Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash flows from operating activities:      
Net (loss) income $ (2,551) $ 10,383 $ 2,414
Adjustments to reconcile net (loss) income to net cash flows from operating activities:      
Depreciation of project assets 16,911 15,047 12,595
Depreciation of property and equipment 3,263 3,044 3,078
Amortization of deferred financing fees 1,139 1,353 1,091
Amortization of intangible assets 4,150 4,738 4,802
Provision for bad debts 4,102 1,988 502
Gain on contingent liability 0 0 (1,075)
Gain on sale of assets (17) 0 (632)
Unrealized gain on interest rate swaps (368) (1,418) (1,459)
Stock-based compensation expense 1,769 2,493 2,799
Deferred income taxes 1,953 (2,749) (15,261)
Excess tax benefits from stock-based compensation arrangements 50 (918) (5,264)
Unrealized Foreign exchange (gain) loss 2,083 1,054 93
Changes in operating assets and liabilities:      
Restricted cash 3,108 300 (1,526)
Accounts receivable (4,472) 8,611 1,391
Accounts receivable retainage (3,825) 3,289 5,246
Federal ESPC receivable (73,243) (59,457) (40,998)
Inventory (4,327) 1,308 (94)
Costs and estimated earnings in excess of billings (22,904) 4,587 (8,740)
Prepaid expenses and other current assets (3,369) 5,526 371
Project development costs (4,581) 482 (652)
Other assets (4,083) (1,907) (14,001)
Accounts payable, accrued expenses and other current liabilities 26,273 9,496 (13,281)
Billings in excess of cost and estimated earnings 10,674 811 (4,310)
Other liabilities (2,444) (7,414) 5,370
Income taxes payable 1,171 661 7,025
Cash flows from operating activities (49,538) 1,308 (60,516)
Cash flows from investing activities:      
Purchases of property and equipment (1,343) (1,745) (2,331)
Purchases of project assets (51,340) (26,679) (24,541)
Grant awards and rebates received on project assets 0 3,727 3,262
Proceeds from sales of assets 854 0 3,511
Acquisitions, net of cash received 0 (13,903) (9,838)
Cash flows from investing activities (51,829) (38,600) (29,937)
Cash flows from financing activities:      
Excess tax benefits from stock-based compensation arrangements (50) 918 5,264
Payments of financing fees (2,748) (374) (511)
Proceeds from exercises of options 1,153 1,447 2,073
Proceeds from senior secured credit facility 6,300 5,000 0
Proceeds from long-term debt financing 17,747 0 9,434
Proceeds from Federal ESPC projects 77,971 51,165 40,010
Proceeds from sale-leaseback financing 12,506 0 0
Non-controlling interest (116) (9) 35
Proceeds from investment by redeemable non-controlling interest 6,018 0 0
Restricted cash (5,684) 3,021 1,554
Payments on long-term debt (12,392) (18,392) (14,669)
Cash flows from financing activities 100,705 42,776 43,190
Effect of exchange rate changes on cash (1,455) 1,107 1,086
Net (decrease) increase in cash and cash equivalents (2,117) 6,591 (46,177)
Cash and cash equivalents, beginning of year 23,762 17,171 63,348
Cash and cash equivalents, end of year 21,645 23,762 17,171
Supplemental disclosures of cash flow information:      
Cash paid for interest 5,537 6,583 7,185
Cash paid for income taxes 1,437 3,125 3,831
Non-cash Federal ESPC settlement 26,606 24,587 88,556
Accrued purchases of project assets $ 5,065 $ 3,229 $ 2,080