Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.20.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Operating activities:    
Net loss $ (244,098) $ (191,491)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization, net of amortization of deferred grants 103,015 89,019
Deferred income taxes (3,131) (5,271)
Stock-based compensation expense 29,327 12,566
Interest on pass-through financing obligations 11,773 12,378
Reduction in pass-through financing obligations (19,258) (19,702)
Other noncash items 20,301 6,714
Changes in operating assets and liabilities:    
Accounts receivable 15,128 (12,848)
Inventories 50,064 (10,362)
Prepaid and other assets (14,345) (49,771)
Accounts payable (98,935) (1,567)
Accrued expenses and other liabilities (15,198) 1,525
Deferred revenue 13,104 112,195
Net cash used in operating activities (152,253) (56,615)
Investing activities:    
Payments for the costs of solar energy systems (362,080) (388,430)
Purchases of property and equipment, net (2,337) (13,950)
Net cash used in investing activities (364,417) (402,380)
Financing activities:    
Proceeds from state tax credits, net of recapture 6,219 2,329
Payment of debt fees 0 (7,462)
Proceeds from pass-through financing and other obligations 3,721 5,282
Early repayment of pass-through financing obligation 0 (7,597)
Payment of finance lease obligations (5,545) (6,445)
Contributions received from noncontrolling interests and redeemable noncontrolling interests 374,949 330,311
Distributions paid to noncontrolling interests and redeemable noncontrolling interests (39,929) (35,607)
Acquisition of noncontrolling interest 0 (4,600)
Proceeds from exercises of stock options, net of withholding taxes paid on restricted stock units 11,369 12,442
Net cash provided by financing activities 507,673 508,463
Net change in cash and restricted cash (8,997) 49,468
Cash and restricted cash, beginning of period 363,229 304,399
Cash and restricted cash, end of period 354,232 353,867
Supplemental disclosures of cash flow information    
Cash paid for interest 56,766 37,782
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 75,190 50,549
Right-of-use assets obtained in exchange for new finance lease liabilities 213 12,484
Recourse debt    
Financing activities:    
Proceeds from issuance of debt 43,475 55,000
Repayment of debt (46,525) (62,965)
Non-recourse debt    
Financing activities:    
Proceeds from issuance of debt 197,251 541,249
Repayment of debt $ (37,312) $ (313,474)