Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.20.4
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2020
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,
2020 2019 2018
Customer agreements $ 432,527  $ 345,486  $ 272,672 
Incentives 51,633  42,349  131,794 
Customer agreements and incentives 484,160  387,835  404,466 
Solar energy systems 269,866  283,429  186,512 
Products 168,165  187,314  169,003 
Solar energy systems and product sales 438,031  470,743  355,515 
Total revenue $ 922,191  $ 858,578  $ 759,981 
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,
2020 2019 2018
Cash $ 519,965  $ 269,577  $ 226,625 
Restricted cash, current and long-term 188,243  93,652  77,774 
Total $ 708,208  $ 363,229  $ 304,399 
As a result of the acquisition of Vivint Solar on October 8, 2020, cash and restricted cash increased by $537.2 million.
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,
2020 2019 2018
Cash $ 519,965  $ 269,577  $ 226,625 
Restricted cash, current and long-term 188,243  93,652  77,774 
Total $ 708,208  $ 363,229  $ 304,399 
As a result of the acquisition of Vivint Solar on October 8, 2020, cash and restricted cash increased by $537.2 million.
Accounts receivable, net
Accounts receivable, net consists of the following (in thousands):
December 31,
2020 2019
Customer receivables $ 97,723  $ 79,899 
Other receivables 710  23 
Rebates receivable 1,569  957 
Allowance for credit losses (4,861) (3,151)
Total $ 95,141  $ 77,728 
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,
2020 2019
Solar energy system equipment costs
$ 7,839,427  $ 4,510,677 
Inverters
883,785  471,471 
Total solar energy systems
8,723,212  4,982,148 
Less: accumulated depreciation and amortization (914,551) (692,218)
Add: construction-in-progress 394,127  202,685 
Total solar energy systems, net
$ 8,202,788  $ 4,492,615 
Property and equipment, net consists of the following (in thousands):
December 31,
2020 2019
Machinery and equipment
$ 8,860  $ 7,907 
Leasehold improvements, furniture, and computer hardware
42,614  34,951 
Vehicles
68,245  65,663 
Computer software 37,997  35,329 
Total property and equipment
157,716  143,850 
Less: Accumulated depreciation and amortization
(95,534) (87,142)
Total property and equipment, net $ 62,182  $ 56,708 
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
Intangible assets, net as of December 31, 2020 consist of the following (in thousands, except weighted average remaining life):
Cost
Accumulated
amortization
Carrying
value
Weighted
average
remaining life
(in years)
Customer relationships $ 32,770  $ (15,349) $ 17,421  3.6
Developed technology 6,820  (6,820) —  — 
Trade names 6,990  (6,149) 841  2.3
Total
$ 46,580  $ (28,318) $ 18,262 
Intangible assets, net as of December 31, 2019 consist of the following (in thousands, except weighted average remaining life):
Cost
Accumulated
amortization
Carrying
value
Weighted
average
remaining life
(in years)
Customer relationships
$ 28,870  $ (10,837) $ 18,033  4.3
Developed technology
6,820  (6,525) 295  0.3
Trade names
6,990  (5,775) 1,215  3.3
Total
$ 42,680  $ (23,137) $ 19,543 
Deferred revenue The opening balance of deferred revenue was $591.6 million as of December 31, 2018. Deferred revenue consists of the following (in thousands):
December 31,
2020 2019
Under Customer Agreements:
Payments received $ 614,906  $ 558,630 
Financing component balance 51,835  44,874 
666,741  603,504 
Under SREC contracts:
Payments received 126,793  122,680 
Financing component balance 5,742  3,315 
132,535  125,995 
Total $ 799,276  $ 729,499