Quarterly report pursuant to Section 13 or 15(d)

Cash Flows

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Cash Flows (USD $)
 3 Months Ended 9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
Sep. 30, 2010
Cash flows from operating activities:        
Net Income $ 12,358,580 $ 12,040,917 $ 26,478,993 $ 21,026,233
Adjustments to reconcile net income to cash used in operating activities:        
Depreciation of project assets 2,676,004 4,206,992 7,126,617 7,623,850
Depreciation of property and equipment 845,947 589,029 1,927,669 1,234,415
Amortization of deferred financing fees 106,776 306,398 312,431 474,403
Amortization of intangible assets 501,000 0 501,000 0
Provision for bad debts 154 0 24,374 0
Write-down of long-term receivable     0 2,111,000
Unrealized loss on interest rate swaps     0 133,591
Stock-based compensation expense 432,624 651,352 2,027,200 1,758,503
Deferred income taxes 4,097,831 792,193 7,243,425 0
Excess tax benefits from stock-based compensation arrangements (1,819,749) 0 (5,721,385) 0
Changes in operating assets and liabilities:        
Restricted cash draws 20,465,804 53,185,373 98,682,379 108,936,357
Accounts receivable (45,257,456) (21,103,490) (57,839,917) (24,037,153)
Accounts receivable retainage (915,906) (5,204,217) (580,598) (7,491,725)
Federal ESPC receivable (21,910,697) (51,833,048) (95,550,030) (110,522,731)
Inventory 439,704 23,790 (1,543,288) (1,071,268)
Costs and estimated earnings in excess of billings 2,294,809 (8,859,603) (8,600,351) (16,660,465)
Prepaid expenses and other current assets (1,149,248) (1,817,278) (1,812,750) (5,518,403)
Project development costs (1,383,993) (872,942) (623,548) (790,904)
Other assets (1,554,165) 4,560,707 (1,758,820) 6,582,019
Increase (decrease) in:        
Accounts payable, accrued expenses and other current liabilities 38,898,718 25,940,748 16,997,701 6,749,903
Billings in excess of cost and estimated earnings 4,517,219 (1,341,379) 4,189,191 2,311,175
Other liabilities 4,679,466 (337,826) (97,928) (1,702,081)
Income taxes payable 1,352,618 (2,541,814) (3,336,415) (946,361)
Net cash provided by (used in) operating activities 10,317,108 9,061,554 (11,758,194) (6,395,480)
Cash flows from investing activities:        
Purchases of property and equipment (863,145) (877,781) (2,669,779) (1,361,876)
Purchases of project assets (16,837,529) (12,415,691) (31,558,420) (24,783,062)
Grants awards received on project assets     6,695,711 0
Payments to Acquire Businesses, Net of Cash Acquired (60,953,588) (6,138,941) (60,953,588) (6,138,941)
Additional purchase price paid on 2010 acquisition (Note 3)     (1,956,366) 0
Net cash used in investing activities (78,654,262) (19,432,413) (90,442,442) (32,283,879)
Cash flows from financing activities:        
Excess tax benefits from stock-based compensation arrangements 1,819,749 0 5,721,385 0
Payments of financing fees (78,924) (402,625) (623,213) (1,300,058)
Proceeds from exercises of options and warrants, and issuance of stock 905,557 59,649,893 4,907,645 60,062,759
Repurchase of stock     0 (768,970)
Proceeds from senior secured credit facility 41,571,429 (31,351,119) 81,571,429 (19,915,218)
Proceeds from long-term debt financing     5,500,089 812,398
Restricted cash (1,136,862) (1,137,175) (2,812,428) (5,956,433)
Repayment of subordinated debt 0 (2,998,750)   (2,998,750)
Payments on long-term debt (1,444,018) (5,755,902) (3,998,627) (10,548,598)
Net cash provided by financing activities 41,636,931 18,004,322 90,266,280 19,387,130
Effect of exchange rate changes on cash (1,347,221) 498,142 (1,021,916) 630,690
Net increase (decrease) in cash and cash equivalents (28,047,444) 8,131,605 (12,956,272) (18,661,539)
Cash and cash equivalents, beginning of period/year 59,782,193 21,134,396 44,691,021 47,927,540
Cash and cash equivalents, end of period 31,734,749 29,266,001 31,734,749 29,266,001
Supplemental disclosure of cash flow information:        
Interest Paid 1,246,530 710,265 3,063,570 3,228,744
Income taxes Paid 1,764,698 3,652,142 6,800,454 5,052,664
Acqusition Supplemental Cashflow Disclosure [Member]
        
Adjustments to reconcile net income to cash used in operating activities:        
Amortization of intangible assets 13,722,000 0 13,722,000 0
Changes in operating assets and liabilities:        
Accounts receivable 18,287,718 8,354,669 18,287,718 8,354,669
Accounts receivable retainage 0 423,927 0 423,927
Costs and estimated earnings in excess of billings 11,269,294 1,947,639 11,269,294 1,947,639
Prepaid expenses and other current assets 95,674 33,922 95,674 33,922
Other assets 52,062 18,551 52,062 18,551
Increase (decrease) in:        
Accounts payable, accrued expenses and other current liabilities (7,175,650) (7,032,052) (7,175,650) (7,032,052)
Billings in excess of cost and estimated earnings 0 (274,788) 0 (274,788)
Deferred income taxes (2,500,000) 0 (2,500,000) 0
Other liabilities (1,635,000) 0 (1,635,000) 0
Cash flows from investing activities:        
Purchases of property and equipment 604,637 127,512 604,637 127,512
Purchases of project assets 6,970,185 0 6,970,185 0
Goodwill 21,262,668 2,539,561 21,262,668 2,539,561
Payments to Acquire Businesses, Net of Cash Acquired $ 60,953,588 $ 6,138,941 $ 60,953,588 $ 6,138,941