Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Current assets:    
Cash $ 522,460 $ 617,634
Restricted cash 340,520 232,649
Accounts receivable (net of allowances for credit losses of $12,026 and $11,035 as of June 30, 2022 and December 31, 2021, respectively) 216,824 146,037
Inventories 547,419 506,819
Prepaid expenses and other current assets 83,150 44,580
Total current assets 1,710,373 1,547,719
Restricted cash 148 148
Solar energy systems, net 10,178,767 9,459,696
Property and equipment, net 61,728 56,886
Intangible assets, net 10,209 12,891
Goodwill 4,280,169 4,280,169
Other assets 1,559,208 1,125,743
Total assets [1] 17,800,602 16,483,252
Current liabilities:    
Accounts payable 259,201 288,108
Distributions payable to noncontrolling interests and redeemable noncontrolling interests 36,461 31,582
Accrued expenses and other liabilities 347,696 364,136
Deferred revenue, current portion 131,969 111,739
Deferred grants, current portion 8,284 8,302
Finance lease obligations, current portion 11,597 10,901
Non-recourse debt, current portion 188,263 190,186
Pass-through financing obligation, current portion 7,527 7,166
Total current liabilities 990,998 1,012,120
Deferred revenue, net of current portion 809,142 761,872
Deferred grants, net of current portion 201,957 206,615
Finance lease obligations, net of current portion 13,975 11,314
Convertible senior notes 391,739 390,618
Line of credit 550,967 211,066
Non-recourse debt, net of current portion 6,471,975 5,711,020
Pass-through financing obligation, net of current portion 308,785 314,231
Other liabilities 145,769 190,056
Deferred tax liabilities 102,654 101,753
Total liabilities [1] 9,987,961 8,910,665
Commitments and contingencies (Note 15)
Redeemable noncontrolling interests 639,740 594,973
Stockholders’ equity:    
Preferred stock, $0.0001 par value—authorized, 200,000 shares as of June 30, 2022 and December 31, 2021; no shares issued and outstanding as of June 30, 2022 and December 31, 2021 0 0
Common stock, $0.0001 par value—authorized, 2,000,000 shares as of June 30, 2022 and December 31, 2021; issued and outstanding, 211,943 and 208,176 shares as of June 30, 2022 and December 31, 2021, respectively 21 21
Additional paid-in capital 6,403,716 6,330,344
Accumulated other comprehensive income (loss) 45,726 (73,050)
Retained deficit (102,783) (2,579)
Total stockholders’ equity 6,346,680 6,254,736
Noncontrolling interests 826,221 722,878
Total equity 7,172,901 6,977,614
Total liabilities, redeemable noncontrolling interests and total equity $ 17,800,602 $ 16,483,252
[1] The Company’s consolidated assets as of June 30, 2022 and December 31, 2021 include $9,012,626 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 June 30, 2022 and December 31, 2021 of $8,207,342 and $7,605,769, respectively; cash as of June 30, 2022 and December 31, 2021 of $317,047 and $377,044, respectively; restricted cash as of June 30, 2022 and December 31, 2021 of $82,697 and $70,346, respectively; accounts receivable, net as of June 30, 2022 and December 31, 2021 of $83,747 and $55,714, respectively; inventories as of June 30, 2022 and December 31, 2021 of $89,096 and 93,604, respectively; prepaid expenses and other current assets as of June 30, 2022 and December 31, 2021 of $4,387 and $1,519, respectively; and other assets as of June 30, 2022 and December 31, 2021 of $228,310 and $177,224, respectively. The Company’s consolidated liabilities as of June 30, 2022 and December 31, 2021 include $2,110,699 and $2,152,492, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of June 30, 2022 and December 31, 2021 of $22,375 and $26,042, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of June 30, 2022 and December 31, 2021 of $36,462 and $31,582, respectively; accrued expenses and other current liabilities as of June 30, 2022 and December 31, 2021 of $28,715 and $31,036, respectively; deferred revenue as of June 30, 2022 and December 31, 2021 of $556,363 and $530,385, respectively; deferred grants as of June 30, 2022 and December 31, 2021 of $0 and $25,634, respectively; non-recourse debt as of June 30, 2022 and December 31, 2021 of $1,452,907 and $1,482,608, respectively; and other liabilities as of June 30, 2022 and December 31, 2021 of $13,877 and $25,205, respectively.