Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:      
Net income (loss) $ 33,508 $ 11,997 $ (4,684)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:      
Depreciation of energy assets 21,648 19,377 16,911
Depreciation of property and equipment 2,394 3,020 3,263
Amortization of deferred financing fees 1,620 1,503 1,139
Amortization of intangible assets 1,451 2,358 4,150
Provision for bad debts 77 5,392 4,102
Gain on sale of assets (103) 0 (17)
Unrealized gain on ineffectiveness of interest rate swaps (271) (279) (368)
Stock-based compensation expense 1,293 1,462 1,769
Deferred income taxes (4,527) 2,867 4,086
Excess tax benefits from stock-based compensation arrangements 0 (99) 50
Unrealized foreign exchange (gain) loss (1,406) 167 2,083
Changes in operating assets and liabilities:      
Restricted cash (818) (5,423) 3,108
Accounts receivable 1,870 (12,002) (4,472)
Accounts receivable retainage 1,279 3,875 (3,825)
Federal ESPC receivable (157,538) (116,753) (73,243)
Inventory, net 3,966 1,118 (4,327)
Costs and estimated earnings in excess of billings (46,730) 31,170 (22,904)
Prepaid expenses and other current assets (2,471) (98) (3,369)
Project development costs (3,007) 4,162 (4,581)
Other assets (60) (525) (4,083)
Accounts payable, accrued expenses and other current liabilities 19,652 (2,798) 26,273
Billings in excess of cost and estimated earnings (2,168) (6,974) 10,674
Other liabilities (540) (3,578) (2,444)
Income taxes payable (5,678) 1,988 1,171
Cash flows from operating activities (136,559) (58,073) (49,538)
Cash flows from investing activities:      
Purchases of property and equipment (2,851) (2,807) (1,343)
Purchases of energy assets (85,559) (73,234) (51,340)
Proceeds from sale of assets of a business 2,777 0 0
Proceeds from sales of assets 0 0 854
Acquisitions, net of cash received (2,409) (3,575) 0
Cash flows from investing activities (88,042) (79,616) (51,829)
Cash flows from financing activities:      
Excess tax benefits from stock-based compensation arrangements 0 99 (50)
Payments of financing fees (2,877) (1,908) (2,748)
Proceeds from exercises of options 1,977 1,054 1,153
Repurchase of common stock (3,412) (6,387) 0
Proceeds from senior secured credit facility, net 12,547 3,822 6,300
Proceeds from long-term debt financings 48,483 38,004 17,747
Proceeds from Federal ESPC projects 165,013 90,039 77,971
Proceeds from Federal ESPC energy assets 3,993 0 0
Proceeds from sale-leaseback financings 51,204 17,045 12,506
Non-controlling interest 0 0 (116)
Proceeds from investment by redeemable non-controlling interests, net 7,473 6,392 6,018
Restricted cash (2,149) 3,155 (5,684)
Payments on long-term debt (54,164) (14,014) (12,392)
Cash flows from financing activities 228,088 137,301 100,705
Effect of exchange rate changes on cash 168 (650) (1,455)
Net increase (decrease) in cash and cash equivalents 3,655 (1,038) (2,117)
Cash and cash equivalents, beginning of year 20,607 21,645 23,762
Cash and cash equivalents, end of year 24,262 20,607 21,645
Supplemental disclosures of cash flow information:      
Cash paid for interest 11,675 7,220 5,537
Cash paid for income taxes 5,782 3,475 1,437
Non-cash Federal ESPC settlement 66,921 79,075 26,606
Accrued purchases of energy assets $ 7,335 $ 19,506 $ 5,065