Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Cash flows from operating activities:      
Net (loss) income $ (6,178) $ 1,557  
Adjustments to reconcile net (loss) income to net cash flows from operating activities:      
Depreciation of energy assets, net 17,124 13,341  
Depreciation of property and equipment 1,175 644  
Increase in contingent consideration 0 121  
Accretion of ARO liabilities 66 66  
Amortization of debt discount and debt issuance costs 982 790  
Amortization of intangible assets 539 302  
Provision for bad debts 1 93  
Loss on write-off of long-lived assets 0 18  
Non-cash project revenue related to in-kind leases (775) 0  
Earnings from unconsolidated entities (555) (450)  
Net (gain) loss from derivatives (2,359) 163  
Stock-based compensation expense 3,026 4,037  
Deferred income taxes, net 687 (7,142)  
Unrealized foreign exchange loss (gain) 806 (29)  
Changes in operating assets and liabilities:      
Accounts receivable 5,899 58,954  
Accounts receivable retainage 1,580 2,439  
Federal ESPC receivable (26,395) (33,736)  
Inventory, net 561 608  
Costs and estimated earnings in excess of billings (7,842) 85,748  
Prepaid expenses and other current assets 104 929  
Income taxes receivable, net 180 6,380  
Project development costs (1,728) (1,812)  
Other assets (1,413) (1,903)  
Accounts payable, accrued expenses and other current liabilities 23,849 (82,266)  
Billings in excess of cost and estimated earnings 9,160 9,398  
Other liabilities 2,323 522  
Cash flows from operating activities 20,817 58,772  
Cash flows from investing activities:      
Purchases of property and equipment (962) (1,657)  
Capital investment in energy assets (105,633) (89,787)  
Capital investment in major maintenance of energy assets (5,355) (589)  
Net proceeds from equity method investment 12,956 0  
Contributions to equity method investments (4,776) 0  
Acquisitions, net of cash received 0 (9,182)  
Loans to joint venture investments 0 (38)  
Cash flows from investing activities (103,770) (101,253)  
Cash flows from financing activities:      
Payments of debt discount and debt issuance costs (590) (366)  
Proceeds from exercises of options and ESPP 183 571  
Proceeds from senior secured revolving credit facility, net 20,100 0  
Proceeds from long-term debt financings 89,321 58,188  
Proceeds from Federal ESPC projects 19,581 42,309  
Net proceeds from energy asset receivable financing arrangements 4,748 4,438  
Contributions from non-controlling interests 28,864 16,308  
Distributions to non-controlling interest (63) 0  
Distributions to redeemable non-controlling interests, net (133) (161)  
Payment on seller's promissory note (29,441) 0  
Payments on long-term debt and financing leases (55,196) (15,159)  
Cash flows from financing activities 77,374 106,128  
Effect of exchange rate changes on cash (126) 42  
Net (decrease) increase in cash, cash equivalents, and restricted cash (5,705) 63,689  
Cash, cash equivalents, and restricted cash, beginning of period 153,676 149,888 $ 149,888
Cash, cash equivalents, and restricted cash, end of period 147,971 213,577 $ 153,676
Supplemental disclosures of cash flow information:      
Cash paid for interest 26,911 13,135  
Cash paid for income taxes 59 323  
Non-cash Federal ESPC settlement 49,926 0  
Accrued purchases of energy assets 88,447 97,542  
Non-cash contributions from non-controlling interest 0 109  
Non-cash financing for energy asset project acquisition $ 32,500 $ 0