Ameresco, Inc
(NYSE:AMRC)

Ameresco, Inc. provides comprehensive energy services for businesses and organizations in the United States, Canada, and internationally. It offers energy efficiency, infrastructure upgrades, energy security and resilience, asset sustainability, and renewable energy solutions. The company operates t...

Website: http://www.ameresco.com

Founded: 2000

Full Time Employees: 1,000

Sector: Industrials

Industry: Engineering & Construction

Industrials

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Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	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	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30

revenues	401,460,000	581,026,000	525,987,000	472,284,000	352,829,000	532,667,000	500,873,000	437,982,000	298,406,000	441,368,000	335,149,000	327,074,000	271,042,000	331,727,000	441,296,000	577,397,000	474,002,000	415,893,000	273,682,000	273,920,000	252,202,000	314,319,000	282,507,000	223,036,000	212,413,000	306,612,000	212,026,000	198,183,000	150,112,000	217,371,000	205,375,000	196,982,000	167,410,000	211,133,000	204,744,000	166,665,000	134,610,000	174,225,000	180,598,000	162,628,000	133,776,000	173,768,000	189,142,000	152,489,000	115,433,000	181,061,000	168,891,000	142,558,000	100,731,000
cost of revenues	344,996,000	486,619,000	441,658,000	398,926,000	300,910,000	465,877,000	423,734,000	372,813,000	251,413,000	367,192,000	271,493,000	268,425,000	221,094,000	270,131,000	361,740,000	496,094,000	405,624,000	344,580,000	214,869,000	220,598,000	205,293,000	256,098,000	231,133,000	183,528,000	173,967,000	258,958,000	167,333,000	155,044,000	117,480,000	168,170,000	159,213,000	154,206,000	131,937,000	169,674,000	163,377,000	131,257,000	108,686,000	138,208,000	141,803,000	130,772,000	106,100,000	143,536,000	152,849,000	121,593,000	95,790,000	144,643,000	133,867,000	114,622,000	83,177,000
gross profit	56,464,000	94,407,000	84,329,000	73,358,000	51,919,000	66,790,000	77,139,000	65,169,000	46,993,000	74,176,000	63,656,000	58,649,000	49,948,000	61,596,000	79,556,000	81,303,000	68,378,000	71,313,000	58,813,000	53,322,000	46,909,000	58,221,000	51,374,000	39,508,000	38,446,000	47,654,000	44,693,000	43,139,000	32,632,000	49,201,000	46,162,000	42,776,000	35,473,000	41,459,000	41,367,000	35,408,000	25,924,000	36,017,000	38,795,000	31,856,000	27,676,000	30,232,000	36,293,000	30,896,000	19,643,000	36,418,000	35,024,000	27,936,000	17,554,000	73,260,709	30,063,830	23,382,576	21,518,871	93,344,981	34,802,296	31,157,861	29,223,810	39,855,090	32,151,675	27,983,033	75,821,684	34,880,736	26,153,836
yoy	8.75%	41.35%	9.32%	12.57%	10.48%	-9.96%	21.18%	11.12%	-5.92%	20.42%	-19.99%	-27.86%	-26.95%	-13.63%	35.27%	52.48%	45.77%	22.49%	14.48%	34.97%	22.01%	22.17%	14.95%	-8.42%	17.82%	-3.14%	-3.18%	0.85%	-8.01%	18.67%	11.59%	20.81%	36.83%	15.11%	6.63%	11.15%	-6.33%	19.14%	6.89%	3.11%	40.89%	-16.99%	3.62%	10.60%	11.90%	-50.29%	16.50%	19.47%	-18.43%	-21.52%	-13.62%	-24.95%	-26.37%	134.21%	8.24%	11.35%	-61.46%	14.26%	22.93%
qoq	-40.19%	11.95%	14.96%	41.29%	-22.27%	-13.42%	18.37%	38.68%	-36.65%	16.53%	8.54%	17.42%	-18.91%	-22.58%	-2.15%	18.90%	-4.12%	21.25%	10.30%	13.67%	-19.43%	13.33%	30.03%	2.76%	-19.32%	6.63%	3.60%	32.20%	-33.68%	6.58%	7.92%	20.59%	-14.44%	0.22%	16.83%	36.58%	-28.02%	-7.16%	21.78%	15.10%	-8.45%	-16.70%	17.47%	57.29%	-46.06%	3.98%	25.37%	59.14%	-76.04%	143.68%	28.57%	8.66%	-76.95%	168.22%	11.70%	6.62%	-26.67%	23.96%	14.90%	-63.09%	117.37%	33.37%
earnings from unconsolidated entities	98,000	-355,000	1,393,000	150,000	261,000	68,000	159,000	10,000	555,000	402,000	526,000	380,000	450,000
selling, general and administrative expenses	46,315,000	50,943,000	43,372,000	45,734,000	38,488,000	47,841,000	42,139,000	44,226,000	39,555,000	36,672,000	42,752,000	41,413,000	41,301,000	39,282,000	40,618,000	38,249,000	39,692,000	39,272,000	35,168,000	31,882,000	28,601,000	33,647,000	26,859,000	26,620,000	28,924,000	29,108,000	31,231,000	30,082,000	26,083,000	29,642,000	28,866,000	28,801,000	27,204,000	27,406,000	27,027,000	26,650,000	26,487,000	28,688,000	28,852,000	27,140,000	25,888,000	33,501,000	26,623,000	25,812,000	24,071,000	29,488,000	25,800,000	24,154,000	24,339,000
operating income	10,247,000	39,361,000	42,350,000	27,774,000	13,692,000	44,640,000	35,159,000	20,953,000	7,993,000	34,075,000	21,430,000	17,616,000	9,097,000	22,314,000	38,938,000	43,054,000	28,686,000	32,041,000	23,645,000	21,440,000	18,308,000	24,574,000	24,515,000	12,888,000	9,522,000	18,546,000	13,462,000	13,057,000	6,549,000	19,559,000	17,296,000	13,975,000	8,269,000	14,053,000	14,340,000	8,758,000	-563,000	7,329,000	9,943,000	4,716,000	1,788,000	-3,269,000	9,670,000	5,084,000	-4,428,000	6,930,000	9,224,000	3,782,000	-6,785,000	-950,452	7,581,963	-1,909,020	-2,082,497	17,947,667	10,709,335	8,258,624	3,424,790	16,408,689	13,357,563	8,303,390	27,078,699	18,913,598	12,013,511
yoy	-25.16%	-11.83%	20.45%	32.55%	71.30%	31.01%	64.06%	18.94%	-12.14%	52.71%	-44.96%	-59.08%	-68.29%	-30.36%	64.68%	100.81%	56.69%	30.39%	-3.55%	66.36%	92.27%	32.50%	82.11%	-1.29%	45.40%	-5.18%	-22.17%	-6.57%	-20.80%	39.18%	20.61%	59.57%	-1568.74%	91.75%	44.22%	85.71%	-131.49%	-324.20%	2.82%	-7.24%	-140.38%	-147.17%	4.84%	34.43%	-34.74%	-829.13%	21.66%	-298.11%	225.81%	-105.30%	-29.20%	-123.12%	-160.81%	9.38%	-19.83%	-0.54%	-87.35%	-13.24%	11.19%
qoq	-73.97%	-7.06%	52.48%	102.85%	-69.33%	26.97%	67.80%	162.14%	-76.54%	59.01%	21.65%	93.65%	-59.23%	-42.69%	-9.56%	50.09%	-10.47%	35.51%	10.28%	17.11%	-25.50%	0.24%	90.22%	35.35%	-48.66%	37.77%	3.10%	99.37%	-66.52%	13.08%	23.76%	69.00%	-41.16%	-2.00%	63.74%	-1655.60%	-107.68%	-26.29%	110.84%	163.76%	-154.70%	-133.81%	90.20%	-214.81%	-163.90%	-24.87%	143.89%	-155.74%	613.87%	-112.54%	-497.17%	-8.33%	-111.60%	67.59%	29.67%	141.14%	-79.13%	22.84%	60.87%	-69.34%	43.17%	57.44%
interest expense and interest income	25,189,000	29,108,000	20,485,000
other expenses (income)	2,625,000	-343,500	3,703,000
income before income taxes	-17,567,000	18,612,000	18,162,000	12,618,000	-4,418,000	21,234,000	13,690,000	5,194,000	-6,178,000	18,009,000	10,788,000	8,418,000	1,054,000	14,917,000	31,392,000	37,805,000	21,605,000	28,430,000	19,088,000	15,990,000	14,636,000	22,670,000	20,789,000
income tax expense	-3,184,000				1,188,000
net income	-14,383,000	24,922,000	21,840,000	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	-2,130,930	4,545,117	-1,780,751	-1,924,072	11,588,951	6,771,182	5,168,868	1,505,298	12,358,580	8,832,128	5,288,285	16,685,199	12,040,917	7,707,638
yoy	156.56%	-34.26%	28.36%	198.77%	-9.26%	14.56%	-18.37%	-38.26%	-496.79%	77.50%	-24.85%	-74.41%	-91.93%	-37.00%	36.76%	83.79%	55.24%	24.55%	14.65%	102.42%	87.33%	15.39%	112.33%	3.87%	131.14%	92.99%	-22.15%	-2.24%	-61.74%	-47.95%	21.73%	46.01%	-530.28%	506.00%	51.31%	183.81%	-347.73%	-174.65%	39.06%	5.47%	-116.81%	-152.37%	-42.70%	-26.77%	-49.43%	-506.11%	60.41%	-252.69%	330.39%	-118.39%	-32.88%	-134.45%	-227.82%	-6.23%	-23.33%	-2.26%	-90.98%	2.64%	14.59%
qoq	-157.71%	14.11%	40.74%	-376.81%	-114.79%	122.82%	227.57%	-184.07%	-118.67%	58.78%	147.74%	440.33%	-91.65%	-32.78%	-15.63%	70.34%	-34.79%	45.93%	13.38%	43.88%	-47.68%	34.33%	100.19%	33.15%	-67.77%	147.17%	-2.07%	196.31%	-73.09%	-0.29%	22.97%	15.96%	-63.40%	133.20%	47.50%	-441.74%	-151.55%	-41.77%	176.67%	198.30%	-115.53%	-208.47%	109.84%	-147.54%	-148.39%	18.69%	168.15%	-132.83%	288.61%	-146.88%	-355.24%	-7.45%	-116.60%	71.15%	31.00%	243.38%	-87.82%	39.93%	67.01%	-68.31%	38.57%	56.22%
net loss attributable to non-controlling interests and redeemable non-controlling interests	-3,900,000	-1,459,750	-3,308,000	-2,654,000		910,500	585,000	-184,000	3,241,000	-519,250	423,000
net loss attributable to common shareholders	-18,283,000
net income per share
basic and diluted	-0.35
weighted-average common shares outstanding:
basic and diluted	52,886
income tax benefit		-6,310,000	-3,678,000	-2,900,000		-831,000	-3,324,000														2,205,000				-2,503,000			804,000	257,000			1,307,000	-2,779,000				-645,000			766,000	241,000	656,000	3,343,000	1,746,000	-2,902,000	-3,590,000	-532,000	267,000	-236,000			-577,001	-622,738
net income attributable to common shareholders		18,370,000	18,532,000	12,864,000	-5,483,000	37,085,000	17,599,000	5,010,000	-2,937,000	33,735,000	21,265,000	6,368,000	1,102,000	17,935,000	27,391,000	32,216,000	17,384,000	28,206,000	17,423,000	13,655,000	11,174,000	23,484,000	20,002,000	4,365,000	6,201,000	22,203,000	8,870,000	9,216,000	4,147,000	11,593,000	10,701,000	8,702,000	6,988,000	23,811,000	8,493,000	5,831,000
net income per share
basic		0.35	0.35	0.24	-0.1				-0.06	0.65	0.41	0.12	0.02	0.35	0.53	0.62	0.34	0.55	0.34	0.27	0.23	0.49	0.42	0.09	0.13	0.47	0.19	0.2	0.09	0.25	0.23	0.19	0.15	0.52	0.19	0.13	-0.01	0.07	0.12	0.04	0.02	0.02	0.09	0.04	-0.09	0.18	0.16	0.06	-0.18	-0.05	0.1	-0.04	-0.04	0.26	0.15	0.12	0.03	0.29	0.21	0.13	0.77	0.35	0.56
diluted		0.34	0.35	0.24	-0.1				-0.06	0.63	0.4	0.12	0.02	0.34	0.51	0.61	0.32	0.54	0.33	0.26	0.22	0.48	0.41	0.09	0.13	0.46	0.19	0.19	0.09	0.24	0.23	0.19	0.15	0.52	0.19	0.13	-0.01	0.07	0.12	0.04	0.02	0.02	0.09	0.04	-0.09	0.18	0.16	0.06	-0.18	-0.05	0.1	-0.04	-0.04	0.25	0.15	0.11	0.03	0.27	0.19	0.12	0.41	0.28	0.21
weighted-average common shares outstanding:
basic		52,679	52,716	52,638	52,544	52,380	52,413,000	52,355,000	52,289	52,140	52,209	52,127	51,963	51,841	51,869	51,818	51,744	50,855	51,464	51,315	48,975	47,702	47,788	47,488	47,384	46,586	46,555	46,387	46,293	45,729	45,854	45,470,000	45,373,000	45,509	45,524,041	45,463,403	45,513,872	46,409,192	46,360,575	46,719,122	46,742,488	46,494,448	46,517,638	46,493,162	46,408,123	46,161,846	46,315,968	46,064,049	45,909,995	45,560,078	45,621,552	45,465,529	45,327,237	44,649,275	44,788,160	44,541,025	44,145,093	43,116,861	42,367,242	41,322,276	25,728,314	34,434,352	13,742,472
diluted		53,293	53,370	52,821	52,544	53,140	53,243,000	53,113,000	52,289	53,228	53,300	53,211	53,261	53,278	53,297	53,173	53,636	52,268	52,839	52,570	50,357	49,006	49,101	48,519	48,497	47,774	47,693	47,681	47,654	46,831	46,944	46,406,000	45,994,000	45,748	45,770,568	45,674,715	45,513,872	46,493,477	46,430,163	46,793,350	46,860,344	47,664,895	47,672,944	47,034,083	46,408,123	46,718,140	46,987,522	46,573,691	45,909,995	46,419,199	46,605,360	45,465,529	46,220,748	45,995,463	46,247,239	46,359,323	46,128,417	46,308,032	45,907,748	45,823,090	41,513,482	43,445,391	38,412,419
other expenses				15,156,000		12,849,750	21,469,000	15,759,000	14,171,000	16,066,000	10,642,000	9,198,000	8,043,000	7,397,000	7,546,000	5,249,000	7,081,000	3,611,000	4,557,000	5,450,000
other incomes					18,110,000																3,672,000	1,904,000	3,726,000	4,052,000	5,389,000	3,702,000	4,192,000	3,746,000	3,421,000	5,955,000	3,244,000	3,966,000	3,544,000	2,639,000	1,668,000	1,738,000	1,826,000	2,448,000	2,268,000	1,850,000	843,000	607,000	2,149,000	1,347,000	2,662,000	1,866,000	2,465,000	796,000	1,732,000	2,283,283	1,589,360	448,732	464,313	5,304,333	-1,254,217	-1,063,126	-1,337,605	-1,359,913	-988,569
net income attributable to non-controlling interests and redeemable non-controlling interests					123,000							-2,045,000	-455,000
net income attributable to common shareholders		18,370,000	18,532,000	12,864,000	-5,483,000	37,085,000	17,599,000	5,010,000	-2,937,000	33,735,000	21,265,000	6,368,000	1,102,000	17,935,000	27,391,000	32,216,000	17,384,000	28,206,000	17,423,000	13,655,000	11,174,000	23,484,000	20,002,000	4,365,000	6,201,000	22,203,000	8,870,000	9,216,000	4,147,000	11,593,000	10,701,000	8,702,000	6,988,000	23,811,000	8,493,000	5,831,000
basic						92.5	340	100
diluted						92.5	330	90
income tax provision										-15,083,000	-10,054,000	5,000	-503,000	2,724,000	3,657,000	4,932,000	2,307,000	-220,750	-1,192,000	-1,896,000		149,250	3,100,000			500,000	939,000			469,750	3,351,000			1,074,000	3,881,000	1,060,000		718,000	1,865,000											-1,102,805	1,447,486			8,930,689	-2,683,936	-2,026,630	-581,887	-2,690,196	-3,536,866	-2,114,668	-17,048,286	4,862,651	3,089,175
net income attributable to redeemable non-controlling interests														-728,750	-344,000	-657,000	-1,914,000			-4,231,000	-1,257,000
net loss attributable to redeemable non-controlling interests																		-2,086,250	-2,857,000
net income (income) attributable to redeemable non-controlling interests																						-648,250	2,313,000	-4,471,000	-435,000	631,000	539,000	709,000
income before benefit for income taxes																								8,836,000	4,133,000			9,311,000	3,128,000			10,009,000	4,725,000				-2,389,000			2,866,000	945,000	-3,876,000	7,521,000	3,737,000	-7,090,000	5,064,000	6,759,000	2,986,000	-8,517,000			-2,357,752	-2,546,810
income before benefit from income taxes																										5,427,250	9,270,000			7,196,500	14,052,000			4,325,750	12,672,000	7,020,000		2,871,500	7,675,000											-3,233,735	5,992,603			15,151,768	9,455,118	7,195,498	2,087,185	15,048,776	12,368,994	7,402,953	24,008,183	16,903,568	10,796,813
net (income) loss attributable to redeemable non-controlling interests																													1,276,000	-129,000			-516,000	168,250	-298,000	-129,000
net income attributable to redeemable non-controlling interest																																					1,100,000				350,000
net income attributable to ameresco, inc.																																					-644,000	3,269,000	5,715,000	1,994,000	1,054,000
net income (income) attributable to redeemable non-controlling interest																																						37,250	-95,000	-106,000
revenue:
energy efficiency revenue																																																		27,218,114.25	108,872,457	85,251,138	69,820,479	340,565,037	108,418,955	119,819,117	113,382,670	188,718,434	123,786,051	106,193,265	307,466,346	147,863,350	100,827,659
renewable energy revenue																																																		13,194,089	52,776,356	41,001,556	40,315,044	126,699,323	55,487,250	44,280,788	33,190,699	39,085,134	41,695,892	40,226,504	118,858,884	44,038,079	40,526,848
direct expenses:
energy efficiency expenses																																																		22,125,000.75	88,500,003	69,753,489	55,455,258	266,957,146	87,898,560	97,873,272	89,619,775	155,890,159	102,247,778	86,361,423	256,178,262	121,906,348	83,064,955
renewable energy expenses																																																		10,771,245	43,084,980	33,116,629	33,161,394	106,962,233	41,205,349	35,068,772	27,729,784	32,058,319	31,082,490	32,075,313	94,325,284	35,114,345	32,135,716
operating expenses:
salaries and benefits																																																		2,593,616.25	10,374,465	10,774,591	11,013,301	38,838,461	12,441,502	11,558,732	14,369,212	10,984,929	8,162,669	10,084,732	22,312,472	8,409,014	5,327,713
project development costs																																																		1,003,374.5	4,013,498	5,039,217	4,281,165	12,336,446	4,288,657	3,830,866	4,216,352	5,174,930	5,263,216	4,401,577	10,960,179	2,716,616	2,047,505
general, administrative and other																																																		2,023,476	8,093,904	9,477,788	8,306,902	23,206,082	7,362,802	7,509,639	7,213,456	7,286,542	5,368,227	5,193,334	15,470,334	4,841,508	6,765,107
227,803,568																																																						40,976,551.25	163,906,205
187,948,478																																																						32,275,977.25	129,103,909
23,446,401																																																						6,023,240.25	24,092,961
165,481,943																																																								164,099,905
133,330,268																																																								132,942,044
18,794,112																																																								22,899,237
146,419,769																																																									146,573,369
118,436,736																																																									117,349,559
19,679,643																																																									25,799,020
191,901,429																																																										227,803,568
157,020,693																																																										187,948,478
15,967,138																																																										23,446,401
other comprehensive income:
unrealized income from interest rate hedge, net of tax																																																										-1,775,890	-455,835		-187,792	-746,087	-1,231,352
foreign currency translation adjustment																																																										-2,267,225	134,364	755,398	773,588	879,842	-1,183,944
comprehensive income																																																										8,315,465	8,510,657	6,283,531
141,354,507																																																											165,481,943
115,200,671																																																											133,330,268
14,140,325																																																											18,794,112
105,628,586																																																												146,419,769
87,229,557																																																												118,436,736
15,836,404																																																												19,679,643
other income																																																												-900,437	-3,070,516	-2,010,030	-1,216,698
unrealized gain from interest rate hedge, net of tax																																																												239,848
comprehensive income:																																																													3,043,668	12,174,672	5,292,342

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	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	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30

assets
current assets:
cash and cash equivalents	103,967,000	71,785,000	94,551,000	81,633,000	71,593,000	108,516,000	113,502,000	150,278,000	77,681,000	79,271,000	107,776,000	48,999,000	178,939,000	115,534,000	122,537,000	67,553,000	68,288,000	50,450,000	57,115,000	58,807,000	80,971,000	66,422,000	45,351,000	41,881,000	40,351,000	33,223,000	34,104,000	38,343,000	25,487,000	61,397,000	64,539,000	27,952,000	34,125,000	24,262,000	29,559,000	27,131,000	24,453,000	20,607,000	18,357,000	15,277,000	17,102,000	21,645,000	21,256,000	19,319,000	17,662,000	23,762,000	23,486,000	16,408,000	20,740,000	17,170,736	18,790,233	17,629,963	20,963,260	63,347,645	26,176,800	28,909,987	38,435,362	31,734,749	59,782,193	29,349,636	44,691,021	29,266,001	21,134,396
restricted cash	91,305,000	92,515,000	98,504,000	88,808,000	74,634,000	69,706,000	71,868,000	68,082,000	57,737,000	62,311,000	56,909,000	39,137,000	21,232,000	20,782,000	24,403,000	27,079,000	26,792,000	24,267,000	25,075,000	23,672,000	24,869,000	22,063,000	15,598,000	15,171,000	15,012,000	20,006,000	13,498,000	13,530,000	14,994,000	16,880,000	13,461,000	15,103,000	16,894,000	15,751,000	15,789,000	16,565,000	14,758,000	12,299,000	12,449,000	12,382,000	11,126,000	16,236,000	15,306,000	13,555,000	13,597,000	12,818,000	13,542,000	12,535,000	15,815,000	15,496,829	25,817,232	26,239,829	25,749,304	26,358,908	15,771,219	15,030,844	12,587,427	12,687,929	9,549,018	9,060,696	9,197,447	10,617,362	12,678,202
accounts receivable	249,197,000	257,856,000	253,793,000	245,852,000	226,656,000	256,961,000	230,298,000	154,665,000	146,836,000	153,362,000	133,070,000	123,361,000	130,940,000	174,009,000	219,817,000	207,990,000	204,082,000	161,970,000	112,893,000	115,462,000	113,095,000	125,010,000	121,672,000	86,017,000	110,742,000	95,863,000	91,755,000	109,332,000	81,896,000	85,985,000	90,378,000	115,596,000	93,622,000	85,121,000	64,230,000	67,679,000	55,098,000	85,354,000	80,737,000	80,445,000	69,113,000	73,372,000	75,649,000	68,605,000	65,644,000	71,661,000	92,728,000	74,940,000	76,420,000	86,008,308	79,043,751	76,760,410	88,298,744	84,124,627	103,092,925	96,645,375	84,952,455	143,856,513	81,902,348	76,775,498	68,584,304	91,905,734	61,796,173
accounts receivable retainage	49,352,000	53,618,000	48,846,000	47,826,000	45,276,000	39,843,000	43,466,000	39,225,000	32,158,000	33,826,000	33,459,000	37,803,000	35,625,000	38,057,000	42,456,000	43,444,000	40,555,000	43,067,000	39,404,000	36,485,000	32,071,000	30,189,000	24,359,000	19,119,000	21,265,000	16,976,000	16,652,000	15,383,000	14,762,000	13,516,000	14,401,000	14,669,000	19,869,000	17,484,000	17,447,000	18,295,000	18,802,000	17,465,000	21,797,000	21,959,000	23,339,000	21,454,000	20,407,000	11,900,000	11,001,000	15,968,000	14,378,000	14,422,000	15,250,000	21,018,816	24,895,807	24,758,030	22,151,086	23,197,784	21,059,147	24,026,640	20,539,058	18,562,244	18,396,605	17,263,504	18,452,777	17,337,445	11,467,635
unbilled revenue	781,994,000	799,109,000	691,316,000	592,871,000	559,049,000	644,105,000
inventory	12,519,000	12,609,000	12,785,000	12,389,000	12,348,000	11,556,000	11,973,000	12,484,000	13,076,000	13,637,000	13,648,000	14,127,000	13,609,000	14,218,000	13,095,000	10,886,000	9,720,000	8,807,000	8,329,000	8,798,000	8,527,000	8,575,000	9,081,000	9,001,000	9,229,000	9,236,000	9,902,000	9,219,000	8,930,000	7,765,000	8,128,000	8,264,000	8,683,000	8,139,000	8,602,000	9,479,000	10,951,000	12,104,000	13,388,000	14,406,000	13,547,000	13,223,000	12,214,000	10,118,000	8,920,000	8,896,000	9,050,000	9,256,000	9,231,000	10,256,415	9,408,046	11,548,873	11,494,463	9,502,289	7,093,211	9,145,857	8,776,498	8,323,380	8,763,084	8,413,306	6,780,092	5,309,177	5,332,967
prepaid expenses and other current assets	236,403,000	239,865,000	189,747,000	182,885,000	242,293,000	145,906,000	155,353,000	134,375,000	118,813,000	123,391,000	67,864,000	58,874,000	56,311,000	38,617,000	21,980,000	23,153,000	19,025,000	25,377,000	24,796,000	25,389,000	26,753,000	26,854,000	34,775,000	27,527,000	28,052,000	29,424,000	22,585,000	16,717,000	14,437,000	11,571,000	13,123,000	14,853,000	23,258,000	14,037,000	13,836,000	10,613,000	14,450,000	11,732,000	14,728,000	12,023,000	14,452,000	11,745,000	12,939,000	12,073,000	7,584,000	8,666,000	12,932,000	12,579,000	8,815,000	10,176,880	10,108,304	11,022,225	8,639,804	9,600,619	8,310,732	10,676,285	6,183,681	10,216,107	9,199,024	8,545,105	8,471,628	13,649,918	11,748,800
income taxes receivable	3,453,000		3,603,000	2,868,000	2,092,000		4,468,000	4,819,000
project development costs	26,235,000	23,010,000	27,351,000	25,298,000	23,127,000	22,856,000	20,819,000	24,280,000	22,907,000	20,735,000	18,800,000	16,956,000	15,930,000	16,025,000	16,062,000	16,668,000	12,162,000	13,214,000	16,166,000	14,508,000	14,573,000	15,839,000	15,571,000	16,379,000	16,740,000	13,188,000	26,305,000	23,849,000	25,834,000	21,717,000	16,776,000	16,095,000	14,652,000	11,379,000	12,584,000	13,339,000	10,195,000	9,180,000	15,037,000	17,149,000	17,328,000	15,538,000	15,781,000	14,416,000	11,849,000	9,674,000	11,565,000	11,193,000	11,161,000	9,686,354	11,877,141	11,458,555	10,684,119	9,038,725	8,262,787	7,183,871	6,860,433	8,170,697	6,801,519	6,640,028	7,556,345	9,266,798	8,386,250
total current assets	1,554,425,000	1,552,533,000	1,420,496,000	1,280,430,000	1,257,068,000	1,301,134,000	1,224,551,000	1,239,956,000	1,126,472,000	1,128,471,000	1,030,123,000	921,867,000	957,974,000	1,001,351,000	1,092,995,000	1,064,870,000	845,201,000	638,585,000	502,191,000	483,836,000	485,779,000	490,715,000	456,579,000	422,426,000	438,092,000	425,192,000	341,082,000	348,681,000	280,331,000	310,969,000	300,961,000	294,425,000	279,413,000	287,078,000	245,215,000	216,935,000	199,283,000	226,061,000	236,578,000	243,438,000	226,009,000	263,698,000	256,271,000	227,109,000	210,194,000	226,735,000	244,739,000	224,029,000	220,350,000	249,832,120	254,416,001	242,223,533	244,350,400	297,842,841	268,164,012	263,347,437	246,604,068	310,817,685	261,652,198	217,240,921	211,709,821	220,896,792	164,310,402
federal espc receivable	512,707,000	503,449,000	516,326,000	609,066,000	615,343,000	609,128,000	565,964,000	552,376,000	577,651,000	609,265,000	529,382,000	499,250,000	539,820,000	509,507,000	726,679,000	671,241,000	605,871,000	557,669,000	498,080,000	512,737,000	459,347,000	396,725,000	330,607,000	274,219,000	239,156,000	230,616,000	182,012,000	133,850,000	310,922,000	293,998,000	272,953,000	246,918,000	254,349,000	248,917,000	210,472,000	221,680,000	188,162,000	158,209,000	124,888,000	131,738,000	104,449,000	125,804,000	103,589,000	82,659,000	84,316,000	79,167,000	65,335,000	50,488,000	47,345,000	44,297,275	27,616,681	60,900,144	92,979,544	91,854,808	138,557,444	135,987,922	124,282,323	236,595,684	214,684,987
property and equipment	10,102,000	10,077,000	9,848,000	10,775,000	11,035,000	11,040,000	16,777,000	16,995,000	17,170,000	17,395,000	17,551,000	16,888,000	16,865,000	15,707,000	14,772,000	14,000,000	13,063,000	13,117,000	8,692,000	8,826,000	8,804,000	8,982,000	9,545,000	9,797,000	9,952,000	10,104,000	10,469,000	7,871,000	7,073,000	6,985,000	6,649,000	6,255,000	5,817,000	5,303,000	4,830,000	4,699,000	4,452,000	5,018,000	5,637,000	5,921,000	5,059,000	5,328,000	5,947,000	6,361,000	6,814,000	7,372,000	7,855,000	8,213,000	8,254,000	8,699,048	9,362,245	9,422,097	9,735,841	9,387,218	9,245,310	8,185,920	7,695,397	6,684,625	6,170,694	5,863,820	5,406,387	4,661,471	4,204,292
energy assets	2,155,837,000	2,081,224,000	2,117,460,000	2,041,247,000	1,955,280,000	1,915,311,000	1,882,588,000	1,813,649,000	1,788,569,000	1,689,424,000	1,656,585,000	1,417,690,000	1,270,230,000	1,181,525,000	1,032,809,000	964,871,000	908,006,000	856,531,000	828,678,000	798,609,000	765,122,000	729,378,000	670,139,000	637,618,000	596,492,000	579,461,000	507,759,000	492,681,000	476,582,000	459,952,000	442,018,000	404,888,000	381,724,000	356,443,000	357,155,000	348,472,000
deferred income tax assets	99,338,000	96,868,000	76,348,000	70,794,000	67,228,000	56,523,000	36,607,000	29,512,000	25,677,000	26,411,000	9,439,000	3,594,000	3,049,000	3,045,000	3,357,000	3,646,000	3,722,000	3,703,000	3,873,000	3,972,000
goodwill	68,988,000	69,302,000	69,245,000	69,443,000	68,337,000	66,305,000	75,922,000	75,245,000	75,311,000	75,587,000	77,343,000	77,846,000	77,810,000	70,633,000	70,118,000	70,825,000	71,334,000	71,157,000	58,629,000	58,901,000	58,812,000	58,714,000	58,172,000	57,838,000	57,741,000	58,414,000	57,899,000	58,129,000	58,835,000	58,332,000	58,853,000	57,268,000	56,294,000	56,135,000	56,107,000	55,779,000	55,439,000	57,976,000	58,361,000	58,615,000	59,092,000	59,085,000	59,371,000	59,883,000	59,402,000	60,479,000	61,116,000	56,460,000	53,659,000	53,074,362	55,615,137	55,239,777	50,379,564	48,968,390	50,317,305	47,878,130	47,922,855	41,907,853	20,580,995	20,580,995	18,624,629	18,460,564	16,132,429
intangible assets	6,871,000	7,464,000	8,109,000	8,745,000	9,169,000	8,814,000	5,387,000	5,639,000	6,197,000	6,808,000	7,347,000	8,142,000	8,666,000	4,693,000	5,089,000	5,532,000	5,974,000	6,961,000	687,000	769,000	847,000	927,000	1,072,000	1,232,000	1,408,000	1,614,000	1,810,000	2,052,000	2,310,000	2,004,000	2,315,000	2,414,000	2,231,000	2,440,000	2,801,000	3,113,000	3,373,000	3,931,000	4,615,000	5,282,000	6,085,000	6,770,000	7,983,000	9,197,000	9,920,000	11,238,000	13,014,000	9,852,000	8,483,000	10,253,181	10,236,744	11,490,617	9,423,283	9,742,878	10,390,246	9,756,506	11,071,284	13,221,000
right-of-use assets	75,645,000	76,165,000	76,371,000	77,181,000	78,380,000	80,149,000
restricted cash, non-current portion	57,178,000	22,215,000	22,541,000	21,576,000	20,546,000	20,156,000	19,021,000	14,740,000	12,553,000	12,094,000	11,010,000	13,677,000	13,406,000	13,572,000	16,618,000			12,337,000		11,363,000	10,507,000	10,352,000
other assets	100,196,000	117,797,000	109,666,000	106,023,000	87,555,000	89,948,000	77,812,000	148,796,000	104,318,000	89,735,000	69,356,000	43,223,000	41,339,000	38,564,000	37,654,000	34,187,000	24,591,000	22,779,000	15,405,000	19,069,000	18,047,000	15,307,000	22,247,000	20,573,000	35,828,000	35,821,000	36,786,000	34,579,000	32,273,000	29,394,000	30,706,000	31,927,000	28,377,000	27,635,000	27,065,000	25,204,000	24,611,000	26,328,000	24,758,000	22,791,000	21,643,000	18,446,000	17,178,000	23,194,000	23,052,000	22,583,000	21,386,000	22,583,000	23,066,000	22,439,759	7,255,009	5,140,628	3,731,411	4,654,709	4,573,877	4,712,843	3,989,931	6,390,885	4,854,605	4,013,591	4,598,980	4,144,324	8,627,293
total assets	4,641,287,000	4,537,094,000	4,426,410,000	4,295,280,000	4,169,941,000	4,158,508,000	3,982,238,000	3,965,102,000	3,803,266,000	3,713,776,000	3,460,993,000	3,041,010,000	2,967,348,000	2,876,821,000	3,038,043,000	2,884,776,000	2,530,570,000	2,224,821,000	1,968,178,000	1,938,690,000	1,848,749,000	1,750,251,000	1,584,697,000	1,459,532,000	1,413,583,000	1,374,013,000	1,170,357,000	1,109,894,000	1,198,676,000	1,161,634,000	1,114,455,000	1,044,095,000	1,011,775,000	983,951,000	903,645,000	875,882,000	815,250,000	797,281,000	734,094,000	724,423,000	670,178,000	728,743,000	694,781,000	637,097,000	612,637,000	629,659,000	634,365,000	586,983,000	581,097,000	604,659,563
liabilities, redeemable non-controlling interests, and stockholders’ equity
current liabilities:
current portions of long-term debt and financing lease liabilities	162,176,000		167,083,000	160,578,000	149,298,000		343,247,000	523,832,000	539,201,000		409,906,000	332,999,000	313,459,000		301,247,000	82,707,000	80,191,000		74,901,000	79,778,000	71,770,000		61,521,000	44,216,000	69,282,000	69,969,000	54,958,000	54,351,000	55,731,000
accounts payable	666,744,000	691,197,000	569,600,000	451,571,000	435,634,000	529,338,000	399,244,000	497,026,000	437,240,000	402,752,000	328,155,000	290,284,000	285,465,000	349,126,000	411,371,000	432,695,000	231,533,000	308,963,000	196,480,000	193,373,000	202,123,000	230,916,000	205,536,000	162,401,000	182,354,000	202,416,000	133,833,000	117,188,000	102,432,000	134,330,000	119,969,000	115,805,000	100,085,000	135,881,000	122,731,000	102,529,000	89,577,000	126,583,000	125,014,000	112,968,000	91,042,000	114,759,000	112,384,000	79,275,000	63,646,000	87,787,000	79,787,000	73,748,000	65,598,000	88,733,043	77,333,742	67,318,276	66,404,098	101,007,455	79,153,405	80,896,210	71,419,981	116,278,050	77,777,574	72,434,421	95,302,897	94,671,536	64,795,981
accrued expenses and other current liabilities	118,711,000	113,878,000	105,829,000	105,305,000	112,447,000	107,293,000	101,259,000	100,198,000	109,954,000	108,831,000	93,584,000	81,008,000	115,044,000	89,166,000	95,268,000	41,629,000	43,784,000	43,311,000	41,960,000	40,108,000	40,297,000	41,748,000	30,059,000	26,249,000	32,528,000	31,356,000	28,700,000	29,259,000	28,491,000	35,947,000	28,067,000	22,800,000	23,818,000	23,260,000	23,203,000	21,146,000	20,425,000	22,763,000	22,403,000	21,724,000	21,590,000	21,983,000	31,785,000	26,155,000	26,646,000	26,944,000	23,501,000	19,978,000	12,243,000	11,947,022	11,847,160	10,667,868	9,540,592	13,157,024	12,827,600	11,970,730	10,755,461	12,260,683
current portions of operating lease liabilities	9,582,000	7,959,000	8,062,000	7,616,000	9,592,000	10,536,000	12,242,000	13,618,000	14,220,000		12,703,000	5,935,000	5,868,000		6,129,000	5,953,000	6,134,000		6,258,000	5,995,000	5,680,000		6,010,000	5,216,000	5,360,000	5,802,000	5,935,000	5,807,000
deferred revenue	85,400,000	79,908,000	87,297,000	96,448,000	91,219,000	91,734,000
income taxes payable	1,777,000	3,845,000	1,428,000	557,000	115,000	744,000	655,000	220,000	398,000	1,169,000	1,114,000	1,564,000	7,950,000	1,672,000	3,072,000	1,633,000	1,771,000	822,000	1,299,000		1,501,000	981,000	221,000		1,205,000	486,000		138,000	1,196,000	1,100,000	6,348,000	1,298,000	564,000	755,000	2,849,000	603,000	699,000	775,000	631,000	718,000	834,000	810,000	920,000		573,000	812,000				615,063								802,290	981,664	1,719,555	2,488,672
total current liabilities	1,044,390,000	1,028,912,000	939,299,000	822,075,000	798,305,000	889,008,000	964,667,000	1,232,387,000	1,162,280,000	901,471,000	882,342,000	752,249,000	767,112,000	812,068,000	860,260,000	604,404,000	395,142,000	474,224,000	348,916,000	345,815,000	351,582,000	383,097,000	338,667,000	272,978,000	316,079,000	336,647,000	246,660,000	231,123,000	218,286,000	222,630,000	211,297,000	187,261,000	173,182,000	202,142,000	190,710,000	168,042,000	149,165,000	190,602,000	182,017,000	172,552,000	152,917,000	179,723,000	182,972,000	141,606,000	126,250,000	146,089,000	135,879,000	122,863,000	105,298,000	131,201,358	119,367,096	114,433,385	109,887,816	148,888,812	131,591,293	140,359,635	122,493,418	171,801,815	124,278,136	121,301,336	140,630,886	146,644,187	119,359,146
long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs	1,824,531,000		1,716,689,000	1,661,839,000	1,567,473,000		1,317,517,000	1,078,995,000	1,011,576,000		1,022,256,000	784,266,000	631,676,000		511,621,000	698,365,000	659,695,000		325,335,000	305,351,000	268,411,000	311,674,000
federal espc liabilities	505,246,000	478,970,000	499,074,000	550,631,000	567,602,000	555,396,000	520,497,000	511,226,000	504,689,000	533,054,000	486,019,000	464,566,000	520,816,000	478,497,000	706,933,000	657,235,000	600,507,000	532,287,000	487,248,000	506,680,000	473,882,000	440,223,000	385,386,000	334,724,000	276,177,000	245,037,000	196,584,000	163,856,000	321,954,000	288,047,000	262,484,000	238,617,000	244,341,000	235,088,000	188,422,000	197,729,000	163,704,000	133,003,000	108,039,000	121,633,000	99,259,000	122,040,000	106,401,000	85,426,000	80,769,000	70,875,000	64,833,000	45,923,000	47,820,000	44,297,304
deferred income tax liabilities	3,489,000	2,943,000	2,771,000	2,178,000	2,120,000	2,223,000	2,601,000	4,365,000	4,584,000	4,479,000	4,134,000	7,971,000	2,869,000	9,181,000	10,542,000	8,855,000	6,063,000	3,871,000	5,061,000
deferred grant income	5,193,000	5,385,000	5,479,000	5,682,000	5,664,000	6,436,000	6,806,000	6,669,000	6,737,000	6,974,000	7,070,000	7,319,000	7,424,000	7,590,000	7,716,000	8,099,000	8,379,000	8,498,000	8,259,000	8,075,000	8,167,000	8,271,000	7,007,000	6,572,000	6,682,000	6,885,000	6,223,000	6,361,000	6,499,000	6,637,000	6,774,000	6,912,000	7,050,000	7,188,000	7,326,000	7,464,000	7,602,000	7,739,000	7,877,000	8,015,000	8,153,000	8,291,000	8,429,000	8,567,000	8,704,000	8,842,000	8,980,000	9,118,000	8,041,000	8,163,368	7,736,754	7,864,941	7,892,402	7,590,730	6,694,046	5,853,486	5,938,793	6,109,406	6,194,712	6,280,019	4,200,929	3,995,058	4,049,541
long-term operating lease liabilities, net of current portion	53,641,000	55,938,000	56,032,000	57,547,000	57,752,000	59,479,000	58,007,000	48,545,000	50,710,000	42,258,000	38,806,000	32,487,000	31,779,000	31,703,000	31,142,000	32,642,000	32,854,000	35,135,000	36,373,000	36,731,000	37,718,000	35,300,000	32,509,000	32,698,000	29,104,000
other liabilities	93,363,000	91,003,000	111,624,000	122,914,000	122,981,000	114,454,000	102,645,000	97,946,000	88,619,000	82,714,000	73,965,000	70,175,000	64,200,000	49,493,000	47,212,000	45,691,000	44,282,000	43,176,000	43,202,000	37,300,000	35,992,000	37,660,000	39,529,000	38,318,000	35,872,000	29,575,000	30,989,000	30,179,000	28,474,000	29,212,000	25,404,000	18,496,000	17,784,000	18,754,000	16,666,000	16,340,000	15,129,000	15,154,000	21,127,000	21,492,000	21,090,000	18,854,000	21,981,000	20,350,000	22,051,000	20,300,000	19,760,000	29,322,000	29,574,000	29,652,488	27,737,611	26,001,304	28,380,724	30,362,869	30,860,993	28,640,685	28,138,625	29,673,680	30,991,113	30,098,408	28,144,144	23,042,218	21,628,116
commitments and contingencies
redeemable non-controlling interests	1,465,000	1,419,000	1,556,000	1,543,000	1,966,000	2,463,000	42,761,000	43,777,000	43,908,000	46,865,000	47,275,000	47,994,000	46,700,000	46,623,000	48,077,000	47,918,000	47,438,000	46,182,000	44,948,000	46,003,000	39,668,000	38,850,000	36,421,000	36,303,000	31,939,000	31,616,000	32,108,000	32,037,000	13,341,000	14,719,000	14,585,000	12,322,000	10,751,000	10,338,000	7,532,000	7,297,000
income tax receivable		2,166,000				1,685,000			4,836,000	5,775,000	7,219,000	7,497,000	7,626,000	7,746,000	4,116,000	4,299,000	4,337,000	5,261,000	4,945,000	5,688,000	5,446,000	9,803,000	10,263,000	11,940,000	7,135,000	5,033,000	1,629,000	1,622,000	1,727,000	5,296,000	13,684,000	17,237,000	4,246,000	6,053,000	521,000	521,000	521,000	406,000			1,576,000	2,151,000		2,855,000	5,076,000	3,525,000	7,516,000	10,646,000	8,321,000	3,970,726	5,951,233	5,760,545	6,586,390	5,385,242	7,851,575	8,227,139	10,287,965	9,504,152	9,184,403	7,171,748	2,511,542
liabilities, redeemable non-controlling interests and stockholders’ equity
current portions of long-term debt and financing lease liabilities, net of unamortized discount		132,125,000				149,363,000				322,247,000
long-term debt and financing lease liabilities, net of current portion, unamortized discount, and debt issuance costs		1,749,708,000				1,483,900,000				1,170,075,000				568,635,000				377,184,000
costs and estimated earnings in excess of billings							572,804,000	651,748,000	652,428,000	636,163,000	591,378,000	575,113,000	497,762,000	576,363,000	628,529,000	663,798,000	460,240,000	306,172,000	213,468,000	195,027,000	179,474,000	185,960,000	179,909,000	195,391,000	189,566,000	202,243,000	124,652,000	120,686,000	92,264,000	86,842,000	66,471,000	64,656,000	64,064,000	104,852,000	82,647,000	53,313,000	50,055,000	56,914,000	60,085,000	69,797,000	58,426,000	88,334,000	76,650,000	68,905,000	63,147,000	66,325,000	53,318,000	56,003,000	49,754,000	71,204,421	64,020,703	52,564,885	43,528,591	62,096,284	63,136,398	57,044,768	51,524,518	55,093,772	46,589,790	41,842,664	35,556,425	32,724,457	21,694,313
operating lease assets							77,609,000	68,194,000	69,348,000	58,586,000	52,857,000	38,833,000	38,189,000	38,224,000	37,952,000	38,929,000	39,485,000	41,982,000	40,355,000	40,608,000	41,484,000	39,151,000	36,336,000	35,829,000	32,444,000	32,791,000	32,540,000	32,051,000	30,350,000
billings in excess of cost and estimated earnings							108,020,000	97,493,000	61,267,000	52,903,000	36,880,000	40,459,000	39,326,000	34,796,000	43,173,000	39,787,000	31,729,000	35,918,000	28,018,000	26,561,000	30,211,000	33,984,000	35,320,000	34,896,000	25,350,000	26,618,000	23,234,000	24,380,000	25,354,000	24,363,000	32,516,000	19,907,000	22,462,000	19,871,000	17,772,000	21,494,000	18,145,000	21,189,000	18,723,000	22,259,000	25,880,000	28,744,000	25,492,000	23,930,000	22,736,000	18,291,000	18,968,000	15,639,000	13,723,000	16,932,639	14,532,741	22,525,255	23,200,163	22,271,655	28,246,514	35,223,966	27,947,000	31,345,206	27,452,444	23,192,383	27,555,894	30,870,614	31,737,557
current portion of operating lease liabilities										13,569,000				5,829,000				6,276,000				6,106,000
current portion of long-term debt and financing lease liabilities														331,479,000				78,934,000				69,362,000
commitments and contingencies:
restricted cash, net of current portion																16,675,000	13,323,000		11,588,000
deferred income taxes																				7,159,000	4,474,000	2,363,000	3,994,000	3,218,000	2,470,000	115,000	3,242,000	3,677,000	4,066,000	4,352,000	3,453,000	8,505,000	3,570,000	584,000	2,855,000	3,074,000	4,236,000	9,037,000	2,417,000	1,311,000	1,962,000	4,010,000	6,069,000	5,363,000	5,714,000	5,440,000	6,224,000	6,047,000	4,843,000	4,842,635	4,503,551	4,480,218	6,254,639	5,190,718	7,409,218	6,456,671	6,456,671	12,668,142	11,484,214	12,178,736	9,908,240	10,819,900	10,071,666
long-term debt and financing lease liabilities, net of current portion and deferred financing fees																							278,127,000
long-term debt and financing lease liabilities, net of current portions and deferred financing fees																								295,048,000	285,553,000
long-term debt and financing lease liabilities, less current portions and net of deferred financing fees																										266,181,000	223,766,000	224,025,000	197,014,000
long-term portions of operating lease liabilities, less current portions																										29,101,000
long-term portions of operating lease liabilities, net of current																											28,799,000
long-term portions of operating lease liabilities																												28,308,000	27,305,000
current operating lease liabilities																													5,082,000
current portions of long-term debt and capital lease liabilities																														26,890,000	24,397,000	27,451,000	26,253,000	22,375,000	24,155,000	22,270,000	20,319,000	19,292,000	15,246,000	14,883,000	13,571,000	13,427,000	12,391,000	12,246,000	12,649,000
long-term debt and capital lease liabilities, less current portions and net of deferred financing fees																														219,162,000	226,252,000	221,274,000	218,398,000	173,237,000	178,142,000	172,732,000	173,322,000	140,593,000	113,596,000	104,770,000	91,180,000
project assets																																					339,930,000	319,758,000	279,257,000	256,638,000	247,841,000	244,309,000	239,119,000	223,772,000	214,073,000	217,772,000	216,326,000	210,256,000	214,639,000	210,744,176	227,100,403	229,428,429	214,349,626	207,274,982	197,638,679	188,063,492	181,531,005	169,092,913	148,884,718	143,021,635	145,147,475	134,995,537	126,439,662
liabilities and stockholders’ equity
redeemable non-controlling interest																																					5,685,000	6,847,000	6,797,000	6,765,000	6,722,000	490,000
deferred financing fees																																										5,303,000	5,323,000	4,922,000	4,866,000	4,313,000	4,594,000	5,102,000	5,301,000	5,319,642	5,554,225	6,103,850	5,943,326	5,746,177	2,812,625	2,743,539	2,881,730	3,722,968	3,750,820	3,351,942	3,412,186	3,431,442	4,311,988
long-term debt and capital lease liabilities, less current portions																																										105,793,000	83,240,000	90,566,000	88,154,000
current portion of long-term debt																																														12,255,000	13,623,000	13,498,000	13,734,000	12,973,591	15,653,453	13,921,986	10,742,963	12,452,678	11,363,774	12,268,729	12,370,976	11,115,586	11,037,054	11,044,064	4,722,118	4,932,771	9,304,492
long-term debt, less current portion																																														90,037,000	108,449,000	91,741,000	107,476,000	103,221,845	150,492,409	186,354,568	197,670,955	201,922,172	223,977,467	207,831,163	197,284,536	325,905,269	263,426,767	231,937,832	202,409,484	180,663,431	163,411,373
the accompanying notes are an integral part of these consolidated financial statements.
the accompanying notes are an integral part of these condensed consolidated financial statements.
book overdraft
362,535,007																																																							413,535,486	397,328,352	379,374,525
372,697,518																																																										477,615,928	398,926,819	392,963,506
accrued expenses																																																											7,029,400	12,910,913	10,561,305	13,361,057	9,815,128
federal espc receivable financing																																																												216,131,523	193,551,495	161,920,078	110,087,030
584,407,339																																																												610,204,427
subordinated debt																																																															2,998,750
incomes taxes payable																																																														2,808,209	3,705,988
stockholders’ equity:
series a convertible preferred stock, 0.0001 par value...																																																															321
preferred stock, 0.0001 par value...
common stock, 0.0001 par value...																																																															1,904
class a common stock, 0.0001 par value...																																																														2,792
class b common stock, 0.0001 par value...																																																														1,800
additional paid-in capital																																																														71,308,330	11,986,225
retained earnings																																																														118,909,218	106,868,301
accumulated other comprehensive income																																																														1,224,100	1,090,345
less — treasury stock, at cost, 4,715,884 shares and 4,833,284 shares, respectively																																																														-9,182,571	-9,182,571
total stockholders’ equity																																																														182,263,669	110,764,525

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	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 loss	-14,383,000				-5,606,000
adjustments to reconcile net loss to net cash flows from operating activities:
depreciation of energy assets	28,199,000	26,734,000	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	499,000	518,000	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	0	71,000	62,000					550,000	34,000	121,000
accretion of aro liabilities	124,000	108,000	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	1,990,000	1,772,000	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	565,000	643,000	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
provision for credit losses	4,000		180,000	0	9,000		81,000
gain on disposal of assets					-1,370,000
energy asset impairment	334,000
non-cash production tax credits recognized	-3,439,000
non-cash project revenue related to in-kind leases	-401,000	-760,000	-1,875,000	-2,235,000	-2,274,000	-1,193,000	-624,000	-1,572,000	-775,000
earnings from unconsolidated entities	-98,000	355,000	-266,000	-150,000	-261,000	-68,000	-159,000	-10,000	-555,000		-526,000	-380,000	-450,000
unrealized loss from derivatives	1,790,000
stock-based compensation expense	4,176,000	4,081,000	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	-1,895,000	-10,655,000	-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 loss	628,000			-2,015,000	-1,209,000	3,114,000	-1,925,000	221,000	806,000	-1,516,000	1,110,000	67,000	-29,000	-589,000	-1,000	335,000	132,000		156,000	-51,000	19,000			-11,000	212,000		139,000
changes in operating assets and liabilities:
accounts receivable	8,020,000	-3,059,000	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	5,486,000	-4,493,000	-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	-9,710,000	-24,522,000	-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	89,000	176,000	-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	13,176,000	-129,096,000	-80,314,000	-23,443,000	41,922,000
prepaid expenses and other current assets	8,083,000	-28,946,000	-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	-3,390,000	3,781,000	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	-1,466,000	849,000	-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	-2,966,000	-394,000	-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	-5,762,000		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	5,670,000	-8,303,000	-5,330,000	6,633,000	574,000
other liabilities	73,000	-196,000	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	35,396,000	-42,895,000	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	-542,000	-751,000	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	-90,620,000		-75,244,000	-100,260,000	-107,866,000		-114,411,000
capital investments in major maintenance of energy assets	-5,776,000		-6,544,000	-4,128,000	-5,952,000		-3,070,000
contributions to equity method investments			-190,000	-23,916,000	-158,000		-4,250,000	-1,416,000	-4,776,000
acquisitions, net of cash received		0	-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	-96,938,000	2,242,000	-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	-1,250,000	-1,250,000	-14,250,000
proceeds from long-term corporate debt financings	45,000,000	0	0	0	100,000,000
proceeds on senior secured revolving credit facility
proceeds from long-term energy asset debt financings	182,916,000	185,231,000	77,170,000	177,571,000	112,588,000
payments on long-term energy asset debt and financing leases	-121,996,000	-225,067,000	-38,237,000	-95,037,000	-59,186,000
payments of debt discount and debt issuance costs	-1,801,000	-3,568,000	-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	26,583,000	17,682,000	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 proceeds from energy asset receivable financing arrangements	-196,000		-208,000	-3,806,000	3,599,000	796,000	-64,000	532,000	4,748,000	1,998,000	4,400,000	3,676,000	4,438,000
proceeds from exercises of options and espp	455,000	1,456,000	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	-1,210,000	-2,044,000	-2,492,000	-1,847,000	-1,004,000	-1,000	-363,000	-941,000	-63,000	-1,321,000	0
cash flows from financing activities	128,501,000	12,130,000	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	-1,024,000	-558,000	-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	65,935,000	-29,081,000	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	186,515,000		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	252,450,000		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	31,641,000	29,203,000	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	2,226,000	635,000	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		41,065,000	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	82,575,000	10,921,000	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 recognition of investment tax credits on energy assets					71,783,000
net income		24,922,000	21,841,000			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:
impairment of goodwill
provision for bad debts									1,000		58,000	486,000	93,000		119,000	7,000	237,000
impairment of long-lived assets / loss on disposal
gain on sale of business, net of transaction costs
net gain from derivatives		-2,567,000	813,000			-760,000	3,701,000														-377,000	-1,676,000	454,000	740,000	-223,000	4,000	-184,000	-165,000	-723,000	246,000
accounts payable, accrued expenses, and other current liabilities
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
grant award received on energy asset						-3,000
proceeds from sale of tax credits
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
proceeds from (payments on) senior secured revolving credit facility														-1,100,000	19,000,000	44,000,000	76,000,000
payment on seller's promissory note						-20,000,000	-12,500,000	0	-29,441,000
proceeds from termination of swaps
net (payments on) proceeds from energy asset receivable financing arrangements
contributions from non-controlling interest														19,558,000	229,000	8,325,000	4,594,000
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
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 assumption of loan
non-cash principal payments on loan from itc sale
non-cash contributions from non-controlling interest										6,000	36,000	313,000	109,000	12,510,000
non-cash financing for energy asset project acquisition						0	0	0	32,500,000	0
non-cash portion of investment fund call option exercise
loss on disposal of assets			44,000
unrealized foreign exchange gain																																	492,000		-782,000	-527,000	-185,000
proceeds from sale of investment tax credits			0
net proceeds from equity method investments							135,000
payments on senior secured revolving credit facility			7,000,000				1,500,000
proceeds from termination of interest rate swaps			0
net loss from derivatives					1,335,000				-2,359,000			-424,000	163,000	13,000	-780,000	-1,067,000	1,622,000		667,000
(payments on) proceeds from senior secured revolving credit facility					-57,000,000					72,000,000	-35,000,000
net decrease in cash, cash equivalents, and restricted cash					-31,605,000														-64,000				3,988,000
provision (recoveries of) for bad debts
income taxes receivable (payable)
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
loss on write-off of long-lived assets											0	0	18,000
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) loss 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
accretion of aro
(recoveries of) provision for 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
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
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
provision for (recoveries of) bad debts																			23,000
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
benefit from bad debts																					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
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
unrealized foreign exchange (gain) loss																						-263,000							-59,000		-414,000								514,000	15,000	-806,000
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
capital expenditures																																																		-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:

Ameresco, Inc(NYSE:AMRC)

Ameresco, Inc
(NYSE:AMRC)