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Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Accounts receivable, net of allowances for credit losses $ 16,261 $ 15,420
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) 227,325,000 225,662,000
Common stock, shares outstanding (in shares) 227,325,000 225,662,000
Total assets [1] $ 20,377,855 $ 19,897,884
Solar energy systems, net 15,497,538 15,032,115
Cash 604,874 574,956
Restricted cash 373,881 372,312
Accounts receivable, net 172,121 170,706
Inventories 414,401 402,083
Prepaid expenses and other current assets 101,936 202,579
Other assets 3,103,824 3,021,746
Total liabilities [1] 16,280,334 15,733,674
Accounts payable 268,908 354,214
Distributions payable to noncontrolling interests and redeemable noncontrolling interests 37,816 41,464
Accrued expenses and other liabilities 537,042 543,752
Deferred revenue 1,372,346 1,338,347
Non-recourse debt 13,566,073 12,901,492
Other liabilities 120,973 119,846
Variable Interest Entities    
Total assets 13,795,299 13,290,216
Solar energy systems, net 12,616,917 12,062,819
Cash 297,876 420,756
Restricted cash 55,122 57,892
Accounts receivable, net 99,407 92,259
Inventories 74,392 62,581
Prepaid expenses and other current assets 7,910 7,616
Other assets 643,675 586,293
Total liabilities 2,347,239 2,343,040
Accounts payable 5,635 5,400
Distributions payable to noncontrolling interests and redeemable noncontrolling interests 37,817 41,465
Accrued expenses and other liabilities 42,689 42,997
Deferred revenue 864,162 826,854
Non-recourse debt 1,378,105 1,407,784
Other liabilities $ 18,831 $ 18,540
[1] The Company’s consolidated assets as of March 31, 2025 and December 31, 2024 include $13,795,299 and $13,290,216, 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, 2025 and December 31, 2024 of $12,616,917 and $12,062,819, respectively; cash as of March 31, 2025 and December 31, 2024 of $297,876 and $420,756, respectively; restricted cash as of March 31, 2025 and December 31, 2024 of $55,122 and $57,892, respectively; accounts receivable, net as of March 31, 2025 and December 31, 2024 of $99,407 and $92,259, respectively; inventories as of March 31, 2025 and December 31, 2024 of $74,392 and $62,581, respectively; prepaid expenses and other current assets as of March 31, 2025 and December 31, 2024 of $7,910 and $7,616, respectively; and other assets as of March 31, 2025 and December 31, 2024 of $643,675 and $586,293, respectively. The Company’s consolidated liabilities as of March 31, 2025 and December 31, 2024 include $2,347,239 and $2,343,040, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of March 31, 2025 and December 31, 2024 of $5,635 and $5,400, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of March 31, 2025 and December 31, 2024 of $37,817 and $41,465, respectively; accrued expenses and other current liabilities as of March 31, 2025 and December 31, 2024 of $42,689 and $42,997, respectively; deferred revenue as of March 31, 2025 and December 31, 2024 of $864,162 and $826,854, respectively; non-recourse debt as of March 31, 2025 and December 31, 2024 of $1,378,105 and $1,407,784, respectively; and other liabilities as of March 31, 2025 and December 31, 2024 of $18,831 and $18,540, respectively.