v3.21.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Current assets:    
Cash $ 679,588 $ 519,965
Restricted cash 177,867 188,095
Accounts receivable (net of allowances for credit losses of $7,248 and $4,861 as of June 30, 2021 and December 31, 2020, respectively) 162,969 95,141
Inventories 341,423 283,045
Prepaid expenses and other current assets 34,805 51,483
Total current assets 1,396,652 1,137,729
Restricted cash 148 148
Solar energy systems, net 8,767,069 8,202,788
Property and equipment, net 58,855 62,182
Intangible assets, net 15,574 18,262
Goodwill 4,280,169 4,280,169
Other assets 910,369 681,665
Total assets [1] 15,428,836 14,382,943
Current liabilities:    
Accounts payable 277,775 207,441
Distributions payable to noncontrolling interests and redeemable noncontrolling interests 33,421 28,627
Accrued expenses and other liabilities 312,746 325,614
Deferred revenue, current portion 113,959 108,452
Deferred grants, current portion 8,216 8,251
Finance lease obligations, current portion 10,612 11,037
Line of credit 217,284 0
Non-recourse debt, current portion 128,305 195,036
Pass-through financing obligation, current portion 16,791 16,898
Total current liabilities 1,119,109 901,356
Deferred revenue, net of current portion 722,234 690,824
Deferred grants, net of current portion 208,285 213,269
Finance lease obligations, net of current portion 10,295 12,929
Line of credit 0 230,660
Convertible senior notes 389,482 0
Non-recourse debt, net of current portion 4,874,487 4,370,449
Pass-through financing obligation, net of current portion 320,291 323,496
Other liabilities 230,263 268,684
Deferred tax liabilities 62,284 81,905
Total liabilities [1] 7,936,730 7,093,572
Commitments and contingencies (Note 15)
Redeemable noncontrolling interests 599,313 560,461
Stockholders’ equity:    
Preferred stock, $0.0001 par value—authorized, 200,000 shares as of June 30, 2021 and December 31, 2020; no shares issued and outstanding as of June 30, 2021 and December 31, 2020 0 0
Common stock, $0.0001 par value—authorized, 2,000,000 shares as of June 30, 2021 and December 31, 2020; issued and outstanding, 205,374 and 201,406 shares as of June 30, 2021 and December 31, 2020, respectively 21 20
Additional paid-in capital 6,226,069 6,107,802
Accumulated other comprehensive loss (81,444) (106,755)
Retained earnings 11,811 76,844
Total stockholders’ equity 6,156,457 6,077,911
Noncontrolling interests 736,336 650,999
Total equity 6,892,793 6,728,910
Total liabilities, redeemable noncontrolling interests and total equity $ 15,428,836 $ 14,382,943
[1] The Company’s consolidated assets as of June 30, 2021 and December 31, 2020 include $7,965,715 and $7,190,866, respectively, in assets of variable interest entities (“VIEs”) that can only be used to settle obligations of the VIEs. These assets include solar energy systems, net, as of June 30, 2021 and December 31, 2020 of $7,321,816 and $6,748,127, respectively; cash as of June 30, 2021 and December 31, 2020 of $340,214 and $219,502, respectively; restricted cash as of June 30, 2021 and December 31, 2020 of $53,121 and $34,559, respectively; accounts receivable, net as of June 30, 2021 and December 31, 2020 of $61,971 and $35,152, respectively; inventories as of June 30, 2021 and December 31, 2020 of $31,207 and 23,306, respectively; prepaid expenses and other current assets as of June 30, 2021 and December 31, 2020 of $1,333 and $2,629, respectively; and other assets as of June 30, 2021 and December 31, 2020 of $156,053 and $127,591, respectively. The Company’s consolidated liabilities as of June 30, 2021 and December 31, 2020 include $2,139,358 and $1,857,967, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of June 30, 2021 and December 31, 2020 of $33,151 and $15,609, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of June 30, 2021 and December 31, 2020 of $33,371 and $28,577, respectively; accrued expenses and other current liabilities as of June 30, 2021 and December 31, 2020 of $29,013 and $24,660, respectively; deferred revenue as of June 30, 2021 and December 31, 2020 of $578,560 and $538,067, respectively; deferred grants as of June 30, 2021 and December 31, 2020 of $26,268 and $26,898, respectively; non-recourse debt as of June 30, 2021 and December 31, 2020 of $1,409,946 and $1,192,411, respectively; and other liabilities as of June 30, 2021 and December 31, 2020 of $29,049 and $31,745, respectively.

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