Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.22.2.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net income $ 79,906 $ 50,597
Adjustments to reconcile net income to net cash flows from operating activities:    
Depreciation of energy assets, net 36,911 31,449
Depreciation of property and equipment 2,057 2,397
Net increase in fair value of contingent consideration 814 0
Accretion of ARO liabilities 108 90
Amortization of debt discount and debt issuance costs 2,869 2,085
Amortization of intangible assets 1,462 241
Provision for bad debts 363 29
Loss on disposal / impairment of long-lived assets 888 1,901
Equity in earnings of unconsolidated entity (1,477) (128)
Net (gain) loss from derivatives (225) 1,892
Stock-based compensation expense 10,837 4,280
Deferred income taxes, net 4,927 (1,834)
Unrealized foreign exchange loss 466 124
Changes in operating assets and liabilities:    
Accounts receivable (47,257) 27,721
Accounts receivable retainage 225 (9,214)
Federal ESPC receivable (180,249) (187,984)
Inventory, net (4,287) 246
Costs and estimated earnings in excess of billings (325,057) (22,166)
Prepaid expenses and other current assets 864 3,771
Project development costs (823) 15
Other assets (10,254) (3,467)
Accounts payable, accrued expenses and other current liabilities 143,026 (17,677)
Billings in excess of cost and estimated earnings 7,802 (5,856)
Other liabilities (436) (155)
Income taxes receivable, net 3,371 5,299
Cash flows from operating activities (273,169) (116,344)
Cash flows from investing activities:    
Purchases of property and equipment (3,981) (2,133)
Capital investment in new energy assets (182,119) (141,253)
Capital investment in major maintenance of energy assets (16,106) (6,714)
Loans to joint venture investments (458) 0
Cash flows from investing activities (202,664) (150,100)
Cash flows from financing activities:    
Proceeds from equity offering, net of offering costs 0 120,084
Payments of debt discount and debt issuance costs (2,885) (2,650)
Proceeds from exercises of options and ESPP 4,430 4,883
Proceeds from (payments on) senior secured revolving credit facility, net 139,000 (38,073)
Proceeds from long-term debt financings 331,086 118,160
Proceeds from Federal ESPC projects 173,865 114,185
Proceeds for (payments on) energy assets from Federal ESPC 7,675 (174)
Investment fund call option exercise 0 (1,000)
Contributions from non-controlling interest 13,148 0
(Distributions to) proceeds from redeemable non-controlling interests, net (784)  
(Distributions to) proceeds from redeemable non-controlling interests, net   1,468
Payments on long-term debt and financing leases (111,341) (55,616)
Cash flows from financing activities 554,194 261,267
Effect of exchange rate changes on cash (1,857) 118
Net increase (decrease) in cash, cash equivalents, and restricted cash 76,504 (5,059)
Cash, cash equivalents, and restricted cash, beginning of period 87,054 98,837
Cash, cash equivalents, and restricted cash, end of period 163,558 93,778
Supplemental disclosures of cash flow information:    
Cash paid for interest 23,658 12,974
Cash paid for income taxes 3,728 1,940
Non-cash Federal ESPC settlement 395 67,286
Accrued purchases of energy assets 52,744 28,046
Non-cash contributions from non-controlling interest $ 3,696 $ 0