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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2021
OR
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________ to ___________.
Commission File Number: 001-34811
Ameresco, Inc.
(Exact name of registrant as specified in its charter)
Delaware 04-3512838
(State or Other Jurisdiction of
Incorporation or Organization)
 (I.R.S. Employer
Identification No.)
111 Speen Street, Suite 410
Framingham, Massachusetts
 01701
(Address of Principal Executive Offices) (Zip Code)
(508661-2200
(Registrant’s Telephone Number, Including Area Code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer o
Accelerated Filer
Non-accelerated filer  o
Smaller reporting company 
Emerging growth company  
(Do not check if a smaller reporting company)
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class
New York Stock Exchange Symbol
Shares outstanding as of April 30, 2021
Class A Common Stock, $0.0001 par value per shareAMRC33,270,425
Class B Common Stock, $0.0001 par value per share18,000,000




TABLE OF CONTENTS
  Page
 
Item 1. Condensed Consolidated Financial Statements
 
   
 
 



Table of Contents

Part I - Financial Information
Item 1. Condensed Consolidated Financial Statements

AMERESCO, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts)
March 31, 2021December 31, 2020
(Unaudited)
ASSETS
Current assets: 
Cash and cash equivalents (1)
$80,971 $66,422 
Restricted cash (1)
24,869 22,063 
Accounts receivable, net of allowance of $2,310 and $2,266, respectively (1)
113,095 125,010 
Accounts receivable retainage, net32,071 30,189 
Costs and estimated earnings in excess of billings (1)
179,474 185,960 
Inventory, net8,527 8,575 
Prepaid expenses and other current assets (1)
26,753 26,854 
Income tax receivable5,446 9,803 
Project development costs14,573 15,839 
Total current assets (1)
485,779 490,715 
Federal ESPC receivable459,347 396,725 
Property and equipment, net (1)
8,804 8,982 
Energy assets, net (1)
765,122 729,378 
Goodwill, net58,812 58,714 
Intangible assets, net847 927 
Operating lease assets (1)
41,484 39,151 
Restricted cash, non-current portion10,507 10,352 
Other assets (1)
18,047 15,307 
 Total assets (1)
$1,848,749 $1,750,251 
LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portions of long-term debt and financing lease liabilities (1)
$71,770 $69,362 
Accounts payable (1)
202,123 230,916 
Accrued expenses and other current liabilities (1)
40,297 41,748 
Current portions of operating lease liabilities (1)
5,680 6,106 
Billings in excess of cost and estimated earnings30,211 33,984 
Income taxes payable1,501 981 
Total current liabilities (1)
351,582 383,097 
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs (1)
268,411 311,674 
Federal ESPC liabilities473,882 440,223 
Deferred income taxes, net4,474 2,363 
Deferred grant income8,167 8,271 
Long-term operating lease liabilities, net of current portion (1)
37,718 35,300 
Other liabilities (1)
35,992 37,660 
Commitments and contingencies (Note 9)
Redeemable non-controlling interests, net39,668 38,850 
(1) Includes restricted assets of consolidated variable interest entities (“VIEs”) at March 31, 2021 and December 31, 2020 of $159,136 and $162,198, respectively. Includes non-recourse liabilities of consolidated VIEs at March 31, 2021 and December 31, 2020 of $32,614 and $33,335, respectively. See Note 12.
1

Table of Contents

AMERESCO, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts) (Continued)
March 31, 2021December 31, 2020
(Unaudited)
Stockholders’ equity:
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at March 31, 2021 and December 31, 2020
$ $ 
Class A common stock, $0.0001 par value, 500,000,000 shares authorized, 35,367,720 shares issued and 33,265,925 shares outstanding at March 31, 2021, 32,326,449 shares issued and 30,224,654 shares outstanding at December 31, 2020
3 3 
Class B common stock, $0.0001 par value, 144,000,000 shares authorized, 18,000,000 shares issued and outstanding at March 31, 2021 and December 31, 2020
2 2 
Additional paid-in capital267,864 145,496 
Retained earnings379,533 368,390 
Accumulated other comprehensive loss, net(6,759)(9,290)
Treasury stock, at cost, 2,101,795 shares at March 31, 2021 and December 31, 2020
(11,788)(11,788)
Total stockholders’ equity628,855 492,813 
Total liabilities, redeemable non-controlling interests and stockholders’ equity
$1,848,749 $1,750,251 

See notes to condensed consolidated financial statements.

2

Table of Contents

AMERESCO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share amounts) (Unaudited)

 Three Months Ended March 31,
 20212020
Revenues$252,202 $212,413 
Cost of revenues205,293 173,967 
Gross profit46,909 38,446 
Selling, general and administrative expenses28,601 28,924 
Operating income18,308 9,522 
Other expenses, net3,672 5,389 
Income before income taxes14,636 4,133 
Income tax provision (benefit)2,205 (2,503)
Net income12,431 6,636 
Net income attributable to redeemable non-controlling interests(1,257)(435)
Net income attributable to common shareholders$11,174 $6,201 
Net income per share attributable to common shareholders: 
Basic$0.23 $0.13 
Diluted$0.22 $0.13 
Weighted average common shares outstanding:  
Basic48,975 47,384 
Diluted50,357 48,497 

See notes to condensed consolidated financial statements.
3

Table of Contents

AMERESCO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands) (Unaudited)

 Three Months Ended March 31,
 20212020
Net income$12,431 $6,636 
Other comprehensive income (loss):
Unrealized gain (loss) from interest rate hedges, net of tax effect of $719 and $(1,187)
2,118 (3,465)
Foreign currency translation adjustments413 (2,312)
Total other comprehensive income (loss)2,531 (5,777)
Comprehensive income14,962 859 
Comprehensive gain attributable to redeemable non-controlling interests(1,257)(435)
Comprehensive income attributable to common shareholders$13,705 $424 

See notes to condensed consolidated financial statements.
4

Table of Contents

AMERESCO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE NON-CONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY
For the Three Months Ended March 31, 2021 and 2020
(In thousands, except share amounts) (Unaudited)

Class A Common StockClass B Common StockTreasury Stock
Redeemable Non-controlling InterestsSharesAmountSharesAmountAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive LossSharesAmountTotal Stockholders’ Equity
Balance, December 31, 2019$31,616 29,230,005 $3 18,000,000 $2 $133,688 $314,459 $(7,514)2,101,340 $(11,782)$428,856 
Exercise of stock options— 280,611 — — — 2,474 — — — — 2,474 
Stock-based compensation expense— — — — — 429 — — — — 429 
Open market purchase of common shares— (455)— — — — — — 455 (6)(6)
Unrealized loss from interest rate hedges, net— — — — — — — (3,465)— — (3,465)
Foreign currency translation adjustment— — — — — — — (2,312)— — (2,312)
Distributions to redeemable non-controlling interests(112)— — — — — — — — — — 
Net income435 — — — — — 6,201 — — — 6,201 
Balance, March 31, 2020$31,939 29,510,161 $3 18,000,000 $2 $136,591 $320,660 $(13,291)2,101,795 $(11,788)$432,177 
Balance, December 31, 2020$38,850 30,224,654 $3 18,000,000 $2 $145,496 $368,390 $(9,290)2,101,795 $(11,788)$492,813 
Equity offering, net of offering costs of $6,284
— 2,875,000 — — — 120,216 — — — — 120,216 
Exercise of stock options— 166,271 — — — 1,386 — — — — 1,386 
Stock-based compensation expense— — — — — 766 — — — — 766 
Unrealized gain from interest rate hedges, net— — — — — — — 2,118 — — 2,118 
Foreign currency translation adjustment— — — — — — — 413 — — 413 
Tax equity financing fees(17)— — — — — — — — — — 
Distributions to redeemable non-controlling interests(453)— — — — — — — — — — 
Accretion of tax equity financing fees31 — — — — — (31)— — — (31)
Net income1,257 — — — — — 11,174 — — — 11,174 
Balance, March 31, 2021$39,668 33,265,925 $3 18,000,000 $2 $267,864 $379,533 $(6,759)2,101,795 $(11,788)$628,855 

See notes to condensed consolidated financial statements.

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AMERESCO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands) (Unaudited)
 Three Months Ended March 31,
 20212020
Cash flows from operating activities:  
Net income$12,431 $6,636 
Adjustments to reconcile net income to cash flows from operating activities:
Depreciation of energy assets, net9,686 9,299 
Depreciation of property and equipment833 833 
Accretion of ARO liabilities24 21 
Amortization of debt discount and debt issuance costs747 660 
Amortization of intangible assets80 179 
Provision for bad debts3 49 
Net gain from derivatives(377)(223)
Stock-based compensation expense766 429 
Deferred income taxes1,410 (1,217)
Unrealized foreign exchange loss 19 212 
Changes in operating assets and liabilities:
Accounts receivable15,535 (14,161)
Accounts receivable retainage(1,844)(4,445)
Federal ESPC receivable(65,973)(39,946)
Inventory, net48 7 
Costs and estimated earnings in excess of billings6,544 12,181 
Prepaid expenses and other current assets(726)1,233 
Project development costs1,259 (3,224)
Other assets(538)8 
Accounts payable, accrued expenses and other current liabilities(19,333)(17,241)
Billings in excess of cost and estimated earnings(3,973)(956)
Other liabilities(226)(586)
Income taxes payable4,881 (1,388)
Cash flows from operating activities
(38,724)(51,640)
Cash flows from investing activities:
Purchases of property and equipment(656)(724)
Purchases of energy assets(55,823)(28,497)
Contributions to equity investment (127)
Cash flows from investing activities
(56,479)(29,348)
See notes to condensed consolidated financial statements.
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AMERESCO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands) (Unaudited) (Continued)
Three Months Ended March 31,
20212020
Cash flows from financing activities:  
Proceeds from equity offering, net of offering costs$120,216 $ 
Payments of financing fees(850)(155)
Proceeds from exercises of options and ESPP1,386 2,473 
Repurchase of common stock (6)
(Payments on) proceeds from senior secured credit facility, net(53,073)31,000 
Proceeds from long-term debt financings30,811  
Proceeds from Federal ESPC projects33,520 61,198 
Proceeds for energy assets from Federal ESPC(59)1,541 
Distributions to redeemable non-controlling interests, net(495)(103)
Payments on long-term debt(19,073)(12,019)
Cash flows from financing activities
112,383 83,929 
Effect of exchange rate changes on cash330 (509)
Net increase in cash, cash equivalents, and restricted cash17,510 2,432 
Cash, cash equivalents, and restricted cash, beginning of period98,837 77,264 
Cash, cash equivalents, and restricted cash, end of period$116,347 $79,696 
Supplemental disclosures of cash flow information:
Cash paid for interest$4,235 $4,917 
Cash paid for income taxes$271 $183 
Non-cash Federal ESPC settlement$ $29,297 
Accrued purchases of energy assets$33,065 $34,308 
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the total of the same such amounts shown above:
 Three Months Ended March 31,
 20212020
Cash and cash equivalents $80,971  $40,351 
Short-term restricted cash 24,869  15,012 
Restricted cash, non-current portion 10,507 24,333 
Total cash and cash equivalents, and restricted cash $116,347  $79,696 

See notes to condensed consolidated financial statements.
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AMERESCO, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands) (Unaudited)


1. BASIS OF PRESENTATION
The accompanying condensed consolidated financial statements of Ameresco, Inc. (including its subsidiaries, the “Company,” “Ameresco,” “we,” “our,” or “us”) are unaudited, according to certain rules and regulations of the Securities and Exchange Commission, and include, in our opinion, normal recurring adjustments necessary for a fair presentation in conformity with accounting principles generally accepted in the United States (“GAAP”) of the results for the periods indicated.
The results of operations for the three months ended March 31, 2021 are not necessarily indicative of results which may be expected for the full year. The December 31, 2020 consolidated balance sheet data was derived from audited financial statements, but certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. The interim condensed consolidated financial statements and accompanying notes should be read in conjunction with the audited consolidated financial statements and accompanying notes for the year ended December 31, 2020, included in our annual report on Form 10-K (“2020 Annual Report” or “2020 Form 10-K”) for the year ended December 31, 2020 filed with the Securities and Exchange Commission on March 2, 2021.
Reclassification
Certain prior period amounts were reclassified to conform to the presentation in the current period.
Significant Risks and Uncertainties
We considered the impact of COVID-19 on the assumptions and estimates used and determined that there was no material adverse impact on our results of operations for the three months ended March 31, 2021 or 2020. Our results of future operations and liquidity could be adversely impacted by a number of factors associated with the COVID-19 pandemic, including payments of outstanding receivable amounts beyond normal payment terms, delays in obtaining signed customer contracts for awarded projects, supply chain disruptions and uncertain demand. As of the date of issuance of these condensed consolidated financial statements, the extent to which the COVID-19 pandemic may impact our financial condition, liquidity, or results of operations in the future is uncertain.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Our accounting policies are set forth in Note 2 to the consolidated financial statements contained in our 2020 Form 10-K. We have included certain updates to those policies below.
Accounts Receivable and Allowance for Credit Losses
Changes in the allowance for credit losses are as follows:
March 31, 2021March 31, 2020
Allowance for credit losses, beginning of period$2,266 $2,260 
Charges to costs and expenses, net3 49 
Account write-offs and other41 (189)
Allowance for credit losses, end of period$2,310 $2,120 

Recent Accounting Pronouncements
Income Taxes
In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes, and clarifies certain aspects of the current guidance to promote consistency among reporting entities. ASU 2019-12 is effective for our fiscal year beginning after December 15, 2020. We adopted this guidance as of January 1, 2021 and the adoption did not have an impact on our condensed consolidated financial statements.
Reference Rate Reform
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04, which provides optional guidance for a limited period of time to ease the potential
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AMERESCO, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands) (Unaudited) (Continued)
burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. Companies can apply the ASU immediately, however, the guidance will only be available until December 31, 2022. We are currently evaluating the impact that adopting this new accounting standard would have on our condensed consolidated financial statements and related disclosures.
In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope. The amendments in ASU 2021-01 provide optional expedients to the current guidance on contract modification and hedge accounting from the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. The guidance generally can be applied to applicable contract modifications through December 31, 2022. We are currently evaluating the impact that adopting this new accounting standard would have on our condensed consolidated financial statements and related disclosures.
Codification Improvements
In October 2020, the FASB issued ASU 2020-10 Codification Improvements. The amendments in this ASU represent changes to clarify the Accounting Standard Codifications, correct unintended application of guidance, or make minor improvements to the ASC that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. ASU 2020-10 is effective for annual periods beginning after December 15, 2020 and interim periods within those annual periods, with early adoption permitted. The amendments in this ASU should be applied retrospectively. We adopted this guidance as of January 1, 2021 and the adoption did not have an impact on our condensed consolidated financial statements.
3. REVENUE FROM CONTRACTS WITH CUSTOMERS
Disaggregation of Revenue
Our reportable segments for the three months ended March 31, 2021 are U.S. Regions, U.S. Federal, Canada and Non-Solar Distributed Generation (“Non-Solar DG”). We changed the structure of our internal organization and our U.S. Regions segment now includes our U.S.-based enterprise energy management services previously included in our “All Other” segment. As a result, previously reported amounts have been restated for comparative purposes.
The following table presents our revenue disaggregated by line of business and reportable segment for the three months ended March 31, 2021:
U.S. RegionsU.S. FederalCanadaNon-Solar DGAll OtherTotal
Project revenue$71,158 $90,089 $9,001 $4,654 $5,791 $180,693 
O&M revenue4,310 11,440 26 2,637 71 18,484 
Energy assets8,810 664 747 22,931 135 33,287 
Integrated-PV    9,154 9,154 
Other995 21 1,869 146 7,553 10,584 
Total revenues$85,273 $102,214 $11,643 $30,368 $22,704 $252,202 
The following table presents our revenue disaggregated by line of business and reportable segment for the three months ended March 31, 2020:
U.S. RegionsU.S. FederalCanadaNon-Solar DGAll OtherTotal
Project revenue$71,493 $56,114 $8,864 $2,371 $5,587 $144,429 
O&M revenue4,352 11,626 9 2,015 60 18,062 
Energy assets8,854 719 663 17,986  28,222 
Integrated-PV    11,469 11,469 
Other1,141 286 1,856 352 6,596 10,231 
Total revenues$85,840 $68,745 $11,392 $22,724 $23,712 $212,413 
For the three months ended March 31, 2021 and 2020, approximately 94% and 91%, respectively, of revenue is recognized over time, and the remainder is for products and services transferred at a point in time.
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AMERESCO, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands) (Unaudited) (Continued)
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 March 31,
20212020
United States$234,009 $195,939 
Canada10,853 10,553 
Other7,340 5,921 
Total revenues$252,202 $212,413 

Contract Balances
The following tables provide information about receivables, contract assets and contract liabilities from contracts with customers:
 March 31, 2021December 31, 2020
Accounts receivable, net$113,095 $125,010 
Accounts receivable retainage, net$32,071 $30,189 
Contract Assets:
Costs and estimated earnings in excess of billings $179,474 $185,960 
Contract Liabilities:
Billings in excess of cost and estimated earnings$30,211 $33,984 
Billings in excess of cost and estimated earnings, non-current (1)
6,590 6,631 
Total contract liabilities$36,801 $40,615 

March 31, 2020December 31, 2019
Accounts receivable, net$110,742 $95,863 
Accounts receivable retainage, net$21,265 $16,976 
Contract Assets:
Costs and estimated earnings in excess of billings$189,566 $202,243 
Contract Liabilities:
Billings in excess of cost and estimated earnings$25,350 $26,618 
Billings in excess of cost and estimated earnings, non-current (1)
5,320 5,560 
Total contract liabilities$30,670 $32,178 
(1) Performance obligations are expected to be completed beyond the next twelve months and are included in other liabilities in the condensed consolidated balance sheets.
The decrease in contract assets for the three months ended March 31, 2021 was primarily due to billings of $144,539, offset in part by revenue recognized of approximately $130,297. The decrease in contract liabilities was primarily driven by recognition of revenue as performance obligations were satisfied exceeding increases from the receipt of advance payment from customers, and related billings. For the three months ended March 31, 2021, we recognized revenue of $45,483 that was previously included in the beginning balance of contract liabilities and billed customers $33,081. Changes in contract liabilities are also driven by reclassifications to or from contract assets as a result of timing of customer payments.
The decrease in contract assets for the three months ended March 31, 2020 was primarily due to billings of approximately $151,885, partially offset by revenue recognized of $137,220. The decrease in contract liabilities was primarily driven by
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AMERESCO, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands) (Unaudited) (Continued)
recognition of revenue as performance obligations were satisfied exceeding increases from the receipt of advance payment from customers, and related billings. For the three months ended March 31, 2020, we recognized revenue of $19,928 that was previously included in the beginning balance of contract liabilities, and billed customers $16,377. Changes in contract liabilities are also driven by reclassifications to or from contract assets as a result of timing of customer payments.
Performance Obligations
Our remaining performance obligations (“backlog”) represent the unrecognized revenue value of our contract commitments. At March 31, 2021, we had backlog of $1,914,710 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 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 $1,559 and $1,543 were included in other long-term assets in the accompanying condensed consolidated balance sheets as of March 31, 2021 and December 31, 2020, respectively. Project development costs of $1,985 and $1,635 were recognized in the condensed consolidated statements of income on projects that converted to customer contracts during the three months ended March 31, 2021 and 2020, respectively.
No impairment charges in connection with our capitalized commission costs or project development costs were recorded during the three months ended March 31, 2021 and 2020.
4. GOODWILL AND INTANGIBLE ASSETS, NET
The changes in the carrying value of goodwill balances by reportable segment was as follows:
U.S. RegionsU.S. FederalCanadaNon-solar DGOtherTotal
Balance, December 31, 2020$26,705 $3,981 $3,441 $ $24,587 $58,714 
Currency effects  41  57 98 
Balance, March 31, 2021$26,705 $3,981 $3,482 $ $24,644 $58,812 
Definite-lived intangible assets, net consisted of the following:
As of March 31, 2021As of December 31, 2020
Gross carrying amount$27,240 27,240 
Accumulated amortization26,393 26,313 
Intangible assets, net$847 $927 
The table below sets forth amortization expense:
Three Months Ended March 31,
Asset typeLocation20212020
Customer contractsCost of revenues$ $22 
All other intangible assetsSelling, general and administrative expenses80 157 
Total amortization expense$80 $179 

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AMERESCO, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands) (Unaudited) (Continued)
5. ENERGY ASSETS, NET
Energy assets, net consisted of the following:
 March 31, 2021December 31, 2020
Energy assets (1)
$1,000,085 $954,426 
Less - accumulated depreciation and amortization(234,963)(225,048)
Energy assets, net$765,122 $729,378 
(1) Includes financing lease assets (see Note 6), capitalized interest and ARO assets (see tables below).
The following table sets forth our depreciation and amortization expense on energy assets, net of deferred grant amortization:
Three Months Ended March 31,
Location20212020
Cost of revenues (2)
$9,686 $9,299 
(2) Includes depreciation and amortization on financing lease assets (see Note 6).
The following table presents the interest costs relating to construction financing during the period of construction, which were capitalized as part of energy assets, net:
Three Months Ended March 31,
20212020
Capitalized interest$2,238 $862 

The following tables sets forth information related to our ARO assets and ARO liabilities:
LocationMarch 31, 2021December 31, 2020
ARO assets, netEnergy assets, net$2,032 $1,468 
ARO liabilities, currentAccrued expenses and other current liabilities$6 $86 
ARO liabilities, non-currentOther liabilities2,251 1,561 
Total ARO liabilities$2,257 $1,647 


Three Months Ended March 31,
20212020
Depreciation expense of ARO assets$23 $19 
Accretion expense of ARO liabilities$24 $21 

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AMERESCO, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands) (Unaudited) (Continued)
6. LEASES
The table below sets forth supplemental condensed consolidated balance sheet information related to our leases:
March 31, 2021December 31, 2020
Operating Leases:
Operating lease assets$41,484 $39,151 
Current portions of operating lease liabilities$5,680 6,106 
Long-term portions of operating lease liabilities37,718 35,300 
Total operating lease liabilities$43,398 $41,406 
Weighted-average remaining lease term12 years12 years
Weighted-average discount rate5.81 %5.94 %
Financing Leases:
Energy assets$33,473 $34,005 
Current portions of financing lease liabilities$4,273 4,273 
Long-term financing lease liabilities, net of current portion, unamortized discount and debt issuance costs