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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
OPERATING ACTIVITIES      
Net loss $ (124,054) $ (101,211) $ (156,124)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization expense 45,434 24,473 17,736
Non-cash interest expense, including interest expenses associated with debt issuance costs 1,901 9,648 10,044
Stock-based compensation 28,661 13,546 4,542
Change in fair value of warrant liability and embedded derivative 0 (3,424) 84,455
Non-cash lease expense 2,328 896 589
Accretion of asset retirement obligations 243 229 217
Impairment loss of energy storage systems 2,571 4,320 1,395
Loss on disposal of property, plant and equipment 276 0 0
Impairment loss of project assets 502 0 0
Issuance of warrants for services 0 9,183 0
Net (accretion of discount) amortization of premium on investments (123) 664 0
Income tax benefit from release of valuation allowance (15,100) 0 0
Provision for accounts receivable allowance 3,590 0 0
Other 3 (50) (129)
Changes in operating assets and liabilities:      
Accounts receivable (155,817) (48,125) (6,988)
Inventory 18,606 (1,877) (17,263)
Deferred costs with suppliers (37,134) (7,540) (2,615)
Other assets (29,420) (17,243) (2,714)
Contract origination costs, net (9,612) (2,622) (2,552)
Project assets (3,711) 0 0
Accounts payable 53,260 16,329 201
Accrued expense and other liabilities 62,210 17,007 4,499
Deferred revenue 51,005 (14,967) 31,682
Operating lease liabilities, net (1,649) (502) (646)
Net cash used in operating activities (106,030) (101,266) (33,671)
INVESTING ACTIVITIES      
Acquisition of AlsoEnergy, net of cash acquired (533,009) 0 0
Purchase of available-for-sale investments (220,640) (189,858) 0
Proceeds from maturities of available-for-sale investments 219,264 0 0
Proceeds from sales of available-for-sale investments 10,930 16,011 0
Purchase of energy storage systems (2,606) (3,604) (6,196)
Capital expenditures on internally-developed software (16,767) (5,970) (5,828)
Purchase of equity method investment (50) (1,212) 0
Purchase of property and equipment (1,495) (600) (12)
Net cash used in investing activities (544,373) (185,233) (12,036)
FINANCING ACTIVITIES      
Proceeds from exercise of stock options and warrants 1,276 148,532 422
Payments for taxes related to net share settlement of stock options (2,302) (12,622) 0
Net contributions from Merger and PIPE financing, net of transaction costs of $58,061 0 550,322 0
Proceeds from financing obligations 1,519 7,839 16,222
Repayment of financing obligations (10,306) (9,587) (10,689)
Proceeds from issuance of convertible notes, net of issuance costs of $0, $14,299 and $240 for the years ended December 31, 2022, 2021 and 2020, respectively 0 446,827 33,081
Purchase of capped call options 0 (66,700) 0
Proceeds from issuance of notes payable, net of issuance costs of $0, $0 and $1,502 for the years December 31, 2022, 2021 and 2020, respectively 0 3,930 23,498
Investment from non-controlling interests 541 0 0
Repayment of notes payable 0 (41,446) (22,240)
Net cash (used in) provided by financing activities (9,272) 1,027,095 40,294
Effect of exchange rate changes on cash and cash equivalents (202) 242 (534)
Net (decrease) increase in cash and cash equivalents (659,877) 740,838 (5,947)
Cash and cash equivalents, beginning of year 747,780 6,942 12,889
Cash and cash equivalents, end of period 87,903 747,780 6,942
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION      
Cash paid for interest 6,407 10,188 9,665
Cash paid for income taxes 285 0 2
NON-CASH INVESTING AND FINANCING ACTIVITIES      
Change in asset retirement costs and asset retirement obligation 116 231 1,839
Exchange of warrants for common stock 0 168,647 0
Conversion of warrants upon Merger 0 60,568 0
Conversion of convertible notes upon Merger 0 77,748 0
Conversion of accrued interest into outstanding note payable 0 337 644
Right-of-use asset obtained in exchange for lease liability 428 13,337 0
Settlement of warrant liability into common stock due to exercise 0 167,050 0
Settlement of warrant liability into common stock due to redemption 0 2,121 0
Issuance of common stock warrants 0 0 168
Stock-based compensation capitalized to internal-use software 2,983 1,160 0
Purchase of energy storage systems in accounts payable $ 172 $ 0 $ 1,806