| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|---|---|---|---|---|---|
Operating activities: | ||||||
Operating activities: | ||||||
Net loss | ||||||
-391,022 | -260,186 | -287,615 | -320,839 | -248,906 | -157,490 | -65,495 |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||||||
Noncash losses, net | ||||||
- | - | - | - | 3,516 | 4,350 | - |
Depreciation and amortization, net of amortization of deferred grants | ||||||
187,163 | 156,007 | 128,687 | 98,493 | 71,373 | 49,541 | 30,192 |
Noncash tax expense (benefit) | ||||||
- | - | - | - | -5,299 | -10,043 | -591 |
Deferred income taxes | ||||||
-8,218 | 9,322 | 12,353 | 56,263 | - | - | - |
Stock-based compensation expense | ||||||
26,306 | 27,856 | 22,042 | 18,723 | 15,823 | 9,218 | 2,655 |
Noncash interest expense | ||||||
- | - | - | - | 6,997 | 2,384 | 1,551 |
Bad debt expense | ||||||
- | - | - | - | 1,998 | 546 | 172 |
Interest on pass-through financing obligations | ||||||
24,326 | 19,205 | 12,629 | 12,757 | 11,959 | 10,204 | 6,437 |
Reduction in pass-through financing obligations | ||||||
39,083 | 25,005 | 18,295 | 44,913 | 16,780 | 12,323 | 9,573 |
Other noncash items | ||||||
25,780 | 25,484 | 24,471 | 15,705 | - | - | - |
Changes in operating assets and liabilities: | ||||||
Accounts receivable | ||||||
14,864 | 5,707 | 9,409 | 1,973 | 15,517 | 14,075 | 954 |
Inventories | ||||||
181,104 | -14,960 | 27,101 | -4,042 | 47,344 | 3,788 | - |
Prepaid and other assets | ||||||
81,630 | 75,924 | 51,633 | 52,226 | 884 | 1,920 | 2,176 |
Accounts payable | ||||||
67,356 | 8,848 | 47,837 | -40,336 | 50,946 | 11,063 | 1,351 |
Accrued expenses and other liabilities | ||||||
42,081 | 15,286 | 9,219 | 24,868 | 19,168 | 7,010 | 2,734 |
Deferred revenue | ||||||
138,422 | 27,393 | 40,712 | - | 47,684 | 97,395 | 57,071 |
Increase (Decrease) in Contract with Customer, Liability | ||||||
138,422 | 27,393 | 40,712 | 29,295 | - | - | - |
Net cash (used in) provided by operating activities | ||||||
-204,487 | -62,461 | -96,103 | -200,141 | -105,266 | -7,928 | 23,374 |
Investing activities: | ||||||
Payments for the costs of solar energy systems | ||||||
815,188 | 806,365 | 769,363 | 678,258 | 594,887 | 412,267 | 322,034 |
Purchases of property and equipment | ||||||
25,345 | 4,951 | 7,956 | 12,544 | 13,027 | 15,317 | 3,720 |
Business acquisition | ||||||
2,722 | 0 | 0 | 5,000 | 19,575 | 36,384 | - |
Net cash used in investing activities | ||||||
-843,255 | -811,316 | -777,319 | -695,802 | -627,489 | -463,968 | -325,754 |
Financing activities: | ||||||
Proceeds from state tax credits, net of recapture | ||||||
2,253 | 10,887 | 13,773 | 9,081 | 4,685 | 1,579 | 29,321 |
Payment of debt fees | ||||||
28,687 | 24,849 | 14,392 | 13,741 | 14,798 | 7,939 | 5,493 |
Proceeds from issuance of convertible preferred stock, net of issuance costs | ||||||
- | - | - | - | - | 143,393 | - |
Proceeds from pass-through financing and other obligations | ||||||
9,140 | 217,082 | 6,221 | 16,047 | 129,121 | 174,159 | 64,888 |
Extinguishment of pass-through financing and other obligations | ||||||
7,597 | 0 | 0 | - | - | - | - |
Early repayment of pass-through financing obligation | ||||||
- | - | - | - | 88,918 | - | - |
Payment of finance lease obligations | ||||||
13,919 | 9,025 | 9,836 | 12,759 | 4,854 | 1,181 | - |
Contributions received from noncontrolling interests and redeemable noncontrolling interests | ||||||
711,914 | 345,147 | 594,921 | 573,542 | 275,704 | 169,490 | 165,331 |
Distributions paid to noncontrolling interests and redeemable noncontrolling interests | ||||||
76,654 | 78,398 | 54,530 | 39,542 | 28,737 | 31,967 | 63,907 |
Acquisition of noncontrolling interest | ||||||
4,600 | 0 | 35,386 | 0 | - | 21 | 22,024 |
Proceeds from exercises of stock options, net of withholding taxes paid on restricted stock units | ||||||
-16,196 | -12,592 | -1,035 | 7,364 | 3,548 | 2,707 | 1,119 |
Repurchase of common stock | ||||||
5,000 | 0 | 0 | - | - | - | - |
Offering costs paid related to initial public offering | ||||||
- | - | - | -437 | 222,078 | - | - |
Change in restricted cash | ||||||
- | - | - | - | 8,751 | -1,435 | 4,611 |
Net cash provided by financing activities | ||||||
1,106,572 | 936,386 | 890,849 | 899,145 | 784,465 | 524,351 | 312,294 |
Net change in cash and restricted cash | ||||||
58,830 | 62,609 | 17,427 | 3,202 | 51,710 | 52,455 | 9,914 |
Supplemental disclosures of cash flow information | ||||||
Cash paid for interest | ||||||
99,472 | 76,313 | 42,194 | 26,191 | 11,954 | 11,101 | 3,657 |
Cash paid for income taxes | ||||||
0 | 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 | ||||||
51,719 | 27,169 | 19,625 | 18,547 | 15,850 | 14,074 | 14,469 |
Purchases of solar energy systems included in non-recourse debt | ||||||
0 | 0 | 12,873 | 0 | - | - | - |
Distributions payable to noncontrolling interests and redeemable noncontrolling interests | ||||||
- | - | - | - | 8,144 | 6,764 | 16,189 |
Right-of-use assets obtained in exchange for new finance lease liabilities | ||||||
17,914 | 14,302 | 650 | 12,961 | 21,556 | 5,666 | - |
Noncash purchase consideration on acquisition of business | ||||||
- | - | - | - | 18,718 | 76,964 | - |
Deemed dividend on Series D and E preferred shares | ||||||
- | - | - | - | 24,890 | - | - |
Offering costs prepaid in prior year | ||||||
- | - | - | - | 760 | - | - |
Recourse debt | ||||||
Proceeds from issuance of debt | ||||||
185,450 | 17,000 | 170,400 | 458,400 | 495,985 | 49,224 | - |
Repayment of debt | ||||||
192,965 | 17,000 | 167,400 | 411,400 | 348,224 | 24,000 | - |
Non-recourse debt | ||||||
Proceeds from issuance of debt | ||||||
1,181,549 | 980,544 | 748,806 | 335,666 | 159,400 | 143,526 | 148,282 |
Repayment of debt | ||||||
670,508 | 517,594 | 362,763 | 23,076 | 11,774 | 96,054 | 612 |