Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.21.2
Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 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 September 30, Nine Months Ended September 30,
2021 2020 2021 2020
Customer agreements $ 194,924  $ 102,213  $ 549,689  $ 294,991 
Incentives 36,945  12,272  76,250  24,713 
Customer agreements and incentives 231,869  114,485  625,939  319,704 
Solar energy systems 127,936  52,238  307,408  168,094 
Products 78,960  43,037  241,378  113,987 
Solar energy systems and product sales 206,896  95,275  548,786  282,081 
Total revenue $ 438,765  $ 209,760  $ 1,174,725  $ 601,785 
Cash and Restricted Cash Cash and restricted cash consists of the following (in thousands):
Nine Months Ended September 30,
    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 $ 717,593  $ 276,052 
   Restricted cash, current and long-term 223,528  105,462 
Total $ 941,121  $ 381,514 
Cash and Restricted Cash Cash and restricted cash consists of the following (in thousands):
Nine Months Ended September 30,
    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 $ 717,593  $ 276,052 
   Restricted cash, current and long-term 223,528  105,462 
Total $ 941,121  $ 381,514 
Accounts Receivable, Net Accounts receivable, net, consists of the following (in thousands):
    September 30, 2021   December 31, 2020
Customer receivables $ 182,160  $ 97,723 
Other receivables 2,495  710 
Rebates receivable 4,520  1,569 
Allowance for credit losses (11,349) (4,861)
Total $ 177,826  $ 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):
  September 30, 2021 December 31, 2020
Under Customer Agreements:
Payments received, net $ 646,269  $ 614,906 
Financing component balance 56,875  51,835 
703,144  666,741 
Under SREC contracts:
Payments received, net 138,022  126,793 
Financing component balance 7,352  5,742 
145,374  132,535 
Total $ 848,518  $ 799,276