7Baggers
Quarterly
Annual
    Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2017-12-31 2017-09-30 2017-06-30 2017-03-31 2016-12-31 2016-09-30 2016-06-30 2016-03-31 2015-12-31 2015-09-30 2015-06-30 2015-03-31 2014-12-31 2014-09-30 2014-06-30 2014-03-31 2013-09-30 2013-06-30 2013-03-31 2012-09-30 2012-06-30 2012-03-31 2011-09-30 2011-06-30 2011-03-31 2010-09-30 2010-06-30 
      
    		                                                          
      cash flows from operating activities:
    		                                                          
      net income
    		21,841,000 15,518,000 -5,606,000 37,910,000 17,014,000 5,194,000 -6,178,000 33,092,000 20,842,000 8,413,000 1,557,000 18,643,000 27,735,000 32,873,000 19,298,000 29,594,000 20,280,000 17,886,000 12,431,000 23,761,000 17,689,000 8,836,000 6,636,000 20,592,000 8,331,000 8,507,000 2,871,000 10,670,000 10,701,000 8,702,000 7,504,000 20,501,000 8,791,000 5,960,000 -1,744,000 3,383,000 5,810,000 2,100,000 704,000 -4,532,000 4,178,000 1,991,000 -4,188,000 8,654,000 7,291,000 2,719,000 -8,281,000 4,545,117 -1,780,751 -1,924,072 6,771,182 5,168,868 1,505,298 12,358,580 8,832,128 5,288,285 12,040,917 7,707,638 
      adjustments to reconcile net income to net cash flows from operating activities:
    		                                                          
      depreciation of energy assets
    		26,086,000 23,997,000 22,842,000 24,762,000 21,667,000 18,561,000 17,124,000 16,543,000 15,122,000 14,384,000 13,341,000 12,844,000 12,933,000 12,172,000 11,806,000 11,664,000 11,313,000 10,450,000 9,686,000 9,543,000 9,547,000 9,650,000 9,299,000 9,205,000 8,843,000 9,088,000 8,407,000 7,606,000 6,753,000 6,634,000 6,312,000 5,826,000 5,602,000                          
      depreciation of property and equipment
    		515,000 607,000 573,000 1,264,000 1,247,000 1,277,000 1,175,000 1,306,000 1,242,000 963,000 644,000 608,000 653,000 670,000 734,000 746,000 760,000 804,000 833,000 825,000 833,000 826,000 833,000 872,000 764,000 732,000 619,000 594,000 501,000 530,000 542,000 463,000 595,000 643,000 693,000 720,000 748,000 780,000 772,000 914,000 794,000 807,000 748,000 549,000 818,000 983,000 694,000 855,727 813,708 796,546 721,330 603,501 677,973 845,947 609,933 471,789 589,029 257,855 
      increase in contingent consideration
    		0 0 71,000 62,000     550,000 34,000 121,000                                                
      accretion of aro liabilities
    		108,000 108,000 108,000 89,000 89,000 88,000 66,000 64,000 64,000 64,000 66,000  36,000 36,000 36,000  33,000 33,000 24,000                                        
      amortization of debt discount and debt issuance costs
    		1,572,000 1,398,000 1,451,000 1,387,000 1,442,000 1,340,000 982,000 794,000 1,043,000 1,574,000 790,000 1,342,000 833,000 1,184,000 852,000 764,000 608,000 730,000 747,000                                        
      amortization of intangible assets
    		634,000 595,000 525,000 519,000 539,000 537,000 539,000 685,000 690,000 689,000 302,000 396,000 442,000 442,000 578,000 80,000 80,000 81,000 80,000 157,000 172,000 177,000 179,000 228,000 224,000 244,000 213,000 286,000 269,000 249,000 253,000 369,000 366,000 336,000 380,000 565,000 582,000 607,000 604,000 1,109,000 1,017,000 1,015,000 1,009,000 1,472,000 1,388,000 1,060,000 818,000 1,467,873 898,038 891,037 1,113,033 1,314,778 1,656,244 501,000     
      benefit from credit losses
    		180,000 0 9,000  81,000                                                      
      (gain) loss on disposal of assets
    		44,000                                                          
      non-cash project revenue related to in-kind leases
    		-1,875,000 -2,235,000 -2,274,000 -1,193,000 -624,000 -1,572,000 -775,000                                                    
      earnings from unconsolidated entities
    		-266,000 -150,000 -261,000 -68,000 -159,000 -10,000 -555,000  -526,000 -380,000 -450,000                                                
      net gain from derivatives
    		813,000 -4,302,000 1,335,000 -760,000 3,701,000          1,622,000    -377,000 -1,676,000 454,000 740,000 -223,000 4,000 -184,000 -165,000 -723,000 246,000                               
      stock-based compensation expense
    		3,746,000 3,751,000 2,844,000 3,762,000 3,664,000 3,678,000 3,026,000 -2,000,000 4,319,000 3,962,000 4,037,000 4,209,000 3,631,000 3,675,000 3,531,000 4,436,000 2,165,000 1,349,000 766,000 553,000 521,000 430,000 429,000 425,000 413,000 397,000 385,000 121,000 390,000 392,000 355,000 317,000 326,000 307,000 343,000 376,000 328,000 391,000 367,000 402,000 396,000 453,000 518,000 385,000 683,000 707,000 718,000 789,416 664,759 671,101 853,866 892,607 781,453 432,624 735,526 859,050 651,352 668,065 
      deferred income taxes
    		-4,892,000 -4,104,000 1,188,000 -20,401,000 -4,601,000 0 687,000 -14,513,000 -9,912,000 3,965,000 -7,142,000 -1,009,000 1,321,000 2,322,000 1,284,000 -2,926,000 -2,169,000 -1,075,000 1,410,000 -1,745,000 527,000 5,836,000 -1,217,000 -3,498,000 0   1,603,000 -5,260,000 12,094,000 -2,920,000 -2,388,000 -272,000 -1,008,000 -859,000 3,211,000 1,021,000 -205,000 -1,160,000 4,873,000 -914,000 -653,000 -1,353,000 -6,092,000 -1,020,000 530,000 3,833,000 -682,904 -1,821,364 -1,049,325 -951,974 43,697 -550,328 4,097,831 453,460 2,692,134 792,193 -2,394,601 
      unrealized foreign exchange gain
    		      806,000         18,000               492,000  -782,000 -527,000 -185,000                        
      changes in operating assets and liabilities:
    		                                                          
      accounts receivable
    		5,822,000 -22,936,000 35,657,000 -32,822,000 -69,988,000 44,000 5,899,000 -5,488,000 -1,893,000 1,074,000 58,954,000 50,734,000 -2,923,000 -3,475,000 -40,859,000 -43,674,000 12,491,000 -305,000 15,535,000 -3,000,000 -33,303,000 26,286,000 -14,161,000 -4,031,000 18,276,000 -27,462,000 4,718,000 7,699,000 25,823,000 -21,913,000 -1,837,000 -20,729,000 4,038,000 -11,917,000 30,478,000 -4,866,000 1,565,000 -13,797,000 5,096,000 786,000 -7,684,000 -2,676,000 5,102,000 19,893,000 -22,167,000 2,038,000 8,847,000 -2,106,271 11,042,004 -4,186,325 -5,633,607 -11,967,540 24,537,183 -45,257,456 -4,961,611 -7,620,850 -21,103,490 -13,865,733 
      accounts receivable retainage
    		-2,708,000 -1,581,000 -2,866,000 -4,589,000 -4,228,000 -7,105,000 1,580,000 -252,000 4,235,000 -2,085,000 2,439,000 4,491,000 683,000 -3,040,000 2,582,000 -3,668,000 -3,003,000 -4,367,000 -1,844,000 -5,691,000 -5,200,000 2,223,000 -4,445,000 -291,000 -1,295,000 -583,000 -1,201,000 766,000 304,000 5,157,000 -2,453,000 971,000 1,087,000 554,000 -1,333,000 4,278,000 81,000 1,226,000 -1,710,000 -2,324,000 -3,322,000 -733,000 2,554,000 -3,103,000 -102,000 929,000 5,565,000 -37,866 -2,774,172 1,201,598 3,150,711 -3,613,426 5,692,808 -915,906 -1,104,244 1,439,552 -5,204,217 1,007,235 
      federal espc receivable
    		-23,056,000 -18,728,000 -17,933,000 -48,096,000 -25,053,000 -59,393,000 -26,395,000 -116,731,000 -55,575,000 -54,336,000 -33,736,000 -79,250,000 -66,771,000 -67,178,000 -46,300,000 -61,744,000 -62,838,000 -59,173,000 -65,973,000 -66,847,000 -70,470,000 -49,815,000 -39,946,000 -77,686,000 -48,525,000 -34,863,000 -26,986,000 -43,557,000 -42,706,000 -31,309,000 -37,967,000 -38,445,000 -46,312,000 -38,363,000 -34,418,000 -33,322,000 -33,264,000 -27,288,000 -22,879,000 -22,688,000 -20,930,000 -16,492,000 -13,133,000 -26,069,000 -14,847,000 -15,494,000 -3,047,000 -10,533,232 -4,110,910 -9,673,735 -2,569,522 -11,705,599 -14,070,137 -21,910,697 -37,132,797    
      inventory
    		-397,000 -40,000 -792,000 417,000 511,000 592,000 561,000 11,000 479,000 -517,000 608,000 -1,124,000 -2,207,000 -1,166,000 -914,000 -478,000 470,000 -272,000 48,000 505,000 -80,000 228,000 7,000 666,000 -683,000 -289,000 -1,165,000 363,000 135,000 419,000 -544,000 463,000 877,000 1,472,000 1,154,000 1,283,000 1,018,000 -858,000 -325,000 -980,000 -2,090,000 -1,191,000 -66,000 136,000 172,000 -26,000 1,026,000 2,800,877 -54,410 -1,992,174 2,052,646 -369,359 -140,865 439,704 -349,778 -1,633,214 23,790 -551,643 
      unbilled revenue
    		-80,314,000 -23,443,000 41,922,000                                                        
      prepaid expenses and other current assets
    		-24,453,000 459,000 -17,700,000 7,464,000 -9,586,000 24,594,000 104,000 -30,200,000 -12,237,000 383,000 929,000 -4,046,000 2,493,000 -4,442,000 2,813,000 -2,001,000 1,326,000 3,171,000 -726,000 -3,399,000 2,059,000 624,000 1,233,000 -7,313,000 -5,885,000 -2,260,000 -2,939,000 1,522,000 1,751,000 8,068,000 -4,578,000 -200,000 -3,177,000 3,592,000 -2,686,000 3,194,000 -2,730,000 2,384,000 -2,946,000 670,000 -983,000 -4,430,000 1,374,000 4,260,000 3,804,000 -3,759,000 1,221,000 931,682 -2,402,095 875,763 2,564,642 -4,504,563 2,825,403 -1,149,248 -642,293 -21,209 -1,817,278 -185,082 
      income taxes receivable
    		158,000 -271,000 -1,043,000  777,000 -159,000 180,000  579,000 -6,369,000 6,380,000  1,604,000 -101,000 1,868,000                                            
      project development costs
    		-759,000 -3,367,000 858,000 1,201,000 -737,000 -1,991,000 -1,728,000 -848,000 -1,813,000 -1,013,000 -1,812,000 138,000 509,000 -2,592,000 1,260,000 1,934,000 -745,000 -499,000 1,259,000 -528,000 201,000 466,000 -3,224,000 13,761,000 -3,938,000 1,985,000 -3,688,000 -1,675,000 -1,653,000 -3,006,000 -2,325,000 1,021,000 38,000 -2,911,000 -1,155,000 3,324,000 2,198,000 733,000 -2,093,000 418,000 -1,369,000 -2,192,000 -1,438,000 1,294,000 852,000 -186,000 -1,478,000 -412,795 -785,712 -1,644,638 -1,078,080 -324,126 -831,959 -1,383,993 -160,631 921,076 -872,942 -50,222 
      other assets
    		-3,746,000 -2,843,000 -1,629,000 -623,000 -1,546,000 -1,705,000 -1,413,000 -4,816,000 -213,000 36,000 -1,903,000 -1,073,000 -234,000 -10,125,000 105,000 1,843,000 96,000 -3,153,000 -538,000 -514,000 534,000 508,000 8,000 1,754,000 307,000 -1,554,000 549,000 -2,128,000 9,000 -1,099,000 -281,000 -115,000 -185,000 428,000 -188,000 -388,000 -596,000 404,000 55,000 -1,276,000 -1,404,000 871,000 -2,274,000 1,769,000 -1,822,000 233,000 -2,087,000 -1,839,224 -912,456 153,721 312,248 -766,682 -174,600 -1,554,165 -823,972 619,317 4,560,707 821,536 
      accounts payable, accrued expenses and other current liabilities
    		101,862,000 3,845,000 -87,992,000  -59,266,000 48,928,000 23,849,000  42,111,000 1,711,000 -82,266,000  16,243,000 203,946,000 -77,163,000 101,150,000 5,264,000 -3,608,000 -19,333,000 31,989,000 42,314,000 -28,015,000 -17,241,000 52,462,000 17,629,000 14,416,000 -40,976,000 19,490,000 7,813,000 8,944,000 -33,309,000 14,880,000 20,492,000 16,219,000 -31,939,000 -1,573,000 7,029,000 17,006,000 -25,260,000 3,877,000 35,768,000 8,051,000 -21,423,000 13,250,000 3,144,000 15,203,000 -22,101,000 10,831,805 1,912,268 -38,098,250 -2,942,065 11,766,758 -20,527,498 38,898,718     
      deferred revenue
    		-5,330,000 6,633,000 574,000                                                        
      other liabilities
    		1,982,000 2,204,000 2,414,000 708,000 2,133,000 2,340,000 2,323,000 2,359,000 -40,000 718,000 522,000 -4,638,000 -454,000 51,000 -33,000 -4,881,000 52,000 19,000 -226,000 -128,000 1,656,000 902,000 -586,000 -23,000 -1,465,000 91,000 -228,000 -977,000 -384,000 443,000 135,000 -285,000 -195,000 -125,000 65,000 -1,573,000 -97,000 -631,000 -1,277,000 -1,871,000 -354,000 -268,000 49,000 -1,599,000 -6,897,000 1,122,000 -40,000 1,882,477 1,293,096 -1,368,603 2,826,363 -345,461 870,642 -4,679,466 434,854 4,342,540 337,826 697,904 
      cash flows from operating activities
    		17,712,000 -26,873,000 -28,304,000 18,376,000 25,091,000 53,314,000 20,817,000 -29,570,000 -6,572,000 -92,621,000 58,772,000 -65,119,000 34,674,000 -31,721,000 -276,122,000 -55,952,000 -19,861,000 -57,759,000 -38,724,000 -18,794,000 -10,195,000 -21,954,000 -51,640,000 -75,568,000 -11,471,000 -51,160,000 -58,094,000 -21,160,000 25,096,000 -20,067,000 -37,070,000 -45,803,000 -39,386,000 -19,585,000 -31,785,000 -10,697,000 -7,654,000 -24,653,000 -15,069,000 -15,595,000 3,652,000 -14,669,000 -22,926,000 12,347,000 -18,027,000 3,582,000 2,352,000            
      cash flows from investing activities:
    		                                                          
      purchases of property and equipment
    		352,000 -147,000 -422,000 -1,238,000 -987,000 -1,104,000 -962,000 -1,116,000 -1,935,000 -1,005,000 -1,657,000 -1,315,000 -1,456,000 -1,636,000 -889,000 -2,763,000 -649,000 -828,000 -656,000 -243,000 -613,000 -631,000 -724,000 -486,000 -3,378,000 -1,523,000 -1,287,000 -982,000 -905,000 -1,041,000 -1,015,000 -929,000 -691,000 -844,000 -387,000 -111,000 -484,000 -1,715,000 -497,000 -303,000 -397,000 -358,000 -285,000 -192,000 -358,000 -929,000 -266,000 -790,427 -446,197 -1,094,380 -1,715,410 -1,105,037 -1,276,533 -863,145 -911,404 -895,230 -877,781 -59,719 
      capital investments in energy assets
    		-75,244,000 -100,260,000 -107,866,000  -114,411,000                                                      
      capital investments in major maintenance of energy assets
    		-6,544,000 -4,128,000 -5,952,000  -3,070,000                                                      
      proceeds from sale of investment tax credits
    		0                                                          
      net proceeds from equity method investments
    		    135,000                                                      
      contributions to equity method investments
    		-190,000 -23,916,000 -158,000  -4,250,000 -1,416,000 -4,776,000                                                    
      grant award received on energy asset
    		   -3,000                                                       
      acquisitions, net of cash received
    		-623,000 0 -3,972,000     1,000 1,000 -2,000 -9,182,000             -15,000 0 0 -1,279,000 59,097,000 -28,643,000 -12,701,000 -21,343,000 0 0 0 -2,409,000         0 -9,053,000      -3,677,393   -60,953,588   -6,138,941  
      cash flows from investing activities
    		-82,249,000 -57,663,000 -118,370,000 -31,245,000 -122,180,000 -129,442,000 -103,770,000 -101,750,000 -185,951,000 -177,989,000 -101,253,000 -125,694,000 -70,377,000 -74,554,000 -57,733,000 -55,157,000 -44,349,000 -49,272,000 -56,479,000 -53,413,000 -48,902,000 -49,352,000 -29,348,000 -62,293,000 -29,184,000 -24,654,000 -26,092,000 -23,499,000 -47,410,000 -27,121,000 -35,176,000 -17,752,000 -18,034,000 -23,116,000 -29,140,000 -31,715,000 -24,876,000 -13,930,000 -9,095,000 -21,709,000 -16,689,000 -7,275,000 -6,156,000 -10,341,000 -14,971,000 -4,691,000 -8,597,000            
      see notes to condensed consolidated financial statements.
    		                                                          
      ameresco, inc.
    		                                                          
      condensed consolidated statements of cash flows
    		                                                          
      cash flows from financing activities:
    		                                                          
      payments on long-term corporate debt financings
    		-1,250,000 -1,250,000 -14,250,000                                                        
      proceeds from long-term corporate debt financings
    		0 0 100,000,000                                                        
      payments on senior secured revolving credit facility
    		7,000,000    1,500,000                                                      
      proceeds from long-term energy asset debt financings
    		77,170,000 177,571,000 112,588,000                                                        
      payments on long-term energy asset debt and financing leases
    		-38,237,000 -95,037,000 -59,186,000                                                        
      proceeds from termination of interest rate swaps
    		0                                                          
      payment on seller's promissory note
    		   -20,000,000 -12,500,000 0 -29,441,000                                                    
      payments of debt discount and debt issuance costs
    		-648,000 -3,539,000 -3,224,000 -5,194,000 -4,106,000 -5,418,000 -590,000 -680,000 -3,561,000 -4,708,000 -366,000 -810,000 -129,000 -186,000 -2,570,000                                            
      proceeds from federal espc projects
    		46,619,000 5,684,000 29,731,000 35,380,000 9,271,000 100,547,000 19,581,000 47,035,000 30,604,000 34,390,000 42,309,000 64,495,000 52,134,000 56,943,000 64,788,000 45,031,000 44,026,000 36,639,000 33,520,000 54,331,000 60,988,000 72,400,000 61,198,000 83,802,000 32,769,000 43,189,000 39,598,000 44,667,000 43,906,000 33,083,000 36,581,000 42,673,000 48,304,000 38,869,000 35,167,000 24,964,000 26,316,000 22,374,000 16,385,000 16,125,000 20,976,000 22,855,000 18,015,000 18,279,000 18,910,000 10,454,000 3,522,000            
      net (payments) proceeds from energy asset receivable financing arrangements
    		-208,000                                                          
      proceeds from exercises of options and espp
    		159,000 868,000 430,000 864,000 405,000 1,311,000 183,000 1,071,000 274,000 2,539,000 571,000 1,533,000 1,616,000 1,106,000 1,708,000 2,044,000 1,620,000 1,877,000 1,386,000 3,344,000 1,453,000 2,605,000 2,473,000 2,152,000 4,005,000 611,000 649,000 2,870,000 2,013,000                              
      contributions from non-controlling interests
    		924,000 936,000 2,863,000  2,997,000 1,928,000 28,864,000  0 -15,809,000 16,308,000                                                
      distributions to non-controlling interest
    		-2,492,000 -1,847,000 -1,004,000 -1,000 -363,000 -941,000 -63,000 -1,321,000 0                                                  
      distributions to redeemable non-controlling interests
    		   -4,000 -155,000 -130,000 -133,000  -156,000 -177,000 -161,000    -357,000    -495,000    -103,000    -103,000    -103,000                            
      cash flows from financing activities
    		89,037,000 107,388,000 114,547,000 8,886,000 66,623,000 161,061,000 77,374,000 108,402,000 267,324,000 158,949,000 106,128,000 176,033,000 88,520,000 110,274,000 355,400,000 104,194,000 64,343,000 84,541,000 112,383,000 99,670,000 63,093,000 58,477,000 83,929,000 144,542,000 37,214,000 88,130,000 47,533,000 45,719,000 54,755,000 39,914,000 84,123,000 57,912,000 59,751,000 45,593,000 64,832,000 44,463,000 35,627,000 37,717,000 19,494,000 42,218,000 13,340,000 24,490,000 20,657,000 -2,543,000 38,908,000 -2,611,000 9,022,000            
      effect of exchange rate changes on cash
    		-921,000 2,392,000 522,000 -2,030,000 1,757,000 196,000 -126,000 899,000 -919,000 -103,000 42,000 1,110,000 -566,000 -1,095,000 -196,000 191,000 -197,000 -15,000 330,000 467,000 -8,000 52,000 -509,000 198,000 149,000 -40,000 140,000 -171,000 107,000 -46,000 -185,000 346,000 97,000 -214,000 -61,000 199,000 -17,000 -959,000 127,000 -4,525,000 1,634,000 -889,000 2,325,000 813,000 1,168,000 -612,000 792,000 -68,775 -900,330 1,343,251 -303,643 -53,234 100,293 -1,347,221 12,140 313,165 498,142 -544,614 
      net increase in cash, cash equivalents, and restricted cash
    		23,579,000   -6,013,000 -28,709,000 85,129,000 -5,705,000 -22,019,000 73,882,000 -111,764,000 63,689,000 -13,670,000 52,251,000 2,904,000 21,349,000    17,510,000    2,432,000  -3,292,000 12,276,000 -36,513,000  32,548,000 -7,320,000 11,692,000                            
      cash, cash equivalents, and restricted cash, beginning of period
    		0 0 198,378,000  0 0 153,676,000  0 0 149,888,000  0 0 87,054,000  0 0 98,837,000  0 0 77,264,000  -1,000 0 97,914,000  0 0 60,105,000                            
      cash, cash equivalents, and restricted cash, end of period
    		23,579,000 25,244,000 166,773,000  -28,709,000 85,129,000 147,971,000  73,882,000 -111,764,000 213,577,000  52,251,000 2,904,000 108,403,000  -64,000 -22,505,000 116,347,000  3,988,000 -12,777,000 79,696,000  -3,293,000 12,276,000 61,401,000  32,548,000 -7,320,000 71,797,000                            
      supplemental disclosures of cash flow information:
    		                                                          
      cash paid for interest
    		28,575,000 27,670,000 22,191,000 30,215,000 27,644,000 25,617,000 26,911,000 29,071,000 19,402,000 18,643,000 13,135,000 9,296,000 9,986,000 9,184,000 4,488,000 5,808,000 3,877,000 4,862,000 4,235,000 5,379,000 4,265,000 5,582,000 4,917,000 5,057,000 4,216,000 4,803,000 3,391,000 5,945,000 4,435,000 3,781,000 1,402,000 3,523,000 2,441,000 3,327,000 2,384,000 2,264,000 1,715,000 1,956,000 1,285,000 1,340,000 1,341,000 1,393,000 1,463,000 1,584,000 1,533,000 1,736,000 1,730,000            
      cash paid for income taxes
    		384,000 2,611,000 1,166,000 2,510,000 1,122,000 765,000 59,000 1,115,000 219,000 2,177,000 323,000 3,550,000 899,000 2,751,000 78,000 730,000 727,000 942,000 271,000 408,000 675,000 199,000 183,000 914,000 1,176,000 1,610,000 197,000 239,000 115,000 1,461,000 442,000 1,350,000 2,061,000 2,160,000 211,000 535,000 936,000 1,062,000 942,000 233,000 271,000 827,000 106,000 475,000 892,000 924,000 834,000            
      non-cash federal espc settlement
    		97,841,000 23,335,000 17,538,000 0 0 94,010,000 49,926,000 0 7,785,000   293,032,000    0 63,259,000   -2,315,000 13,086,000 14,071,000 29,297,000 28,075,000 0 208,815,000 5,629,000 19,021,000 15,738,000 38,431,000 28,367,000 91,000 57,520,000 4,844,000 4,466,000 0 34,841,000 0 44,234,000 286,000 0 18,199,000 8,121,000 12,237,000 0              
      accrued purchases of energy assets
    		20,096,000 -6,159,000 67,643,000 14,008,000 -35,897,000 1,146,000 88,447,000 -11,438,000 9,301,000 -17,023,000 97,542,000 36,049,000 15,061,000 -3,000,000 40,683,000 9,018,000 -24,000 -4,995,000 33,065,000 5,060,000 3,042,000 1,397,000 34,308,000 17,647,000 -1,470,000 2,447,000 16,247,000 7,307,000 -2,888,000 6,104,000 4,482,000 -2,079,000 808,000                          
      non-cash financing for energy asset project acquisition
    		   0 0 0 32,500,000 0                                                   
      unrealized foreign exchange (gain) loss
    		 -2,015,000 -1,209,000        -29,000         -263,000       -59,000  -414,000        514,000 15,000 -806,000                    
      gain on disposal of assets
    		  -1,370,000                                                        
      (payments on) proceeds from senior secured revolving credit facility
    		  -57,000,000     72,000,000 -35,000,000                                                  
      net proceeds from energy asset receivable financing arrangements
    		  3,599,000 796,000 -64,000 532,000 4,748,000 1,998,000 4,400,000 3,676,000 4,438,000                                                
      net decrease in cash, cash equivalents, and restricted cash
    		  -31,605,000              -64,000    3,988,000                                      
      non-cash recognition of investment tax credits on energy assets
    		  71,783,000                                                        
      impairment of goodwill
    		                                                          
      provision (recoveries of) for bad debts
    		                                                          
      impairment of long-lived assets / loss on disposal
    		                                                          
      gain on sale of business, net of transaction costs
    		                                                          
      accounts payable, accrued expenses, and other current liabilities
    		                                                          
      income taxes receivable (payable)
    		                                                          
      capital investment in energy assets
    		      -105,633,000 -92,878,000 -183,993,000 -171,760,000 -89,787,000    -56,844,000 -30,912,000 -43,700,000                                          
      capital investment in major maintenance of energy assets
    		      -5,355,000 388,000 -2,214,000 -5,221,000 -589,000 -1,901,000 -11,268,000                                              
      net proceeds from sale of business
    		                                                          
      net proceeds from sale of equity investment
    		                                                          
      contributions to equity and other investments
    		                                                          
      loans to joint venture investments
    		       1,000 -527,000 -1,000 -38,000 -1,000                                               
      purchases of subsurface land easements
    		                                                          
      contributions from non-controlling interest
    		           19,558,000 229,000 8,325,000 4,594,000                                            
      investment fund call option exercise
    		               0                                           
      payment of contingent consideration
    		                                                          
      cash, cash equivalents, and restricted cash, beginning of year
    		                                                          
      cash, cash equivalents, and restricted cash, end of year
    		                                                          
      non-cash contributions from non-controlling interest
    		       6,000 36,000 313,000 109,000 12,510,000                                               
      non-cash portion of investment fund call option exercise
    		                                                          
      loss on disposal of assets
    		                                                          
      costs and estimated earnings in excess of billings
    		    154,473,000 -19,937,000 -7,842,000 -18,471,000 -10,404,000 -70,084,000 85,748,000 52,428,000 33,546,000 -204,278,000 -154,325,000 -91,026,000 -13,273,000 -15,437,000 6,544,000 -5,350,000 18,414,000 -5,771,000 12,181,000 -83,566,000 -4,282,000 -17,821,000 -1,027,000 -20,689,000 -1,120,000 -539,000 30,363,000 -22,327,000 -28,504,000 -3,092,000 7,193,000 3,051,000 5,473,000 -11,170,000 33,816,000 -12,112,000 -8,005,000 -5,667,000 2,880,000 -13,181,000 2,611,000 -6,072,000 21,229,000 -11,352,008 -8,688,672 18,619,861 -5,950,854 -5,583,166 17,780,552 2,294,809 -4,751,958 -6,143,202 -8,859,603 -5,096,250 
      billings in excess of cost and estimated earnings
    		    -4,754,000 37,809,000 9,160,000 16,098,000 -3,358,000 4,064,000 9,398,000 -7,353,000 3,729,000 8,382,000 -4,309,000 5,163,000 2,318,000 -4,201,000 -3,973,000 -977,000 450,000 9,525,000 -956,000 3,614,000 -288,000 -1,473,000 809,000 -8,300,000 12,587,000 -2,611,000 1,190,000 2,115,000 -4,495,000 3,265,000 -3,053,000 2,536,000 -3,469,000 -2,999,000 -3,042,000 3,345,000 1,740,000 1,067,000 4,522,000 -592,000 2,802,000 1,738,000 -3,137,000 -7,075,163 -590,444 961,897 -7,286,785 7,346,139 897,751 4,517,219 4,218,481 -4,546,509 -1,341,379 4,358,402 
      asset acquisition, net of cash acquired
    		                                                          
      proceeds from long-term debt financings
    		    304,267,000 270,010,000 89,321,000 114,898,000 384,677,000 285,735,000 58,188,000 137,390,000 23,175,000 21,167,000 286,744,000 67,834,000 53,306,000 34,043,000 30,811,000 75,463,000 26,372,000   36,269,000 4,872,000   9,201,000 20,280,000 25,133,000 33,501,000 -402,000                           
      payments on debt and financing leases
    		    -234,629,000                                                      
      loss on disposal of assets and impairment loss
    		                                                          
      unrealized foreign exchange loss
    		        1,110,000      132,000    19,000   -11,000 212,000  139,000                                  
      benefit from bad debts
    		      1,000  58,000 486,000 93,000  119,000 7,000 237,000    3,000    49,000  -258,000 47,000 77,000 127,000 180,000 239,000 64,000 9,000 53,000   255,000 2,205,000 1,778,000 1,154,000 3,863,000 156,000 50,000 33,000 735,000 987,000 22,000 244,000 137,227 328,969 42,339 6,024 24,107 53,636 154 34 24,186   
      loss on write-off of long-lived assets
    		        0 0 18,000                                                
      net (gain) income from derivatives
    		      -2,359,000     13,000                                               
      net proceeds from equity method investment
    		      12,956,000                                                    
      proceeds from senior secured revolving credit facility
    		      20,100,000                                                    
      payments on long-term debt and financing leases
    		      -55,196,000 -140,308,000 -101,414,000 -46,176,000 -15,159,000 -50,516,000 -10,306,000 -23,603,000 -77,432,000                                            
      net increase in fair value of contingent consideration
    		           800,000                                               
      impairment of long-lived assets / loss on write-off
    		                                                          
      in-kind lease expenses
    		                                                          
      gain on sale of equity investments
    		                                                          
      (earnings) income from unconsolidated entities
    		                                                          
      grant award proceeds for energy assets
    		                                                          
      proceeds from sale of equity investment
    		                                                          
      proceeds from equity offering, net of offering costs
    		               0 3,000 -135,000 120,216,000                                        
      (distributions to) proceeds from redeemable non-controlling interests
    		           -344,000 -223,000                                              
      contributions to equity investments
    		                                                          
      net income from derivatives
    		          163,000      667,000                                          
      accretion of aro
    		                                                          
      (recoveries of) benefit from bad debts
    		                                                          
      (earnings) loss of unconsolidated entities
    		                                                          
      income taxes payable
    		               -910,000 2,164,000 -1,746,000 4,881,000 1,204,000 1,900,000 -6,008,000 -1,388,000 -2,916,000 -146,000 -954,000 3,666,000 3,139,000 8,602,000 -12,257,000 1,617,000 -8,035,000 2,260,000 298,000 -201,000 -360,000 -84,000 1,879,000 553,000 -2,503,000 3,786,000 1,633,000 -1,745,000 4,809,000 3,116,000 -2,293,000 -4,971,000 -52,156 700,716 -1,065,754 1,155,924 2,476,787 606,671 1,352,618 757,554 -5,446,587 -2,541,814 1,329,064 
      contributions to equity investment
    		                   -2,000 -3,000 0 -127,000 22,000 -132,000 1,000 -192,000                                
      repurchase of common stock
    		                   0 0 0 -6,000 -5,000    -67,000 0 -1,000 -1,771,000 -383,000 -760,000 -220,000 -2,049,000 -1,936,000 -2,502,000                      
      proceeds from (payments on) senior secured revolving credit facility
    		           -1,100,000 19,000,000 44,000,000 76,000,000                                            
      net proceeds for customer energy asset projects
    		                                                          
      loss on disposal / impairment of long-lived assets
    		                   550,000                                       
      equity in earnings of unconsolidated entity
    		            -488,000                                              
      capital investment in new energy assets
    		            -57,195,000                                              
      proceeds for (payments on) energy assets from federal espc
    		            3,024,000 2,726,000 1,925,000                                            
      adjustments to reconcile net income to cash flows from operating activities:
    		                                                          
      gain on contingent consideration
    		             0 -320,000                                            
      equity in (earnings) loss of unconsolidated entity
    		              -637,000                                            
      accretion of aro and contingent consideration
    		                   29,000 21,000 22,000 21,000 39,000 36,000 11,000 51,000                                
      benefit from (recoveries of) bad debts
    		               158,000 23,000                                          
      gain on sale of equity investments / deconsolidation of a vie
    		                                                          
      (payments on) proceeds from senior secured credit facility
    		               30,000,000 -10,000,000 25,000,000 -53,073,000                                        
      proceeds for energy assets from federal espc
    		                  -59,000 -57,000 -53,000 -53,000 1,541,000 638,000 -203,000 110,000 1,732,000 1,967,000                               
      proceeds from investments by redeemable non-controlling interests
    		                   1,951,000 2,780,000                                      
      conversion of revolver to term loan
    		                       0 0   0 0                              
      payments of financing fees
    		                -1,488,000 -312,000 -850,000  -1,757,000 -2,043,000 -155,000 -1,125,000 -94,000   -406,000 -1,382,000 -1,710,000 -575,000 -853,000 -410,000 -1,276,000 -338,000 -642,000 -517,000 -352,000 -397,000 -854,000 -692,000 -345,000 -857,000 -6,000 -14,000 -67,000 -287,000  -464,767 -40,218 -164,753  -20,325 -78,924 -493,700 -50,589 -402,625 -711,355 
      (payments on) proceeds for energy assets from federal espc
    		                -57,000                                          
      proceeds from redeemable non-controlling interests
    		                -115,000                                          
      payments on long-term debt financings
    		                                                          
      payments on long-term debt
    		                 -14,591,000 -19,073,000  -16,690,000 -13,841,000 -12,019,000 -10,392,000 -4,846,000 -7,471,000 -5,716,000 -13,570,000 -12,049,000 -8,454,000 -2,322,000 -13,936,000 -4,241,000 -27,977,000 -8,010,000 -4,768,000 -3,117,000 -3,545,000 -2,584,000 -3,341,000 -2,985,000 -3,541,000 -2,525,000 -4,511,000 -2,958,000 -8,203,000 -2,720,000 -1,643,787 -2,934,948 -3,805,781 -1,245,455 -1,327,493 -807,464 -1,444,018 -1,642,731 -911,878 -5,755,902 -3,450,145 
      purchases of energy assets
    		                  -55,823,000   -48,721,000 -28,497,000  -25,674,000 -23,132,000 -23,334,000 -81,614,000 -17,862,000 -13,379,000 -12,818,000 -16,823,000 -17,343,000                          
      gain on deconsolidation of a vie
    		                                                          
      proceeds from (payments to) senior secured credit facility
    		                                                          
      proceeds from sale-leaseback financings
    		                           0    20,593,000                           
      net increase in cash and cash equivalents, and restricted cash
    		                                                          
      amortization of debt discount and deferred financing fees
    		                    673,000 516,000 660,000                                    
      recoveries of bad debts
    		                                                          
      gain on deconsolidation of vie
    		                        0 0 -2,160,000                                
      purchases of energy assets, net of grant proceeds
    		                                                          
      proceeds from senior secured credit facility
    		                    -10,000,000 -15,000,000 31,000,000   29,992,000 11,373,000   -11,304,000 17,404,000 -300,000 -353,000              8,000,000 3,000,000      41,571,429 35,000,000 5,000,000  6,418,897 
      provision (recoveries) for bad debts
    		                                                          
      the accompanying notes are an integral part of these condensed consolidated financial statements.
    		                                                          
      condensed consolidated statements of cash flows —
    		                                                          
      consolidated statements of cash flows —
    		                                                          
      amortization of deferred financing fees
    		                           606,000 749,000 419,000 419,000 426,000 408,000 389,000 397,000 509,000 359,000 345,000 290,000 289,000 288,000 280,000 282,000 267,000 516,000 271,000 299,000 518,251 248,314 84,148 95,667 138,191 133,287 106,776 94,822 110,833 306,398 97,655 
      benefit from (recovery of) bad debts
    		                                                          
      gain on disposal / sale of assets
    		                           -2,000                               
      proceeds from sale of assets of a business
    		                               0 0 0 2,777,000                        
      proceeds (payments) from senior secured credit facility
    		                       32,004,000    0                               
      contributions from redeemable non-controlling interests
    		                           1,057,000 2,263,000                              
      amortization of debt issuance costs
    		                        516,000 525,000 693,000                                
      loss on disposal / sale of assets
    		                                                          
      contributions from redeemable non-controlling interests, net of distributions
    		                        872,000                                  
      excess tax benefits from stock-based compensation arrangements
    		                                           1,578,000    -120,601 -158,231 -138,780 -723,710 -448,916 -1,202,597 -1,819,749 -3,510,339 -391,297   
      net increase in cash and cash equivalents
    		                               -5,297,000 2,428,000 2,678,000 3,846,000     389,000   -6,100,000 276,000   3,569,000 1,160,270  -42,384,385  -9,525,375 12,157,996 -28,047,444 30,432,557  8,131,605 -3,227,083 
      gain on sale of assets
    		                               1,000 0 0 -104,000                        
      unrealized gain on ineffectiveness of swaps
    		                                                          
      proceeds from federal espc energy assets
    		                                                          
      unrealized gain on ineffectiveness of interest rate swaps
    		                              -102,000 -65,000 -28,000 -55,000 -123,000                        
      proceeds from exercises of options
    		                              691,000 418,000 482,000 837,000 240,000 85,000 499,000 144,000 326,000 542,000 6,000 175,000 430,000 12,000 548,000 567,000 320,000 426,294 394,603 855,149 1,216,985 735,839 1,063,432      
      proceeds from sale of federal espc energy assets
    		                              717,000                            
      restricted cash
    		                               -664,000 -369,000 -176,000 391,000 -831,000 -1,231,000 -1,906,000 -1,455,000 5,324,000 -1,522,000 -417,000 -277,000 482,000 -806,000 1,132,000 -508,000 -2,349,555 -4,558,805 -639,472 -1,454,199 -3,367,515 -1,430,592 -1,136,862 -1,087,999 -587,567 -1,137,175 -509,477 
      proceeds from sales of assets
    		                                               3,504,000 6,500          
      non-controlling interest
    		                                       0 0   -2,000 -10,000 -1,000 4,000 -10,042 105,931 -65,301         
      proceeds from investment by redeemable non-controlling interests
    		                               6,115,000 -63,000                          
      cash and cash equivalents, beginning of year
    		                                                 63,347,645   26,277,366   44,691,021   
      cash and cash equivalents, end of year
    		                                                          
      cash and cash equivalents, beginning of period
    		                                0 0 20,607,000  0 0 21,645,000  0 0 23,762,000  0 0 17,171,000 17,629,963 20,963,260  28,909,987 38,435,362  59,782,193 29,349,636  21,134,396 24,361,479 
      cash and cash equivalents, end of period
    		                                2,428,000 2,678,000 24,453,000  3,080,000 -1,825,000 17,102,000  1,937,000 1,657,000 17,662,000  7,078,000 -4,332,000 20,740,000 18,790,233 17,629,963 20,963,260 26,176,800 28,909,987 38,435,362 31,734,749 59,782,193 29,349,636 29,266,001 21,134,396 
      proceeds from long-term debt financing
    		                                 28,687,000 12,878,000 30,201,000 4,790,000 -36,000 3,049,000 13,163,000         9,434,434       5,500,089   
      proceeds from sale-leaseback financing
    		                                 12,671,000 8,783,000 0 6,037,000 7,467,000 3,541,000 4,925,000 0 0 7,581,000                
      depreciation of project assets
    		                                  5,109,000 5,238,000 4,960,000 4,636,000 4,543,000 4,796,000 4,199,000 3,933,000 3,983,000 3,885,000 3,732,000 3,793,000 3,637,000 2,902,714 2,868,716 4,010,435 2,903,901 2,850,977 2,605,030 2,676,004 2,240,001 2,210,612 4,206,992 1,661,726 
      purchases of project assets
    		                                  -29,121,000 -28,029,000 -24,392,000 -12,215,000 -8,598,000 -21,408,000 -16,292,000 -7,769,000 -5,871,000 -10,149,000 -5,560,000 -2,639,000 -8,331,000 -4,136,438 -18,763,159 -12,855,786 -11,604,966 -9,695,695 -10,002,946 -16,837,529 -8,129,688 -6,591,203  -6,492,890 
      proceeds (repayments) from senior secured credit facility
    		                                  18,000,000                        
      (distributions to) proceeds from investment by redeemable non-controlling interest
    		                                  -62,000                        
      accrued purchases of project assets
    		                                  11,987,000 3,637,000 6,103,000 4,625,000 5,141,000 -8,176,000 4,414,000 6,627,000 2,200,000 -4,090,000               
      unrealized gain on interest rate swaps
    		                                   -52,000 -74,000 -83,000 -70,000 -91,000 -93,000 -101,000 -83,000  214,000 -1,068,000 -129,000            
      grant awards and rebates received on project assets
    		                                                 1,290,934 395,007  3,838,766      
      proceeds from investment by redeemable non-controlling interest
    		                                   -64,000 -63,000 -63,000 6,582,000                    
      proceeds from sale of assets
    		                                        0                  
      net decrease in cash and cash equivalents
    		                                    3,080,000 -1,825,000 -4,543,000          -3,333,297  -2,733,187     -15,341,385   
      repayments of senior secured credit facility
    		                                      -11,300,000                    
      gain on contingent liability
    		                                                          
      grant awards received on project assets
    		                                            0    289,285       6,695,711   
      (repayments) proceeds from senior secured credit facility
    		                                                          
      (payments of) proceeds from senior secured credit facility
    		                                          -2,000,000                
      unrealized (gain) loss on interest rate swaps
    		                                                          
      book overdraft
    		                                                    -7,297,122      
      noncash espc receivable financing
    		                                               43,816,695           
      adjustments to reconcile net income to net cash from operating activities:
    		                                                          
      gains on sales of assets
    		                                                          
      increase in:
    		                                                          
      net cash from operating activities
    		                                               3,707,774 6,883,441 -25,703,476 3,079,501 6,267,415 33,208,761 10,317,108 1,589,603 -25,621,271 9,061,554 2,478,324 
      capex
    		                                               -790,427 -446,197 -1,094,380 -1,715,410 -1,105,037 -1,276,533 -863,145 -911,404 -895,230 -877,781 -59,719 
      free cash flows
    		                                               2,917,347 6,437,244 -26,797,856 1,364,091 5,162,378 31,932,228 9,453,963 678,199 -26,516,501 8,183,773 2,418,605 
      additional purchase price paid on 2010 acquisition
    		                                                          
      net cash from investing activities
    		                                               -2,022,240 -26,451,087 -14,467,317 -16,602,762 -10,800,732 -7,440,713 -78,654,262 -9,041,092 -790,722 -19,432,413 -6,552,609 
      net cash from financing activities
    		                                               -456,489 17,134,679 -3,556,843 11,093,717 -4,938,824 -13,710,345 41,636,931 37,871,906 10,757,443 18,004,322 1,391,816 
      cash paid during the year for:
    		                                                          
      interest
    		                                               2,058,223 1,566,521 1,256,072 2,073,848 1,300,558 725,845 1,246,530 1,345,688 471,352 710,265 1,701,086 
      income taxes
    		                                               2,449,775 679,279 221,401 753,889 481,209 25,712 1,764,698 1,781,156 3,254,600 3,652,142 1,133,907 
      adjustments to reconcile net income to cash from operating activities:
    		                                                          
      unrealized (gain) loss on interest rate swap
    		                                               -124,980 -294,047          
      gain on sale of asset
    		                                               -631,917    -800,000       
      restricted cash draws
    		                                               11,013,725 10,486,117 7,518,821 5,688,561 14,069,843 10,082,814 20,465,804 37,303,666 40,912,909 53,185,373 55,536,045 
      acquisition, net of cash received
    		                                               -599,375 -7,537,516 -1,808,085         
      cash paid during the period for:
    		                                                          
      acquisition, net of cash received:
    		                                                          
      property and equipment
    		                                                75,054 62,898 43,115   604,637   127,512  
      goodwill
    		                                                5,089,049 921,128 2,291,163   21,262,668   2,539,561  
      intangible assets
    		                                                3,087,509 610,000 1,712,021   13,722,000     
      accounts payable and accrued expenses
    		                                               -60,675 -654,563  -605,869   -7,175,650 -653,233 -23,204,150 25,940,748 8,907,545 
      proceeds from (payments of) senior secured credit facility
    		                                                15,000,000          
      deferred tax liabilities
    		                                                -710,127          
      unrealized gain on interest rate swap
    		                                                 -389,087         
      payments of senior secured credit facility
    		                                                          
      accounts receivable and accounts receivable retainage
    		                                                 445,769         
      accounts payable
    		                                                 -313,976         
      write-down of long-term receivable
    		                                                         2,111,000 
      unrealized loss on interest rate swaps
    		                                                          
      proceeds from exercises of options, warrants and issuance of stock
    		                                                          
      repurchase of stock
    		                                                         -768,970 
      repayment of subordinated debt
    		                                                        -2,998,750  
      acquisitions, net of cash received:
    		                                                          
      project assets
    		                                                     6,970,185     
      net proceeds from senior secured credit facility
    		                                                  12,017,429        
      proceeds from (payments on) senior secured credit facility
    		                                                   -1,428,571 -6,428,571      
      minority interest
    		                                                    7,700      
      proceeds from exercises of options and warrants, and issuance of stock
    		                                                     905,557     
      proceeds from exercises of options and warrants
    		                                                      2,585,997    
      supplemental disclosure of cash flow information:
    		                                                          
      federal espc receivable financing
    		                                                       -36,506,536 -51,833,048 -60,539,815 
      proceeds from exercises of stock options
    		                                                       1,416,091   
      impairment of projects assets
    		                                                          
      gain relating to certain business acquisitions
    		                                                          
      proceeds from exercise of stock options, warrants and issuance of stock
    		                                                          
      repurchase of warrants
    		                                                          
      proceeds from (repayments of) revolving senior secured credit facility
    		                                                          
      repayment of senior secured term and revolving credit facility
    		                                                          
      payments of long-term debt
    		                                                          
      supplemental disclosure of noncash investing and financing transactions:
    		                                                          
      accrued expenses
    		                                                          
      long-term debt
    		                                                          
      purchases of project assets, net of grants received
    		                                                        -12,415,691  
      proceeds from options, warrants and issuance of stock
    		                                                        59,649,893  
      payments on senior secured credit facility
    		                                                        -31,351,119  
      proceeds from options and warrant exercises
    		                                                         412,866 
      supplmental disclosure of cash flow information:
    		                                                          
    The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.