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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2016
Dec. 31, 2015
Current assets:    
Cash $ 206,364 $ 203,864
Restricted cash 11,882 9,203
Accounts receivable (net of allowances for doubtful accounts of $1,166 and $1,641 as of December 31, 2016 and 2015, respectively) 60,258 60,275
State tax credits receivable 13,713 9,198
Inventories 67,326 71,258
Prepaid expenses and other current assets 9,802 5,917
Total current assets 369,345 359,715
Restricted cash 6,117 8,094
Solar energy systems, net 2,629,366 1,992,021
Property and equipment, net 48,471 44,866
Intangible assets, net 18,499 22,705
Goodwill 87,543 87,543
Prepaid tax asset 378,541 190,146
Other assets 34,936 29,502
Total assets [1] 3,572,818 2,734,592
Current liabilities:    
Accounts payable 66,018 104,133
Distributions payable to noncontrolling interests and redeemable noncontrolling interests 10,654 8,144
Accrued expenses and other liabilities 59,261 49,146
Deferred revenue, current portion 70,849 59,726
Deferred grants, current portion 8,011 13,949
Capital lease obligations, current portion 10,015 8,951
Long-term non-recourse debt, current portion 14,153 4,722
Lease pass-through financing obligation, current portion 5,823 3,710
Total current liabilities 244,784 252,481
Deferred revenue, net of current portion 583,401 559,066
Deferred grants, net of current portion 226,893 220,784
Capital lease obligations, net of current portion 12,965 15,042
Recourse debt 244,000 197,000
Long-term non-recourse debt, net of current portion 639,870 333,042
Lease pass-through financing obligation, net of current portion 137,958 153,188
Other liabilities 5,457 7,144
Deferred tax liabilities 415,397 190,146
Total liabilities [1] 2,510,725 1,927,893
Commitments and contingencies (Note 22)
Redeemable noncontrolling interests 137,907 147,139
Stockholders’ equity:    
Preferred stock, $0.0001 par value—authorized, 200,000 shares as of December 31, 2016 and 2015; no shares issued and outstanding as of December 31, 2016 and 2015
Common stock, $0.0001 par value—authorized, 2,000,000 shares as of December 31, 2016 and 2015; issued and outstanding, 104,321 and 101,282 shares as of December 31, 2016 and 2015, respectively 10 10
Additional paid-in capital 668,076 642,229
Accumulated other comprehensive income (loss) 437 (921)
Retained earnings (accumulated deficit) 4,438 (87,249)
Total stockholders’ equity 672,961 554,069
Noncontrolling interests 251,225 105,491
Total equity 924,186 659,560
Total liabilities, redeemable noncontrolling interests and total equity $ 3,572,818 $ 2,734,592
[1] The Company’s consolidated assets as of December 31, 2016 and 2015 include $2,065,232 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 December 31, 2016 and 2015 were $1,920,330 and $1,305,420, respectively; cash as of December 31, 2016 and 2015 were $120,728 and $44,407, respectively; restricted cash as of December 31, 2016 and 2015 were $1,680 and $757, respectively; accounts receivable, net as of December 31, 2016 and 2015 were $20,771 and $12,965, respectively; prepaid expenses and other current assets as of December 31, 2016 and 2015 were $242 and $66, respectively and other assets as of December 31, 2016 and 2015 were $1,481 and $0, respectively. The Company’s consolidated liabilities as of December 31, 2016 and 2015 include $617,011 and $540,464, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of December 31, 2016 and 2015 of $14,873 and $11,025, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of December 31, 2016 and 2015 of $10,654 and $8,063, respectively; accrued expenses and other liabilities as of December 31, 2016 and 2015 of $782 and $175, respectively; deferred revenue as of December 31, 2016 and 2015 of $422,685 and $374,736, respectively; deferred grants as of December 31, 2016 and 2015 of $109,034 and $115,726, respectively; and long-term non-recourse debt as of December 31, 2016 and 2015 of $58,983 and $30,739, respectively.