Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.22.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Current assets:    
Cash $ 740,508 $ 617,634
Restricted cash 212,367 232,649
Accounts receivable (net of allowances for credit losses of $13,381 and $11,035    as of December 31, 2022 and 2021, respectively) 214,255 146,037
Inventories 783,904 506,819
Prepaid expenses and other current assets 146,609 44,580
Total current assets 2,097,643 1,547,719
Restricted cash 148 148
Solar energy systems, net 10,988,361 9,459,696
Property and equipment, net 67,439 56,886
Intangible assets, net 7,527 12,891
Goodwill 4,280,169 4,280,169
Other assets 1,827,518 1,125,743
Total assets [1] 19,268,805 16,483,252
Current liabilities:    
Accounts payable 339,166 288,108
Distributions payable to noncontrolling interests and redeemable noncontrolling interests 32,050 31,582
Accrued expenses and other liabilities 406,466 364,136
Deferred revenue, current portion 183,719 111,739
Deferred grants, current portion 8,252 8,302
Finance lease obligations, current portion 11,444 10,901
Non-recourse debt, current portion 157,810 190,186
Pass-through financing obligation, current portion 16,544 7,166
Total current liabilities 1,155,451 1,012,120
Deferred revenue, net of current portion 912,254 761,872
Deferred grants, net of current portion 201,094 206,615
Finance lease obligations, net of current portion 17,302 11,314
Line of credit 505,158 211,066
Non-recourse debt, net of current portion 7,343,299 5,711,020
Convertible senior notes 392,882 390,618
Pass-through financing obligation, net of current portion 289,011 314,231
Other liabilities 140,290 190,056
Deferred tax liabilities 133,047 101,753
Total liabilities [1] 11,089,788 8,910,665
Commitments and contingencies (Note 19)
Redeemable noncontrolling interests 609,702 594,973
Stockholders’ equity:    
Preferred stock, $0.0001 par value—authorized, 200,000 shares as of    December 31, 2022 and 2021; no shares issued and outstanding    as of December 31, 2022 and 2021 0 0
Common stock, $0.0001 par value—authorized, 2,000,000 shares as of    December 31, 2022 and 2021; issued and outstanding, 214,184 and    208,176 shares as of December 31, 2022 and 2021, respectively 21 21
Additional paid-in capital 6,470,194 6,330,344
Accumulated other comprehensive loss 67,109 (73,050)
Retained earnings 170,798 (2,579)
Total stockholders’ equity 6,708,122 6,254,736
Noncontrolling interests 861,193 722,878
Total equity 7,569,315 6,977,614
Total liabilities, redeemable noncontrolling interests and total equity $ 19,268,805 $ 16,483,252
[1] The Company’s consolidated assets as of December 31, 2022 and 2021 include $10,031,506 and $8,381,220, respectively, in assets of variable interest entities, or “VIEs”, that can only be used to settle obligations of the VIEs. Solar energy systems, net, as of December 31, 2022 and 2021 were $8,968,835 and $7,605,769, respectively; cash as of December 31, 2022 and 2021 were $457,005 and $377,044, respectively; restricted cash as of December 31, 2022 and 2021 were $44,514 and $70,346, respectively; accounts receivable, net as of December 31, 2022 and 2021 were $66,847 and $55,714, respectively; inventories as of December 31, 2022 and  2021 of $193,836 and $93,604, respectively; prepaid expenses and other current assets as of December 31, 2022 and 2021 were $12,698 and $1,519, respectively and other assets as of December 31, 2022 and 2021 were $287,771 and $177,224, respectively. The Company’s consolidated liabilities as of December 31, 2022 and 2021 include $2,227,002 and $2,152,492, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of December 31, 2022 and 2021 of $36,315 and $26,042, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of December 31, 2022 and 2021 of $32,051 and $31,582, respectively; accrued expenses and other liabilities as of December 31, 2022 and 2021 of $32,512 and $31,036, respectively; deferred revenue as of December 31, 2022 and 2021 of $621,457 and $530,385, respectively; deferred grants as of December 31, 2022 and 2021 of $0 and $25,634, respectively; non-recourse debt as of December 31, 2022 and 2021 of $1,489,407 and $1,482,608, respectively; and other liabilities as of December 31, 2022 and 2021 of $15,260 and $25,205, respectively.