XML 19 R4.htm IDEA: XBRL DOCUMENT v3.25.0.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Allowance for doubtful accounts $ 15,420 $ 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) 225,662,000 219,392,000
Common stock, shares outstanding 225,662,000 219,392,000
Total assets [1] $ 19,897,884 $ 20,450,237
Solar energy systems, net 15,032,115 13,028,871
Cash 574,956 678,821
Restricted cash 372,312 308,869
Accounts receivable (net of allowances for credit losses of $15,420 and $19,042    as of December 31, 2024 and 2023, respectively) 170,706 172,001
Inventories 402,083 459,746
Prepaid expenses and other current assets 202,579 262,822
Other assets 3,021,746 2,267,652
Total liabilities [1] 15,733,674 13,536,224
Accounts payable 354,214 230,723
Distributions payable to noncontrolling interests and redeemable noncontrolling interests 41,464 35,180
Accrued expenses and other liabilities 543,752 499,225
Deferred revenue 1,338,347 1,196,061
Total debt, net 12,901,492 10,671,928
Other liabilities 119,846 190,866
Variable Interest Entities    
Total assets 13,290,216 11,538,540
Solar energy systems, net 12,062,819 10,469,093
Cash 420,756 254,522
Restricted cash 57,892 48,169
Accounts receivable (net of allowances for credit losses of $15,420 and $19,042    as of December 31, 2024 and 2023, respectively) 92,259 76,249
Inventories 62,581 150,065
Prepaid expenses and other current assets 7,616 161,414
Other assets 586,293 379,028
Total liabilities 2,343,040 2,417,984
Accounts payable 5,400 12,187
Distributions payable to noncontrolling interests and redeemable noncontrolling interests 41,465 35,181
Accrued expenses and other liabilities 42,997 185,766
Deferred revenue 826,854 708,413
Deferred grants 0 0
Other liabilities 18,540 16,816
Variable Interest Entities | Recourse    
Total debt, net $ 1,407,784 $ 1,459,621
[1] The Company’s consolidated assets as of December 31, 2024 and 2023 include $13,290,216 and $11,538,540, 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, 2024 and 2023 were $12,062,819 and $10,469,093, respectively; cash as of December 31, 2024 and 2023 were $420,756 and $254,522, respectively; restricted cash as of December 31, 2024 and 2023 were $57,892 and $48,169, respectively; accounts receivable, net as of December 31, 2024 and 2023 were $92,259 and $76,249, respectively; inventories as of December 31, 2024 and  2023 of $62,581 and $150,065, respectively; prepaid expenses and other current assets as of December 31, 2024 and 2023 were $7,616 and $161,414, respectively and other assets as of December 31, 2024 and 2023 were $586,293 and $379,028, respectively. The Company’s consolidated liabilities as of December 31, 2024 and 2023 include $2,343,040 and $2,417,984, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of December 31, 2024 and 2023 of $5,400 and $12,187, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of December 31, 2024 and 2023 of $41,465 and $35,181, respectively; accrued expenses and other liabilities as of December 31, 2024 and 2023 of $42,997 and $185,766, respectively; deferred revenue as of December 31, 2024 and 2023 of $826,854 and $708,413, respectively; deferred grants as of December 31, 2024 and 2023 of $0 and $0, respectively; non-recourse debt as of December 31, 2024 and 2023 of $1,407,784 and $1,459,621, respectively; and other liabilities as of December 31, 2024 and 2023 of $18,540 and $16,816, respectively.