v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities:      
Net loss $ (4,355,217) $ (2,682,841) $ (849,645)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization, net of amortization of deferred grants 620,876 531,669 451,046
Goodwill impairment 3,122,168 1,158,000 0
Deferred income taxes (26,817) (12,716) 2,291
Stock-based compensation expense 112,825 111,781 110,633
Interest on pass-through financing obligations 8,837 19,504 20,076
Reduction in pass-through financing obligations (20,787) (40,352) (41,164)
Unrealized (gain) loss on derivatives (120,008) 28,105 (184,904)
Other noncash items 210,479 261,390 53,651
Changes in operating assets and liabilities:      
Accounts receivable (14,974) 15,748 (86,762)
Inventories 57,663 324,158 (277,085)
Prepaid expenses and other current assets (771,997) (476,628) (378,807)
Accounts payable 177,449 (108,785) 40,458
Accrued expenses and other liabilities 80,588 (56,473) 64,122
Deferred revenue 152,762 106,700 227,297
Net cash used in operating activities (766,153) (820,740) (848,793)
Investing activities:      
Payments for the costs of solar energy systems (2,699,452) (2,587,183) (1,992,863)
Purchase of equity investment 0 (5,000) (75,000)
Purchases of property and equipment, net (1,572) (20,960) (18,203)
Net cash used in investing activities (2,701,024) (2,613,143) (2,086,066)
Financing activities:      
Proceeds from state tax credits, net of recapture 5,203 4,033 0
Proceeds from trade receivable financing 124,261 41,225 0
Repayment of trade receivable financing 0 (41,225) 0
Proceeds from line of credit 354,256 1,124,675 1,165,267
Repayment of line of credit (509,532) (1,090,331) (871,175)
Proceeds from issuance of convertible senior notes, net of capped call transaction 444,822 0 0
Repurchase of convertible senior notes (346,581) (1,545) 0
Payment of debt fees (93,875) (47,342) (62,994)
Proceeds from pass-through financing and other obligations, net 4,795 8,812 3,645
Repayment of pass-through financing obligation (240,288) 0 0
Payment of finance lease obligations (27,240) (23,279) (14,146)
Contributions received from noncontrolling interests and redeemable noncontrolling interests 1,811,966 1,572,399 1,414,793
Distributions paid to noncontrolling interests and redeemable noncontrolling interests (308,657) (225,114) (217,633)
Acquisition of noncontrolling interest (26,195) (46,274) (42,571)
Net proceeds related to stock-based award activities 18,876 22,611 32,863
Proceeds from transfer of investment tax credits 705,697 6,980 0
Payments to redeemable noncontrolling interests and noncontrolling interests of investment tax credits (705,697) (6,980) 0
Net cash provided by financing activities 3,426,755 3,468,698 3,037,451
Net change in cash and restricted cash (40,422) 34,815 102,592
Cash and restricted cash, beginning of period 987,838 953,023 850,431
Cash and restricted cash, end of period 947,416 987,838 953,023
Supplemental disclosures of cash flow information      
Cash paid for interest 591,285 433,050 300,118
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 40,814 61,740 61,327
Right-of-use assets obtained in exchange for new finance lease liabilities 36,991 87,726 21,030
Portion of solar energy systems financed with seller financing, included within non-recourse debt 0 0 0
Non Recourse Debt      
Financing activities:      
Proceeds from issuance of non-recourse debt 4,009,906 3,745,580 3,428,830
Repayment of non-recourse debt $ (1,794,962) $ (1,575,527) $ (1,799,428)

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