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
 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities:    
Net income $ 13,007 $ 8,614
Adjustments to reconcile net income to cash flows from operating activities:    
Depreciation of energy assets 15,822 14,139
Depreciation of property and equipment 1,931 2,300
Amortization of deferred financing fees 1,194 994
Amortization of intangible assets 1,082 1,793
Provision for bad debts 68 5,137
Gain on sale of assets (104) 0
Unrealized gain on ineffectiveness of interest rate swaps (206) (227)
Stock-based compensation expense 976 1,086
Deferred income taxes (2,139) (344)
Unrealized foreign exchange gain (1,494) (277)
Changes in operating assets and liabilities:    
Restricted cash (154) (4,592)
Accounts receivable 22,599 (7,136)
Accounts receivable retainage 308 (403)
Federal ESPC receivable (119,093) (83,431)
Inventory, net 3,503 (165)
Costs and estimated earnings in excess of billings (24,403) 28,119
Prepaid expenses and other current assets (2,271) (3,292)
Project development costs (4,028) 838
Other assets 55 (137)
Accounts payable, accrued expenses and other current liabilities 4,772 (1,225)
Billings in excess of cost and estimated earnings (4,283) (9,510)
Other liabilities (255) (2,005)
Income taxes payable 2,357 2,348
Cash flows from operating activities (90,756) (47,376)
Cash flows from investing activities:    
Purchases of property and equipment (1,922) (2,696)
Purchases of energy assets (68,736) (45,205)
Proceeds from sale of assets of a business 2,777 0
Acquisitions, net of cash received (2,409) 0
Cash flows from investing activities (70,290) (47,901)
Cash flows from financing activities:    
Payments of financing fees (2,024) (1,266)
Proceeds from exercises of options 1,559 969
Repurchase of common stock (3,029) (4,451)
Proceeds from senior secured credit facility, net 12,847 7,501
Proceeds from long-term debt financings 48,885 7,803
Proceeds from Federal ESPC projects 122,340 65,075
Proceeds from sale-leaseback financings 30,611 17,045
Proceeds from investment by redeemable non-controlling interests, net 1,358 6,456
Restricted cash (2,143) 2,952
Payments on long-term debt (40,228) (9,246)
Cash flows from financing activities 170,176 92,838
Effect of exchange rate changes on cash (178) (849)
Net increase (decrease) in cash and cash equivalents 8,952 (3,288)
Cash and cash equivalents, beginning of period 20,607 21,645
Cash and cash equivalents, end of period 29,559 18,357
Supplemental disclosures of cash flow information:    
Cash paid for interest 8,152 4,956
Cash paid for income taxes 4,432 2,940
Non-cash Federal ESPC settlement 66,830 79,075
Accrued purchases of energy assets $ 9,414 $ 15,869