Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.22.4
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 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): 
Year Ended December 31,
2022 2021 2020
Customer agreements $ 872,298  $ 725,220  $ 432,527 
Incentives 110,749  101,344  51,633 
Customer agreements and incentives 983,047  826,564  484,160 
Solar energy systems 913,904  471,283  269,866 
Products 424,471  312,107  168,165 
Solar energy systems and product sales 1,338,375  783,390  438,031 
Total revenue $ 2,321,422  $ 1,609,954  $ 922,191 
Schedule of Cash and Restricted Cash
The following table provides a reconciliation of cash and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statement of cash flows. Cash and restricted cash consists of the following (in thousands):
December 31,
2022 2021 2020
Cash $ 740,508  $ 617,634  $ 519,965 
Restricted cash, current and long-term 212,515  232,797  188,243 
Total $ 953,023  $ 850,431  $ 708,208 
Schedule of Cash and Restricted Cash
The following table provides a reconciliation of cash and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statement of cash flows. Cash and restricted cash consists of the following (in thousands):
December 31,
2022 2021 2020
Cash $ 740,508  $ 617,634  $ 519,965 
Restricted cash, current and long-term 212,515  232,797  188,243 
Total $ 953,023  $ 850,431  $ 708,208 
Schedule of Accounts Receivable, Net
Accounts receivable, net consists of the following (in thousands):
December 31,
2022 2021
Customer receivables $ 218,712  $ 147,371 
Other receivables 8,924  9,701 
Allowance for credit losses (13,381) (11,035)
Total $ 214,255  $ 146,037 
Schedule of Property and Equipment Depreciation
Property and equipment is depreciated on a straight-line basis over the following periods:
Leasehold improvements
Lesser of 6 years or lease term
Furniture 5 years
Computer hardware and software 3 years
Machinery and equipment
5 years or lease term
Automobiles Lease term
Solar energy systems, net consists of the following (in thousands):
December 31,
2022 2021
Solar energy system equipment costs
$ 10,529,852  $ 9,018,788 
Inverters and batteries 1,384,776  1,127,014 
Total solar energy systems
11,914,628  10,145,802 
Less: accumulated depreciation and amortization (1,682,296) (1,267,932)
Add: construction-in-progress 756,029  581,826 
Total solar energy systems, net
$ 10,988,361  $ 9,459,696 
Property and equipment, net consists of the following (in thousands):
December 31,
2022 2021
Machinery and equipment
$ 11,742  $ 10,339 
Leasehold improvements, furniture, and computer hardware
44,547  41,209 
Vehicles
94,821  76,487 
Computer software 53,314  43,552 
Total property and equipment
204,424  171,587 
Less: Accumulated depreciation and amortization
(136,985) (114,701)
Total property and equipment, net $ 67,439  $ 56,886 
Schedule of Finite-Lived Intangible Assets
Finite-lived intangible assets are initially recorded at fair value and are subsequently presented net of accumulated amortization. Intangible assets are amortized on a straight-line basis over their estimated useful lives as follows:
Customer relationships
5 -10 years
Trade names
5 - 8 years
Intangible assets, net as of December 31, 2022 consist of the following (in thousands, except weighted average remaining life):
Cost
Accumulated
amortization
Carrying
value
Weighted
average
remaining life
(in years)
Customer relationships $ 32,770  $ (25,336) $ 7,434  1.8
Trade names 6,990  (6,897) 93  0.3
Total
$ 39,760  $ (32,233) $ 7,527 
Intangible assets, net as of December 31, 2021 consist of the following (in thousands, except weighted average remaining life):
Cost
Accumulated
amortization
Carrying
value
Weighted
average
remaining life
(in years)
Customer relationships
$ 32,770  $ (20,346) $ 12,424  2.7
Trade names
6,990  (6,523) 467  1.3
Total
$ 39,760  $ (26,869) $ 12,891 
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):
December 31,
2022 2021
Under Customer Agreements:
Payments received, net $ 840,771  $ 645,439 
Financing component balance 65,326  58,517 
906,097  703,956 
Under SREC contracts:
Payments received, net 179,416  161,575 
Financing component balance 10,460  8,080 
189,876  169,655 
Total $ 1,095,973  $ 873,611