Summary of Significant Accounting Policies (Tables)
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3 Months Ended |
Mar. 31, 2022 |
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 March 31, |
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2022 |
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2021 |
Customer agreements |
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$ |
190,502 |
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$ |
157,830 |
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Incentives |
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19,190 |
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16,766 |
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Customer agreements and incentives |
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209,692 |
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174,596 |
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Solar energy systems |
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199,999 |
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89,050 |
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Products |
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86,093 |
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71,148 |
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Solar energy systems and product sales |
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286,092 |
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160,198 |
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Total revenue |
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$ |
495,784 |
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$ |
334,794 |
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Schedule of Cash and Restricted Cash |
Cash and restricted cash consists of the following (in thousands):
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Three Months Ended March 31, |
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2022 |
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2021 |
Beginning of period: |
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Cash |
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$ |
617,634 |
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$ |
519,965 |
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Restricted cash, current and long-term |
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232,797 |
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188,243 |
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Total |
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$ |
850,431 |
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$ |
708,208 |
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End of period: |
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Cash |
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$ |
629,161 |
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$ |
649,493 |
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Restricted cash, current and long-term |
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233,454 |
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163,940 |
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Total |
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$ |
862,615 |
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$ |
813,433 |
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Schedule of Cash and Restricted Cash |
Cash and restricted cash consists of the following (in thousands):
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Three Months Ended March 31, |
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2022 |
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2021 |
Beginning of period: |
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Cash |
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$ |
617,634 |
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$ |
519,965 |
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Restricted cash, current and long-term |
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232,797 |
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188,243 |
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Total |
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$ |
850,431 |
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$ |
708,208 |
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End of period: |
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Cash |
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$ |
629,161 |
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$ |
649,493 |
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Restricted cash, current and long-term |
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233,454 |
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163,940 |
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Total |
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$ |
862,615 |
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$ |
813,433 |
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Schedule of Accounts Receivable, Net |
Accounts receivable, net, consists of the following (in thousands):
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March 31, 2022 |
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December 31, 2021 |
Customer receivables |
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$ |
199,816 |
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$ |
147,371 |
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Other receivables |
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12,249 |
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9,701 |
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Allowance for credit losses |
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(11,516) |
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(11,035) |
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Total |
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$ |
200,549 |
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$ |
146,037 |
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Schedule of Deferred Revenue |
The opening balance of deferred revenue was $799.3 million as of December 31, 2020. Deferred revenue consists of the following (in thousands):
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March 31, 2022 |
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December 31, 2021 |
Under Customer Agreements: |
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Payments received, net |
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$ |
663,750 |
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$ |
645,439 |
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Financing component balance |
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60,231 |
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58,517 |
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723,981 |
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703,956 |
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Under SREC contracts: |
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Payments received, net |
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160,730 |
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161,575 |
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Financing component balance |
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9,247 |
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8,080 |
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169,977 |
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169,655 |
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Total |
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$ |
893,958 |
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$ |
873,611 |
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