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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Current assets:    
Cash $ 617,634 $ 519,965
Restricted cash 232,649 188,095
Accounts receivable (net of allowances for credit losses of $11,035 and $4,861    as of December 31, 2021 and 2020, respectively) 146,037 95,141
Inventories 506,819 283,045
Prepaid expenses and other current assets 44,580 51,483
Total current assets 1,547,719 1,137,729
Restricted cash 148 148
Solar energy systems, net 9,459,696 8,202,788
Property and equipment, net 56,886 62,182
Intangible assets, net 12,891 18,262
Goodwill 4,280,169 4,280,169
Other assets 1,125,743 681,665
Total assets 16,483,252 [1] 14,382,943
Current liabilities:    
Accounts payable 288,108 207,441
Distributions payable to noncontrolling interests and redeemable noncontrolling interests 31,582 28,627
Accrued expenses and other liabilities 364,136 325,614
Deferred revenue, current portion 111,739 108,452
Deferred grants, current portion 8,302 8,251
Finance lease obligations, current portion 10,901 11,037
Non-recourse debt, current portion 190,186 195,036
Pass-through financing obligation, current portion 7,166 16,898
Total current liabilities 1,012,120 901,356
Deferred revenue, net of current portion 761,872 690,824
Deferred grants, net of current portion 206,615 213,269
Finance lease obligations, net of current portion 11,314 12,929
Line of credit 211,066 230,660
Non-recourse debt, net of current portion 5,711,020 4,370,449
Convertible senior notes 390,618 0
Pass-through financing obligation, net of current portion 314,231 323,496
Other liabilities 190,056 268,684
Deferred tax liabilities 101,753 81,905
Total liabilities [1] 8,910,665 7,093,572
Commitments and contingencies (Note 19)
Redeemable noncontrolling interests 594,973 560,461
Stockholders’ equity:    
Preferred stock, $0.0001 par value—authorized, 200,000 shares as of    December 31, 2021 and 2020; no shares issued and outstanding    as of December 31, 2021 and 2020 0 0
Common stock, $0.0001 par value—authorized, 2,000,000 shares as of    December 31, 2021 and 2020; issued and outstanding, 208,176 and    201,406 shares as of December 31, 2021 and 2020, respectively 21 20
Additional paid-in capital 6,330,344 6,107,802
Accumulated other comprehensive loss (73,050) (106,755)
Retained earnings (2,579) 76,844
Total stockholders’ equity 6,254,736 6,077,911
Noncontrolling interests 722,878 650,999
Total equity 6,977,614 6,728,910
Total liabilities, redeemable noncontrolling interests and total equity $ 16,483,252 $ 14,382,943
[1] The Company’s consolidated assets as of December 31, 2021 and 2020 include $8,381,220 and $7,190,866, 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, 2021 and 2020 were $7,605,769 and $6,748,127, respectively; cash as of December 31, 2021 and 2020 were $377,044 and $219,502, respectively; restricted cash as of December 31, 2021 and 2020 were $70,346 and $34,559, respectively; accounts receivable, net as of December 31, 2021 and 2020 were $55,714 and $35,152, respectively; inventories as of December 31, 2021 and December 31, 2020 of $93,604 and $23,306; prepaid expenses and other current assets as of December 31, 2021 and 2020 were $1,519 and $2,629, respectively and other assets as of December 31, 2021 and 2020 were $177,224 and $127,591, respectively. The Company’s consolidated liabilities as of December 31, 2021 and 2020 include $2,152,492 and $1,857,967, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of December 31, 2021 and 2020 of $26,042 and $15,609, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of December 31, 2021 and 2020 of $31,582 and $28,577, respectively; accrued expenses and other liabilities as of December 31, 2021 and 2020 of $31,036 and $24,660, respectively; deferred revenue as of December 31, 2021 and 2020 of $530,385 and $538,067, respectively; deferred grants as of December 31, 2021 and 2020 of $25,634 and $26,898, respectively; non-recourse debt as of December 31, 2021 and 2020 of $1,482,608 and $1,192,411, respectively; and other liabilities as of December 31, 2021 and December 31, 2020 of $25,205 and $31,745, respectively.