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
 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:    
Net income $ 4,216 $ 2,804
Adjustments to reconcile net income to cash flows from operating activities:    
Depreciation of energy assets 10,220 9,179
Depreciation of property and equipment 1,336 1,552
Amortization of deferred financing fees 786 635
Amortization of intangible assets 716 1,211
Provision for bad debts 15 2,932
Gain on sale of assets (104) 0
Unrealized gain on ineffectiveness of interest rate swaps (178) (153)
Stock-based compensation expense 650 758
Deferred income taxes (1,867) (1,365)
Unrealized foreign exchange gain (712) (791)
Changes in operating assets and liabilities:    
Restricted cash 215 (3,361)
Accounts receivable 18,561 (8,701)
Accounts receivable retainage (779) (484)
Federal ESPC receivable (72,781) (50,167)
Inventory, net 2,626 (1,183)
Costs and estimated earnings in excess of billings 4,101 22,646
Prepaid expenses and other current assets 906 (562)
Project development costs (4,066) (1,360)
Other assets 240 459
Accounts payable, accrued expenses and other current liabilities (15,720) (8,254)
Billings in excess of cost and estimated earnings 212 (6,041)
Other liabilities (60) (1,908)
Income taxes payable 97 2,432
Cash flows from operating activities (51,370) (39,722)
Cash flows from investing activities:    
Purchases of property and equipment (1,231) (2,212)
Purchases of energy assets (51,393) (20,813)
Proceeds from sale of assets of a business 2,777 0
Acquisitions, net of cash received (2,409) 0
Cash flows from investing activities (52,256) (23,025)
Cash flows from financing activities:    
Payments of financing fees (1,614) (749)
Proceeds from exercises of options 1,077 470
Repurchase of common stock (2,269) (1,949)
Proceeds from senior secured credit facility, net 13,200 2,900
Proceeds from long-term debt financing 41,565 3,013
Proceeds from Federal ESPC projects 74,036 38,759
Proceeds from sale-leaseback financing 21,454 11,008
Proceeds from investment by redeemable non-controlling interests, net 1,421 6,519
Restricted cash (2,458) 3,369
Payments on long-term debt (35,987) (6,129)
Cash flows from financing activities 110,425 57,211
Effect of exchange rate changes on cash (275) (832)
Net increase (decrease) in cash and cash equivalents 6,524 (6,368)
Cash and cash equivalents, beginning of period 20,607 21,645
Cash and cash equivalents, end of period 27,131 15,277
Supplemental disclosures of cash flow information:    
Cash paid for interest 5,711 3,241
Cash paid for income taxes 2,371 2,004
Non-cash Federal ESPC settlement 9,310 44,234
Accrued purchases of energy assets $ 8,606 $ 9,766