XML 14 R2.htm IDEA: XBRL DOCUMENT v3.19.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2019
Dec. 31, 2018
Current assets:    
Cash $ 245,604 $ 226,625
Restricted cash 64,182 77,626
Accounts receivable (net of allowances for doubtful accounts of $2,282 and $2,228 as of March 31, 2019 and December 31, 2018, respectively) 67,522 66,435
State tax credits receivable 0 2,697
Inventories 76,184 79,467
Prepaid expenses and other current assets 9,568 8,563
Total current assets 463,060 461,413
Restricted cash 148 148
Solar energy systems, net 3,976,504 3,820,017
Property and equipment, net 35,281 34,893
Intangible assets, net 9,195 10,088
Goodwill 87,543 87,543
Other assets 367,951 335,685
Total assets [1] 4,939,682 4,749,787
Current liabilities:    
Accounts payable 105,977 131,278
Distributions payable to noncontrolling interests and redeemable noncontrolling interests 15,628 15,847
Accrued expenses and other liabilities 103,764 98,636
Deferred revenue, current portion 55,795 47,407
Deferred grants, current portion 7,961 7,885
Finance lease obligations, current portion 9,459 9,193
Non-recourse debt, current portion 26,937 35,484
Pass-through financing obligation, current portion 11,281 26,461
Total current liabilities 336,802 372,191
Deferred revenue, net of current portion 637,666 544,218
Deferred grants, net of current portion 219,583 221,739
Finance lease obligations, net of current portion 10,246 9,992
Recourse debt 239,035 247,000
Non-recourse debt, net of current portion 1,558,250 1,466,438
Pass-through financing obligation, net of current portion 329,501 337,282
Other liabilities 84,068 48,210
Deferred tax liabilities 84,804 93,633
Total liabilities (1) [1] 3,499,955 3,340,703
Commitments and contingencies (Note 15)
Redeemable noncontrolling interests 137,616 126,302
Stockholders’ equity:    
Preferred stock, $0.0001 par value—authorized, 200,000 shares as of March 31, 2019 and December 31, 2018; no shares issued and outstanding as of March 31, 2019 and December 31, 2018 0 0
Common stock, $0.0001 par value—authorized, 2,000,000 shares as of March 31, 2019 and December 31, 2018; issued and outstanding, 114,739 and 113,149 shares as of March 31, 2019 and December 31, 2018, respectively 11 11
Additional paid-in capital 730,126 722,429
Accumulated other comprehensive loss (21,866) (3,124)
Retained earnings 216,269 229,391
Total stockholders’ equity 924,540 948,707
Noncontrolling interests 377,571 334,075
Total equity 1,302,111 1,282,782
Total liabilities, redeemable noncontrolling interests and total equity $ 4,939,682 $ 4,749,787
[1] The Company’s consolidated assets as of March 31, 2019 and December 31, 2018 include $2,981,910 and $2,905,295, respectively, in assets of variable interest entities (“VIEs”) that can only be used to settle obligations of the VIEs. These assets include solar energy systems, net, as of March 31, 2019 and December 31, 2018 of $2,761,312 and $2,712,377, respectively; cash as of March 31, 2019 and December 31, 2018 of $135,548 and $105,494, respectively; restricted cash as of March 31, 2019 and December 31, 2018 of $969 and $2,071, respectively; accounts receivable, net as of March 31, 2019 and December 31, 2018 of $16,988 and $18,539, respectively; prepaid expenses and other current assets as of March 31, 2019 and December 31, 2018 of $386 and $387, respectively; and other assets as of March 31, 2019 and December 31, 2018 of $66,707 and $66,427, respectively. The Company’s consolidated liabilities as of March 31, 2019 and December 31, 2018 include $701,595 and $660,758, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of March 31, 2019 and December 31, 2018 of $10,979 and $12,136, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of March 31, 2019 and December 31, 2018 of $15,545 and $15,797, respectively; accrued expenses and other current liabilities as of March 31, 2019 and December 31, 2018 of $7,315 and $7,122, respectively; deferred revenue as of March 31, 2019 and December 31, 2018 of $438,765 and $396,920, respectively; deferred grants as of March 31, 2019 and December 31, 2018 of $28,964 and $29,229, respectively; non-recourse debt as of March 31, 2019 and December 31, 2018 of $189,294 and $190,711, respectively; and other liabilities as of March 31, 2019 and December 31, 2018 of $10,733 and $8,843, respectively.