Summary of Significant Accounting Policies (Tables)
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9 Months Ended |
Sep. 30, 2021 |
Accounting Policies [Abstract] |
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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):
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2021 |
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2020 |
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2021 |
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2020 |
Customer agreements |
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$ |
194,924 |
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$ |
102,213 |
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$ |
549,689 |
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$ |
294,991 |
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Incentives |
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36,945 |
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12,272 |
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76,250 |
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24,713 |
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Customer agreements and incentives |
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231,869 |
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114,485 |
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625,939 |
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319,704 |
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Solar energy systems |
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127,936 |
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52,238 |
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307,408 |
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168,094 |
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Products |
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78,960 |
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43,037 |
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241,378 |
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113,987 |
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Solar energy systems and product sales |
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206,896 |
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95,275 |
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548,786 |
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282,081 |
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Total revenue |
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$ |
438,765 |
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$ |
209,760 |
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$ |
1,174,725 |
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$ |
601,785 |
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Cash and Restricted Cash |
Cash and restricted cash consists of the following (in thousands):
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Nine Months Ended September 30, |
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2021 |
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2020 |
Beginning of period: |
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Cash |
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$ |
519,965 |
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$ |
269,577 |
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Restricted cash, current and long-term |
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188,243 |
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93,652 |
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Total |
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$ |
708,208 |
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$ |
363,229 |
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End of period: |
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Cash |
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$ |
717,593 |
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$ |
276,052 |
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Restricted cash, current and long-term |
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223,528 |
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105,462 |
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Total |
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$ |
941,121 |
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$ |
381,514 |
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Cash and Restricted Cash |
Cash and restricted cash consists of the following (in thousands):
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Nine Months Ended September 30, |
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2021 |
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2020 |
Beginning of period: |
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Cash |
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$ |
519,965 |
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$ |
269,577 |
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Restricted cash, current and long-term |
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188,243 |
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93,652 |
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Total |
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$ |
708,208 |
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$ |
363,229 |
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End of period: |
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Cash |
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$ |
717,593 |
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$ |
276,052 |
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Restricted cash, current and long-term |
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223,528 |
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105,462 |
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Total |
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$ |
941,121 |
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$ |
381,514 |
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Accounts Receivable, Net |
Accounts receivable, net, consists of the following (in thousands):
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September 30, 2021 |
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December 31, 2020 |
Customer receivables |
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$ |
182,160 |
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$ |
97,723 |
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Other receivables |
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2,495 |
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710 |
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Rebates receivable |
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4,520 |
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1,569 |
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Allowance for credit losses |
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(11,349) |
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(4,861) |
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Total |
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$ |
177,826 |
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$ |
95,141 |
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Deferred Revenue |
The opening balance of deferred revenue was $729.5 million as of December 31, 2019. Deferred revenue consists of the following (in thousands):
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September 30, 2021 |
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December 31, 2020 |
Under Customer Agreements: |
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Payments received, net |
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$ |
646,269 |
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$ |
614,906 |
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Financing component balance |
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56,875 |
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51,835 |
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703,144 |
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666,741 |
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Under SREC contracts: |
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Payments received, net |
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138,022 |
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126,793 |
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Financing component balance |
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7,352 |
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5,742 |
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145,374 |
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132,535 |
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Total |
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$ |
848,518 |
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$ |
799,276 |
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