v3.24.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Current assets:    
Cash $ 678,821 $ 740,508
Restricted cash 308,869 212,367
Accounts receivable (net of allowances for credit losses of $19,042 and $13,381    as of December 31, 2023 and 2022, respectively) 172,001 214,255
Inventories 459,746 783,904
Prepaid expenses and other current assets 262,822 146,609
Total current assets 1,882,259 2,097,643
Restricted cash 148 148
Solar energy systems, net 13,028,871 10,988,361
Property and equipment, net 149,139 67,439
Goodwill 3,122,168 4,280,169
Other assets 2,267,652 1,835,045
Total assets [1] 20,450,237 19,268,805
Current liabilities:    
Accounts payable 230,723 339,166
Distributions payable to noncontrolling interests and redeemable noncontrolling interests 35,180 32,050
Accrued expenses and other liabilities 499,225 406,466
Deferred revenue, current portion 128,600 183,719
Deferred grants, current portion 8,199 8,252
Finance lease obligations, current portion 22,053 11,444
Non-recourse debt, current portion 547,870 157,810
Pass-through financing obligation, current portion 16,309 16,544
Total current liabilities 1,488,159 1,155,451
Deferred revenue, net of current portion 1,067,461 912,254
Deferred grants, net of current portion 195,724 201,094
Finance lease obligations, net of current portion 68,753 17,302
Line of credit 539,502 505,158
Non-recourse debt, net of current portion 9,191,689 7,343,299
Convertible senior notes 392,867 392,882
Pass-through financing obligation, net of current portion 278,333 289,011
Other liabilities 190,866 140,290
Deferred tax liabilities 122,870 133,047
Total liabilities [1] 13,536,224 11,089,788
Commitments and contingencies (Note 18)
Redeemable noncontrolling interests 676,177 609,702
Stockholders’ equity:    
Preferred stock, $0.0001 par value—authorized, 200,000 shares as of    December 31, 2023 and 2022; no shares issued and outstanding    as of December 31, 2023 and 2022 0 0
Common stock, $0.0001 par value—authorized, 2,000,000 shares as of    December 31, 2023 and 2022; issued and outstanding, 219,392 and    214,184 shares as of December 31, 2023 and 2022, respectively 22 21
Additional paid-in capital 6,609,229 6,470,194
Accumulated other comprehensive loss 54,676 67,109
Retained earnings (1,433,699) 170,798
Total stockholders’ equity 5,230,228 6,708,122
Noncontrolling interests 1,007,608 861,193
Total equity 6,237,836 7,569,315
Total liabilities, redeemable noncontrolling interests and total equity $ 20,450,237 $ 19,268,805
[1] The Company’s consolidated assets as of December 31, 2023 and 2022 include $11,538,540 and $10,031,506, respectively, in assets of variable interest entities, or “VIEs”, that can only be used to settle obligations of the VIEs. Solar energy systems, net, as of December 31, 2023 and 2022 were $10,469,093 and $8,968,835, respectively; cash as of December 31, 2023 and 2022 were $254,522 and $457,005, respectively; restricted cash as of December 31, 2023 and 2022 were $48,169 and $44,514, respectively; accounts receivable, net as of December 31, 2023 and 2022 were $76,249 and $66,847, respectively; inventories as of December 31, 2023 and  2022 of $150,065 and $193,836, respectively; prepaid expenses and other current assets as of December 31, 2023 and 2022 were $161,414 and $12,698, respectively and other assets as of December 31, 2023 and 2022 were $379,028 and $287,771, respectively. The Company’s consolidated liabilities as of December 31, 2023 and 2022 include $2,417,984 and $2,227,002, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of December 31, 2023 and 2022 of $12,187 and $36,315, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of December 31, 2023 and 2022 of $35,181 and $32,051, respectively; accrued expenses and other liabilities as of December 31, 2023 and 2022 of $185,766 and $32,512, respectively; deferred revenue as of December 31, 2023 and 2022 of $708,413 and $621,457, respectively; deferred grants as of December 31, 2023 and 2022 of $0 and $0, respectively; non-recourse debt as of December 31, 2023 and 2022 of $1,459,621 and $1,489,407, respectively; and other liabilities as of December 31, 2023 and 2022 of $16,816 and $15,260, respectively.

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