lease agreements, expiring at various dates through fiscal 2025. The agreements generally provide for fixed minimum rental payments and the payment of utilities, real estate taxes, insurance and repairs. The Company also leases certain land parcels related to our energy projects, expiring at various dates through fiscal 2044. The office and land leases make up a significant portion of the Company’s operating lease activity. Many of these leases have one or more renewal options that allow the Company, at it’s discretion, to renew the lease for six months to seven years . Only renewal options that the Company believed were likely to be exercised were included in our lease calculations. Many land leases include minimum lease payments that increase when the related project becomes operational. In these cases, the commercial operation date was estimated by the Company and used to calculate the estimated minimum lease payments. The Company also enters into leases for IT equipment and service agreements, automobiles, and other leases related to our construction projects such as equipment, mobile trailers and other temporary structures. The Company utilizes the portfolio approach for this class of lease. These leases are either short-term in nature or immaterial. A portion of the Company’s real estate leases are generally subject to annual changes in the Consumer Price Index (“CPI”). The Company utilized each lease’s minimum lease payments to calculate the lease balances upon transition. The subsequent increases in rent based on changes in CPI were excluded and will be excluded for future leases from the calculation of the lease balances, but will be recorded to the condensed consolidated statement of income as part of our operating lease costs. The Company has elected the practical expedient to not separate lease and non-lease components for existing leases for real estate and land leases. Going forward if a lease has non-lease components the Company will allocate consideration based on price information in the agreement or, if this information is not available, the Company will make a good faith estimate based on available pricing information at the time. The discount rate was calculated using an incremental borrowing rate based on financing rates on secured comparable notes with comparable terms and a synthetic credit rating calculated by a third party. The Company elected to apply the discount rate using the remaining lease term at the date of adoption. The Company has a number of leases that are classified as financing leases, which relate to transactions that are considered sale-leasebacks under ASC 840. See the sale-leaseback section below for additional information on the Company’s financing leases. Supplemental balance sheet information related to leases at September 30, 2019 is as follows: September 30, 2019 Operating Leases: Operating lease assets $ 32,540 Current operating lease liabilities 5,935 Long-term portions of operating lease liabilities 28,799 Total operating lease liabilities $ 34,734 Weighted-average remaining lease term 10 years Weighted-average discount rate 6.3 % Financing Leases: Energy assets, net $ 36,666 Current portions of financing lease liabilities 5,008 Long-term financing lease liabilities, less current portions and net of deferred financing fees 26,098 Total financing lease liability $ 31,106 Weighted-average remaining lease term 17 years Weighted-average discount rate 11.8 % The costs related to our leases are as follows: Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Operating Lease: Operating lease costs $ 1,913 $ 5,660 Financing Lease: Amortization expense 533 1,597 Interest on lease liabilities 854 2,750 Total lease costs $ 3,300 $ 10,007 The Company’s estimated minimum future lease obligations under our leases are as follows: Operating Leases Financing Leases Year ended December 31, 2019 $ 1,851 $ 4,302 2020 7,523 7,881 2021 6,156 6,775 2022 5,600 5,173 2023 4,348 3,686 Thereafter 22,977 26,799 Total minimum lease payments $ 48,455 $ 54,616 Less: interest 13,721 23,510 Present value of lease liabilities $ 34,734 $ 31,106 The Company has determined that certain power purchase agreements (“PPAs”) contain a lease component in accordance with ASC 840, Leases. The Company recognized $2,243 and $6,737 of operating lease revenue under these agreements during the three and nine months ended September 30, 2019 , respectively, which was reflected in revenues on the condensed consolidated statements of income. PPAs signed after January 1, 2019 no longer meet the definition of a lease upon the adoption of ASC 842, Leases, and are instead accounted for in accordance with ASC 606, Revenues From Contracts With Customers. Sale-Leaseback 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 financing 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 financing leases. For leasebacks classified as financing leases, the Company initially records a financing lease asset and financing lease obligation in its condensed consolidated balance sheets 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 financing 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 condensed consolidated balance sheets at the time of the sale. The Company records the long term portion of any deferred gain or loss in other liabilities and other assets, respectively, and the current portion of any deferred gain and loss in accrued expenses and other current liabilities and prepaid expenses and other current assets, respectively, in its condensed consolidated balance sheets and amortizes the deferred amounts over the lease term in cost of revenues in its condensed consolidated statements of income. Net amortization expense in cost of revenues related to deferred gains and losses was $57 and $48 of net gains for the three months ended September 30, 2019 and 2018 , respectively. Net amortization expense in cost of revenues related to deferred gains and losses was $172 and $153 for the nine months ended September 30, 2019 and 2018 , respectively. During the third quarter of 2018, the Company entered into an agreement with an investor which gives us the option to sell and contemporaneously lease back solar photovoltaic (“solar PV”) projects through August 2019 up to a maximum funding amount of $100.0 million . The Company amended this agreement to extend the term through November 2019. As of September 30, 2019 , $90.2 million remained available under the lending commitment. A summary of amounts related to sale leasebacks in the Company’s condensed consolidated balance sheets is as follows: September 30, December 31, 2019 2018 Financing lease assets, net $ 36,666 $ 38,263 Deferred loss, short-term, net 115 115 Deferred loss, long-term, net 1,830 1,917 Total deferred loss $ 1,945 $ 2,032 Financing lease liabilities, short-term 5,008 4,956 Financing lease liabilities, long-term 26,098 28,407 Total financing lease liabilities $ 31,106 $ 33,363 Deferred gain, short-term, net 345 345 Deferred gain, long-term, net 5,549 5,808 Total deferred gain $ 5,894 $ 6,153 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
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. Commitments as a Result of Acquisitions In May 2018, the Company completed an acquisition which provided for a $425 cash consideration hold back upon the Company collecting certain acquired receivables, which was subsequently reduced to $27 . As of September 30, 2019 . the consideration is currently due and is recorded in the accrued expenses and other current liabilities line on the condensed consolidated balance sheets. In August 2018, the Company completed an acquisition which provided for a revenue earn-out contingent upon the acquired business meeting certain cumulative revenue targets over five years from the acquisition date. The Company evaluated financial forecasts of the acquired business and concluded that the fair value of this earn-out was approximately $555 , which was subsequently increased to $650 as of September 30, 2019 and is recorded in the other liabilities on the condensed consolidated balance sheets. The contingent consideration will be paid yearly, commencing in 2020, if any of the cumulative revenue targets are achieved. The fair value of the earn-out will be periodically re-evaluated and adjustments will be recorded as needed. See Note 10 for additional information. In November 2018, the Company completed an acquisition of certain lease options, which provided for an earn-out if the lease option is exercised and if certain financial metrics are achieved. The Company evaluated the acquired lease options and concluded that the fair-value of this contingent liability was approximately $363 , which was subsequently increased to $378 at September 30, 2019 and is recorded in accrued expenses and other current liabilities and other liabilities on the condensed consolidated balance sheets. Payments will be made when milestones are achieved. The contingent liability will be periodically re-evaluated and adjustments will be recorded as needed. See Note 10 for additional information. |
Fair Value Measurement
Fair Value Measurement | 9 Months Ended |
Sep. 30, 2019 | |
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 September 30, December 31, Level 2019 2018 Assets: Interest rate swap instruments 2 $ 41 $ 733 Commodity swap instruments 2 167 33 Total assets $ 208 $ 766 Liabilities: Interest rate swap instruments 2 $ 7,600 $ 3,187 Commodity swap instruments 2 — 70 Interest make-whole provisions 2 873 1,808 Contingent revenue earn-out 3 1,028 962 Total liabilities $ 9,501 $ 6,027 The fair value of the Company’s interest rate swaps was determined using 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 the Company’s commodity swaps was determined using a cash flow analysis on the expected cash flow of the contract in combination with observable forward price inputs obtained from a third-party pricing source. As part of this valuation, the Company considered the credit ratings of the counterparties to the commodity swaps to determine if a credit risk adjustment was required. The fair value of the Company’s make-whole provisions were determined by comparing them against the rates of similar debt instruments under similar terms without a make-whole provision obtained from various highly rated third-party pricing sources. The fair value of the Company’s contingent consideration liabilities were determined by evaluating the acquired asset’s future financial forecasts and evaluating which, if any, of the cumulative revenue targets, financial metrics and/or milestones are likely to be met. The Company has classified contingent consideration related to certain acquisitions within level 3 of the fair value hierarchy because the fair value is derived using significant unobservable inputs, which include discount rates and probability-weighted cash flows. The Company determined the fair value of its contingent consideration obligations based on a probability-weighted income approach derived from financial performance estimates and probability assessments of the attainment of certain targets. The Company establishes discount rates to be utilized in its valuation models based on the cost to borrow that would be required by a market participant for similar instruments. In determining the probability of attaining certain technical, financial and operation targets, the Company utilizes data regarding similar milestone events from the Company’s experience, while considering the inherent difficulties and uncertainties in developing a product. On a quarterly basis, the Company reassesses the probability factors associated with the financial, operational and technical targets for its contingent consideration obligations. Significant judgment is employed in determining the appropriateness of these assumptions as of the acquisition date and for each subsequent period. The key assumptions as of September 30, 2019 , related to the contingent consideration from the August 2018 acquisition of certain assets, used in the model include a discount rate of 18% for purposes of discounting the low and base case scenarios associated with achievement of the financial based earn-out. The probabilities assigned to these scenarios were 50% for both the low and base case scenarios. An increase or decrease in the probability of achievement of any scenario could result in a significant increase or decrease to the estimated fair value of the contingent consideration liability. The key assumptions as of September 30, 2019 , related to the contingent consideration from the November 2018 acquisition of certain lease options, used in the model include a discount rate of 18% for purposes of discounting the low, base and high case scenarios associated with achievement of the financial based earn-out. The probabilities assigned to these scenarios were 20% for the low case, 75% for the base case and 5% for the high case. An increase or decrease in the probability of achievement of any scenario could result in a significant increase or decrease to the estimated fair value of the contingent consideration liability. The following table sets forth a summary of changes in fair value of contingent liabilities classified as Level 3 for the nine months ended September 30, 2019 : Nine Months Ended September 30, 2019 Contingent consideration liabilities balance at December 31, 2018 $ 962 Changes in the fair value of contingent consideration obligation $ 66 Contingent consideration liabilities balance at September 30, 2019 $ 1,028 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 September 30, 2019 and December 31, 2018 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 have been no transfers in or out of level two or level three financial instruments for the nine months ended September 30, 2019 and the year ended December 31, 2018 . Based on the analysis performed, the fair value and the carrying value of the Company’s long-term debt, excluding financing leases, are as follows: As of September 30, 2019 As of December 31, 2018 Fair Value Carrying Value Fair Value Carrying Value Long-term debt (Level 2) $ 249,404 $ 247,618 $ 211,823 $ 212,687 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 September 30, 2019 or December 31, 2018 . |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES At September 30, 2019 and December 31, 2018 , the following table presents information about the fair value amounts of the Company’s derivative instruments are as follows: Derivatives as of September 30, 2019 December 31, 2018 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives Designated as Hedging Instruments: Interest rate swap contracts Other assets $ 41 Other assets $ 703 Interest rate swap contracts Other liabilities 7,565 Other liabilities 3,187 Derivatives Not Designated as Hedging Instruments: Interest rate swap contracts Other assets $ — Other assets $ 30 Interest rate swap contracts Other liabilities 35 Other liabilities — Commodity swap contracts Other assets 167 Other assets 33 Commodity swap contracts Other liabilities — Other liabilities 70 Interest make-whole provisions Other liabilities 873 Other liabilities 1,808 As of September 30, 2019 and December 31, 2018 all but three and four , respectively, of the Company’s freestanding derivatives were designated as hedging instruments. The following tables present information about the effects of the Company’s derivative instruments on the condensed consolidated statements of income and condensed consolidated statements of comprehensive income: Location of (Gain) Loss Recognized in Net Income Amount of (Gain) Loss Recognized in Net Income Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Derivatives Designated as Hedging Instruments: Interest rate swap contracts Other expenses, net $ 44 $ (41 ) $ (6 ) $ (166 ) Derivatives not Designated as Hedging Instruments: Interest rate swap contracts Other expenses, net $ (3 ) $ (271 ) $ 66 $ (344 ) Commodity swap contracts Other expenses, net $ (31 ) $ (33 ) $ (203 ) $ 12 Interest make-whole provision Other expenses, net $ (150 ) $ 16 $ (935 ) $ 16 Nine Months Ended September 30, 2019 Derivatives Designated as Hedging Instruments: Accumulated loss in AOCI at the beginning of the period $ (1,824 ) Cumulative impact from the adoption of ASU No. 2018-02 (217 ) Unrealized loss recognized in AOCI (3,714 ) Gain reclassified from AOCI to other expenses, net 7 Accumulated loss in AOCI at the end of the period $ (5,748 ) In the third quarter of 2018, the Company adopted ASU 2017-12, which resulted in an increase to retained earnings of $432 and accumulated other comprehensive loss of $486 to remove the cumulative effect of hedging ineffectiveness previously recognized in earnings, as of July 1, 2018, for contracts designated as hedging instruments that were outstanding at the beginning of the third quarter 2018. Upon adoption of the ASU, the impact to reclassify the ineffectiveness of the Company’s hedge instruments in connection with prior periods was recorded. Accordingly, the Company’s condensed consolidated statement of changes in redeemable non-controlling interests and stockholders’ equity for the nine months ended September 30, 2018 reflect the adoption of ASU 2017-12. The following tables present a listing of all the Company’s active derivative instruments as of September 30, 2019 : Active Interest Rate Swap Effective Date Expiration Date Initial Notional Amount ($) Status 11-Year, 5.77% Fixed October 2018 October 2029 $ 9,200 Designated 15-Year, 3.19% Fixed June 2018 June 2033 10,000 Designated 3-Year, 2.46% Fixed March 2018 December 2020 17,100 Not Designated 10-Year, 4.74% Fixed June 2017 December 2027 14,100 Designated 15-Year, 3.26% Fixed February 2023 December 2038 14,084 Designated 7-Year, 2.19% Fixed February 2016 February 2023 20,746 Designated 8-Year, 3.70% Fixed March 2020 June 2028 14,643 Designated 8-Year, 3.70% Fixed March 2020 June 2028 10,734 Designated 8-Year, 1.71% Fixed October 2012 March 2020 9,665 Designated 8-Year, 1.71% Fixed October 2012 March 2020 7,085 Designated 15-Year, 5.30% Fixed February 2006 February 2021 3,256 Designated 15.5-Year, 5.40% Fixed September 2008 March 2024 13,081 Designated Active Commodity Swap Effective Date Expiration Date Initial Notional Amount (Volume) Commodity Measurement Status 1-Year, $2.68 MMBtu Fixed May 2019 April 2020 437,004 MMBtus Not Designated 1-Year, $2.70 MMBtu Fixed May 2020 April 2021 435,810 MMBtus Not Designated Other Derivatives Classification Effective Date Expiration Date Fair Value ($) Interest make-whole provisions Liability June/August 2018 December 2038 $ 873 |
Investment Funds and Other Vari
Investment Funds and Other Variable Interest Entities | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Investment Funds and Other Variable Interest Entities | INVESTMENT FUNDS AND OTHER VARIABLE INTEREST ENTITIES Investment Funds In each of September 2015, June 2017, June 2018 and October 2018, the Company formed an investment fund with a different third-party investor which granted the applicable investor ownership interests in the net assets of certain of the Company’s renewable energy project subsidiaries. The Company currently has four such investment funds each with a different third-party investor. The Company consolidates the investment funds, and all inter-company balances and transactions between the Company and the investment funds are eliminated in its condensed consolidated financial statements. The Company determined that the investment funds meet 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 these VIEs, including determining the solar energy systems and associated long term customer contracts to be sold or contributed to the VIEs, 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 VIEs 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 funds, 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 funds’ investor and Company’s subsidiaries 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 agreements. See Note 13 for additional information on the call and put options. A summary of amounts related to the investment funds in the Company’s condensed consolidated balance sheets is as follows: September 30, December 31, 2019 (1) 2018 (1) Cash and cash equivalents $ 2,777 $ 1,255 Restricted cash 156 156 Accounts receivable, net 695 374 Costs and estimated earnings in excess of billings 2,531 498 Prepaid expenses and other current assets 134 190 Total VIE current assets 6,293 2,473 Property and equipment, net 285 — Energy assets, net 121,918 122,641 Operating lease assets 6,048 — Other assets 1,669 1,613 Total VIE assets $ 136,213 $ 126,727 Current portions of long-term debt and financing lease liabilities $ 2,270 $ 1,712 Accounts payable 149 234 Accrued expenses and other current liabilities 3,948 4,146 Current portions of operating lease liabilities 91 — Total VIE current liabilities 6,458 6,092 Long-term debt and financing lease liabilities, less current portions and net of deferred financing fees 25,493 26,461 Deferred income taxes, net 460 — Long-term portions of operating lease liabilities 6,264 — Other liabilities 873 2,131 Total VIE liabilities $ 39,548 $ 34,684 (1) The amounts in the above table are reflected in footnote 1 on the Company’s condensed consolidated balance sheets. See the Company’s condensed consolidated balance sheets for additional information. Other Variable Interest Entities The Company follows guidance on the consolidation of VIEs that requires companies to utilize a qualitative approach to determine whether it is the primary beneficiary of a VIE. The process for identifying the primary beneficiary of a VIE requires consideration of the factors that indicate a party has the power to direct the activities that most significantly impact the joint ventures economic performance, including powers granted to the joint ventures program manager, powers contained in the joint venture governing board and, to a certain extent, a company's economic interest in the joint venture. The Company analyzes its joint ventures and classifies them as either: • a VIE that must be consolidated because the Company is the primary beneficiary or the joint venture is not a VIE and the Company holds the majority voting interest with no significant participative rights available to the other partners; or • a VIE that does not require consolidation and is treated as an equity method investment because the Company is not the primary beneficiary or the joint venture is not a VIE and the Company does not hold the majority voting interest. The Company executes certain contracts jointly with third parties through various forms of joint ventures. Although the joint ventures own and hold the contracts with the clients, the services required by the contracts are typically performed by the Company and the Company’s joint venture partners, or by other subcontractors under subcontracting agreements with the joint ventures. Many of these joint ventures are formed for a specific project. The assets of the Company’s joint ventures generally consist almost entirely of cash and land, and the liabilities of our joint ventures generally consist almost entirely of amounts due to the joint venture partners. Many of the joint ventures are deemed to be VIEs because they lack sufficient equity to finance the activities of the joint venture. In January 2019, the Company entered into a joint venture with one other party to co-own an entity whose purpose is owning and leasing a parcel of land and attached structures to third-party entities. The joint venture has no employees and is controlled by the board of directors made up of representatives from both companies. Prior to January 2019, the Company had determined it was the primary beneficiary of the VIE and fully consolidated the entity. Upon the formation of the joint venture, the Company determined it was no longer the primary beneficiary, based on the assessment of considerations referenced above, and deconsolidated the VIE and recorded the Company’s investment in the joint venture as an equity method investment. With the deconsolidation of the VIE and the recognition of the equity method investment the Company recognized a gain of $2,160 in operating income and recorded an equity method investment of $1,361 in other assets. In addition, the Company has loaned the joint venture $1,506 and made an initial contribution at its formation in exchange for 50% of the shares in the joint venture. Unconsolidated joint ventures are accounted for under the equity method. For those joint ventures, the Company's investment balances for the joint venture are included in other assets on the condensed consolidated balance sheets and the Company’s pro rata share of net income or loss is included in operating income. The Company’s investments in equity method joint ventures on the condensed consolidated balance sheets as of September 30, 2019 and December 31, 2018 was a net asset of $1,290 and $0 , respectively. During the three and nine months ended September 30, 2019 , the Company recognized expense of $ 73 and $147 , respectively, from equity method joint ventures. |
Non-controlling Interests and E
Non-controlling Interests and Equity | 9 Months Ended |
Sep. 30, 2019 | |
Noncontrolling Interest [Abstract] | |
Non-controlling Interests and Equity | NON-CONTROLLING INTERESTS AND EQUITY Redeemable Non-controlling Interests The Company’s wholly owned subsidiary with a membership interest in the investment fund formed in the third quarter of 2015 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, which was formed in the third quarter of 2015, 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”). The Company’s wholly owned subsidiary with a membership interest in the investment fund formed in the second quarter of 2017 has the right, beginning on the fifth anniversary of the final funding of the non-controlling interest holder 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, a call option. The Company’s investment fund formed in the second quarter of 2017 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, a put option. The Company’s wholly owned subsidiary with a membership interest in the investment fund formed in the second quarter of 2018 has the right, beginning on the fifth anniversary of the investment fund’s final project being placed into service 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, a call option. The Company’s investment fund formed in the second quarter of 2018 also includes a right, upon on the expiration of the call option and extending for six months , 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, a put option. The Company’s wholly owned subsidiary with a membership interest in the investment fund formed in the fourth quarter of 2018 has the right, beginning on the fifth anniversary on the last projects placed in-service date 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, a call option. The Company’s investment fund formed in the fourth quarter of 2018 also includes a right, upon the expiration of the call option and extending for six months, for the non-controlling interest partner to elect to require the Company’s wholly owned subsidiary to purchase all of its membership interests in the fund, a put option. The purchase price for two of the investment funds investors’ interests under the call options is equal to the fair market value of such interest at the time the option is exercised. The purchase price for the other two investment funds investor’s interests under the call options is equal to the greater of (i) the fair market value of such interests at the time the option is exercised or (ii) 7% of the investors’ contributed capital balance at the time the option is exercisable. The call options are exercisable beginning on the date that specified conditions are met for each respective fund. None of the call options are expected to become exercisable prior to 2021. The purchase price for two of the funds investors’ interests in the investment funds under the put options is the lessor of fair market value at the time the option is exercised and a specified amount, ranging from $659 - $917 . The purchase price for the other two of the fund investors’ interest in the investment funds under the put options is the sum of (i) the fair market value at the time the option is exercised, and (ii) the closing costs incurred by the investor in connection with the exercise of the put option. The put options for the investment funds are exercisable beginning on the date that specified conditions are met for each respective fund. The put options are not expected to become exercisable prior to 2022. Because the put options represents redemption features that are not solely within the control of the Company, the non-controlling interests in these funds are 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 hypothetical liquidation at book value method) or their estimated redemption value in each reporting period. At both September 30, 2019 and December 31, 2018 redeemable non-controlling interests were reported at their carrying value totaling $32,108 and $14,719 , respectively, as the carrying value at each reporting period was greater than the estimated redemption value. |
Earnings Per Share and Other Eq
Earnings Per Share and Other Equity Related Information | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share And Other Equity Related Information | EARNINGS PER SHARE AND OTHER EQUITY RELATED INFORMATION 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. Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net income attributable to common shareholders $ 8,870 $ 10,701 $ 22,233 $ 26,391 Basic weighted-average shares outstanding 46,555 45,854 46,413 45,599 Effect of dilutive securities: Stock options 1,138 1,090 1,262 910 Diluted weighted-average shares outstanding 47,693 46,944 47,675 46,509 For the three months ended September 30, 2019 and 2018 , the total number of shares of common stock related to stock options excluded from the calculation of dilutive shares, as the effect would be anti-dilutive, were 1,152 and 758 , respectively. For the nine months ended September 30, 2019 and 2018 , the total number of shares of common stock related to stock options excluded from the calculation of dilutive shares, as the effect would be anti-dilutive, were 642 and 1,273 , respectively. Stock-Based Compensation Expense For the three months ended September 30, 2019 and 2018 , the Company recorded stock-based compensation expense, including expense related to the Employee Stock Purchase Plan (“ESPP”), of $413 and $390 , respectively, in connection with the stock-based payment awards. For the nine months ended September 30, 2019 and 2018 , the Company recorded stock-based compensation expense, including expense related to the ESPP, of $1,195 and $1,137 , respectively, in connection with the stock-based payment awards. The compensation expense is included in selling, general and administrative expenses in the accompanying condensed consolidated statements of income. As of September 30, 2019 , there was $4,641 of unrecognized compensation expense related to non-vested stock option awards that is expected to be recognized over a weighted-average period of 3.0 years. No awards to individuals who were not either an employee or director of the Company occurred during the nine months ended September 30, 2019 or during the year ended December 31, 2018 . Stock Option Grants During the three months ended September 30, 2019, the Company granted 1,000 common stock options to certain employees and directors under its 2010 Stock Incentive Plan, which have a contractual life of ten years and vest based upon the achievement of specific performance goals over a three years period. Share Repurchase Program In April 2016, the Company’s Board of Directors authorized the repurchase of up to $10,000 of the Company’s Class A common stock from time to time on the open market in privately negotiated transactions. The Company’s Board of Directors authorized an increase in the Company’s share repurchase authorization to $15,000 of the Company's Class A common stock in February 2017 and to $17,553 of the Company's Class A common stock in August 2019, in each case, 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 has and will be funded using the Company's working capital and borrowings under its revolving line of credit. The Company accounts for share repurchases using the cost method. Under this method, the cost of the share repurchase is recorded entirely in treasury stock, a contra equity account. During the three and nine months ended September 30, 2019 , the Company repurchased 10 shares of common stock in the amount of $ 139 , net of immaterial fees. During the three months ended September 30, 2018 , the Company did no t repurchase any shares of common stock. During the nine months ended September 30, 2018 , the Company purchased 212 shares of common stock in the amount of $1,772 , net of fees of $9 . |
Business Segment Information
Business Segment Information | 9 Months Ended |
Sep. 30, 2019 | |
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 Non-Solar Distributed Generation (“DG”). 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 that the company owns or develops for customers that produce electricity, gas, heat or cooling from renewable sources of energy and O&M services. The Company’s Non-Solar DG segment sells electricity, processed renewable gas fuel, heat or cooling, produced from renewable sources of energy, other than solar, and generated by small-scale plants that the Company owns and O&M services for customer owned small-scale plants. The “All Other” category offers enterprise energy management services, consulting services and the sale of solar-PV energy products and systems which we refer to as integrated-PV. These segments do not include results of other activities, such as corporate operating expenses not specifically allocated to the segments. Certain reportable segments are an aggregation of operating segments. The reports of the Company’s chief operating decision maker do not include assets at the operating segment level. The accounting policies are the same as those described in the summary of significant accounting policies in Note 2 included in the Company’s annual report on Form 10-K for the year ended December 31, 2018 filed with the Securities and Exchange Commission on March 8, 2019 . 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 Non-Solar DG All Other Total Consolidated Three Months Ended September 30, 2019 Revenues $ 84,079 $ 71,258 $ 12,665 $ 21,875 $ 22,149 $ 212,026 Interest income 69 92 — 21 — 182 Interest expense 1,548 209 179 1,213 — 3,149 Depreciation and amortization of intangible assets 2,538 901 396 5,149 429 9,413 Unallocated corporate activity — — — — — (8,482 ) Income before taxes, excluding unallocated corporate activity 3,350 10,967 1,577 977 881 17,752 Three Months Ended September 30, 2018 Revenues $ 86,402 $ 62,378 $ 11,604 $ 22,138 $ 22,853 $ 205,375 Interest income 2 36 — 38 — 76 Interest expense 1,403 225 480 1,681 (13 ) 3,776 Depreciation and amortization of intangible assets 1,341 671 294 4,530 378 7,214 Unallocated corporate activity — — — — — (8,648 ) Income before taxes, excluding unallocated corporate activity 5,256 10,969 664 3,851 1,959 22,699 Nine Months Ended September 30, 2019 Revenues $ 227,896 $ 169,337 $ 27,696 $ 66,370 $ 69,022 $ 560,321 Interest income 132 160 — 65 39 396 Interest expense 4,118 627 517 4,075 — 9,337 Depreciation and amortization of intangible assets 7,184 2,524 986 16,051 1,153 27,898 Unallocated corporate activity — — — — — (25,331 ) Income before taxes, excluding unallocated corporate activity 5,530 26,631 1,529 5,758 7,592 47,040 Nine Months Ended September 30, 2018 Revenues $ 249,871 $ 168,377 $ 28,466 $ 60,176 $ 62,877 $ 569,767 Interest income 5 84 — 120 — 209 Interest expense 3,911 771 1,464 4,575 — 10,721 Depreciation and amortization of intangible assets 4,048 2,004 873 12,942 1,134 21,001 Unallocated corporate activity — — — — — (23,269 ) Income (loss) before taxes, excluding unallocated corporate activity 14,606 26,864 (1,983 ) 8,796 3,771 52,054 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Debt | DEBT As of September 30, 2019 , the Company’s debt comprised the following: Commencement Date Maturity Date Acceleration Clause (2) Rate as of September 30, 2019 September 30, 2019 December 31, 2018 Senior secured credit facility, interest at varying rates monthly in arrears June 2015 June 2024 NA 3.84 % $ 81,410 $ 43,074 Variable rate term loan payable in semi-annual installments January 2006 February 2021 Yes 4.34 % 774 936 Variable rate term loan payable in semi-annual installments January 2006 June 2024 Yes 4.09 % 6,953 7,426 Term loan payable in quarterly installments March 2011 March 2021 Yes 7.25 % 993 1,464 Term loan payable in monthly installments October 2011 June 2028 NA 6.11 % 3,606 3,843 Variable rate term loan payable in quarterly installments October 2012 June 2020 NA 5.59 % 28,844 30,674 Variable rate term loan payable in quarterly installments September 2015 March 2023 NA 4.59 % 16,782 17,208 Term loan payable in quarterly installments August 2016 July 2031 NA 4.95 % 3,753 3,925 Term loan payable in quarterly installments March 2017 March 2028 NA 5.00 % 3,627 3,945 Term loan payable in monthly installments April 2017 April 2027 NA 4.50 % 23,211 22,081 Term loan payable in quarterly installments April 2017 February 2034 NA 5.61 % 2,661 2,735 Variable rate term loan payable in quarterly installments June 2017 December 2027 NA 4.54 % 12,330 12,915 Variable rate term loan payable in quarterly installments February 2018 August 2022 Yes 9.59 % 16,366 21,475 Term loan payable in quarterly installments June 2018 December 2038 Yes 5.15 % 29,463 30,069 Variable rate term loan payable in semi-annual installments June 2018 June 2033 Yes 4.14 % 9,337 9,668 Variable rate term loan payable in monthly/quarterly installments October 2018 October 2029 Yes 4.60 % 9,086 9,072 Long term finance liability in semi-annual installments July 2019 July 2039 NA 0.28 % 4,872 — Financing leases (1) 31,106 33,363 $ 285,174 $ 253,873 Less - current maturities 54,958 26,890 Less - deferred financing fees 6,450 7,821 Long term debt and financing lease liabilities $ 223,766 $ 219,162 (1) Financing leases do not include approximately $23,510 in future interest payments (2) These agreements have acceleration causes that, in the event of default, as defined, the payee has the option to accelerate payment terms and make due the remaining principal and the required interest balance according to the agreement Senior Secured Credit Facility - Revolver and Term Loan In June 2019, the Company amended and restated the Company’s senior secured credit facility. The amendment increased the aggregate amount of the revolving commitments from $85,000 to $115,000 through an extended June 28, 2024 maturity date, increased the term loan from $40,000 to $65,000 to reduce the outstanding revolving loan balance by the same amount and extend the maturity date from June 30, 2020 to June 28, 2024, and increased the total funded debt to EBITDA covenant ratio from a maximum of 3.00 to 3.25 . The total commitment under the amended credit facility (revolving credit, term loan and swing line) is $185,000 . At September 30, 2019 funds of $46,480 are available for borrowing under the revolving credit facility. July 2019 Long Term Finance Liability During the third quarter ended September 30, 2019, the Company closed on one solar PV project under the Company’s master lease agreement, as discussed in Note 8, with a twenty-year term. In accordance with ASC 842, Leases, this transaction was accounted for as a failed sale as the Company retains control of the underlying assets. The proceeds received from the transaction were recorded by the Company as a long term financing facility with an interest rate of 0.28% , as a result of tax credits which were transferred to the counterparty. The principal and interest payments are due in semi annual installments and the long term finance facility matures on July 16, 2039, with all remaining unpaid amounts outstanding under the agreement due at that time. At September 30, 2019, $4,872 was outstanding under the long term finance liability. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
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 (“ESPC”), construction of energy 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 its fair value measured using level 1 inputs per the fair value hierarchy as defined in Note 10. 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. |
Sale-Leaseback | As of January 1, 2019, the Company adopted Accounting Standard Update (“ASU”) 2016-02, Leases (Topic 842) and, along with the standard, elected to take the practical expedient that the Company will not reassess lease classifications at adoption. Accordingly, the Company’s sales-leaseback arrangements entered into as of December 31, 2018 will remain under the previous guidance. See Note 8 for additional information on these sale-leasebacks. |
Leases | All significant lease arrangements are recognized at lease commencement. Operating lease right-of-use (“ROU”) assets and lease liabilities are recognized at commencement. An ROU asset and corresponding lease liability are not recorded for leases with an initial term of 12 months or less (short term leases) as the Company recognizes lease expense for these leases as incurred over the lease term. ROU assets represent the Company’s right to use an underlying asset during the reasonably certain lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The Company uses its incremental borrowing rate, which is updated annually or when a significant event occurs that would indicate a significant change in rates, based on the information available at commencement date, in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments related to initial direct cost and prepayments and excludes lease incentives. Lease expense is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components, which are accounted for as a single component. |
Variable Interest Entities | Variable Interest Entities The Company generally aggregates the disclosures of its variable interest entities (“VIEs”) based on certain qualitative and quantitative factors including the purpose and design of the underlying VIEs, the nature of the assets in the VIE, and the type of involvement the Company has with the VIE including its role and type of interest held in the VIE. |
Equity Method Investment | Equity Method Investment The Company has entered into a joint venture and has determined it is not the primary beneficiary using the methodology previously described for variable interest entities. The Company does not consolidate the operations of this joint venture and treats the joint venture as an equity method investment. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Leases In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02, Leases (Topic 842). The guidance in this ASU supersedes the leasing guidance in Topic 840, Leases. Under the new guidance, the Company is electing to only 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 condensed consolidated statements of income. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. On January 1, 2019, the Company adopted ASU No. 2016-02 using the modified retrospective approach of applying the new standard at the adoption date. See Note 8 for the impact of the adoption and the new disclosures required by this standard. In March 2019, the FASB issued ASU No. 2019-01, Leases (Topic 842): Codification Improvements, which provides clarification and improvements to the previous issued guidance. The standard is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. The Company is currently evaluating the impact of ASU 2019-01 on its condensed consolidated financial statements, but does not expect that the adoption of this guidance will have a significant impact on its condensed consolidated financial statements. Intangibles-Goodwill and Other In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use-Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which clarifies the accounting for implementation, setup, and upfront costs and aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The new standard is effective interim and annual periods beginning after December 15, 2019, with early adoption permitted, and can be applied either retrospectively or prospectively. The Company adopted this guidance as of January 1, 2019 and the adoption did not have an impact on the Company’s condensed consolidated financial statements. Derivatives and Hedging In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, which, among other things, clarifies some areas around partial-term fair value hedges interest rate risk, the amortization of fair value hedge basis adjustments and their disclosure, and some clarification of some matters related to transitioning to ASU No. 2017-12, which was adopted by the Company during the year ended December 31, 2018. For those that have already adopted ASU No. 2017-12, the new standard is effective the first annual period beginning after the issuance date of ASU No. 2019-04, or as of January 1, 2020 for the Company, with early adoption permitted. The Company is currently evaluating the impact of ASU No. 2019-04 on its condensed consolidated financial statements, but does not expect that the adoption of this guidance will have a significant impact on its condensed consolidated financial statements. Fair Value Measurement In August 2018, the FASB issued ASU No. 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, which modifies the disclosure requirements on fair value measurements. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company is currently evaluating the impact of ASU 2018-13 on its condensed consolidated financial statements, but does not expect that the adoption of this guidance will have a significant impact on its condensed consolidated financial statements. Accumulated Other Comprehensive Income In February 2018, the FASB issued ASU No. 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, to allow entities to reclassify the income tax effects of tax reform legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”) on items within accumulated other comprehensive income to retained earnings. ASU 2018-02 is effective for fiscal years and interim periods within those years beginning after December 15, 2018, and early adoption is permitted. The Company adopted the guidance as of January 1, 2019. Upon adoption, the Company recognized an increase to retained earnings and a corresponding increase to accumulated other comprehensive loss of $217 . Consolidations In October 2018, the FASB issued ASU No. 2018-17, Consolidation (Topic 810), Targeted Improvements to Related Party Guidance for Variable Interest Entities, which aligns the evaluation of whether a decision maker's fee is a variable interest with the guidance in the primary beneficiary test by requiring the decision maker to consider an indirect interest in a VIE held by related party under common control on a proportionate basis. The new standard is effective interim and annual periods beginning after December 15, 2019, with early adoption permitted. The Company is currently evaluating the impact of ASU 2018-17 on its condensed consolidated financial statements, but does not expect that the adoption of this guidance will have a significant impact on its condensed consolidated financial statements. |
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. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Disaggregation of Revenue | The following table provides information about disaggregated revenue by line of business, reportable segments, and geographical region for the three and nine months ended September 30, 2019 and 2018 . US Regions U.S. Federal Canada Non-Solar DG All Other Total Line of Business Three Months Ended September 30, 2019 Project revenue $ 72,667 $ 58,199 $ 9,380 $ 3,059 $ 2,592 $ 145,897 O&M revenue 4,280 11,123 — 2,330 88 17,821 Energy assets 6,699 1,339 1,327 16,421 — 25,786 Other 433 597 1,958 65 19,469 22,522 Total revenues $ 84,079 $ 71,258 $ 12,665 $ 21,875 $ 22,149 $ 212,026 Three months ended September 30, 2018 Project revenue $ 77,345 $ 49,762 $ 9,206 $ 1,268 $ 4,074 $ 141,655 O&M revenue 4,432 10,733 15 2,006 — 17,186 Energy assets 4,064 1,507 921 18,790 222 25,504 Other 561 376 1,462 74 18,557 21,030 Total revenues $ 86,402 $ 62,378 $ 11,604 $ 22,138 $ 22,853 $ 205,375 Nine Months Ended September 30, 2019 Project revenue $ 196,284 $ 134,954 $ 20,112 $ 6,318 $ 8,818 $ 366,486 O&M revenue 11,580 30,370 5 6,771 109 48,835 Energy assets 18,063 2,958 2,585 52,612 582 76,800 Other 1,969 1,055 4,994 669 59,513 68,200 Total revenues $ 227,896 $ 169,337 $ 27,696 $ 66,370 $ 69,022 $ 560,321 Nine Months Ended September 30, 2018 Project revenue $ 223,662 $ 135,037 $ 21,459 $ 3,368 $ 8,844 $ 392,370 O&M revenue 12,396 29,477 34 6,260 — 48,167 Energy assets 12,844 3,416 2,304 50,405 821 69,790 Other 969 447 4,669 143 53,212 59,440 Total revenues $ 249,871 $ 168,377 $ 28,466 $ 60,176 $ 62,877 $ 569,767 US Regions U.S. Federal Canada Non-Solar DG All Other Total Geographical Regions Three Months Ended September 30, 2019 United States $ 84,079 $ 71,258 $ 1,023 $ 21,875 $ 17,936 $ 196,171 Canada — — 11,642 — 50 11,692 Other — — — — 4,163 4,163 Total revenues $ 84,079 $ 71,258 $ 12,665 $ 21,875 $ 22,149 $ 212,026 Three Months Ended September 30, 2018 United States $ 86,402 $ 62,378 $ 419 $ 22,138 $ 17,445 $ 188,782 Canada — — 11,185 — 33 11,218 Other — — — — 5,375 5,375 Total revenues $ 86,402 $ 62,378 $ 11,604 $ 22,138 $ 22,853 $ 205,375 Nine Months Ended September 30, 2019 United States $ 227,896 $ 169,337 $ 2,281 $ 66,370 $ 56,052 $ 521,936 Canada — — 25,415 — 157 25,572 Other — — — — 12,813 12,813 Total revenues $ 227,896 $ 169,337 $ 27,696 $ 66,370 $ 69,022 $ 560,321 Nine Months Ended September 30, 2018 United States $ 249,871 $ 168,377 $ 1,587 $ 60,176 $ 51,336 $ 531,347 Canada — — 26,879 — 261 27,140 Other — — — — 11,280 11,280 Total revenues $ 249,871 $ 168,377 $ 28,466 $ 60,176 $ 62,877 $ 569,767 |
Summary of Contract with Customer, Asset and Liability | The following table provides information about receivables, contract assets and contract liabilities from contracts with customers: September 30, 2019 December 31, 2018 Accounts receivable, net $ 91,755 $ 85,985 Accounts receivable retainage, net 16,652 13,516 Contract Assets: Costs and estimated earnings in excess of billings 124,652 86,842 Contract Liabilities: Billings in excess of cost and estimated earnings 28,768 30,706 September 30, 2018 January 1, 2018 Accounts receivable, net $ 90,378 $ 85,121 Accounts receivable retainage, net 14,401 17,484 Contract Assets: Costs and estimated earnings in excess of billings 66,471 95,658 Contract Liabilities: Billings in excess of cost and estimated earnings 39,533 27,248 |
Business Acquisitions and Rel_2
Business Acquisitions and Related Transactions (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Schedule of Purchase Price Allocation by Acquisitions | A summary of the cumulative consideration paid and the allocation of the purchase price of all of the acquisitions in each respective period is as follows: September 30, 2019 December 31, 2018 Accounts receivable $ 150 $ 1,015 Prepaid expenses and other current assets 2 12 Property and equipment and energy assets 315 — Intangibles 500 680 Goodwill 315 2,845 Accounts payable (32 ) (67 ) Billings in excess of cost and estimated earnings (62 ) — Purchase price $ 1,188 $ 4,485 Total, net of cash received $ 1,188 $ 4,485 Debt assumed $ — $ — Total fair value of consideration $ 1,188 $ 4,485 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Carrying Value of Goodwill Attributable to Each Reportable Segment | The changes in the carrying value of goodwill attributable to each reportable segment are as follows: U.S. Regions U.S. Federal Canada Non-solar DG Other Total Balance, December 31, 2018 $ 26,370 $ 4,609 $ 3,217 $ — $ 24,136 $ 58,332 Goodwill acquired during the year 406 — — — — 406 Re-measurement adjustment (91 ) (628 ) — — — (719 ) Currency effects — — 95 — (215 ) (120 ) Balance, September 30, 2019 $ 26,685 $ 3,981 $ 3,312 $ — $ 23,921 $ 57,899 Accumulated Goodwill Impairment Balance, December 31, 2018 $ — $ — $ (1,016 ) $ — $ — $ (1,016 ) Balance, September 30, 2019 $ — $ — $ (1,016 ) $ — $ — $ (1,016 ) |
Schedule of Gross Carrying Amount and Accumulated Amortization of Intangible Assets | The gross carrying amount and accumulated amortization of intangible assets are as follows: As of September 30, As of December 31, 2019 2018 Gross Carrying Amount Customer contracts $ 7,778 $ 7,818 Customer relationships 12,438 12,082 Non-compete agreements 2,991 3,013 Technology 2,722 2,710 Trade names 543 541 26,472 26,164 Accumulated Amortization Customer contracts 7,695 7,668 Customer relationships 10,740 10,302 Non-compete agreements 2,991 3,013 Technology 2,707 2,651 Trade names 529 526 24,662 24,160 Intangible assets, net $ 1,810 $ 2,004 |
Energy Assets (Tables)
Energy Assets (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Energy Assets | Energy assets consist of the following: September 30, December 31, 2019 2018 Energy assets $ 693,916 $ 619,708 Less - accumulated depreciation and amortization (186,157 ) (159,756 ) Energy assets, net $ 507,759 $ 459,952 |
Schedule of Financing Lease Assets | Included in energy assets are financing lease assets and accumulated depreciation of financing lease assets. Financing lease assets consist of the following: September 30, December 31, 2019 2018 Financing lease assets $ 42,402 $ 42,402 Less - accumulated depreciation and amortization (5,736 ) (4,139 ) Financing lease assets, net $ 36,666 $ 38,263 Supplemental balance sheet information related to leases at September 30, 2019 is as follows: September 30, 2019 Operating Leases: Operating lease assets $ 32,540 Current operating lease liabilities 5,935 Long-term portions of operating lease liabilities 28,799 Total operating lease liabilities $ 34,734 Weighted-average remaining lease term 10 years Weighted-average discount rate 6.3 % Financing Leases: Energy assets, net $ 36,666 Current portions of financing lease liabilities 5,008 Long-term financing lease liabilities, less current portions and net of deferred financing fees 26,098 Total financing lease liability $ 31,106 Weighted-average remaining lease term 17 years Weighted-average discount rate 11.8 % These adjustments are detailed as follows: As of January 1, 2019 As Reported 842 Adjustment Adjusted Balances Operating Leases: Operating lease assets $ — $ 31,639 $ 31,639 Current portions of operating lease liabilities — 5,084 5,084 Long-term portions of operating lease liabilities — 28,480 28,480 Total operating lease liabilities $ — $ 33,564 $ 33,564 Weighted-average remaining lease term 10 years Weighted-average discount rate 6.0 % Financing Leases: Energy assets, net $ 38,263 $ — $ 38,263 Current portions of financing lease liabilities 4,956 — 4,956 Long-term financing lease liabilities, less current portions and net of deferred financing fees 28,407 — 28,407 Total financing lease liabilities $ 33,363 $ — $ 33,363 Weighted-average remaining lease term 18 years Weighted-average discount rate 11.7 % |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of Gross 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, 2018 $ 1,600 Additions for prior year tax positions — Settlements with tax authorities — Reductions of prior year tax positions — Balance, September 30, 2019 $ 1,600 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Schedule of Assets and Liabilities, Lessee | Included in energy assets are financing lease assets and accumulated depreciation of financing lease assets. Financing lease assets consist of the following: September 30, December 31, 2019 2018 Financing lease assets $ 42,402 $ 42,402 Less - accumulated depreciation and amortization (5,736 ) (4,139 ) Financing lease assets, net $ 36,666 $ 38,263 Supplemental balance sheet information related to leases at September 30, 2019 is as follows: September 30, 2019 Operating Leases: Operating lease assets $ 32,540 Current operating lease liabilities 5,935 Long-term portions of operating lease liabilities 28,799 Total operating lease liabilities $ 34,734 Weighted-average remaining lease term 10 years Weighted-average discount rate 6.3 % Financing Leases: Energy assets, net $ 36,666 Current portions of financing lease liabilities 5,008 Long-term financing lease liabilities, less current portions and net of deferred financing fees 26,098 Total financing lease liability $ 31,106 Weighted-average remaining lease term 17 years Weighted-average discount rate 11.8 % These adjustments are detailed as follows: As of January 1, 2019 As Reported 842 Adjustment Adjusted Balances Operating Leases: Operating lease assets $ — $ 31,639 $ 31,639 Current portions of operating lease liabilities — 5,084 5,084 Long-term portions of operating lease liabilities — 28,480 28,480 Total operating lease liabilities $ — $ 33,564 $ 33,564 Weighted-average remaining lease term 10 years Weighted-average discount rate 6.0 % Financing Leases: Energy assets, net $ 38,263 $ — $ 38,263 Current portions of financing lease liabilities 4,956 — 4,956 Long-term financing lease liabilities, less current portions and net of deferred financing fees 28,407 — 28,407 Total financing lease liabilities $ 33,363 $ — $ 33,363 Weighted-average remaining lease term 18 years Weighted-average discount rate 11.7 % |
Schedule of Lease Costs | The costs related to our leases are as follows: Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Operating Lease: Operating lease costs $ 1,913 $ 5,660 Financing Lease: Amortization expense 533 1,597 Interest on lease liabilities 854 2,750 Total lease costs $ 3,300 $ 10,007 |
Schedule of Finance Lease Liability Maturity | The Company’s estimated minimum future lease obligations under our leases are as follows: Operating Leases Financing Leases Year ended December 31, 2019 $ 1,851 $ 4,302 2020 7,523 7,881 2021 6,156 6,775 2022 5,600 5,173 2023 4,348 3,686 Thereafter 22,977 26,799 Total minimum lease payments $ 48,455 $ 54,616 Less: interest 13,721 23,510 Present value of lease liabilities $ 34,734 $ 31,106 |
Schedule of Operating Lease Liability Maturity | The Company’s estimated minimum future lease obligations under our leases are as follows: Operating Leases Financing Leases Year ended December 31, 2019 $ 1,851 $ 4,302 2020 7,523 7,881 2021 6,156 6,775 2022 5,600 5,173 2023 4,348 3,686 Thereafter 22,977 26,799 Total minimum lease payments $ 48,455 $ 54,616 Less: interest 13,721 23,510 Present value of lease liabilities $ 34,734 $ 31,106 |
Schedule of Amount Related to Sale Leasebacks | A summary of amounts related to sale leasebacks in the Company’s condensed consolidated balance sheets is as follows: September 30, December 31, 2019 2018 Financing lease assets, net $ 36,666 $ 38,263 Deferred loss, short-term, net 115 115 Deferred loss, long-term, net 1,830 1,917 Total deferred loss $ 1,945 $ 2,032 Financing lease liabilities, short-term 5,008 4,956 Financing lease liabilities, long-term 26,098 28,407 Total financing lease liabilities $ 31,106 $ 33,363 Deferred gain, short-term, net 345 345 Deferred gain, long-term, net 5,549 5,808 Total deferred gain $ 5,894 $ 6,153 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 September 30, December 31, Level 2019 2018 Assets: Interest rate swap instruments 2 $ 41 $ 733 Commodity swap instruments 2 167 33 Total assets $ 208 $ 766 Liabilities: Interest rate swap instruments 2 $ 7,600 $ 3,187 Commodity swap instruments 2 — 70 Interest make-whole provisions 2 873 1,808 Contingent revenue earn-out 3 1,028 962 Total liabilities $ 9,501 $ 6,027 |
Schedule of Changes In Fair Value Of Contingent Liabilities Classified as Level 3 | The following table sets forth a summary of changes in fair value of contingent liabilities classified as Level 3 for the nine months ended September 30, 2019 : Nine Months Ended September 30, 2019 Contingent consideration liabilities balance at December 31, 2018 $ 962 Changes in the fair value of contingent consideration obligation $ 66 Contingent consideration liabilities balance at September 30, 2019 $ 1,028 |
Schedule of Fair Value and Carrying Value for Company's Long-Term Debt | Based on the analysis performed, the fair value and the carrying value of the Company’s long-term debt, excluding financing leases, are as follows: As of September 30, 2019 As of December 31, 2018 Fair Value Carrying Value Fair Value Carrying Value Long-term debt (Level 2) $ 249,404 $ 247,618 $ 211,823 $ 212,687 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Value of Derivative Instruments | Other Derivatives Classification Effective Date Expiration Date Fair Value ($) Interest make-whole provisions Liability June/August 2018 December 2038 $ 873 At September 30, 2019 and December 31, 2018 , the following table presents information about the fair value amounts of the Company’s derivative instruments are as follows: Derivatives as of September 30, 2019 December 31, 2018 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives Designated as Hedging Instruments: Interest rate swap contracts Other assets $ 41 Other assets $ 703 Interest rate swap contracts Other liabilities 7,565 Other liabilities 3,187 Derivatives Not Designated as Hedging Instruments: Interest rate swap contracts Other assets $ — Other assets $ 30 Interest rate swap contracts Other liabilities 35 Other liabilities — Commodity swap contracts Other assets 167 Other assets 33 Commodity swap contracts Other liabilities — Other liabilities 70 Interest make-whole provisions Other liabilities 873 Other liabilities 1,808 |
Schedule of Derivative Effect on Consolidated Statement of Income (Loss) | The following tables present information about the effects of the Company’s derivative instruments on the condensed consolidated statements of income and condensed consolidated statements of comprehensive income: Location of (Gain) Loss Recognized in Net Income Amount of (Gain) Loss Recognized in Net Income Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Derivatives Designated as Hedging Instruments: Interest rate swap contracts Other expenses, net $ 44 $ (41 ) $ (6 ) $ (166 ) Derivatives not Designated as Hedging Instruments: Interest rate swap contracts Other expenses, net $ (3 ) $ (271 ) $ 66 $ (344 ) Commodity swap contracts Other expenses, net $ (31 ) $ (33 ) $ (203 ) $ 12 Interest make-whole provision Other expenses, net $ (150 ) $ 16 $ (935 ) $ 16 |
Schedule of Derivative Instruments Effect on Comprehensive Income (Loss) | Nine Months Ended September 30, 2019 Derivatives Designated as Hedging Instruments: Accumulated loss in AOCI at the beginning of the period $ (1,824 ) Cumulative impact from the adoption of ASU No. 2018-02 (217 ) Unrealized loss recognized in AOCI (3,714 ) Gain reclassified from AOCI to other expenses, net 7 Accumulated loss in AOCI at the end of the period $ (5,748 ) |
Schedule of Active Derivative Instruments | The following tables present a listing of all the Company’s active derivative instruments as of September 30, 2019 : Active Interest Rate Swap Effective Date Expiration Date Initial Notional Amount ($) Status 11-Year, 5.77% Fixed October 2018 October 2029 $ 9,200 Designated 15-Year, 3.19% Fixed June 2018 June 2033 10,000 Designated 3-Year, 2.46% Fixed March 2018 December 2020 17,100 Not Designated 10-Year, 4.74% Fixed June 2017 December 2027 14,100 Designated 15-Year, 3.26% Fixed February 2023 December 2038 14,084 Designated 7-Year, 2.19% Fixed February 2016 February 2023 20,746 Designated 8-Year, 3.70% Fixed March 2020 June 2028 14,643 Designated 8-Year, 3.70% Fixed March 2020 June 2028 10,734 Designated 8-Year, 1.71% Fixed October 2012 March 2020 9,665 Designated 8-Year, 1.71% Fixed October 2012 March 2020 7,085 Designated 15-Year, 5.30% Fixed February 2006 February 2021 3,256 Designated 15.5-Year, 5.40% Fixed September 2008 March 2024 13,081 Designated Active Commodity Swap Effective Date Expiration Date Initial Notional Amount (Volume) Commodity Measurement Status 1-Year, $2.68 MMBtu Fixed May 2019 April 2020 437,004 MMBtus Not Designated 1-Year, $2.70 MMBtu Fixed May 2020 April 2021 435,810 MMBtus Not Designated |
Investment Funds And Other Va_2
Investment Funds And Other Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Variable Interest Entities | A summary of amounts related to the investment funds in the Company’s condensed consolidated balance sheets is as follows: September 30, December 31, 2019 (1) 2018 (1) Cash and cash equivalents $ 2,777 $ 1,255 Restricted cash 156 156 Accounts receivable, net 695 374 Costs and estimated earnings in excess of billings 2,531 498 Prepaid expenses and other current assets 134 190 Total VIE current assets 6,293 2,473 Property and equipment, net 285 — Energy assets, net 121,918 122,641 Operating lease assets 6,048 — Other assets 1,669 1,613 Total VIE assets $ 136,213 $ 126,727 Current portions of long-term debt and financing lease liabilities $ 2,270 $ 1,712 Accounts payable 149 234 Accrued expenses and other current liabilities 3,948 4,146 Current portions of operating lease liabilities 91 — Total VIE current liabilities 6,458 6,092 Long-term debt and financing lease liabilities, less current portions and net of deferred financing fees 25,493 26,461 Deferred income taxes, net 460 — Long-term portions of operating lease liabilities 6,264 — Other liabilities 873 2,131 Total VIE liabilities $ 39,548 $ 34,684 (1) The amounts in the above table are reflected in footnote 1 on the Company’s condensed consolidated balance sheets. See the Company’s condensed consolidated balance sheets for additional information. |
Earnings Per Share and Other _2
Earnings Per Share and Other Equity Related Information (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | 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. Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net income attributable to common shareholders $ 8,870 $ 10,701 $ 22,233 $ 26,391 Basic weighted-average shares outstanding 46,555 45,854 46,413 45,599 Effect of dilutive securities: Stock options 1,138 1,090 1,262 910 Diluted weighted-average shares outstanding 47,693 46,944 47,675 46,509 |
Business Segment Information (T
Business Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 Non-Solar DG All Other Total Consolidated Three Months Ended September 30, 2019 Revenues $ 84,079 $ 71,258 $ 12,665 $ 21,875 $ 22,149 $ 212,026 Interest income 69 92 — 21 — 182 Interest expense 1,548 209 179 1,213 — 3,149 Depreciation and amortization of intangible assets 2,538 901 396 5,149 429 9,413 Unallocated corporate activity — — — — — (8,482 ) Income before taxes, excluding unallocated corporate activity 3,350 10,967 1,577 977 881 17,752 Three Months Ended September 30, 2018 Revenues $ 86,402 $ 62,378 $ 11,604 $ 22,138 $ 22,853 $ 205,375 Interest income 2 36 — 38 — 76 Interest expense 1,403 225 480 1,681 (13 ) 3,776 Depreciation and amortization of intangible assets 1,341 671 294 4,530 378 7,214 Unallocated corporate activity — — — — — (8,648 ) Income before taxes, excluding unallocated corporate activity 5,256 10,969 664 3,851 1,959 22,699 Nine Months Ended September 30, 2019 Revenues $ 227,896 $ 169,337 $ 27,696 $ 66,370 $ 69,022 $ 560,321 Interest income 132 160 — 65 39 396 Interest expense 4,118 627 517 4,075 — 9,337 Depreciation and amortization of intangible assets 7,184 2,524 986 16,051 1,153 27,898 Unallocated corporate activity — — — — — (25,331 ) Income before taxes, excluding unallocated corporate activity 5,530 26,631 1,529 5,758 7,592 47,040 Nine Months Ended September 30, 2018 Revenues $ 249,871 $ 168,377 $ 28,466 $ 60,176 $ 62,877 $ 569,767 Interest income 5 84 — 120 — 209 Interest expense 3,911 771 1,464 4,575 — 10,721 Depreciation and amortization of intangible assets 4,048 2,004 873 12,942 1,134 21,001 Unallocated corporate activity — — — — — (23,269 ) Income (loss) before taxes, excluding unallocated corporate activity 14,606 26,864 (1,983 ) 8,796 3,771 52,054 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | As of September 30, 2019 , the Company’s debt comprised the following: Commencement Date Maturity Date Acceleration Clause (2) Rate as of September 30, 2019 September 30, 2019 December 31, 2018 Senior secured credit facility, interest at varying rates monthly in arrears June 2015 June 2024 NA 3.84 % $ 81,410 $ 43,074 Variable rate term loan payable in semi-annual installments January 2006 February 2021 Yes 4.34 % 774 936 Variable rate term loan payable in semi-annual installments January 2006 June 2024 Yes 4.09 % 6,953 7,426 Term loan payable in quarterly installments March 2011 March 2021 Yes 7.25 % 993 1,464 Term loan payable in monthly installments October 2011 June 2028 NA 6.11 % 3,606 3,843 Variable rate term loan payable in quarterly installments October 2012 June 2020 NA 5.59 % 28,844 30,674 Variable rate term loan payable in quarterly installments September 2015 March 2023 NA 4.59 % 16,782 17,208 Term loan payable in quarterly installments August 2016 July 2031 NA 4.95 % 3,753 3,925 Term loan payable in quarterly installments March 2017 March 2028 NA 5.00 % 3,627 3,945 Term loan payable in monthly installments April 2017 April 2027 NA 4.50 % 23,211 22,081 Term loan payable in quarterly installments April 2017 February 2034 NA 5.61 % 2,661 2,735 Variable rate term loan payable in quarterly installments June 2017 December 2027 NA 4.54 % 12,330 12,915 Variable rate term loan payable in quarterly installments February 2018 August 2022 Yes 9.59 % 16,366 21,475 Term loan payable in quarterly installments June 2018 December 2038 Yes 5.15 % 29,463 30,069 Variable rate term loan payable in semi-annual installments June 2018 June 2033 Yes 4.14 % 9,337 9,668 Variable rate term loan payable in monthly/quarterly installments October 2018 October 2029 Yes 4.60 % 9,086 9,072 Long term finance liability in semi-annual installments July 2019 July 2039 NA 0.28 % 4,872 — Financing leases (1) 31,106 33,363 $ 285,174 $ 253,873 Less - current maturities 54,958 26,890 Less - deferred financing fees 6,450 7,821 Long term debt and financing lease liabilities $ 223,766 $ 219,162 (1) Financing leases do not include approximately $23,510 in future interest payments (2) These agreements have acceleration causes that, in the event of default, as defined, the payee has the option to accelerate payment terms and make due the remaining principal and the required interest balance according to the agreement |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Accounting Policies [Abstract] | |||
Restricted cash non-current | $ 22,782 | $ 19,637 | $ 19,025 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands | Jan. 01, 2019 | Jul. 01, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cumulative impact from the adoption of ASU | $ (54) | |
Retained Earnings | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cumulative impact from the adoption of ASU | $ 0 | |
Accounting Standards Update 2018-02 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cumulative impact from the adoption of ASU | $ 0 | |
Accounting Standards Update 2018-02 | Retained Earnings | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cumulative impact from the adoption of ASU | 217 | |
Accounting Standards Update 2018-02 | Accumulated Other Comprehensive Loss | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cumulative impact from the adoption of ASU | $ (217) |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 212,026 | $ 205,375 | $ 560,321 | $ 569,767 |
United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 196,171 | 188,782 | 521,936 | 531,347 |
Canada | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 11,692 | 11,218 | 25,572 | 27,140 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 4,163 | 5,375 | 12,813 | 11,280 |
Project revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 145,897 | 141,655 | 366,486 | 392,370 |
O&M revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 17,821 | 17,186 | 48,835 | 48,167 |
Energy assets | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 25,786 | 25,504 | 76,800 | 69,790 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 22,522 | 21,030 | 68,200 | 59,440 |
US Regions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 84,079 | 86,402 | 227,896 | 249,871 |
US Regions | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 84,079 | 86,402 | 227,896 | 249,871 |
US Regions | Canada | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
US Regions | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
US Regions | Project revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 72,667 | 77,345 | 196,284 | 223,662 |
US Regions | O&M revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 4,280 | 4,432 | 11,580 | 12,396 |
US Regions | Energy assets | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 6,699 | 4,064 | 18,063 | 12,844 |
US Regions | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 433 | 561 | 1,969 | 969 |
U.S. Federal | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 71,258 | 62,378 | 169,337 | 168,377 |
U.S. Federal | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 71,258 | 62,378 | 169,337 | 168,377 |
U.S. Federal | Canada | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
U.S. Federal | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
U.S. Federal | Project revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 58,199 | 49,762 | 134,954 | 135,037 |
U.S. Federal | O&M revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 11,123 | 10,733 | 30,370 | 29,477 |
U.S. Federal | Energy assets | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,339 | 1,507 | 2,958 | 3,416 |
U.S. Federal | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 597 | 376 | 1,055 | 447 |
Canada | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 12,665 | 11,604 | 27,696 | 28,466 |
Canada | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,023 | 419 | 2,281 | 1,587 |
Canada | Canada | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 11,642 | 11,185 | 25,415 | 26,879 |
Canada | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Canada | Project revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 9,380 | 9,206 | 20,112 | 21,459 |
Canada | O&M revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 15 | 5 | 34 |
Canada | Energy assets | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,327 | 921 | 2,585 | 2,304 |
Canada | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,958 | 1,462 | 4,994 | 4,669 |
Non-Solar DG | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 21,875 | 22,138 | 66,370 | 60,176 |
Non-Solar DG | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 21,875 | 22,138 | 66,370 | 60,176 |
Non-Solar DG | Canada | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Non-Solar DG | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Non-Solar DG | Project revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 3,059 | 1,268 | 6,318 | 3,368 |
Non-Solar DG | O&M revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 2,330 | 2,006 | 6,771 | 6,260 |
Non-Solar DG | Energy assets | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 16,421 | 18,790 | 52,612 | 50,405 |
Non-Solar DG | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 65 | 74 | 669 | 143 |
All Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 22,149 | 22,853 | 69,022 | 62,877 |
All Other | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 17,936 | 17,445 | 56,052 | 51,336 |
All Other | Canada | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 50 | 33 | 157 | 261 |
All Other | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 4,163 | 5,375 | 12,813 | 11,280 |
All Other | Project revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 2,592 | 4,074 | 8,818 | 8,844 |
All Other | O&M revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 88 | 0 | 109 | 0 |
All Other | Energy assets | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 222 | 582 | 821 |
All Other | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 19,469 | $ 18,557 | $ 59,513 | $ 53,212 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Contract Balances (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jan. 01, 2018 | ||
Revenue from Contract with Customer [Abstract] | ||||||
Accounts receivable, net | $ 91,755 | [1] | $ 85,985 | [1] | $ 90,378 | $ 85,121 |
Accounts receivable retainage, net | 16,652 | 13,516 | 14,401 | 17,484 | ||
Contract Assets: | ||||||
Costs and estimated earnings in excess of billings | $ 124,652 | [1] | 86,842 | [1] | 66,471 | 95,658 |
Contract Liabilities: | ||||||
Billings in excess of cost and estimated earnings | $ 30,706 | $ 39,533 | $ 27,248 | |||
[1] | Includes restricted assets of consolidated variable interest entities (“VIEs”) at September 30, 2019 and December 31, 2018 of $136,213 and $126,727, respectively. Includes non-recourse liabilities of consolidated VIEs at September 30, 2019 and December 31, 2018 of $39,548 and $34,684, respectively. See Note 12. |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Contract with customer, liability, noncurrent | $ 5,534,000 | $ 5,534,000 | $ 6,343,000 | ||
Contract with customer, asset, reclassified to receivable | 351,180,000 | $ 398,917,000 | |||
Contract with customer, asset, revenue recognized | 321,344,000 | 344,768,000 | |||
Contract with customer, liability, revenue recognized | 58,594,000 | 116,892,000 | |||
Contract with customer, liability, billings | 53,652,000 | 119,961,000 | |||
Revenue, remaining performance obligation | $ 1,696,200,000 | $ 1,696,200,000 | |||
Revenue, remaining performance obligation, percentage | 29.00% | 29.00% | |||
Capitalized project development costs, noncurrent | $ 1,673,000 | $ 1,673,000 | $ 639,000 | ||
Capitalized contract cost, project development costs | $ 2,048,000 | $ 7,561,000 | 13,081,000 | 13,571,000 | |
Capitalized contract cost, impairment loss | $ 0 | $ 0 | |||
Minimum | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Contract receivable retainage percentage | 5.00% | 5.00% | |||
Maximum | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Contract receivable retainage percentage | 10.00% | 10.00% |
Business Acquisitions and Rel_3
Business Acquisitions and Related Transactions - Additional Information (Details) $ in Thousands | 1 Months Ended | 9 Months Ended | |||
Jan. 31, 2019USD ($) | Sep. 30, 2019 | Sep. 30, 2019USD ($) | Sep. 30, 2019Agreement | Sep. 30, 2019project | |
Business Acquisition [Line Items] | |||||
Measurement period adjustment | $ 719 | ||||
Measurement period adjustment, hold back contingency | 398 | ||||
Number of projects acquired | 4 | 4 | |||
U.S. Federal | |||||
Business Acquisition [Line Items] | |||||
Measurement period adjustment | 628 | ||||
Massachusetts Based Solar Operations And Maintenance Firm | |||||
Business Acquisition [Line Items] | |||||
Fair value of consideration | $ 1,279 | ||||
Measurement period adjustment | $ 91 | ||||
Minimum | Solar Photovoltaic Projects | |||||
Business Acquisition [Line Items] | |||||
Estimated useful life | 1 year | ||||
Maximum | Solar Photovoltaic Projects | |||||
Business Acquisition [Line Items] | |||||
Estimated useful life | 15 years |
Business Acquisitions and Rel_4
Business Acquisitions and Related Transactions - Consideration Paid and the Allocation of the Purchase Price (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Business Acquisition [Line Items] | |||
Goodwill | $ 57,899 | $ 58,332 | |
Total, net of cash received | 1,279 | $ 3,592 | |
Solar Photovoltaic Projects And EEX | |||
Business Acquisition [Line Items] | |||
Accounts receivable | 150 | 1,015 | |
Prepaid expenses and other current assets | 2 | 12 | |
Property and equipment and energy assets | 315 | 0 | |
Intangibles | 500 | 680 | |
Goodwill | 315 | 2,845 | |
Accounts payable | (32) | (67) | |
Billings in excess of cost and estimated earnings | (62) | 0 | |
Purchase price | 1,188 | 4,485 | |
Total, net of cash received | 1,188 | 4,485 | |
Debt assumed | 0 | 0 | |
Total fair value of consideration | $ 1,188 | $ 4,485 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Goodwill [Roll Forward] | ||
Balance, December 31, 2018 | $ 58,332 | |
Goodwill acquired during the year | 406 | |
Re-measurement adjustment | (719) | |
Currency effects | (120) | |
Balance, September 30, 2019 | 57,899 | |
Accumulated goodwill impairment | (1,016) | $ (1,016) |
U.S. Federal | ||
Goodwill [Roll Forward] | ||
Re-measurement adjustment | (628) | |
Operating Segments | U.S. Regions | ||
Goodwill [Roll Forward] | ||
Balance, December 31, 2018 | 26,370 | |
Goodwill acquired during the year | 406 | |
Re-measurement adjustment | (91) | |
Currency effects | 0 | |
Balance, September 30, 2019 | 26,685 | |
Accumulated goodwill impairment | 0 | 0 |
Operating Segments | U.S. Federal | ||
Goodwill [Roll Forward] | ||
Balance, December 31, 2018 | 4,609 | |
Goodwill acquired during the year | 0 | |
Re-measurement adjustment | (628) | |
Currency effects | 0 | |
Balance, September 30, 2019 | 3,981 | |
Accumulated goodwill impairment | 0 | 0 |
Operating Segments | Canada | ||
Goodwill [Roll Forward] | ||
Balance, December 31, 2018 | 3,217 | |
Goodwill acquired during the year | 0 | |
Re-measurement adjustment | 0 | |
Currency effects | 95 | |
Balance, September 30, 2019 | 3,312 | |
Accumulated goodwill impairment | (1,016) | (1,016) |
Operating Segments | Non-solar DG | ||
Goodwill [Roll Forward] | ||
Balance, December 31, 2018 | 0 | |
Goodwill acquired during the year | 0 | |
Re-measurement adjustment | 0 | |
Currency effects | 0 | |
Balance, September 30, 2019 | 0 | |
Accumulated goodwill impairment | 0 | 0 |
Operating Segments | Other | ||
Goodwill [Roll Forward] | ||
Balance, December 31, 2018 | 24,136 | |
Goodwill acquired during the year | 0 | |
Re-measurement adjustment | 0 | |
Currency effects | (215) | |
Balance, September 30, 2019 | 23,921 | |
Accumulated goodwill impairment | $ 0 | $ 0 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Additional Information (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Jan. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)business | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |
Finite-Lived Intangible Assets [Line Items] | ||||||
Number of businesses acquired | business | 1 | |||||
Measurement period adjustment | $ 719 | |||||
Gross Carrying Amount | $ 26,472 | 26,472 | $ 26,164 | |||
Accumulated Amortization | 24,662 | 24,662 | 24,160 | |||
Intangible assets, net | 1,810 | 1,810 | 2,004 | |||
Amortization of intangible assets | 681 | $ 771 | ||||
Customer contracts | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Gross Carrying Amount | 7,778 | 7,778 | 7,818 | |||
Accumulated Amortization | 7,695 | 7,695 | 7,668 | |||
Amortization of intangible assets | 22 | $ 0 | 67 | 0 | ||
Customer relationships | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Gross Carrying Amount | 12,438 | 12,438 | 12,082 | |||
Accumulated Amortization | 10,740 | 10,740 | 10,302 | |||
Non-compete agreements | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Gross Carrying Amount | 2,991 | 2,991 | 3,013 | |||
Accumulated Amortization | 2,991 | 2,991 | 3,013 | |||
Technology | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Gross Carrying Amount | 2,722 | 2,722 | 2,710 | |||
Accumulated Amortization | 2,707 | 2,707 | 2,651 | |||
Trade names | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Gross Carrying Amount | 543 | 543 | 541 | |||
Accumulated Amortization | 529 | 529 | $ 526 | |||
Other intangible assets | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Amortization of intangible assets | $ 202 | $ 269 | $ 614 | $ 771 | ||
Undisclosed Name of Acquiree 1 | Customer relationships | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Finite-lived intangible assets acquired | $ 500 | |||||
Remaining amortization period of asset acquired | 8 years | |||||
Minimum | Customer contracts | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Acquired intangible assets useful life | 1 year | |||||
Minimum | Other intangible assets | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
All other acquired intangible assets useful life | 4 years | |||||
Maximum | Customer contracts | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Acquired intangible assets useful life | 5 years | |||||
Maximum | Other intangible assets | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
All other acquired intangible assets useful life | 15 years | |||||
U.S. Regions | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Goodwill acquired during the year | $ 315 |
Energy Assets - Energy Assets (
Energy Assets - Energy Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Energy assets, net | [1] | $ 507,759 | $ 459,952 |
Energy Assets | |||
Property, Plant and Equipment [Line Items] | |||
Energy assets | 693,916 | 619,708 | |
Less - accumulated depreciation and amortization | (186,157) | (159,756) | |
Energy assets, net | $ 507,759 | $ 459,952 | |
[1] | Includes restricted assets of consolidated variable interest entities (“VIEs”) at September 30, 2019 and December 31, 2018 of $136,213 and $126,727, respectively. Includes non-recourse liabilities of consolidated VIEs at September 30, 2019 and December 31, 2018 of $39,548 and $34,684, respectively. See Note 12. |
Energy Assets - Financing Lease
Energy Assets - Financing Lease Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Financing lease assets | $ 42,402 | $ 42,402 | |
Less - accumulated depreciation and amortization | (5,736) | (4,139) | |
Financing lease assets, net | $ 36,666 | $ 38,263 | $ 38,263 |
Energy Assets - Narrative (Det
Energy Assets - Narrative (Details) $ in Thousands | Aug. 06, 2019USD ($)project | Sep. 30, 2019USD ($)project | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)project | Sep. 30, 2019USD ($)Agreementproject | Sep. 30, 2019USD ($)project | Sep. 30, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($)project | Jan. 01, 2018USD ($) |
Business Acquisition [Line Items] | ||||||||||
Depreciation and amortization expense | $ 8,843 | $ 6,753 | $ 26,338 | $ 19,699 | ||||||
Finance lease right-of-use assets, amortization expense | 533 | 499 | 1,597 | 1,538 | ||||||
Interest costs capitalized | $ 632 | 638 | $ 2,210 | 2,376 | ||||||
Number of ESPC projects included in energy assets that the Company owns and operates | project | 3 | 3 | 3 | 3 | 3 | |||||
Contract with customer, liability | $ 39,533 | 39,533 | $ 30,706 | $ 27,248 | ||||||
Contract with customer, current liability | $ 23,234 | $ 23,234 | $ 23,234 | $ 23,234 | 24,363 | |||||
Number of projects acquired | 4 | 4 | ||||||||
Asset retirement obligation recorded in project assets | 863 | 863 | $ 863 | $ 863 | ||||||
Asset retirement obligation liability recorded in accrued expenses | 930 | 930 | 930 | 930 | ||||||
Depreciation of property and equipment | 2,115 | $ 1,573 | ||||||||
ARO accretion expense | 10 | 32 | ||||||||
ARO Asset | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Depreciation of property and equipment | 12 | 34 | ||||||||
Solar Projects 2019 | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Fair value of consideration | 2,529 | |||||||||
Contingent consideration, liability | 4,122 | 4,122 | 4,122 | 4,122 | ||||||
Amount paid to developers of projects | 1,861 | |||||||||
Number of projects under definitive agreement to acquire | project | 3 | |||||||||
Solar Projects 2019 | Forecast | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Contingent consideration, liability | $ 668 | |||||||||
Solar Projects 2019, Additional Projects | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Fair value of consideration | $ 4,556 | |||||||||
Amount paid to developers of projects | 456 | |||||||||
Energy Assets | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Contract with customer, liability | 10,233 | 10,233 | 10,233 | 10,233 | 8,224 | |||||
Energy Assets | Accrued Expenses And Other Current Liabilities | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Contract with customer, current liability | $ 724 | $ 724 | $ 724 | $ 724 | $ 354 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||||
Income tax provision | $ 939 | $ 3,351 | $ 2,000 | $ 1,879 | |
Effective tax rate, percentage | 10.10% | 23.80% | 9.20% | 6.50% | |
Effective income tax rate reconciliation, Section 179D deduction | $ 5,900 | ||||
Gross unrecognized tax benefits | $ 1,600 | $ 1,600 | 1,600 | ||
Unrecognized tax benefits, if recognized would affect effective income tax rate | $ 705 | $ 705 | $ 705 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |
Balance, December 31, 2018 | $ 1,600 |
Additions for prior year tax positions | 0 |
Settlements with tax authorities | 0 |
Reductions of prior year tax positions | 0 |
Balance, September 30, 2019 | $ 1,600 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Jan. 01, 2019 | Dec. 31, 2018 | ||||
Lessee, Lease, Description [Line Items] | |||||||||
Operating lease assets | $ 32,540,000 | [1] | $ 32,540,000 | [1] | $ 31,639,000 | $ 0 | [1] | ||
Current operating lease liabilities | 5,935,000 | [1] | 5,935,000 | [1] | 5,084,000 | 0 | |||
Long-term portions of operating lease liabilities | 28,799,000 | [1] | 28,799,000 | [1] | 28,480,000 | $ 0 | |||
Operating leases revenue | 2,243,000 | 6,737,000 | |||||||
Net amortization expense | $ 57,000 | $ 48,000 | $ 172,000 | $ 153,000 | |||||
Maximum combined funding amount | $ 100,000,000 | $ 100,000,000 | |||||||
Sale leaseback terms | 20 years | 20 years | |||||||
Available funding under lending commitment | $ 90,200,000 | $ 90,200,000 | |||||||
842 Adjustment | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Operating lease assets | 31,639,000 | ||||||||
Current operating lease liabilities | 5,084,000 | ||||||||
Long-term portions of operating lease liabilities | $ 28,480,000 | ||||||||
Minimum | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Operating lease renewal term | 6 months | 6 months | |||||||
Maximum | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Operating lease renewal term | 7 years | 7 years | |||||||
[1] | Includes restricted assets of consolidated variable interest entities (“VIEs”) at September 30, 2019 and December 31, 2018 of $136,213 and $126,727, respectively. Includes non-recourse liabilities of consolidated VIEs at September 30, 2019 and December 31, 2018 of $39,548 and $34,684, respectively. See Note 12. |
Leases - Adoption of New Leasin
Leases - Adoption of New Leasing Standard (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | ||
Operating Leases: | |||||
Operating lease assets | $ 32,540 | [1] | $ 31,639 | $ 0 | [1] |
Current portions of operating lease liabilities | 5,935 | [1] | 5,084 | 0 | |
Long-term portions of operating lease liabilities | 28,799 | [1] | 28,480 | 0 | |
Total operating lease liabilities | $ 34,734 | $ 33,564 | |||
Operating lease, weighted-average remaining lease term | 10 years | 10 years | |||
Operating lease, weighted-average discount rate | 6.30% | 6.00% | |||
Financing Leases: | |||||
Energy assets, net | $ 36,666 | $ 38,263 | 38,263 | ||
Current portions of financing lease liabilities | 5,008 | 4,956 | |||
Long-term financing lease liabilities, less current portions and net of deferred financing fees | 26,098 | 28,407 | |||
Total financing lease liability | $ 31,106 | $ 33,363 | $ 33,363 | ||
Financing lease, weighted-average remaining lease term | 17 years | 18 years | |||
Financing lease, weighted-average discount rate | 11.80% | 11.70% | |||
As Reported | |||||
Operating Leases: | |||||
Operating lease assets | $ 0 | ||||
Current portions of operating lease liabilities | 0 | ||||
Long-term portions of operating lease liabilities | 0 | ||||
Total operating lease liabilities | 0 | ||||
Financing Leases: | |||||
Energy assets, net | 38,263 | ||||
Current portions of financing lease liabilities | 4,956 | ||||
Long-term financing lease liabilities, less current portions and net of deferred financing fees | 28,407 | ||||
Total financing lease liability | 33,363 | ||||
842 Adjustment | |||||
Operating Leases: | |||||
Operating lease assets | 31,639 | ||||
Current portions of operating lease liabilities | 5,084 | ||||
Long-term portions of operating lease liabilities | 28,480 | ||||
Total operating lease liabilities | 33,564 | ||||
Financing Leases: | |||||
Energy assets, net | 0 | ||||
Current portions of financing lease liabilities | 0 | ||||
Long-term financing lease liabilities, less current portions and net of deferred financing fees | 0 | ||||
Total financing lease liability | $ 0 | ||||
[1] | Includes restricted assets of consolidated variable interest entities (“VIEs”) at September 30, 2019 and December 31, 2018 of $136,213 and $126,727, respectively. Includes non-recourse liabilities of consolidated VIEs at September 30, 2019 and December 31, 2018 of $39,548 and $34,684, respectively. See Note 12. |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | ||
Operating Leases: | |||||
Operating lease assets | $ 32,540 | [1] | $ 31,639 | $ 0 | [1] |
Current operating lease liabilities | 5,935 | [1] | 5,084 | 0 | |
Long-term portions of operating lease liabilities | 28,799 | [1] | 28,480 | 0 | |
Total operating lease liabilities | $ 34,734 | $ 33,564 | |||
Operating lease, weighted-average remaining lease term | 10 years | 10 years | |||
Operating lease, weighted-average discount rate | 6.30% | 6.00% | |||
Financing Leases: | |||||
Energy assets, net | $ 36,666 | $ 38,263 | 38,263 | ||
Current portions of financing lease liabilities | 5,008 | 4,956 | |||
Long-term financing lease liabilities, less current portions and net of deferred financing fees | 26,098 | 28,407 | |||
Total financing lease liability | $ 31,106 | $ 33,363 | $ 33,363 | ||
Financing lease, weighted-average remaining lease term | 17 years | 18 years | |||
Financing lease, weighted-average discount rate | 11.80% | 11.70% | |||
[1] | Includes restricted assets of consolidated variable interest entities (“VIEs”) at September 30, 2019 and December 31, 2018 of $136,213 and $126,727, respectively. Includes non-recourse liabilities of consolidated VIEs at September 30, 2019 and December 31, 2018 of $39,548 and $34,684, respectively. See Note 12. |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Operating Leases: | ||||
Operating lease costs | $ 1,913 | $ 5,660 | ||
Financing Leases: | ||||
Amortization expense | 533 | $ 499 | 1,597 | $ 1,538 |
Interest on lease liabilities | 854 | 2,750 | ||
Total lease costs | $ 3,300 | $ 10,007 |
Leases - Minimum Future Lease O
Leases - Minimum Future Lease Obligations (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Operating Leases | |||
2019 | $ 1,851 | ||
2020 | 7,523 | ||
2021 | 6,156 | ||
2022 | 5,600 | ||
2023 | 4,348 | ||
Thereafter | 22,977 | ||
Total minimum lease payments | 48,455 | ||
Less: interest | 13,721 | ||
Present value of lease liabilities | 34,734 | $ 33,564 | |
Financing Leases | |||
2019 | 4,302 | ||
2020 | 7,881 | ||
2021 | 6,775 | ||
2022 | 5,173 | ||
2023 | 3,686 | ||
Thereafter | 26,799 | ||
Total minimum lease payments | 54,616 | ||
Less: interest | 23,510 | ||
Present value of lease liabilities | $ 31,106 | $ 33,363 | $ 33,363 |
Leases Leases - Schedule of Sal
Leases Leases - Schedule of Sale Leaseback Transactions (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Sale Leaseback Transaction [Line Items] | |||
Financing lease assets, net | $ 36,666 | $ 38,263 | $ 38,263 |
Solar Photovoltaic Projects | |||
Sale Leaseback Transaction [Line Items] | |||
Financing lease assets, net | 36,666 | 38,263 | |
Deferred loss, short-term, net | 115 | 115 | |
Deferred loss, long-term, net | 1,830 | 1,917 | |
Total deferred loss | 1,945 | 2,032 | |
Financing lease liabilities, short-term | 5,008 | 4,956 | |
Financing lease liabilities, long-term | 26,098 | 28,407 | |
Total financing lease liabilities | 31,106 | 33,363 | |
Deferred gain, short-term, net | 345 | 345 | |
Deferred gain, long-term, net | 5,549 | 5,808 | |
Total deferred gain | $ 5,894 | $ 6,153 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 1 Months Ended | |||
Aug. 31, 2018 | Sep. 30, 2019 | Nov. 30, 2018 | May 31, 2018 | |
Undisclosed Name of Acquiree 1 | ||||
Loss Contingencies [Line Items] | ||||
Contingent consideration, liability, certain acquired receivables | $ 27 | $ 425 | ||
Undisclosed Name of Acquiree 2 | ||||
Loss Contingencies [Line Items] | ||||
Contingent consideration, liability, revenue earn-outs, payment period | 5 years | |||
Contingent consideration, liability, fair value at date of acquisition | $ 555 | 650 | ||
Undisclosed Name Of Acquiree 3 | ||||
Loss Contingencies [Line Items] | ||||
Contingent consideration, liability | $ 378 | $ 363 |
Fair Value Measurement - Fair V
Fair Value Measurement - Fair Value of Assets and Liabilities Measured on a Recurring Basis (Details) - Recurring - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Liabilities: | ||
Total liabilities | $ 9,501 | $ 6,027 |
Level 2 | ||
Assets: | ||
Total assets | 208 | 766 |
Level 2 | Interest rate swap instruments | ||
Assets: | ||
Total assets | 41 | 733 |
Liabilities: | ||
Liability derivatives | 7,600 | 3,187 |
Level 2 | Commodity swap instruments | ||
Assets: | ||
Total assets | 167 | 33 |
Liabilities: | ||
Liability derivatives | 0 | 70 |
Level 2 | Interest make-whole provisions | ||
Liabilities: | ||
Liability derivatives | 873 | 1,808 |
Level 3 | ||
Liabilities: | ||
Contingent revenue earn-out | $ 1,028 | $ 962 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Details) | Sep. 30, 2019 |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Probability of base case scenario, percentage | 50.00% |
Undisclosed Name of Acquiree 1 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Probability of low case scenario, percentage | 50.00% |
Undisclosed Name of Acquiree 1 | Interest make-whole provisions | Measurement Input, Discount Rate | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Derivative liability, measurement input | 0.18 |
Undisclosed Name of Acquiree 2 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Derivative liability, measurement input | 0.18 |
Probability of low case scenario, percentage | 20.00% |
Probability of base case scenario, percentage | 75.00% |
Probability of high case scenario, percentage | 5.00% |
Fair Value Measurement - Change
Fair Value Measurement - Changes in Contingent Liabilities (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Contingent consideration liabilities balance at December 31, 2018 | $ 962 |
Changes in the fair value of contingent consideration obligation | 66 |
Contingent consideration liabilities balance at September 30, 2019 | $ 1,028 |
Fair Value Measurement - Fair_2
Fair Value Measurement - Fair Value and Carrying Value of Long-term Debt (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt value (Level 2), Fair Value | $ 249,404,000 | $ 211,823,000 |
Long-term debt value (Level 2), Carrying Value | 247,618,000 | 212,687,000 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | $ 0 | $ 0 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Fair Value of Derivative Instruments on the Balance Sheet (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Designated | Interest rate swap instruments | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | $ 41 | $ 703 |
Designated | Interest rate swap instruments | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | 7,565 | 3,187 |
Not Designated | Interest rate swap instruments | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | 0 | 30 |
Not Designated | Interest rate swap instruments | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | 35 | 0 |
Not Designated | Commodity swap contracts | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | 167 | 33 |
Not Designated | Commodity swap contracts | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | 0 | 70 |
Not Designated | Interest make-whole provisions | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | $ 873 | $ 1,808 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Additional Information (Details) $ in Thousands | Sep. 30, 2019contract | Dec. 31, 2018contract | Jul. 01, 2018USD ($) | Jan. 01, 2018USD ($) |
Derivative [Line Items] | ||||
Cumulative impact from the adoption of ASU | $ (54) | |||
Accounting Standards Update 2017-12 | ||||
Derivative [Line Items] | ||||
Cumulative impact from the adoption of ASU | $ (54) | |||
Retained Earnings | ||||
Derivative [Line Items] | ||||
Cumulative impact from the adoption of ASU | 0 | |||
Retained Earnings | Accounting Standards Update 2017-12 | ||||
Derivative [Line Items] | ||||
Cumulative impact from the adoption of ASU | 0 | $ 432 | ||
Accumulated Other Comprehensive Loss | Accounting Standards Update 2017-12 | ||||
Derivative [Line Items] | ||||
Cumulative impact from the adoption of ASU | $ 486 | |||
Not Designated | ||||
Derivative [Line Items] | ||||
Number of instruments held | contract | 3 | 4 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Effects on Statements of Income (Loss) and Consolidated Statements of Comprehensive Loss (Details) - Other expenses, net - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Designated | Interest rate swap instruments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Gain) Loss Recognized in Net Income | $ 44 | $ (41) | $ (6) | $ (166) |
Not Designated | Interest rate swap instruments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Gain) Loss Recognized in Net Income | (3) | (271) | 66 | (344) |
Not Designated | Commodity swap contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Gain) Loss Recognized in Net Income | (31) | (33) | (203) | 12 |
Not Designated | Interest make-whole provisions | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Gain) Loss Recognized in Net Income | $ (150) | $ 16 | $ (935) | $ 16 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Effects of Derivative Instruments in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2019 | Jan. 01, 2019 | Jul. 01, 2018 | |
Unrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Loss | |||
Beginning balance | $ 376,875 | ||
Cumulative impact from the adoption of ASU No. 2018-02 | $ (54) | ||
Ending balance | 401,986 | ||
Accumulated Gain (Loss), Net, Cash Flow Hedge | |||
Unrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Loss | |||
Beginning balance | (1,824) | ||
Unrealized loss recognized in AOCI | (3,714) | ||
Gain reclassified from AOCI to other expenses, net | 7 | ||
Ending balance | $ (5,748) | ||
Accounting Standards Update 2018-02 | |||
Unrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Loss | |||
Cumulative impact from the adoption of ASU No. 2018-02 | $ 0 | ||
Accounting Standards Update 2018-02 | Accumulated Gain (Loss), Net, Cash Flow Hedge | |||
Unrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Loss | |||
Cumulative impact from the adoption of ASU No. 2018-02 | $ (217) |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities - Summary of Active Derivative Instruments (Details) $ in Thousands | Sep. 30, 2019USD ($)MMBTU$ / MMBTU | Dec. 31, 2018USD ($) |
Designated | Interest Rate Swap October 2029 | ||
Derivative [Line Items] | ||
Term of contract, years | 11 years | |
Fixed interest rate, percentage | 5.77% | |
Initial Notional Amount ($) | $ 9,200 | |
Designated | Interest Rate Swap June 2033 | ||
Derivative [Line Items] | ||
Term of contract, years | 15 years | |
Fixed interest rate, percentage | 3.19% | |
Initial Notional Amount ($) | $ 10,000 | |
Designated | Interest Rate Swap - December 2027 | ||
Derivative [Line Items] | ||
Term of contract, years | 10 years | |
Fixed interest rate, percentage | 4.74% | |
Initial Notional Amount ($) | $ 14,100 | |
Designated | Interest Rate Swap - December 2038 | ||
Derivative [Line Items] | ||
Term of contract, years | 15 years | |
Fixed interest rate, percentage | 3.26% | |
Initial Notional Amount ($) | $ 14,084 | |
Designated | Interest Rate Swap - February 2023 | ||
Derivative [Line Items] | ||
Term of contract, years | 7 years | |
Fixed interest rate, percentage | 2.19% | |
Initial Notional Amount ($) | $ 20,746 | |
Designated | Interest Rate Swap - June 2028 - Contract 1 | ||
Derivative [Line Items] | ||
Term of contract, years | 8 years | |
Fixed interest rate, percentage | 3.70% | |
Initial Notional Amount ($) | $ 14,643 | |
Designated | Interest Rate Swap - June 2028 - Contract 2 | ||
Derivative [Line Items] | ||
Term of contract, years | 8 years | |
Fixed interest rate, percentage | 3.70% | |
Initial Notional Amount ($) | $ 10,734 | |
Designated | Interest Rate Swap - March 2020 - Contract 1 | ||
Derivative [Line Items] | ||
Term of contract, years | 8 years | |
Fixed interest rate, percentage | 1.71% | |
Initial Notional Amount ($) | $ 9,665 | |
Designated | Interest Rate Swap - March 2020 - Contract 2 | ||
Derivative [Line Items] | ||
Term of contract, years | 8 years | |
Fixed interest rate, percentage | 1.71% | |
Initial Notional Amount ($) | $ 7,085 | |
Designated | Interest Rate Swap - February 2021 | ||
Derivative [Line Items] | ||
Term of contract, years | 15 years | |
Fixed interest rate, percentage | 5.30% | |
Initial Notional Amount ($) | $ 3,256 | |
Designated | Interest Rate Swap - March 2024 | ||
Derivative [Line Items] | ||
Term of contract, years | 15 years 6 months | |
Fixed interest rate, percentage | 5.40% | |
Initial Notional Amount ($) | $ 13,081 | |
Not Designated | Interest Rate Swap - December 2020 | ||
Derivative [Line Items] | ||
Term of contract, years | 3 years | |
Fixed interest rate, percentage | 2.46% | |
Initial Notional Amount ($) | $ 17,100 | |
Not Designated | Commodity Contract - April 2020 | ||
Derivative [Line Items] | ||
Term of contract, years | 1 year | |
Active Commodity Swap, price (in usd per unit) | $ / MMBTU | 2.68 | |
Nonmonetary notional amount (in MMBtus) | MMBTU | 437,004 | |
Not Designated | Commodity Contract - April 2021 | ||
Derivative [Line Items] | ||
Term of contract, years | 1 year | |
Active Commodity Swap, price (in usd per unit) | $ / MMBTU | 2.70 | |
Nonmonetary notional amount (in MMBtus) | MMBTU | 435,810 | |
Not Designated | Other liabilities | Interest make-whole provisions | ||
Derivative [Line Items] | ||
Liability derivatives, fair value | $ 873 | $ 1,808 |
Investment Funds And Other Va_3
Investment Funds And Other Variable Interest Entities - Narrative (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
Jan. 31, 2019USD ($)employee | Sep. 30, 2019USD ($)fund | Sep. 30, 2019USD ($)fund | Dec. 31, 2018USD ($) | |
Variable Interest Entity [Line Items] | ||||
Number of investment funds | fund | 4 | 4 | ||
Joint venture, number of employees | employee | 0 | |||
Contributions to joint venture | $ 1,506 | |||
Payments to acquire interest in joint venture | 50.00% | |||
Net asset position of equity method joint ventures | $ 1,290 | $ 1,290 | $ 0 | |
Expense recognized from equity method joint ventures | $ (73) | $ 147 | ||
Other assets | ||||
Variable Interest Entity [Line Items] | ||||
Equity method investment | $ 1,361 | |||
Operating Income | ||||
Variable Interest Entity [Line Items] | ||||
VIE, impact of deconsolidation | $ 2,160 |
Investment Funds and Other Va_4
Investment Funds and Other Variable Interest Entities - Schedule of Variable Interest Entity Financial Information (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Variable Interest Entity [Line Items] | ||
Variable interest entity, current assets | $ 6,293 | $ 2,473 |
Variable interest entity, assets | 136,213 | 126,727 |
Variable interest entity, current liabilities | 6,458 | 6,092 |
Variable interest entity, liabilities | 39,548 | 34,684 |
Cash and cash equivalents | ||
Variable Interest Entity [Line Items] | ||
Variable interest entity, current assets | 2,777 | 1,255 |
Restricted cash | ||
Variable Interest Entity [Line Items] | ||
Variable interest entity, current assets | 156 | 156 |
Accounts receivable, net | ||
Variable Interest Entity [Line Items] | ||
Variable interest entity, current assets | 695 | 374 |
Costs and estimated earnings in excess of billings | ||
Variable Interest Entity [Line Items] | ||
Variable interest entity, current assets | 2,531 | 498 |
Prepaid expenses and other current assets | ||
Variable Interest Entity [Line Items] | ||
Variable interest entity, current assets | 134 | 190 |
Property and equipment, net | ||
Variable Interest Entity [Line Items] | ||
Variable interest entity, assets | 285 | 0 |
Energy assets, net | ||
Variable Interest Entity [Line Items] | ||
Variable interest entity, assets | 121,918 | 122,641 |
Operating lease assets | ||
Variable Interest Entity [Line Items] | ||
Variable interest entity, assets | 6,048 | 0 |
Other assets | ||
Variable Interest Entity [Line Items] | ||
Variable interest entity, assets | 1,669 | 1,613 |
Current portions of long-term debt and financing lease liabilities | ||
Variable Interest Entity [Line Items] | ||
Variable interest entity, current liabilities | 2,270 | 1,712 |
Accounts payable | ||
Variable Interest Entity [Line Items] | ||
Variable interest entity, current liabilities | 149 | 234 |
Accrued expenses and other current liabilities | ||
Variable Interest Entity [Line Items] | ||
Variable interest entity, current liabilities | 3,948 | 4,146 |
Current portions of operating lease liabilities | ||
Variable Interest Entity [Line Items] | ||
Variable interest entity, current liabilities | 91 | 0 |
Long-term debt and financing lease liabilities, less current portions and net of deferred financing fees | ||
Variable Interest Entity [Line Items] | ||
Variable interest entity, liabilities | 25,493 | 26,461 |
Deferred income taxes, net | ||
Variable Interest Entity [Line Items] | ||
Variable interest entity, liabilities | 460 | 0 |
Long-term portions of operating lease liabilities | ||
Variable Interest Entity [Line Items] | ||
Variable interest entity, liabilities | 6,264 | 0 |
Other liabilities | ||
Variable Interest Entity [Line Items] | ||
Variable interest entity, liabilities | $ 873 | $ 2,131 |
Non-Controlling Interests and_2
Non-Controlling Interests and Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Sep. 30, 2015 | Sep. 30, 2019 | |
Variable Interest Entity [Line Items] | |||||
Term of extension of call option | 6 months | 6 months | 6 months | 6 months | |
Term of extension of put option | 6 months | 1 year | 1 year | ||
Percentage of investor contributed capital balance, percentage | 7.00% | ||||
Redeemable non-controlling interests | $ 14,719 | $ 32,108 | |||
Minimum | |||||
Variable Interest Entity [Line Items] | |||||
Exercise price of put options | 659 | ||||
Maximum | |||||
Variable Interest Entity [Line Items] | |||||
Exercise price of put options | $ 917 |
Earnings Per Share and Other _3
Earnings Per Share and Other Equity Related Information - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Net income attributable to common shareholders | $ 8,870 | $ 10,701 | $ 22,233 | $ 26,391 |
Basic weighted-average shares outstanding (in shares) | 46,555 | 45,854 | 46,413 | 45,599 |
Effect of dilutive securities: | ||||
Stock options (in shares) | 1,138 | 1,090 | 1,262 | 910 |
Diluted weighted-average shares outstanding (in shares) | 47,693 | 46,944 | 47,675 | 46,509 |
Earnings Per Share and Other _4
Earnings Per Share and Other Equity Related Information - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Aug. 31, 2019 | Feb. 28, 2017 | Apr. 30, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||
Stock options excluded from calculation of dilutive shares as the effect would be anti-dilutive (in shares) | 1,152,000 | 758,000 | 642,000 | 1,273,000 | |||
Stock-based compensation expense | $ 413,000 | $ 390,000 | $ 1,195,000 | $ 1,137,000 | |||
Open market purchase of treasury shares | 139,000 | 139,000 | 1,772,000 | ||||
Open market purchase of treasury shares, fees | 400 | $ 9,000 | |||||
Stock Options | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||
Non-vested stock options unrecognized compensation expense | $ 4,641,000 | $ 4,641,000 | |||||
Non-vested stock options unrecognized compensation expense, weighted-average period of recognition | 2 years 11 months 15 days | ||||||
Options granted in period (in shares) | 1,000 | ||||||
Stock options, vesting period | 10 years | ||||||
Stock options, contractual period | 3 years | ||||||
Common Class A | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||
Stock repurchase program, authorized amount (up to) | $ 17,553,000 | $ 15,000,000 | $ 10,000,000 | ||||
Treasury Stock | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||
Open market purchase of common shares (in shares) | 10,000 | 0 | 10,000 | 212,231 | |||
Open market purchase of treasury shares | $ 139,000 | $ 139,000 | $ 1,772,000 |
Business Segment Information (D
Business Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 212,026 | $ 205,375 | $ 560,321 | $ 569,767 |
Interest income | 182 | 76 | 396 | 209 |
Interest expense | 3,149 | 3,776 | 9,337 | 10,721 |
Depreciation and amortization of intangible assets | 9,413 | 7,214 | 27,898 | 21,001 |
Income (loss) before taxes, excluding unallocated corporate activity | 17,752 | 22,699 | 47,040 | 52,054 |
U.S. Regions | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 84,079 | 86,402 | 227,896 | 249,871 |
U.S. Federal | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 71,258 | 62,378 | 169,337 | 168,377 |
Canada | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 12,665 | 11,604 | 27,696 | 28,466 |
Non-Solar DG | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 21,875 | 22,138 | 66,370 | 60,176 |
All Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 22,149 | 22,853 | 69,022 | 62,877 |
Operating Segments | U.S. Regions | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 84,079 | 86,402 | 227,896 | 249,871 |
Interest income | 69 | 2 | 132 | 5 |
Interest expense | 1,548 | 1,403 | 4,118 | 3,911 |
Depreciation and amortization of intangible assets | 2,538 | 1,341 | 7,184 | 4,048 |
Income (loss) before taxes, excluding unallocated corporate activity | 3,350 | 5,256 | 5,530 | 14,606 |
Operating Segments | U.S. Federal | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 71,258 | 62,378 | 169,337 | 168,377 |
Interest income | 92 | 36 | 160 | 84 |
Interest expense | 209 | 225 | 627 | 771 |
Depreciation and amortization of intangible assets | 901 | 671 | 2,524 | 2,004 |
Income (loss) before taxes, excluding unallocated corporate activity | 10,967 | 10,969 | 26,631 | 26,864 |
Operating Segments | Canada | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 12,665 | 11,604 | 27,696 | 28,466 |
Interest income | 0 | 0 | 0 | 0 |
Interest expense | 179 | 480 | 517 | 1,464 |
Depreciation and amortization of intangible assets | 396 | 294 | 986 | 873 |
Income (loss) before taxes, excluding unallocated corporate activity | 1,577 | 664 | 1,529 | (1,983) |
Operating Segments | Non-Solar DG | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 21,875 | 22,138 | 66,370 | 60,176 |
Interest income | 21 | 38 | 65 | 120 |
Interest expense | 1,213 | 1,681 | 4,075 | 4,575 |
Depreciation and amortization of intangible assets | 5,149 | 4,530 | 16,051 | 12,942 |
Income (loss) before taxes, excluding unallocated corporate activity | 977 | 3,851 | 5,758 | 8,796 |
Operating Segments | All Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 22,149 | 22,853 | 69,022 | 62,877 |
Interest income | 0 | 0 | 39 | 0 |
Interest expense | 0 | (13) | 0 | 0 |
Depreciation and amortization of intangible assets | 429 | 378 | 1,153 | 1,134 |
Income (loss) before taxes, excluding unallocated corporate activity | 881 | 1,959 | 7,592 | 3,771 |
Unallocated corporate activity | ||||
Segment Reporting Information [Line Items] | ||||
Unallocated corporate activity | $ (8,482) | $ (8,648) | $ (25,331) | $ (23,269) |
Debt - Summary of Long-term De
Debt - Summary of Long-term Debt (Details) - USD ($) | Sep. 30, 2019 | Jun. 30, 2019 | May 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||||||
Financing leases | $ 31,106,000 | $ 33,363,000 | $ 33,363,000 | |||
Debt and financing leases, gross | 285,174,000 | 253,873,000 | ||||
Less - current maturities | 54,958,000 | 26,890,000 | ||||
Less - deferred financing fees | 6,450,000 | 7,821,000 | ||||
Long term debt and financing lease liabilities | [1] | 223,766,000 | 219,162,000 | |||
Future interest payments | $ 23,510,000 | |||||
Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | $ 65,000,000 | $ 40,000,000 | ||||
Term Loan | Variable rate term loan payable in semi-annual installments | ||||||
Debt Instrument [Line Items] | ||||||
Weighted average interest rate, percentage | 4.34% | |||||
Long-term debt, gross | $ 774,000 | 936,000 | ||||
Term Loan | Variable rate term loan payable in semi-annual installments | ||||||
Debt Instrument [Line Items] | ||||||
Weighted average interest rate, percentage | 4.09% | |||||
Long-term debt, gross | $ 6,953,000 | 7,426,000 | ||||
Term Loan | Term loan payable in quarterly installments | ||||||
Debt Instrument [Line Items] | ||||||
Fixed interest rate, percentage | 7.25% | |||||
Long-term debt, gross | $ 993,000 | 1,464,000 | ||||
Term Loan | Term loan payable in monthly installments | ||||||
Debt Instrument [Line Items] | ||||||
Fixed interest rate, percentage | 6.11% | |||||
Long-term debt, gross | $ 3,606,000 | 3,843,000 | ||||
Term Loan | Variable rate term loan payable in quarterly installments | ||||||
Debt Instrument [Line Items] | ||||||
Weighted average interest rate, percentage | 5.59% | |||||
Long-term debt, gross | $ 28,844,000 | 30,674,000 | ||||
Term Loan | Variable rate term loan payable in quarterly installments | ||||||
Debt Instrument [Line Items] | ||||||
Weighted average interest rate, percentage | 4.59% | |||||
Long-term debt, gross | $ 16,782,000 | 17,208,000 | ||||
Term Loan | Term loan payable in quarterly installments | ||||||
Debt Instrument [Line Items] | ||||||
Fixed interest rate, percentage | 4.95% | |||||
Long-term debt, gross | $ 3,753,000 | 3,925,000 | ||||
Term Loan | Term loan payable in quarterly installments | ||||||
Debt Instrument [Line Items] | ||||||
Fixed interest rate, percentage | 5.00% | |||||
Long-term debt, gross | $ 3,627,000 | 3,945,000 | ||||
Term Loan | Term loan payable in monthly installments | ||||||
Debt Instrument [Line Items] | ||||||
Weighted average interest rate, percentage | 4.50% | |||||
Long-term debt, gross | $ 23,211,000 | 22,081,000 | ||||
Term Loan | Term loan payable in quarterly installments | ||||||
Debt Instrument [Line Items] | ||||||
Fixed interest rate, percentage | 5.61% | |||||
Long-term debt, gross | $ 2,661,000 | 2,735,000 | ||||
Term Loan | Variable rate term loan payable in quarterly installments | ||||||
Debt Instrument [Line Items] | ||||||
Fixed interest rate, percentage | 4.535% | |||||
Long-term debt, gross | $ 12,330,000 | 12,915,000 | ||||
Term Loan | Variable rate term loan payable in quarterly installments | ||||||
Debt Instrument [Line Items] | ||||||
Weighted average interest rate, percentage | 9.59% | |||||
Long-term debt, gross | $ 16,366,000 | 21,475,000 | ||||
Term Loan | Term loan payable in quarterly installments | ||||||
Debt Instrument [Line Items] | ||||||
Weighted average interest rate, percentage | 5.15% | |||||
Long-term debt, gross | $ 29,463,000 | 30,069,000 | ||||
Term Loan | Variable rate term loan payable in semi-annual installments | ||||||
Debt Instrument [Line Items] | ||||||
Weighted average interest rate, percentage | 4.14% | |||||
Long-term debt, gross | $ 9,337,000 | 9,668,000 | ||||
Term Loan | Variable rate term loan payable in monthly/quarterly installments | ||||||
Debt Instrument [Line Items] | ||||||
Weighted average interest rate, percentage | 4.60% | |||||
Long-term debt, gross | $ 9,086,000 | 9,072,000 | ||||
Long term finance liability in semi-annual installments | Long term finance liability in semi-annual installments | ||||||
Debt Instrument [Line Items] | ||||||
Weighted average interest rate, percentage | 0.28% | |||||
Long-term debt, gross | $ 4,872,000 | 0 | ||||
Revolving Senior Secured Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Weighted average interest rate, percentage | 3.84% | |||||
Long-term debt, gross | $ 81,410,000 | $ 43,074,000 | ||||
[1] | Includes restricted assets of consolidated variable interest entities (“VIEs”) at September 30, 2019 and December 31, 2018 of $136,213 and $126,727, respectively. Includes non-recourse liabilities of consolidated VIEs at September 30, 2019 and December 31, 2018 of $39,548 and $34,684, respectively. See Note 12. |
Debt - Additional Information (
Debt - Additional Information (Details) | 3 Months Ended | ||||
Sep. 30, 2019USD ($)project | Jun. 30, 2019USD ($) | Jun. 28, 2019 | Jun. 27, 2019 | May 31, 2019USD ($) | |
Debt Instrument [Line Items] | |||||
Total Funded Debt to EBITDA covenant ratio, maximum | 3 | ||||
Total Funded Debt to EBITDA covenant ratio, minimum | 3.25 | ||||
Number of projects acquired under lease agreement | project | 1 | ||||
Sale leaseback terms | 20 years | ||||
Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Line of credit, amount outstanding | $ 185,000,000 | ||||
Line of Credit | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Revolving credit, maximum borrowing capacity | $ 115,000,000 | $ 85,000,000 | |||
Funds available for borrowing | $ 46,480,000 | ||||
Term Loan | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 65,000,000 | $ 40,000,000 | |||
Long Term Financing Facility | |||||
Debt Instrument [Line Items] | |||||
Long term financing facility, interest rate (percentage) | 0.28% | ||||
Long-term debt | $ 4,872,000 |
Uncategorized Items - amrc-2019
Label | Element | Value |
AOCI Attributable to Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (54,000) |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (217,000) |
Accounting Standards Update 2017-12 [Member] | AOCI Attributable to Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (486,000) |
Accounting Standards Update 2014-09 [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (4,454,000) |
Accounting Standards Update 2014-09 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (4,454,000) |