Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.23.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income $ 30,812 $ 79,906
Adjustments to reconcile net income to net cash flows from operating activities:    
Depreciation of energy assets, net 42,847 36,911
Depreciation of property and equipment 2,849 2,057
Increase in contingent consideration 705 814
Accretion of ARO liabilities 194 108
Amortization of debt discount and debt issuance costs 3,407 2,869
Amortization of intangible assets 1,681 1,462
Provision for bad debts 637 363
Loss on write-off of long-lived assets 18 888
Earnings from unconsolidated entities (1,356) (1,477)
Net gain from derivatives (3,306) (225)
Stock-based compensation expense 12,318 10,837
Deferred income taxes, net (13,089) 4,927
Unrealized foreign exchange loss 1,148 466
Changes in operating assets and liabilities:    
Accounts receivable 58,135 (47,257)
Accounts receivable retainage 4,589 225
Federal ESPC receivable (143,647) (180,249)
Inventory, net 570 (4,287)
Costs and estimated earnings in excess of billings 5,260 (325,057)
Prepaid expenses and other current assets (10,925) 864
Project development costs (4,638) (823)
Other assets (2,080) (10,254)
Accounts payable, accrued expenses and other current liabilities (38,444) 143,026
Billings in excess of cost and estimated earnings 10,104 7,802
Other liabilities 1,200 (436)
Income taxes receivable, net 590 3,371
Cash flows from operating activities (40,421) (273,169)
Cash flows from investing activities:    
Purchases of property and equipment (4,597) (3,981)
Capital investment in energy assets (445,540) (182,119)
Capital investment in major maintenance of energy assets (8,024) (16,106)
Asset acquisition, net of cash acquired 6,206 0
Contributions to equity investments (3,489) 0
Acquisitions, net of cash received (9,183) 0
Loans to joint venture investments (566) (458)
Cash flows from investing activities (465,193) (202,664)
Cash flows from financing activities:    
Payments of debt discount and debt issuance costs (8,635) (2,885)
Proceeds from exercises of options and ESPP 3,384 4,430
(Payments on) proceeds from senior secured revolving credit facility, net (115,000) 139,000
Proceeds from long-term debt financings 728,600 331,086
Proceeds from Federal ESPC projects 107,303 173,865
Net proceeds from energy asset receivable financing arrangements 12,514 7,675
Contributions from non-controlling interests 499 13,148
Distributions to non-controlling interest (20,521) 0
Distributions to redeemable non-controlling interests, net (494) (784)
Payment on seller's promissory note (12,500) 0
Payments on long-term debt and financing leases (162,749) (111,341)
Cash flows from financing activities 532,401 554,194
Effect of exchange rate changes on cash (980) (1,857)
Net increase in cash, cash equivalents, and restricted cash 25,807 76,504
Cash, cash equivalents, and restricted cash, beginning of period 149,888 87,054
Cash, cash equivalents, and restricted cash, end of period 175,695 163,558
Supplemental disclosures of cash flow information:    
Cash paid for interest 51,180 23,658
Cash paid for income taxes 2,719 3,728
Non-cash Federal ESPC settlement 99,164 395
Accrued purchases of energy assets 89,820 52,744
Non-cash contributions from non-controlling interest 458 3,696
Non-cash financing for energy asset project acquisition $ 82,964 $ 0