Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.22.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net income $ 19,298 $ 12,431
Adjustments to reconcile net income to cash flows from operating activities:    
Depreciation of energy assets, net 11,806 9,686
Depreciation of property and equipment 734 833
Gain on contingent consideration (320) 0
Accretion of ARO liabilities 36 24
Amortization of debt discount and debt issuance costs 852 747
Amortization of intangible assets 578 80
Provision for bad debts 237 3
Equity in (earnings) loss of unconsolidated entity (637) 62
Net loss (gain) from derivatives 1,622 (377)
Stock-based compensation expense 3,531 766
Deferred income taxes, net 1,284 1,410
Unrealized foreign exchange loss 132 19
Changes in operating assets and liabilities:    
Accounts receivable (40,859) 15,535
Accounts receivable retainage 2,582 (1,844)
Federal ESPC receivable (46,300) (65,973)
Inventory, net (914) 48
Costs and estimated earnings in excess of billings (154,325) 6,544
Prepaid expenses and other current assets 2,813 (726)
Project development costs 1,260 1,259
Other assets 105 (600)
Accounts payable, accrued expenses and other current liabilities (77,163) (19,333)
Billings in excess of cost and estimated earnings (4,309) (3,973)
Other liabilities (33) (226)
Income taxes receivable, net 1,868 4,881
Cash flows from operating activities (276,122) (38,724)
Cash flows from investing activities:    
Purchases of property and equipment (889) (656)
Capital investment in energy assets (56,844) (55,823)
Cash flows from investing activities (57,733) (56,479)
Cash flows from financing activities:    
Proceeds from equity offering, net of offering costs 0 120,216
Payments of debt discount and debt issuance costs (2,570) (850)
Proceeds from exercises of options and ESPP 1,708 1,386
Proceeds from (payments on) senior secured revolving credit facility, net 76,000 (53,073)
Proceeds from long-term debt financings 286,744 30,811
Proceeds from Federal ESPC projects 64,788 33,520
Proceeds for (payments on) energy assets from Federal ESPC 1,925 (59)
Contributions from non-controlling interest 4,594 0
Distributions to redeemable non-controlling interests, net (357) (495)
Payments on long-term debt and financing leases (77,432) (19,073)
Cash flows from financing activities 355,400 112,383
Effect of exchange rate changes on cash (196) 330
Net increase in cash, cash equivalents, and restricted cash 21,349 17,510
Cash, cash equivalents, and restricted cash, beginning of period 87,054 98,837
Cash, cash equivalents, and restricted cash, end of period 108,403 116,347
Supplemental disclosures of cash flow information:    
Cash paid for interest 4,488 4,235
Cash paid for income taxes 78 271
Accrued purchases of energy assets $ 40,683 $ 33,065