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
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Dec. 31, 2017
Jun. 30, 2018
Dec. 31, 2017
Jun. 30, 2017
Statement of Cash Flows [Abstract]                
Net income $ 8,702 $ 5,960 $ 16,206 $ 4,216        
Adjustments to reconcile net income (loss) to cash flows from operating activities:                
Depreciation of energy assets     12,946 10,220        
Depreciation of property and equipment     1,072 1,336        
Amortization of deferred financing fees     838 786        
Amortization of intangible assets     502 716        
Provision for bad debts     303 15        
Gain on sale of assets     0 (104)        
Unrealized gain (loss) on ineffectiveness of swaps     (133) (178)        
Stock-based compensation expense 392 307 747 650        
Deferred income taxes     9,174 (1,867)        
Unrealized foreign exchange (gain) loss     900 (712)        
Changes in operating assets and liabilities:                
Accounts receivable     (23,750) 18,561        
Accounts receivable retainage     2,704 (779)        
Federal ESPC receivable     (69,276) (72,781)        
Inventory, net     (125) 2,626        
Costs and estimated earnings in excess of billings     29,824 4,101        
Prepaid expenses and other current assets     3,490 906        
Project development costs     (5,331) (4,066)        
Other assets     (1,380) 406        
Accounts payable, accrued expenses and other current liabilities     (24,365) (15,720)        
Billings in excess of cost and estimated earnings     (1,421) 212        
Other liabilities     578 (60)        
Income taxes payable     (10,640) 97        
Cash flows from operating activities     (57,137) (51,419)        
Cash flows from investing activities:                
Purchases of property and equipment     (2,056) (1,231)        
Purchases of energy assets     (26,197) (51,393)        
Proceeds from sale of assets of a business     0 2,777        
Acquisitions, net of cash received     (34,044) (2,409)        
Cash flows from investing activities     (62,297) (52,256)        
Cash flows from financing activities:                
Payments of financing fees     (2,285) (1,614)        
Proceeds from exercises of options and ESPP     2,314 1,077        
Repurchase of common stock     (1,772) (2,269)        
Proceeds from senior secured credit facility, net     6,100 13,200        
Proceeds from long-term debt financings     58,634 41,565        
Proceeds from Federal ESPC projects     69,664 74,036        
Proceeds from Federal ESPC energy assets     690 0        
Proceeds from sale-leaseback financings     0 21,454        
Contributions from redeemable non-controlling interests, net     1,468 1,421        
Payments on long-term debt     (10,776) (35,987)        
Cash flows from financing activities     124,037 112,883        
Effect of exchange rate changes on cash     (231) (56)        
Net increase in cash, cash equivalents, and restricted cash     4,372 9,152        
Cash, cash equivalents, and restricted cash, beginning of period     60,105 52,826 $ 52,826      
Cash, cash equivalents, and restricted cash, end of period 64,477 61,978 64,477 61,978 60,105      
Supplemental disclosures of cash flow information:                
Cash paid for interest     5,183 5,711        
Cash paid for income taxes     1,903 2,371        
Non-cash Federal ESPC settlement     66,798 9,310        
Accrued purchases of energy assets     10,586 8,606        
Conversion of revolver to term loan     25,000 0        
Reconciliation of cash, cash equivalents and restricted cash                
Cash and cash equivalents           $ 27,952 $ 24,262 $ 27,131
Short-term restricted cash           15,103 15,751 16,565
Long-term restricted cash included in other assets           21,422 20,092 18,282
Total cash and cash equivalents, and restricted cash $ 64,477 $ 61,978 $ 60,105 $ 52,826 $ 52,826 $ 64,477 $ 60,105 $ 61,978