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
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Dec. 31, 2017
Sep. 30, 2018
Dec. 31, 2017
Sep. 30, 2017
Cash flows from operating activities:                
Net income $ 10,701 $ 8,791 $ 26,907 $ 13,007        
Adjustments to reconcile net income to cash flows from operating activities:                
Depreciation of energy assets     19,699 15,822        
Depreciation of property and equipment     1,573 1,931        
Amortization of deferred financing fees     1,587 1,194        
Amortization of intangible assets     771 1,082        
Provision for bad debts     483 68        
Loss (gain) on disposal / sale of assets     300 (104)        
Net gain from derivatives     (367) (206)        
Stock-based compensation expense     1,137 976        
Deferred income taxes     3,914 (2,139)        
Unrealized foreign exchange (gain) loss     486 (1,494)        
Changes in operating assets and liabilities:                
Accounts receivable     2,073 22,599        
Accounts receivable retainage     3,008 308        
Federal ESPC receivable     (111,982) (119,093)        
Inventory, net     10 3,503        
Costs and estimated earnings in excess of billings     28,704 (24,403)        
Prepaid expenses and other current assets     5,241 (2,271)        
Project development costs     (6,984) (4,028)        
Other assets     (1,371) 225        
Accounts payable, accrued expenses and other current liabilities     (16,552) 4,772        
Billings in excess of cost and estimated earnings     11,166 (4,283)        
Other liabilities     194 (255)        
Income taxes payable     (2,038) 2,357        
Cash flows from operating activities     (32,041) (90,432)        
Cash flows from investing activities:                
Purchases of property and equipment     (2,961) (1,922)        
Purchases of energy assets     (44,059) (68,736)        
Proceeds from sale of assets of a business     0 2,777        
Acquisitions, net of cash received     (62,687) (2,409)        
Cash flows from investing activities     (109,707) (70,290)        
Cash flows from financing activities:                
Payments of financing fees     (3,667) (2,024)        
Proceeds from exercises of options and ESPP     4,327 1,559        
Repurchase of common stock     (1,772) (3,029)        
Proceeds (payments) from senior secured credit facility, net     (900) 12,847        
Proceeds from long-term debt financings     78,914 48,885        
Proceeds from Federal ESPC projects     113,570 122,340        
Proceeds for energy assets from Federal ESPC     2,269 0        
Proceeds from sale-leaseback financings     5,145 30,611        
Contributions from redeemable non-controlling interests, net     3,731 1,358        
Payments on long-term debt     (22,825) (40,228)        
Cash flows from financing activities     178,792 172,319        
Effect of exchange rate changes on cash     (124) 322        
Net increase in cash, cash equivalents, and restricted cash     36,920 11,919        
Cash, cash equivalents, and restricted cash, beginning of period     60,105 52,826 $ 52,826      
Cash, cash equivalents, and restricted cash, end of period 97,025 64,745 97,025 64,745 60,105      
Supplemental disclosures of cash flow information:                
Cash paid for interest     9,618 8,152        
Cash paid for income taxes     2,018 4,432        
Non-cash Federal ESPC settlement     82,536 66,830        
Accrued purchases of energy assets     7,698 9,414        
Conversion of revolver to term loan     25,000 0        
Reconciliation of cash, cash equivalents and restricted cash                
Cash and cash equivalents           $ 64,539 $ 24,262 $ 29,559
Short-term restricted cash           13,461 15,751 15,789
Long-term restricted cash included in other assets           19,025 20,092 19,397
Total cash and cash equivalents, and restricted cash $ 97,025 $ 64,745 $ 60,105 $ 52,826 $ 52,826 $ 97,025 $ 60,105 $ 64,745