Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.22.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating activities:    
Net loss $ (156,469) $ (204,322)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization, net of amortization of deferred grants 106,110 91,955
Deferred income taxes (3,277) (14,126)
Stock-based compensation expense 39,219 78,029
Interest on pass-through financing obligations 5,010 5,394
Reduction in pass-through financing obligations (9,826) (10,219)
Unrealized gain on derivatives (66,182) (46,490)
Other noncash items (28,173) 18,039
Changes in operating assets and liabilities:    
Accounts receivable (57,232) (32,311)
Inventories (49,127) (6,727)
Prepaid and other assets (136,843) (88,469)
Accounts payable 100,425 1,479
Accrued expenses and other liabilities (27,780) 14,113
Deferred revenue 27,736 8,008
Net cash used in operating activities (256,409) (185,647)
Investing activities:    
Payments for the costs of solar energy systems (420,630) (357,012)
Purchase of equity investment (75,000) 0
Purchases of property and equipment, net (6,471) (39)
Net cash used in investing activities (502,101) (357,051)
Financing activities:    
Proceeds from line of credit 490,000 207,694
Repayment of line of credit (231,066) (258,160)
Proceeds from issuance of convertible senior notes, net of capped call transaction 0 372,000
Payment of debt fees (8,571) (15,360)
Proceeds from pass-through financing and other obligations 1,911 2,486
Payment of finance lease obligations (3,299) (3,087)
Contributions received from noncontrolling interests and redeemable noncontrolling interests 230,493 247,693
Distributions paid to noncontrolling interests and redeemable noncontrolling interests (51,245) (47,913)
Acquisition of noncontrolling interest (30,173) (4,195)
Net proceeds related to stock-based award activities 2,529 8,541
Net cash provided by financing activities 770,694 647,923
Net change in cash and restricted cash 12,184 105,225
Cash and restricted cash, beginning of period 850,431 708,208
Cash and restricted cash, end of period 862,615 813,433
Supplemental disclosures of cash flow information    
Cash paid for interest 68,892 55,910
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 47,660 60,770
Right-of-use assets obtained in exchange for new finance lease liabilities 4,160 1,090
Non-recourse debt    
Financing activities:    
Proceeds from issuance of non-recourse debt 453,700 431,633
Repayment of non-recourse debt $ (83,585) $ (293,409)