v3.25.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating activities:    
Net loss $ (277,171) $ (283,150)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization, net of amortization of deferred grants 169,890 150,520
Deferred income taxes (110,550) (2,202)
Stock-based compensation expense 25,005 28,869
Interest on pass-through financing obligations 0 4,756
Reduction in pass-through financing obligations 0 (9,335)
Unrealized loss (gain) on derivatives 45,070 (55,103)
Other noncash items 61,499 14,639
Changes in operating assets and liabilities:    
Accounts receivable (6,906) (1,371)
Inventories (12,318) 47,753
Prepaid expenses and other assets (45,761) (135,678)
Accounts payable (15,618) 59,641
Accrued expenses and other liabilities 27,910 3,395
Deferred revenue 34,744 34,173
Net cash used in operating activities (104,206) (143,093)
Investing activities:    
Payments for the costs of solar energy systems (654,802) (538,975)
Purchases of property and equipment, net (219) 3,531
Net cash used in investing activities (655,021) (535,444)
Financing activities:    
Repayment of trade receivable financing (24,742) 0
Proceeds from line of credit 148,824 139,805
Repayment of line of credit (174,557) (292,305)
Proceeds from issuance of convertible senior notes, net of capped call transaction 0 444,822
Repurchase of convertible senior notes (2,124) (173,715)
Payment of debt fees (28,018) (47,779)
Proceeds from pass-through financing and other obligations, net 0 1,808
Repayment of pass-through financing obligation 0 (20,000)
Payment of finance lease obligations (6,483) (6,732)
Contributions received from noncontrolling interests and redeemable noncontrolling interests 255,900 164,337
Distributions paid to noncontrolling interests and redeemable noncontrolling interests (60,253) (74,834)
Acquisition of noncontrolling interest 0 (1,159)
Proceeds from transfer of investment tax credits 624,776 106,529
Payments to redeemable noncontrolling interests and noncontrolling interests of investment tax credits (624,776) (106,529)
Net proceeds related to stock-based award activities 21 1,056
Net cash provided by financing activities 790,714 473,878
Net change in cash and restricted cash 31,487 (204,659)
Cash and restricted cash, beginning of period 947,416 987,838
Cash and restricted cash, end of period 978,903 783,179
Supplemental disclosures of cash flow information    
Cash paid for interest 172,332 136,711
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 41,421 59,370
Right-of-use assets obtained in exchange for new finance lease liabilities 1,750 14,891
Non-recourse debt    
Financing activities:    
Proceeds from issuance of non-recourse debt 1,520,629 770,106
Repayment of non-recourse debt $ (838,483) $ (431,532)

Source

HTML PDF
ZIP