Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.10.0.1
Summary of Significant Accounting Policies (Tables)
9 Months Ended
Sep. 30, 2018
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,
 
 
2018
 
2017
 
2018
 
2017
Customer agreements
 
$
70,864

 
$
55,134

 
$
199,171

 
$
152,679

Incentives
 
43,708

 
6,583

 
73,996

 
16,239

Customer agreements and incentives
 
114,572

 
61,717

 
273,167

 
168,918

 
 
 
 
 
 
 
 
 
Solar energy systems
 
47,771

 
30,734

 
122,503

 
79,431

Products
 
42,617

 
52,095

 
124,191

 
131,928

Solar energy systems and product sales
 
90,388

 
82,829

 
246,694

 
211,359

Total revenue
 
$
204,960

 
$
144,546

 
$
519,861

 
$
380,277

Cash and restricted cash
Cash and restricted cash consists of the following (in thousands):
 
 
September 30, 2018
 
December 31, 2017
Cash
 
$
242,936

 
$
202,525

Restricted cash, current and long-term
 
32,197

 
39,265

Total
 
$
275,133

 
$
241,790

Accounts receivable, net
Accounts receivable, net consists of the following (in thousands):
 
 
September 30, 2018
 
December 31, 2017
Customer receivables
 
$
63,150

 
$
59,263

Other receivables
 
1,128

 
1,319

Rebates receivable
 
3,445

 
1,442

Allowance for doubtful accounts
 
(2,369
)
 
(1,665
)
Total
 
$
65,354

 
$
60,359

Deferred revenue
The opening balance of deferred revenue was $525.4 million as of December 31, 2016. Deferred revenue consists of the following (in thousands):
 
 
September 30, 2018
 
December 31, 2017
Under Customer Agreements:
 
 
 
 
Payments received
 
$
535,045

 
$
517,544

Financing component balance
 
35,979

 
30,736

 
 
571,024

 
548,280

 
 
 
 
 
Under SREC contracts:
 
 
 
 
Payments received
 
13,494

 
14,805

Financing component balance
 
1,916

 
1,767

 
 
15,410

 
16,572

 
 
 
 
 
Total
 
$
586,434

 
$
564,852

Adoption of new accounting pronouncement
The following table presents the effect of the adoption of Topic 606 and Topic 842 on the Company's condensed consolidated balance sheet as of December 31, 2017 (in thousands):
 
 
December 31, 2017
 
 
Previously Reported
 
Adoption Impact
 
Restated

 
 
 
 
 
 
Accounts receivable, net of allowances for doubtful accounts
 
$
76,198

 
$
(15,839
)
 
$
60,359

Solar energy systems, net
 
3,319,708

 
(158,138
)
 
3,161,570

Other assets
 
37,225

 
209,239

 
246,464

Accrued expenses and other liabilities
 
85,639

 
11,591

 
97,230

Deferred revenue, current portion
 
77,310

 
(34,701
)
 
42,609

Deferred grants, current portion
 
8,269

 
(76
)
 
8,193

Pass-through financing obligation, current portion
 
6,087

 
(700
)
 
5,387

Deferred revenue, net of current portion
 
584,427

 
(62,184
)
 
522,243

Deferred grants, net of current portion
 
228,603

 
(1,084
)
 
227,519

Pass-through financing obligation, net of current portion
 
138,124

 
(5,301
)
 
132,823

Other liabilities
 
13,520

 
29,223

 
42,743

Deferred tax liabilities
 
59,131

 
23,988

 
83,119

Redeemable noncontrolling interests
 
123,737

 
64

 
123,801

Additional paid-in capital
 
684,141

 
(1,191
)
 
682,950

Retained earnings
 
131,959

 
70,775

 
202,734

Noncontrolling interests
 
354,076

 
4,858

 
358,934

The following table presents the effect of the adoption of Topic 606 and Topic 842 on the Company's condensed consolidated statement of operations for the three and nine months ended September 30, 2017 (in thousands except per share amounts):
 
 
Three Months Ended September 30, 2017
 
Nine Months Ended September 30, 2017
 
 
Previously Reported
 
Adoption Impact
 
Restated
 
Previously Reported
 
Adoption Impact
 
Restated

 
 
 
 
 
 
 
 
 
 
 
 
Revenue: Customer agreements and incentives
 
$
58,462

 
$
3,255

 
$
61,717

 
$
171,897

 
$
(2,979
)
 
$
168,918

Cost of customer agreements and incentives
 
49,232

 
(1,933
)
 
47,299

 
140,682

 
(5,481
)
 
135,201

Sales and marketing
 
37,298

 
2,623

 
39,921

 
101,758

 
6,351

 
108,109

General and administrative
 
27,925

 

 
27,925

 
77,776

 
(15
)
 
77,761

Interest expense, net
 
17,707

 
5,510

 
23,217

 
49,586

 
16,160

 
65,746

Income tax expense
 
14,834

 
(317
)
 
14,517

 
37,625

 
(6,927
)
 
30,698

Net loss
 
(80,187
)
 
(2,628
)
 
(82,815
)
 
(218,513
)
 
(13,067
)
 
(231,580
)
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests
 
(107,969
)
 
(2,853
)
 
(110,822
)
 
(284,144
)
 
(3,671
)
 
(287,815
)
Net income available to common stockholders
 
27,782

 
225

 
28,007

 
65,631

 
(9,396
)
 
56,235

Basic net income per share available to common stockholders
 
0.26

 

 
0.26

 
0.62

 
(0.08
)
 
0.54

Diluted net income per share available to common stockholders
 
0.25

 
0.01

 
0.26

 
0.61

 
(0.09
)
 
0.52

The following table presents the effect of the adoption of Topic 230, Topic 606 and Topic 842 on the Company's condensed consolidated statement of cash flows for the nine months ended September 30, 2017 (in thousands):
 
 
Nine Months Ended September 30, 2017
 
 
Previously Reported
 
Adoption Impact
 
Restated

 
 
 
 
 
 
Net loss
 
$
(218,513
)
 
$
(13,067
)
 
$
(231,580
)
Net cash used in operating activities
 
(39,166
)
 
(24,864
)
 
(64,030
)
Net cash used in investing activities
 
(589,144
)
 
24,795

 
(564,349
)
Net cash provided by financing activities
 
638,088

 
2,058

 
640,146

Net change in cash and restricted cash(1)
 
9,778

 
1,989

 
11,767

Cash and restricted cash, beginning of period(1)
 
206,364

 
17,999

 
224,363

Cash and restricted cash, end of period(1)
 
216,142

 
19,988

 
236,130


(1)Pursuant to Topic 230, restricted cash is included in the restated balances in the statement of cash flows, as described above. The amounts in the previously reported column include only cash.