Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.4.0.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash flows from operating activities:    
Net income $ 704 $ (4,188)
Adjustments to reconcile net income (loss) to cash flows from operating activities:    
Depreciation of project assets 4,543 3,983
Depreciation of property and equipment 772 748
Amortization of deferred financing fees 290 282
Amortization of intangible assets 604 1,009
Provision for bad debts 1,154 33
Unrealized gain on interest rate swaps (70) (83)
Stock-based compensation expense 367 518
Deferred income taxes (1,160) (1,353)
Unrealized foreign exchange (gain) loss (806) 843
Changes in operating assets and liabilities:    
Restricted cash (1,455) (277)
Accounts receivable 5,096 5,102
Accounts receivable retainage (1,710) 2,554
Federal ESPC receivable (22,879) (13,133)
Inventory (325) (66)
Costs and estimated earnings in excess of billings 33,816 2,880
Prepaid expenses and other current assets (2,946) 1,374
Project development costs (2,093) (1,438)
Other assets 55 (2,274)
Accounts payable, accrued expenses and other current liabilities (25,260) (21,423)
Billings in excess of cost and estimated earnings (3,042) 4,522
Other liabilities (1,277) 49
Income taxes payable 553 (1,745)
Cash flows from operating activities (15,069) (22,083)
Cash flows from investing activities:    
Purchases of property and equipment (497) (285)
Purchases of project assets (8,598) (5,871)
Cash flows from investing activities (9,095) (6,156)
Cash flows from financing activities:    
Payments of financing fees (397) (857)
Proceeds from exercises of options 326 430
Repayments of senior secured credit facility, net (11,300) (2,000)
Proceeds from long-term debt financing 3,049 0
Proceeds from Federal ESPC projects 16,385 18,015
Proceeds from sale-leaseback financing 3,541 7,581
Proceeds from investment by redeemable non-controlling interest 6,582 0
Restricted cash 3,892 13
Payments on long-term debt (2,584) (2,525)
Cash flows from financing activities 19,494 20,657
Effect of exchange rate changes on cash 127 1,482
Net decrease in cash and cash equivalents (4,543) (6,100)
Cash and cash equivalents, beginning of period 21,645 23,762
Cash and cash equivalents, end of period 17,102 17,662
Supplemental disclosures of cash flow information:    
Cash paid for interest 1,285 1,463
Cash paid for income taxes 942 106
Non-cash Federal ESPC settlement 44,234 8,121
Accrued purchases of project assets $ 5,141 $ 2,200