v3.25.2
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Accounts receivable, net of allowances for credit losses $ 17,065 $ 15,420
Preferred stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Preferred stock, shares authorized (in shares) 200,000,000 200,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 2,000,000,000 2,000,000,000
Common stock, shares issued (in shares) 230,321,000 225,662,000
Common stock, shares outstanding (in shares) 230,321,000 225,662,000
Total assets [1] $ 21,230,135 $ 19,897,884
Solar energy systems, net 16,063,482 15,032,115
Cash 618,057 574,956
Restricted cash 393,872 372,312
Accounts receivable, net 186,525 170,706
Inventories 491,150 402,083
Prepaid expenses and other current assets 96,207 202,579
Other assets 3,282,396 3,021,746
Total liabilities [1] 16,783,913 15,733,674
Accounts payable 279,775 354,214
Distributions payable to noncontrolling interests and redeemable noncontrolling interests 40,719 41,464
Accrued expenses and other liabilities 490,637 543,752
Deferred revenue 1,425,772 1,338,347
Non-recourse debt 14,038,766 12,901,492
Other liabilities 167,611 119,846
Variable Interest Entities    
Total assets 14,459,746 13,290,216
Solar energy systems, net 13,175,135 12,062,819
Cash 307,111 420,756
Restricted cash 52,629 57,892
Accounts receivable, net 108,631 92,259
Inventories 100,330 62,581
Prepaid expenses and other current assets 7,674 7,616
Other assets 708,236 586,293
Total liabilities 2,446,746 2,343,040
Accounts payable 6,988 5,400
Distributions payable to noncontrolling interests and redeemable noncontrolling interests 40,720 41,465
Accrued expenses and other liabilities 47,553 42,997
Deferred revenue 923,571 826,854
Non-recourse debt 1,407,611 1,407,784
Other liabilities $ 20,303 $ 18,540
[1] The Company’s consolidated assets as of June 30, 2025 and December 31, 2024 include $14,459,746 and $13,290,216, respectively, in assets of variable interest entities (“VIEs”) that can only be used to settle obligations of the VIEs. These assets include solar energy systems, net as of June 30, 2025 and December 31, 2024 of $13,175,135 and $12,062,819, respectively; cash as of June 30, 2025 and December 31, 2024 of $307,111 and $420,756, respectively; restricted cash as of June 30, 2025 and December 31, 2024 of $52,629 and $57,892, respectively; accounts receivable, net as of June 30, 2025 and December 31, 2024 of $108,631 and $92,259, respectively; inventories as of June 30, 2025 and December 31, 2024 of $100,330 and $62,581, respectively; prepaid expenses and other current assets as of June 30, 2025 and December 31, 2024 of $7,674 and $7,616, respectively; and other assets as of June 30, 2025 and December 31, 2024 of $708,236 and $586,293, respectively. The Company’s consolidated liabilities as of June 30, 2025 and December 31, 2024 include $2,446,746 and $2,343,040, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of June 30, 2025 and December 31, 2024 of $6,988 and $5,400, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of June 30, 2025 and December 31, 2024 of $40,720 and $41,465, respectively; accrued expenses and other current liabilities as of June 30, 2025 and December 31, 2024 of $47,553 and $42,997, respectively; deferred revenue as of June 30, 2025 and December 31, 2024 of $923,571 and $826,854, respectively; non-recourse debt as of June 30, 2025 and December 31, 2024 of $1,407,611 and $1,407,784, respectively; and other liabilities as of June 30, 2025 and December 31, 2024 of $20,303 and $18,540, respectively.