Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.19.3.a.u2
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2019
Accounting Policies [Abstract]  
Schedule of revenue from external customers
Revenue from external customers (including, but not limited to homeowners) for each group of similar products and services is as follows (in thousands): 
 
 
Year Ended December 31,
 
 
2019
 
2018
 
2017
Customer agreements
 
$
345,486

 
$
272,672

 
$
210,753

Incentives
 
42,349

 
131,794

 
23,523

Customer agreements and incentives
 
387,835

 
404,466

 
234,276

 
 
 
 
 
 
 
Solar energy systems
 
283,429

 
186,512

 
113,953

Products
 
187,314

 
169,003

 
184,313

Solar energy systems and product sales
 
470,743

 
355,515

 
298,266

Total revenue
 
$
858,578

 
$
759,981

 
$
532,542


Cash and restricted cash
The following table provides a reconciliation of cash, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statement of cash flows. Cash and restricted cash consists of the following (in thousands):
 
 
December 31,
 
 
2019
 
2018
 
2017
Cash
 
$
269,577

 
$
226,625

 
$
202,525

Restricted cash, current and long-term
 
93,652

 
77,774

 
39,265

Total
 
$
363,229

 
$
304,399

 
$
241,790


Cash and restricted cash
The following table provides a reconciliation of cash, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statement of cash flows. Cash and restricted cash consists of the following (in thousands):
 
 
December 31,
 
 
2019
 
2018
 
2017
Cash
 
$
269,577

 
$
226,625

 
$
202,525

Restricted cash, current and long-term
 
93,652

 
77,774

 
39,265

Total
 
$
363,229

 
$
304,399

 
$
241,790


Accounts receivable, net
Accounts receivable, net consists of the following (in thousands):
 
 
December 31,
 
 
2019
 
2018
Customer receivables
 
$
79,899

 
$
64,180

Other receivables
 
23

 
1,466

Rebates receivable
 
957

 
3,017

Allowance for doubtful accounts
 
(3,151
)
 
(2,228
)
Total
 
$
77,728

 
$
66,435


Schedule of property and equipment depreciation
Property and equipment is depreciated on a straight-line basis over the following periods:
Leasehold improvements
 
Lesser of 6 years or lease term
Furniture
 
5 years
Computer hardware and software
 
3 years
Machinery and equipment
 
5 years or lease term
Automobiles
 
Lease term

Solar energy systems, net consists of the following (in thousands):
 
 
December 31,
 
 
2019
 
2018
Solar energy system equipment costs
 
$
4,510,677

 
$
3,823,853

Inverters
 
471,471

 
396,054

Total solar energy systems
 
4,982,148

 
4,219,907

Less: accumulated depreciation and amortization
 
(692,218
)
 
(535,891
)
Add: construction-in-progress
 
202,685

 
136,001

Total solar energy systems, net
 
$
4,492,615

 
$
3,820,017


Property and equipment, net consists of the following (in thousands):
 
 
December 31,
 
 
2019
 
2018
Machinery and equipment
 
$
7,907

 
$
6,888

Leasehold improvements, furniture, and computer hardware
 
34,951

 
14,755

Vehicles
 
65,663

 
55,093

Computer software
 
35,329

 
32,768

Total property and equipment
 
143,850

 
109,504

Less: Accumulated depreciation and amortization
 
(87,142
)
 
(74,611
)
Total property and equipment, net
 
$
56,708

 
$
34,893


Intangible assets, net
Finite-lived intangible assets are initially recorded at fair value and are subsequently presented net of accumulated amortization. Intangible assets are amortized on a straight-line basis over their estimated useful lives as follows:
Customer relationships
 
5-10 years
Developed technology
 
5 years
Trade names
 
5-8 years

Deferred revenue
The opening balance of deferred revenue was $564.9 million as of December 31, 2017. Deferred revenue consists of the following (in thousands):
 
 
December 31,
 
 
2019
 
2018
Under Customer Agreements:
 
 
 
 
Payments received
 
$
558,630

 
$
538,926

Financing component balance
 
44,874

 
37,801

 
 
603,504

 
576,727

 
 
 
 
 
Under SREC contracts:
 
 
 
 
Payments received
 
122,680

 
12,977

Financing component balance
 
3,315

 
1,921

 
 
125,995

 
14,898

 
 
 
 
 
Total
 
$
729,499

 
$
591,625