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Table of Contents
<br />AMERESCO, INC.
<br />CONSOLIDATED BALANCE SHEETS
<br />(In thousands, except share amounts)
<br />December 31,
<br />2023
<br />2022
<br />ASSETS
<br />Current assets:
<br />Cash and cash equivalents(')
<br />$ 79,271 $
<br />115,534
<br />Restricted cash (1)
<br />62,311
<br />20,782
<br />Accounts receivable, net 0)
<br />153,362
<br />174,009
<br />Accounts receivable retainage
<br />33,826
<br />38,057
<br />Costs and estimated earnings in excess of billings
<br />636,163
<br />576,363
<br />Inventory, net
<br />13,637
<br />14,218
<br />Prepaid expenses and other current assets 0)
<br />123,391
<br />38,617
<br />Income tax receivable
<br />5,775
<br />7,746
<br />Project development costs, net
<br />20,735
<br />16,025
<br />Total current assets
<br />1,128,471
<br />1,001,351
<br />Federal ESPC receivable
<br />609,265
<br />509,507
<br />Property and equipment, net(')
<br />17,395
<br />15,707
<br />Energy assets, net 1�>
<br />1,689,424
<br />1,181,525
<br />Goodwill, net
<br />75,587
<br />70,633
<br />Intangible assets, net
<br />6,808
<br />4,693
<br />Operating lease assets (1)
<br />58,586
<br />38,224
<br />Restricted cash, non -current portion
<br />12,094
<br />13,572
<br />Deferred income tax assets, net
<br />26,411
<br />3,045
<br />Other assets <�)
<br />89,735
<br />38,564
<br />Total assets (1)
<br />$ 3,713,776 $
<br />2,876,821
<br />LIABILITIES, REDEEMABLE NON -CONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY
<br />Current liabilities:
<br />Current portions of long-term debt and financing lease liabilities, net of unamortized discount0)
<br />$ 322,247 $
<br />331,479
<br />Accounts payable 0)
<br />402,752
<br />349,126
<br />Accrued expenses and other current liabilities(')
<br />108,831
<br />89,166
<br />Current portion of operating lease liabilities(')
<br />13,569
<br />5,829
<br />Billings in excess of cost and estimated earnings
<br />52,903
<br />34,796
<br />Income taxes payable
<br />1,169
<br />1,672
<br />Total current liabilities(')
<br />901,471
<br />812,068
<br />Long-term debt and financing lease liabilities, net of current portion, unamortized discount, and debt issuance costs0)
<br />1,170,075
<br />568,635
<br />Federal ESPC liabilities
<br />533,054
<br />478,497
<br />Deferred income tax liabilities, net
<br />4,479
<br />9,181
<br />Deferred grant income
<br />6,974
<br />7,590
<br />Long-term operating lease liabilities, net of current portion (1)
<br />42,258
<br />31,703
<br />Other liabilities
<br />82,714
<br />49,493
<br />Commitments and contingencies (Note 15)
<br />Redeemable non -controlling interests, net
<br />46,865
<br />46,623
<br />(1) Includes restricted assets of consolidated variable interest entities ("VIES") of $ 312,701 as of December 31, 2023 and $213,913 as of December 31, 2022. Includes liabilities of
<br />consolidated VIES of $199,063 as of December 31, 2023 and $50,729 as of December 31, 2022. See Note 11.
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