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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Domestic and Foreign Income Taxes

The following table sets forth components of income before income taxes: 

			Year Ended December 31,
			2024						2023						2022
Domestic			$	28,256					$	30,211					$	98,004
Foreign			5,684						8,058						7,715
Income before income taxes			$	33,940					$	38,269					$	105,719

Income Tax Provision (Benefit)

The components of the provision (benefit) for income taxes were as follows: 

			Year Ended December 31,
			2024						2023						2022
Current income tax provision (benefit):
Federal			$	1,246					$	34					$	(722)
State			805						372						733
Foreign			2,414						1,255						1,202
Total current			4,465						1,661						1,213
Deferred income tax (benefit) provision:
Federal			(28,552)						(22,677)						2,528
State			4,265						(5,657)						2,300
Foreign			(178)						1,038						1,129
Total deferred			(24,465)						(27,296)						5,957
Total income tax (benefit) provision			$	(20,000)					$	(25,635)					$	7,170

Deferred Income Tax Assets and Liabilities

Deferred tax assets and liabilities consisted of the following:

			December 31,
			2024						2023
Deferred income tax assets:
Compensation accruals			$	5,622					$	4,137
Reserves			8,009						5,906
Sale-leasebacks and other accruals			39,231						49,300
Net operating losses			9,882						28,565
Interest limitation			16,706						8,273
Energy efficiency			138,647						82,827
Deferred revenue			2,402						2,114
Gross deferred income tax assets			220,499						181,122
Valuation allowance			(4,015)						(3,704)
Total deferred income tax assets			$	216,484					$	177,418
Deferred income tax liabilities:
Depreciation			$	(148,217)					$	(145,880)
Deferred effect of derivative liability			(5,606)						(2,166)
Outside basis difference			(6,759)						(6,599)
Interest rate swaps			(1,602)						(841)
Total deferred income tax liabilities			(162,184)						(155,486)
Deferred income tax assets (liabilities), net			$	54,300					$	21,932

Summary of Valuation Allowance

Our valuation allowance related to the following items:

			December 31,
			2024						2023
Foreign net operating loss (1)			$	4,013					$	3,702
State net operating loss at one of our subsidiaries (2)			2						2
Total valuation allowance			$	4,015					$	3,704
(1) It is more likely than not that we will not generate sufficient taxable income at the foreign subsidiary level to utilize the net operating loss.
(2) It is more likely than not that we will not generate sufficient taxable income at the subsidiary level to utilize the net operating loss.

Summary of Operating Loss Carryforwards

As of December 31, 2024, we had the following tax loss and credit carryforwards to offset taxable income in prior and future years:

			Amount						Expiration Period
Federal net operating loss carryforwards			$	—					Indefinite
State net operating loss carryforwards			72,865						Various
Canadian net operating loss carryforwards			20,922						2028 through 2043
Ireland net operating loss carryforwards			2,110						Indefinite
Italy net operating loss carryforwards			2,970						Indefinite
Spain net operating loss carryforwards			2,463						Indefinite
Other foreign country net operating loss carryforwards			127						2030
Total tax loss carryforwards			$	101,457
Federal Energy Investment and Production tax credit carryforward			$	114,839					2030 through 2043

Summary of Tax Credit Carryforwards

As of December 31, 2024, we had the following tax loss and credit carryforwards to offset taxable income in prior and future years:

			Amount						Expiration Period
Federal net operating loss carryforwards			$	—					Indefinite
State net operating loss carryforwards			72,865						Various
Canadian net operating loss carryforwards			20,922						2028 through 2043
Ireland net operating loss carryforwards			2,110						Indefinite
Italy net operating loss carryforwards			2,970						Indefinite
Spain net operating loss carryforwards			2,463						Indefinite
Other foreign country net operating loss carryforwards			127						2030
Total tax loss carryforwards			$	101,457
Federal Energy Investment and Production tax credit carryforward			$	114,839					2030 through 2043

Reconciliation of Effective Tax Rates

The following is a reconciliation of the effective tax rates:

			Year Ended December 31,
			2024						2023						2022
Income before (benefit) provision for income taxes			$	33,940					$	38,269					$	105,719
Federal statutory tax expense			$	7,128					$	8,036					$	22,201
State income taxes, net of federal benefit			2,345						(774)						3,844
Net state impact of deferred rate change			2,919						(3,213)						(575)
Nondeductible expenses			1,182						667						2,198
Impact of reserve for uncertain tax positions			(265)						(200)						59
Stock-based compensation expense			1,240						4						353
Energy efficiency preferences			(38,929)						(30,359)						(21,410)
Foreign items and rate differential			2,629						458						37
State tax adjustment			—						(66)						—
Redeemable non-controlling interests			729						(227)						(411)
Valuation allowance			311						81						(159)
Miscellaneous			711						(42)						1,033
Total income tax (benefit) provision			$	(20,000)					$	(25,635)					$	7,170
Effective tax rate:
Federal statutory rate expense			21.0		%				21.0		%				21.0		%
State income taxes, net of federal benefit			6.9		%				(2.0)		%				3.6		%
Net state impact of deferred rate change			8.6		%				(8.4)		%				(0.5)		%
Nondeductible expenses			3.5		%				1.7		%				2.1		%
Impact of reserve for uncertain tax positions			(0.8)		%				(0.5)		%				0.1		%
Stock-based compensation expense			3.7		%				—		%				0.3		%
Energy efficiency preferences			(114.7)		%				(79.3)		%				(20.3)		%
Foreign items and rate differential			7.7		%				1.2		%				—		%
State tax adjustment			—		%				(0.2)		%				—		%
Redeemable non-controlling interests			2.1		%				(0.6)		%				(0.4)		%
Valuation allowance			0.9		%				0.2		%				(0.2)		%
Miscellaneous			2.2		%				(0.1)		%				1.1		%
Effective tax rate			(58.9)		%				(67.0)		%				6.8		%

Unrecognized Tax Benefits

The following table provides a reconciliation of gross unrecognized tax benefits which are included in other liabilities within the consolidated balance sheets:

			Year Ended December 31,
			2024						2023
Balance, beginning of year			$	800					$	900
Additions for current year tax positions			104						100
Reductions of prior year tax positions			—						(200)
Balance, end of year			$	904					$	800

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