Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.5.0.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Cash flows from operating activities:    
Net income (loss) $ 2,804 $ (2,197)
Adjustments to reconcile net income (loss) to cash flows from operating activities:    
Depreciation of project assets 9,179 7,916
Depreciation of property and equipment 1,552 1,555
Amortization of deferred financing fees 635 562
Amortization of intangible assets 1,211 2,024
Provision for bad debts 2,932 83
Unrealized gain on interest rate swaps (153) (184)
Stock-based compensation expense 758 971
Deferred income taxes (1,365) (2,006)
Unrealized foreign exchange (gain) loss (791) 635
Changes in operating assets and liabilities:    
Restricted cash (3,361) (694)
Accounts receivable (8,701) 2,426
Accounts receivable retainage (484) 1,821
Federal ESPC receivable (50,167) (29,625)
Inventory, net (1,183) (1,257)
Costs and estimated earnings in excess of billings 22,646 (2,787)
Prepaid expenses and other current assets (562) (3,056)
Project development costs (1,360) (3,630)
Other assets 459 (1,403)
Accounts payable, accrued expenses and other current liabilities (8,254) (13,372)
Billings in excess of cost and estimated earnings (6,041) 5,589
Other liabilities (1,908) (219)
Income taxes payable 2,432 (112)
Cash flows from operating activities (39,722) (36,960)
Cash flows from investing activities:    
Purchases of property and equipment (2,212) (643)
Purchases of project assets (20,813) (13,640)
Proceeds from sale of assets 0 852
Cash flows from investing activities (23,025) (13,431)
Cash flows from financing activities:    
Payments of financing fees (749) (1,202)
Proceeds from exercises of options 470 605
Repurchase of common stock (1,949) 0
Proceeds from senior secured credit facility, net 2,900 3,500
Proceeds from long-term debt financing 3,013 0
Proceeds from Federal ESPC projects 38,759 40,870
Proceeds from sale-leaseback financing 11,008 7,581
Non-controlling interest 0 (116)
Proceeds from investment by redeemable non-controlling interest, net 6,519 0
Restricted cash 3,369 (25)
Payments on long-term debt (6,129) (6,066)
Cash flows from financing activities 57,211 45,147
Effect of exchange rate changes on cash (832) 801
Net decrease in cash and cash equivalents (6,368) (4,443)
Cash and cash equivalents, beginning of period 21,645 23,762
Cash and cash equivalents, end of period 15,277 19,319
Supplemental disclosures of cash flow information:    
Cash paid for interest 3,241 2,856
Cash paid for income taxes 2,004 933
Non-cash Federal ESPC settlement 44,234 26,320
Accrued purchases of project assets $ 9,766 $ 8,827