v3.24.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities    
Net (loss) income $ (25,973) $ 52,167
Adjustments to reconcile net (loss) income to net cash from operating activities:    
Depreciation, amortization and accretion expense 53,627 29,600
Deferred tax (benefit) expense (715) 1,078
Non-cash lease expense 2,036 443
Amortization of debt discount and financing costs 3,617 3,018
Loss on extinguishment of debt, net 116 2,303
Change in fair value of redeemable warrant liability 0 5,647
Change in fair value of Alignment Shares liability (5,632) (61,315)
Remeasurement of contingent consideration 2,207 79
Loss (gain) on disposal of property, plant and equipment 649 (2,222)
Stock-based compensation 14,938 9,404
Other 764 (174)
Changes in assets and liabilities, excluding the effect of acquisitions    
Accounts receivable 1,493 (2,122)
Due from related parties (61) 112
Derivative assets 20,690 (1,247)
Other assets 2,098 (280)
Accounts payable 3,504 (1,126)
Interest payable 4,249 (58)
Contract liability 438 562
Other liabilities 1,312 (627)
Net cash provided by operating activities 79,357 35,242
Cash flows used for investing activities    
Capital expenditures (117,791) (77,223)
Payments to acquire renewable energy businesses, net of cash and restricted cash acquired (432,441) (76,166)
Payments to acquire renewable energy facilities from third parties, net of cash and restricted cash acquired (38,931) (13,924)
Proceeds from disposal of property, plant and equipment 2,350 3,605
Other 0 496
Net cash used for investing activities (586,813) (163,212)
Cash flows from financing activities    
Proceeds from issuance of long-term debt 579,627 124,697
Repayments of long-term debt (51,114) (123,362)
Payment of debt issuance costs (5,000) (5,257)
Payment of debt extinguishment costs (85) (1,335)
Payment of deferred purchase price payable (17,632) 0
Payment of transaction costs related to the Merger 0 (742)
Proceeds from exercise of warrants 0 65
Payment of contingent consideration (5,298) (72)
Contributions from noncontrolling interests 35,282 6,097
Redemption of noncontrolling interests (3,855) (473)
Distributions to noncontrolling interests (4,940) (2,571)
Net cash provided by (used for) financing activities 526,985 (2,953)
Net increase (decrease) in cash, cash equivalents, and restricted cash 19,529 (130,923)
Cash, cash equivalents, and restricted cash, beginning of year 199,398 330,321
Cash, cash equivalents, and restricted cash, end of year 218,927 199,398
Supplemental cash flow disclosure    
Cash paid for interest, net of amounts capitalized 36,946 21,605
Cash paid for taxes 69 73
Non-cash investing and financing activities    
Asset retirement obligations 6,312 1,840
Debt assumed through acquisitions 7,900 117,295
Initial recording of noncontrolling interest 13,500 183
Redeemable noncontrolling interest assumed through acquisitions 15,541 2,126
Accrued distributions to noncontrolling interests 278 0
Accrued deferred financing costs 203 0
Acquisitions of property and equipment included in construction payable 5,588 8,371
Construction loan conversion 0 (4,186)
Term loan conversion 0 4,186
Exchange of warrants into common stock 0 7,779
Warrants exercised on a cashless basis 0 47,836
Conversion of Alignment Shares into common stock 11 15
Deferred purchase price payable $ 7,656 $ 18,548