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, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net income $ 80,191 $ 56,922 $ 40,301
Adjustments to reconcile net income to net cash flows from operating activities:      
Depreciation of energy assets 43,113 38,039 35,543
Depreciation of property and equipment 3,143 3,317 2,987
Amortization of debt discount and debt issuance costs 2,849 2,686 2,229
Amortization of intangible assets 321 685 909
Accretion of ARO and contingent consideration 123 93 137
Provision for (recoveries of) bad debts 187 282 (216)
Impairment of long-lived assets / loss on disposal 1,901 2,696 0
Gain on sale of equity investments / deconsolidation of a VIE (575) 0 (2,160)
Net loss (gain) from derivatives 240 (705) (1,068)
Stock-based compensation expense 8,716 1,933 1,620
Deferred income taxes, net (4,760) 3,401 (3,346)
Unrealized foreign exchange loss (gain), net 142 (306) (130)
Changes in operating assets and liabilities:      
Accounts receivable (15,953) (24,178) (8,499)
Accounts receivable retainage (12,882) (13,113) (3,370)
Federal ESPC receivable (249,728) (227,078) (188,060)
Inventory, net (232) 660 (1,471)
Costs and estimated earnings in excess of billings (113,192) 19,474 (106,696)
Prepaid expenses and other current assets 1,770 517 (18,397)
Project development costs 1,949 (3,085) 8,120
Other assets (1,752) 536 1,056
Accounts payable, accrued expenses and other current liabilities 83,473 29,047 43,531
Billings in excess of cost and estimated earnings (693) 8,042 2,662
Other liabilities (5,036) 1,844 (1,625)
Income taxes payable, net 4,389 (4,292) (350)
Cash flows from operating activities (172,296) (102,583) (196,293)
Cash flows from investing activities:      
Purchases of property and equipment (4,896) (2,211) (6,674)
Capital investment in energy assets (178,879) (180,546) (134,738)
Grant award proceeds for energy assets 774 1,874 784
Proceeds from sale of equity method investment 1,672 0 0
Acquisitions, net of cash received (14,928) 0 (1,294)
Contributions to equity investment (9,000) (132) (301)
Cash flows from investing activities (205,257) (181,015) (142,223)
Cash flows from financing activities:      
Proceeds from equity offering, net of offering costs 120,084 0 0
Payments of debt discount and debt issuance costs (2,919) (5,234) (1,666)
Proceeds from exercises of options and ESPP 6,927 9,875 7,417
Repurchase of common stock 0 (6) (144)
(Payments on) proceeds from senior secured credit facility, net (8,073) 3,000 73,347
Proceeds from long-term debt financings 185,994 116,067 43,883
Proceeds from Federal ESPC projects 159,216 248,917 199,358
Proceeds for energy assets from Federal ESPC 2,033 1,378 2,277
Investment fund call option exercise (1,000) 0 0
Proceeds from investments by redeemable non-controlling interests, net 1,399 4,805 21,372
Payments on long-term debt and financing leases (98,200) (73,633) (28,425)
Cash flows from financing activities 365,461 305,169 317,419
Effect of exchange rate changes on cash 309 2 447
Net (decrease) increase in cash, cash equivalents, and restricted cash (11,783) 21,573 (20,650)
Cash, cash equivalents, and restricted cash, beginning of year 98,837 77,264 97,914
Cash, cash equivalents, and restricted cash, end of year 87,054 98,837 77,264
Supplemental disclosures of cash flow information:      
Cash paid for interest 18,782 20,143 17,467
Cash paid for income taxes 2,670 1,465 3,897
Non-cash Federal ESPC settlement 67,286 54,139 242,519
Accrued purchases of energy assets 37,064 43,807 35,248
Non-cash portion of investment fund call option exercise 2,759 0 0
Conversion of revolver to term loan 0 0 25,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect [Abstract]      
Cash and cash equivalents 50,450 [1] 66,422 [1] 33,223
Short-term restricted cash 24,267 [1] 22,063 [1] 20,006
Long-term restricted cash 12,337 10,352 24,035
Total cash, cash equivalents, and restricted cash $ 87,054 $ 98,837 $ 77,264
[1] Includes restricted assets of consolidated variable interest entities (“VIEs”) of $124,454 as of December 31, 2021 and $162,198 as of December 31, 2020. Includes non-recourse liabilities of consolidated VIEs of $31,125 as of December 31, 2021 and $33,335 as of December 31, 2020. See Note 11.