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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities:    
Net loss $ (543,078) $ (676,497)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization, net of amortization of deferred grants 303,005 249,889
Deferred income taxes (13,150) (40,937)
Stock-based compensation expense 56,964 56,503
Interest on pass-through financing obligations 8,837 9,756
Reduction in pass-through financing obligations (19,188) (20,047)
Unrealized gain on derivatives (71,559) (5,731)
Other noncash items 39,823 78,684
Changes in operating assets and liabilities:    
Accounts receivable (13,602) (12,702)
Inventories 106,621 (7,836)
Prepaid expenses and other assets (270,624) (250,680)
Accounts payable (8,838) (19,832)
Accrued expenses and other liabilities 7,699 (48,510)
Deferred revenue 65,452 46,447
Net cash used in operating activities (351,638) (641,493)
Investing activities:    
Payments for the costs of solar energy systems (1,143,506) (1,198,940)
Purchases of property and equipment, net (743) (11,632)
Net cash used in investing activities (1,144,249) (1,210,572)
Financing activities:    
Proceeds from state tax credits, net of recapture 5,203 4,033
Proceeds from line of credit 143,732 356,384
Repayment of line of credit (292,305) (279,736)
Proceeds from issuance of convertible senior notes, net of capped call transaction 444,822 0
Repurchase of convertible senior notes (183,784) 0
Payment of debt fees (83,024) (17,121)
Proceeds from pass-through financing and other obligations, net 3,603 4,320
Repayment of pass-through financing obligation (240,288) 0
Payment of finance lease obligations (13,751) (10,760)
Contributions received from noncontrolling interests and redeemable noncontrolling interests 795,917 757,539
Distributions paid to noncontrolling interests and redeemable noncontrolling interests (182,403) (121,344)
Acquisition of noncontrolling interest (19,933) (14,184)
Proceeds from transfer of investment tax credits 334,220 0
Payments to redeemable noncontrolling interests and noncontrolling interests of investment tax credits (334,220) 0
Net proceeds related to stock-based award activities 10,977 13,869
Net cash provided by financing activities 1,550,297 1,820,120
Net change in cash and restricted cash 54,410 (31,945)
Cash and restricted cash, beginning of period 987,838 953,023
Cash and restricted cash, end of period 1,042,248 921,078
Supplemental disclosures of cash flow information    
Cash paid for interest 281,368 198,754
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 59,782 70,820
Right-of-use assets obtained in exchange for new finance lease liabilities 32,726 44,852
Non-recourse debt    
Financing activities:    
Proceeds from issuance of non-recourse debt 2,615,256 1,465,110
Repayment of non-recourse debt $ (1,453,725) $ (337,990)