Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.8.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
Current assets:    
Cash $ 202,525 $ 206,364
Restricted cash 39,265 11,882
Accounts receivable (net of allowances for doubtful accounts of $1,665 and $1,166 as of December 31, 2017 and 2016, respectively) 76,198 60,258
State tax credits receivable 11,085 13,713
Inventories 94,427 67,326
Prepaid expenses and other current assets 9,202 9,802
Total current assets 432,702 369,345
Restricted cash 0 6,117
Solar energy systems, net 3,319,708 2,629,366
Property and equipment, net 36,402 48,471
Intangible assets, net 14,294 18,499
Goodwill 87,543 87,543
Prepaid tax asset 0 378,541
Other assets 37,225 34,936
Total assets (1) 3,927,874 3,572,818
Current liabilities:    
Accounts payable 115,193 66,018
Distributions payable to noncontrolling interests and redeemable noncontrolling interests 13,583 10,654
Accrued expenses and other liabilities 85,639 59,261
Deferred revenue, current portion 77,310 70,849
Deferred grants, current portion 8,269 8,011
Capital lease obligations, current portion 7,421 10,015
Non-recourse debt, current portion 21,529 14,153
Lease pass-through financing obligation, current portion 6,087 5,823
Total current liabilities 335,031 244,784
Deferred revenue, net of current portion 584,427 583,401
Deferred grants, net of current portion 228,603 226,893
Capital lease obligations, net of current portion 5,811 12,965
Recourse debt, net of current portion 247,000 244,000
Non-recourse debt, net of current portion 1,026,416 639,870
Lease pass-through financing obligation, net of current portion 138,124 137,958
Other liabilities 13,520 5,457
Deferred tax liabilities 59,131 415,397
Total liabilities (1) [1] 2,638,063 2,510,725
Commitments and contingencies (Note 21)
Redeemable noncontrolling interests 123,737 137,907
Stockholders’ equity:    
Preferred stock, $0.0001 par value—authorized, 200,000 shares as of December 31, 2017 and 2016; no shares issued and outstanding as of December 31, 2017 and 2016 0 0
Common stock, $0.0001 par value—authorized, 2,000,000 shares as of December 31, 2017 and 2016; issued and outstanding, 107,350 and 104,321 shares as of December 31, 2017 and 2016, respectively 11 10
Additional paid-in capital 684,141 668,076
Accumulated other comprehensive income (loss) (4,113) 437
Retained earnings 131,959 4,438
Total stockholders’ equity 811,998 672,961
Noncontrolling interests 354,076 251,225
Total equity 1,166,074 924,186
Total liabilities, redeemable noncontrolling interests and total equity $ 3,927,874 $ 3,572,818
[1] The Company’s consolidated assets as of December 31, 2017 and 2016 include $2,541,176 and $2,065,232, 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, 2017 and 2016 were $2,385,329 and $1,920,330, respectively; cash as of December 31, 2017 and 2016 were $118,352 and $120,728, respectively; restricted cash as of December 31, 2017 and 2016 were $2,699 and $1,680, respectively; accounts receivable, net as of December 31, 2017 and 2016 were $30,200 and $20,771, respectively; prepaid expenses and other current assets as of December 31, 2017 and 2016 were $917 and $242, respectively and other assets as of December 31, 2017 and 2016 were $3,679 and $1,481, respectively. The Company’s consolidated liabilities as of December 31, 2017 and 2016 include $674,564 and $617,011, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of December 31, 2017 and 2016 of $15,929 and $14,873, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of December 31, 2017 and 2016 of $13,526 and $10,654, respectively; accrued expenses and other liabilities as of December 31, 2017 and 2016 of $4,896 and $782, respectively; deferred revenue as of December 31, 2017 and 2016 of $408,523 and $422,685, respectively; deferred grants as of December 31, 2017 and 2016 of $30,406 and $109,034, respectively; and non-recourse debt as of December 31, 2017 and 2016 of $201,284 and $58,983, respectively.