Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v2.4.0.8
Condensed Consolidated Statements of Cash Flows (USD $)
 3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Cash flows from operating activities:        
Net (loss) income $ (1,780,751) $ 4,819,250 $ (3,704,823) $ 6,554,414
Adjustments to reconcile net (loss) income to cash provided by operating activities:        
Depreciation of project assets 2,868,716 2,850,977 6,879,151 5,456,007
Depreciation of property and equipment 813,708 603,501 1,610,254 1,281,474
Amortization of deferred financing fees 248,314 138,191 332,462 271,478
Amortization of intangible assets 898,038 1,314,778 1,789,075 2,971,022
Provision for bad debts 328,969 24,107 371,308 77,743
Unrealized (gain) loss on interest rate swap (294,047) 349,618 (683,134) 119,752
Gain on sale of asset 0 (800,000) 0 (800,000)
Stock-based compensation expense 664,759 892,607 1,335,860 1,674,060
Deferred income taxes (1,821,364) 43,697 (2,870,689) (506,631)
Excess tax benefits from stock-based compensation arrangements (158,231) (448,916) (297,011) (1,651,513)
(Increase) decrease in:        
Restricted cash draws 10,486,117 14,069,843 18,004,938 24,152,657
Accounts receivable 11,042,004 (11,967,540) 6,855,679 12,569,643
Accounts receivable retainage (2,774,172) (3,613,426) (1,572,574) 2,079,382
Federal ESPC receivable (4,110,910) (11,705,599) (13,784,645) (25,775,736)
Inventory (54,410) (369,359) (2,046,584) (510,224)
Costs and estimated earnings in excess of billings (8,688,672) (5,583,166) 9,931,189 12,197,386
Prepaid expenses and other current assets (2,402,095) (4,504,563) (1,526,332) (1,679,160)
Project development costs (785,712) (324,126) (2,430,350) (1,156,085)
Other assets (912,456) (766,682) (758,735) (941,282)
Increase (decrease) in:        
Accounts payable, accrued expenses and other current liabilities 1,912,268 11,766,758 (36,185,982) (8,760,740)
Billings in excess of cost and estimated earnings (590,444) 7,346,139 371,453 8,243,890
Other liabilities 1,293,096 (345,461) (75,507) 525,181
Income taxes payable 700,716 2,476,787 (365,038) 3,083,458
Net cash provided by operating activities 6,883,441 6,267,415 (18,820,035) 39,476,176
Cash flows from investing activities:        
Purchases of property and equipment (446,197) (1,105,037) (1,540,577) (2,381,570)
Purchases of project assets (18,763,159) (9,695,695) (31,618,945) (19,698,641)
Grant awards received on project assets 289,285 0 1,580,219 3,838,766
Proceeds from sales of assets 6,500   6,500 0
Acquisition, net of cash received (7,537,516) 0 (9,345,601) 0
Net cash used in investing activities (26,451,087) (10,800,732) (40,918,404) (18,241,445)
Cash flows from financing activities:        
Excess tax benefits from stock-based compensation arrangements 158,231 448,916 297,011 1,651,513
Book overdraft     0 (7,297,122)
Payments of financing fees (464,767) 0 (504,985) (20,325)
Proceeds from exercises of options 394,603 735,839 1,249,752 1,799,271
Proceeds from (payments of) senior secured credit facility 15,000,000 (1,428,571) 15,000,000 (7,857,142)
Proceeds from long-term debt financing 9,434,434 0 9,434,434 0
Non-controlling interest 105,931 0 40,630 7,700
Restricted cash (4,558,805) (3,367,515) (5,198,277) (4,798,107)
Payments on long-term debt (2,934,948) (1,327,493) (6,740,729) (2,134,957)
Net cash provided by (used in) financing activities 17,134,679 (4,938,824) 13,577,836 (18,649,169)
Effect of exchange rate changes on cash (900,330) (53,234) 442,921 47,059
Net decrease in cash and cash equivalents (3,333,297) (9,525,375) (45,717,682) 2,632,621
Cash and cash equivalents, beginning of year 20,963,260 38,435,362 63,347,645 26,277,366
Cash and cash equivalents, end of period 17,629,963 28,909,987 17,629,963 28,909,987
Cash paid during the period for:        
Interest 1,566,521 1,300,558 2,822,593 2,026,403
Income taxes 679,279 481,209 900,680 506,921
Acquisition, net of cash received:        
Accounts receivable 360,924 0 558,621 0
Noncash or Part Noncash Acquisition, Accounts Receivable Acquired Retainage     248,072 0
Costs and estimated earnings in excess of billings 546,608 0 657,595 0
Prepaid expenses and other current assets     1,710 0
Property and equipment 75,054 0 137,952 0
Goodwill 5,089,049 0 6,010,177 0
Intangible assets 3,087,509 0 3,697,509 0
Accounts payable and accrued expenses (654,563) 0 (968,539) 0
Income taxes payable (256,938) 0 (30,431) 0
Noncash or Part Noncash Acquisition, Income Tax Payable     (256,938) 0
Deferred tax liabilities (710,127) 0 (710,127) 0
Identifiable assets acquired and goodwill, net of liabilities assumed $ 7,537,516 $ 0 $ 9,345,601 $ 0