Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.23.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net income $ 1,557 $ 19,298
Adjustments to reconcile net income to net cash flows from operating activities:    
Depreciation of energy assets, net 13,341 11,806
Depreciation of property and equipment 644 734
Increase (decrease) in contingent consideration 121 (320)
Accretion of ARO liabilities 66 36
Amortization of debt discount and debt issuance costs 790 852
Amortization of intangible assets 302 578
Provision for bad debts 93 237
Loss on write-off of long-lived assets 18 0
Earnings from unconsolidated entities (450) (637)
Net loss from derivatives 163 1,622
Stock-based compensation expense 4,037 3,531
Deferred income taxes, net (7,142) 1,284
Unrealized foreign exchange (gain) loss (29) 132
Changes in operating assets and liabilities:    
Accounts receivable 58,954 (40,859)
Accounts receivable retainage 2,439 2,582
Federal ESPC receivable (33,736) (46,300)
Inventory, net 608 (914)
Costs and estimated earnings in excess of billings 85,748 (154,325)
Prepaid expenses and other current assets 929 2,813
Project development costs (1,812) 1,260
Other assets (1,903) 105
Accounts payable, accrued expenses and other current liabilities (82,266) (77,163)
Billings in excess of cost and estimated earnings 9,398 (4,309)
Other liabilities 522 (33)
Income taxes receivable, net 6,380 1,868
Cash flows from operating activities 58,772 (276,122)
Cash flows from investing activities:    
Purchases of property and equipment (1,657) (889)
Capital investment in energy assets (89,787) (55,489)
Capital investment in major maintenance of energy assets (589) (1,355)
Acquisitions, net of cash received (9,182) 0
Loans to joint venture investments (38) 0
Cash flows from investing activities (101,253) (57,733)
Cash flows from financing activities:    
Payments of debt discount and debt issuance costs (366) (2,570)
Proceeds from exercises of options and ESPP 571 1,708
Proceeds from senior secured revolving credit facility, net 0 76,000
Proceeds from long-term debt financings 58,188 286,744
Proceeds from Federal ESPC projects 42,309 64,788
Net proceeds from energy asset receivable financing arrangements 4,438 1,925
Contributions from non-controlling interests 16,308 4,594
Distributions to redeemable non-controlling interests, net (161) (357)
Payments on long-term debt and financing leases (15,159) (77,432)
Cash flows from financing activities 106,128 355,400
Effect of exchange rate changes on cash 42 (196)
Net increase in cash, cash equivalents, and restricted cash 63,689 21,349
Cash, cash equivalents, and restricted cash, beginning of period 149,888 87,054
Cash, cash equivalents, and restricted cash, end of period 213,577 108,403
Supplemental disclosures of cash flow information:    
Cash paid for interest 13,135 4,488
Cash paid for income taxes 323 78
Accrued purchases of energy assets 97,542 40,683
Non-cash contributions from non-controlling interest $ 109 $ 0