Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.21.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net income $ 12,431 $ 6,636
Adjustments to reconcile net income to cash flows from operating activities:    
Depreciation of energy assets, net 9,686 9,299
Depreciation of property and equipment 833 833
Accretion of ARO liabilities 24 21
Amortization of debt discount and debt issuance costs 747 660
Amortization of intangible assets 80 179
Provision for bad debts 3 49
Net gain from derivatives (377) (223)
Stock-based compensation expense 766 429
Deferred income taxes 1,410 (1,217)
Unrealized foreign exchange loss 19 212
Changes in operating assets and liabilities:    
Accounts receivable 15,535 (14,161)
Accounts receivable retainage (1,844) (4,445)
Federal ESPC receivable (65,973) (39,946)
Inventory, net 48 7
Costs and estimated earnings in excess of billings 6,544 12,181
Prepaid expenses and other current assets (726) 1,233
Project development costs 1,259 (3,224)
Other assets (538) 8
Accounts payable, accrued expenses and other current liabilities (19,333) (17,241)
Billings in excess of cost and estimated earnings (3,973) (956)
Other liabilities (226) (586)
Income taxes payable 4,881 (1,388)
Cash flows from operating activities (38,724) (51,640)
Cash flows from investing activities:    
Purchases of property and equipment (656) (724)
Purchases of energy assets (55,823) (28,497)
Contributions to equity investment 0 (127)
Cash flows from investing activities (56,479) (29,348)
Cash flows from financing activities:    
Proceeds from equity offering, net of offering costs 120,216 0
Payments of financing fees (850) (155)
Proceeds from exercises of options and ESPP 1,386 2,473
Repurchase of common stock 0 (6)
(Payments on) proceeds from senior secured credit facility, net (53,073) 31,000
Proceeds from long-term debt financings 30,811 0
Proceeds from Federal ESPC projects 33,520 61,198
Proceeds for energy assets from Federal ESPC (59) 1,541
Distributions to redeemable non-controlling interests, net (495) (103)
Payments on long-term debt (19,073) (12,019)
Cash flows from financing activities 112,383 83,929
Effect of exchange rate changes on cash 330 (509)
Net increase in cash, cash equivalents, and restricted cash 17,510 2,432
Cash, cash equivalents, and restricted cash, beginning of period 98,837 77,264
Cash, cash equivalents, and restricted cash, end of period 116,347 79,696
Supplemental disclosures of cash flow information:    
Cash paid for interest 4,235 4,917
Cash paid for income taxes 271 183
Non-cash Federal ESPC settlement 0 29,297
Accrued purchases of energy assets 33,065 34,308
Reconciliation of cash, cash equivalents and restricted cash    
Total cash and cash equivalents, and restricted cash $ 116,347 $ 79,696