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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of fair values private warrants were valued using a black-scholes model

The Private Warrants are valued using a Black-Scholes model, pursuant to the inputs provided in the table below:

						Assumptions for Assets and Liabilities Measured at Fair Value on a Recurring Basis
Input						December 31, 2023						December 31, 2022
Risk-free rate						4.242		%				1.11		%
Remaining term in years						1.98						3.98
Expected volatility						82.0		%				88.8		%
Exercise price						$	92.00					$	92.00
Fair value of common stock						$	4.42					$	26.48

Schedule of assets and liabilities which are measured at fair value on a recurring basis

The following table sets forth the Company’s assets and liabilities which are measured at fair value on a recurring basis by level within the fair value hierarchy:

						Fair Value Measurements as of December 31, 2023
(Amounts in thousands)						Level I						Level II						Level III						Total
Asset:
Interest rate swaps						$	—					$	27,883					$	—					$	27,883
Money market accounts						21,475						—						—						21,475
U.S. Treasury securities						108,964						—						—						108,964
Total						$	130,439					$	27,883					$	—					$	158,322
Liabilities:
Debt						$	—					$	628,177					$	—					$	628,177
Private Warrants						—						—						17						17
Total						$	—					$	628,177					$	17					$	628,194

						Fair Value Measurements as of December 31, 2022
(Amounts in thousands)						Level I						Level II						Level III						Total
Asset:
Interest rate swaps						$	—					$	32,252					$	—					$	32,252
Money market accounts						164						—						—						164
U.S. Treasury securities						211,027						—						—						211,027
Total						$	211,191					$	32,252					$	—					$	243,443
Liabilities:
Debt						$	—					$	533,168					$	—					$	533,168
Private Warrants						—						—						256						256
Fair value of obligation to issue shares of common stock to sellers of World Energy						—						—						151						151
Total						$	—					$	533,168					$	407					$	533,575

Schedule of roll forward of the Company’s Level 3 instruments

The following is a roll forward of the Company’s Level 3 liability instruments:

						Years Ended December 31,
						2023						2022
Balance at the beginning of the period						$	407					$	8,895
Fair value adjustments – warrant liability						(239)						(5,148)
Fair value adjustments and settlements of liability, net – World Energy (1)						(151)						(1,390)
Fair value adjustment of contingent consideration and settlements of liability, net – Quantum contingent consideration (1)						—						(1,950)
Balance at the end of the period						$	17					$	407

(1) Related to discontinued operations.

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- References

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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

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-Subparagraph (c)
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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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