v3.20.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2020
Dec. 31, 2019
Current assets:    
Cash $ 276,052 $ 269,577
Restricted cash 105,314 93,504
Accounts receivable (net of allowances for doubtful accounts of $2,316 and $3,151 as of September 30, 2020 and December 31, 2019, respectively) 70,654 77,728
State tax credits receivable 0 6,466
Inventories 177,967 260,571
Prepaid expenses and other current assets 15,752 25,984
Total current assets 645,739 733,830
Restricted cash 148 148
Property and equipment, net 44,567 56,708
Intangible assets, net 15,725 19,543
Goodwill 95,094 95,094
Other assets 526,239 408,403
Total assets [1] 6,306,834 5,806,341
Current liabilities:    
Accounts payable 151,804 223,356
Distributions payable to noncontrolling interests and redeemable noncontrolling interests 18,161 16,062
Accrued expenses and other liabilities 196,444 148,497
Deferred revenue, current portion 79,378 77,643
Deferred grants, current portion 8,268 8,093
Finance lease obligations, current portion 7,541 10,064
Non-recourse debt, current portion 122,812 35,348
Pass-through financing obligation, current portion 11,832 11,031
Total current liabilities 596,240 530,094
Deferred revenue, net of current portion 665,583 651,856
Deferred grants, net of current portion 211,668 218,568
Finance lease obligations, net of current portion 7,689 12,895
Recourse debt 224,910 239,485
Non-recourse debt, net of current portion 2,137,154 1,980,107
Pass-through financing obligation, net of current portion 324,576 327,974
Other liabilities 199,320 141,401
Deferred tax liabilities 11,093 65,964
Total liabilities [1] 4,378,233 4,168,344
Commitments and contingencies (Note 15)
Redeemable noncontrolling interests 508,061 306,565
Stockholders’ equity:    
Preferred stock, $0.0001 par value—authorized, 200,000,000 shares as of September 30, 2020 and December 31, 2019; no shares issued and outstanding as of September 30, 2020 and December 31, 2019 0 0
Common stock, $0.0001 par value—authorized, 2,000,000 shares as of September 30, 2020 and December 31, 2019; issued and outstanding, 127,552 and 118,451 shares as of September 30, 2020 and December 31, 2019, respectively 13 12
Additional paid-in capital 910,388 766,006
Accumulated other comprehensive loss (123,020) (52,753)
Retained earnings 246,164 251,466
Total stockholders’ equity 1,033,545 964,731
Noncontrolling interests 386,995 366,701
Total equity 1,420,540 1,331,432
Total liabilities, redeemable noncontrolling interests and total equity 6,306,834 5,806,341
Solar energy systems, net    
Current assets:    
Property and equipment, net $ 4,979,322 $ 4,492,615
[1] The Company’s consolidated assets as of September 30, 2020 and December 31, 2019 include $4,136,047 and $3,521,202, 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, 2020 and December 31, 2019 of $3,773,324 and $3,259,712, respectively; cash as of September 30, 2020 and December 31, 2019 of $155,201 and $133,362, respectively; restricted cash as of September 30, 2020 and December 31, 2019 of $14,495 and $2,746, respectively; accounts receivable, net as of September 30, 2020 and December 31, 2019 of $27,471 and $21,956, respectively; inventories as of September 30, 2020 and December 31, 2019 of $51,894 and 15,721, respectively; prepaid expenses and other current assets as of September 30, 2020 and December 31, 2019 of $1,583 and $554, respectively; and other assets as of September 30, 2020 and December 31, 2019 of $112,079 and $87,151, respectively. The Company’s consolidated liabilities as of September 30, 2020 and December 31, 2019 include $875,866 and $774,564, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of September 30, 2020 and December 31, 2019 of $25,535 and $11,531, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of September 30, 2020 and December 31, 2019 of $17,776 and $16,012, respectively; accrued expenses and other current liabilities as of September 30, 2020 and December 31, 2019 of $15,053 and $10,740, respectively; deferred revenue as of September 30, 2020 and December 31, 2019 of $514,564 and $482,138, respectively; deferred grants as of September 30, 2020 and December 31, 2019 of $27,231 and $28,034, respectively; non-recourse debt as of September 30, 2020 and December 31, 2019 of $240,531 and $206,476, respectively; and other liabilities as of September 30, 2020 and December 31, 2019 of $35,176 and $19,633, respectively.

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