Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Cash flows from operating activities:      
Net income $ 18,360,133 $ 33,412,933 $ 27,513,666
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation of project assets 11,229,380 9,701,399 9,634,891
Depreciation of property and equipment 2,828,540 2,554,867 1,784,295
Amortization of deferred financing fees 456,305 1,061,782 566,772
Amortization of intangible assets 5,282,170 1,752,472 0
Impairment of goodwill 1,016,325 0 0
Provision for bad debts 148,773 24,374 126,219
Gains on sales of assets (800,000) (514,828) 0
Write-down of long-term receivable 0 0 2,111,000
Unrealized loss on interest rate swaps 98,026 1,313,587 1,346,041
Stock-based compensation expense 3,351,142 2,865,706 2,498,660
Deferred income taxes (3,849,798) 19,842,638 (253,975)
Excess tax benefits from stock-based compensation arrangements (259,890) (2,725,533) (2,010,221)
(Increase) decrease in:      
Restricted cash draws 34,229,875 138,485,363 151,022,923
Accounts receivable 25,624,181 (22,861,989) (305,665)
Accounts receivable retainage 3,055,300 (7,786,995) (8,319,286)
Federal ESPC receivable (28,650,513) (99,781,156) (160,455,751)
Inventory (858,895) (1,808,348) (2,542,183)
Costs and estimated earnings in excess of billings 7,225,107 (22,452,016) (19,311,505)
Prepaid expenses and other current assets (446,600) (542,485) (321,074)
Project development costs (3,009,937) 1,816,884 925,531
Other assets (790,597) 569,954 5,975,610
Increase (decrease) in:      
Accounts payable, accrued expenses and other current liabilities 10,678,911 (13,480,285) 3,925,716
Billings in excess of cost and estimated earnings (4,943,161) (452,802) (1,258,620)
Other liabilities 2,975,301 (3,537,261) 8,476,965
Income taxes payable 4,578,300 (7,311,938) (280,200)
Net cash provided by operating activities 87,528,378 30,146,323 20,849,809
Cash flows from investing activities:      
Purchases of property and equipment (5,060,751) (3,449,940) (2,613,267)
Purchases of project assets (47,190,597) (48,457,910) (37,825,750)
Grant awards and rebates received on project assets 7,310,767 6,695,711 812,489
Proceeds from sales of assets 0 7,800,000 0
Acquisitions, net of cash received (4,012,459) (66,232,848) (6,303,006)
Additional purchase price paid on 2010 acquisition (Note 3) 0 (1,956,366) 0
Net cash used in investing activities (48,953,040) (105,601,353) (45,929,534)
Cash flows from financing activities:      
Excess tax benefits from stock-based compensation arrangements 259,890 2,725,533 2,010,221
Book overdraft (7,297,122) 7,297,122 0
Payments of financing fees (3,207,790) (644,288) (1,373,171)
Proceeds from exercises of options, warrants and issuance of stock 3,462,679 6,407,804 60,073,139
Repurchase of stock 0 0 (768,970)
(Payments of) proceeds from senior secured credit facility (9,285,713) 42,142,858 (19,915,218)
Proceeds from long-term debt financing 37,713,158 12,981,691 747,362
Non-controlling interest (91,197) 63,614 0
Restricted cash (17,799,578) (7,823,912) (6,298,988)
Repayment of subordinated debt 0 0 (2,998,750)
Payments on long-term debt (5,587,186) (5,074,411) (10,970,656)
Net cash (used in) provided by financing activities (1,832,859) 58,076,011 20,504,969
Effect of exchange rate changes on cash 327,800 (1,034,636) 1,338,237
Net increase (decrease) in cash and cash equivalents 37,070,279 (18,413,655) (3,236,519)
Cash and cash equivalents, beginning of year 26,277,366 44,691,021 47,927,540
Cash and cash equivalents, end of year 63,347,645 26,277,366 44,691,021
Acqusition Supplemental Cashflow Disclosure
      
(Increase) decrease in:      
Accounts receivable retainage 0 0 423,927
Inventory 7,761 47,193 0
Project development costs 0 130,044 0
Cash paid during the year for:      
Interest 6,171,351 4,723,960 5,057,056
Income taxes 1,562,356 7,550,269 5,248,499
Acquisitions, net of cash received:      
Accounts receivable 320,997 18,287,718 8,354,669
Costs and estimated earnings in excess of billings 0 11,432,634 1,947,639
Prepaid expenses and other current assets 107,715 95,674 33,922
Property and equipment 54,854 820,934 127,512
Project assets 0 5,849,963 0
Goodwill 2,021,260 26,823,070 2,703,626
Intangible assets 2,281,240 14,480,000 0
Other assets 100 52,062 18,551
Accounts payable and accrued expenses (623,444) (8,094,339) (7,032,052)
Billings in excess of cost and estimated earnings (158,025) (100,573) (274,788)
Deferred income taxes 0 (1,939,532) 0
Other liabilities 0 (1,652,000) 0
Identifiable assets acquired and goodwill, net of liabilities assumed 4,012,458 66,232,848 6,303,006
Noncash ESPC receivable financing $ 47,007,891 $ 183,120,465 $ 18,301,603