Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.19.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Operating activities:    
Net loss $ (304,025) $ (210,671)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization, net of amortization of deferred grants 138,620 113,711
Deferred income taxes (102) 6,590
Stock-based compensation expense 19,420 21,983
Interest on pass-through financing obligations 18,358 12,464
Reduction in pass-through financing obligations (29,408) (16,445)
Other noncash items 16,500 20,636
Changes in operating assets and liabilities:    
Accounts receivable (11,043) (6,063)
Inventories (30,310) (1,551)
Prepaid and other assets (67,329) (54,157)
Accounts payable 6,744 18,289
Accrued expenses and other liabilities 14,531 32,898
Deferred revenue 121,936 21,582
Net cash used in operating activities (106,108) (40,734)
Investing activities:    
Payments for the costs of solar energy systems (594,137) (571,181)
Business acquisition (2,722) 0
Purchases of property and equipment (21,184) (3,079)
Net cash used in investing activities (618,043) (574,260)
Financing activities:    
Proceeds from state tax credits, net of recapture 911 10,949
Payment of debt fees (9,759) (9,839)
Proceeds from pass-through financing and other obligations 7,223 183,620
Early repayment of pass-through financing obligation (7,597) 0
Payment of finance lease obligations (10,449) (6,390)
Contributions received from noncontrolling interests and redeemable noncontrolling interests 571,495 247,704
Distributions paid to noncontrolling interests and redeemable noncontrolling interests (52,893) (50,726)
Acquisition of noncontrolling interest (4,600) 0
Proceeds from exercises of stock options, net of withholding taxes paid on restricted stock units 12,848 8,676
Net cash provided by financing activities 793,164 648,337
Net change in cash and restricted cash 69,013 33,343
Cash and restricted cash, beginning of period 304,399 241,790
Cash and restricted cash, end of period 373,412 275,133
Supplemental disclosures of cash flow information    
Cash paid for interest 69,096 55,601
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 58,914 23,445
Right-of-use assets obtained in exchange for new finance lease liabilities 17,390 9,001
Recourse debt    
Financing activities:    
Proceeds from issuance of debt 140,000 17,000
Repayment of debt (147,965) (17,000)
Non-recourse debt    
Financing activities:    
Proceeds from issuance of debt 682,050 488,376
Repayment of debt $ (388,100) $ (224,033)