Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

v3.20.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2020
Dec. 31, 2019
Current assets:    
Cash $ 286,418 $ 269,577
Restricted cash 79,682 93,504
Accounts receivable (net of allowances for doubtful accounts of $3,128 and $3,151 as of March 31, 2020 and December 31, 2019, respectively) 65,509 77,728
State tax credits receivable 7,780 6,466
Inventories 257,614 260,571
Prepaid expenses and other current assets 10,813 25,984
Total current assets 707,816 733,830
Restricted cash 148 148
Solar energy systems, net 4,644,044 4,492,615
Property and equipment, net 52,995 56,708
Intangible assets, net 18,060 19,543
Goodwill 95,094 95,094
Other assets 420,350 408,403
Total assets [1] 5,938,507 5,806,341
Current liabilities:    
Accounts payable 159,791 223,356
Distributions payable to noncontrolling interests and redeemable noncontrolling interests 17,766 16,062
Accrued expenses and other liabilities 118,869 148,497
Deferred revenue, current portion 78,419 77,643
Deferred grants, current portion 8,089 8,093
Finance lease obligations, current portion 9,167 10,064
Non-recourse debt, current portion 71,508 35,348
Pass-through financing obligation, current portion 11,148 11,031
Total current liabilities 474,757 530,094
Deferred revenue, net of current portion 660,309 651,856
Deferred grants, net of current portion 217,692 218,568
Finance lease obligations, net of current portion 11,005 12,895
Recourse debt 237,960 239,485
Non-recourse debt, net of current portion 2,128,840 1,980,107
Pass-through financing obligation, net of current portion 327,090 327,974
Other liabilities 229,052 141,401
Deferred tax liabilities 37,445 65,964
Total liabilities [1] 4,324,150 4,168,344
Commitments and contingencies (Note 15)
Redeemable noncontrolling interests 415,693 306,565
Stockholders’ equity:    
Preferred stock, $0.0001 par value—authorized, 200,000 shares as of March 31, 2020 and December 31, 2019; no shares issued and outstanding as of March 31, 2020 and December 31, 2019 0 0
Common stock, $0.0001 par value—authorized, 2,000,000 shares as of March 31, 2020 and December 31, 2019; issued and outstanding, 120,123 and 118,451 shares as of March 31, 2020 and December 31, 2019, respectively 12 12
Additional paid-in capital 775,233 766,006
Accumulated other comprehensive loss (125,051) (52,753)
Retained earnings 222,279 251,466
Total stockholders’ equity 872,473 964,731
Noncontrolling interests 326,191 366,701
Total equity 1,198,664 1,331,432
Total liabilities, redeemable noncontrolling interests and total equity $ 5,938,507 $ 5,806,341
[1] The Company’s consolidated assets as of March 31, 2020 and December 31, 2019 include $3,833,562 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 March 31, 2020 and December 31, 2019 of $3,415,118 and $3,259,712, respectively; cash as of March 31, 2020 and December 31, 2019 of $178,982 and $133,362, respectively; restricted cash as of March 31, 2020 and December 31, 2019 of $7,370 and $2,746, respectively; accounts receivable, net as of March 31, 2020 and December 31, 2019 of $25,927 and $21,956, respectively; inventories as of March 31, 2020 and December 31, 2019 of $110,594 and 15,721, respectively; prepaid expenses and other current assets as of March 31, 2020 and December 31, 2019 of $1,497 and $554, respectively; and other assets as of March 31, 2020 and December 31, 2019 of $94,074 and $87,151, respectively. The Company’s consolidated liabilities as of March 31, 2020 and December 31, 2019 include $897,807 and $774,564, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of March 31, 2020 and December 31, 2019 of $13,758 and $11,531, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of March 31, 2020 and December 31, 2019 of $17,716 and $16,012, respectively; accrued expenses and other current liabilities as of March 31, 2020 and December 31, 2019 of $9,977 and $10,740, respectively; deferred revenue as of March 31, 2020 and December 31, 2019 of $498,065 and $482,138, respectively; deferred grants as of March 31, 2020 and December 31, 2019 of $27,776 and $28,034, respectively; non-recourse debt as of March 31, 2020 and December 31, 2019 of $291,798 and $206,476, respectively; and other liabilities as of March 31, 2020 and December 31, 2019 of $38,717 and $19,633, respectively.