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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, 2022
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 every Interactive Data File required to be submitted 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 ☑
Accelerated Filer o
Non-accelerated filer  o
Smaller reporting company 
Emerging growth 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 29, 2022
Class A Common Stock, $0.0001 par value per shareAMRC33,808,964
Class B Common Stock, $0.0001 par value per share18,000,000




TABLE OF CONTENTS
  Page
 
Item 1. Condensed Consolidated Financial Statements
 
   
 
 



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, 2022December 31, 2021
(Unaudited)
ASSETS
Current assets: 
Cash and cash equivalents (1)
$68,288 $50,450 
Restricted cash (1)
26,792 24,267 
Accounts receivable, net of allowance of $2,265 and $2,266, respectively (1)
204,082 161,970 
Accounts receivable retainage, net40,555 43,067 
Costs and estimated earnings in excess of billings (1)
460,240 306,172 
Inventory, net9,720 8,807 
Prepaid expenses and other current assets (1)
19,025 25,377 
Income tax receivable4,337 5,261 
Project development costs12,162 13,214 
Total current assets (1)
845,201 638,585 
Federal ESPC receivable605,871 557,669 
Property and equipment, net (1)
13,063 13,117 
Energy assets, net (1)
908,006 856,531 
Deferred income tax assets, net3,722 3,703 
Goodwill, net71,334 71,157 
Intangible assets, net5,974 6,961 
Operating lease assets (1)
39,485 41,982 
Restricted cash, net of current portion (1)
13,323 12,337 
Other assets (1)
24,591 22,779 
 Total assets (1)
$2,530,570 $2,224,821 
LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portions of long-term debt and financing lease liabilities (1)
$80,191 $78,934 
Accounts payable (1)
231,533 308,963 
Accrued expenses and other current liabilities (1)
43,784 43,311 
Current portions of operating lease liabilities (1)
6,134 6,276 
Billings in excess of cost and estimated earnings31,729 35,918 
Income taxes payable1,771 822 
Total current liabilities (1)
395,142 474,224 
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs (1)
659,695 377,184 
Federal ESPC liabilities600,507 532,287 
Deferred income tax liabilities, net6,063 3,871 
Deferred grant income8,379 8,498 
Long-term operating lease liabilities, net of current portion (1)
32,854 35,135 
Other liabilities (1)
44,282 43,176 
Commitments and contingencies (Note 9)
Redeemable non-controlling interests, net47,438 46,182 
(1) Includes restricted assets of consolidated variable interest entities (“VIEs”) at March 31, 2022 and December 31, 2021 of $136,315 and $124,454, respectively. Includes non-recourse liabilities of consolidated VIEs at March 31, 2022 and December 31, 2021 of $30,790 and $31,125, respectively. See Note 12.
1

AMERESCO, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts) (Continued)
March 31, 2022December 31, 2021
(Unaudited)
Stockholders’ equity:
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at March 31, 2022 and December 31, 2021
$ $ 
Class A common stock, $0.0001 par value, 500,000,000 shares authorized, 35,910,759 shares issued and 33,808,964 shares outstanding at March 31, 2022, 35,818,104 shares issued and 33,716,309 shares outstanding at December 31, 2021
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, 2022 and December 31, 2021
2 2 
Additional paid-in capital289,459 283,982 
Retained earnings456,088 438,732 
Accumulated other comprehensive loss, net(3,889)(6,667)
Treasury stock, at cost, 2,101,795 shares at March 31, 2022 and December 31, 2021
(11,788)(11,788)
Stockholders’ equity before non-controlling interest729,875 704,264 
Non-controlling interest6,335  
Total stockholders’ equity736,210 704,264 
Total liabilities, redeemable non-controlling interests and stockholders’ equity
$2,530,570 $2,224,821 

See notes to condensed consolidated financial statements.

2

AMERESCO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share and per share amounts) (Unaudited)
 Three Months Ended March 31,
 20222021
Revenues$474,002 $252,202 
Cost of revenues405,624 205,293 
Gross profit68,378 46,909 
Selling, general and administrative expenses39,692 28,601 
Operating income28,686 18,308 
Other expenses, net7,081 3,672 
Income before income taxes21,605 14,636 
Income tax provision 2,307 2,205 
Net income19,298 12,431 
Net income attributable to redeemable non-controlling interests(1,914)(1,257)
Net income attributable to common shareholders$17,384 $11,174 
Net income per share attributable to common shareholders: 
Basic$0.34 $0.23 
Diluted$0.32 $0.22 
Weighted average common shares outstanding:  
Basic51,744 48,975 
Diluted53,636 50,357 

See notes to condensed consolidated financial statements.
3

AMERESCO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands) (Unaudited)
 Three Months Ended March 31,
 20222021
Net income$19,298 $12,431 
Other comprehensive income (loss):
Unrealized gain from interest rate hedges, net of tax effect of $917 and $719
2,711 2,118 
Foreign currency translation adjustments67 413 
Total other comprehensive income2,778 2,531 
Comprehensive income22,076 14,962 
Comprehensive income attributable to redeemable non-controlling interests(1,914)(1,257)
Comprehensive income attributable to common shareholders$20,162 $13,705 

See notes to condensed consolidated financial statements.
4

AMERESCO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE NON-CONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY
For the Three Months Ended March 31, 2022 and 2021
(In thousands, except share amounts) (Unaudited)
Class A Common StockClass B Common StockTreasury Stock
Redeemable Non-controlling InterestsSharesAmountSharesAmountAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive LossSharesAmountNon-controlling InterestTotal Stockholders’ Equity
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 
Balance, December 31, 2021$46,182 33,716,309 $3 18,000,000 $2 $283,982 $438,732 $(6,667)2,101,795 $(11,788)$ $704,264 
Equity offering cost adjustment— 92,655 — — — — — — — — — — 
Exercise of stock options— — — — — 1,708 — — — — — 1,708 
Stock-based compensation expense— — — — — 3,531 — — — — — 3,531 
Unrealized gain from interest rate hedges, net— — — — — — — 2,711 — — — 2,711 
Foreign currency translation adjustment— — — — — — 67 — — — 67 
Distributions to redeemable non-controlling interests(448)— — — — — — — — — — — 
Accretion of tax equity financing fees28 — — — — — (28)— — — — (28)
Investment fund call option exercise(238)— — — — 238 — — — — — 238 
Contributions from non-controlling interest— — — — — — — — — — 6,335 6,335 
Net income1,914 — — — — — 17,384 — — — — 17,384 
Balance, March 31, 2022$47,438 33,808,964 $3 18,000,000 $2 $289,459 $456,088 $(3,889)2,101,795 $(11,788)$6,335 $736,210 
See notes to condensed consolidated financial statements.
5

AMERESCO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands) (Unaudited)
 Three Months Ended March 31,
 20222021
Cash flows from operating activities:  
Net income$19,298 $12,431 
Adjustments to reconcile net income to cash flows from operating activities:
Depreciation of energy assets, net11,806 9,686 
Depreciation of property and equipment734 833 
Gain on contingent consideration(320) 
Accretion of ARO liabilities36 24 
Amortization of debt discount and debt issuance costs852 747 
Amortization of intangible assets578 80 
Provision for bad debts237 3 
Equity in (earnings) loss of unconsolidated entity(637)62 
Net loss (gain) from derivatives1,622 (377)
Stock-based compensation expense3,531 766 
Deferred income taxes, net1,284 1,410 
Unrealized foreign exchange loss132 19 
Changes in operating assets and liabilities:
Accounts receivable(40,859)15,535 
Accounts receivable retainage2,582 (1,844)
Federal ESPC receivable(46,300)(65,973)
Inventory, net(914)48 
Costs and estimated earnings in excess of billings(154,325)6,544 
Prepaid expenses and other current assets2,813 (726)
Project development costs1,260 1,259 
Other assets105 (600)
Accounts payable, accrued expenses and other current liabilities(77,163)(19,333)
Billings in excess of cost and estimated earnings(4,309)(3,973)
Other liabilities(33)(226)
Income taxes receivable, net1,868 4,881 
Cash flows from operating activities
(276,122)(38,724)
Cash flows from investing activities:
Purchases of property and equipment(889)(656)
Capital investment in energy assets(56,844)(55,823)
Cash flows from investing activities
(57,733)(56,479)
See notes to condensed consolidated financial statements.
6

AMERESCO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands) (Unaudited) (Continued)
Three Months Ended March 31,
20222021
Cash flows from financing activities:  
Proceeds from equity offering, net of offering costs$ $120,216 
Payments of debt discount and debt issuance costs(2,570)(850)
Proceeds from exercises of options and ESPP1,708 1,386 
Proceeds from (payments on) senior secured revolving credit facility, net76,000 (53,073)
Proceeds from long-term debt financings286,744 30,811 
Proceeds from Federal ESPC projects64,788 33,520 
Proceeds for (payments on) energy assets from Federal ESPC1,925 (59)
Contributions from non-controlling interest4,594  
Distributions to redeemable non-controlling interests, net(357)(495)
Payments on long-term debt and financing leases(77,432)(19,073)
Cash flows from financing activities
355,400 112,383 
Effect of exchange rate changes on cash(196)330 
Net increase in cash, cash equivalents, and restricted cash21,349 17,510 
Cash, cash equivalents, and restricted cash, beginning of period87,054 98,837 
Cash, cash equivalents, and restricted cash, end of period$108,403 $116,347 
Supplemental disclosures of cash flow information:
Cash paid for interest$4,488 $4,235 
Cash paid for income taxes$78 $271 
Accrued purchases of energy assets$40,683 $33,065 

See notes to condensed consolidated financial statements.
7

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, 2022 are not necessarily indicative of results which may be expected for the full year. The December 31, 2021 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, 2021, included in our annual report on Form 10-K (“2021 Annual Report” or “2021 Form 10-K”) for the year ended December 31, 2021 filed with the Securities and Exchange Commission on March 1, 2022.
Reclassification
Certain prior period amounts were reclassified to conform to the presentation in the current period.
Significant Risks and Uncertainties
The COVID-19 pandemic has continued to result in global supply chain disruptions and the resurgence of COVID-19 and its variants has caused some governments to extend travel and other restrictions.
We have considered the impact of COVID-19 on the assumptions and estimates used, which may change in response to this evolving situation. 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, supply chain disruptions, potential loss of employees due to vaccine mandates, and uncertain demand. As of the date of issuance of these condensed consolidated financial statements, we cannot reasonably estimate the extent to which the COVID-19 pandemic may impact our financial condition, liquidity, or results of operations in the foreseeable future. The ultimate impact of the pandemic on us is highly uncertain and will depend on future developments, and such impacts could exist for an extended period of time, even after the pandemic subsides.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Our accounting policies are set forth in Note 2 to the consolidated financial statements contained in our 2021 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, 2022March 31, 2021
Allowance for credit losses, beginning of period$2,263 $2,266 
Provision for bad debts237 3 
Account write-offs and other(235)41 
Allowance for credit losses, end of period$2,265 $2,310 

Recent Accounting Pronouncements
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 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
8

AMERESCO, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands) (Unaudited) (Continued)
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.
Government Assistance
In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires annual disclosures about certain types of government assistance received. ASU 2021-10 is effective for our fiscal year beginning after December 15, 2021. We adopted this guidance as of January 1, 2022 and the adoption did not have an impact on our consolidated financial statements.
Derivatives and Hedging
In March 2022, the FASB issued ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method, which expands the current single-layer method to allow multiple hedged layers of a single closed portfolio to be hedged under the method. ASU 2022-01 is effective for our year ending beginning after December 15, 2022. We are currently evaluating the impact that adopting this new accounting standard would have on our consolidated financial statements.
3. REVENUE FROM CONTRACTS WITH CUSTOMERS
Disaggregation of Revenue
Our reportable segments for the three months ended March 31, 2022 were U.S. Regions, U.S. Federal, Canada, Non-Solar Distributed Generation (“Non-Solar DG”) and All Other. On January 1, 2022, we changed the structure of our internal organization and our “All Other” segment now includes our U.S.-based enterprise energy management services previously included in our U.S Regions segment and our U.S. Regions segment now includes U.S. project revenue and associated costs previously included in our Non-Solar DG segment. As a result, previously reported amounts have been reclassified for comparative purposes.
The following table presents our revenue disaggregated by line of business and reportable segment for the three months ended March 31, 2022:
U.S. RegionsU.S. FederalCanadaNon-Solar DGAll OtherTotal
Project revenue$298,632 $62,217 $13,951 $ $18,604 $393,404 
O&M revenue5,080 12,297 11 2,774 91 20,253 
Energy assets10,018 1,090 761 26,487 72 38,428 
Integrated-PV    11,356 11,356 
Other790 42 2,449  7,280 10,561 
Total revenues$314,520 $75,646 $17,172 $29,261 $37,403 $474,002 
9

AMERESCO, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands) (Unaudited) (Continued)
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$75,812 $90,089 $9,001 $ $5,791 $180,693 
O&M revenue4,415 11,440 26 2,532 71 18,484 
Energy assets8,802 664 747 22,939 135 33,287 
Integrated-PV    9,154 9,154 
Other215 21 1,869 109 8,370 10,584 
Total revenues$89,244 $102,214 $11,643 $25,580 $23,521 $252,202 

The following table presents information related to our revenue recognized over time:
Three Months Ended March 31,
20222021
Percentage of revenue recognized over time96%94%
The remainder of our revenue is for products and services transferred at a point in time, at which point revenue is recognized.
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,
20222021
United States$438,391 $234,009 
Canada15,988 10,853 
Other19,623 7,340 
Total revenues$474,002 $252,202 
10

AMERESCO, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands) (Unaudited) (Continued)

Contract Balances
The following tables provide information about receivables, contract assets and contract liabilities from contracts with customers:
 March 31, 2022December 31, 2021
Accounts receivable, net$204,082 $161,970 
Accounts receivable retainage, net$40,555 $43,067 
Contract Assets:
Costs and estimated earnings in excess of billings $460,240 $306,172 
Contract Liabilities:
Billings in excess of cost and estimated earnings$31,729 $35,918 
Billings in excess of cost and estimated earnings, non-current (1)
6,322 6,481 
Total contract liabilities$38,051 $42,399 
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 
(1) Performance obligations that are expected to be completed beyond the next twelve months and are included in other liabilities in the condensed consolidated balance sheets.
The increase in contract assets for the three months ended March 31, 2022 was primarily due to revenue recognized of $381,949 offset by billings of $229,540. Contract assets also increased due to reclassifications, primarily from contract liabilities as a result of timing of customer payments. 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, 2022, we recognized revenue of $33,077 that was previously included in the beginning balance of contract liabilities and billed customers $23,723. 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, 2021 was primarily due to billings of approximately $144,539, partially offset by revenue recognized of $130,297. The decrease in contract liabilities was primarily driven by the receipt of advance payment from customers, and related billings, exceeding reductions from the recognition of revenue as performance obligations were satisfied. 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.

Performance Obligations
Our remaining performance obligations (“backlog”) represent the unrecognized revenue value of our contract commitments. At March 31, 2022, we had contracted backlog of $2,553,770 of which approximately 48% 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
11

AMERESCO, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands) (Unaudited) (Continued)
construction projects, including long-term operations and maintenance (“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 $4,209 and $1,985 were recognized in the condensed consolidated statements of income on projects that converted to customer contracts during the three months ended March 31, 2022 and 2021, respectively.
No impairment charges in connection with our project development costs were recorded during the three months ended March 31, 2022 and 2021.
4. GOODWILL AND INTANGIBLE ASSETS, NET
The changes in the carrying value of goodwill balances by reportable segment were as follows:
U.S. RegionsU.S. FederalCanadaNon-solar DGOtherTotal
Balance, December 31, 2021$39,204 $3,981 $3,454 $ $24,518 $71,157 
Remeasurement adjustment309     309 
Currency effects  53  (185)(132)
Balance, March 31, 2022$39,513 $3,981 $3,507 $ $24,333 $71,334 
Definite-lived intangible assets, net consisted of the following:
As of March 31, 2022As of December 31, 2021
Gross carrying amount$32,939 33,526 
Less - accumulated amortization(26,965)(26,565)
Intangible assets, net$5,974 $6,961 
The table below sets forth amortization expense:
Three Months Ended March 31,
Asset typeLocation20222021
Customer contractsCost of revenues$184 $ 
All other intangible assetsSelling, general and administrative expenses394 80 
Total amortization expense$578 $80 

5. ENERGY ASSETS, NET
Energy assets, net consisted of the following:
 March 31, 2022December 31, 2021
Energy assets (1)
$1,184,314 $1,120,712 
Less - accumulated depreciation and amortization(276,308)