Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Cash flows from operating activities:    
Net income (loss) $ (5,562) $ (3,705)
Adjustments to reconcile net loss to cash flows from operating activities:    
Depreciation of project assets 7,430 6,879
Depreciation of property and equipment 1,677 1,610
Amortization of deferred financing fees 570 332
Amortization of intangible assets 1,878 1,789
Provision for bad debts 266 371
Unrealized gain on interest rate swaps (1,197) (683)
Stock-based compensation expense 1,425 1,336
Deferred income taxes 4,363 (2,871)
Excess tax benefits from stock-based compensation arrangements 0 (297)
Changes in operating assets and liabilities:    
Restricted cash 624 (2,122)
Accounts receivable 10,885 6,856
Accounts receivable retainage 6,494 (1,573)
Federal ESPC receivable (18,541) (13,785)
Inventory 1,000 (2,047)
Costs and estimated earnings in excess of billings 15,157 9,931
Prepaid expenses and other current assets (2,538) (1,526)
Project development costs (1,664) (2,430)
Other assets (1,854) (759)
Accounts payable, accrued expenses and other current liabilities (6,898) (36,186)
Billings in excess of cost and estimated earnings (1,399) 371
Other liabilities 1,082 (73)
Income taxes payable (7,264) (365)
Cash flows from operating activities 5,934 (38,947)
Cash flows from investing activities:    
Purchases of property and equipment (1,195) (1,540)
Purchases of project assets (10,970) (31,619)
Grant awards received on project assets 3,727 1,580
Proceeds from sales of assets 0 7
Acquisitions, net of cash received (4,850) (9,346)
Cash flows from investing activities (13,288) (40,918)
Cash flows from financing activities:    
Excess tax benefits from stock-based compensation arrangements 0 297
Payments of financing fees (354) (504)
Proceeds from exercises of options 887 1,250
Proceeds from senior secured credit facility 0 15,000
Proceeds from long-term debt financing 0 9,434
Proceeds from Federal ESPC projects 13,976 13,366
Non-controlling interest 3 41
Restricted cash 2,822 1,562
Payments on long-term debt (10,923) (6,741)
Cash flows from financing activities 6,411 33,705
Effect of exchange rate changes on cash 180 443
Net decrease in cash and cash equivalents (763) (45,717)
Cash and cash equivalents, beginning of period 16,408 17,631
Cash and cash equivalents, end of period 17,171 63,348
Supplemental disclosures of cash flow information:    
Cash paid for interest 3,466 2,823
Cash paid for income taxes 1,758 901
Non-cash Federal ESPC settlement $ 12,350 $ 44,739