v3.23.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Current assets:    
Cash $ 669,094 $ 740,508
Restricted cash 251,836 212,367
Accounts receivable (net of allowances for credit losses of $14,485 and $13,381 as of June 30, 2023 and December 31, 2022, respectively) 215,411 214,255
Inventories 791,740 783,904
Prepaid expenses and other current assets 154,995 146,609
Total current assets 2,083,076 2,097,643
Restricted cash 148 148
Solar energy systems, net 11,936,621 10,988,361
Property and equipment, net 109,900 67,439
Intangible assets, net 5,075 7,527
Goodwill 4,280,169 4,280,169
Other assets 2,075,649 1,827,518
Total assets [1] 20,490,638 19,268,805
Current liabilities:    
Accounts payable 328,827 339,166
Distributions payable to noncontrolling interests and redeemable noncontrolling interests 32,103 32,050
Accrued expenses and other liabilities 387,779 406,466
Deferred revenue, current portion 161,511 183,719
Deferred grants, current portion 8,226 8,252
Finance lease obligations, current portion 16,058 11,444
Non-recourse debt, current portion 470,530 157,810
Pass-through financing obligation, current portion 16,648 16,544
Total current liabilities 1,421,682 1,155,451
Deferred revenue, net of current portion 980,488 912,254
Deferred grants, net of current portion 196,187 201,094
Finance lease obligations, net of current portion 46,700 17,302
Convertible senior notes 394,009 392,882
Line of credit 551,898 505,158
Non-recourse debt, net of current portion 8,187,400 7,343,299
Pass-through financing obligation, net of current portion 283,777 289,011
Other liabilities 142,782 140,290
Deferred tax liabilities 90,598 133,047
Total liabilities [1] 12,295,521 11,089,788
Commitments and contingencies (Note 15)
Redeemable noncontrolling interests 609,573 609,702
Stockholders’ equity:    
Preferred stock, $0.0001 par value—authorized, 200,000 shares as of June 30, 2023 and December 31, 2022; no shares issued and outstanding as of June 30, 2023 and December 31, 2022 0 0
Common stock, $0.0001 par value—authorized, 2,000,000 shares as of June 30, 2023 and December 31, 2022; issued and outstanding, 217,044 and 214,184 shares as of June 30, 2023 and December 31, 2022, respectively 22 21
Additional paid-in capital 6,546,814 6,470,194
Accumulated other comprehensive income 64,734 67,109
Retained earnings (14,116) 170,798
Total stockholders’ equity 6,597,454 6,708,122
Noncontrolling interests 988,090 861,193
Total equity 7,585,544 7,569,315
Total liabilities, redeemable noncontrolling interests and total equity $ 20,490,638 $ 19,268,805
[1] The Company’s consolidated assets as of June 30, 2023 and December 31, 2022 include $10,881,971 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 June 30, 2023 and December 31, 2022 of $9,702,082 and $8,968,835, respectively; cash as of June 30, 2023 and December 31, 2022 of $346,259 and $457,005, respectively; restricted cash as of June 30, 2023 and December 31, 2022 of $43,898 and $44,514, respectively; accounts receivable, net as of June 30, 2023 and December 31, 2022 of $86,041 and $66,847, respectively; inventories as of June 30, 2023 and December 31, 2022 of $357,224 and 193,836, respectively; prepaid expenses and other current assets as of June 30, 2023 and December 31, 2022 of $14,140 and $12,698, respectively; and other assets as of June 30, 2023 and December 31, 2022 of $332,327 and $287,771, respectively. The Company’s consolidated liabilities as of June 30, 2023 and December 31, 2022 include $2,286,648 and $2,227,002, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of June 30, 2023 and December 31, 2022 of $19,907 and $36,315, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of June 30, 2023 and December 31, 2022 of $32,104 and $32,051, respectively; accrued expenses and other current liabilities as of June 30, 2023 and December 31, 2022 of $35,446 and $32,512, respectively; deferred revenue as of June 30, 2023 and December 31, 2022 of $657,581 and $621,457, respectively; non-recourse debt as of June 30, 2023 and December 31, 2022 of $1,525,235 and $1,489,407, respectively; and other liabilities as of June 30, 2023 and December 31, 2022 of $16,375 and $15,260, respectively.

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