v3.5.0.2
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2016
Dec. 31, 2015
Current assets:    
Cash $ 207,220 $ 203,864
Restricted cash 10,037 9,203
Accounts receivable (net of allowances for doubtful accounts of $977 and $1,641 as of June 30, 2016 and December 31, 2015, respectively) 56,572 60,275
State tax credits receivable   9,198
Inventories 88,207 71,258
Prepaid expenses and other current assets 12,380 5,917
Total current assets 374,416 359,715
Restricted cash 6,117 8,094
Solar energy systems, net 2,282,729 1,992,021
Property and equipment, net 53,348 44,866
Intangible assets, net 20,602 22,705
Goodwill 87,543 87,543
Prepaid tax asset 278,602 190,146
Other assets 33,487 29,502
Total assets [1] 3,136,844 2,734,592
Current liabilities:    
Accounts payable 93,681 104,133
Distributions payable to noncontrolling interests and redeemable noncontrolling interests 8,515 8,144
Accrued expenses and other liabilities 52,015 49,146
Deferred revenue, current portion 65,745 59,726
Deferred grants, current portion 14,383 13,949
Capital lease obligations, current portion 11,371 8,951
Long-term non-recourse debt, current portion 6,368 4,722
Lease pass-through financing obligation, current portion 4,301 3,710
Total current liabilities 256,379 252,481
Deferred revenue, net of current portion 579,590 559,066
Deferred grants, net of current portion 212,768 220,784
Capital lease obligations, net of current portion 16,916 15,042
Recourse debt 242,400 197,000
Long-term non-recourse debt, net of current portion 505,918 333,042
Lease pass-through financing obligation, net of current portion 139,873 153,188
Other liabilities 12,165 7,144
Deferred tax liabilities 278,661 190,146
Total liabilities [1] 2,244,670 1,927,893
Commitments and contingencies (Note 13)
Redeemable noncontrolling interests 163,520 147,139
Stockholders’ equity:    
Preferred stock
Common stock, $0.0001 par value—authorized, 2,000,000 shares as of June 30, 2016 and December 31, 2015; issued and outstanding, 102,826 and 101,282 shares as of June 30, 2016 and December 31, 2015, respectively 10 10
Additional paid-in capital 654,229 642,229
Accumulated other comprehensive loss (5,909) (921)
Accumulated deficit (41,472) (87,249)
Total stockholders’ equity 606,858 554,069
Noncontrolling interests 121,796 105,491
Total equity 728,654 659,560
Total liabilities, redeemable noncontrolling interests and total equity $ 3,136,844 $ 2,734,592
[1] The Company’s consolidated assets as of June 30, 2016 and December 31, 2015 include $1,651,594 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 June 30, 2016 and December 31, 2015 were $1,579,222 and $1,305,420, respectively; cash as of June 30, 2016 and December 31, 2015 were $53,415 and $44,407, respectively; restricted cash as of June 30, 2016 and December 31, 2015 were $283 and $757, respectively; accounts receivable, net as of June 30, 2016 and December 31, 2015 were $18,627 and $12,965, respectively; and prepaid expenses and other current assets as of June 30, 2016 and December 31, 2015 were $47 and $66, respectively. The Company’s consolidated liabilities as of June 30, 2016 and December 31, 2015 include $559,311 and $540,464, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of June 30, 2016 and December 31, 2015 of $11,045 and $11,025, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of June 30, 2016 and December 31, 2015 of $8,465 and $8,063, respectively; accrued expenses and other liabilities as of June 30, 2016 and December 31, 2015 of $86 and $175, respectively; deferred revenue as of June 30, 2016 and December 31, 2015 of $398,083 and $374,736, respectively; deferred grants as of June 30, 2016 and December 31, 2015 of $112,035 and $115,726, respectively; and long-term non-recourse debt as of June 30, 2016 and December 31, 2015 of $29,597 and $30,739, respectively.