Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.21.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Operating activities:    
Net loss $ (417,731) $ (244,098)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization, net of amortization of deferred grants 187,145 103,015
Deferred income taxes (28,689) (3,131)
Stock-based compensation expense 121,492 29,327
Interest on pass-through financing obligations 10,846 11,773
Reduction in pass-through financing obligations (21,158) (19,258)
Other noncash items 492 20,301
Changes in operating assets and liabilities:    
Accounts receivable (72,359) 15,128
Inventories (58,378) 50,064
Prepaid and other assets (185,557) (14,345)
Accounts payable 52,297 (98,935)
Accrued expenses and other liabilities 18,697 (15,198)
Deferred revenue 37,139 13,104
Net cash used in operating activities (355,764) (152,253)
Investing activities:    
Payments for the costs of solar energy systems (751,539) (362,080)
Purchases of property and equipment, net (5,512) (2,337)
Net cash used in investing activities (757,051) (364,417)
Financing activities:    
Proceeds from state tax credits, net of recapture 0 6,219
Proceeds from line of credit 424,979 43,475
Repayment of line of credit (438,356) (46,525)
Proceeds from issuance of convertible senior notes, net of capped call transaction 371,998 0
Payment of debt fees (28,877) 0
Proceeds from pass-through financing and other obligations 5,298 3,721
Payment of finance lease obligations (6,137) (5,545)
Contributions received from noncontrolling interests and redeemable noncontrolling interests 575,990 374,949
Distributions paid to noncontrolling interests and redeemable noncontrolling interests (89,734) (39,929)
Acquisition of noncontrolling interest (4,195) 0
Net proceeds related to stock-based award activities 19,007 11,369
Net cash provided by financing activities 1,262,210 507,673
Net change in cash and restricted cash 149,395 (8,997)
Cash and restricted cash, beginning of period 708,208 363,229
Cash and restricted cash, end of period 857,603 354,232
Supplemental disclosures of cash flow information    
Cash paid for interest 104,060 56,766
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 69,255 75,190
Right-of-use assets obtained in exchange for new finance lease liabilities 3,164 213
Non-recourse debt    
Financing activities:    
Proceeds from issuance of debt 758,032 197,251
Repayment of debt $ (325,795) $ (37,312)