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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities:      
Net income $ 363,634 $ 298,555 $ 109,876
Adjustments to net income:      
Depreciation and amortization 307,040 234,559 282,769
Accretion of green bonds and convertible notes 2,145 1,302 1,461
Loss (gain) on disposal of property, plant and equipment (5,342) (4,259) 83
Loss on disposal of solar power systems 244   (10,091)
Gain on disposal of investments in affiliates     (10,392)
Impairment loss of property, plant and equipment 5,938 60,330 6,084
Impairment loss of project assets 16,239 1,674 17,152
Impairment loss of investments in affiliates 0 357 0
Loss (gain) on change in fair value of derivatives, net 27,504 44,489 (23,785)
Gain on change in fair value of other financial assets (12,696)    
Equity in earnings of affiliates (14,610) (15,440) (7,256)
Allowance for credit losses 12,014 5,773 7,615
Non-cash operating lease expenses 18,844 13,208 14,321
Write-down of inventories 113,079 7,475 14,070
Share-based compensation 55,335 9,370 8,808
Unrealized gain from sales to affiliates 2,892 5,971 35,890
Deferred taxes (17,908) 16,908 (67,386)
Changes in operating assets and liabilities:      
Accounts receivable trade 58,985 (357,276) (284,785)
Accounts receivable, unbilled (43,571) (23,367) (8,783)
Amounts due from related parties 9,210 (4,451) (68,912)
Inventories 182,767 (406,343) (518,741)
Value added tax recoverable (5,985) (43,881) (21,873)
Advances to suppliers 54,915 (52,893) (30,416)
Project assets (349,830) (302,839) (73,375)
Prepaid expenses and other current assets (22,277) 151,663 (85,754)
Other non-current assets (33,597) (17,350) 20,357
Accounts payable 13,115 351,535 11,023
Short-term notes payable (590,418) 721,039 150,982
Amounts due to related parties 427 (54) (171)
Other payables 169,944 (417) 126,215
Advances from customers 59,383 209,855 (53,998)
Operating lease liabilities (14,571) (14,160) (14,156)
Other liabilities 337,055 68,492 51,248
Liability for uncertain tax positions (29) (1,718) (7,281)
Net settlement of derivatives (39,133) (31,851) 31,886
Loss contingency accruals 23,873 (9,625) (10,939)
Net cash provided by (used in) operating activities 684,615 916,631 (408,254)
Investing activities:      
Investments in affiliates (113,404) (19,355) (54,004)
Acquisition of subsidiaries, net of cash (9,448)    
Investment in equity securities (427)    
Return of capital from affiliates 2,759 7,083 2,671
Proceeds from disposal of investments in affiliates 301   14,311
Purchase of property, plant and equipment (1,116,461) (627,115) (428,725)
Acquisition of right-of-use assets (36,121)    
Proceeds from disposal of property, plant and equipment 10,317 7,479 18,555
Purchase of solar power systems (408,999) (882) (775)
Proceeds from disposal of solar power systems 67 2,302 18,397
Net cash used in investing activities (1,671,416) (630,488) (429,570)
Financing activities:      
Proceeds from short-term borrowings 1,566,240 1,387,537 1,742,064
Repayment of short-term borrowings (1,603,571) (1,695,563) (1,879,884)
Proceeds from long-term borrowings 1,016,931 770,368 588,082
Net proceeds from issuance of green bonds 121,023    
Acquisition of non-controlling interests (1,446)   (10,719)
Proceeds from non-controlling interests 5,910 15,109 10,003
Distribution to non - controlling interests (3,990)    
Repayment to non-controlling interests     (6,588)
Net proceeds from issuance of common shares     148,510
Proceeds from subsidiary's offering of its equity interests 966,892    
Cash payment for transaction costs of subsidiary's offering (38,995)    
Repayment of financing liabilities (28,013) (29,595)  
Proceeds from sales-leaseback arrangement 91,648   45,693
Repayments of finance lease obligation (39,801) (19,217) (23,090)
Net cash provided by financing activities 2,052,828 428,639 614,071
Effect of exchange rate changes (89,098) (179,561) 18,320
Net increase (decrease) in cash, cash equivalents and restricted cash 976,929 535,221 (205,433)
Cash, cash equivalents and restricted cash at the beginning of the year 1,969,503 1,434,282  
Cash, cash equivalents and restricted cash at the end of the year 2,946,432 1,969,503 1,434,282
Supplemental disclosure of cash flow information:      
Interest paid (net of amounts capitalized) 121,665 76,511 71,006
Income taxes paid, net of tax refund 83,077 77,400 57,396
Supplemental schedule of non-cash activities:      
Reclassification from project assets to solar power systems 119,067 263,710  
Reclassification from inventories to solar power systems 46,197    
Borrowings assumed by third parties with project asset sales 161,709 193,578 118,406
Property, plant and equipment costs included in other payables $ 933,029 $ 549,883 $ 299,664