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Table of Contents
<br />AMERESCO, INC.
<br />CONSOLIDATED STATEMENTS OF CASH FLOWS
<br />(In thousands)
<br />Cash flows from operating activities:
<br />Net income
<br />Adjustments to reconcile net income to net cash flows from operating activities:
<br />Depreciation of energy assets, net
<br />Depreciation of property and equipment
<br />Amortization of debt discount and debt issuance costs
<br />Amortization of intangible assets
<br />Net increase in fair value of contingent consideration
<br />Accretion of ARO liabilities
<br />Impairment of goodwill
<br />Provision (recoveries of) for bad debts
<br />Impairment of long-lived assets / loss on write-off
<br />In -kind lease expenses, net
<br />Gain on sale of equity investments
<br />(Earnings) loss from unconsolidated entities
<br />Net (gain) loss from derivatives
<br />Stock -based compensation expense
<br />Deferred income taxes, net
<br />Unrealized foreign exchange (gain) loss
<br />Changes in operating assets and liabilities:
<br />Accounts receivable
<br />Accounts receivable retainage
<br />Federal ESPC receivable
<br />Inventory, net
<br />Costs and estimated earnings in excess of billings
<br />Prepaid expenses and other current assets
<br />Project development costs
<br />Other assets
<br />Accounts payable, accrued expenses, and other current liabilities
<br />Billings in excess of cost and estimated earnings
<br />Other liabilities
<br />Income taxes receivable (payable), net
<br />Cash flows from operating activities
<br />Cash flows from investing activities:
<br />Purchases of property and equipment
<br />Capital investment in energy assets
<br />Capital investment in major maintenance of energy assets
<br />Grant award proceeds for energy assets
<br />Proceeds from sale of equity investment
<br />Acquisitions, net of cash received
<br />Contributions to equity and other investments
<br />Loans to joint venture investments
<br />Cash flows from investing activities
<br />51
<br />Year Ended December 31,
<br />2023 2022 2021
<br />$ 63,904
<br />$ 98,549
<br />$ 80,191
<br />59,390
<br />49,755
<br />43,113
<br />4,155
<br />2,665
<br />3,143
<br />4,201
<br />4,211
<br />2,849
<br />2,366
<br />1,858
<br />321
<br />347
<br />1,614
<br />-
<br />258
<br />146
<br />123
<br />2,222
<br />356
<br />(382)
<br />187
<br />1,710
<br />937
<br />1,901
<br />(3,164)
<br />(575)
<br />(1,758)
<br />(1,647)
<br />118
<br />(1,108)
<br />(212)
<br />240
<br />10,318
<br />15,046
<br />8,716
<br />(27,602)
<br />3,918
<br />(4,760)
<br />(368)
<br />(123)
<br />142
<br />52,647
<br />3,477
<br />(15,953)
<br />4,337
<br />4,716
<br />(12,882)
<br />(260,378)
<br />(259,499)
<br />(249,728)
<br />581
<br />(5,411)
<br />(232)
<br />(13,211)
<br />(272,629)
<br />(113,192)
<br />(41,125)
<br />(3,182)
<br />1,770
<br />(5,486)
<br />(685)
<br />1,949
<br />(6,896)
<br />(11,327)
<br />(1,870)
<br />53,238
<br />36,155
<br />83,473
<br />26,202
<br />449
<br />(693)
<br />3,559
<br />(5,074)
<br />(5,036)
<br />1,314
<br />(1,613)
<br />4,389
<br />(69,991)
<br />(338,288)
<br />(172,296)
<br />(5,713)
<br />(5,296)
<br />(4,896)
<br />(538,418)
<br />(304,596)
<br />(170,277)
<br />(7,636)
<br />(18,007)
<br />(8,602)
<br />774
<br />1,672
<br />(9,182)
<br />(14,928)
<br />(5,429)
<br />-
<br />(9,000)
<br />(565)
<br />(459)
<br />-
<br />(566,943)
<br />(328,358)
<br />(205,257)
<br />
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