Annual report pursuant to Section 13 and 15(d)

Cash Flows

v2.4.0.6
Cash Flows (USD $)
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Cash flows from operating activities:      
Net Income $ 34,726,520 $ 28,726,116 $ 19,907,148
Adjustments to reconcile net income to cash used in operating activities:      
Depreciation of project assets 9,701,399 9,634,891 5,260,805
Depreciation of property and equipment 2,554,867 1,784,295 1,372,885
Amortization of deferred financing fees 1,061,782 566,772 254,705
Amortization of intangible assets 1,752,472 0 0
Provision for bad debts 24,374 126,219 552,368
Gain on sale of assets (514,828) 0 (691,292)
Write-down of long-term receivable 0 2,111,000 0
Unrealized loss on interest rate swaps 0 133,591 (2,263,802)
Stock-based compensation expense 2,865,706 2,498,660 3,168,721
Deferred income taxes 19,842,638 (253,975) 3,400,628
Excess tax benefits from stock-based compensation arrangements (2,725,533) (2,010,221) 0
Changes in operating assets and liabilities:      
Restricted cash draws 138,485,363 151,022,923 33,051,426
Accounts receivable (22,861,989) (305,665) (11,033,926)
Accounts receivable retainage (7,786,995) (8,319,286) 5,029,832
Federal ESPC receivable (99,781,156) (160,455,751) (52,900,979)
Inventory (1,808,348) (2,542,183) 3,222,762
Costs and estimated earnings in excess of billings (22,452,016) (19,311,505) (3,651,857)
Prepaid expenses and other current assets (542,485) (321,074) (1,591,213)
Project development costs 1,816,884 925,531 1,987,761
Other assets 569,954 5,975,610 3,846,224
Increase (decrease) in:      
Accounts payable, accrued expenses and other current liabilities (13,480,285) 3,925,716 27,280,548
Billings in excess of cost and estimated earnings (452,802) (1,258,620) 6,819,869
Other liabilities (3,537,261) 8,476,965 8,945
Income taxes payable (7,311,938) (280,200) 2,264,750
Net cash provided by (used in) operating activities 30,146,323 20,849,809 45,296,308
Cash flows from investing activities:      
Purchases of property and equipment (3,449,940) (2,613,267) (1,797,949)
Purchases of project assets (48,457,910) (37,825,750) (32,706,292)
Grants awards received on project assets 6,695,711 812,489 12,864,644
Proceeds from sales of assets held for sale 7,800,000 0 0
Acquisitions, net of cash received 66,232,848 6,303,006 674,110
Additional purchase price paid on 2010 acquisition (Note 3) (1,956,366) 0 0
Net cash used in investing activities (105,601,353) (45,929,534) (22,313,707)
Cash flows from financing activities:      
Excess tax benefits from stock-based compensation arrangements 2,725,533 2,010,221 0
Book overdraft 7,297,122 0 0
Payments of financing fees (644,288) (1,373,171) (2,804,759)
Proceeds from exercises of options and warrants, and issuance of stock 6,407,804 60,073,139 874,760
Repurchase of stock 0 (768,970) (874,948)
(Payments of) Proceeds from senior secured credit facility 42,142,858 (19,915,218) (14,578,242)
Proceeds from long-term debt financing 12,981,691 747,362 28,196,538
Minority interest 63,614 0 0
Restricted cash (7,823,912) (6,298,988) (3,092,590)
Repayment of subordinated debt 0 (2,998,750) 0
Payments on long-term debt (5,074,411) (10,970,656) (3,592,073)
Net cash provided by financing activities 58,076,011 20,504,969 4,128,686
Effect of exchange rate changes on cash (1,034,636) 1,338,237 2,667,108
Net increase (decrease) in cash and cash equivalents (18,413,655) (3,236,519) 29,778,395
Cash and cash equivalents, beginning of year 44,691,021 47,927,540 18,149,145
Cash and cash equivalents, end of year 26,277,366 44,691,021 47,927,540
Supplemental disclosure of cash flow information:      
Interest Paid 4,723,960 5,057,056 2,904,970
Income taxes Paid 7,550,269 5,248,499 2,145,742
Acqusition Supplemental Cashflow Disclosure [Member]
      
Adjustments to reconcile net income to cash used in operating activities:      
Amortization of intangible assets 14,480,000 0 0
Changes in operating assets and liabilities:      
Accounts receivable 18,287,718 8,354,669 0
Accounts receivable retainage 0 423,927 0
Federal ESPC receivable (183,120,465) (18,301,603) (27,088,849)
Inventory (47,193) 0 0
Costs and estimated earnings in excess of billings 11,432,634 1,947,639 0
Prepaid expenses and other current assets 95,674 33,922 18,177
Project development costs 130,044 0 0
Other assets 52,062 18,551 0
Increase (decrease) in:      
Accounts payable, accrued expenses and other current liabilities (8,094,339) (7,032,052) (1,567,521)
Billings in excess of cost and estimated earnings (100,573) (274,788) 0
Deferred income taxes (1,939,532) 0 0
Other liabilities (1,652,000) 0 0
Cash flows from investing activities:      
Purchases of property and equipment 820,934 127,512 113,842
Purchases of project assets 5,849,963 0 0
Goodwill 26,823,070 2,703,626 2,492,165
Acquisitions, net of cash received (66,232,848) (6,303,006) (674,110)
Cash flows from financing activities:      
Proceeds from long-term debt financing $ 0 $ 0 $ (382,553)