Quarterly report pursuant to Section 13 or 15(d)

Cash Flows

 v2.3.0.11
Cash Flows (USD $)
 3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Cash flows from operating activities:        
Net Income $ 8,832,128 $ 7,707,638 $ 14,120,413 $ 8,985,316
Adjustments to reconcile net income to cash used in operating activities:        
Depreciation of project assets 2,240,001 1,661,726 4,450,613 3,416,858
Depreciation of property and equipment 609,933 257,855 1,081,722 645,386
Amortization of deferred financing fees 94,822 97,655 205,655 168,005
Provision for bad debts 34 0 24,220 0
Write-down of long-term receivable 0 2,111,000 0 2,111,000
Unrealized loss on interest rate swaps     0 (133,591)
Stock-based compensation expense 735,526 668,065 1,594,576 1,107,151
Deferred income taxes 453,460 (2,394,601) 3,145,594 (792,193)
Excess tax benefits from stock-based compensation arrangements (3,510,339) 0 (3,901,636) 0
Changes in operating assets and liabilities:        
Restricted cash draws 37,303,666 55,536,045 78,216,575 55,750,984
Accounts receivable (4,961,611) (13,865,733) (12,582,461) (2,933,663)
Accounts receivable retainage (1,104,244) 1,007,235 335,308 (2,287,508)
Federal ESPC receivable (37,132,797) (60,539,815) (73,639,333) (58,689,683)
Inventory (349,778) (551,643) (1,982,992) (1,095,058)
Costs and estimated earnings in excess of billings (4,751,958) (5,096,250) (10,895,160) (7,800,862)
Prepaid expenses and other current assets (642,293) (185,082) (663,502) (3,701,125)
Project development costs (160,631) (50,222) 760,445 82,038
Other assets (823,972) 821,536 (204,655) 2,021,312
Increase (decrease) in:        
Accounts payable and accrued expenses (653,233) 8,907,545 (23,857,383) (19,190,845)
Billings in excess of cost and estimated earnings 4,218,481 4,358,402 (328,028) 3,652,554
Other liabilities 434,854 697,904 4,777,394 1,631,437
Income taxes payable 757,554 1,329,064 (4,689,033) 1,595,453
Net cash provided by (used in) operating activities 1,589,603 2,478,324 (24,031,668) (15,457,034)
Cash flows from investing activities:        
Purchases of property and equipment (911,404) (59,719) (1,806,634) (484,095)
Purchases of project assets 8,129,688 6,492,890 14,720,891 12,367,371
Grants awards received on project assets     (6,695,711) 0
Net cash used in investing activities (9,041,092) (6,552,609) (9,831,814) (12,851,466)
Cash flows from financing activities:        
Excess tax benefits from stock-based compensation arrangements 3,510,339 0 3,901,636 0
Payments of financing fees (493,700) (711,355) (544,289) (897,433)
Proceeds from exercises of options and warrants 2,585,997 412,866 4,002,088 412,866
Repurchase of stock 0 (768,970) 0 (768,970)
Proceeds from senior secured credit facility 35,000,000 6,418,897 40,000,000 11,435,901
Proceeds from long-term debt financing     5,500,089 812,398
Restricted cash (1,087,999) (509,477) (1,675,566) (4,819,258)
Payments on long-term debt (1,642,731) (3,450,145) (2,554,609) (4,792,696)
Net cash provided by financing activities 37,871,906 1,391,816 48,629,349 1,382,808
Effect of exchange rate changes on cash 12,140 (544,614) 325,305 132,548
Net increase (decrease) in cash and cash equivalents 30,432,557 (3,227,083) 15,091,172 (26,793,144)
Cash and cash equivalents, beginning of period/year 29,349,636 24,361,479 44,691,021 47,927,540
Cash and cash equivalents, end of period 59,782,193 21,134,396 59,782,193 21,134,396
Supplemental disclosure of cash flow information:        
Interest Paid 1,345,688 1,701,086 1,817,040 2,518,479
Income taxes Paid $ 1,781,156 $ 1,133,907 $ 5,035,756 $ 1,400,520