Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash flows from operating activities:    
Net income $ (2,197) $ (5,562)
Adjustments to reconcile net loss to cash flows from operating activities:    
Depreciation of project assets 7,916 7,430
Depreciation of property and equipment 1,555 1,677
Amortization of deferred financing fees 562 570
Amortization of intangible assets 2,024 1,878
Provision for bad debts 83 266
Unrealized gain on interest rate swaps (184) (1,197)
Stock-based compensation expense 971 1,425
Deferred income taxes (2,006) 4,363
Changes in operating assets and liabilities:    
Restricted cash (694) 624
Accounts receivable 2,426 10,885
Accounts receivable retainage 1,821 6,494
Federal ESPC receivable (29,625) (18,541)
Inventory (1,257) 1,000
Costs and estimated earnings in excess of billings (2,787) 15,157
Prepaid expenses and other current assets (3,056) (2,538)
Project development costs (3,630) (1,664)
Other assets (1,403) (1,854)
Accounts payable, accrued expenses and other current liabilities (13,372) (6,898)
Billings in excess of cost and estimated earnings 5,589 (1,399)
Other liabilities (219) 1,082
Income taxes payable (112) (7,264)
Cash flows from operating activities (37,595) 5,934
Cash flows from investing activities:    
Purchases of property and equipment (643) (1,195)
Purchases of project assets (13,640) (10,970)
Grant awards received on project assets 0 3,727
Proceeds from sale of assets 852 0
Acquisitions, net of cash received 0 4,850
Cash flows from investing activities $ (13,431) $ (13,288)
Basic weighted-average shares outstanding 46,450,877 45,987,447
Cash flows from financing activities:    
Payments of financing fees $ (1,202) $ (354)
Proceeds from exercises of options 605 887
Proceeds from senior secured credit facility, net 3,500 0
Proceeds from Federal ESPC projects 40,870 13,976
Proceeds from sale-leaseback financing 7,581 0
Non-controlling interest (116) 3
Restricted cash (25) 2,822
Payments on long-term debt (6,066) (10,923)
Cash flows from financing activities 45,147 6,411
Effect of exchange rate changes on cash 1,436 180
Net decrease in cash and cash equivalents (4,443) (763)
Cash and cash equivalents, beginning of period 23,762 17,171
Cash and cash equivalents, end of period 19,319 16,408
Supplemental disclosures of cash flow information:    
Cash paid for interest 2,856 3,466
Cash paid for income taxes 933 1,758
Non-cash Federal ESPC settlement 26,320 12,350
Accrued purchases of project assets $ 8,827 $ 2,607