Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows (USD $)
 3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Cash flows from operating activities:        
Net income $ 5,168,868 $ 8,832,128 $ 6,674,166 $ 14,120,413
Adjustments to reconcile net income to cash (used in) provided by operating activities:        
Depreciation of project assets 2,850,977 2,240,001 5,456,007 4,450,613
Depreciation of property and equipment 603,501 609,933 1,281,474 1,081,722
Amortization of deferred financing fees 138,191 94,822 271,478 205,655
Amortization of intangible assets 1,314,778 0 2,971,022 0
Provision for bad debts 24,107 34 77,743 24,220
Gain on sale of asset (800,000) 0 (800,000) 0
Stock-based compensation expense 892,607 735,526 1,674,060 1,594,576
Deferred income taxes 43,697 453,460 (506,631) 3,145,594
Excess tax benefits from stock-based compensation arrangements (448,916) (3,510,339) (1,651,513) (3,901,636)
(Increase) decrease in:        
Restricted cash draws 14,069,843 37,303,666 24,152,657 78,216,575
Accounts receivable (11,967,540) (4,961,611) 12,569,643 (12,582,461)
Accounts receivable retainage (3,613,426) (1,104,244) 2,079,382 335,308
Federal ESPC receivable (11,705,599) (37,132,797) (25,775,736) (73,639,333)
Inventory (369,359) (349,778) (510,224) (1,982,992)
Costs and estimated earnings in excess of billings (5,583,166) (4,751,958) 12,197,386 (10,895,160)
Prepaid expenses and other current assets (4,504,563) (642,293) (1,679,160) (663,502)
Project development costs (324,126) (160,631) (1,156,085) 760,445
Other assets (766,682) (823,972) (941,282) (204,655)
Increase (decrease) in:        
Accounts payable, accrued expenses and other current liabilities 11,766,758 (653,233) (8,760,740) (23,857,383)
Billings in excess of cost and estimated earnings 7,346,139 4,218,481 8,243,890 (328,028)
Other liabilities (345,461) 434,854 525,181 4,777,394
Income taxes payable 2,476,787 757,554 3,083,458 (4,689,033)
Net cash (used in) provided by operating activities 6,267,415 1,589,603 39,476,176 (24,031,668)
Cash flows from investing activities:        
Purchases of property and equipment (1,105,037) (911,404) (2,381,570) (1,806,634)
Purchases of project assets (9,695,695) (8,129,688) (19,698,641) (14,720,891)
Grant awards and rebates received on project assets     3,838,766 6,695,711
Net cash used in investing activities (10,800,732) (9,041,092) (18,241,445) (9,831,814)
Cash flows from financing activities:        
Excess tax benefits from stock-based compensation arrangements 448,916 3,510,339 1,651,513 3,901,636
Book overdraft     (7,297,122) 0
Payments of financing fees 0 (493,700) (20,325) (544,289)
Proceeds from exercises of options 735,839 2,585,997 1,799,271 4,002,088
Proceeds from (payments on) senior secured credit facility (1,428,571) 35,000,000 (7,857,142) 40,000,000
Proceeds from long-term debt financing     0 5,500,089
Minority interest     7,700 0
Restricted cash (3,367,515) (1,087,999) (4,798,107) (1,675,566)
Payments on long-term debt (1,327,493) (1,642,731) (2,134,957) (2,554,609)
Net cash provided by (used in) financing activities (4,938,824) 37,871,906 (18,649,169) 48,629,349
Effect of exchange rate changes on cash (53,234) 12,140 47,059 325,305
Net (decrease) increase in cash and cash equivalents (9,525,375) 30,432,557 2,632,621 15,091,172
Cash and cash equivalents, beginning of year 38,435,362 29,349,636 26,277,366 44,691,021
Cash and cash equivalents, end of period 28,909,987 59,782,193 28,909,987 59,782,193
Supplemental disclosures of cash flow information:        
Interest 1,300,558 1,345,688 2,026,403 1,817,040
Income taxes $ 481,209 $ 1,781,156 $ 506,921 $ 5,035,756