Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.20.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net income $ 15,472 $ 11,378
Adjustments to reconcile net income to cash flows from operating activities:    
Depreciation of energy assets 18,949 17,495
Depreciation of property and equipment 1,659 1,351
Amortization of debt discount and deferred financing fees 1,176 1,218
Amortization of intangible assets 356 457
Accretion of ARO and contingent consideration 43 62
Provision (recoveries) for bad debts (80) 124
Gain on deconsolidation of VIE 0 (2,160)
Net loss (gain) from derivatives 517 (888)
Stock-based compensation expense 859 782
Deferred income taxes 4,619 152
Unrealized foreign exchange loss 201 10
Changes in operating assets and liabilities:    
Accounts receivable 12,125 (22,744)
Accounts receivable retainage (2,222) (1,784)
Federal ESPC receivable (89,761) (61,849)
Inventory, net 235 (1,454)
Costs and estimated earnings in excess of billings 6,410 (18,848)
Prepaid expenses and other current assets 1,857 (5,199)
Project development costs (2,758) (1,703)
Other assets 516 (1,005)
Accounts payable, accrued expenses and other current liabilities (45,256) (26,560)
Billings in excess of cost and estimated earnings 8,569 (664)
Other liabilities 316 (137)
Income taxes payable, net (7,396) 2,712
Cash flows from operating activities (73,594) (109,254)
Cash flows from investing activities:    
Purchases of property and equipment (1,355) (2,810)
Purchases of energy assets (77,218) (46,466)
Acquisitions, net of cash received 0 (1,279)
Contributions to equity investment (127) (191)
Cash flows from investing activities (78,700) (50,746)
Cash flows from financing activities:    
Payments of financing fees (2,198) (447)
Proceeds from exercises of options and ESPP 5,078 1,260
Repurchase of common stock (6) 0
Proceeds from senior secured credit facility, net 16,000 41,365
Proceeds from long-term debt financings 14,232 2,742
Proceeds from Federal ESPC projects 133,598 82,787
Proceeds for energy assets from Federal ESPC 1,488 1,842
Proceeds from investments by redeemable non-controlling interests, net 74 19,301
Payments on long-term debt (25,860) (13,187)
Cash flows from financing activities 142,406 135,663
Effect of exchange rate changes on cash (457) 100
Net decrease in cash, cash equivalents, and restricted cash (10,345) (24,237)
Cash, cash equivalents, and restricted cash, beginning of period 77,264 97,914
Cash, cash equivalents, and restricted cash, end of period 66,919 73,677
Supplemental disclosures of cash flow information:    
Cash paid for interest 10,499 8,194
Cash paid for income taxes 382 1,807
Non-cash Federal ESPC settlement 43,368 214,444
Accrued purchases of energy assets 35,705 18,694
Conversion of revolver to term loan 0 25,000
Reconciliation of cash, cash equivalents and restricted cash    
Total cash and cash equivalents, and restricted cash $ 66,919 $ 73,677