v3.19.3
Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Current assets:    
Cash $ 324,698 $ 226,625
Restricted cash 48,566 77,626
Accounts receivable (net of allowances for doubtful accounts of $2,737 and $2,228 as of September 30, 2019 and December 31, 2018, respectively) 75,352 66,435
State tax credits receivable 0 2,697
Inventories 109,777 79,467
Prepaid expenses and other current assets 8,847 8,563
Total current assets 567,240 461,413
Restricted cash 148 148
Solar energy systems, net 4,333,387 3,820,017
Property and equipment, net 56,804 34,893
Intangible assets, net 21,067 10,088
Goodwill 95,094 87,543
Other assets 398,278 335,685
Total assets [1] 5,472,018 4,749,787
Current liabilities:    
Accounts payable 169,893 131,278
Distributions payable to noncontrolling interests and redeemable noncontrolling interests 16,808 15,847
Accrued expenses and other liabilities 121,720 98,636
Deferred revenue, current portion 61,336 47,407
Deferred grants, current portion 7,957 7,885
Finance lease obligations, current portion 11,152 9,193
Non-recourse debt, current portion 29,402 35,484
Pass-through financing obligation, current portion 10,744 26,461
Total current liabilities 429,012 372,191
Deferred revenue, net of current portion 651,727 544,218
Deferred grants, net of current portion 214,411 221,739
Finance lease obligations, net of current portion 14,822 9,992
Recourse debt 239,035 247,000
Non-recourse debt, net of current portion 1,776,872 1,466,438
Pass-through financing obligation, net of current portion 329,255 337,282
Other liabilities 166,873 48,210
Deferred tax liabilities 67,823 93,633
Total liabilities [1] 3,889,830 3,340,703
Commitments and contingencies (Note 15)
Redeemable noncontrolling interests 336,586 126,302
Stockholders’ equity:    
Preferred stock, $0.0001 par value—authorized, 200,000 shares as of September 30, 2019 and December 31, 2018; no shares issued and outstanding as of September 30, 2019 and December 31, 2018 0 0
Common stock, $0.0001 par value—authorized, 2,000,000 shares as of September 30, 2019 and December 31, 2018; issued and outstanding, 117,924 and 113,149 shares as of September 30, 2019 and December 31, 2018, respectively 12 11
Additional paid-in capital 755,771 722,429
Accumulated other comprehensive loss (72,920) (3,124)
Retained earnings 243,966 229,391
Total stockholders’ equity 926,829 948,707
Noncontrolling interests 318,773 334,075
Total equity 1,245,602 1,282,782
Total liabilities, redeemable noncontrolling interests and total equity $ 5,472,018 $ 4,749,787
[1]
The Company’s consolidated assets as of September 30, 2019 and December 31, 2018 include $3,332,199 and $2,905,295, 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, 2019 and December 31, 2018 of $3,045,779 and $2,712,377, respectively; cash as of September 30, 2019 and December 31, 2018 of $178,289 and $105,494, respectively; restricted cash as of September 30, 2019 and December 31, 2018 of $4,544 and $2,071, respectively; accounts receivable, net as of September 30, 2019 and December 31, 2018 of $19,208 and $18,539, respectively; prepaid expenses and other current assets as of September 30, 2019 and December 31, 2018 of $549 and $387, respectively; and other assets as of September 30, 2019 and December 31, 2018 of $83,830 and $66,427, respectively. The Company’s consolidated liabilities as of September 30, 2019 and December 31, 2018 include $734,988 and $660,758, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of September 30, 2019 and December 31, 2018 of $14,464 and $12,136, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of September 30, 2019 and December 31, 2018 of $16,466 and $15,797, respectively; accrued expenses and other current liabilities as of September 30, 2019 and December 31, 2018 of $9,676 and $7,122, respectively; deferred revenue as of September 30, 2019 and December 31, 2018 of $446,041 and $396,920, respectively; deferred grants as of September 30, 2019 and December 31, 2018 of $28,330 and $29,229, respectively; non-recourse debt as of September 30, 2019 and December 31, 2018 of $196,113 and $190,711, respectively; and other liabilities as of September 30, 2019 and December 31, 2018 of $23,898 and $8,843, respectively.

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