v3.19.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2019
Dec. 31, 2018
Current assets:    
Cash $ 299,537 $ 226,625
Restricted cash 54,182 77,626
Accounts receivable (net of allowances for doubtful accounts of $2,627 and $2,228 as of June 30, 2019 and December 31, 2018, respectively) 77,846 66,435
State tax credits receivable 0 2,697
Inventories 89,829 79,467
Prepaid expenses and other current assets 8,692 8,563
Total current assets 530,086 461,413
Restricted cash 148 148
Solar energy systems, net 4,149,883 3,820,017
Property and equipment, net 50,419 34,893
Intangible assets, net 8,382 10,088
Goodwill 87,543 87,543
Other assets 380,919 335,685
Total assets [1] 5,207,380 4,749,787
Current liabilities:    
Accounts payable 153,206 131,278
Distributions payable to noncontrolling interests and redeemable noncontrolling interests 16,444 15,847
Accrued expenses and other liabilities 104,328 98,636
Deferred revenue, current portion 59,818 47,407
Deferred grants, current portion 8,029 7,885
Finance lease obligations, current portion 11,206 9,193
Recourse debt, current portion 239,035 0
Non-recourse debt, current portion 35,158 35,484
Pass-through financing obligation, current portion 10,666 26,461
Total current liabilities 637,890 372,191
Deferred revenue, net of current portion 643,613 544,218
Deferred grants, net of current portion 217,013 221,739
Finance lease obligations, net of current portion 14,363 9,992
Recourse debt 0 247,000
Non-recourse debt, net of current portion 1,688,989 1,466,438
Pass-through financing obligation, net of current portion 329,968 337,282
Other liabilities 113,992 48,210
Deferred tax liabilities 73,926 93,633
Total liabilities [1] 3,719,754 3,340,703
Commitments and contingencies (Note 15)
Redeemable noncontrolling interests 278,539 126,302
Stockholders’ equity:    
Preferred stock, $0.0001 par value—authorized, 200,000 shares as of June 30, 2019 and December 31, 2018; no shares issued and outstanding as of June 30, 2019 and December 31, 2018 0 0
Common stock, $0.0001 par value—authorized, 2,000,000 shares as of June 30, 2019 and December 31, 2018; issued and outstanding, 117,199 and 113,149 shares as of June 30, 2019 and December 31, 2018, respectively 11 11
Additional paid-in capital 748,512 722,429
Accumulated other comprehensive loss (47,954) (3,124)
Retained earnings 214,976 229,391
Total stockholders’ equity 915,545 948,707
Noncontrolling interests 293,542 334,075
Total equity 1,209,087 1,282,782
Total liabilities, redeemable noncontrolling interests and total equity $ 5,207,380 $ 4,749,787
[1]
The Company’s consolidated assets as of June 30, 2019 and December 31, 2018 include $3,163,835 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 June 30, 2019 and December 31, 2018 of $2,901,211 and $2,712,377, respectively; cash as of June 30, 2019 and December 31, 2018 of $167,194 and $105,494, respectively; restricted cash as of June 30, 2019 and December 31, 2018 of $681 and $2,071, respectively; accounts receivable, net as of June 30, 2019 and December 31, 2018 of $19,762 and $18,539, respectively; prepaid expenses and other current assets as of June 30, 2019 and December 31, 2018 of $387 and $387, respectively; and other assets as of June 30, 2019 and December 31, 2018 of $74,600 and $66,427, respectively. The Company’s consolidated liabilities as of June 30, 2019 and December 31, 2018 include $710,912 and $660,758, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of June 30, 2019 and December 31, 2018 of $8,512 and $12,136, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of June 30, 2019 and December 31, 2018 of $16,257 and $15,797, respectively; accrued expenses and other current liabilities as of June 30, 2019 and December 31, 2018 of $7,742 and $7,122, respectively; deferred revenue as of June 30, 2019 and December 31, 2018 of $444,141 and $396,920, respectively; deferred grants as of June 30, 2019 and December 31, 2018 of $28,679 and $29,229, respectively; non-recourse debt as of June 30, 2019 and December 31, 2018 of $188,088 and $190,711, respectively; and other liabilities as of June 30, 2019 and December 31, 2018 of $17,493 and $8,843, respectively.

Source