Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net income $ 31,753 $ 16,030
Adjustments to reconcile net income to net cash flows from operating activities:    
Depreciation of energy assets, net 72,925 57,352
Depreciation of property and equipment 1,695 3,699
Increase in contingent consideration 71 87
Accretion of ARO liabilities 324 243
Amortization of debt discount and debt issuance costs 4,421 3,764
Amortization of intangible assets 1,754 1,615
Provision for credit losses 189 1,292
(Gain) loss on disposal of assets (1,299) 515
Non-cash project revenue related to in-kind leases (6,384) (2,971)
Earnings from unconsolidated entities (677) (724)
Net gain from derivatives (2,154) (267)
Stock-based compensation expense 10,341 10,368
Deferred income taxes, net (7,808) (3,914)
Unrealized foreign exchange gain (3,079) (898)
Changes in operating assets and liabilities:    
Accounts receivable 18,543 (64,045)
Accounts receivable retainage (7,155) (9,753)
Federal ESPC receivable (59,717) (110,841)
Inventory, net (1,229) 1,664
Unbilled revenue (61,835) 126,694
Prepaid expenses and other current assets (41,694) 15,112
Income taxes receivable, net (1,156) 798
Project development costs (3,268) (4,456)
Other assets (8,218) (4,664)
Accounts payable, accrued expenses and other current liabilities 17,715 13,511
Deferred revenue 1,877 42,215
Other liabilities 6,600 6,796
Cash flows from operating activities (37,465) 99,222
Cash flows from investing activities:    
Purchases of property and equipment (217) (3,053)
Capital investments in energy assets (283,370) (341,794)
Capital investments in major maintenance of energy assets (16,624) (13,597)
Proceeds from sale of investment tax credits 70,788 0
Net proceeds from equity method investments 0 13,091
Contributions to equity method investments (24,264) (10,442)
Grant award received on energy asset 0 403
Acquisitions, net of cash received (4,595) 0
Cash flows from investing activities (258,282) (355,392)
Cash flows from financing activities:    
Payments on long-term corporate debt financings (16,750) (68,750)
Proceeds from long-term corporate debt financings 100,000 100,000
Payments on senior secured revolving credit facility, net (25,000) (33,400)
Proceeds from long-term energy asset debt financings 367,329 563,598
Payments on long-term energy asset debt and financing leases (192,460) (372,853)
Proceeds from termination of interest rate swaps 2,808 0
Payment on seller's promissory note 0 (41,941)
Payments of debt discount and debt issuance costs (7,411) (10,114)
Proceeds from Federal ESPC projects 82,034 129,399
Net (payments) proceeds from energy asset receivable financing arrangements (415) 5,216
Proceeds from exercises of options and ESPP 1,457 1,899
Contributions from non-controlling interests 4,723 33,789
Distributions to non-controlling interest (5,343) (1,367)
Distributions to redeemable non-controlling interests, net 0 (418)
Cash flows from financing activities 310,972 305,058
Effect of exchange rate changes on cash 1,993 1,827
Net increase in cash, cash equivalents, and restricted cash 17,218 50,715
Cash, cash equivalents, and restricted cash, beginning of period 198,378 153,676
Cash, cash equivalents, and restricted cash, end of period 215,596 204,391
Supplemental disclosures of cash flow information:    
Cash paid for interest 78,436 80,172
Cash paid for income taxes 4,161 1,946
Non-cash Federal ESPC settlement 138,714 143,936
Accrued purchases of energy assets 81,580 53,696
Non-cash financing for energy asset project acquisition $ 0 $ 32,500