Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash flows from operating activities:    
Net income $ 1,981 $ 1,729
Adjustments to reconcile net income to cash flows from operating activities:    
Depreciation of project assets 12,115 11,162
Depreciation of property and equipment 2,349 2,495
Amortization of deferred financing fees 850 1,086
Amortization of intangible assets 3,041 3,266
Provision for bad debts 239 1,253
Unrealized gain on interest rate swaps (277) (983)
Stock-based compensation expense 1,367 2,108
Deferred income taxes (2,920) 3,343
Excess tax benefits from stock-based compensation arrangements 0 (2,496)
Changes in operating assets and liabilities:    
Restricted cash (2,216) (182)
Accounts receivable (5,258) (11,282)
Accounts receivable retainage (1,501) 6,392
Federal ESPC receivable (50,555) (33,388)
Inventory (3,347) 1,172
Costs and estimated earnings in excess of billings (10,792) 17,768
Prepaid expenses and other current assets (4,039) 1,266
Project development costs (4,999) (812)
Other assets (2,807) (3,676)
Accounts payable, accrued expenses and other current liabilities 22,396 (3,754)
Billings in excess of cost and estimated earnings 7,329 1,403
Other liabilities (573) (5,815)
Income taxes payable 3,674 (4,148)
Cash flows from operating activities (33,943) (12,093)
Cash flows from investing activities:    
Purchases of property and equipment (1,040) (1,553)
Purchases of project assets (29,932) (16,530)
Grant awards received on project assets 0 3,727
Proceeds from sale of assets 852 0
Acquisitions, net of cash received 0 (13,903)
Cash flows from investing activities (30,120) (28,259)
Cash flows from financing activities:    
Excess tax benefits from stock-based compensation arrangements 0 2,496
Payments of financing fees (1,894) (368)
Proceeds from exercises of options 611 1,435
(Repayments) proceeds from senior secured credit facility, net (5,000) 20,000
Proceeds from long-term debt financing 4,584 0
Proceeds from Federal ESPC projects 61,846 32,886
Proceeds from sale-leaseback financing 7,581 0
Non-controlling interest (116) (7)
Restricted cash (74) 2,758
Payments on long-term debt (9,051) (13,881)
Cash flows from financing activities 58,487 45,319
Effect of exchange rate changes on cash 3,070 1,348
Net (decrease) increase in cash and cash equivalents (2,506) 6,315
Cash and cash equivalents, beginning of period 23,762 17,171
Cash and cash equivalents, end of period 21,256 23,486
Supplemental disclosures of cash flow information:    
Cash paid for interest 4,197 4,999
Cash paid for income taxes 1,204 2,650
Non-cash Federal ESPC settlement 26,320 12,350
Accrued purchases of project assets $ 13,241 $ 7,319