Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.6.0.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities:      
Net income (loss) $ 11,997 $ (4,684) $ 10,383
Adjustments to reconcile net income (loss) to net cash flows from operating activities:      
Depreciation of project assets 19,377 16,911 15,047
Depreciation of property and equipment 3,020 3,263 3,044
Amortization of deferred financing fees 1,503 1,139 1,353
Amortization of intangible assets 2,358 4,150 4,738
Provision for bad debts 5,392 4,102 1,988
Gain on sale of assets 0 (17) 0
Unrealized gain on interest rate swaps (279) (368) (1,418)
Stock-based compensation expense 1,462 1,769 2,493
Deferred income taxes 2,867 4,086 (2,749)
Excess tax benefits from stock-based compensation arrangements (99) 50 (918)
Unrealized foreign exchange loss 167 2,083 1,054
Changes in operating assets and liabilities:      
Restricted cash (5,423) 3,108 300
Accounts receivable (12,002) (4,472) 8,611
Accounts receivable retainage 3,875 (3,825) 3,289
Federal ESPC receivable (116,753) (73,243) (59,457)
Inventory 1,118 (4,327) 1,308
Costs and estimated earnings in excess of billings 31,170 (22,904) 4,587
Prepaid expenses and other current assets (98) (3,369) 5,526
Project development costs 4,162 (4,581) 482
Other assets (525) (4,083) (1,907)
Accounts payable, accrued expenses and other current liabilities (2,798) 26,273 9,496
Billings in excess of cost and estimated earnings (6,974) 10,674 811
Other liabilities (3,578) (2,444) (7,414)
Income taxes payable 1,988 1,171 661
Cash flows from operating activities (58,073) (49,538) 1,308
Cash flows from investing activities:      
Purchases of property and equipment (2,807) (1,343) (1,745)
Purchases of project assets (73,234) (51,340) (26,679)
Grant awards and rebates received on project assets 0 0 3,727
Proceeds from sales of assets 0 854 0
Acquisitions, net of cash received (3,575) 0 (13,903)
Cash flows from investing activities (79,616) (51,829) (38,600)
Cash flows from financing activities:      
Excess tax benefits from stock-based compensation arrangements 99 (50) 918
Payments of financing fees (1,908) (2,748) (374)
Proceeds from exercises of options 1,054 1,153 1,447
Repurchase of common stock (6,387) 0 0
Proceeds from senior secured credit facility 3,822 6,300 5,000
Proceeds from long-term debt financing 38,004 17,747 0
Proceeds from Federal ESPC projects 90,039 77,971 51,165
Proceeds from sale-leaseback financing 17,045 12,506 0
Non-controlling interest 0 (116) (9)
Proceeds from investment by redeemable non-controlling interest 6,392 6,018 0
Restricted cash 3,155 (5,684) 3,021
Payments on long-term debt (14,014) (12,392) (18,392)
Cash flows from financing activities 137,301 100,705 42,776
Effect of exchange rate changes on cash (650) (1,455) 1,107
Net (decrease) increase in cash and cash equivalents (1,038) (2,117) 6,591
Cash and cash equivalents, beginning of year 21,645 23,762 17,171
Cash and cash equivalents, end of year 20,607 21,645 23,762
Supplemental disclosures of cash flow information:      
Cash paid for interest 7,220 5,537 6,583
Cash paid for income taxes 3,475 1,437 3,125
Non-cash Federal ESPC settlement 79,075 26,606 24,587
Accrued purchases of project assets $ 19,506 $ 5,065 $ 3,229