Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Current assets:    
Cash $ 629,161 $ 617,634
Restricted cash 233,306 232,649
Accounts receivable (net of allowances for credit losses of $11,516 and $11,035 as of March 31, 2022 and December 31, 2021, respectively) 200,549 146,037
Inventories 555,946 506,819
Prepaid expenses and other current assets 90,388 44,580
Total current assets 1,709,350 1,547,719
Restricted cash 148 148
Solar energy systems, net 9,772,062 9,459,696
Property and equipment, net 59,963 56,886
Intangible assets, net 11,550 12,891
Goodwill 4,280,169 4,280,169
Other assets 1,421,880 1,125,743
Total assets [1] 17,255,122 16,483,252
Current liabilities:    
Accounts payable 385,265 288,108
Distributions payable to noncontrolling interests and redeemable noncontrolling interests 30,661 31,582
Accrued expenses and other liabilities 320,318 364,136
Deferred revenue, current portion 113,653 111,739
Deferred grants, current portion 8,294 8,302
Finance lease obligations, current portion 11,135 10,901
Non-recourse debt, current portion 193,131 190,186
Pass-through financing obligation, current portion 7,454 7,166
Total current liabilities 1,069,911 1,012,120
Deferred revenue, net of current portion 780,305 761,872
Deferred grants, net of current portion 204,299 206,615
Finance lease obligations, net of current portion 11,849 11,314
Convertible senior notes 391,175 390,618
Line of credit 470,000 211,066
Non-recourse debt, net of current portion 6,084,854 5,711,020
Pass-through financing obligation, net of current portion 311,679 314,231
Other liabilities 150,806 190,056
Deferred tax liabilities 98,982 101,753
Total liabilities [1] 9,573,860 8,910,665
Commitments and contingencies (Note 15)
Redeemable noncontrolling interests 630,511 594,973
Stockholders’ equity:    
Preferred stock, $0.0001 par value—authorized, 200,000 shares as of March 31, 2022 and December 31, 2021; no shares issued and outstanding as of March 31, 2022 and December 31, 2021 0 0
Common stock, $0.0001 par value—authorized, 2,000,000 shares as of March 31, 2022 and December 31, 2021; issued and outstanding, 209,417 and 208,176 shares as of March 31, 2022 and December 31, 2021, respectively 21 21
Additional paid-in capital 6,359,279 6,330,344
Accumulated other comprehensive loss (4,601) (73,050)
Retained earnings (90,357) (2,579)
Total stockholders’ equity 6,264,342 6,254,736
Noncontrolling interests 786,409 722,878
Total equity 7,050,751 6,977,614
Total liabilities, redeemable noncontrolling interests and total equity $ 17,255,122 $ 16,483,252
[1] The Company’s consolidated assets as of March 31, 2022 and December 31, 2021 include $8,639,974 and $8,381,220, 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, 2022 and December 31, 2021 of $7,888,322 and $7,605,769, respectively; cash as of March 31, 2022 and December 31, 2021 of $306,124 and $377,044, respectively; restricted cash as of March 31, 2022 and December 31, 2021 of $66,918 and $70,346, respectively; accounts receivable, net as of March 31, 2022 and December 31, 2021 of $72,691 and $55,714, respectively; inventories as of March 31, 2022 and December 31, 2021 of $98,023 and 93,604, respectively; prepaid expenses and other current assets as of March 31, 2022 and December 31, 2021 of $1,585 and $1,519, respectively; and other assets as of March 31, 2022 and December 31, 2021 of $206,311 and $177,224, respectively. The Company’s consolidated liabilities as of March 31, 2022 and December 31, 2021 include $2,087,174 and $2,152,492, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of March 31, 2022 and December 31, 2021 of $27,488 and $26,042, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of March 31, 2022 and December 31, 2021 of $30,661 and $31,582, respectively; accrued expenses and other current liabilities as of March 31, 2022 and December 31, 2021 of $25,302 and $31,036, respectively; deferred revenue as of March 31, 2022 and December 31, 2021 of $533,632 and $530,385, respectively; deferred grants as of March 31, 2022 and December 31, 2021 of $0 and $25,634, respectively; non-recourse debt as of March 31, 2022 and December 31, 2021 of $1,453,894 and $1,482,608, respectively; and other liabilities as of March 31, 2022 and December 31, 2021 of $16,197 and $25,205, respectively.