Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
 3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Cash flows from operating activities:        
Net income $ 6,771,182 $ 12,358,580 $ 13,445,348 $ 26,478,993
Adjustments to reconcile net income to cash (used in) provided by operating activities:        
Depreciation of project assets 2,903,901 2,676,004 8,359,908 7,126,617
Depreciation of property and equipment 721,330 845,947 2,002,804 1,927,669
Amortization of deferred financing fees 95,667 106,776 367,145 312,431
Amortization of intangible assets 1,113,033 501,000 4,084,055 501,000
Provision for bad debts 6,024 154 83,767 24,374
Gain on sale of asset     800,000 0
Stock-based compensation expense 853,866 432,624 2,527,926 2,027,200
Deferred income taxes (951,974) 4,097,831 (1,458,605) 7,243,425
Excess tax benefits from stock-based compensation arrangements (723,710) (1,819,749) (2,375,223) (5,721,385)
(Increase) decrease in:        
Restricted cash draws 5,688,561 20,465,804 29,841,218 98,682,379
Accounts receivable (5,633,607) (45,257,456) 6,936,036 (57,839,917)
Accounts receivable retainage 3,150,711 (915,906) 5,230,093 (580,598)
Federal ESPC receivable (2,569,522) (21,910,697) (28,345,258) (95,550,030)
Inventory 2,052,646 439,704 1,542,422 (1,543,288)
Costs and estimated earnings in excess of billings (5,950,854) 2,294,809 6,246,532 (8,600,351)
Prepaid expenses and other current assets 2,564,642 (1,149,248) 885,482 (1,812,750)
Project development costs (1,078,080) (1,383,993) (2,234,165) (623,548)
Other assets 312,248 (1,554,165) (629,034) (1,758,820)
Increase (decrease) in:        
Accounts payable, accrued expenses and other current liabilities (2,942,065) 38,898,718 (11,702,805) 16,997,701
Billings in excess of cost and estimated earnings (7,286,785) 4,517,219 957,105 4,189,191
Other liabilities 2,826,363 (4,679,466) 3,351,544 97,928
Income taxes payable 1,155,924 1,352,618 4,239,382 (3,336,415)
Net cash (used in) provided by operating activities 3,079,501 10,317,108 42,555,677 (11,758,194)
Cash flows from investing activities:        
Purchases of property and equipment (1,715,410) (863,145) (4,096,980) (2,669,779)
Purchases of project assets (11,604,966) (16,837,529) (31,303,607) (31,558,420)
Grant awards and rebates received on project assets 395,007 0 4,233,773 6,695,711
Acquisitions, net of cash received (3,677,393) (60,953,588) (3,677,393) (60,953,588)
Additional purchase price paid on 2010 acquisition (Note 3)     0 (1,956,366)
Net cash used in investing activities (16,602,762) (78,654,262) (34,844,207) (90,442,442)
Cash flows from financing activities:        
Excess tax benefits from stock-based compensation arrangements 723,710 1,819,749 2,375,223 5,721,385
Book overdraft     (7,297,122) 0
Payments of financing fees (164,753) (78,924) (185,078) (623,213)
Proceeds from exercises of options 1,216,985 905,557 3,016,256 4,907,645
Net proceeds from senior secured credit facility 12,017,429 41,571,429 4,160,287 81,571,429
Proceeds from long-term debt financing     0 5,500,089
Minority interest     7,700 0
Restricted cash (1,454,199) (1,136,862) (6,252,306) (2,812,428)
Payments on long-term debt (1,245,455) (1,444,018) (3,380,412) (3,998,627)
Net cash provided by financing activities 11,093,717 41,636,931 (7,555,452) 90,266,280
Effect of exchange rate changes on cash (303,643) (1,347,221) (256,584) (1,021,916)
Net decrease in cash and cash equivalents (2,733,187) (28,047,444) (100,566) (12,956,272)
Cash and cash equivalents, beginning of period     26,277,366 44,691,021
Cash and cash equivalents, end of period 26,176,800 31,734,749 26,176,800 31,734,749
Cash paid during the period for:        
Interest 2,073,848 1,246,530 4,100,251 3,063,570
Income taxes 753,889 1,764,698 1,260,810 6,800,454
Acquisitions, net of cash received:        
Accounts receivable 320,997 18,287,718 320,997 18,287,718
Costs and estimated earnings in excess of billings 0 11,269,294 0 11,269,294
Prepaid expenses and other current assets 107,715 95,674 107,715 95,674
Property and equipment 43,115 604,637 43,115 604,637
Project assets 0 6,970,185 0 6,970,185
Goodwill 2,291,163 21,262,668 2,291,163 21,262,668
Intangible assets 1,712,021 13,722,000 1,712,021 13,722,000
Other assets 100 52,062 100 52,062
Accounts payable and accrued expenses (605,869) (7,175,650) (605,869) (7,175,650)
Billings in excess of cost and estimated earnings (160,939) 0 (160,939) 0
Deferred tax liabilities 0 (2,500,000) 0 (2,500,000)
Other liabilities (30,910) (1,635,000) (30,910) (1,635,000)
Identifiable assets acquired and goodwill, net of liabilities assumed $ 3,677,393 $ 60,953,588 $ 3,677,393 $ 60,953,588