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Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2018
Dec. 31, 2017
Current assets:    
Cash $ 203,189 $ 202,525
Restricted cash 40,139 39,265
Accounts receivable (net of allowances for doubtful accounts of $2,454 and $1,665 as of March 31, 2018 and December 31, 2017, respectively) 111,012 112,069
State tax credits receivable 11,085 11,085
Inventories 87,902 94,427
Prepaid expenses and other current assets 6,488 9,202
Total current assets 459,815 468,573
Solar energy systems, net 3,285,804 3,161,570
Property and equipment, net 33,291 36,402
Intangible assets, net 13,243 14,294
Goodwill 87,543 87,543
Other assets 221,535 194,754
Total assets (1) [1] 4,101,231 3,963,136
Current liabilities:    
Accounts payable 99,695 115,193
Distributions payable to noncontrolling interests and redeemable noncontrolling interests 15,134 13,583
Accrued expenses and other liabilities 92,793 97,230
Deferred revenue, current portion 43,659 42,609
Deferred grants, current portion 8,185 8,193
Finance lease obligations, current portion 6,737 7,421
Non-recourse debt, current portion 28,646 21,529
Pass-through financing obligation, current portion 5,439 5,387
Total current liabilities 300,288 311,145
Deferred revenue, net of current portion 528,423 522,243
Deferred grants, net of current portion 225,278 227,519
Finance lease obligations, net of current portion 4,438 5,811
Recourse debt 247,000 247,000
Non-recourse debt, net of current portion 1,108,383 1,026,416
Pass-through financing obligation, net of current portion 132,848 132,823
Other liabilities 33,340 42,743
Deferred tax liabilities 96,481 83,119
Total liabilities (1) [1] 2,676,479 2,598,819
Commitments and contingencies (Note 15)
Redeemable noncontrolling interests 133,524 123,801
Stockholders’ equity:    
Preferred stock, $0.0001 par value—authorized, 200,000 shares as of March 31, 2018 and December 31, 2017; no shares issued and outstanding as of March 31, 2018 and December 31, 2017 0 0
Common stock, $0.0001 par value—authorized, 2,000,000 shares as of March 31, 2018 and December 31, 2017; issued and outstanding, 108,681 and 107,350 shares as of March 31, 2018 and December 31, 2017, respectively 11 11
Additional paid-in capital 693,077 682,950
Accumulated other comprehensive income 10,825 (4,113)
Retained earnings 230,766 202,734
Total stockholders’ equity 934,679 881,582
Noncontrolling interests 356,549 358,934
Total equity 1,291,228 1,240,516
Total liabilities, redeemable noncontrolling interests and total equity $ 4,101,231 $ 3,963,136
[1] The Company’s consolidated assets as of March 31, 2018 and December 31, 2017 include $2,746,338 and $2,568,378, respectively, in assets of variable interest entities, or “VIEs”, that can only be used to settle obligations of the VIEs. These assets include solar energy systems, net, as of March 31, 2018 and December 31, 2017 of $2,525,977 and $2,385,329, respectively; cash as of March 31, 2018 and December 31, 2017 of $144,822 and $118,352, respectively; restricted cash as of March 31, 2018 and December 31, 2017 of $5,991 and $2,699, respectively; accounts receivable, net as of March 31, 2018 and December 31, 2017 of $62,233 and $57,402, respectively; prepaid expenses and other current assets as of March 31, 2018 and December 31, 2017 of $694 and $917, respectively and other assets as of March 31, 2018 and December 31, 2017 of $6,621 and $3,679, respectively. The Company’s consolidated liabilities as of March 31, 2018 and December 31, 2017 include $711,213 and $677,955, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of March 31, 2018 and December 31, 2017 of $17,575 thousand and $15,929 thousand, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of March 31, 2018 and December 31, 2017 of $15,134 and $13,526, respectively; accrued expenses and other liabilities as of March 31, 2018 and December 31, 2017 of $5,851 and $5,200, respectively; deferred revenue as of March 31, 2018 and December 31, 2017 of $419,496 and $409,761, respectively; deferred grants as of March 31, 2018 and December 31, 2017 of $30,070 and $30,406, respectively; and non-recourse debt as of March 31, 2018 and December 31, 2017 of $222,951 and $201,285, respectively.