XML 19 R10.htm IDEA: XBRL DOCUMENT v3.23.3
Revenue from Contracts with Customers
 9 Months Ended
Sep. 30, 2023
Revenue from Contract with Customer [Abstract]  
REVENUE FROM CONTRACTS WITH CUSTOMERS REVENUE FROM CONTRACTS WITH CUSTOMERS
Disaggregation of Revenue
Our reportable segments for the three and nine months ended September 30, 2023 and 2022 were U.S. Regions, U.S. Federal, Canada, Alternative Fuels and All Other.
The following table presents our revenue disaggregated by line of business and reportable segment for the three months ended September 30, 2023:
U.S. RegionsU.S. FederalCanadaAlternative FuelsAll OtherTotal
Project revenue$120,297 $71,779 $12,872 $— $37,736 $242,684 
O&M revenue6,353 13,838 17 2,073 492 22,773 
Energy assets15,911 1,495 1,274 25,227 352 44,259 
Integrated-PV4 — — — 11,611 11,615 
Other674 229 3,371 19 9,525 13,818 
Total revenues$143,239 $87,341 $17,534 $27,319 $59,716 $335,149 
The following table presents our revenue disaggregated by line of business and reportable segment for the three months ended September 30, 2022:
U.S. RegionsU.S. FederalCanadaAlternative FuelsAll OtherTotal
Project revenue$251,338 $83,878 $8,788 $— $7,527 $351,531 
O&M revenue5,936 13,524 10 2,251 133 21,854 
Energy assets11,892 1,570 1,264 26,956 — 41,682 
Integrated-PV— — — — 13,616 13,616 
Other2,040 152 2,304 214 7,903 12,613 
Total revenues$271,206 $99,124 $12,366 $29,421 $29,179 $441,296 

The following table presents our revenue disaggregated by line of business and reportable segment for the nine months ended September 30, 2023:
U.S. RegionsU.S. FederalCanadaAlternative FuelsAll OtherTotal
Project revenue$338,119 $181,232 $38,865 $— $96,585 $654,801 
O&M revenue18,191 40,439 80 8,054 1,285 68,049 
Energy assets47,619 4,735 3,370 77,901 1,412 135,037 
Integrated-PV4 — — — 35,041 35,045 
Other2,660 510 8,825 19 28,319 40,333 
Total revenues$406,593 $226,916 $51,140 $85,974 $162,642 $933,265 
The following table presents our revenue disaggregated by line of business and reportable segment for the nine months ended September 30, 2022:
U.S. RegionsU.S. FederalCanadaAlternative FuelsAll OtherTotal
Project revenue$928,616 $231,945 $32,899 $— $40,595 $1,234,055 
O&M revenue16,473 39,186 32 7,361 319 63,371 
Energy assets34,163 4,734 3,512 80,513 111 123,033 
Integrated-PV— — — — 37,239 37,239 
Other3,859 333 7,556 — 23,249 34,997 
Total revenues$983,111 $276,198 $43,999 $87,874 $101,513 $1,492,695 
The following table presents information related to our revenue recognized over time:
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Percentage of revenue recognized over time95%96%94%96%
The remainder of our revenue is for products and services transferred at a point in time, at which point revenue is recognized.
We attribute revenues to customers based on the location of the customer. The following table presents information related to our revenues by geographic area:
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
United States$279,651 $421,939 $783,692 $1,409,210 
Canada15,535 11,416 46,335 40,429 
Other39,963 7,941 103,238 43,056 
Total revenues$335,149 $441,296 $933,265 $1,492,695 
Contract Balances
The following tables provide information about receivables, contract assets and contract liabilities from contracts with customers:
 September 30, 2023December 31, 2022
Accounts receivable, net$133,070 $174,009 
Accounts receivable retainage, net$33,459 $38,057 
Contract Assets:
Costs and estimated earnings in excess of billings $591,378 $576,363 
Contract Liabilities:
Billings in excess of cost and estimated earnings$36,880 $34,796 
Billings in excess of cost and estimated earnings, non-current (1)
15,622 7,617 
Total contract liabilities$52,502 $42,413 
September 30, 2022December 31, 2021
Accounts receivable, net$219,817 $161,970 
Accounts receivable retainage, net$42,456 $43,067 
Contract Assets:
Costs and estimated earnings in excess of billings$628,529 $306,172 
Contract Liabilities:
Billings in excess of cost and estimated earnings$43,173 $35,918 
Billings in excess of cost and estimated earnings, non-current (1)
$6,310 $6,481 
Total contract liabilities$49,483 $42,399 
(1) Performance obligations that are expected to be completed beyond the next twelve months and are included in other liabilities in the condensed consolidated balance sheets.
The increase in contract assets for the nine months ended September 30, 2023 was primarily due to billings of $634,340 offset by revenue recognized of $631,136. Contract assets are also affected by reclassifications, primarily from contract liabilities as a result of timing of customer payments. The increase in contract liabilities was primarily driven by the receipt of advance payments from customers, and related billings, as well as reclassifications from contract assets as a result of timing of customer payments. The advance payments and reclassifications exceeded the recognition of revenue as performance obligations were
satisfied. For the nine months ended September 30, 2023, we recognized revenue of $130,262 and billed $135,158 to customers that had balances which were included in contract liabilities at December 31, 2022.
The increase in contract assets for the nine months ended September 30, 2022 was primarily due to revenue recognized of $1,168,996 offset by billings of $850,243. Contract assets also increased due to reclassifications, primarily from contract liabilities as a result of timing of customer payments. The increase in contract liabilities was primarily driven by the receipt of advance payments from customers, and related billings, as well as reclassifications from contract assets as a result of timing of customer payments. In addition, the advance payments and reclassifications exceeded the recognition of revenue as performance obligations were satisfied. For the nine months ended September 30, 2022, we billed customers $99,121 and recognized revenue of $99,424 that was previously included in the beginning balance of contract liabilities.
Performance Obligations
Our remaining performance obligations (“backlog”) represent the unrecognized revenue value of our contract commitments. At September 30, 2023, we had contracted backlog of $2,426,445 of which approximately 35% is anticipated to be recognized as revenue in the next twelve months. The remaining performance obligations primarily relate to the energy efficiency and renewable energy construction projects, including long-term operations and maintenance (“O&M”) services related to these projects. The long-term services have varying initial contract terms, up to 25 years.
Project Development Costs
Project development costs of $3,059 and $5,614 were recognized in our condensed consolidated statements of income on projects that converted to customer contracts during the three months ended September 30, 2023 and 2022, respectively. Project development costs of $9,276 and $11,594 were recognized in the condensed consolidated statements of income on projects that converted to customer contracts during the nine months ended September 30, 2023 and 2022, respectively.
No impairment charges in connection with our project development costs were recorded during the three or nine months ended September 30, 2023 and 2022.