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Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2016
Dec. 31, 2015
Current assets:    
Cash $ 207,477 $ 203,864
Restricted cash 11,944 9,203
Accounts receivable (net of allowances for doubtful accounts of $931 and $1,641 as of September 30, 2016 and December 31, 2015, respectively) 51,031 60,275
State tax credits receivable   9,198
Inventories 85,941 71,258
Prepaid expenses and other current assets 12,589 5,917
Total current assets 368,982 359,715
Restricted cash 6,117 8,094
Solar energy systems, net 2,461,506 1,992,021
Property and equipment, net 52,861 44,866
Intangible assets, net 19,551 22,705
Goodwill 87,543 87,543
Prepaid tax asset 323,676 190,146
Other assets 35,932 29,502
Total assets [1] 3,356,168 2,734,592
Current liabilities:    
Accounts payable 88,669 104,133
Distributions payable to noncontrolling interests and redeemable noncontrolling interests 9,817 8,144
Accrued expenses and other liabilities 57,363 49,146
Deferred revenue, current portion 67,553 59,726
Deferred grants, current portion 14,374 13,949
Capital lease obligations, current portion 11,127 8,951
Long-term non-recourse debt, current portion 12,573 4,722
Lease pass-through financing obligation, current portion 5,177 3,710
Total current liabilities 266,653 252,481
Deferred revenue, net of current portion 582,276 559,066
Deferred grants, net of current portion 208,952 220,784
Capital lease obligations, net of current portion 15,582 15,042
Recourse debt 244,000 197,000
Long-term non-recourse debt, net of current portion 558,900 333,042
Lease pass-through financing obligation, net of current portion 138,121 153,188
Other liabilities 11,356 7,144
Deferred tax liabilities 334,127 190,146
Total liabilities [1] 2,359,967 1,927,893
Commitments and contingencies (Note 13)
Redeemable noncontrolling interests 150,903 147,139
Stockholders’ equity:    
Preferred stock
Common stock, $0.0001 par value—authorized, 2,000,000 shares as of September 30, 2016 and December 31, 2015; issued and outstanding, 103,438 and 101,282 shares as of September 30, 2016 and December 31, 2015, respectively 10 10
Additional paid-in capital 660,710 642,229
Accumulated other comprehensive loss (5,187) (921)
Accumulated deficit (24,594) (87,249)
Total stockholders’ equity 630,939 554,069
Noncontrolling interests 214,359 105,491
Total equity 845,298 659,560
Total liabilities, redeemable noncontrolling interests and total equity $ 3,356,168 $ 2,734,592
[1] The Company’s consolidated assets as of September 30, 2016 and December 31, 2015 include $1,881,912 and $1,363,615, 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 September 30, 2016 and December 31, 2015 were $1,756,040 and $1,305,420, respectively; cash as of September 30, 2016 and December 31, 2015 were $104,054 and $44,407, respectively; restricted cash as of September 30, 2016 and December 31, 2015 were $1,554 and $757, respectively; accounts receivable, net as of September 30, 2016 and December 31, 2015 were $18,485 and $12,965, respectively; prepaid expenses and other current assets as of September 30, 2016 and December 31, 2015 were $242 and $66, respectively and other assets as of September 30, 2016 and December 31, 2015 were $1,537 and $0, respectively. The Company’s consolidated liabilities as of September 30, 2016 and December 31, 2015 include $603,841 and $540,464, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of September 30, 2016 and December 31, 2015 of $18,904 and $11,025, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of September 30, 2016 and December 31, 2015 of $9,767 and $8,063, respectively; accrued expenses and other liabilities as of September 30, 2016 and December 31, 2015 of $475 and $175, respectively; deferred revenue as of September 30, 2016 and December 31, 2015 of $408,490 and $374,736, respectively; deferred grants as of September 30, 2016 and December 31, 2015 of $110,125 and $115,726, respectively; and long-term non-recourse debt as of September 30, 2016 and December 31, 2015 of $56,080 and $30,739, respectively.