v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating activities:    
Net loss $ (297,333) $ (277,171)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization, net of amortization of deferred grants 189,556 169,890
Deferred income taxes 7,067 (110,550)
Stock-based compensation expense 26,302 25,005
Unrealized (gain) loss on derivatives (18,366) 45,070
Other noncash items 79,797 61,499
Changes in operating assets and liabilities:    
Accounts receivable 22,086 (6,906)
Inventories 30,896 (12,318)
Prepaid expenses and other assets (137,889) (45,761)
Accounts payable 78,710 (15,618)
Accrued expenses and other liabilities (16,107) 27,910
Deferred revenue 17,243 34,744
Deferred tax liabilities 28,661 0
Net cash provided by (used in) operating activities 10,623 (104,206)
Investing activities:    
Payments for the costs of energy systems (424,428) (654,802)
Purchase of equity investment (3,717) 0
Purchases of property and equipment, net (409) (219)
Net cash used in investing activities (428,554) (655,021)
Financing activities:    
Proceeds from state tax credits, net of recapture 12,384 0
Repayment of trade receivable financing 0 (24,742)
Proceeds from line of credit 182,500 148,824
Repayment of line of credit (268,622) (174,557)
Proceeds from issuance of convertible senior notes, net of capped call transaction 0 0
Repurchase of convertible senior notes (5,457) (2,124)
Proceeds from issuance of non-recourse debt 808,005 1,520,629
Repayment of non-recourse debt (665,674) (838,483)
Payment of debt fees (18,238) (28,018)
Proceeds from pass-through financing and other obligations, net 0 0
Repayment of pass-through financing obligation 0 0
Payment of finance lease obligations (6,121) (6,483)
Contributions received from noncontrolling interests and redeemable noncontrolling interests 305,812 255,900
Distributions paid to noncontrolling interests and redeemable noncontrolling interests (75,650) (60,253)
Acquisition of noncontrolling interest 0 0
Proceeds from transfer of investment tax credits 340,110 624,776
Payments to redeemable noncontrolling interests and noncontrolling interests of investment tax credits (340,110) (624,776)
Net proceeds related to stock-based award activities 1,275 21
Net cash provided by financing activities 270,214 790,714
Net change in cash and restricted cash (147,717) 31,487
Cash and restricted cash, beginning of period 1,236,988 947,416
Cash and restricted cash, end of period 1,089,271 978,903
Supplemental disclosures of cash flow information    
Cash paid for interest 210,725 172,332
Cash paid for income taxes 0 0
Supplemental disclosures of noncash investing and financing activities    
Purchases of energy systems and property and equipment included in accounts payable and accrued expenses 31,173 41,421
Right-of-use assets obtained in exchange for new finance lease liabilities 41 1,750
Purchases of energy systems included in inventory $ 25,000 $ 0

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