v3.25.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities:    
Net loss $ (556,155) $ (543,078)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization, net of amortization of deferred grants 359,603 303,005
Deferred income taxes (206,653) (13,150)
Stock-based compensation expense 50,029 56,964
Interest on pass-through financing obligations 0 8,837
Reduction in pass-through financing obligations 0 (19,188)
Unrealized loss (gain) on derivatives 62,625 (71,559)
Other noncash items 138,806 39,823
Changes in operating assets and liabilities:    
Accounts receivable (27,139) (13,602)
Inventories (89,066) 106,621
Prepaid expenses and other assets (254,329) (270,624)
Accounts payable 36,364 (8,838)
Accrued expenses and other liabilities 983 7,699
Deferred revenue 88,067 65,452
Net cash used in operating activities (396,865) (351,638)
Investing activities:    
Payments for the costs of solar energy systems (1,346,780) (1,143,506)
Purchases of property and equipment, net (1,062) (743)
Net cash used in investing activities (1,347,842) (1,144,249)
Financing activities:    
Proceeds from state tax credits, net of recapture 9,668 5,203
Proceeds from trade receivable financing 71,323 0
Repayment of trade receivable financing (124,261) 0
Proceeds from line of credit 150,686 143,732
Repayment of line of credit (198,390) (292,305)
Proceeds from issuance of convertible senior notes, net of capped call transaction 0 444,822
Repurchase of convertible senior notes (2,124) (183,784)
Proceeds from issuance of non-recourse debt 2,048,429 2,615,256
Repayment of non-recourse debt (913,749) (1,453,725)
Payment of debt fees (28,258) (83,024)
Proceeds from pass-through financing and other obligations, net 0 3,603
Repayment of pass-through financing obligation 0 (240,288)
Payment of finance lease obligations (12,786) (13,751)
Contributions received from noncontrolling interests and redeemable noncontrolling interests 935,284 795,917
Distributions paid to noncontrolling interests and redeemable noncontrolling interests (118,800) (182,403)
Acquisition of noncontrolling interest (16,219) (19,933)
Proceeds from transfer of investment tax credits 860,874 334,220
Payments to redeemable noncontrolling interests and noncontrolling interests of investment tax credits (860,874) (334,220)
Net proceeds related to stock-based award activities 8,565 10,977
Net cash provided by financing activities 1,809,368 1,550,297
Net change in cash and restricted cash 64,661 54,410
Cash and restricted cash, beginning of period 947,416 987,838
Cash and restricted cash, end of period 1,012,077 1,042,248
Supplemental disclosures of cash flow information    
Cash paid for interest 353,909 281,368
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 69,783 59,782
Right-of-use assets obtained in exchange for new finance lease liabilities $ 2,027 $ 32,726