v3.22.2.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Current assets:    
Cash $ 672,083 $ 617,634
Restricted cash 283,822 232,649
Accounts receivable (net of allowances for credit losses of $12,452 and $11,035 as of September 30, 2022 and December 31, 2021, respectively) 218,837 146,037
Inventories 589,094 506,819
Prepaid expenses and other current assets 116,192 44,580
Total current assets 1,880,028 1,547,719
Restricted cash 148 148
Solar energy systems, net 10,573,591 9,459,696
Property and equipment, net 63,698 56,886
Intangible assets, net 8,868 12,891
Goodwill 4,280,169 4,280,169
Other assets 1,761,556 1,125,743
Total assets [1] 18,568,058 16,483,252
Current liabilities:    
Accounts payable 275,057 288,108
Distributions payable to noncontrolling interests and redeemable noncontrolling interests 38,125 31,582
Accrued expenses and other liabilities 401,141 364,136
Deferred revenue, current portion 146,098 111,739
Deferred grants, current portion 8,268 8,302
Finance lease obligations, current portion 11,786 10,901
Non-recourse debt, current portion 185,800 190,186
Pass-through financing obligation, current portion 16,230 7,166
Total current liabilities 1,082,505 1,012,120
Deferred revenue, net of current portion 860,887 761,872
Deferred grants, net of current portion 199,433 206,615
Finance lease obligations, net of current portion 16,643 11,314
Convertible senior notes 392,310 390,618
Line of credit 505,967 211,066
Non-recourse debt, net of current portion 6,901,087 5,711,020
Pass-through financing obligation, net of current portion 291,685 314,231
Other liabilities 141,374 190,056
Deferred tax liabilities 122,930 101,753
Total liabilities [1] 10,514,821 8,910,665
Commitments and contingencies (Note 15)
Redeemable noncontrolling interests 609,479 594,973
Stockholders’ equity:    
Preferred stock, $0.0001 par value—authorized, 200,000 shares as of September 30, 2022 and December 31, 2021; no shares issued and outstanding as of September 30, 2022 and December 31, 2021 0 0
Common stock, $0.0001 par value—authorized, 2,000,000 shares as of September 30, 2022 and December 31, 2021; issued and outstanding, 212,954 and 208,176 shares as of September 30, 2022 and December 31, 2021, respectively 21 21
Additional paid-in capital 6,432,240 6,330,344
Accumulated other comprehensive income (loss) 78,463 (73,050)
Retained deficit 107,777 (2,579)
Total stockholders’ equity 6,618,501 6,254,736
Noncontrolling interests 825,257 722,878
Total equity 7,443,758 6,977,614
Total liabilities, redeemable noncontrolling interests and total equity $ 18,568,058 $ 16,483,252
[1] The Company’s consolidated assets as of September 30, 2022 and December 31, 2021 include $9,353,167 and $8,381,220, 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, 2022 and December 31, 2021 of $8,526,271 and $7,605,769, respectively; cash as of September 30, 2022 and December 31, 2021 of $340,122 and $377,044, respectively; restricted cash as of September 30, 2022 and December 31, 2021 of $77,423 and $70,346, respectively; accounts receivable, net as of September 30, 2022 and December 31, 2021 of $72,125 and $55,714, respectively; inventories as of September 30, 2022 and December 31, 2021 of $63,307 and 93,604, respectively; prepaid expenses and other current assets as of September 30, 2022 and December 31, 2021 of $9,599 and $1,519, respectively; and other assets as of September 30, 2022 and December 31, 2021 of $264,320 and $177,224, respectively. The Company’s consolidated liabilities as of September 30, 2022 and December 31, 2021 include $2,138,229 and $2,152,492, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of September 30, 2022 and December 31, 2021 of $20,611 and $26,042, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of September 30, 2022 and December 31, 2021 of $38,126 and $31,582, respectively; accrued expenses and other current liabilities as of September 30, 2022 and December 31, 2021 of $27,994 and $31,036, respectively; deferred revenue as of September 30, 2022 and December 31, 2021 of $599,643 and $530,385, respectively; deferred grants as of September 30, 2022 and December 31, 2021 of $0 and $25,634, respectively; non-recourse debt as of September 30, 2022 and December 31, 2021 of $1,437,366 and $1,482,608, respectively; and other liabilities as of September 30, 2022 and December 31, 2021 of $14,489 and $25,205, respectively.

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