v3.24.2.u1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Current assets:    
Cash $ 707,587 $ 678,821
Restricted cash 334,513 308,869
Accounts receivable (net of allowances for credit losses of $15,934 and $19,042 as of June 30, 2024 and December 31, 2023, respectively) 179,949 172,001
Inventories 353,125 459,746
Prepaid expenses and other current assets 100,978 262,822
Total current assets 1,676,152 1,882,259
Restricted cash 148 148
Solar energy systems, net 13,856,654 13,028,871
Property and equipment, net 143,128 149,139
Goodwill 3,122,168 3,122,168
Other assets 2,645,109 2,267,652
Total assets [1] 21,443,359 20,450,237
Current liabilities:    
Accounts payable 216,557 230,723
Distributions payable to noncontrolling interests and redeemable noncontrolling interests 35,067 35,180
Accrued expenses and other liabilities 349,061 499,225
Deferred revenue, current portion 120,006 128,600
Deferred grants, current portion 8,181 8,199
Finance lease obligations, current portion 26,434 22,053
Non-recourse debt, current portion 250,980 547,870
Pass-through financing obligation, current portion 1,458 16,309
Total current liabilities 1,007,744 1,488,159
Deferred revenue, net of current portion 1,141,120 1,067,461
Deferred grants, net of current portion 190,949 195,724
Finance lease obligations, net of current portion 80,233 68,753
Convertible senior notes 652,379 392,867
Line of credit 390,929 539,502
Non-recourse debt, net of current portion 10,668,063 9,191,689
Pass-through financing obligation, net of current portion 0 278,333
Other liabilities 151,876 190,866
Deferred tax liabilities 111,594 122,870
Total liabilities [1] 14,394,887 13,536,224
Commitments and contingencies
Redeemable noncontrolling interests 635,865 676,177
Stockholders’ equity:    
Preferred stock, $0.0001 par value—authorized, 200,000 shares as of June 30, 2024 and December 31, 2023; no shares issued and outstanding as of June 30, 2024 and December 31, 2023 0 0
Common stock, $0.0001 par value—authorized, 2,000,000 shares as of June 30, 2024 and December 31, 2023; issued and outstanding, 223,298 and 219,392 shares as of June 30, 2024 and December 31, 2023, respectively 22 22
Additional paid-in capital 6,653,582 6,609,229
Accumulated other comprehensive income 94,584 54,676
Retained earnings (1,382,443) (1,433,699)
Total stockholders’ equity 5,365,745 5,230,228
Noncontrolling interests 1,046,862 1,007,608
Total equity 6,412,607 6,237,836
Total liabilities, redeemable noncontrolling interests and total equity $ 21,443,359 $ 20,450,237
[1] The Company’s consolidated assets as of June 30, 2024 and December 31, 2023 include $12,321,868 and $11,538,540, 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, 2024 and December 31, 2023 of $11,288,489 and $10,469,093, respectively; cash as of June 30, 2024 and December 31, 2023 of $293,912 and $254,522, respectively; restricted cash as of June 30, 2024 and December 31, 2023 of $56,276 and $48,169, respectively; accounts receivable, net as of June 30, 2024 and December 31, 2023 of $99,065 and $76,249, respectively; inventories as of June 30, 2024 and December 31, 2023 of $98,594 and $150,065, respectively; prepaid expenses and other current assets as of June 30, 2024 and December 31, 2023 of $9,755 and $161,414, respectively; and other assets as of June 30, 2024 and December 31, 2023 of $475,777 and $379,028, respectively. The Company’s consolidated liabilities as of June 30, 2024 and December 31, 2023 include $2,299,340 and $2,417,984, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of June 30, 2024 and December 31, 2023 of $6,529 and $12,187, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of June 30, 2024 and December 31, 2023 of $35,068 and $35,181, respectively; accrued expenses and other current liabilities as of June 30, 2024 and December 31, 2023 of $38,796 and $185,766, respectively; deferred revenue as of June 30, 2024 and December 31, 2023 of $741,151 and $708,413, respectively; non-recourse debt as of June 30, 2024 and December 31, 2023 of $1,461,064 and $1,459,621, respectively; and other liabilities as of June 30, 2024 and December 31, 2023 of $16,732 and $16,816, respectively.

Source