Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 63,904 $ 98,549 $ 80,191
Adjustments to reconcile net income to net cash flows from operating activities:      
Depreciation of energy assets, net 59,390 49,755 43,113
Depreciation of property and equipment 4,155 2,665 3,143
Amortization of debt discount and debt issuance costs 4,201 4,211 2,849
Amortization of intangible assets 2,366 1,858 321
Net increase in fair value of contingent consideration 347 1,614 0
Accretion of ARO liabilities 258 146 123
Impairment of goodwill 2,222 0 0
Provision (recoveries of) for bad debts 356 (382) 187
Impairment of long-lived assets / loss on write-off 1,710 937 1,901
In-kind lease expenses, net (3,164) 0 0
Gain on sale of equity investments 0 0 (575)
(Earnings) loss from unconsolidated entities (1,758) (1,647) 118
Net (gain) loss from derivatives (1,108) (212) 240
Stock-based compensation expense 10,318 15,046 8,716
Deferred income taxes, net (27,602) 3,918 (4,760)
Unrealized foreign exchange (gain) loss (368) (123) 142
Changes in operating assets and liabilities:      
Accounts receivable 52,647 3,477 (15,953)
Accounts receivable retainage 4,337 4,716 (12,882)
Federal ESPC receivable (260,378) (259,499) (249,728)
Inventory, net 581 (5,411) (232)
Costs and estimated earnings in excess of billings (13,211) (272,629) (113,192)
Prepaid expenses and other current assets (41,125) (3,182) 1,770
Project development costs (5,486) (685) 1,949
Other assets (6,896) (11,327) (1,870)
Accounts payable, accrued expenses, and other current liabilities 53,238 36,155 83,473
Billings in excess of cost and estimated earnings 26,202 449 (693)
Other liabilities 3,559 (5,074) (5,036)
Income taxes receivable (payable), net 1,314 (1,613) 4,389
Cash flows from operating activities (69,991) (338,288) (172,296)
Cash flows from investing activities:      
Purchases of property and equipment (5,713) (5,296) (4,896)
Capital investment in energy assets (538,418) (304,596) (170,277)
Capital investment in major maintenance of energy assets (7,636) (18,007) (8,602)
Grant award proceeds for energy assets 0 0 774
Proceeds from sale of equity investment 0 0 1,672
Acquisitions, net of cash received (9,182) 0 (14,928)
Contributions to equity and other investments (5,429) 0 (9,000)
Loans to joint venture investments (565) (459) 0
Cash flows from investing activities (566,943) (328,358) (205,257)
Cash flows from financing activities:      
Proceeds from equity offering, net of offering costs 0 0 120,084
Payments of debt discount and debt issuance costs (9,315) (3,695) (2,919)
Proceeds from exercises of options and ESPP 4,455 5,963 6,927
Payment of contingent consideration (1,866) 0 0
(Payments on) proceeds from senior secured revolving credit facility, net (43,000) 137,900 (8,073)
Proceeds from long-term debt financings 843,498 468,476 185,994
Proceeds from Federal ESPC projects 154,338 238,360 159,216
Net proceeds from energy asset receivable financing arrangements 14,512 14,341 2,033
Investment fund call option exercise 0 (839) (1,000)
Contributions from non-controlling interest 3,738 32,706 0
Distributions to non-controlling interest (21,842) 0 0
(Distributions to) proceeds from redeemable non-controlling interests, net (658) (1,128)  
(Distributions to) proceeds from redeemable non-controlling interests, net     1,399
Payments on long-term debt and financing leases (303,057) (161,857) (98,200)
Cash flows from financing activities 640,803 730,227 365,461
Effect of exchange rate changes on cash (81) (747) 309
Net increase (decrease) in cash, cash equivalents, and restricted cash 3,788 62,834 (11,783)
Cash, cash equivalents, and restricted cash, beginning of year 149,888 87,054 98,837
Cash, cash equivalents, and restricted cash, end of year 153,676 149,888 87,054
Supplemental disclosures of cash flow information:      
Cash paid for interest 80,251 32,954 18,782
Cash paid for income taxes 3,834 7,278 2,670
Non-cash Federal ESPC settlement 99,164 293,427 67,286
Accrued purchases of energy assets 78,382 88,793 37,064
Non-cash contributions from non-controlling interest 464 16,206 0
Non-cash financing for energy asset project acquisition 82,964 0 0
Non-cash portion of investment fund call option exercise $ 0 $ 1,323 $ 2,759