v3.25.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Operating activities:    
Net loss $ (834,000) $ (955,266)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization, net of amortization of deferred grants 541,149 458,533
Income tax benefit (207,652) (26,953)
Stock-based compensation expense 79,620 83,956
Interest on pass-through financing obligations 0 8,837
Reduction in pass-through financing obligations 0 (20,787)
Unrealized loss on derivatives 78,704 2,311
Other noncash items 218,094 105,259
Changes in operating assets and liabilities:    
Accounts receivable (95,748) (20,715)
Inventories (167,904) 117,398
Prepaid expenses and other assets (443,908) (470,617)
Accounts payable (35,082) 36,379
Accrued expenses and other liabilities 11,679 76,406
Deferred revenue 143,437 97,465
Deferred tax liabilities 193,223 0
Net cash used in operating activities (518,388) (507,794)
Investing activities:    
Payments for the costs of solar energy systems (2,088,932) (1,907,667)
Purchases of property and equipment, net (2,551) (945)
Net cash used in investing activities (2,091,483) (1,908,612)
Financing activities:    
Proceeds from state tax credits, net of recapture 9,668 5,203
Proceeds from trade receivable financing 167,081 0
Repayment of trade receivable financing (195,584) 0
Proceeds from line of credit 200,486 305,556
Repayment of line of credit (265,502) (452,534)
Proceeds from issuance of convertible senior notes, net of capped call transaction 0 444,822
Repurchase of convertible senior notes (2,124) (229,346)
Proceeds from issuance of non-recourse debt 3,896,379 3,364,956
Repayment of non-recourse debt (2,170,694) (1,692,214)
Payment of debt fees (63,930) (93,747)
Proceeds from pass-through financing and other obligations, net 0 4,795
Repayment of pass-through financing obligation 0 (240,288)
Payment of finance lease obligations (19,037) (20,635)
Contributions received from noncontrolling interests and redeemable noncontrolling interests 1,460,099 1,290,486
Distributions paid to noncontrolling interests and redeemable noncontrolling interests (177,099) (238,388)
Acquisition of noncontrolling interest (30,704) (21,434)
Proceeds from transfer of investment tax credits 1,156,652 557,111
Payments to redeemable noncontrolling interests and noncontrolling interests of investment tax credits (1,156,652) (557,111)
Net proceeds related to stock-based award activities 9,172 11,953
Net cash provided by financing activities 2,818,211 2,439,185
Net change in cash and restricted cash 208,340 22,779
Cash and restricted cash, beginning of period 947,416 987,838
Cash and restricted cash, end of period 1,155,756 1,010,617
Supplemental disclosures of cash flow information    
Cash paid for interest 547,317 423,839
Cash paid for income taxes 0 0
Supplemental disclosures of noncash investing and financing activities    
Purchases of solar energy systems and property and equipment included in accounts payable and accrued expenses 58,229 59,658
Right-of-use assets obtained in exchange for new finance lease liabilities $ 2,732 $ 35,507

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