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Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
Current assets:    
Cash $ 215,706 $ 202,525
Restricted cash 54,549 39,265
Accounts receivable (net of allowances for doubtful accounts of $2,187 and $1,665 as of June 30, 2018 and December 31, 2017, respectively) 123,334 112,069
State tax credits receivable 0 11,085
Inventories 81,304 94,427
Prepaid expenses and other current assets 9,114 9,202
Total current assets 484,007 468,573
Restricted cash 148 0
Solar energy systems, net 3,437,822 3,161,570
Property and equipment, net 32,816 36,402
Intangible assets, net 12,191 14,294
Goodwill 87,543 87,543
Other assets 244,841 194,754
Total assets [1] 4,299,368 3,963,136
Current liabilities:    
Accounts payable 85,104 115,193
Distributions payable to noncontrolling interests and redeemable noncontrolling interests 15,063 13,583
Accrued expenses and other liabilities 98,294 97,230
Deferred revenue, current portion 45,194 42,609
Deferred grants, current portion 8,173 8,193
Finance lease obligations, current portion 7,332 7,421
Non-recourse debt, current portion 24,571 21,529
Pass-through financing obligation, current portion 38,762 5,387
Total current liabilities 322,493 311,145
Deferred revenue, net of current portion 534,848 522,243
Deferred grants, net of current portion 223,019 227,519
Finance lease obligations, net of current portion 5,685 5,811
Recourse debt 247,000 247,000
Non-recourse debt, net of current portion 1,226,038 1,026,416
Pass-through financing obligation, net of current portion 221,405 132,823
Other liabilities 39,691 42,743
Deferred tax liabilities 103,939 83,119
Total liabilities [1] 2,924,118 2,598,819
Commitments and contingencies (Note 15)
Redeemable noncontrolling interests 129,929 123,801
Stockholders’ equity:    
Preferred stock, $0.0001 par value—authorized, 200,000 shares as of June 30, 2018 and December 31, 2017; no shares issued and outstanding as of June 30, 2018 and December 31, 2017 0 0
Common stock, $0.0001 par value—authorized, 2,000,000 shares as of June 30, 2018 and December 31, 2017; issued and outstanding, 110,487 and 107,350 shares as of June 30, 2018 and December 31, 2017, respectively 11 11
Additional paid-in capital 704,146 682,950
Accumulated other comprehensive income 16,084 (4,113)
Retained earnings 238,175 202,734
Total stockholders’ equity 958,416 881,582
Noncontrolling interests 286,905 358,934
Total equity 1,245,321 1,240,516
Total liabilities, redeemable noncontrolling interests and total equity $ 4,299,368 $ 3,963,136
[1] The Company’s consolidated assets as of June 30, 2018 and December 31, 2017 include $2,798,533 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 June 30, 2018 and December 31, 2017 of $2,627,741 and $2,385,329, respectively; cash as of June 30, 2018 and December 31, 2017 of $90,445 and $118,352, respectively; restricted cash as of June 30, 2018 and December 31, 2017 of $1,044 and $2,699, respectively; accounts receivable, net as of June 30, 2018 and December 31, 2017 of $70,108 and $57,402, respectively; prepaid expenses and other current assets as of June 30, 2018 and December 31, 2017 of $465 and $917, respectively and other assets as of June 30, 2018 and December 31, 2017 of $8,730 and $3,679, respectively. The Company’s consolidated liabilities as of June 30, 2018 and December 31, 2017 include $694,019 and $677,955, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of June 30, 2018 and December 31, 2017 of $17,104 and $15,929, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of June 30, 2018 and December 31, 2017 of $15,013 and $13,526, respectively; accrued expenses and other liabilities as of June 30, 2018 and December 31, 2017 of $6,260 and $5,200, respectively; deferred revenue as of June 30, 2018 and December 31, 2017 of $420,240 and $409,761, respectively; deferred grants as of June 30, 2018 and December 31, 2017 of $29,764 and $30,406, respectively; and non-recourse debt as of June 30, 2018 and December 31, 2017 of $196,184 and $201,285, respectively.