Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Current assets:    
Cash $ 269,577 $ 226,625
Restricted cash 93,504 77,626
Accounts receivable (net of allowances for doubtful accounts of $3,151 and $2,228 as of December 31, 2019 and 2018, respectively) 77,728 66,435
State tax credits receivable 6,466 2,697
Inventories 260,571 79,467
Prepaid expenses and other current assets 25,984 8,563
Total current assets 733,830 461,413
Restricted cash 148 148
Solar energy systems, net   3,820,017
Property and equipment, net 56,708 34,893
Intangible assets, net 19,543 10,088
Goodwill 95,094 87,543
Other assets 408,403 335,685
Total assets [1] 5,806,341 4,749,787
Current liabilities:    
Accounts payable 223,356 131,278
Distributions payable to noncontrolling interests and redeemable noncontrolling interests 16,062 15,847
Accrued expenses and other liabilities 148,497 98,636
Deferred revenue, current portion 77,643 47,407
Deferred grants, current portion 8,093 7,885
Finance lease obligations, current portion 10,064 9,193
Non-recourse debt, current portion 35,348 35,484
Pass-through financing obligation, current portion 11,031 26,461
Total current liabilities 530,094 372,191
Deferred revenue, net of current portion 651,856 544,218
Deferred grants, net of current portion 218,568 221,739
Finance lease obligations, net of current portion 12,895 9,992
Recourse debt 239,485 247,000
Non-recourse debt, net of current portion 1,980,107 1,466,438
Pass-through financing obligation, net of current portion 327,974 337,282
Other liabilities 141,401 48,210
Deferred tax liabilities 65,964 93,633
Total liabilities [1] 4,168,344 3,340,703
Commitments and contingencies (Note 20)
Redeemable noncontrolling interests 306,565 126,302
Stockholders’ equity:    
Preferred stock, $0.0001 par value—authorized, 200,000 shares as of December 31, 2019 and 2018; no shares issued and outstanding as of December 31, 2019 and 2018 0 0
Common stock, $0.0001 par value—authorized, 2,000,000 shares as of December 31, 2019 and 2018; issued and outstanding, 118,451 and 113,149 shares as of December 31, 2019 and 2018, respectively 12 11
Additional paid-in capital 766,006 722,429
Accumulated other comprehensive loss (52,753) (3,124)
Retained earnings 251,466 229,391
Total stockholders’ equity 964,731 948,707
Noncontrolling interests 366,701 334,075
Total equity 1,331,432 1,282,782
Total liabilities, redeemable noncontrolling interests and total equity 5,806,341 $ 4,749,787
Assets Leased to Others    
Current assets:    
Property and equipment, net $ 4,492,615  
[1]
The Company’s consolidated assets as of December 31, 2019 and 2018 include $3,521,202 and $2,905,295, respectively, in assets of variable interest entities, or “VIEs”, that can only be used to settle obligations of the VIEs. Solar energy systems, net, as of December 31, 2019 and 2018 were $3,259,712 and $2,712,377, respectively; cash as of December 31, 2019 and 2018 were $133,362 and $105,494, respectively; restricted cash as of December 31, 2019 and 2018 were $2,746 and $2,071, respectively; accounts receivable, net as of December 31, 2019 and 2018 were $21,956 and $18,539, respectively; inventories as of December 31, 2019 and December 31, 2018 of $15,721 and $0; prepaid expenses and other current assets as of December 31, 2019 and 2018 were $554 and $387, respectively and other assets as of December 31, 2019 and 2018 were $87,151 and $66,427, respectively. The Company’s consolidated liabilities as of December 31, 2019 and 2018 include $774,564 and $660,758, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of December 31, 2019 and 2018 of $11,531 and $12,136, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of December 31, 2019 and 2018 of $16,012 and $15,797, respectively; accrued expenses and other liabilities as of December 31, 2019 and 2018 of $10,740 and $7,122, respectively; deferred revenue as of December 31, 2019 and 2018 of $482,138 and $396,920, respectively; deferred grants as of December 31, 2019 and 2018 of $28,034 and $29,229, respectively; non-recourse debt as of December 31, 2019 and 2018 of $206,476 and $190,711, respectively; and other liabilities as of December 31, 2019 and December 31, 2018 of $19,633 and $8,843, respectively.