Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.22.2
Summary of Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2022
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 June 30, Six Months Ended June 30,
2022 2021 2022 2021
Customer agreements $ 232,003  $ 196,935  $ 422,505  $ 354,765 
Incentives 27,883  22,539  47,073  39,305 
Customer agreements and incentives 259,886  219,474  469,578  394,070 
Solar energy systems 209,314  90,422  409,313  179,472 
Products 115,380  91,270  201,473  162,418 
Solar energy systems and product sales 324,694  181,692  610,786  341,890 
Total revenue $ 584,580  $ 401,166  $ 1,080,364  $ 735,960 
Schedule of Cash and Restricted Cash Cash and restricted cash consists of the following (in thousands):
Six Months Ended June 30,
    2022 2021
Beginning of period:
   Cash $ 617,634  $ 519,965 
   Restricted cash, current and long-term 232,797  188,243 
Total $ 850,431  $ 708,208 
End of period:
   Cash $ 522,460  $ 679,588 
   Restricted cash, current and long-term 340,668  178,015 
Total $ 863,128  $ 857,603 
Schedule of Cash and Restricted Cash Cash and restricted cash consists of the following (in thousands):
Six Months Ended June 30,
    2022 2021
Beginning of period:
   Cash $ 617,634  $ 519,965 
   Restricted cash, current and long-term 232,797  188,243 
Total $ 850,431  $ 708,208 
End of period:
   Cash $ 522,460  $ 679,588 
   Restricted cash, current and long-term 340,668  178,015 
Total $ 863,128  $ 857,603 
Schedule of Accounts Receivable, Net Accounts receivable, net, consists of the following (in thousands):
    June 30, 2022   December 31, 2021
Customer receivables $ 215,094  $ 147,371 
Other receivables 13,756  9,701 
Allowance for credit losses (12,026) (11,035)
Total $ 216,824  $ 146,037 
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):
  June 30, 2022 December 31, 2021
Under Customer Agreements:
Payments received, net $ 708,698  $ 645,439 
Financing component balance 61,920  58,517 
770,618  703,956 
Under SREC contracts:
Payments received, net 160,970  161,575 
Financing component balance 9,523  8,080 
170,493  169,655 
Total $ 941,111  $ 873,611