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
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net income $ 33,161 $ 19,709
Adjustments to reconcile net income to cash flows from operating activities:    
Depreciation of energy assets 28,496 26,338
Depreciation of property and equipment 2,492 2,115
Amortization of debt discount and deferred financing fees 1,849 1,734
Amortization of intangible assets 528 681
Accretion of ARO and contingent consideration 64 98
Recoveries of bad debts (1,089) (134)
Loss on disposal / impairment of long-lived assets 2,146 0
Gain on deconsolidation of VIE 0 (2,160)
Net loss (gain) from derivatives 971 (1,072)
Stock-based compensation expense 1,380 1,195
Deferred income taxes 5,146 152
Unrealized foreign exchange (gain) loss (43) 149
Changes in operating assets and liabilities:    
Accounts receivable (21,178) (4,468)
Accounts receivable retainage (7,422) (3,079)
Federal ESPC receivable (160,231) (110,374)
Inventory, net 155 (2,137)
Costs and estimated earnings in excess of billings 24,824 (23,130)
Prepaid expenses and other current assets 3,916 (11,084)
Project development costs (2,557) (5,641)
Other assets 1,050 (698)
Accounts payable, accrued expenses and other current liabilities (2,942) (8,931)
Billings in excess of cost and estimated earnings 9,019 (952)
Other liabilities 1,972 (1,602)
Income taxes payable, net (5,496) 2,566
Cash flows from operating activities (83,789) (120,725)
Cash flows from investing activities:    
Purchases of property and equipment (1,968) (6,188)
Purchases of energy assets, net of grant proceeds (125,504) (72,140)
Acquisitions, net of cash received 0 (1,279)
Contributions to equity investment (130) (323)
Cash flows from investing activities (127,602) (79,930)
Cash flows from financing activities:    
Payments of financing fees (3,955) (541)
Proceeds from exercises of options and ESPP 6,531 5,265
Repurchase of common stock (6) (139)
Proceeds from senior secured credit facility, net 6,000 41,343
Proceeds from long-term debt financings 40,604 7,614
Proceeds from Federal ESPC projects 194,586 115,556
Proceeds for energy assets from Federal ESPC 1,435 1,639
Proceeds from investments by redeemable non-controlling interests, net 2,854 20,173
Payments on long-term debt (42,550) (18,033)
Cash flows from financing activities 205,499 172,877
Effect of exchange rate changes on cash (465) 249
Net decrease in cash, cash equivalents, and restricted cash (6,357) (27,529)
Cash, cash equivalents, and restricted cash, beginning of period 77,264 97,913
Cash, cash equivalents, and restricted cash, end of period 70,907 70,384
Supplemental disclosures of cash flow information:    
Cash paid for interest 14,764 12,410
Cash paid for income taxes 1,057 2,983
Non-cash Federal ESPC settlement 56,454 214,444
Accrued purchases of energy assets 38,747 17,224
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 $ 70,907 $ 70,384