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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2018
Dec. 31, 2017
Current assets:    
Cash $ 226,625 $ 202,525
Restricted cash 77,626 39,265
Accounts receivable (net of allowances for doubtful accounts of $2,228 and $1,665 as of December 31, 2018 and 2017, respectively) 66,435 60,359
State tax credits receivable 2,697 11,085
Inventories 79,467 94,427
Prepaid expenses and other current assets 8,563 9,202
Total current assets 461,413 416,863
Restricted cash 148 0
Solar energy systems, net 3,820,017 3,161,570
Property and equipment, net 34,893 36,402
Intangible assets, net 10,088 14,294
Goodwill 87,543 87,543
Other assets 335,685 246,464
Total assets (1) [1] 4,749,787 3,963,136
Current liabilities:    
Accounts payable 131,278 115,193
Distributions payable to noncontrolling interests and redeemable noncontrolling interests 15,847 13,583
Accrued expenses and other liabilities 98,636 97,230
Deferred revenue, current portion 47,407 42,609
Deferred grants, current portion 7,885 8,193
Finance lease obligations, current portion 9,193 7,421
Non-recourse debt, current portion 35,484 21,529
Pass-through financing obligation, current portion 26,461 5,387
Total current liabilities 372,191 311,145
Deferred revenue, net of current portion 544,218 522,243
Deferred grants, net of current portion 221,739 227,519
Finance lease obligations, net of current portion 9,992 5,811
Recourse debt 247,000 247,000
Non-recourse debt, net of current portion 1,466,438 1,026,416
Pass-through financing obligation, net of current portion 337,282 132,823
Other liabilities 48,210 42,743
Deferred tax liabilities 93,633 83,119
Total liabilities (1) [1] 3,340,703 2,598,819
Commitments and contingencies (Note 20)
Redeemable noncontrolling interests 126,302 123,801
Stockholders’ equity:    
Preferred stock, $0.0001 par value—authorized, 200,000 shares as of December 31, 2018 and 2017; no shares issued and outstanding as of December 31, 2018 and 2017 0 0
Common stock, $0.0001 par value—authorized, 2,000,000 shares as of December 31, 2018 and 2017; issued and outstanding, 113,149 and 107,350 shares as of December 31, 2018 and 2017, respectively 11 11
Additional paid-in capital 722,429 682,950
Accumulated other comprehensive loss (3,124) (4,113)
Retained earnings 229,391 202,734
Total stockholders’ equity 948,707 881,582
Noncontrolling interests 334,075 358,934
Total equity 1,282,782 1,240,516
Total liabilities, redeemable noncontrolling interests and total equity $ 4,749,787 $ 3,963,136
[1] The Company’s consolidated assets as of December 31, 2018 and 2017 include $2,905,295 and $2,568,378, 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, 2018 and 2017 were $2,712,377 and $2,385,329, respectively; cash as of December 31, 2018 and 2017 were $105,494 and $118,352, respectively; restricted cash as of December 31, 2018 and 2017 were $2,071 and $2,699, respectively; accounts receivable, net as of December 31, 2018 and 2017 were $18,539 and $18,786, respectively; prepaid expenses and other current assets as of December 31, 2018 and 2017 were $387 and $917, respectively and other assets as of December 31, 2018 and 2017 were $66,427 and $42,295, respectively. The Company’s consolidated liabilities as of December 31, 2018 and 2017 include $660,758 and $677,955, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of December 31, 2018 and 2017 of $12,136 and $15,929, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of December 31, 2018 and 2017 of $15,797 and $13,526, respectively; accrued expenses and other liabilities as of December 31, 2018 and 2017 of $7,122 and $5,200, respectively; deferred revenue as of December 31, 2018 and 2017 of $396,920 and $409,761, respectively; deferred grants as of December 31, 2018 and 2017 of $29,229 and $30,406, respectively; non-recourse debt as of December 31, 2018 and 2017 of $190,711 and $201,285, respectively; and other liabilities as of December 31, 2018 and December 31, 2017 of $8,843 thousand and $1,848, respectively.