Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets (Parenthetical)

v3.22.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Allowance for doubtful accounts $ 11,516 $ 11,035
Preferred stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Preferred stock, shares authorized (in shares) 200,000,000 200,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 2,000,000,000 2,000,000,000
Common stock, shares issued (in shares) 209,417,000 208,176,000
Common stock, shares outstanding (in shares) 209,417,000 208,176,000
Total assets [1] $ 17,255,122 $ 16,483,252
Solar energy systems, net 9,772,062 9,459,696
Cash 629,161 617,634
Restricted cash 233,306 232,649
Accounts receivable, net 200,549 146,037
Inventories 555,946 506,819
Prepaid expenses and other current assets 90,388 44,580
Other assets 1,421,880 1,125,743
Total liabilities [1] 9,573,860 8,910,665
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 893,958 873,611
Total debt, net 7,139,160 6,502,890
Other liabilities 150,806 190,056
Variable Interest Entities    
Total assets 8,639,974 8,381,220
Solar energy systems, net 7,888,322 7,605,769
Cash 306,124 377,044
Restricted cash 66,918 70,346
Accounts receivable, net 72,691 55,714
Inventories 98,023 93,604
Prepaid expenses and other current assets 1,585 1,519
Other assets 206,311 177,224
Total liabilities 2,087,174 2,152,492
Accounts payable 27,488 26,042
Distributions payable to noncontrolling interests and redeemable noncontrolling interests 30,661 31,582
Accrued expenses and other liabilities 25,302 31,036
Deferred revenue 533,632 530,385
Deferred grants 0 25,634
Total debt, net 1,453,894 1,482,608
Other liabilities $ 16,197 $ 25,205
[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.