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Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2017
Dec. 31, 2016
Current assets:    
Cash $ 203,791 $ 206,364
Restricted cash 12,030 11,882
Accounts receivable (net of allowances for doubtful accounts of $1,088 and $1,166 as of March 31, 2017 and December 31, 2016, respectively) 54,065 60,258
State tax credits receivable   13,713
Inventories 59,603 67,326
Prepaid expenses and other current assets 11,585 9,802
Total current assets 341,074 369,345
Restricted cash 6,117 6,117
Solar energy systems, net 2,790,424 2,629,366
Property and equipment, net 44,925 48,471
Intangible assets, net 17,448 18,499
Goodwill 87,543 87,543
Prepaid tax asset   378,541
Other assets 31,497 34,936
Total assets [1] 3,319,028 3,572,818
Current liabilities:    
Accounts payable 65,520 66,018
Distributions payable to noncontrolling interests and redeemable noncontrolling interests 11,157 10,654
Accrued expenses and other liabilities 48,675 59,261
Deferred revenue, current portion 74,284 70,849
Deferred grants, current portion 8,394 8,011
Capital lease obligations, current portion 9,198 10,015
Long-term non-recourse debt, current portion 15,797 14,153
Lease pass-through financing obligation, current portion 5,872 5,823
Total current liabilities 238,897 244,784
Deferred revenue, net of current portion 578,425 583,401
Deferred grants, net of current portion 224,217 226,893
Capital lease obligations, net of current portion 10,701 12,965
Recourse debt 247,400 244,000
Long-term non-recourse debt, net of current portion 686,078 639,870
Lease pass-through financing obligation, net of current portion 138,050 137,958
Other liabilities 5,646 5,457
Deferred tax liabilities 41,068 415,397
Total liabilities [1] 2,170,482 2,510,725
Commitments and contingencies (Note 13)
Redeemable noncontrolling interests 142,012 137,907
Stockholders’ equity:    
Preferred stock, $0.0001 par value—authorized, 200,000 shares as of March 31, 2017 and December 31, 2016; no shares issued and outstanding as of March 31, 2017 and December 31, 2016
Common stock, $0.0001 par value—authorized, 2,000,000 shares as of March 31, 2017 and December 31, 2016; issued and outstanding, 104,643 and 104,321 shares as of March 31, 2017 and December 31, 2016, respectively 10 10
Additional paid-in capital 672,896 668,076
Accumulated other comprehensive income 236 437
Retained earnings 20,161 4,438
Total stockholders’ equity 693,303 672,961
Noncontrolling interests 313,231 251,225
Total equity 1,006,534 924,186
Total liabilities, redeemable noncontrolling interests and total equity $ 3,319,028 $ 3,572,818
[1] The Company’s consolidated assets as of March 31, 2017 and December 31, 2016 include $2,224,280 and $2,065,232, 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 March 31, 2017 and December 31, 2016 were $2,083,079 and $1,920,330, respectively; cash as of March 31, 2017 and December 31, 2016 were $114,974 and $120,728, respectively; restricted cash as of March 31, 2017 and December 31, 2016 were $1,631 and $1,680, respectively; accounts receivable, net as of March 31, 2017 and December 31, 2016 were $22,916 and $20,771, respectively; prepaid expenses and other current assets as of March 31, 2017 and December 31, 2016 were $202 and $242, respectively and other assets as of March 31, 2017 and December 31, 2016 were $1,478 and $1,481, respectively. The Company’s consolidated liabilities as of March 31, 2017 and December 31, 2016 include $638,951 and $617,011, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of March 31, 2017 and December 31, 2016 of $22,564 and $14,873, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of March 31, 2017 and December 31, 2016 of $11,157 and $10,654, respectively; accrued expenses and other liabilities as of March 31, 2017 and December 31, 2016 of $1,600 and $782, respectively; deferred revenue as of March 31, 2017 and December 31, 2016 of $433,804 and $422,685, respectively; deferred grants as of March 31, 2017 and December 31, 2016 of $108,088 and $109,034, respectively; and long-term non-recourse debt as of March 31, 2017 and December 31, 2016 of $61,738 and $58,983, respectively.