Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities:      
Net income $ 37,577 $ 33,508 $ 11,997
Adjustments to reconcile net income to net cash flows from operating activities:      
Depreciation of energy assets 27,305 21,648 19,377
Depreciation of property and equipment 2,167 2,394 3,020
Amortization of deferred financing fees 2,193 1,620 1,503
Amortization of intangible assets 1,057 1,451 2,358
Provision for bad debts 610 77 5,392
Loss (gain) on disposal / sale of assets 298 (103) 0
Net gain from derivatives (121) (271) (279)
Stock-based compensation expense 1,258 1,293 1,462
Deferred income taxes 5,517 (4,527) 2,867
Excess tax benefits from stock-based compensation arrangements 0 0 (99)
Unrealized foreign exchange loss (gain) 1,816 (1,406) 167
Changes in operating assets and liabilities:      
Accounts receivable 9,772 1,870 (12,002)
Accounts receivable retainage 3,774 1,279 3,875
Federal ESPC receivable (155,539) (157,538) (116,753)
Inventory, net 373 3,966 1,118
Costs and estimated earnings in excess of billings 8,015 (46,730) 31,170
Prepaid expenses and other current assets 6,763 (2,471) (98)
Project development costs (8,659) (3,007) 4,162
Other assets (3,499) 111 (509)
Accounts payable, accrued expenses and other current liabilities 2,938 19,652 (2,798)
Billings in excess of cost and estimated earnings 2,866 (2,168) (6,974)
Other liabilities (783) (540) (3,578)
Income taxes payable 1,101 (5,678) 1,988
Cash flows from operating activities (53,201) (135,570) (52,634)
Cash flows from investing activities:      
Purchases of property and equipment (3,943) (2,851) (2,807)
Purchases of energy assets (125,673) (85,559) (73,234)
Proceeds from sale of assets of a business 0 2,777 0
Acquisitions, net of cash received (3,590) (2,409) (3,575)
Cash flows from investing activities (133,206) (88,042) (79,616)
Cash flows from financing activities:      
Excess tax benefits from stock-based compensation arrangements 0 0 99
Payments of financing fees (4,073) (2,877) (1,908)
Proceeds from exercises of options and ESPP 7,197 1,977 1,054
Repurchase of common stock (1,839) (3,412) (6,387)
Proceeds (payments) from senior secured credit facility, net (900) 12,547 3,822
Proceeds from long-term debt financings 88,115 48,483 38,004
Proceeds from Federal ESPC projects 158,237 165,013 90,039
Proceeds for energy assets from Federal ESPC 4,236 3,993 0
Proceeds from sale-leaseback financings 5,145 51,204 17,045
Contributions from redeemable non-controlling interests, net 4,788 7,473 6,392
Payments on long-term debt (36,395) (54,164) (14,014)
Cash flows from financing activities 224,511 230,237 134,146
Effect of exchange rate changes on cash (295) 654 (422)
Cash and Cash Equivalents, Period Increase (Decrease) [Abstract]      
Net increase in cash and cash equivalents 37,809 7,279 1,474
Cash, cash equivalents, and restricted cash, beginning of year 60,105 52,826 51,352
Cash, cash equivalents, and restricted cash, end of year 97,914 60,105 52,826
Supplemental disclosures of cash flow information:      
Cash paid for interest 15,563 11,675 7,220
Cash paid for income taxes 2,257 5,782 3,475
Non-cash Federal ESPC settlement 101,557 66,921 79,075
Accrued purchases of energy assets 15,005 7,335 19,506
Conversion of revolver to term loan 25,000 0 0
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect [Abstract]      
Total cash and cash equivalents, and restricted cash $ 60,105 $ 52,826 $ 51,352