v3.21.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2021
Dec. 31, 2020
Current assets:    
Cash $ 717,593 $ 519,965
Restricted cash 223,380 188,095
Accounts receivable (net of allowances for credit losses of $11,349 and $4,861 as of September 30, 2021 and December 31, 2020, respectively) 177,826 95,141
Inventories 444,519 283,045
Prepaid expenses and other current assets 31,342 51,483
Total current assets 1,594,660 1,137,729
Restricted cash 148 148
Solar energy systems, net 9,126,451 8,202,788
Property and equipment, net 60,659 62,182
Intangible assets, net 14,233 18,262
Goodwill 4,280,169 4,280,169
Other assets 1,013,349 681,665
Total assets [1] 16,089,669 14,382,943
Current liabilities:    
Accounts payable 347,068 207,441
Distributions payable to noncontrolling interests and redeemable noncontrolling interests 33,350 28,627
Accrued expenses and other liabilities 364,481 325,614
Deferred revenue, current portion 109,162 108,452
Deferred grants, current portion 8,302 8,251
Finance lease obligations, current portion 11,163 11,037
Line of credit 209,284 0
Non-recourse debt, current portion 193,834 195,036
Pass-through financing obligation, current portion 6,982 16,898
Total current liabilities 1,283,626 901,356
Deferred revenue, net of current portion 739,356 690,824
Deferred grants, net of current portion 205,684 213,269
Finance lease obligations, net of current portion 12,409 12,929
Line of credit 0 230,660
Convertible senior notes 390,049 0
Non-recourse debt, net of current portion 5,343,639 4,370,449
Pass-through financing obligation, net of current portion 316,905 323,496
Other liabilities 188,784 268,684
Deferred tax liabilities 70,807 81,905
Total liabilities [1] 8,551,259 7,093,572
Commitments and contingencies (Note 15)
Redeemable noncontrolling interests 596,901 560,461
Stockholders’ equity:    
Preferred stock, $0.0001 par value—authorized, 200,000 shares as of September 30, 2021 and December 31, 2020; no shares issued and outstanding as of September 30, 2021 and December 31, 2020 0 0
Common stock, $0.0001 par value—authorized, 2,000,000 shares as of September 30, 2021 and December 31, 2020; issued and outstanding, 206,887 and 201,406 shares as of September 30, 2021 and December 31, 2020, respectively 21 20
Additional paid-in capital 6,264,830 6,107,802
Accumulated other comprehensive loss (77,681) (106,755)
Retained earnings 35,940 76,844
Total stockholders’ equity 6,223,110 6,077,911
Noncontrolling interests 718,399 650,999
Total equity 6,941,509 6,728,910
Total liabilities, redeemable noncontrolling interests and total equity $ 16,089,669 $ 14,382,943
[1] The Company’s consolidated assets as of September 30, 2021 and December 31, 2020 include $7,883,232 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 September 30, 2021 and December 31, 2020 of $7,252,540 and $6,748,127, respectively; cash as of September 30, 2021 and December 31, 2020 of $311,416 and $219,502, respectively; restricted cash as of September 30, 2021 and December 31, 2020 of $48,293 and $34,559, respectively; accounts receivable, net as of September 30, 2021 and December 31, 2020 of $58,102 and $35,152, respectively; inventories as of September 30, 2021 and December 31, 2020 of $50,226 and 23,306, respectively; prepaid expenses and other current assets as of September 30, 2021 and December 31, 2020 of $2,607 and $2,629, respectively; and other assets as of September 30, 2021 and December 31, 2020 of $160,048 and $127,591, respectively. The Company’s consolidated liabilities as of September 30, 2021 and December 31, 2020 include $2,100,425 and $1,857,967, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of September 30, 2021 and December 31, 2020 of $28,824 and $15,609, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of September 30, 2021 and December 31, 2020 of $33,350 and $28,577, respectively; accrued expenses and other current liabilities as of September 30, 2021 and December 31, 2020 of $28,723 and $24,660, respectively; deferred revenue as of September 30, 2021 and December 31, 2020 of $508,942 and $538,067, respectively; deferred grants as of September 30, 2021 and December 31, 2020 of $25,944 and $26,898, respectively; non-recourse debt as of September 30, 2021 and December 31, 2020 of $1,449,165 and $1,192,411, respectively; and other liabilities as of September 30, 2021 and December 31, 2020 of $25,477 and $31,745, respectively.

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