Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Cash flows from operating activities:      
Net income $ 2,414,187 $ 18,360,133 $ 33,412,933
Adjustments to reconcile net income to net cash (used in) provided by operating activities:      
Depreciation of project assets 12,594,590 11,229,380 9,701,399
Depreciation of property and equipment 3,077,902 2,828,540 2,554,867
Amortization of deferred financing fees 1,091,349 456,305 1,061,782
Amortization of intangible assets 4,802,021 5,282,170 1,752,472
Impairment of goodwill 0 1,016,325 0
Provision for bad debts 502,067 148,773 24,374
Gain on contingent liability (1,075,112) 0 0
Gains on sales of assets (631,917) (800,000) (514,828)
Unrealized (gain) loss on interest rate swaps (1,459,058) 98,026 1,313,587
Stock-based compensation expense 2,799,403 3,351,142 2,865,706
Deferred income taxes (15,261,027) (3,849,798) 19,842,638
Excess tax benefits from stock-based compensation arrangements (5,264,433) (259,890) (2,725,533)
(Increase) decrease in:      
Restricted cash (1,525,937) (11,089,100) (428,052)
Accounts receivable (2,608,985) 25,624,181 (22,861,989)
Accounts receivable retainage 2,108,487 3,055,300 (7,786,995)
Federal ESPC receivable (40,998,471) (28,650,513) (99,781,156)
Inventory (94,076) (858,895) (1,808,348)
Costs and estimated earnings in excess of billings (8,739,855) 7,225,107 (22,452,016)
Prepaid expenses and other current assets 371,082 (446,600) (542,485)
Project development costs (652,234) (3,009,937) 1,816,884
Other assets (6,862,822) (790,597) 569,954
Increase (decrease) in:      
Accounts payable, accrued expenses and other current liabilities (13,281,139) 10,678,911 (13,480,285)
Billings in excess of cost and estimated earnings (4,309,877) (4,943,161) (452,802)
Other liabilities 5,369,736 2,975,301 (3,537,261)
Income taxes payable 7,024,913 4,578,300 (7,311,938)
Net cash (used in) provided by operating activities (60,609,206) 42,209,403 (108,767,092)
Cash flows from investing activities:      
Purchases of property and equipment (2,331,004) (5,060,751) (3,449,940)
Purchases of project assets (24,540,875) (47,190,597) (48,457,910)
Grant awards and rebates received on project assets 3,262,463 7,310,767 6,695,711
Proceeds from sales of assets 3,510,500 0 7,800,000
Acquisitions, net of cash received (9,837,740) (4,012,459) (66,232,848)
Additional purchase price paid on 2010 acquisition (Note 3) 0 0 (1,956,366)
Net cash used in investing activities (29,936,656) (48,953,040) (105,601,353)
Cash flows from financing activities:      
Excess tax benefits from stock-based compensation arrangements 5,264,433 259,890 2,725,533
Book overdraft 0 (7,297,122) 7,297,122
Payments of financing fees (511,038) (3,207,790) (644,288)
Proceeds from exercises of options 2,073,227 3,462,679 6,407,804
(Payments of) proceeds from senior secured credit facility 0 (9,285,713) 42,142,858
Proceeds from long-term debt financing 9,434,434 37,713,158 12,981,691
Proceeds from federal ESPC projects 40,010,145 30,202,956 133,776,216
Non-controlling interest 35,105 (91,197) 63,614
Restricted cash 1,553,115 (2,683,559) (2,686,713)
Payments on long-term debt (14,669,171) (5,587,186) (5,074,411)
Net cash provided by financing activities 43,190,250 43,486,116 196,989,426
Effect of exchange rate changes on cash 1,178,703 327,800 (1,034,636)
Net (decrease) increase in cash and cash equivalents (46,176,909) 37,070,279 (18,413,655)
Cash and cash equivalents, beginning of year 63,347,645 26,277,366 44,691,021
Cash and cash equivalents, end of year 17,170,736 63,347,645 26,277,366
Acqusition Supplemental Cashflow Disclosure
      
Cash paid during the year for:      
Interest 7,185,364 6,171,351 4,723,960
Income taxes 3,831,050 1,562,356 7,550,269
Noncash ESPC receivable financing $ 88,556,004 $ 47,007,891 $ 183,120,465