Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities:    
Net (loss) income $ (1,744) $ 704
Adjustments to reconcile net (loss) income to cash flows from operating activities:    
Depreciation of project assets 5,109 4,543
Depreciation of property and equipment 693 772
Amortization of deferred financing fees 397 290
Amortization of intangible assets 380 604
Provision for bad debts 0 1,154
Gain on sale of assets 104 0
Unrealized gain on ineffectiveness of interest rate swaps (123) (70)
Stock-based compensation expense 343 367
Deferred income taxes (859) (1,160)
Unrealized foreign exchange gain (185) (806)
Changes in operating assets and liabilities:    
Restricted cash 391 (1,455)
Accounts receivable 30,478 5,096
Accounts receivable retainage (1,333) (1,710)
Federal ESPC receivable (34,418) (22,879)
Inventory, net 1,154 (325)
Costs and estimated earnings in excess of billings 7,193 33,816
Prepaid expenses and other current assets (2,686) (2,946)
Project development costs (1,155) (2,093)
Other assets (188) 55
Accounts payable, accrued expenses and other current liabilities (31,939) (25,260)
Billings in excess of cost and estimated earnings (3,053) (3,042)
Other liabilities 65 (1,277)
Income taxes payable (201) 553
Cash flows from operating activities (31,785) (15,069)
Cash flows from investing activities:    
Purchases of property and equipment (387) (497)
Purchases of project assets (29,121) (8,598)
Proceeds from sale of assets of a business 2,777 0
Acquisitions, net of cash received (2,409) 0
Cash flows from investing activities (29,140) (9,095)
Cash flows from financing activities:    
Payments of financing fees (338) (397)
Proceeds from exercises of options 240 326
Repurchase of common stock (2,049) 0
Proceeds (repayments) from senior secured credit facility, net 18,000 (11,300)
Proceeds from long-term debt financing 12,878 3,049
Proceeds from Federal ESPC projects 35,167 16,385
Proceeds from sale-leaseback financing 8,783 3,541
(Distributions to) proceeds from investment by redeemable non-controlling interest, net (62) 6,582
Restricted cash 223 3,892
Payments on long-term debt (8,010) (2,584)
Cash flows from financing activities 64,832 19,494
Effect of exchange rate changes on cash (61) 127
Net increase (decrease) in cash and cash equivalents 3,846 (4,543)
Cash and cash equivalents, beginning of period 20,607 21,645
Cash and cash equivalents, end of period 24,453 17,102
Supplemental disclosures of cash flow information:    
Cash paid for interest 2,384 1,285
Cash paid for income taxes 211 942
Non-cash Federal ESPC settlement 4,466 44,234
Accrued purchases of project assets $ 11,987 $ 5,141