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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 June 30, 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) |
(508) 661-2200
(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 o | Accelerated Filer ☑ | 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 July 30, 2021 |
Class A Common Stock, $0.0001 par value per share | AMRC | 33,388,508 |
Class B Common Stock, $0.0001 par value per share | | 18,000,000 |
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TABLE OF CONTENTS | | | | | | | | |
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Item 1. Condensed Consolidated Financial Statements | |
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Part I - Financial Information
Item 1. Condensed Consolidated Financial Statements
AMERESCO, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts) | | | | | | | | | | | |
| June 30, 2021 | | December 31, 2020 |
| (Unaudited) | | |
ASSETS | | |
Current assets: | | | |
Cash and cash equivalents (1) | $ | 58,807 | | | $ | 66,422 | |
Restricted cash (1) | 23,672 | | | 22,063 | |
Accounts receivable, net of allowance of $2,311 and $2,266, respectively (1) | 115,462 | | | 125,010 | |
Accounts receivable retainage, net | 36,485 | | | 30,189 | |
Costs and estimated earnings in excess of billings (1) | 195,027 | | | 185,960 | |
Inventory, net | 8,798 | | | 8,575 | |
Prepaid expenses and other current assets (1) | 25,389 | | | 26,854 | |
Income tax receivable | 5,688 | | | 9,803 | |
Project development costs | 14,508 | | | 15,839 | |
Total current assets (1) | 483,836 | | | 490,715 | |
Federal ESPC receivable | 512,737 | | | 396,725 | |
Property and equipment, net (1) | 8,826 | | | 8,982 | |
Energy assets, net (1) | 798,609 | | | 729,378 | |
Deferred income tax assets, net | 3,972 | | | 3,864 | |
Goodwill, net | 58,901 | | | 58,714 | |
Intangible assets, net | 769 | | | 927 | |
Operating lease assets (1) | 40,608 | | | 39,151 | |
Restricted cash, non-current portion (1) | 11,363 | | | 10,352 | |
Other assets (1) | 19,069 | | | 15,307 | |
Total assets (1) | $ | 1,938,690 | | | $ | 1,754,115 | |
LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY |
Current liabilities: | | | |
Current portions of long-term debt and financing lease liabilities (1) | $ | 79,778 | | | $ | 69,362 | |
Accounts payable (1) | 193,373 | | | 230,916 | |
Accrued expenses and other current liabilities (1) | 40,108 | | | 41,748 | |
Current portions of operating lease liabilities (1) | 5,995 | | | 6,106 | |
Billings in excess of cost and estimated earnings | 26,561 | | | 33,984 | |
Income taxes payable | — | | | 981 | |
Total current liabilities (1) | 345,815 | | | 383,097 | |
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs (1) | 305,351 | | | 311,674 | |
Federal ESPC liabilities | 506,680 | | | 440,223 | |
Deferred income taxes, net | 7,159 | | | 6,227 | |
Deferred grant income | 8,075 | | | 8,271 | |
Long-term operating lease liabilities, net of current portion (1) | 36,731 | | | 35,300 | |
Other liabilities (1) | 37,300 | | | 37,660 | |
Commitments and contingencies (Note 9) | | | |
Redeemable non-controlling interests, net | 46,003 | | | 38,850 | |
(1) Includes restricted assets of consolidated variable interest entities (“VIEs”) at June 30, 2021 and December 31, 2020 of $155,878 and $162,198, respectively. Includes non-recourse liabilities of consolidated VIEs at June 30, 2021 and December 31, 2020 of $32,318 and $33,335, respectively. See Note 12.
AMERESCO, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts) (Continued) | | | | | | | | | | | |
| June 30, 2021 | | December 31, 2020 |
| (Unaudited) | | |
Stockholders’ equity: | | | |
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at June 30, 2021 and December 31, 2020 | $ | — | | | $ | — | |
Class A common stock, $0.0001 par value, 500,000,000 shares authorized, 35,484,126 shares issued and 33,382,331 shares outstanding at June 30, 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 June 30, 2021 and December 31, 2020 | 2 | | | 2 | |
Additional paid-in capital | 270,955 | | | 145,496 | |
Retained earnings | 393,158 | | | 368,390 | |
Accumulated other comprehensive loss, net | (6,754) | | | (9,290) | |
| | | |
Treasury stock, at cost, 2,101,795 shares at June 30, 2021 and December 31, 2020 | (11,788) | | | (11,788) | |
Total stockholders’ equity | 645,576 | | | 492,813 | |
Total liabilities, redeemable non-controlling interests and stockholders’ equity | $ | 1,938,690 | | | $ | 1,754,115 | |
See notes to condensed consolidated financial statements.
AMERESCO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share amounts) (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2021 | | 2020 | | 2021 | | 2020 |
Revenues | $ | 273,920 | | | $ | 223,036 | | | $ | 526,122 | | | $ | 435,449 | |
Cost of revenues | 220,598 | | | 183,528 | | | 425,891 | | | 357,495 | |
Gross profit | 53,322 | | | 39,508 | | | 100,231 | | | 77,954 | |
Selling, general and administrative expenses | 31,882 | | | 26,620 | | | 60,483 | | | 55,544 | |
Operating income | 21,440 | | | 12,888 | | | 39,748 | | | 22,410 | |
Other expenses, net | 5,450 | | | 4,052 | | | 9,122 | | | 9,441 | |
Income before income taxes | 15,990 | | | 8,836 | | | 30,626 | | | 12,969 | |
Income tax (benefit) provision | (1,896) | | | — | | | 309 | | | (2,503) | |
Net income | 17,886 | | | 8,836 | | | 30,317 | | | 15,472 | |
Net income attributable to redeemable non-controlling interests | (4,231) | | | (4,471) | | | (5,488) | | | (4,906) | |
Net income attributable to common shareholders | $ | 13,655 | | | $ | 4,365 | | | $ | 24,829 | | | $ | 10,566 | |
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Net income per share attributable to common shareholders: | | | | | | | |
Basic | $ | 0.27 | | | $ | 0.09 | | | $ | 0.49 | | | $ | 0.22 | |
Diluted | $ | 0.26 | | | $ | 0.09 | | | $ | 0.48 | | | $ | 0.22 | |
Weighted average common shares outstanding: | | | | | | | |
Basic | 51,315 | | | 47,488 | | | 50,158 | | | 47,500 | |
Diluted | 52,570 | | | 48,519 | | | 51,475 | | | 48,571 | |
See notes to condensed consolidated financial statements.
AMERESCO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands) (Unaudited)
| | | | | | | | | | | |
| Three Months Ended June 30, |
| 2021 | | 2020 |
Net income | $ | 17,886 | | | $ | 8,836 | |
Other comprehensive income (loss): | | | |
Unrealized loss from interest rate hedges, net of tax effect of $(188) and $(221) | (472) | | | (585) | |
Foreign currency translation adjustments | 477 | | | 682 | |
Total other comprehensive income | 5 | | | 97 | |
Comprehensive income | 17,891 | | | 8,933 | |
| | | |
Comprehensive income attributable to redeemable non-controlling interests | (4,231) | | | (4,471) | |
Comprehensive income attributable to common shareholders | $ | 13,660 | | | $ | 4,462 | |
| | | |
| Six Months Ended June 30, |
| 2021 | | 2020 |
Net income | $ | 30,317 | | | $ | 15,472 | |
Other comprehensive income (loss): | | | |
Unrealized gain (loss) from interest rate hedges, net of tax effect of $531 and $(1,408) | 1,645 | | | (4,050) | |
Foreign currency translation adjustments | 891 | | | (1,630) | |
Total other comprehensive income (loss) | 2,536 | | | (5,680) | |
Comprehensive income | 32,853 | | | 9,792 | |
| | | |
Comprehensive income attributable to redeemable non-controlling interests | (5,488) | | | (4,906) | |
Comprehensive income attributable to common shareholders | $ | 27,365 | | | $ | 4,886 | |
See notes to condensed consolidated financial statements.
AMERESCO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE NON-CONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY
For the Three Months Ended June 30, 2021 and 2020
(In thousands, except share amounts) (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Class A Common Stock | | Class B Common Stock | | | | | | | | Treasury Stock | | | | |
| Redeemable Non-controlling Interests | | Shares | | Amount | | Shares | | Amount | | Additional Paid-in Capital | | Retained Earnings | | Accumulated Other Comprehensive Loss | | Shares | | Amount | | | | Total Stockholders’ Equity |
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 | |
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Exercise of stock options | — | | | 179,639 | | | — | | | — | | | — | | | 2,164 | | | — | | | — | | | — | | | — | | | | | 2,164 | |
Stock-based compensation expense | — | | | — | | | — | | | — | | | — | | | 430 | | | — | | | — | | | — | | | — | | | | | 430 | |
Employee stock purchase plan | — | | | 28,302 | | | — | | | — | | | — | | | 440 | | | — | | | — | | | — | | | — | | | | | 440 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Unrealized loss from interest rate hedges, net | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (585) | | | — | | | — | | | | | (585) | |
Foreign currency translation adjustment | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 682 | | | — | | | — | | | | | 682 | |
Contributions from redeemable non-controlling interests | 488 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | — | |
Distributions to redeemable non-controlling interests | (595) | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | — | |
Net income | 4,471 | | | — | | | — | | | — | | | — | | | — | | | 4,365 | | | — | | | — | | | — | | | | | 4,365 | |
Balance, June 30, 2020 | $ | 36,303 | | | 29,718,102 | | | $ | 3 | | | 18,000,000 | | | $ | 2 | | | $ | 139,625 | | | $ | 325,025 | | | $ | (13,194) | | | 2,101,795 | | | $ | (11,788) | | | | | $ | 439,673 | |
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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 | |
Equity offering costs | — | | | — | | | — | | | — | | | — | | | (135) | | | — | | | — | | | — | | | — | | | | | (135) | |
Exercise of stock options | — | | | 101,109 | | | — | | | — | | | — | | | 1,225 | | | — | | | — | | | — | | | — | | | | | 1,225 | |
Stock-based compensation expense | — | | | — | | | — | | | — | | | — | | | 1,349 | | | — | | | — | | | — | | | — | | | | | 1,349 | |
Employee stock purchase plan | — | | | 15,297 | | | — | | | — | | | — | | | 652 | | | — | | | — | | | — | | | — | | | | | 652 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Unrealized loss from interest rate hedges, net | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (472) | | | — | | | — | | | | | (472) | |
Foreign currency translation adjustment | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 477 | | | — | | | — | | | | | 477 | |
Contributions from redeemable non-controlling interests, net of tax equity financing fees | 2,269 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | — | |
Distributions to redeemable non-controlling interests | (195) | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | — | |
Accretion of tax equity financing fees | 30 | | | — | | | — | | | — | | | — | | | — | | | (30) | | | — | | | — | | | — | | | | | (30) | |
Net income | 4,231 | | | — | | | — | | | — | | | — | | | — | | | 13,655 | | | — | | | — | | | — | | | | | 13,655 | |
Balance, June 30, 2021 | $ | 46,003 | | | 33,382,331 | | | $ | 3 | | | 18,000,000 | | | $ | 2 | | | $ | 270,955 | | | $ | 393,158 | | | $ | (6,754) | | | 2,101,795 | | | $ | (11,788) | | | | | $ | 645,576 | |
See notes to condensed consolidated financial statements.
AMERESCO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE NON-CONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY
For the Six Months Ended June 30, 2021 and 2020
(In thousands, except share amounts) (Unaudited) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Class A Common Stock | | Class B Common Stock | | | | | | | | Treasury Stock | | | | |
| Redeemable Non-controlling Interests | | Shares | | Amount | | Shares | | Amount | | Additional Paid-in Capital | | Retained Earnings | | Accumulated Other Comprehensive Loss | | Shares | | Amount | | | | Total 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 | — | | | 460,250 | | | — | | | — | | | — | | | 4,638 | | | — | | | — | | | — | | | — | | | | | 4,638 | |
Stock-based compensation expense | — | | | — | | | — | | | — | | | — | | | 859 | | | — | | | — | | | — | | | — | | | | | 859 | |
Employee stock purchase plan | — | | | 28,302 | | | — | | | — | | | — | | | 440 | | | — | | | — | | | — | | | — | | | | | 440 | |
Open market purchase of common shares | — | | | (455) | | | — | | | — | | | — | | | — | | | — | | | — | | | 455 | | | (6) | | | | | (6) | |
Unrealized loss from interest rate hedges, net | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (4,050) | | | — | | | — | | | | | (4,050) | |
Foreign currency translation adjustment | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (1,630) | | | — | | | — | | | | | (1,630) | |
Contributions from redeemable non-controlling interests | 488 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | — | |
Distributions to redeemable non-controlling interests | (707) | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | — | |
Net income | 4,906 | | | — | | | — | | | — | | | — | | | — | | | 10,566 | | | — | | | — | | | — | | | | | 10,566 | |
Balance, June 30, 2020 | $ | 36,303 | | | 29,718,102 | | | $ | 3 | | | 18,000,000 | | | $ | 2 | | | $ | 139,625 | | | $ | 325,025 | | | $ | (13,194) | | | 2,101,795 | | | $ | (11,788) | | | | | $ | 439,673 | |
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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 of common stock, net of offering costs of $6,419 | — | | | 2,875,000 | | | — | | | — | | | — | | | 120,081 | | | — | | | — | | | — | | | — | | | | | 120,081 | |
Exercise of stock options | — | | | 267,380 | | | — | | | — | | | — | | | 2,611 | | | — | | | — | | | — | | | — | | | | | 2,611 | |
Stock-based compensation expense | — | | | — | | | — | | | — | | | — | | | 2,115 | | | — | | | — | | | — | | | — | | | | | 2,115 | |
Employee stock purchase plan | — | | | 15,297 | | | — | | | — | | | — | | | 652 | | | — | | | — | | | — | | | — | | | | | 652 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Unrealized gain from interest rate hedges, net | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 1,645 | | | — | | | — | | | | | 1,645 | |
Foreign currency translation adjustment | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 891 | | | — | | | — | | | | | 891 | |
Contributions from redeemable non-controlling interests, net of tax equity financing fees | 2,252 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | — | |
Distributions to redeemable non-controlling interests | (648) | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | — | |
Accretion of tax equity financing fees | 61 | | | — | | | — | | | — | | | — | | | — | | | (61) | | | — | | | — | | | — | | | | | (61) | |
Net income | 5,488 | | | — | | | — | | | — | | | — | | | — | | | 24,829 | | | — | | | — | | | — | | | | | 24,829 | |
Balance, June 30, 2021 | $ | 46,003 | | | 33,382,331 | | | $ | 3 | | | 18,000,000 | | | $ | 2 | | | $ | 270,955 | | | $ | 393,158 | | | $ | (6,754) | | | 2,101,795 | | | $ | (11,788) | | | | | $ | 645,576 | |
See notes to condensed consolidated financial statements.
AMERESCO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands) (Unaudited) | | | | | | | | | | | |
| Six Months Ended June 30, |
| 2021 | | 2020 |
Cash flows from operating activities: | | | |
Net income | $ | 30,317 | | | $ | 15,472 | |
Adjustments to reconcile net income to cash flows from operating activities: | | | |
Depreciation of energy assets, net | 20,136 | | | 18,949 | |
Depreciation of property and equipment | 1,637 | | | 1,659 | |
Accretion of ARO liabilities | 57 | | | 43 | |
Amortization of debt discount and debt issuance costs | 1,477 | | | 1,176 | |
Amortization of intangible assets | 161 | | | 356 | |
Provision for (recoveries of) bad debts | 6 | | | (80) | |
| | | |
Net loss from derivatives | 1,225 | | | 517 | |
| | | |
Stock-based compensation expense | 2,115 | | | 859 | |
Deferred income taxes | 335 | | | 4,619 | |
| | | |
Unrealized foreign exchange (gain) loss | (32) | | | 201 | |
Changes in operating assets and liabilities: | | | |
Accounts receivable | 15,230 | | | 12,125 | |
Accounts receivable retainage | (6,211) | | | (2,222) | |
Federal ESPC receivable | (125,146) | | | (89,761) | |
Inventory, net | (224) | | | 235 | |
Costs and estimated earnings in excess of billings | (8,893) | | | 6,410 | |
Prepaid expenses and other current assets | 2,445 | | | 1,857 | |
Project development costs | 760 | | | (2,758) | |
Other assets | (3,691) | | | 516 | |
Accounts payable, accrued expenses and other current liabilities | (22,941) | | | (45,256) | |
Billings in excess of cost and estimated earnings | (8,174) | | | 8,569 | |
Other liabilities | (207) | | | 316 | |
Income taxes payable | 3,135 | | | (7,396) | |
Cash flows from operating activities | (96,483) | | | (73,594) | |
Cash flows from investing activities: | | | |
Purchases of property and equipment | (1,484) | | | (1,355) | |
Capital investment in energy assets | (104,267) | | | (77,218) | |
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| | | |
Contributions to equity investment | — | | | (127) | |
Cash flows from investing activities | (105,751) | | | (78,700) | |
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See notes to condensed consolidated financial statements. |
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AMERESCO, INC. |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
(In thousands) (Unaudited) (Continued) |
|
| Six Months Ended June 30, |
| 2021 | | 2020 |
Cash flows from financing activities: | | | |
Proceeds from equity offering, net of offering costs | $ | 120,081 | | | $ | — | |
Payments of financing fees | (1,162) | | | (2,198) | |
Proceeds from exercises of options and ESPP | 3,263 | | | 5,078 | |
Repurchase of common stock | — | | | (6) | |
(Payments on) proceeds from senior secured credit facility, net | (28,073) | | | 16,000 | |
Proceeds from long-term debt financings | 64,854 | | | 14,232 | |
Proceeds from Federal ESPC projects | 70,159 | | | 133,598 | |
(Payments on) proceeds for energy assets from Federal ESPC | (117) | | | 1,488 | |
| | | |
| | | |
Proceeds from redeemable non-controlling interests, net | 1,583 | | | 74 | |
Payments on long-term debt | (33,664) | | | (25,860) | |
Cash flows from financing activities | 196,924 | | | 142,406 | |
Effect of exchange rate changes on cash | 315 | | | (457) | |
Net decrease in cash, cash equivalents, and restricted cash | (4,995) | | | (10,345) | |
Cash, cash equivalents, and restricted cash, beginning of period | 98,837 | | | 77,264 | |
Cash, cash equivalents, and restricted cash, end of period | $ | 93,842 | | | $ | 66,919 | |
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Supplemental disclosures of cash flow information: | | | |
Cash paid for interest | $ | 9,097 | | | $ | 10,499 | |
Cash paid for income taxes | $ | 1,213 | | | $ | 382 | |
Non-cash Federal ESPC settlement | $ | 4,027 | | | $ | 43,368 | |
Accrued purchases of energy assets | $ | 28,070 | | | $ | 35,705 | |
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See notes to condensed consolidated financial statements.