Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Cash flows from operating activities:    
Net income $ 1,729 $ 840
Adjustments to reconcile net income to cash flows from operating activities:    
Depreciation of project assets 11,162 9,782
Depreciation of property and equipment 2,495 2,466
Amortization of deferred financing fees 1,086 851
Amortization of intangible assets 3,266 3,257
Provision for bad debts 1,253 509
Gain on sale of assets 0 (632)
Unrealized gain on interest rate swaps (983) (1,378)
Stock-based compensation expense 2,108 2,125
Deferred income taxes 3,343 (3,554)
Excess tax benefits from stock-based compensation arrangements (2,496) (418)
Changes in operating assets and liabilities:    
Restricted cash (182) (1,182)
Accounts receivable (11,282) 4,749
Accounts receivable retainage 6,392 (1,610)
Federal ESPC receivable (33,388) (24,318)
Inventory 1,172 754
Costs and estimated earnings in excess of billings 17,768 (1,421)
Prepaid expenses and other current assets 1,266 (595)
Project development costs (812) (2,843)
Other assets (3,676) (2,598)
Accounts payable, accrued expenses and other current liabilities (3,754) (25,354)
Billings in excess of cost and estimated earnings 1,403 (6,704)
Other liabilities (5,815) 2,378
Income taxes payable (4,148) (417)
Cash flows from operating activities (12,093) (45,313)
Cash flows from investing activities:    
Purchases of property and equipment (1,553) (2,331)
Purchases of project assets (16,530) (35,755)
Grant awards received on project assets 3,727 1,580
Proceeds from sale of assets 0 3,510
Acquisitions, net of cash received (13,903) (9,945)
Cash flows from investing activities (28,259) (42,941)
Cash flows from financing activities:    
Excess tax benefits from stock-based compensation arrangements 2,496 418
Payments of financing fees (368) (505)
Proceeds from exercises of options 1,435 1,676
Proceeds from senior secured credit facility 20,000 18,000
Proceeds from long-term debt financing 0 9,434
Proceeds from Federal ESPC projects 32,886 21,383
Non-controlling interest (7) 31
Restricted cash 2,758 1,270
Payments on long-term debt (13,881) (8,385)
Cash flows from financing activities 45,319 43,322
Effect of exchange rate changes on cash 1,348 374
Net increase (decrease) in cash and cash equivalents 6,315 (44,558)
Cash and cash equivalents, beginning of period 17,171 63,348
Cash and cash equivalents, end of period 23,486 18,790
Supplemental disclosures of cash flow information:    
Cash paid for interest 4,999 4,881
Cash paid for income taxes 2,650 3,350
Non-cash Federal ESPC settlement 12,350 88,556
Accrued purchases of project assets $ 7,319 $ 2,952