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Table of Contents
<br />AMERESCO, INC.
<br />NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
<br />(In thousands, except per share amounts)
<br />The table below presents a summary of amounts related to our VIES reflected in Note 1 on our consolidated balance sheets:
<br />As of December 31,
<br />2023 2022
<br />Cash and cash equivalents
<br />Restricted cash
<br />Accounts receivable, net
<br />Costs and estimated earnings in excess of billings
<br />Prepaid expenses and other current assets
<br />Total VIE current assets
<br />Property and equipment, net
<br />Energy assets, net
<br />Operating lease assets
<br />Restricted cash, non -current portion
<br />Other assets
<br />Total VIE assets
<br />Current portions of long-term debt and financing lease liabilities
<br />Accounts payable
<br />Accrued expenses and other current liabilities
<br />Current portions of operating lease liabilities
<br />Total VIE current liabilities
<br />Long-term debt and financing lease liabilities, net of current portion,
<br />unamortized discount and debt issuance costs
<br />Long-term operating lease liabilities, net of current portion
<br />Other liabilities
<br />Total VIE liabilities
<br />Investment Funds
<br />Other VIES
<br />Total VIES
<br />$ 5,099
<br />$ 16,780
<br />$ 21,879
<br />-
<br />1,977
<br />1,977
<br />662
<br />13,409
<br />14,071
<br />33
<br />3,749
<br />3,782
<br />5,794
<br />35,915
<br />41,709
<br />-
<br />267
<br />267
<br />79,104
<br />173,808
<br />252,912
<br />4,748
<br />12,908
<br />17,656
<br />73
<br />-
<br />73
<br />10
<br />74
<br />84
<br />$ 89,729
<br />$ 222,972
<br />$ 312,701
<br />$ 2,190
<br />$ 132,427
<br />$ 134,617
<br />1,440
<br />6,490
<br />7,930
<br />241
<br />22,780
<br />23,021
<br />133
<br />6,953
<br />7,086
<br />4,004
<br />168,650
<br />172,654
<br />17,167 - 17,167
<br />5,063 3,823 8,886
<br />356 - 356
<br />$ 26,590 $ 172,473 $ 199,063
<br />Investment Funds
<br />Other VIES
<br />Total VIES
<br />$ 1,715
<br />$ 8,392
<br />$ 10,107
<br />799
<br />799
<br />24
<br />566
<br />590
<br />951
<br />1
<br />952
<br />35
<br />14,287
<br />14,322
<br />3,524
<br />23,246
<br />26,770
<br />89
<br />-
<br />89
<br />84,081
<br />97,969
<br />182,050
<br />4,901
<br />-
<br />4,901
<br />73
<br />-
<br />73
<br />30
<br />-
<br />30
<br />$ 92,698
<br />$ 121,215
<br />$ 213,913
<br />$ 2,087
<br />$ -
<br />$ 2,087
<br />48
<br />8,007
<br />8,055
<br />304
<br />12,255
<br />12,559
<br />117
<br />-
<br />117
<br />2,556
<br />20,262
<br />22,818
<br />19,177 - 19,177
<br />5,159 - 5,159
<br />866 2,709 3,575
<br />$ 27,758 $ 22,971 $ 50,729
<br />Equity and Cost Method Investments
<br />Unconsolidated VIES/joint ventures are accounted for under the equity or cost method. As of the years ended December 31, 2023 and December 31, 2022, we hadseven and
<br />five unconsolidated joint ventures, respectively. During the year ended December 31, 2023, we invested 85,554 in two new joint ventures. No other material investments were
<br />made.
<br />Our investment balances for these equity and cost method investments are included in other assets on the consolidated balance sheets and our pro rata share of net income or
<br />loss is included in operating income in the consolidated statements of income.
<br />The following table sets forth the carrying value of our equity and cost method investments in joint ventures:
<br />As of December 31,
<br />2023 2022
<br />Equity and cost method investments $ 18,709 $ 10,855
<br />We are not aware of any situations where the maximum exposure to loss significantly exceeds the carrying value show above.
<br />12. REDEEMABLE NON -CONTROLLING INTERESTS
<br />Our subsidiaries with membership interests in the investment funds we formed have the right to elect to require the non -controlling interest holder to sell all of its membership
<br />units to our subsidiaries, a call option. Our investment funds also include rights for the non -controlling interest holder to elect to require our subsidiaries to purchase all of the
<br />non -controlling membership interests in the fund, a put option.
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