Ameresco, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash flows from operating activities:
Net income	$ 10,383us-gaap_NetIncomeLoss	$ 2,414us-gaap_NetIncomeLoss	$ 18,360us-gaap_NetIncomeLoss
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation of project assets	15,047	12,595	11,229
Depreciation of property and equipment	3,044us-gaap_Depreciation	3,078us-gaap_Depreciation	2,829us-gaap_Depreciation
Amortization of deferred financing fees	1,353us-gaap_AmortizationOfFinancingCosts	1,091us-gaap_AmortizationOfFinancingCosts	456us-gaap_AmortizationOfFinancingCosts
Amortization of intangible assets	4,738us-gaap_AmortizationOfIntangibleAssets	4,802us-gaap_AmortizationOfIntangibleAssets	5,282us-gaap_AmortizationOfIntangibleAssets
Impairment of goodwill	0us-gaap_GoodwillImpairmentLoss	0us-gaap_GoodwillImpairmentLoss	1,016us-gaap_GoodwillImpairmentLoss
Provision for bad debts	1,988us-gaap_ProvisionForDoubtfulAccounts	502us-gaap_ProvisionForDoubtfulAccounts	149us-gaap_ProvisionForDoubtfulAccounts
Gain on contingent liability	0	(1,075)	0
Gain on sale of assets	0	(632)	(800)
Unrealized (gain) loss on interest rate swaps	(1,418)us-gaap_UnrealizedGainLossOnDerivatives	(1,459)us-gaap_UnrealizedGainLossOnDerivatives	98us-gaap_UnrealizedGainLossOnDerivatives
Stock-based compensation expense	2,493us-gaap_ShareBasedCompensation	2,799us-gaap_ShareBasedCompensation	3,351us-gaap_ShareBasedCompensation
Deferred income taxes	(2,749)	(15,261)	(3,850)
Excess tax benefits from stock-based compensation arrangements	(918)	(5,264)	(260)
Changes in operating assets and liabilities:
Restricted cash	300	(1,526)	(11,089)
Accounts receivable	8,611	1,391	25,624
Accounts receivable retainage	3,289us-gaap_IncreaseDecreaseInReceivables	5,246us-gaap_IncreaseDecreaseInReceivables	3,055us-gaap_IncreaseDecreaseInReceivables
Federal ESPC receivable	(59,457)	(40,998)	(28,651)
Inventory	1,308us-gaap_IncreaseDecreaseInInventories	(94)us-gaap_IncreaseDecreaseInInventories	(859)us-gaap_IncreaseDecreaseInInventories
Costs and estimated earnings in excess of billings	4,587	(8,740)	7,225
Prepaid expenses and other current assets	5,526	371	(447)
Project development costs	482	(652)	(3,010)
Other assets	(1,907)	(14,001)	(791)
Accounts payable, accrued expenses and other current liabilities	9,496	(13,281)	10,679
Billings in excess of cost and estimated earnings	811	(4,310)	(4,943)
Other liabilities	(7,414)	5,370	2,978
Income taxes payable	661	7,025	4,578
Cash flows from operating activities	254	(60,609)	42,209
Cash flows from investing activities:
Purchases of property and equipment	(1,745)	(2,331)	(5,061)
Purchases of project assets	(26,679)	(24,541)	(47,191)
Grant awards and rebates received on project assets	3,727	3,262	7,311
Proceeds from sales of assets	0	3,511	0
Acquisitions, net of cash received	(13,903)	(9,838)	(4,012)
Cash flows from investing activities	(38,600)	(29,937)	(48,953)
Cash flows from financing activities:
Excess tax benefits from stock-based compensation arrangements	918	5,264	260
Book overdraft	0	0	(7,297)
Payments of financing fees	(374)us-gaap_PaymentsOfFinancingCosts	(511)us-gaap_PaymentsOfFinancingCosts	(3,208)us-gaap_PaymentsOfFinancingCosts
Proceeds from exercises of options	1,447	2,073	3,463
(Payments of) proceeds from senior secured credit facility	5,000	0	(9,286)
Proceeds from long-term debt financing	0	9,434	37,713
Proceeds from Federal ESPC projects	51,165	40,010	30,203
Non-controlling interest	(9)	35	(91)
Restricted cash	3,021	1,554	(2,684)
Payments on long-term debt	(18,392)us-gaap_RepaymentsOfLongTermDebt	(14,669)us-gaap_RepaymentsOfLongTermDebt	(5,587)us-gaap_RepaymentsOfLongTermDebt
Cash flows from financing activities	42,776	43,190	43,486
Effect of exchange rate changes on cash	2,161	1,179	328
Net increase (decrease) in cash and cash equivalents	6,591	(46,177)	37,070
Cash and cash equivalents, beginning of year	17,171	63,348	26,278
Cash and cash equivalents, end of year	23,762	17,171	63,348
Supplemental disclosures of cash flow information:
Cash paid for interest	6,583us-gaap_InterestPaid	7,185us-gaap_InterestPaid	6,171us-gaap_InterestPaid
Cash paid for income taxes	3,125us-gaap_IncomeTaxesPaid	3,831us-gaap_IncomeTaxesPaid	1,562us-gaap_IncomeTaxesPaid
Non-cash Federal ESPC settlement	24,587	88,556	47,008
Accrued purchases of project assets	$ 3,229	$ 2,080	$ 3,385