Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.20.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:      
Net income $ 56,922 $ 40,301 $ 37,577
Adjustments to reconcile net income to net cash flows from operating activities:      
Depreciation of energy assets 38,039 35,543 27,305
Depreciation of property and equipment 3,317 2,987 2,167
Amortization of debt discount and debt issuance costs 2,686 2,229 2,193
Amortization of intangible assets 685 909 1,057
Accretion of ARO and contingent consideration 93 137 0
Provision for (recoveries of) bad debts 282 (216) 610
Loss on disposal / impairment of long-lived assets 2,696 0 298
Gain on deconsolidation of a VIE 0 (2,160) 0
Net gain from derivatives (705) (1,068) (121)
Stock-based compensation expense 1,933 1,620 1,258
Deferred income taxes 3,401 (3,346) 5,517
Unrealized foreign exchange (gain) loss (306) (130) 1,816
Changes in operating assets and liabilities:      
Accounts receivable (24,178) (8,499) 9,772
Accounts receivable retainage (13,113) (3,370) 3,774
Federal ESPC receivable (227,078) (188,060) (155,539)
Inventory, net 660 (1,471) 373
Costs and estimated earnings in excess of billings 19,474 (106,696) 8,015
Prepaid expenses and other current assets 517 (18,397) 6,763
Project development costs (3,085) 8,120 (8,659)
Other assets 536 1,056 (3,499)
Accounts payable, accrued expenses and other current liabilities 29,047 43,531 2,938
Billings in excess of cost and estimated earnings 8,042 2,662 2,866
Other liabilities 1,844 (1,625) (783)
Income taxes payable, net (4,292) (350) 1,101
Cash flows from operating activities (102,583) (196,293) (53,201)
Cash flows from investing activities:      
Purchases of property and equipment (2,211) (6,674) (3,943)
Purchases of energy assets (180,546) (134,738) (125,673)
Grant award proceeds for energy assets 1,874 784 0
Acquisitions, net of cash received 0 (1,294) (3,590)
Contributions to equity investment (132) (301) 0
Cash flows from investing activities (181,015) (142,223) (133,206)
Cash flows from financing activities:      
Payments of debt discount and debt issuance costs (5,234) (1,666) (4,073)
Proceeds from exercises of options and ESPP 9,875 7,417 7,197
Repurchase of common stock (6) (144) (1,839)
Proceeds from (payments to) senior secured credit facility, net 3,000 73,347 (900)
Proceeds from long-term debt financings 116,067 43,883 88,115
Proceeds from Federal ESPC projects 248,917 199,358 158,237
Proceeds for energy assets from Federal ESPC 1,378 2,277 4,236
Proceeds from sale-leaseback financings 0 0 5,145
Proceeds from investments by redeemable non-controlling interests, net 4,805 21,372 4,788
Payments on long-term debt and financing leases (73,633) (28,425) (36,395)
Cash flows from financing activities 305,169 317,419 224,511
Effect of exchange rate changes on cash 2 447 (295)
Net increase (decrease) in cash and cash equivalents, and restricted cash 21,573 (20,650) 37,809
Cash, cash equivalents, and restricted cash, beginning of year 77,264 97,914 60,105
Cash, cash equivalents, and restricted cash, end of year 98,837 77,264 97,914
Supplemental disclosures of cash flow information:      
Cash paid for interest 20,143 17,467 15,563
Cash paid for income taxes 1,465 3,897 2,257
Non-cash Federal ESPC settlement 54,139 242,519 101,557
Accrued purchases of energy assets 43,807 35,248 15,005
Conversion of revolver to term loan 0 25,000 25,000
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 $ 98,837 $ 97,914 $ 97,914