Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.23.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income $ 9,970 $ 52,171
Adjustments to reconcile net income to net cash flows from operating activities:    
Depreciation of energy assets, net 27,725 23,978
Depreciation of property and equipment 1,607 1,404
Increase (decrease) in contingent consideration 155 (320)
Accretion of ARO liabilities 130 72
Amortization of debt discount and debt issuance costs 2,364 2,036
Amortization of intangible assets 991 1,020
Provision for bad debts 579 244
Loss on write-off of long-lived assets 18 0
Earnings from unconsolidated entities (830) (989)
Net (gain) loss from derivatives (261) 555
Stock-based compensation expense 7,999 7,206
Deferred income taxes, net (3,177) 3,606
Unrealized foreign exchange loss 38 467
Changes in operating assets and liabilities:    
Accounts receivable 60,028 (44,334)
Accounts receivable retainage 354 (458)
Federal ESPC receivable (88,072) (113,478)
Inventory, net 91 (2,080)
Costs and estimated earnings in excess of billings 15,664 (358,603)
Prepaid expenses and other current assets 1,312 (1,629)
Project development costs (2,825) (1,332)
Other assets (1,867) (10,020)
Accounts payable, accrued expenses and other current liabilities (80,555) 126,783
Billings in excess of cost and estimated earnings 13,462 4,073
Other liabilities 1,240 18
Income taxes receivable, net 11 1,767
Cash flows from operating activities (33,849) (307,843)
Cash flows from investing activities:    
Purchases of property and equipment (2,662) (2,525)
Capital investment in energy assets (261,547) (124,924)
Capital investment in major maintenance of energy assets (5,810) (4,838)
Acquisitions, net of cash received (9,184) 0
Loans to joint venture investments (39) 0
Cash flows from investing activities (279,242) (132,287)
Cash flows from financing activities:    
Payments of debt discount and debt issuance costs (5,074) (2,756)
Proceeds from exercises of options and ESPP 3,110 2,814
(Payments on) proceeds from senior secured revolving credit facility, net (80,000) 120,000
Proceeds from long-term debt financings 343,923 307,911
Proceeds from Federal ESPC projects 76,699 121,731
Net proceeds from energy asset receivable financing arrangements 8,114 4,651
Contributions from non-controlling interests 499 12,919
Distributions to non-controlling interest (20,521) 0
Distributions to redeemable non-controlling interests, net (338) (561)
Payments on long-term debt and financing leases (61,335) (101,035)
Cash flows from financing activities 265,077 465,674
Effect of exchange rate changes on cash (61) (1,291)
Net (decrease) increase in cash, cash equivalents, and restricted cash (48,075) 24,253
Cash, cash equivalents, and restricted cash, beginning of period 149,888 87,054
Cash, cash equivalents, and restricted cash, end of period 101,813 111,307
Supplemental disclosures of cash flow information:    
Cash paid for interest 31,778 13,672
Cash paid for income taxes 2,500 2,829
Non-cash Federal ESPC settlement 91,379 0
Accrued purchases of energy assets 80,519 37,683
Non-cash contributions from non-controlling interest $ 422 $ 2,039