Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.21.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Operating activities:    
Net loss $ (204,322) $ (109,549)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization, net of amortization of deferred grants 91,955 51,021
Deferred income taxes (14,126) (3,342)
Stock-based compensation expense 78,029 7,309
Bonus liability converted to RSUs 0 11,636
Interest on pass-through financing obligations 5,394 5,877
Reduction in pass-through financing obligations (10,219) (9,689)
Other noncash items (28,451) 11,442
Changes in operating assets and liabilities:    
Accounts receivable (32,311) 11,044
Inventories (6,727) 2,957
Prepaid and other assets (88,469) 1,115
Accounts payable 1,479 (55,604)
Accrued expenses and other liabilities 14,113 (51,667)
Deferred revenue 8,008 10,565
Net cash used in operating activities (185,647) (116,885)
Investing activities:    
Payments for the costs of solar energy systems (357,012) (207,360)
Purchases of property and equipment, net (39) (3,105)
Net cash used in investing activities (357,051) (210,465)
Financing activities:    
Payment of debt fees (15,360) 0
Proceeds from pass-through financing and other obligations 2,486 1,762
Payment of finance lease obligations (3,087) (2,953)
Contributions received from noncontrolling interests and redeemable noncontrolling interests 247,693 170,904
Distributions paid to noncontrolling interests and redeemable noncontrolling interests (47,913) (18,992)
Acquisition of noncontrolling interest (4,195) 0
Net proceeds related to stock-based award activities 8,541 2,419
Net cash provided by financing activities 647,923 330,369
Net change in cash and restricted cash 105,225 3,019
Cash and restricted cash, beginning of period 708,208 363,229
Cash and restricted cash, end of period 813,433 366,248
Supplemental disclosures of cash flow information    
Cash paid for interest 55,910 28,435
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 60,770 43,664
Right-of-use assets obtained in exchange for new finance lease liabilities 1,090 180
Recourse debt    
Financing activities:    
Proceeds from issuance of debt 579,694 43,475
Repayment of debt (258,160) (45,000)
Non-recourse debt    
Financing activities:    
Proceeds from issuance of debt 431,633 191,751
Repayment of debt $ (293,409) $ (12,997)