v3.25.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Current assets:    
Cash $ 604,874 $ 574,956
Restricted cash 373,881 372,312
Accounts receivable (net of allowances for credit losses of $16,261 and $15,420 as of March 31, 2025 and December 31, 2024, respectively) 172,121 170,706
Inventories 414,401 402,083
Prepaid expenses and other current assets 101,936 202,579
Total current assets 1,667,213 1,722,636
Restricted cash 148 148
Solar energy systems, net 15,497,538 15,032,115
Property and equipment, net 109,132 121,239
Other assets 3,103,824 3,021,746
Total assets [1] 20,377,855 19,897,884
Current liabilities:    
Accounts payable 268,908 354,214
Distributions payable to noncontrolling interests and redeemable noncontrolling interests 37,816 41,464
Accrued expenses and other liabilities 537,042 543,752
Deferred revenue, current portion 133,878 129,442
Deferred grants, current portion 8,389 7,900
Finance lease obligations, current portion 25,526 26,045
Non-recourse debt, current portion 250,422 231,665
Total current liabilities 1,261,981 1,334,482
Deferred revenue, net of current portion 1,238,468 1,208,905
Deferred grants, net of current portion 193,009 196,535
Finance lease obligations, net of current portion 58,025 66,139
Convertible senior notes 472,226 479,420
Line of credit 358,493 384,226
Non-recourse debt, net of current portion 12,479,475 11,806,181
Other liabilities 120,973 119,846
Deferred tax liabilities 97,684 137,940
Total liabilities [1] 16,280,334 15,733,674
Commitments and contingencies (Note 14)
Redeemable noncontrolling interests 657,772 624,159
Stockholders’ equity:    
Preferred stock, $0.0001 par value—authorized, 200,000 shares as of March 31, 2025 and December 31, 2024; no shares issued and outstanding as of March 31, 2025 and December 31, 2024 0 0
Common stock, $0.0001 par value—authorized, 2,000,000 shares as of March 31, 2025 and December 31, 2024; issued and outstanding, 227,325 and 225,662 shares as of March 31, 2025 and December 31, 2024, respectively 23 23
Additional paid-in capital 6,784,061 6,747,236
Accumulated other comprehensive income 61,173 86,814
Retained earnings (4,229,855) (4,279,866)
Total stockholders’ equity 2,615,402 2,554,207
Noncontrolling interests 824,347 985,844
Total equity 3,439,749 3,540,051
Total liabilities, redeemable noncontrolling interests and total equity $ 20,377,855 $ 19,897,884
[1] The Company’s consolidated assets as of March 31, 2025 and December 31, 2024 include $13,795,299 and $13,290,216, 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 March 31, 2025 and December 31, 2024 of $12,616,917 and $12,062,819, respectively; cash as of March 31, 2025 and December 31, 2024 of $297,876 and $420,756, respectively; restricted cash as of March 31, 2025 and December 31, 2024 of $55,122 and $57,892, respectively; accounts receivable, net as of March 31, 2025 and December 31, 2024 of $99,407 and $92,259, respectively; inventories as of March 31, 2025 and December 31, 2024 of $74,392 and $62,581, respectively; prepaid expenses and other current assets as of March 31, 2025 and December 31, 2024 of $7,910 and $7,616, respectively; and other assets as of March 31, 2025 and December 31, 2024 of $643,675 and $586,293, respectively. The Company’s consolidated liabilities as of March 31, 2025 and December 31, 2024 include $2,347,239 and $2,343,040, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of March 31, 2025 and December 31, 2024 of $5,635 and $5,400, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of March 31, 2025 and December 31, 2024 of $37,817 and $41,465, respectively; accrued expenses and other current liabilities as of March 31, 2025 and December 31, 2024 of $42,689 and $42,997, respectively; deferred revenue as of March 31, 2025 and December 31, 2024 of $864,162 and $826,854, respectively; non-recourse debt as of March 31, 2025 and December 31, 2024 of $1,378,105 and $1,407,784, respectively; and other liabilities as of March 31, 2025 and December 31, 2024 of $18,831 and $18,540, respectively.

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