v3.20.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating activities:    
Net loss $ (109,549) $ (86,906)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation and amortization, net of amortization of deferred grants 51,021 43,661
Deferred income taxes (3,342) (3,361)
Stock-based compensation expense 7,309 5,783
Bonus liability converted to RSUs 11,636 0
Interest on pass-through financing obligations 5,877 6,472
Reduction in pass-through financing obligations (9,689) (9,986)
Other noncash items 11,442 1,489
Changes in operating assets and liabilities:    
Accounts receivable 11,044 (147)
Inventories 2,957 3,283
Prepaid and other assets 1,115 (35,868)
Accounts payable (55,604) (22,577)
Accrued expenses and other liabilities (51,667) 7,724
Deferred revenue 10,565 101,848
Net cash (used in) provided by operating activities (116,885) 11,415
Investing activities:    
Payments for the costs of solar energy systems (207,360) (198,880)
Purchases of property and equipment (3,105) (2,517)
Net cash used in investing activities (210,465) (201,397)
Financing activities:    
Proceeds from state tax credits, net of recapture 0 2,604
Payment of debt fees 0 (2,654)
Proceeds from pass-through financing and other obligations 1,762 1,785
Early repayment of pass-through financing obligation 0 (7,597)
Payment of finance lease obligations (2,953) (3,001)
Contributions received from noncontrolling interests and redeemable noncontrolling interests 170,904 152,149
Distributions paid to noncontrolling interests and redeemable noncontrolling interests (18,992) (18,447)
Acquisition of noncontrolling interest 0 (4,600)
Proceeds from exercises of stock options, net of withholding taxes paid on restricted stock units 2,419 839
Net cash provided by financing activities 330,369 195,517
Net change in cash and restricted cash 3,019 5,535
Cash and restricted cash, beginning of period 363,229 304,399
Cash and restricted cash, end of period 366,248 309,934
Supplemental disclosures of cash flow information    
Cash paid for interest 28,435 20,058
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 43,664 24,303
Right-of-use assets obtained in exchange for new finance lease liabilities 180 3,543
Recourse debt    
Financing activities:    
Proceeds from issuance of debt 43,475 40,000
Repayment of debt (45,000) (47,965)
Non-recourse debt    
Financing activities:    
Proceeds from issuance of debt 191,751 181,652
Repayment of debt $ (12,997) $ (99,248)

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