Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.19.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Dec. 31, 2018
Jun. 30, 2019
Dec. 31, 2018
Jun. 30, 2018
Cash flows from operating activities:                
Net income $ 8,507 $ 8,702 $ 11,378 $ 16,206        
Adjustments to reconcile net income to cash flows from operating activities:                
Depreciation of energy assets 9,088 6,634 17,495 12,946        
Depreciation of property and equipment     1,351 1,072        
Amortization of debt issuance costs     1,218 838        
Amortization of intangible assets     457 502        
Accretion of ARO and contingent consideration     62 0        
Provision for bad debts     124 303        
Gain on deconsolidation of VIE     (2,160) 0        
Net gain from derivatives     (888) (63)        
Stock-based compensation expense     782 747        
Deferred income taxes     152 9,174        
Unrealized foreign exchange loss     10 900        
Changes in operating assets and liabilities:                
Accounts receivable     (22,744) (23,750)        
Accounts receivable retainage     (1,784) 2,704        
Federal ESPC receivable     (61,849) (69,276)        
Inventory, net     (1,454) (125)        
Costs and estimated earnings in excess of billings     (18,848) 29,824        
Prepaid expenses and other current assets     (5,199) 3,490        
Project development costs     (1,703) (5,331)        
Other assets     (1,005) (1,380)        
Accounts payable, accrued expenses and other current liabilities     (26,560) (24,365)        
Billings in excess of cost and estimated earnings     (664) (1,421)        
Other liabilities     (137) 508        
Income taxes payable     2,712 (10,640)        
Cash flows from operating activities     (109,254) (57,137)        
Cash flows from investing activities:                
Purchases of property and equipment     (2,810) (2,056)        
Purchases of energy assets     (46,466) (58,341)        
Acquisitions, net of cash received     (1,279) (1,900)        
Contributions to equity investment     (191) 0        
Cash flows from investing activities     (50,746) (62,297)        
Cash flows from financing activities:                
Payments of financing fees     (447) (2,285)        
Proceeds from exercises of options and ESPP     1,260 2,314        
Repurchase of common stock     0 (1,772)        
Proceeds from senior secured credit facility, net     41,365 6,100        
Proceeds from long-term debt financings     2,742 58,634        
Proceeds from Federal ESPC projects     82,787 69,664        
Proceeds for energy assets from Federal ESPC     1,842 690        
Contributions from redeemable non-controlling interests, net of distributions     19,301 1,468        
Payments on long-term debt     (13,187) (10,776)        
Cash flows from financing activities     135,663 124,037        
Effect of exchange rate changes on cash     100 (231)        
Net (decrease) increase in cash, cash equivalents, and restricted cash     (24,237) 4,372        
Cash, cash equivalents, and restricted cash, beginning of period     97,914 60,105 $ 60,105      
Cash, cash equivalents, and restricted cash, end of period 73,677 64,477 73,677 64,477 97,914      
Supplemental disclosures of cash flow information:                
Cash paid for interest     8,194 5,183        
Cash paid for income taxes     1,807 1,903        
Non-cash Federal ESPC settlement     214,444 66,798        
Accrued purchases of energy assets     18,694 10,586        
Conversion of revolver to term loan     25,000 25,000        
Reconciliation of cash, cash equivalents and restricted cash                
Cash and cash equivalents           $ 38,343 [1] $ 61,397 [1] $ 27,952
Short-term restricted cash           13,530 [1] 16,880 [1] 15,103
Long-term restricted cash included in other assets           21,804 19,637 21,422
Total cash and cash equivalents, and restricted cash $ 73,677 $ 64,477 $ 97,914 $ 60,105 $ 60,105 $ 73,677 $ 97,914 $ 64,477
[1] Includes restricted assets of consolidated variable interest entities (“VIEs”) at June 30, 2019 and December 31, 2018 of $134,848 and $126,727, respectively. Includes non-recourse liabilities of consolidated VIEs at June 30, 2019 and December 31, 2018 of $40,217 and $34,684, respectively. See Note 12.