| Mar'20 | Dec'19 | Sep'19 | Jun'19 | Mar'19 | Dec'18 | Sep'18 | Jun'18 | Mar'18 | Dec'17 | Sep'17 | Jun'17 | Mar'17 | Dec'16 | Sep'16 | Jun'16 | Mar'16 | Dec'15 | Sep'15 | Jun'15 | Mar'15 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Operating activities: | ||||||||||||||||||||
Operating activities: | ||||||||||||||||||||
Net loss | ||||||||||||||||||||
-109,549 | -86,997 | -112,534 | -104,585 | -86,906 | -49,515 | -47,524 | -71,727 | -91,420 | -56,035 | -82,815 | -73,610 | -75,155 | -103,341 | -74,968 | -64,727 | -77,803 | -74,306 | -72,215 | -49,865 | -52,520 |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||||||||||||||||||||
Depreciation and amortization, net of amortization of deferred grants | ||||||||||||||||||||
51,021 | 48,543 | 49,601 | 45,358 | 43,661 | 42,296 | 39,731 | 37,794 | 36,186 | 34,610 | 32,423 | 31,706 | 29,948 | 24,923 | 27,006 | 24,968 | 21,596 | 20,314 | 18,386 | 17,244 | 15,429 |
Deferred income taxes | ||||||||||||||||||||
-3,342 | -8,116 | 5,169 | -1,910 | -3,361 | 2,732 | -5,992 | 4,379 | 8,203 | -18,344 | 14,518 | 10,780 | 5,399 | - | - | - | - | - | - | - | - |
Stock-based compensation expense | ||||||||||||||||||||
7,309 | - | - | - | 5,783 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Bonus liability converted to RSUs | ||||||||||||||||||||
11,636 | - | - | - | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Stock-based compensation expense | ||||||||||||||||||||
- | - | - | - | - | 5,873 | 5,741 | 5,548 | 10,694 | 5,548 | 5,105 | 5,515 | 5,874 | 4,697 | 5,379 | 4,838 | 3,809 | 5,396 | 4,006 | 3,201 | 3,220 |
Noncash interest expense | ||||||||||||||||||||
- | - | - | - | - | - | - | - | - | - | - | - | - | - | 2,689 | 1,833 | 3,502 | 1,648 | 906 | 1,808 | 2,635 |
Bad debt expense | ||||||||||||||||||||
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 840 | 419 | 282 | 457 |
Interest on pass-through financing obligations | ||||||||||||||||||||
5,877 | 5,968 | 5,980 | 5,906 | 6,472 | 6,741 | 5,462 | 3,903 | 3,099 | 3,172 | 3,183 | 3,156 | 3,118 | 3,706 | 3,032 | 3,017 | 3,002 | 2,534 | 2,248 | 3,703 | 3,474 |
Reduction in pass-through financing obligations | ||||||||||||||||||||
9,689 | 9,675 | 9,706 | 9,716 | 9,986 | 8,560 | 6,303 | 5,114 | 5,028 | 4,496 | 5,657 | 3,590 | 4,552 | 30,764 | 4,658 | 5,255 | 4,236 | 721 | 5,680 | 5,492 | 4,887 |
Other noncash items | ||||||||||||||||||||
11,442 | 9,280 | 9,786 | 5,225 | 1,489 | 4,848 | 8,505 | 6,464 | 5,667 | 9,130 | 5,189 | 4,572 | 5,580 | 11,551 | 1,230 | 1,267 | 1,657 | - | - | - | - |
Changes in operating assets and liabilities: | ||||||||||||||||||||
Accounts receivable | ||||||||||||||||||||
-11,044 | 3,821 | -1,805 | 12,701 | 147 | -356 | 6,558 | 5,722 | -6,217 | 626 | -1,471 | 13,719 | -3,465 | 11,156 | -5,299 | -289 | -3,595 | 9,518 | 1,783 | -1,319 | 5,535 |
Inventories | ||||||||||||||||||||
-2,957 | 150,794 | 19,948 | 13,645 | -3,283 | -16,511 | 14,674 | -6,598 | -6,525 | 31,104 | 10,579 | -6,859 | -7,723 | -18,615 | -2,266 | -6,475 | 23,314 | 19,351 | 14,103 | 2,353 | 11,537 |
Prepaid and other assets | ||||||||||||||||||||
-1,115 | 14,301 | 17,558 | 13,903 | 35,868 | 21,767 | 20,144 | 20,690 | 13,323 | 14,481 | 21,085 | 6,248 | 9,819 | 47,091 | 2,375 | -1,595 | 4,355 | 3,923 | -11,654 | 13,684 | -5,069 |
Accounts payable | ||||||||||||||||||||
-55,604 | 60,612 | 8,311 | 21,010 | -22,577 | -9,441 | 51,129 | -19,858 | -12,982 | 16,168 | 29,033 | 6,993 | -4,357 | -18,116 | -12,331 | 214 | -10,103 | 13,341 | 14,854 | -4,181 | 26,932 |
Accrued expenses and other liabilities | ||||||||||||||||||||
-51,667 | 27,550 | 13,006 | -6,199 | 7,724 | -17,612 | 1,222 | 38,724 | -7,048 | 14,507 | 1,223 | 4,786 | -11,297 | 16,854 | 4,796 | 3,535 | -317 | 13,600 | -641 | 3,566 | 2,643 |
Deferred revenue | ||||||||||||||||||||
10,565 | 16,486 | 9,741 | 10,347 | 101,848 | - | - | - | - | 9,878 | 13,132 | 11,109 | 6,593 | - | 3,881 | -2,277 | 5,572 | 15,828 | 11,602 | 7,950 | 12,304 |
Increase (Decrease) in Contract with Customer, Liability | ||||||||||||||||||||
10,565 | 16,486 | 9,741 | 10,347 | 101,848 | 5,811 | 6,392 | 7,734 | 7,456 | - | - | - | - | - | - | - | - | - | - | - | - |
Net cash (used in) provided by operating activities | ||||||||||||||||||||
-116,885 | -98,379 | -49,493 | -68,030 | 11,415 | -21,727 | 16,987 | -11,967 | -45,754 | -32,073 | -14,859 | -11,691 | -37,480 | -72,910 | -28,818 | -21,018 | -77,395 | -33,334 | -27,330 | -42,286 | -2,316 |
Investing activities: | ||||||||||||||||||||
Payments for the costs of solar energy systems | ||||||||||||||||||||
207,360 | 221,051 | 205,707 | 189,550 | 198,880 | 235,184 | 224,219 | 183,772 | 163,190 | 210,970 | 218,414 | 180,225 | 159,754 | 147,963 | 197,823 | 167,843 | 164,629 | 186,026 | 151,055 | 126,515 | 131,291 |
Purchases of property and equipment | ||||||||||||||||||||
3,105 | 4,161 | 7,234 | 11,433 | 2,517 | 1,872 | 317 | 1,241 | 1,521 | 2,000 | 1,492 | 1,854 | 2,610 | 2,147 | 2,189 | 3,185 | 5,023 | 4,611 | 3,728 | 2,741 | 1,947 |
Net cash used in investing activities | ||||||||||||||||||||
-210,465 | -225,212 | -215,663 | -200,983 | -201,397 | -237,056 | -224,536 | -185,013 | -164,711 | -212,970 | -219,906 | -182,079 | -162,364 | -150,110 | -200,012 | -176,028 | -169,652 | -195,637 | -154,783 | -143,831 | -133,238 |
Financing activities: | ||||||||||||||||||||
Proceeds from state tax credits, net of recapture | ||||||||||||||||||||
0 | 1,342 | -1,418 | -275 | 2,604 | -62 | 515 | 10,483 | -49 | 988 | -386 | -217 | 13,388 | 0 | -42 | -79 | 9,202 | -290 | -145 | -33 | 5,153 |
Payment of debt fees | ||||||||||||||||||||
0 | 18,928 | 2,297 | 4,808 | 2,654 | 15,010 | 706 | 5,253 | 3,880 | 8,060 | 1,377 | 4,955 | 0 | 127 | 1,337 | 2,908 | 9,369 | - | - | - | - |
Proceeds from pass-through financing and other obligations | ||||||||||||||||||||
1,762 | 1,917 | 1,941 | 3,497 | 1,785 | 33,462 | 85,448 | 96,670 | 1,502 | 1,582 | 1,577 | 1,614 | 1,448 | 1,805 | 1,437 | 3,059 | 9,746 | 55,821 | 21,266 | 16,904 | 35,130 |
Early repayment of pass-through financing obligation | ||||||||||||||||||||
0 | - | 0 | 0 | 7,597 | - | 0 | 0 | 0 | - | - | - | - | - | - | - | - | - | - | - | - |
Payment of finance lease obligations | ||||||||||||||||||||
2,953 | 3,470 | 4,004 | 3,444 | 3,001 | 2,635 | 2,309 | 1,968 | 2,113 | 2,251 | 2,323 | 2,513 | 2,749 | 3,091 | 3,252 | 3,301 | 3,115 | 2,184 | 1,198 | 870 | 602 |
Contributions received from noncontrolling interests and redeemable noncontrolling interests | ||||||||||||||||||||
170,904 | 140,419 | 241,184 | 178,162 | 152,149 | 97,443 | 80,236 | 23,864 | 143,604 | 123,599 | 167,777 | 140,980 | 162,565 | 151,335 | 182,586 | 84,677 | 154,944 | 59,980 | 60,062 | 96,321 | 59,341 |
Distributions paid to noncontrolling interests and redeemable noncontrolling interests | ||||||||||||||||||||
18,992 | 23,761 | 17,286 | 17,160 | 18,447 | 27,672 | 17,425 | 18,038 | 15,263 | 15,769 | 14,126 | 11,748 | 12,887 | 11,793 | 9,492 | 8,271 | 9,986 | 8,489 | 6,531 | 6,196 | 7,521 |
Acquisition of noncontrolling interest | ||||||||||||||||||||
0 | 0 | 0 | 0 | 4,600 | 0 | 0 | 0 | 0 | - | - | - | - | - | - | - | - | - | - | - | - |
Proceeds from exercises of stock options, net of withholding taxes paid on restricted stock units | ||||||||||||||||||||
2,419 | -29,044 | 406 | 11,603 | 839 | -21,268 | 3,732 | 4,368 | 576 | -1,242 | 632 | 642 | -1,067 | 2,660 | 1,088 | 4,068 | -452 | 360 | 801 | 1,329 | 1,058 |
Offering costs paid related to initial public offering | ||||||||||||||||||||
- | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | 0 | -437 | - | - | - | - |
Change in restricted cash | ||||||||||||||||||||
- | - | - | - | - | - | - | - | - | - | - | - | - | - | 2,005 | 751 | -1,819 | 1,408 | 2,735 | 1,612 | 2,996 |
Net cash provided by financing activities | ||||||||||||||||||||
330,369 | 313,408 | 284,701 | 312,946 | 195,517 | 288,049 | 212,279 | 224,055 | 212,003 | 250,703 | 237,950 | 204,777 | 197,419 | 222,609 | 229,087 | 195,953 | 251,496 | 169,829 | 328,509 | 197,254 | 88,873 |
Net change in cash and restricted cash | ||||||||||||||||||||
3,019 | -10,183 | 19,545 | 43,933 | 5,535 | 29,266 | 4,730 | 27,075 | 1,538 | 5,660 | 3,185 | 11,007 | -2,425 | -411 | 257 | -1,093 | 4,449 | -59,142 | 146,396 | 11,137 | -46,681 |
Supplemental disclosures of cash flow information | ||||||||||||||||||||
Cash paid for interest | ||||||||||||||||||||
28,435 | 30,376 | 31,314 | 17,724 | 20,058 | 20,712 | 22,092 | 17,063 | 16,446 | 12,811 | 11,949 | 8,087 | 9,347 | 8,415 | 7,100 | 5,995 | 4,681 | 4,214 | 4,622 | 2,127 | 991 |
Cash paid for income taxes | ||||||||||||||||||||
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 | ||||||||||||||||||||
43,664 | -7,195 | 8,365 | 26,246 | 24,303 | 3,724 | 973 | 5,239 | 17,233 | -9,581 | 3,922 | 2,816 | 22,468 | -4,324 | 7,285 | -183 | 15,769 | 7,403 | 3,670 | -14,388 | 19,165 |
Purchases of solar energy systems included in non-recourse debt | ||||||||||||||||||||
- | - | - | - | - | - | - | - | - | 0 | 0 | 0 | 12,873 | - | - | - | - | - | - | - | - |
Distributions payable to noncontrolling interests and redeemable noncontrolling interests | ||||||||||||||||||||
- | - | - | - | - | - | - | - | - | - | - | 2,055 | 11,157 | - | 1,302 | 1,147 | 7,368 | 920 | 761 | 526 | 5,937 |
Right-of-use assets obtained in exchange for new finance lease liabilities | ||||||||||||||||||||
180 | 524 | 4,906 | 8,941 | 3,543 | 5,301 | 5,339 | 3,563 | 99 | 484 | 72 | 18 | 76 | 324 | 1,723 | 3,596 | 7,318 | 8,396 | 7,905 | 2,974 | 2,281 |
Recourse debt | ||||||||||||||||||||
Proceeds from issuance of debt | ||||||||||||||||||||
43,475 | 45,450 | 85,000 | 15,000 | 40,000 | 0 | 15,000 | 0 | 2,000 | 45,000 | 34,000 | 34,000 | 57,400 | 104,000 | 97,000 | 116,400 | 141,000 | - | - | - | - |
Repayment of debt | ||||||||||||||||||||
45,000 | 45,000 | 85,000 | 15,000 | 47,965 | 0 | 15,000 | 0 | 2,000 | 45,000 | 34,000 | 34,400 | 54,000 | 104,000 | 95,400 | 65,000 | 147,000 | - | - | - | - |
Non-recourse debt | ||||||||||||||||||||
Proceeds from issuance of debt | ||||||||||||||||||||
191,751 | 499,499 | 140,801 | 359,597 | 181,652 | 492,168 | 238,144 | 154,332 | 95,900 | 454,720 | 94,561 | 161,300 | 38,225 | 85,846 | 60,074 | 83,346 | 106,400 | - | - | - | - |
Repayment of debt | ||||||||||||||||||||
12,997 | 282,408 | 74,626 | 214,226 | 99,248 | 293,561 | 175,356 | 41,555 | 7,122 | 269,962 | 7,971 | 79,926 | 4,904 | 4,963 | 1,570 | 14,383 | 2,160 | 2,836 | 3,206 | 5,042 | 690 |