Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.19.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Operating activities:    
Net loss $ (191,491) $ (163,147)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization, net of amortization of deferred grants 89,019 73,980
Deferred income taxes (5,271) 12,582
Stock-based compensation expense 12,566 16,242
Interest on pass-through financing obligations 12,378 7,002
Reduction in pass-through financing obligations (19,702) (10,142)
Other noncash items 6,714 12,131
Changes in operating assets and liabilities:    
Accounts receivable (12,848) 495
Inventories (10,362) 13,123
Prepaid and other assets (49,771) (34,013)
Accounts payable (1,567) (32,840)
Accrued expenses and other liabilities 1,525 31,676
Deferred revenue 112,195 15,190
Net cash provided by (used in) operating activities (56,615) (57,721)
Investing activities:    
Payments for the costs of solar energy systems (388,430) (346,962)
Purchases of property and equipment (13,950) (2,762)
Net cash used in investing activities (402,380) (349,724)
Financing activities:    
Proceeds from state tax credits, net of recapture 2,329 10,434
Payment of debt fees (7,462) (9,133)
Proceeds from pass-through financing and other obligations 5,282 98,172
Early repayment of pass-through financing obligation (7,597) 0
Payment of finance lease obligations (6,445) (4,081)
Contributions received from noncontrolling interests and redeemable noncontrolling interests 330,311 167,468
Distributions paid to noncontrolling interests and redeemable noncontrolling interests (35,607) (33,301)
Acquisition of noncontrolling interest (4,600) 0
Proceeds from exercises of stock options, net of withholding taxes paid on restricted stock units 12,442 4,944
Net cash provided by financing activities 508,463 436,058
Net change in cash and restricted cash 49,468 28,613
Cash and restricted cash, beginning of period 304,399 241,790
Cash and restricted cash, end of period 353,867 270,403
Supplemental disclosures of cash flow information    
Cash paid for interest 37,782 33,509
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 50,549 22,472
Right-of-use assets obtained in exchange for new finance lease liabilities 12,484 3,662
Recourse debt    
Financing activities:    
Proceeds from issuance of debt 55,000 2,000
Repayment of debt (62,965) (2,000)
Non-recourse debt    
Financing activities:    
Proceeds from issuance of debt 541,249 250,232
Repayment of debt $ (313,474) $ (48,677)