Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.21.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net income $ 50,597 $ 33,161
Adjustments to reconcile net income to cash flows from operating activities:    
Depreciation of energy assets, net 31,449 28,496
Depreciation of property and equipment 2,397 2,492
Accretion of ARO liabilities 90 64
Amortization of debt discount and debt issuance costs 2,085 1,849
Amortization of intangible assets 241 528
Provision for (recoveries of) bad debts 29 (1,089)
Loss on disposal / impairment of long-lived assets 1,901 2,146
Net loss from derivatives 1,892 971
Stock-based compensation expense 4,280 1,380
Deferred income taxes, net (1,834) 5,146
Unrealized foreign exchange loss (gain) 124 (43)
Changes in operating assets and liabilities:    
Accounts receivable 27,721 (21,178)
Accounts receivable retainage (9,214) (7,422)
Federal ESPC receivable (187,984) (160,231)
Inventory, net 246 155
Costs and estimated earnings in excess of billings (22,166) 24,824
Prepaid expenses and other current assets 3,771 3,916
Project development costs 15 (2,557)
Other assets (3,595) 1,050
Accounts payable, accrued expenses and other current liabilities (17,677) (2,942)
Billings in excess of cost and estimated earnings (5,856) 9,019
Other liabilities (155) 1,972
Income taxes payable, net 5,299 (5,496)
Cash flows from operating activities (116,344) (83,789)
Cash flows from investing activities:    
Purchases of property and equipment (2,133) (1,968)
Capital investment in energy assets (147,967) (125,504)
Contributions to equity investment 0 (130)
Cash flows from investing activities (150,100) (127,602)
Cash flows from financing activities:    
Proceeds from equity offering, net of offering costs 120,084 0
Payments of financing fees (2,650) (3,955)
Proceeds from exercises of options and ESPP 4,883 6,531
Repurchase of common stock 0 (6)
(Payments on) proceeds from senior secured credit facility, net (38,073) 6,000
Proceeds from long-term debt financings 118,160 40,604
Proceeds from Federal ESPC projects 114,185 194,586
(Payments on) proceeds for energy assets from Federal ESPC (174)  
(Payments on) proceeds for energy assets from Federal ESPC   1,435
Investment fund call option exercise (1,000) 0
Proceeds from redeemable non-controlling interests, net 1,468 2,854
Payments on long-term debt financings (55,616) (42,550)
Cash flows from financing activities 261,267 205,499
Effect of exchange rate changes on cash 118 (465)
Net decrease in cash, cash equivalents, and restricted cash (5,059) (6,357)
Cash, cash equivalents, and restricted cash, beginning of period 98,837 77,264
Cash, cash equivalents, and restricted cash, end of period 93,778 70,907
Supplemental disclosures of cash flow information:    
Cash paid for interest 12,974 14,764
Cash paid for income taxes 1,940 1,057
Non-cash Federal ESPC settlement 67,286 56,454
Accrued purchases of energy assets $ 28,046 $ 38,747