Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets (Unaudited)

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Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2018
Dec. 31, 2017
Current assets:    
Cash $ 242,936 $ 202,525
Restricted cash 32,049 39,265
Accounts receivable (net of allowances for doubtful accounts of $2,369 and $1,665 as of September 30, 2018 and December 31, 2017, respectively) 65,354 60,359
State tax credits receivable 0 11,085
Inventories 95,978 94,427
Prepaid expenses and other current assets 9,699 9,202
Total current assets 446,016 416,863
Restricted cash 148 0
Solar energy systems, net 3,618,125 3,161,570
Property and equipment, net 33,522 36,402
Intangible assets, net 11,140 14,294
Goodwill 87,543 87,543
Other assets 336,705 246,464
Total assets [1] 4,533,199 3,963,136
Current liabilities:    
Accounts payable 136,064 115,193
Distributions payable to noncontrolling interests and redeemable noncontrolling interests 15,387 13,583
Accrued expenses and other liabilities 85,897 97,230
Deferred revenue, current portion 46,571 42,609
Deferred grants, current portion 8,719 8,193
Finance lease obligations, current portion 8,372 7,421
Non-recourse debt, current portion 27,496 21,529
Pass-through financing obligation, current portion 55,355 5,387
Total current liabilities 383,861 311,145
Deferred revenue, net of current portion 539,863 522,243
Deferred grants, net of current portion 220,274 227,519
Finance lease obligations, net of current portion 7,301 5,811
Recourse debt 247,000 247,000
Non-recourse debt, net of current portion 1,290,102 1,026,416
Pass-through financing obligation, net of current portion 306,642 132,823
Other liabilities 37,717 42,743
Deferred tax liabilities 98,954 83,119
Total liabilities [1] 3,131,714 2,598,819
Commitments and contingencies (Note 15)
Redeemable noncontrolling interests 117,468 123,801
Stockholders’ equity:    
Preferred stock, $0.0001 par value—authorized, 200,000 shares as of September 30, 2018 and December 31, 2017; no shares issued and outstanding as of September 30, 2018 and December 31, 2017 0 0
Common stock, $0.0001 par value—authorized, 2,000,000 shares as of September 30, 2018 and December 31, 2017; issued and outstanding, 111,652 and 107,350 shares as of September 30, 2018 and December 31, 2017, respectively 11 11
Additional paid-in capital 712,646 682,950
Accumulated other comprehensive income 18,856 (4,113)
Retained earnings 235,279 202,734
Total stockholders’ equity 966,792 881,582
Noncontrolling interests 317,225 358,934
Total equity 1,284,017 1,240,516
Total liabilities, redeemable noncontrolling interests and total equity $ 4,533,199 $ 3,963,136
[1] The Company’s consolidated assets as of September 30, 2018 and December 31, 2017 include $2,783,397 and $2,568,378, 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 September 30, 2018 and December 31, 2017 of $2,587,296 and $2,385,329, respectively; cash as of September 30, 2018 and December 31, 2017 of $106,492 and $118,352, respectively; restricted cash as of September 30, 2018 and December 31, 2017 of $4,944 and $2,699, respectively; accounts receivable, net as of September 30, 2018 and December 31, 2017 of $19,123 and $18,786, respectively; prepaid expenses and other current assets as of September 30, 2018 and December 31, 2017 of $387 and $917, respectively; and other assets as of September 30, 2018 and December 31, 2017 of $65,155 and $42,295, respectively. The Company’s consolidated liabilities as of September 30, 2018 and December 31, 2017 include $652,906 and $677,955, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of September 30, 2018 and December 31, 2017 of $8,442 and $15,929, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of September 30, 2018 and December 31, 2017 of $15,337 and $13,526, respectively; accrued expenses and other current liabilities as of September 30, 2018 and December 31, 2017 of $6,568 and $5,200, respectively; deferred revenue as of September 30, 2018 and December 31, 2017 of $388,970 and $409,761, respectively; deferred grants as of September 30, 2018 and December 31, 2017 of $29,505 and $30,406, respectively; non-recourse debt as of September 30, 2018 and December 31, 2017 of $195,294 and $201,285, respectively; and other liabilities as of September 30, 2018 and December 31, 2017 of $8,790 and $1,848, respectively.