Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
Current assets:    
Cash $ 269,569 $ 269,577
Restricted cash 84,515 93,504
Accounts receivable (net of allowances for doubtful accounts of $2,337 and $3,151 as of June 30, 2020 and December 31, 2019, respectively) 60,000 77,728
State tax credits receivable 0 6,466
Inventories 210,507 260,571
Prepaid expenses and other current assets 13,649 25,984
Total current assets 638,240 733,830
Restricted cash 148 148
Property and equipment, net 47,839 56,708
Intangible assets, net 16,892 19,543
Goodwill 95,094 95,094
Other assets 432,404 408,403
Total assets [1] 6,005,042 5,806,341
Current liabilities:    
Accounts payable 99,895 223,356
Distributions payable to noncontrolling interests and redeemable noncontrolling interests 17,751 16,062
Accrued expenses and other liabilities 187,891 148,497
Deferred revenue, current portion 78,750 77,643
Deferred grants, current portion 8,274 8,093
Finance lease obligations, current portion 8,065 10,064
Non-recourse debt, current portion 105,381 35,348
Pass-through financing obligation, current portion 11,292 11,031
Total current liabilities 517,299 530,094
Deferred revenue, net of current portion 663,797 651,856
Deferred grants, net of current portion 213,956 218,568
Finance lease obligations, net of current portion 8,547 12,895
Recourse debt 236,435 239,485
Non-recourse debt, net of current portion 2,081,725 1,980,107
Pass-through financing obligation, net of current portion 326,278 327,974
Other liabilities 227,984 141,401
Deferred tax liabilities 36,834 65,964
Total liabilities [1] 4,312,855 4,168,344
Commitments and contingencies (Note 15)
Redeemable noncontrolling interests 450,682 306,565
Stockholders’ equity:    
Preferred stock, $0.0001 par value—authorized, 200,000 shares as of June 30, 2020 and December 31, 2019; no shares issued and outstanding as of June 30, 2020 and December 31, 2019 0 0
Common stock, $0.0001 par value—authorized, 2,000,000 shares as of June 30, 2020 and December 31, 2019; issued and outstanding, 122,307 and 118,451 shares as of June 30, 2020 and December 31, 2019, respectively 12 12
Additional paid-in capital 806,702 766,006
Accumulated other comprehensive loss (127,264) (52,753)
Retained earnings 208,717 251,466
Total stockholders’ equity 888,167 964,731
Noncontrolling interests 353,338 366,701
Total equity 1,241,505 1,331,432
Total liabilities, redeemable noncontrolling interests and total equity 6,005,042 5,806,341
Solar Energy Systems    
Current assets:    
Property and equipment, net $ 4,774,425 $ 4,492,615
[1] The Company’s consolidated assets as of June 30, 2020 and December 31, 2019 include $3,948,923 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 June 30, 2020 and December 31, 2019 of $3,557,831 and $3,259,712, respectively; cash as of June 30, 2020 and December 31, 2019 of $155,239 and $133,362, respectively; restricted cash as of June 30, 2020 and December 31, 2019 of $12,411 and $2,746, respectively; accounts receivable, net as of June 30, 2020 and December 31, 2019 of $25,530 and $21,956, respectively; inventories as of June 30, 2020 and December 31, 2019 of $94,175 and 15,721, respectively; prepaid expenses and other current assets as of June 30, 2020 and December 31, 2019 of $1,480 and $554, respectively; and other assets as of June 30, 2020 and December 31, 2019 of $102,257 and $87,151, respectively. The Company’s consolidated liabilities as of June 30, 2020 and December 31, 2019 include $894,449 and $774,564, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of June 30, 2020 and December 31, 2019 of $14,306 and $11,531, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of June 30, 2020 and December 31, 2019 of $17,701 and $16,012, respectively; accrued expenses and other current liabilities as of June 30, 2020 and December 31, 2019 of $14,095 and $10,740, respectively; deferred revenue as of June 30, 2020 and December 31, 2019 of $506,486 and $482,138, respectively; deferred grants as of June 30, 2020 and December 31, 2019 of $27,516 and $28,034, respectively; non-recourse debt as of June 30, 2020 and December 31, 2019 of $277,416 and $206,476, respectively; and other liabilities as of June 30, 2020 and December 31, 2019 of $36,929 and $19,633, respectively.