v3.20.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Current assets:    
Cash $ 519,965 $ 269,577
Restricted cash 188,095 93,504
Accounts receivable (net of allowances for credit losses of $4,861 and $3,151    as of December 31, 2020 and 2019, respectively) 95,141 77,728
Inventories 283,045 260,571
Prepaid expenses and other current assets 51,483 32,450
Total current assets 1,137,729 733,830
Restricted cash 148 148
Property and equipment, net 62,182 56,708
Intangible assets, net 18,262 19,543
Goodwill 4,280,169 95,094
Other assets 681,665 408,403
Total assets [1] 14,382,943 5,806,341
Current liabilities:    
Accounts payable 207,441 223,356
Distributions payable to noncontrolling interests and redeemable noncontrolling interests 28,627 16,062
Accrued expenses and other liabilities 325,614 148,497
Deferred revenue, current portion 108,452 77,643
Deferred grants, current portion 8,251 8,093
Finance lease obligations, current portion 11,037 10,064
Non-recourse debt, current portion 195,036 35,348
Pass-through financing obligation, current portion 16,898 11,031
Total current liabilities 901,356 530,094
Deferred revenue, net of current portion 690,824 651,856
Deferred grants, net of current portion 213,269 218,568
Finance lease obligations, net of current portion 12,929 12,895
Recourse debt 230,660 239,485
Non-recourse debt, net of current portion 4,370,449 1,980,107
Pass-through financing obligation, net of current portion 323,496 327,974
Other liabilities 268,684 141,401
Deferred tax liabilities 81,905 65,964
Total liabilities [1] 7,093,572 4,168,344
Commitments and contingencies (Note 19)
Redeemable noncontrolling interests 560,461 306,565
Stockholders’ equity:    
Preferred Stock, Value, Issued 0 0
Common Stock, Value, Issued 20 12
Additional paid-in capital 6,107,802 766,006
Accumulated other comprehensive loss (106,755) (52,753)
Retained earnings 76,844 251,466
Total stockholders’ equity 6,077,911 964,731
Noncontrolling interests 650,999 366,701
Total equity 6,728,910 1,331,432
Total liabilities, redeemable noncontrolling interests and total equity 14,382,943 5,806,341
Solar energy systems, net    
Current assets:    
Property and equipment, net $ 8,202,788 $ 4,492,615
[1] The Company’s consolidated assets as of December 31, 2020 and 2019 include $7,190,866 and $3,521,202, 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, 2020 and 2019 were $6,748,127 and $3,259,712, respectively; cash as of December 31, 2020 and 2019 were $219,502 and $133,362, respectively; restricted cash as of December 31, 2020 and 2019 were $34,559 and $2,746, respectively; accounts receivable, net as of December 31, 2020 and 2019 were $35,152 and $21,956, respectively; inventories as of December 31, 2020 and December 31, 2019 of $23,306 and $15,721; prepaid expenses and other current assets as of December 31, 2020 and 2019 were $2,629 and $554, respectively and other assets as of December 31, 2020 and 2019 were $127,591 and $87,151, respectively. The Company’s consolidated liabilities as of December 31, 2020 and 2019 include $1,857,967 and $774,564, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of December 31, 2020 and 2019 of $15,609 and $11,531, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of December 31, 2020 and 2019 of $28,577 and $16,012, respectively; accrued expenses and other liabilities as of December 31, 2020 and 2019 of $24,660 and $10,740, respectively; deferred revenue as of December 31, 2020 and 2019 of $538,067 and $482,138, respectively; deferred grants as of December 31, 2020 and 2019 of $26,898 and $28,034, respectively; non-recourse debt as of December 31, 2020 and 2019 of $1,192,411 and $206,476, respectively; and other liabilities as of December 31, 2020 and December 31, 2019 of $31,745 and $19,633, respectively.

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