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, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Net income $ 40,301 $ 37,577 $ 33,508
Adjustments to reconcile net income to net cash flows from operating activities:      
Depreciation of energy assets 35,543 27,305 21,648
Depreciation of property and equipment 2,987 2,167 2,394
Amortization of deferred financing fees 2,229 2,193 1,620
Amortization of intangible assets 909 1,057 1,451
Accretion of ARO and contingent consideration 137 0 0
Provision for (recovery of) bad debts (216) 610 77
Loss (gain) on disposal / sale of assets (2,160) 298 (103)
Net gain from derivatives (1,068) (121) (271)
Stock-based compensation expense 1,620 1,258 1,293
Deferred income taxes (3,346) 5,517 (4,527)
Unrealized foreign exchange loss (gain) (130) 1,816 (1,406)
Changes in operating assets and liabilities:      
Accounts receivable (8,499) 9,772 1,870
Accounts receivable retainage (3,370) 3,774 1,279
Federal ESPC receivable (188,060) (155,539) (157,538)
Inventory, net (1,471) 373 3,966
Costs and estimated earnings in excess of billings (106,696) 8,015 (46,730)
Prepaid expenses and other current assets (18,397) 6,763 (2,471)
Project development costs 8,120 (8,659) (3,007)
Other assets 1,056 (3,499) 111
Accounts payable, accrued expenses and other current liabilities 43,531 2,938 19,652
Billings in excess of cost and estimated earnings 2,662 2,866 (2,168)
Other liabilities (1,625) (783) (540)
Income taxes payable (350) 1,101 (5,678)
Cash flows from operating activities (196,293) (53,201) (135,570)
Cash flows from investing activities:      
Purchases of property and equipment (6,674) (3,943) (2,851)
Purchases of energy assets, net of grant proceeds (133,954) (125,673) (85,559)
Proceeds from sale of assets of a business 0 0 2,777
Acquisitions, net of cash received (1,294) (3,590) (2,409)
Contributions to equity investment (301) 0 0
Cash flows from investing activities (142,223) (133,206) (88,042)
Cash flows from financing activities:      
Payments of financing fees (1,666) (4,073) (2,877)
Proceeds from exercises of options and ESPP 7,417 7,197 1,977
Repurchase of common stock (144) (1,839) (3,412)
Proceeds (payments) from senior secured credit facility, net 73,347 (900) 12,547
Proceeds from long-term debt financings 43,883 88,115 48,483
Proceeds from Federal ESPC projects 199,358 158,237 165,013
Proceeds for energy assets from Federal ESPC 2,277 4,236 3,993
Proceeds from sale-leaseback financings 0 5,145 51,204
Contributions from redeemable non-controlling interests, net 21,372 4,788 7,473
Payments on long-term debt (28,425) (36,395) (54,164)
Cash flows from financing activities 317,419 224,511 230,237
Effect of exchange rate changes on cash 447 (295) 654
Net (decrease) increase in cash and cash equivalents, and restricted cash (20,650) 37,809 7,279
Cash, cash equivalents, and restricted cash, beginning of year 97,914 60,105 52,826
Cash, cash equivalents, and restricted cash, end of year 77,264 97,914 60,105
Supplemental disclosures of cash flow information:      
Cash paid for interest 17,467 15,563 11,675
Cash paid for income taxes 3,897 2,257 5,782
Non-cash Federal ESPC settlement 242,519 101,557 66,921
Accrued purchases of energy assets 34,871 15,005 7,335
Conversion of revolver to term loan 25,000 25,000 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 $ 77,264 $ 97,914 $ 60,105