XML 21 R9.htm IDEA: XBRL DOCUMENT v3.23.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net loss $ (312,054) $ (264,304)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 50,283 46,182
Non-cash lease expense 24,540 18,153
Loss (gain) on disposal of property, plant and equipment 177 (523)
Revaluation of derivative contracts 1,213 (9,640)
Impairment of assets related to PPA V and PPA IIIa 130,111 44,800
Derecognition of loan commitment asset related to SK ecoplant Second Tranche Closing 52,792 0
Stock-based compensation 77,160 81,460
Amortization of warrants and debt issuance costs 3,300 2,355
Loss on extinguishment of debt 4,288 4,233
Unrealized foreign currency exchange loss 3,029 3,086
Other 0 3,487
Changes in operating assets and liabilities:    
Accounts receivable [1] (83,851) 15,758
Contract assets [2] (97,148) (567)
Inventories (206,315) (110,797)
Deferred cost of revenue [3] (15,914) (8,856)
Customer financing receivable 0 2,510
Prepaid expenses and other current assets (20,849) (15,766)
Other long-term assets 13,634 (730)
Operating lease right-of-use assets and operating lease liabilities (23,879) 2,162
Finance lease liabilities 907 499
Accounts payable (5,695) 38,642
Accrued warranty (795) 1,597
Accrued expenses and other current liabilities [4] (30,937) 502
Deferred revenue and customer deposits [5] (57,041) (12,716)
Other long-term liabilities (1,320) (9,980)
Net cash used in operating activities (494,364) (168,453)
Cash flows from investing activities:    
Purchase of property, plant and equipment (67,485) (80,907)
Proceeds from sale of property, plant and equipment 3 0
Net cash used in investing activities (67,482) (80,907)
Cash flows from financing activities:    
Proceeds from issuance of debt 633,983 0
Payment of debt issuance costs (19,539) 0
Repayment of debt of PPA V and PPA IIIa (118,538) (30,212)
Debt make-whole payment related to PPA IIIa debt 0 (2,413)
Repayment of recourse debt (72,852) (17,262)
Proceeds from financing obligations 2,702 0
Repayment of financing obligations (13,475) (28,821)
Distributions and payments to noncontrolling interests (2,265) (5,972)
Proceeds from issuance of common stock 16,003 15,150
Proceeds from public share offering 0 385,396
Public share offering costs 0 (13,407)
Buyout of noncontrolling interest (6,864) 0
Proceeds from issuance of Series B redeemable convertible preferred stock 310,957 0
Contributions from noncontrolling interest 6,979 2,815
Purchase of capped call related to convertible notes (54,522) 0
Other (408) (63)
Net cash provided by financing activities 682,161 305,211
Effect of exchange rate changes on cash, cash equivalent and restricted cash (985) (1,643)
Net increase in cash, cash equivalents and restricted cash 119,330 54,208
Beginning of period 518,366 615,114
End of period 637,696 669,322
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest 32,741 39,664
Cash paid for amounts included in the measurement of lease liabilities:    
Operating cash flows from operating leases 23,684 11,759
Operating cash flows from finance leases 804 788
Cash paid during the period for income taxes 1,332 1,296
Non-cash investing and financing activities:    
Transfer of customer financing receivable to property, plant and equipment, net 0 42,758
Forward to purchase Class A Common Stock 0 4,183
Liabilities recorded for property, plant and equipment, net 5,702 13,373
Recognition of operating lease right-of-use asset during the year-to-date period 14,157 17,623
Recognition of finance lease right-of-use asset during the year-to-date period 907 0
Derecognition of the pre-modification forward contract fair value 76,242 0
Equity component of Series B redeemable convertible preferred stock 16,145 0
Conversion of Series B redeemable convertible preferred stock $ 310,484 $ 0
[1] Including changes in related party balances of $243.6 million and $8.2 million for the nine months ended September 30, 2023 and 2022, respectively.
[2] Including change in related party balances of $3.4 million for the nine months ended September 30, 2023. There were no associated related party balances for the nine months ended September 30, 2022.
[3] Including change in related party balances of $23.4 million for the nine months ended September 30, 2023. There were no associated related party balances for the nine months ended September 30, 2022.
4 Including change in related party balances of $5.7 million for the nine months ended September 30, 2023. There were no associated related party balances for the nine months ended September 30, 2022.
5 Including change in related party balances of $11.1 million for the nine months ended September 30, 2023. There were no associated related party balances for the nine months ended September 30, 2022.
[4] Including change in related party balances of $5.7 million for the nine months ended September 30, 2023. There were no associated related party balances for the nine months ended September 30, 2022.
[5] Including change in related party balances of $11.1 million for the nine months ended September 30, 2023. There were no associated related party balances for the nine months ended September 30, 2022.