Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v2.4.0.8
Condensed Consolidated Statements of Cash Flows (USD $)
 3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Cash flows from operating activities:        
Net income $ 4,545,117 $ 6,712,121 $ 840,294 $ 13,266,535
Adjustments to reconcile net income to cash provided by operating activities:        
Depreciation of project assets 2,902,714 2,903,901 9,781,865 8,359,908
Depreciation of property and equipment 855,727 721,330 2,465,981 2,002,804
Amortization of deferred financing fees 518,251 95,667 850,713 367,145
Amortization of intangible assets 1,467,873 1,113,033 3,256,948 4,084,055
Provision for bad debts 137,227 6,024 508,535 83,767
Unrealized (gain) loss on interest rate swap (124,980) 59,061 (1,378,039) 178,813
Gain on sale of asset (631,917) 0 (631,917) (800,000)
Stock-based compensation expense 789,416 853,866 2,125,276 2,527,926
Deferred income taxes (682,904) (951,974) (3,553,593) (1,458,605)
Excess tax benefits from stock-based compensation arrangements (120,601) (723,710) (417,612) (2,375,223)
(Increase) decrease in:        
Restricted cash draws 11,013,725 5,688,561 29,018,663 29,841,218
Accounts receivable (2,106,271) (5,633,607) 4,749,408 6,936,036
Accounts receivable retainage (37,866) 3,150,711 (1,610,440) 5,230,093
Federal ESPC receivable (10,533,232) (2,569,522) (24,317,877) (28,345,258)
Inventory 2,800,877 2,052,646 754,293 1,542,422
Costs and estimated earnings in excess of billings (11,352,008) (5,950,854) (1,420,819) 6,246,532
Prepaid expenses and other current assets 931,682 2,564,642 (594,650) 885,482
Project development costs (412,795) (1,078,080) (2,843,145) (2,234,165)
Other assets (1,839,224) 312,248 (2,597,959) (629,034)
Increase (decrease) in:        
Accounts payable, accrued expenses and other current liabilities 10,831,805 (2,942,065) (25,354,177) (11,702,805)
Billings in excess of cost and estimated earnings (7,075,163) (7,286,785) (6,703,710) 957,105
Other liabilities 1,882,477 2,826,363 2,376,895 3,351,544
Income taxes payable (52,156) 1,155,924 (417,194) 4,239,382
Net cash provided by operating activities 3,707,774 3,079,501 (15,112,261) 42,555,677
Cash flows from investing activities:        
Purchases of property and equipment (790,427) (1,715,410) (2,331,004) (4,096,980)
Purchases of project assets (4,136,438) (11,604,966) (35,755,383) (31,303,607)
Grant awards received on project assets 0 395,007 1,580,219 4,233,773
Proceeds from sales of assets 3,504,000 0 3,510,500 0
Acquisition, net of cash received (599,375) (3,677,393) (9,944,976) (3,677,393)
Net cash used in investing activities (2,022,240) (16,602,762) (42,940,644) (34,844,207)
Cash flows from financing activities:        
Excess tax benefits from stock-based compensation arrangements 120,601 723,710 417,612 2,375,223
Book overdraft     0 (7,297,122)
Payments of financing fees 0 (164,753) (504,985) (185,078)
Proceeds from exercises of options 426,294 1,216,985 1,676,046 3,016,256
Proceeds from senior secured credit facility 3,000,000 12,017,429 18,000,000 4,160,287
Proceeds from long-term debt financing     9,434,434 0
Non-controlling interest (10,042) 0 30,588 7,700
Restricted cash (2,349,555) (1,454,199) (7,547,832) (6,252,306)
Payments on long-term debt (1,643,787) (1,245,455) (8,384,516) (3,380,412)
Net cash (used in) provided by financing activities (456,489) 11,093,717 13,121,347 (7,555,452)
Effect of exchange rate changes on cash (68,775) (303,643) 374,146 (256,584)
Net increase (decrease) in cash and cash equivalents 1,160,270 (2,733,187) (44,557,412) (100,566)
Cash and cash equivalents, beginning of year 17,629,963   63,347,645 26,277,366
Cash and cash equivalents, end of period 18,790,233 26,176,800 18,790,233 26,176,800
Cash paid during the period for:        
Interest 2,058,223 2,073,848 4,880,816 4,100,251
Income taxes 2,449,775 753,889 3,350,455 1,260,810
Acquisition, net of cash received:        
Accounts receivable 0 320,997 558,621 320,997
Accounts receivable retainage     248,072 0
Costs and estimated earnings in excess of billings     657,595 0
Inventory 660,050   660,050 0
Prepaid expenses and other current assets 0 107,715 1,710 107,715
Property and equipment 0 43,115 137,952 43,115
Goodwill 0 2,291,163 6,010,177 2,291,163
Intangible assets 0 1,712,021 3,697,509 1,712,021
Other assets 0 100 0 100
Accounts payable and accrued expenses (60,675) (605,869) (1,029,214) (605,869)
Billings in excess of cost and estimated earnings 0 (160,939) (30,431) (160,939)
Income taxes payable     (256,938) 0
Deferred tax liabilities     (710,127) 0
Other liabilities 0 (30,910) 0 (30,910)
Identifiable assets acquired and goodwill, net of liabilities assumed 599,375 3,677,393 9,944,976 3,677,393
Noncash ESPC receivable financing $ 43,816,695 $ 0 $ 88,556,004 $ 0