Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.20.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Operating activities:      
Net loss $ (626,948) $ (391,022) $ (260,186)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization, net of amortization of deferred grants 242,942 187,163 156,007
Deferred income taxes (60,573) (8,218) 9,322
Stock-based compensation expense 170,587 26,306 27,856
Interest on pass-through financing obligations 23,166 24,326 19,205
Reduction in pass-through financing obligations (39,188) (39,083) (25,005)
Other noncash items 51,040 25,780 25,484
Changes in operating assets and liabilities:      
Accounts receivable 4,988 (14,864) (5,707)
Inventories 47,554 (181,104) 14,960
Prepaid and other assets (117,033) (81,630) (75,924)
Accounts payable (45,718) 67,356 8,848
Accrued expenses and other liabilities (10,306) 42,081 15,286
Deferred revenue 41,517 138,422 27,393
Net cash used in operating activities (317,972) (204,487) (62,461)
Investing activities:      
Payments for the costs of solar energy systems (966,580) (815,188) (806,365)
Business combination, net of cash acquired 537,242 (2,722) 0
Purchase of equity method investment (65,356) 0 0
Purchases of property and equipment, net (3,095) (25,345) (4,951)
Net cash used in investing activities (497,789) (843,255) (811,316)
Financing activities:      
Proceeds from state tax credits, net of recapture 5,683 2,253 10,887
Payment of debt fees (14,083) (28,687) (24,849)
Proceeds from pass-through financing and other obligations 8,701 9,140 217,082
Early repayment of pass-through financing obligations 0 (7,597) 0
Payment of finance lease obligations (10,578) (13,919) (9,220)
Payment of finance lease obligations     (9,025)
Contributions received from noncontrolling interests and redeemable noncontrolling interests 818,061 711,914 345,147
Distributions paid to noncontrolling interests and redeemable noncontrolling interests (111,223) (76,654) (78,398)
Acquisition of noncontrolling interests (2,694) (4,600) 0
Net proceeds related to stock-based award activities 48,664 16,196 12,592
Proceeds from shares issued in connection with a subscription agreement 75,000 0 0
Repurchase of common stock 0 (5,000) 0
Net cash provided by financing activities 1,160,740 1,106,572 936,386
Net change in cash and restricted cash 344,979 58,830 62,609
Cash and restricted cash, beginning of period 363,229 304,399 241,790
Cash and restricted cash, end of period 708,208 363,229 304,399
Supplemental disclosures of cash flow information      
Cash paid for interest 119,626 99,472 76,313
Cash paid for income taxes 0 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 66,433 51,719 27,169
Right-of-use assets obtained in exchange for finance lease liabilities 4,265 17,914 14,302
Recourse debt      
Financing activities:      
Proceeds from issuance of debt 182,700 185,450 17,000
Repayment of debt (191,525) (192,965) (17,000)
Non Recourse Debt      
Financing activities:      
Proceeds from issuance of debt 751,493 1,181,549 980,544
Repayment of debt $ (399,459) $ (670,508) $ (517,594)