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Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2017
Dec. 31, 2016
Current assets:    
Cash $ 211,321 $ 206,364
Restricted cash 15,672 11,882
Accounts receivable (net of allowances for doubtful accounts of $1,550 and $1,166 as of June 30, 2017 and December 31, 2016, respectively) 64,030 60,258
State tax credits receivable 0 13,713
Inventories 52,744 67,326
Prepaid expenses and other current assets 12,575 9,802
Total current assets 356,342 369,345
Restricted cash 5,952 6,117
Solar energy systems, net 2,951,260 2,629,366
Property and equipment, net 41,774 48,471
Intangible assets, net 16,397 18,499
Goodwill 87,543 87,543
Prepaid tax asset 0 378,541
Other assets 29,834 34,936
Total assets (1) [1] 3,489,102 3,572,818
Current liabilities:    
Accounts payable 75,336 66,018
Distributions payable to noncontrolling interests and redeemable noncontrolling interests 13,212 10,654
Accrued expenses and other liabilities 52,961 59,261
Deferred revenue, current portion 70,601 70,849
Deferred grants, current portion 8,363 8,011
Capital lease obligations, current portion 8,525 10,015
Recourse debt, current portion 247,000 0
Long-term non-recourse debt, current portion 18,883 14,153
Lease pass-through financing obligation, current portion 5,869 5,823
Total current liabilities 500,750 244,784
Deferred revenue, net of current portion 578,484 583,401
Deferred grants, net of current portion 222,184 226,893
Capital lease obligations, net of current portion 8,745 12,965
Recourse debt, net of current portion 0 244,000
Long-term non-recourse debt, net of current portion 761,349 639,870
Lease pass-through financing obligation, net of current portion 139,249 137,958
Other liabilities 10,682 5,457
Deferred tax liabilities 54,376 415,397
Total liabilities (1) [1] 2,275,819 2,510,725
Commitments and contingencies (Note 13)
Redeemable noncontrolling interests 163,077 137,907
Stockholders’ equity:    
Preferred stock, $0.0001 par value—authorized, 200,000 shares as of June 30, 2017 and December 31, 2016; no shares issued and outstanding as of June 30, 2017 and December 31, 2016 0 0
Common stock, $0.0001 par value—authorized, 2,000,000 shares as of June 30, 2017 and December 31, 2016; issued and outstanding, 105,940 and 104,321 shares as of June 30, 2017 and December 31, 2016, respectively 11 10
Additional paid-in capital 679,066 668,076
Accumulated other comprehensive income (3,132) 437
Retained earnings 45,282 4,438
Total stockholders’ equity 721,227 672,961
Noncontrolling interests 328,979 251,225
Total equity 1,050,206 924,186
Total liabilities, redeemable noncontrolling interests and total equity $ 3,489,102 $ 3,572,818
[1] The Company’s consolidated assets as of June 30, 2017 and December 31, 2016 include $2,379,224 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 June 30, 2017 and December 31, 2016 were $2,237,670 and $1,920,330, respectively; cash as of June 30, 2017 and December 31, 2016 were $108,039 and $120,728, respectively; restricted cash as of June 30, 2017 and December 31, 2016 were $3,574 and $1,680, respectively; accounts receivable, net as of June 30, 2017 and December 31, 2016 were $27,547 and $20,771, respectively; prepaid expenses and other current assets as of June 30, 2017 and December 31, 2016 were $235 and $242, respectively and other assets as of June 30, 2017 and December 31, 2016 were $2,159 and $1,481, respectively. The Company’s consolidated liabilities as of June 30, 2017 and December 31, 2016 include $762,273 and $617,011, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of June 30, 2017 and December 31, 2016 of $22,196 and $14,873, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of June 30, 2017 and December 31, 2016 of $13,213 and $10,654, respectively; accrued expenses and other liabilities as of June 30, 2017 and December 31, 2016 of $1,471 and $782, respectively; deferred revenue as of June 30, 2017 and December 31, 2016 of $444,103 and $422,685, respectively; deferred grants as of June 30, 2017 and December 31, 2016 of $106,933 and $109,034, respectively; and long-term non-recourse debt as of June 30, 2017 and December 31, 2016 of $172,020 and $58,983, respectively.