Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.21.1
Summary of Significant Accounting Policies (Tables)
3 Months Ended
Mar. 31, 2021
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):
Three Months Ended March 31,
2021 2020
Customer agreements $ 157,830  $ 94,253 
Incentives 16,766  4,871 
Customer agreements and incentives 174,596  99,124 
Solar energy systems 89,050  71,277 
Products 71,148  40,330 
Solar energy systems and product sales 160,198  111,607 
Total revenue $ 334,794  $ 210,731 
Cash and Restricted Cash Cash and restricted cash consists of the following (in thousands):
Three Months Ended March 31,
    2021 2020
Beginning of period:
   Cash $ 519,965  $ 269,577 
   Restricted cash, current and long-term 188,243  93,652 
Total $ 708,208  $ 363,229 
End of period:
   Cash $ 649,493  $ 286,418 
   Restricted cash, current and long-term 163,940  79,830 
Total $ 813,433  $ 366,248 
Cash and Restricted Cash Cash and restricted cash consists of the following (in thousands):
Three Months Ended March 31,
    2021 2020
Beginning of period:
   Cash $ 519,965  $ 269,577 
   Restricted cash, current and long-term 188,243  93,652 
Total $ 708,208  $ 363,229 
End of period:
   Cash $ 649,493  $ 286,418 
   Restricted cash, current and long-term 163,940  79,830 
Total $ 813,433  $ 366,248 
Accounts Receivable, Net
Accounts receivable, net, consists of the following (in thousands):
    March 31, 2021   December 31, 2020
Customer receivables $ 125,583  $ 97,723 
Other receivables 1,766  710 
Rebates receivable 4,165  1,569 
Allowance for credit losses (6,015) (4,861)
Total $ 125,499  $ 95,141 
Deferred Revenue
The opening balance of deferred revenue was $729.5 million as of December 31, 2019. Deferred revenue consists of the following (in thousands):
  March 31, 2021 December 31, 2020
Under Customer Agreements:
Payments received, net $ 616,085  $ 614,906 
Financing component balance 53,541  51,835 
669,626  666,741 
Under SREC contracts:
Payments received, net 130,603  126,793 
Financing component balance 6,902  5,742 
137,505  132,535 
Total $ 807,131  $ 799,276