Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net income $ 98,549 $ 80,191 $ 56,922
Adjustments to reconcile net income to net cash flows from operating activities:      
Depreciation of energy assets, net 49,755 43,113 38,039
Depreciation of property and equipment 2,665 3,143 3,317
Amortization of debt discount and debt issuance costs 4,211 2,849 2,686
Amortization of intangible assets 1,858 321 685
Net increase in fair value of contingent consideration 1,614 0 0
Accretion of ARO 146 123 93
(Recoveries of) provision for bad debts (382) 187 282
Impairment of long-lived assets / loss on disposal 937 1,901 2,696
Gain on sale of equity investments 0 (575) 0
(Earnings) loss of unconsolidated entities (1,647) 118 225
Net (gain) loss from derivatives (212) 240 (705)
Stock-based compensation expense 15,046 8,716 1,933
Deferred income taxes, net 3,918 (4,760) 3,401
Unrealized foreign exchange (gain) loss (123) 142 (306)
Changes in operating assets and liabilities:      
Accounts receivable 3,477 (15,953) (24,178)
Accounts receivable retainage 4,716 (12,882) (13,113)
Federal ESPC receivable (259,499) (249,728) (227,078)
Inventory, net (5,411) (232) 660
Costs and estimated earnings in excess of billings (272,629) (113,192) 19,474
Prepaid expenses and other current assets (3,182) 1,770 517
Project development costs (685) 1,949 (3,085)
Other assets (11,327) (1,870) 311
Accounts payable, accrued expenses, and other current liabilities 36,155 83,473 29,047
Billings in excess of cost and estimated earnings 449 (693) 8,042
Other liabilities (5,074) (5,036) 1,844
Income taxes payable, net (1,613) 4,389 (4,292)
Cash flows from operating activities (338,288) (172,296) (102,583)
Cash flows from investing activities:      
Purchases of property and equipment (5,296) (4,896) (2,211)
Capital investment in energy assets (304,596) (170,277) (175,650)
Capital investment in major maintenance of energy assets (18,007) (8,602) (4,896)
Grant award proceeds for energy assets 0 774 1,874
Proceeds from sale of equity investment 0 1,672 0
Acquisitions, net of cash received 0 (14,928) 0
Contributions to equity investment 0 (9,000) (132)
Loans to joint venture investments (459) 0 0
Cash flows from investing activities (328,358) (205,257) (181,015)
Cash flows from financing activities:      
Proceeds from equity offering, net of offering costs 0 120,084 0
Payments of debt discount and debt issuance costs (3,695) (2,919) (5,234)
Proceeds from exercises of options and ESPP 5,963 6,927 9,875
Repurchase of common stock 0 0 (6)
Proceeds from (payments on) senior secured revolving credit facility, net 137,900 (8,073) 3,000
Proceeds from long-term debt financings 468,476 185,994 116,067
Proceeds from Federal ESPC projects 238,360 159,216 248,917
Net proceeds for customer energy asset projects 14,341 2,033 1,378
Investment fund call option exercise (839) (1,000) 0
Contributions from non-controlling interest 32,706 0 0
(Distributions to) proceeds from redeemable non-controlling interests, net (1,128)    
(Distributions to) proceeds from redeemable non-controlling interests, net   1,399 4,805
Payments on long-term debt and financing leases (161,857) (98,200) (73,633)
Cash flows from financing activities 730,227 365,461 305,169
Effect of exchange rate changes on cash (747) 309 2
Net increase (decrease) in cash, cash equivalents, and restricted cash 62,834 (11,783) 21,573
Cash, cash equivalents, and restricted cash, beginning of year 87,054 98,837 77,264
Cash, cash equivalents, and restricted cash, end of year 149,888 87,054 98,837
Supplemental disclosures of cash flow information:      
Cash paid for interest 32,954 18,782 20,143
Cash paid for income taxes 7,278 2,670 1,465
Non-cash Federal ESPC settlement 293,427 67,286 54,139
Accrued purchases of energy assets 88,793 37,064 43,807
Non-cash contributions from non-controlling interest 16,206 0 0
Non-cash portion of investment fund call option exercise 1,323 2,759 0
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect [Abstract]      
Cash and cash equivalents 115,534 [1] 50,450 [1] 66,422
Short-term restricted cash 20,782 [1] 24,267 [1] 22,063
Long-term restricted cash 13,572 12,337 10,352
Total cash, cash equivalents, and restricted cash $ 149,888 $ 87,054 $ 98,837
[1] Includes restricted assets of consolidated variable interest entities (“VIEs”) of $213,913 as of December 31, 2022 and $124,454 as of December 31, 2021. Includes non-recourse liabilities of consolidated VIEs of $50,729 as of December 31, 2022 and $31,125 as of December 31, 2021. See Note 11.