Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2026
Mar. 31, 2026
Dec. 31, 2025
Sep. 30, 2025
Mar. 31, 2025
Jun. 30, 2026
Jun. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Dec. 31, 2025
Cash flows from operating activities:                    
Net income $ 46,802 $ (16,455) $ 87,433 $ 77,283 $ (31,712) $ 968 $ 21,069 $ 47,770 $ 98,353 $ 185,787
Adjustments to reconcile net income to net cash flows from operating activities:                    
Depreciation of energy assets, net 24,902 31,026   28,115 24,871 62,905 50,898 87,807 79,013  
Depreciation of property and equipment               1,544 1,695  
Increase in contingent consideration               0 71  
Accretion of ARO liabilities 123     108       371 324  
Amortization of debt discount and debt issuance costs               5,645 4,421  
Amortization of intangible assets 536     634       1,666 1,754  
Provision for credit losses               0 189  
Gain on disposal of assets               0 (1,299)  
Energy asset impairment               334 0  
Non-cash production tax credits recognized               (10,779) (8,999)  
Non-cash project revenue related to in-kind leases               (855) (6,384)  
Earnings from unconsolidated entities               (743) (677)  
Unrealized gain from derivatives (603)     813       (396) (2,154)  
Stock-based compensation expense               11,647 10,341  
Deferred income taxes, net   (2,650)     25,265 (3,584) (18,132) (16,694) (80,496)  
Unrealized foreign exchange loss (gain)               1,872 (3,079)  
Changes in operating assets and liabilities:                    
Accounts receivable               (19,897) 18,543  
Accounts receivable retainage               14,995 (7,155)  
Federal ESPC receivable               (39,789) (59,717)  
Inventory, net               1,345 (1,229)  
Unbilled revenue               (204,972) (61,835)  
Prepaid expenses and other current assets               14,510 (32,695)  
Proceeds from sale of investment tax credits   0     0 20,411 70,788 20,411 70,788  
Income taxes receivable, net               (7,770) (1,156)  
Project development costs               (1,311) (3,268)  
Other assets               (5,550) (8,218)  
Accounts payable, accrued expenses and other current liabilities               42,317 17,715  
Deferred revenue               (4,576) 1,877  
Other liabilities               847 6,600  
Cash flows from operating activities   35,396     (28,304) (51,402) 15,611 (60,251) 33,323  
Cash flows from investing activities:                    
Purchases of property and equipment               (2,052) (217)  
Capital investments in energy assets               (334,910) (283,370)  
Capital investments in major maintenance of energy assets               (20,203) (16,624)  
Contributions to equity method investments               (1,528) (24,264)  
Acquisitions, net of cash received               0 (4,595)  
Cash flows from investing activities               (358,693) (329,070)  
Cash flows from financing activities:                    
Payments on long-term corporate debt financings               (4,875) (16,750)  
Proceeds from long-term corporate debt financings               45,000 100,000  
Proceeds (payments) on senior secured revolving credit facility, net               0 (25,000)  
Proceeds from long-term energy asset debt financings               347,413 367,329  
Payments on long-term energy asset debt and financing leases               (260,961) (192,460)  
Proceeds from termination of interest rate swaps               0 2,808  
Payments of debt discount and debt issuance costs               (4,512) (7,411)  
Proceeds from Federal ESPC projects               60,703 82,034  
Net payments on energy asset receivable financing arrangements               (581) (415)  
Proceeds from exercises of options and ESPP               1,531 1,457  
Contributions from non-controlling interests, net of fees               294,367 4,723  
Distributions to non-controlling interest               (3,218) (5,343)  
Investment fund call option exercise               (623) 0  
Cash flows from financing activities               474,244 310,972  
Effect of exchange rate changes on cash               (906) 1,993  
Net increase in cash, cash equivalents, and restricted cash   186,515     (31,605) 64,085 (6,361) 54,394 17,218  
Cash, cash equivalents, and restricted cash, beginning of period   $ 186,515 215,596   $ 198,378 $ 186,515 $ 198,378 186,515 198,378 198,378
Cash, cash equivalents, and restricted cash, end of period $ 240,909   $ 186,515 $ 215,596       240,909 215,596 $ 186,515
Supplemental disclosures of cash flow information:                    
Cash paid for interest               95,888 78,436  
Cash paid for income taxes               6,546 4,161  
Non-cash Federal ESPC settlement               8,860 138,714  
Accrued purchases of energy assets               $ 83,261 $ 81,580