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Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Accounts receivable, net of allowances for credit losses $ 15,934 $ 19,042
Preferred stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Preferred stock, shares authorized (in shares) 200,000,000 200,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 2,000,000,000 2,000,000,000
Common stock, shares issued (in shares) 223,298,000 219,392,000
Common stock, shares outstanding (in shares) 223,298,000 219,392,000
Total assets [1] $ 21,443,359 $ 20,450,237
Solar energy systems, net 13,856,654 13,028,871
Cash 707,587 678,821
Restricted cash 334,513 308,869
Accounts receivable, net 179,949 172,001
Inventories 353,125 459,746
Prepaid expenses and other current assets 100,978 262,822
Other assets 2,645,109 2,267,652
Total liabilities [1] 14,394,887 13,536,224
Accounts payable 216,557 230,723
Distributions payable to noncontrolling interests and redeemable noncontrolling interests 35,067 35,180
Accrued expenses and other liabilities 349,061 499,225
Deferred revenue 1,261,126 1,196,061
Non-recourse debt 11,962,351 10,671,928
Other liabilities 151,876 190,866
Variable Interest Entities    
Total assets 12,321,868 11,538,540
Solar energy systems, net 11,288,489 10,469,093
Cash 293,912 254,522
Restricted cash 56,276 48,169
Accounts receivable, net 99,065 76,249
Inventories 98,594 150,065
Prepaid expenses and other current assets 9,755 161,414
Other assets 475,777 379,028
Total liabilities 2,299,340 2,417,984
Accounts payable 6,529 12,187
Distributions payable to noncontrolling interests and redeemable noncontrolling interests 35,068 35,181
Accrued expenses and other liabilities 38,796 185,766
Deferred revenue 741,151 708,413
Non-recourse debt 1,461,064 1,459,621
Other liabilities $ 16,732 $ 16,816
[1] The Company’s consolidated assets as of June 30, 2024 and December 31, 2023 include $12,321,868 and $11,538,540, 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 June 30, 2024 and December 31, 2023 of $11,288,489 and $10,469,093, respectively; cash as of June 30, 2024 and December 31, 2023 of $293,912 and $254,522, respectively; restricted cash as of June 30, 2024 and December 31, 2023 of $56,276 and $48,169, respectively; accounts receivable, net as of June 30, 2024 and December 31, 2023 of $99,065 and $76,249, respectively; inventories as of June 30, 2024 and December 31, 2023 of $98,594 and $150,065, respectively; prepaid expenses and other current assets as of June 30, 2024 and December 31, 2023 of $9,755 and $161,414, respectively; and other assets as of June 30, 2024 and December 31, 2023 of $475,777 and $379,028, respectively. The Company’s consolidated liabilities as of June 30, 2024 and December 31, 2023 include $2,299,340 and $2,417,984, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of June 30, 2024 and December 31, 2023 of $6,529 and $12,187, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of June 30, 2024 and December 31, 2023 of $35,068 and $35,181, respectively; accrued expenses and other current liabilities as of June 30, 2024 and December 31, 2023 of $38,796 and $185,766, respectively; deferred revenue as of June 30, 2024 and December 31, 2023 of $741,151 and $708,413, respectively; non-recourse debt as of June 30, 2024 and December 31, 2023 of $1,461,064 and $1,459,621, respectively; and other liabilities as of June 30, 2024 and December 31, 2023 of $16,732 and $16,816, respectively.