v3.22.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating activities:    
Net loss $ (366,225) $ (417,731)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization, net of amortization of deferred grants 213,236 187,145
Deferred income taxes 0 (28,689)
Stock-based compensation expense 65,872 121,492
Interest on pass-through financing obligations 10,057 10,846
Reduction in pass-through financing obligations (19,698) (21,158)
Unrealized gain on derivatives (123,716) (35,395)
Other noncash items 6,505 35,887
Changes in operating assets and liabilities:    
Accounts receivable (79,466) (72,359)
Inventories (40,600) (58,378)
Prepaid and other assets (173,400) (185,557)
Accounts payable (34,497) 52,297
Accrued expenses and other liabilities 20,125 18,697
Deferred revenue 67,546 37,139
Net cash used in operating activities (454,261) (355,764)
Investing activities:    
Payments for the costs of solar energy systems (940,995) (751,539)
Purchase of equity investment (75,000) 0
Purchases of property and equipment, net (4,303) (5,512)
Net cash used in investing activities (1,020,298) (757,051)
Financing activities:    
Proceeds from line of credit 780,967 424,979
Repayment of line of credit (441,066) (438,356)
Proceeds from issuance of convertible senior notes, net of capped call transaction 0 371,998
Payment of debt fees (30,589) (28,877)
Proceeds from pass-through financing and other obligations 4,262 5,298
Payment of finance lease obligations (6,776) (6,137)
Contributions received from noncontrolling interests and redeemable noncontrolling interests 531,751 575,990
Distributions paid to noncontrolling interests and redeemable noncontrolling interests (100,331) (89,734)
Acquisition of noncontrolling interest (30,173) (4,195)
Net proceeds related to stock-based award activities 17,836 19,007
Net cash provided by financing activities 1,487,256 1,262,210
Net change in cash and restricted cash 12,697 149,395
Cash and restricted cash, beginning of period 850,431 708,208
Cash and restricted cash, end of period 863,128 857,603
Supplemental disclosures of cash flow information    
Cash paid for interest 128,737 104,060
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 56,233 69,255
Right-of-use assets obtained in exchange for new finance lease liabilities 10,367 3,164
Non-recourse debt    
Financing activities:    
Proceeds from issuance of non-recourse debt 1,385,978 758,032
Repayment of non-recourse debt $ (624,603) $ (325,795)

Source