Quarterly report pursuant to Section 13 or 15(d)

Cash Flows

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Cash Flows (USD $)
 3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Cash flows from operating activities:    
Net Income $ 1,505,298 $ 5,288,285
Adjustments to reconcile net income to cash provided by (used in) operating activities:    
Depreciation of project assets 2,605,030 2,210,612
Depreciation of property and equipment 677,973 471,789
Amortization of deferred financing fees 133,287 110,833
Amortization of intangible assets 1,656,244 0
Provision for bad debts 53,636 24,186
Stock-based compensation expense 781,453 859,050
Deferred income taxes (550,328) 2,692,134
Excess tax benefits from stock-based compensation arrangements (1,202,597) (391,297)
Changes in operating assets and liabilities:    
Restricted cash draws 10,082,814 40,912,909
Accounts receivable 24,537,183 (7,620,850)
Accounts receivable retainage 5,692,808 1,439,552
Federal ESPC receivable (14,070,137) (36,506,536)
Inventory (140,865) (1,633,214)
Costs and estimated earnings in excess of billings 17,780,552 (6,143,202)
Prepaid expenses and other current assets 2,825,403 (21,209)
Project development costs (831,959) 921,076
Other assets (174,600) 619,317
Increase (decrease) in:    
Accounts payable, accrued expenses and other current liabilities (20,527,498) (23,204,150)
Billings in excess of cost and estimated earnings 897,751 (4,546,509)
Other liabilities (870,642) (4,342,540)
Income taxes payable 606,671 (5,446,587)
Net cash provided by (used in) operating activities 33,208,761 (25,621,271)
Cash flows from investing activities:    
Purchases of property and equipment (1,276,533) (895,230)
Purchases of project assets (10,002,946) (6,591,203)
Grants awards received on project assets 3,838,766 6,695,711
Net cash used in investing activities (7,440,713) (790,722)
Cash flows from financing activities:    
Excess tax benefits from stock-based compensation arrangements 1,202,597 391,297
Book overdraft (7,297,122) 0
Payments of financing fees (20,325) (50,589)
Proceeds from exercises of options 1,063,432 1,416,091
(Payments on) proceeds from senior secured credit facility (6,428,571) 5,000,000
Proceeds from long-term debt financing 0 5,500,089
Minority interest 7,700 0
Restricted cash (1,430,592) (587,567)
Payments on long-term debt (807,464) (911,878)
Net cash (used in) provided by financing activities (13,710,345) 10,757,443
Effect of exchange rate changes on cash 100,293 313,165
Net increase (decrease) in cash and cash equivalents 12,157,996 (15,341,385)
Cash and cash equivalents, beginning of period/year 26,277,366 44,691,021
Cash and cash equivalents, end of period 38,435,362 29,349,636
Supplemental disclosure of cash flow information:    
Interest Paid 725,845 471,352
Income taxes Paid $ 25,712 $ 3,254,600