Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Operating activities:      
Net loss $ (286,734) $ (303,301) $ (248,906)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization, net of amortization of deferred grants 136,361 104,105 71,373
Deferred income taxes 32,138 35,993 (5,299)
Stock-based compensation expense 22,042 18,723 15,823
Noncash interest expense 17,150 13,441 6,997
Interest on lease pass-through financing obligations 11,973 12,081 11,959
Reduction in lease pass-through financing obligations (18,230) (18,551) (16,780)
Other noncash losses and expenses 13,546 5,235 5,514
Changes in operating assets and liabilities:      
Accounts receivable (17,870) 674 (15,517)
Inventories (27,101) 4,042 (47,344)
Prepaid and other assets (3,478) (4,799) (884)
Accounts payable 47,837 (40,336) 50,946
Accrued expenses and other liabilities 2,573 11,819 19,168
Deferred revenue 8,782 10,294 47,684
Net cash used in operating activities (61,011) (150,580) (105,266)
Investing activities:      
Payments for the costs of solar energy systems, leased and to be leased (804,371) (727,568) (594,887)
Purchases of property and equipment (7,956) (12,544) (13,027)
Business acquisition, net of cash acquired 0 (5,000) (19,575)
Net cash used in investing activities (812,327) (745,112) (627,489)
Financing activities:      
Proceeds from state tax credits, net of recapture 13,773 9,081 4,685
Payment of debt fees (14,392) (13,741) (14,798)
Proceeds from lease pass-through financing obligations 6,221 16,047 129,121
Repayment of lease pass-through financing obligations 0 0 (88,918)
Contributions received from noncontrolling interests and redeemable noncontrolling interests 594,921 573,542 275,704
Distributions paid to noncontrolling interests and redeemable noncontrolling interests (54,530) (39,542) (28,737)
Acquisition of noncontrolling interests (35,386) 0 0
Proceeds from exercises of stock options, net of withholding taxes on restricted stock units and issuance of shares in connection with the Employee Stock Purchase Plan 1,035 7,364 3,548
Proceeds received, net and (offering costs paid) related to initial public offering 0 (437) 222,078
Payment of capital lease obligations (9,836) (12,759) (4,854)
Change in restricted cash (21,350) (953) (8,751)
Net cash provided by financing activities 869,499 898,192 784,465
Net change in cash (3,839) 2,500 51,710
Cash, beginning of period 206,364 203,864 152,154
Cash, end of period 202,525 206,364 203,864
Supplemental disclosures of cash flow information      
Cash paid for interest 42,194 26,191 11,954
Cash paid for 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 19,625 18,547 15,850
Purchases of solar energy systems included in non-recourse debt 12,873 0 0
Distributions payable to noncontrolling interests and redeemable noncontrolling interests 13,583 10,654 8,144
Vehicles acquired under capital leases 650 12,961 21,556
Noncash purchase consideration on acquisition of business 0 0 18,718
Deemed dividend on Series D and E preferred shares 0 0 24,890
Offering costs prepaid in prior year 0 0 760
Recourse Debt      
Financing activities:      
Proceeds from issuance of non-recourse debt 170,400 458,400 495,985
Repayment of non-recourse debt (167,400) (411,400) (348,224)
Non Recourse Debt      
Financing activities:      
Proceeds from issuance of non-recourse debt 748,806 335,666 159,400
Repayment of non-recourse debt $ (362,763) $ (23,076) $ (11,774)