Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities:      
Net loss $ (849,645) $ (980,530) $ (626,948)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization, net of amortization of deferred grants 451,046 388,096 242,942
Deferred income taxes 2,291 9,607 (60,573)
Stock-based compensation expense 110,633 211,000 170,587
Interest on pass-through financing obligations 20,076 21,431 23,166
Reduction in pass-through financing obligations (41,164) (42,309) (39,188)
Unrealized gain on derivatives (184,904) (21,686) (453)
Other noncash items 53,651 82,286 51,040
Changes in operating assets and liabilities:      
Accounts receivable (86,762) (62,124) 4,988
Inventories (277,085) (223,774) 47,554
Prepaid and other assets (378,807) (377,505) (117,033)
Accounts payable 40,458 66,932 (45,718)
Accrued expenses and other liabilities 64,122 33,195 (9,853)
Deferred revenue 227,297 78,195 41,517
Net cash used in operating activities (848,793) (817,186) (317,972)
Investing activities:      
Payments for the costs of solar energy systems (1,992,863) (1,677,609) (966,580)
Business combination, net of cash acquired 0 0 537,242
Purchase of equity investment (75,000) 0 (65,356)
Purchases of property and equipment, net (18,203) (8,576) (3,095)
Net cash used in investing activities (2,086,066) (1,686,185) (497,789)
Financing activities:      
Proceeds from state tax credits, net of recapture 0 0 5,683
Proceeds from line of credit 1,165,267 738,046 182,700
Repayment of line of credit (871,175) (757,640) (191,525)
Proceeds from issuance of convertible senior notes, net of capped call transaction 0 372,000 0
Payment of debt fees (62,994) (53,793) (14,083)
Proceeds from pass-through financing and other obligations, net 3,645 10,032 8,701
Repayment of pass-through financing obligation 0 (18,050) 0
Payment of finance lease obligations (14,146) (12,352) (10,578)
Contributions received from noncontrolling interests and redeemable noncontrolling interests 1,414,793 1,238,732 818,061
Distributions paid to noncontrolling interests and redeemable noncontrolling interests (217,633) (196,466) (111,223)
Acquisition of noncontrolling interest (42,571) (41,955) (2,694)
Net proceeds related to stock-based award activities 32,863 36,141 48,664
Proceeds from shares issued in connection with a subscription agreement 0 0 75,000
Net cash provided by financing activities 3,037,451 2,645,594 1,160,740
Net change in cash and restricted cash 102,592 142,223 344,979
Cash and restricted cash, beginning of period 850,431 708,208 363,229
Cash and restricted cash, end of period 953,023 850,431 708,208
Supplemental disclosures of cash flow information      
Cash paid for interest 300,118 225,250 119,626
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 61,327 50,386 66,433
Right-of-use assets obtained in exchange for new finance lease liabilities 21,030 11,055 4,265
Portion of solar energy systems financed with seller financing, included within non-recourse debt 0 37,000 0
Non Recourse Debt      
Financing activities:      
Proceeds from issuance of non-recourse debt 3,428,830 2,186,990 751,493
Repayment of non-recourse debt $ (1,799,428) $ (856,091) $ (399,459)