Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets (Unaudited)

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Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2016
Dec. 31, 2015
Current assets:    
Cash $ 208,313 $ 203,864
Restricted cash 9,246 9,203
Accounts receivable (net of allowances for doubtful accounts of $1,167 and $1,641 as of March 31, 2016 and December 31, 2015, respectively) 56,774 60,275
State tax credits receivable   9,198
Inventories 94,682 71,258
Prepaid expenses and other current assets 13,903 5,917
Total current assets 382,918 359,715
Restricted cash 6,125 8,094
Solar energy systems, net 2,137,015 1,992,021
Property and equipment, net 51,897 44,866
Intangible assets, net 21,653 22,705
Goodwill 87,543 87,543
Prepaid tax asset 222,596 190,146
Other assets 31,833 29,502
Total assets [1] 2,941,580 2,734,592
Current liabilities:    
Accounts payable 93,701 104,133
Distributions payable to noncontrolling interests and redeemable noncontrolling interests 7,368 8,144
Accrued expenses and other liabilities 53,826 49,146
Deferred revenue, current portion 65,820 59,726
Deferred grants, current portion 14,399 13,949
Capital lease obligation, current portion 10,890 8,951
Long-term non-recourse debt, current portion 5,591 4,722
Lease pass-through financing obligation, current portion 4,540 3,710
Total current liabilities 256,135 252,481
Deferred revenue, net of current portion 577,220 559,066
Deferred grants, net of current portion 216,176 220,784
Capital lease obligation, net of current portion 17,154 15,042
Recourse debt 191,000 197,000
Long-term non-recourse debt, net of current portion 436,196 333,042
Lease pass-through financing obligation, net of current portion 143,020 153,188
Other liabilities 8,863 7,144
Deferred tax liabilities 222,596 190,146
Total liabilities [1] $ 2,068,360 $ 1,927,893
Commitments and contingencies (Note 13)
Redeemable noncontrolling interests $ 138,049 $ 147,139
Stockholders’ equity:    
Preferred stock
Common stock, $0.0001 par value—authorized, 2,000,000 shares as of March 31, 2016 and December 31, 2015; issued and outstanding, 101,578 and 101,282 shares as of March 31, 2016 and December 31, 2015, respectively $ 10 $ 10
Additional paid-in capital 646,092 642,229
Accumulated other comprehensive loss (6,194) (921)
Accumulated deficit (74,115) (87,249)
Total stockholders’ equity 565,793 554,069
Noncontrolling interests 169,378 105,491
Total equity 735,171 659,560
Total liabilities, redeemable noncontrolling interests and total equity $ 2,941,580 $ 2,734,592
[1] The Company’s consolidated assets as of March 31, 2016 and December 31, 2015 include $1,551,054 and $1,363,615, 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 March 31, 2016 and December 31, 2015 were $1,440,936 and $1,305,420, respectively; cash as of March 31, 2016 and December 31, 2015 were $94,953 and $44,407, respectively; restricted cash as of March 31, 2016 and December 31, 2015 were $580 and $757, respectively; accounts receivable, net as of March 31, 2016 and December 31, 2015 were $14,558 and $12,965, respectively; prepaid expenses and other current assets as of March 31, 2016 and December 31, 2015 were $27 and $66, respectively. The Company’s consolidated liabilities as of March 31, 2016 and December 31, 2015 include $550,456 and $540,464, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of March 31, 2016 and December 31, 2015 of $10,857 and $11,025, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of March 31, 2016 and December 31, 2015 of $7,318 and $8,063, respectively; accrued expenses and other liabilities as of March 31, 2016 and December 31, 2015 of $264 and $175, respectively; deferred revenue as of March 31, 2016 and December 31, 2015 of $387,867 and $374,736, respectively; deferred grants as of March 31, 2016 and December 31, 2015 of $113,901 and $115,726, respectively; and long-term non-recourse debt as of March 31, 2016 and December 31, 2015 of $30,249 and $30,739, respectively.