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 12 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Dec. 31, 2018
Mar. 31, 2019
Dec. 31, 2018
Mar. 31, 2018
Cash flows from operating activities:            
Net income $ 2,871 $ 7,504        
Adjustments to reconcile net income to cash flows from operating activities:            
Depreciation of energy assets 8,407 6,312        
Depreciation of property and equipment 619 542        
Amortization of debt issuance costs 693 419        
Amortization of intangible assets 213 253        
Accretion of ARO and contingent consideration 51 0        
Provision for bad debts 77 64        
Gain on deconsolidation of VIE (2,160) 0        
Net gain from derivatives (723) (12)        
Stock-based compensation expense 385 355        
Deferred income taxes 0 (3,027)        
Unrealized foreign exchange (gain) loss (59) 492        
Changes in operating assets and liabilities:            
Accounts receivable 4,718 (1,837)        
Accounts receivable retainage (1,201) (2,453)        
Federal ESPC receivable (26,986) (37,967)        
Inventory, net (1,165) (544)        
Costs and estimated earnings in excess of billings (1,027) 30,363        
Prepaid expenses and other current assets (2,939) (4,578)        
Project development costs (3,688) (2,325)        
Other assets 549 540        
Accounts payable, accrued expenses and other current liabilities (40,976) (33,309)        
Billings in excess of cost and estimated earnings 809 1,190        
Other liabilities (228) (674)        
Income taxes payable 3,666 1,617        
Cash flows from operating activities (58,094) (37,075)        
Cash flows from investing activities:            
Purchases of property and equipment (1,287) (1,015)        
Purchases of energy assets (23,334) (34,161)        
Acquisitions, net of cash received (1,279) 0        
Contributions to equity investment (192) 0        
Cash flows from investing activities (26,092) (35,176)        
Cash flows from financing activities:            
Payments of financing fees 0 (575)        
Proceeds from exercises of options and ESPP 649 691        
Repurchase of common stock 0 (1,771)        
Proceeds from senior secured credit facility, net 11,373 17,404        
Proceeds from long-term debt financings 0 33,501        
Proceeds from Federal ESPC projects 39,598 36,581        
Proceeds for energy assets from Federal ESPC 1,732 717        
Distributions to redeemable non-controlling interests (103) (103)        
Payments on long-term debt (5,716) (2,322)        
Cash flows from financing activities 47,533 84,123        
Effect of exchange rate changes on cash 140 (180)        
Net (decrease) increase in cash, cash equivalents, and restricted cash (36,513) 11,692        
Cash, cash equivalents, and restricted cash, beginning of period 97,914 60,105 $ 60,105      
Cash, cash equivalents, and restricted cash, end of period 61,401 71,797 97,914      
Supplemental disclosures of cash flow information:            
Cash paid for interest 3,391 1,402        
Cash paid for income taxes 197 442        
Non-cash Federal ESPC settlement 5,629 28,367        
Accrued purchases of energy assets 16,247 4,482        
Reconciliation of cash, cash equivalents and restricted cash            
Cash and cash equivalents       $ 25,487 $ 61,397 $ 34,125
Short-term restricted cash       14,994 16,880 16,894
Long-term restricted cash included in other assets       20,920 19,637 20,778
Total cash and cash equivalents, and restricted cash $ 97,914 $ 60,105 $ 60,105 $ 61,401 $ 97,914 $ 71,797