Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

v3.21.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Current assets:    
Cash $ 649,493 $ 519,965
Restricted cash 163,792 188,095
Accounts receivable (net of allowances for credit losses of $6,015 and $4,861 as of March 31, 2021 and December 31, 2020, respectively) 125,499 95,141
Inventories 289,772 283,045
Prepaid expenses and other current assets 40,098 51,483
Total current assets 1,268,654 1,137,729
Restricted cash 148 148
Property and equipment, net 58,168 62,182
Intangible assets, net 17,109 18,262
Goodwill 4,280,169 4,280,169
Other assets 801,270 681,665
Total assets [1] 14,885,961 14,382,943
Current liabilities:    
Accounts payable 212,230 207,441
Distributions payable to noncontrolling interests and redeemable noncontrolling interests 27,726 28,627
Accrued expenses and other liabilities 312,566 325,614
Deferred revenue, current portion 106,749 108,452
Deferred grants, current portion 8,238 8,251
Finance lease obligations, current portion 10,707 11,037
Non-recourse debt, current portion 103,498 195,036
Pass-through financing obligation, current portion 17,121 16,898
Total current liabilities 798,835 901,356
Deferred revenue, net of current portion 700,382 690,824
Deferred grants, net of current portion 210,863 213,269
Finance lease obligations, net of current portion 11,185 12,929
Convertible senior notes 388,960 0
Recourse debt 180,197 230,660
Non-recourse debt, net of current portion 4,601,570 4,370,449
Pass-through financing obligation, net of current portion 322,110 323,496
Other liabilities 193,168 268,684
Deferred tax liabilities 86,095 81,905
Total liabilities [1] 7,493,365 7,093,572
Commitments and contingencies (Note 15)
Redeemable noncontrolling interests 536,294 560,461
Stockholders’ equity:    
Preferred stock, $0.0001 par value—authorized, 200,000 shares as of March 31, 2021 and December 31, 2020; no shares issued and outstanding as of March 31, 2021 and December 31, 2020 0 0
Common stock, $0.0001 par value—authorized, 2,000,000 shares as of March 31, 2021 and December 31, 2020; issued and outstanding, 203,562 and 201,406 shares as of March 31, 2021 and December 31, 2020, respectively 20 20
Additional paid-in capital 6,169,247 6,107,802
Accumulated other comprehensive loss (56,762) (106,755)
Retained earnings 53,055 76,844
Total stockholders’ equity 6,165,560 6,077,911
Noncontrolling interests 690,742 650,999
Total equity 6,856,302 6,728,910
Total liabilities, redeemable noncontrolling interests and total equity 14,885,961 14,382,943
Solar energy systems, net    
Current assets:    
Property and equipment, net $ 8,460,443 $ 8,202,788
[1] The Company’s consolidated assets as of March 31, 2021 and December 31, 2020 include $7,574,849 and $7,190,866, 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, 2021 and December 31, 2020 of $7,038,553 and $6,748,127, respectively; cash as of March 31, 2021 and December 31, 2020 of $246,928 and $219,502, respectively; restricted cash as of March 31, 2021 and December 31, 2020 of $45,877 and $34,559, respectively; accounts receivable, net as of March 31, 2021 and December 31, 2020 of $51,552 and $35,152, respectively; inventories as of March 31, 2021 and December 31, 2020 of $40,843 and 23,306, respectively; prepaid expenses and other current assets as of March 31, 2021 and December 31, 2020 of $582 and $2,629, respectively; and other assets as of March 31, 2021 and December 31, 2020 of $150,514 and $127,591, respectively. The Company’s consolidated liabilities as of March 31, 2021 and December 31, 2020 include $2,017,294 and $1,857,967, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of March 31, 2021 and December 31, 2020 of $20,124 and $15,609, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of March 31, 2021 and December 31, 2020 of $27,676 and $28,577, respectively; accrued expenses and other current liabilities as of March 31, 2021 and December 31, 2020 of $24,324 and $24,660, respectively; deferred revenue as of March 31, 2021 and December 31, 2020 of $552,553 and $538,067, respectively; deferred grants as of March 31, 2021 and December 31, 2020 of $26,594 and $26,898, respectively; non-recourse debt as of March 31, 2021 and December 31, 2020 of $1,342,007 and $1,192,411, respectively; and other liabilities as of March 31, 2021 and December 31, 2020 of $24,016 and $31,745, respectively.