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Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Current assets:    
Cash $ 643,787 $ 740,508
Restricted cash 308,010 212,367
Accounts receivable (net of allowances for credit losses of $14,050 and $13,381 as of September 30, 2023 and December 31, 2022, respectively) 188,892 214,255
Inventories 661,801 783,904
Prepaid expenses and other current assets 126,028 146,609
Total current assets 1,928,518 2,097,643
Restricted cash 148 148
Solar energy systems, net 12,528,617 10,988,361
Property and equipment, net 128,015 67,439
Intangible assets, net 1,273 7,527
Goodwill 3,122,168 4,280,169
Other assets 2,318,376 1,827,518
Total assets [1] 20,027,115 19,268,805
Current liabilities:    
Accounts payable 296,453 339,166
Distributions payable to noncontrolling interests and redeemable noncontrolling interests 32,697 32,050
Accrued expenses and other liabilities 381,453 406,466
Deferred revenue, current portion 128,894 183,719
Deferred grants, current portion 8,211 8,252
Finance lease obligations, current portion 18,611 11,444
Non-recourse debt, current portion 540,517 157,810
Pass-through financing obligation, current portion 16,432 16,544
Total current liabilities 1,423,268 1,155,451
Deferred revenue, net of current portion 1,025,890 912,254
Deferred grants, net of current portion 193,754 201,094
Finance lease obligations, net of current portion 56,472 17,302
Convertible senior notes 394,583 392,882
Line of credit 517,248 505,158
Non-recourse debt, net of current portion 8,785,196 7,343,299
Pass-through financing obligation, net of current portion 280,974 289,011
Other liabilities 138,058 140,290
Deferred tax liabilities 137,294 133,047
Total liabilities [1] 12,952,737 11,089,788
Commitments and contingencies (Note 15)
Redeemable noncontrolling interests 683,449 609,702
Stockholders’ equity:    
Preferred stock, $0.0001 par value—authorized, 200,000 shares as of September 30, 2023 and December 31, 2022; no shares issued and outstanding as of September 30, 2023 and December 31, 2022 0 0
Common stock, $0.0001 par value—authorized, 2,000,000 shares as of September 30, 2023 and December 31, 2022; issued and outstanding, 217,714 and 214,184 shares as of September 30, 2023 and December 31, 2022, respectively 22 21
Additional paid-in capital 6,575,428 6,470,194
Accumulated other comprehensive income 119,233 67,109
Retained earnings (1,083,575) 170,798
Total stockholders’ equity 5,611,108 6,708,122
Noncontrolling interests 779,821 861,193
Total equity 6,390,929 7,569,315
Total liabilities, redeemable noncontrolling interests and total equity $ 20,027,115 $ 19,268,805
[1] The Company’s consolidated assets as of September 30, 2023 and December 31, 2022 include $10,952,422 and $10,031,506, 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 September 30, 2023 and December 31, 2022 of $9,942,904 and $8,968,835, respectively; cash as of September 30, 2023 and December 31, 2022 of $250,476 and $457,005, respectively; restricted cash as of September 30, 2023 and December 31, 2022 of $47,379 and $44,514, respectively; accounts receivable, net as of September 30, 2023 and December 31, 2022 of $75,584 and $66,847, respectively; inventories as of September 30, 2023 and December 31, 2022 of $264,433 and $193,836, respectively; prepaid expenses and other current assets as of September 30, 2023 and December 31, 2022 of $14,043 and $12,698, respectively; and other assets as of September 30, 2023 and December 31, 2022 of $357,603 and $287,771, respectively. The Company’s consolidated liabilities as of September 30, 2023 and December 31, 2022 include $2,267,311 and $2,227,002, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of September 30, 2023 and December 31, 2022 of $12,296 and $36,315, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of September 30, 2023 and December 31, 2022 of $32,698 and $32,051, respectively; accrued expenses and other current liabilities as of September 30, 2023 and December 31, 2022 of $32,817 and $32,512, respectively; deferred revenue as of September 30, 2023 and December 31, 2022 of $662,151 and $621,457, respectively; non-recourse debt as of September 30, 2023 and December 31, 2022 of $1,511,087 and $1,489,407, respectively; and other liabilities as of September 30, 2023 and December 31, 2022 of $16,262 and $15,260, respectively.