v3.23.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating activities:    
Net loss $ (335,773) $ (156,469)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization, net of amortization of deferred grants 123,105 106,110
Deferred income taxes (59,613) (3,277)
Stock-based compensation expense 28,266 39,219
Interest on pass-through financing obligations 4,862 5,010
Reduction in pass-through financing obligations (9,641) (9,826)
Unrealized gain (loss) on derivatives 30,721 (66,182)
Other noncash items 27,366 (28,173)
Changes in operating assets and liabilities:    
Accounts receivable (9,385) (57,232)
Inventories (103,986) (49,127)
Prepaid and other assets (109,454) (136,843)
Accounts payable (1,428) 100,425
Accrued expenses and other liabilities (26,776) (27,780)
Deferred revenue 2,413 27,736
Net cash used in operating activities (439,323) (256,409)
Investing activities:    
Payments for the costs of solar energy systems (506,314) (420,630)
Purchase of equity investment 0 (75,000)
Purchases of property and equipment, net (3,996) (6,471)
Net cash used in investing activities (510,310) (502,101)
Financing activities:    
Proceeds from state tax credits, net of recapture 4,033 0
Proceeds from line of credit 143,331 490,000
Repayment of line of credit (96,236) (231,066)
Payment of debt fees (733) (8,571)
Proceeds from pass-through financing and other obligations, net 2,004 1,911
Payment of finance lease obligations (4,477) (3,299)
Contributions received from noncontrolling interests and redeemable noncontrolling interests 397,750 230,493
Distributions paid to noncontrolling interests and redeemable noncontrolling interests (63,901) (51,245)
Acquisition of noncontrolling interest (7,175) (30,173)
Net proceeds related to stock-based award activities 1,328 2,529
Net cash provided by financing activities 839,836 770,694
Net change in cash and restricted cash (109,797) 12,184
Cash and restricted cash, beginning of period 953,023 850,431
Cash and restricted cash, end of period 843,226 862,615
Supplemental disclosures of cash flow information    
Cash paid for interest 93,988 68,892
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 69,557 47,660
Right-of-use assets obtained in exchange for new finance lease liabilities 10,175 4,160
Non-recourse debt    
Financing activities:    
Proceeds from issuance of non-recourse debt 514,880 453,700
Repayment of non-recourse debt $ (50,968) $ (83,585)

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