v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities:      
Net loss $ (2,682,841) $ (849,645) $ (980,530)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization, net of amortization of deferred grants 531,669 451,046 388,096
Goodwill impairment 1,158,000 0 0
Deferred income taxes (12,716) 2,291 9,607
Stock-based compensation expense 111,781 110,633 211,000
Interest on pass-through financing obligations 19,504 20,076 21,431
Reduction in pass-through financing obligations (40,352) (41,164) (42,309)
Unrealized gain on derivatives 28,105 (184,904) (21,686)
Other noncash items 261,390 53,651 82,286
Changes in operating assets and liabilities:      
Accounts receivable 15,748 (86,762) (62,124)
Inventories 324,158 (277,085) (223,774)
Prepaid expenses and other current assets (476,628) (378,807) (377,505)
Accounts payable (108,785) 40,458 66,932
Accrued expenses and other liabilities (56,473) 64,122 33,195
Deferred revenue 106,700 227,297 78,195
Net cash used in operating activities (820,740) (848,793) (817,186)
Investing activities:      
Payments for the costs of solar energy systems (2,587,183) (1,992,863) (1,677,609)
Purchase of equity investment (5,000) (75,000) 0
Purchases of property and equipment, net (20,960) (18,203) (8,576)
Net cash used in investing activities (2,613,143) (2,086,066) (1,686,185)
Financing activities:      
Proceeds from state tax credits, net of recapture 4,033 0 0
Proceeds from line of credit 1,165,900 1,165,267 738,046
Repayment of line of credit (1,131,556) (871,175) (757,640)
Proceeds from issuance of convertible senior notes, net of capped call transaction 0 0 372,000
Repurchase of convertible senior notes (1,545) 0 0
Payment of debt fees (47,342) (62,994) (53,793)
Proceeds from pass-through financing and other obligations, net 8,812 3,645 10,032
Repayment of pass-through financing obligation 0 0 (18,050)
Payment of finance lease obligations (23,279) (14,146) (12,352)
Contributions received from noncontrolling interests and redeemable noncontrolling interests 1,572,399 1,414,793 1,238,732
Distributions paid to noncontrolling interests and redeemable noncontrolling interests (225,114) (217,633) (196,466)
Acquisition of noncontrolling interest (46,274) (42,571) (41,955)
Net proceeds related to stock-based award activities 22,611 32,863 36,141
Net cash provided by financing activities 3,468,698 3,037,451 2,645,594
Net change in cash and restricted cash 34,815 102,592 142,223
Cash and restricted cash, beginning of period 953,023 850,431 708,208
Cash and restricted cash, end of period 987,838 953,023 850,431
Supplemental disclosures of cash flow information      
Cash paid for interest 433,050 300,118 225,250
Cash paid for income taxes 0 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 61,740 61,327 50,386
Right-of-use assets obtained in exchange for new finance lease liabilities 87,726 21,030 11,055
Portion of solar energy systems financed with seller financing, included within non-recourse debt 0 0 37,000
Non Recourse Debt      
Financing activities:      
Proceeds from issuance of non-recourse debt 3,745,580 3,428,830 2,186,990
Repayment of non-recourse debt $ (1,575,527) $ (1,799,428) $ (856,091)

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