v3.23.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Current assets:    
Cash $ 628,536 $ 740,508
Restricted cash 214,542 212,367
Accounts receivable (net of allowances for credit losses of $11,667 and $13,381 as of March 31, 2023 and December 31, 2022, respectively) 218,692 214,255
Inventories 887,890 783,904
Prepaid expenses and other current assets 134,612 146,609
Total current assets 2,084,272 2,097,643
Restricted cash 148 148
Solar energy systems, net 11,368,850 10,988,361
Property and equipment, net 75,087 67,439
Intangible assets, net 6,186 7,527
Goodwill 4,280,169 4,280,169
Other assets 1,913,615 1,827,518
Total assets [1] 19,728,327 19,268,805
Current liabilities:    
Accounts payable 345,968 339,166
Distributions payable to noncontrolling interests and redeemable noncontrolling interests 30,621 32,050
Accrued expenses and other liabilities 381,271 406,466
Deferred revenue, current portion 160,221 183,719
Deferred grants, current portion 8,239 8,252
Finance lease obligations, current portion 12,460 11,444
Non-recourse debt, current portion 194,410 157,810
Pass-through financing obligation, current portion 16,827 16,544
Total current liabilities 1,150,017 1,155,451
Deferred revenue, net of current portion 938,039 912,254
Deferred grants, net of current portion 198,656 201,094
Finance lease obligations, net of current portion 21,956 17,302
Convertible senior notes 393,442 392,882
Line of credit 552,253 505,158
Non-recourse debt, net of current portion 7,786,399 7,343,299
Pass-through financing obligation, net of current portion 286,451 289,011
Other liabilities 170,267 140,290
Deferred tax liabilities 63,093 133,047
Total liabilities [1] 11,560,573 11,089,788
Commitments and contingencies (Note 15)
Redeemable noncontrolling interests 604,707 609,702
Stockholders’ equity:    
Preferred stock, $0.0001 par value—authorized, 200,000 shares as of March 31, 2023 and December 31, 2022; no shares issued and outstanding as of March 31, 2023 and December 31, 2022 0 0
Common stock, $0.0001 par value—authorized, 2,000,000 shares as of March 31, 2023 and December 31, 2022; issued and outstanding, 215,166 and 214,184 shares as of March 31, 2023 and December 31, 2022, respectively 21 21
Additional paid-in capital 6,505,806 6,470,194
Accumulated other comprehensive income 31,521 67,109
Retained earnings (69,590) 170,798
Total stockholders’ equity 6,467,758 6,708,122
Noncontrolling interests 1,095,289 861,193
Total equity 7,563,047 7,569,315
Total liabilities, redeemable noncontrolling interests and total equity $ 19,728,327 $ 19,268,805
[1] The Company’s consolidated assets as of March 31, 2023 and December 31, 2022 include $10,468,718 and $10,031,506, 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 March 31, 2023 and December 31, 2022 of $9,227,988 and $8,968,835, respectively; cash as of March 31, 2023 and December 31, 2022 of $395,983 and $457,005, respectively; restricted cash as of March 31, 2023 and December 31, 2022 of $42,500 and $44,514, respectively; accounts receivable, net as of March 31, 2023 and December 31, 2022 of $72,961 and $66,847, respectively; inventories as of March 31, 2023 and December 31, 2022 of $414,407 and 193,836, respectively; prepaid expenses and other current assets as of March 31, 2023 and December 31, 2022 of $12,003 and $12,698, respectively; and other assets as of March 31, 2023 and December 31, 2022 of $302,876 and $287,771, respectively. The Company’s consolidated liabilities as of March 31, 2023 and December 31, 2022 include $2,252,395 and $2,227,002, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of March 31, 2023 and December 31, 2022 of $18,954 and $36,315, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of March 31, 2023 and December 31, 2022 of $30,622 and $32,051, respectively; accrued expenses and other current liabilities as of March 31, 2023 and December 31, 2022 of $32,118 and $32,512, respectively; deferred revenue as of March 31, 2023 and December 31, 2022 of $632,088 and $621,457, respectively; non-recourse debt as of March 31, 2023 and December 31, 2022 of $1,522,859 and $1,489,407, respectively; and other liabilities as of March 31, 2023 and December 31, 2022 of $15,754 and $15,260, respectively.

Source