Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
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Current assets: | ||||
Cash and cash equivalents | $ 336,137 | $ 166,048 | ||
Accounts receivable, net | 32,162 | 24,314 | ||
Inventories | 13,144 | 20,576 | ||
Prepaid expenses and other current assets | 27,818 | 41,137 | ||
Total current assets | 409,261 | 252,075 | ||
Restricted cash and cash equivalents | 86,809 | 89,892 | ||
Solar energy systems, net | 1,873,031 | 1,759,861 | ||
Property and equipment, net | 20,021 | 17,500 | ||
Other non-current assets, net | 716,186 | 680,062 | ||
TOTAL ASSETS | [1] | 3,105,308 | 2,799,390 | |
Current liabilities: | ||||
Accounts payable | 27,178 | 59,007 | ||
Distributions payable to non-controlling interests and redeemable non-controlling interests | 15,458 | 10,253 | ||
Accrued compensation | 25,435 | 34,149 | ||
Current portion of long-term debt | 24,664 | 16,405 | ||
Current portion of deferred revenue | 20,260 | 40,715 | ||
Current portion of finance lease obligation | 2,534 | 2,274 | ||
Accrued and other current liabilities | 85,847 | 78,539 | ||
Total current liabilities | 201,376 | 241,342 | ||
Long-term debt, net of current portion | 1,794,990 | 1,483,256 | ||
Deferred revenue, net of current portion | 24,516 | 17,631 | ||
Finance lease obligation, net of current portion | 6,029 | 6,443 | ||
Deferred tax liability, net | 636,869 | 583,695 | ||
Other non-current liabilities | 139,449 | 74,423 | ||
Total liabilities | [1] | 2,803,229 | 2,406,790 | |
Commitments and contingencies (Note 19) | ||||
Redeemable non-controlling interests | 114,989 | 115,384 | ||
Stockholders’ equity: | ||||
Common stock, $0.01 par value—1,000,000 shares authorized, 125,411 shares issued and outstanding as of June 30, 2020; 1,000,000 shares authorized, 123,056 shares issued and outstanding as of December 31, 2019 | 1,254 | 1,231 | ||
Additional paid-in capital | 600,627 | 591,639 | ||
Accumulated other comprehensive loss | (41,589) | (20,436) | ||
Accumulated deficit | (423,787) | (381,961) | ||
Total stockholders’ equity | 136,505 | 190,473 | ||
Non-controlling interests | 50,585 | 86,743 | ||
Total equity | 187,090 | 277,216 | ||
TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND EQUITY | $ 3,105,308 | $ 2,799,390 | ||
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Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
||
---|---|---|---|---|
Common stock, par value | $ 0.01 | $ 0.01 | ||
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 | ||
Common stock, shares issued | 125,411,000 | 123,056,000 | ||
Common stock, shares outstanding | 125,411,000 | 123,056,000 | ||
Total assets | [1] | $ 3,105,308 | $ 2,799,390 | |
Cash and cash equivalents | 336,137 | 166,048 | ||
Accounts receivable, net | 32,162 | 24,314 | ||
Prepaid expenses and other current assets | 27,818 | 41,137 | ||
Restricted cash and cash equivalents | 86,809 | 89,892 | ||
Solar energy systems, net | 1,873,031 | 1,759,861 | ||
Other non-current assets, net | 716,186 | 680,062 | ||
Total liabilities | [1] | 2,803,229 | 2,406,790 | |
Distributions payable to non-controlling interests and redeemable non-controlling interests | 15,458 | 10,253 | ||
Accrued and other current liabilities | 85,847 | 78,539 | ||
Long-term debt | 1,819,654 | 1,499,661 | ||
Other non-current liabilities | 139,449 | 74,423 | ||
Variable Interest Entities | ||||
Total assets | 2,368,433 | 2,194,274 | ||
Cash and cash equivalents | 56,939 | 82,764 | ||
Accounts receivable, net | 23,890 | 8,922 | ||
Prepaid expenses and other current assets | 2,103 | 1,676 | ||
Restricted cash and cash equivalents | 10,092 | 8,890 | ||
Solar energy systems, net | 1,683,849 | 1,587,354 | ||
Other non-current assets, net | 591,560 | 504,668 | ||
Total liabilities | 297,629 | 233,354 | ||
Distributions payable to non-controlling interests and redeemable non-controlling interests | 15,458 | 10,253 | ||
Accrued and other current liabilities | 6,710 | 6,394 | ||
Long-term debt | 254,500 | 201,600 | ||
Deferred revenue | 20,700 | 14,800 | ||
Other non-current liabilities | $ 260 | $ 301 | ||
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Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
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Revenue: | ||||
Total revenue | $ 106,394 | $ 90,757 | $ 197,545 | $ 160,128 |
Cost of revenue: | ||||
Total cost of revenue | 59,958 | 58,865 | 134,829 | 116,319 |
Gross profit | 46,436 | 31,892 | 62,716 | 43,809 |
Operating expenses: | ||||
Sales and marketing | 35,394 | 37,037 | 75,002 | 66,671 |
Research and development | 286 | 524 | 842 | 993 |
General and administrative | 36,860 | 31,205 | 64,886 | 54,254 |
Total operating expenses | 72,540 | 68,766 | 140,730 | 121,918 |
Loss from operations | (26,104) | (36,874) | (78,014) | (78,109) |
Interest expense, net | 24,712 | 19,472 | 46,344 | 38,599 |
Other expense, net | 1,145 | 1,365 | 29,503 | 2,750 |
Loss before income taxes | (51,961) | (57,711) | (153,861) | (119,458) |
Income tax expense | 32,406 | 29,950 | 55,820 | 57,437 |
Net loss | (84,367) | (87,661) | (209,681) | (176,895) |
Net loss attributable to non-controlling interests and redeemable non-controlling interests | (83,126) | (59,094) | (168,180) | (122,086) |
Net loss attributable to common stockholders | $ (1,241) | $ (28,567) | $ (41,501) | $ (54,809) |
Net loss attributable per share to common stockholders: | ||||
Basic and diluted | $ (0.01) | $ (0.24) | $ (0.33) | $ (0.45) |
Weighted-average shares used in computing net loss attributable per share to common stockholders: | ||||
Basic and diluted | 124,844 | 120,869 | 124,383 | 120,589 |
Customer Agreements and Incentives | ||||
Revenue: | ||||
Total revenue | $ 81,835 | $ 63,355 | $ 133,111 | $ 102,958 |
Cost of revenue: | ||||
Total cost of revenue | 44,331 | 43,074 | 97,154 | 83,265 |
Solar Energy System and Product Sales | ||||
Revenue: | ||||
Total revenue | 24,559 | 27,402 | 64,434 | 57,170 |
Cost of revenue: | ||||
Total cost of revenue | $ 15,627 | $ 15,791 | $ 37,675 | $ 33,054 |
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
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Statement Of Income And Comprehensive Income [Abstract] | ||||
Net loss attributable to common stockholders | $ (1,241) | $ (28,567) | $ (41,501) | $ (54,809) |
Other comprehensive loss: | ||||
Unrealized losses on cash flow hedging instruments (net of tax effect of $(983), $(2,675), $(8,384) and $(4,452)) | (2,608) | (7,292) | (22,444) | (12,175) |
Less: Interest expense on derivatives recognized into earnings (net of tax effect of $(241), $(64), $(484) and $(150)) | (640) | (174) | (1,291) | (410) |
Total other comprehensive loss | (1,968) | (7,118) | (21,153) | (11,765) |
Comprehensive loss | $ (3,209) | $ (35,685) | $ (62,654) | $ (66,574) |
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
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Statement Of Income And Comprehensive Income [Abstract] | ||||
Unrealized losses on cash flow hedging instruments, tax | $ (983) | $ (2,675) | $ (8,384) | $ (4,452) |
Interest expense on derivatives recognized into earnings, tax | $ (241) | $ (64) | $ (484) | $ (150) |
Condensed Consolidated Statements of Redeemable Non-Controlling Interests and Equity - USD ($) shares in Thousands, $ in Thousands |
Total |
Cumulative Effect, Period of Adoption, Adjustment |
Redeemable Non-Controlling Interests |
Common Stock |
Additional Paid-in Capital |
Accumulated Other Comprehensive (Loss) |
Accumulated Deficit |
Accumulated Deficit
Cumulative Effect, Period of Adoption, Adjustment
|
Total Stockholders Equity |
Total Stockholders Equity
Cumulative Effect, Period of Adoption, Adjustment
|
Non-Controlling Interests |
---|---|---|---|---|---|---|---|---|---|---|---|
Balance at Dec. 31, 2018 | $ 362,212 | $ (155) | $ 119,572 | $ 1,201 | $ 574,248 | $ (7,223) | $ (279,631) | $ (155) | $ 288,595 | $ (155) | $ 73,617 |
Balance (in Shares) at Dec. 31, 2018 | 120,114 | ||||||||||
Stock-based compensation expense | 7,835 | 7,835 | 7,835 | ||||||||
Issuance of common stock, net of tax withholdings | 270 | $ 15 | 255 | 270 | |||||||
Issuance of common stock, net of tax withholdings (in shares) | 1,492 | ||||||||||
Contributions from non-controlling interests and redeemable non-controlling interests | 141,632 | 18,006 | 141,632 | ||||||||
Distributions to non-controlling interests and redeemable non-controlling interests | (16,559) | (4,867) | (16,559) | ||||||||
Total other comprehensive loss | (11,765) | (11,765) | (11,765) | ||||||||
Net loss | (163,084) | (13,811) | (54,809) | (54,809) | (108,275) | ||||||
Balance at Jun. 30, 2019 | 320,386 | 118,900 | $ 1,216 | 582,338 | (18,988) | (334,595) | 229,971 | 90,415 | |||
Balance (in Shares) at Jun. 30, 2019 | 121,606 | ||||||||||
Balance at Mar. 31, 2019 | 349,409 | 118,667 | $ 1,206 | 577,961 | (11,870) | (306,028) | 261,269 | 88,140 | |||
Balance (in Shares) at Mar. 31, 2019 | 120,612 | ||||||||||
Stock-based compensation expense | 4,156 | 4,156 | 4,156 | ||||||||
Issuance of common stock, net of tax withholdings | 231 | $ 10 | 221 | 231 | |||||||
Issuance of common stock, net of tax withholdings (in shares) | 994 | ||||||||||
Contributions from non-controlling interests and redeemable non-controlling interests | 67,077 | 8,193 | 67,077 | ||||||||
Distributions to non-controlling interests and redeemable non-controlling interests | (10,992) | (2,676) | (10,992) | ||||||||
Total other comprehensive loss | (7,118) | (7,118) | (7,118) | ||||||||
Net loss | (82,377) | (5,284) | (28,567) | (28,567) | (53,810) | ||||||
Balance at Jun. 30, 2019 | 320,386 | 118,900 | $ 1,216 | 582,338 | (18,988) | (334,595) | 229,971 | 90,415 | |||
Balance (in Shares) at Jun. 30, 2019 | 121,606 | ||||||||||
Balance at Dec. 31, 2019 | $ 277,216 | $ (325) | 115,384 | $ 1,231 | 591,639 | (20,436) | (381,961) | $ (325) | 190,473 | $ (325) | 86,743 |
Balance (in Shares) at Dec. 31, 2019 | 123,056 | 123,056 | |||||||||
Stock-based compensation expense | $ 8,264 | 8,264 | 8,264 | ||||||||
Issuance of common stock, net of tax withholdings | 747 | $ 23 | 724 | 747 | |||||||
Issuance of common stock, net of tax withholdings (in shares) | 2,355 | ||||||||||
Contributions from non-controlling interests and redeemable non-controlling interests | 136,088 | 25,739 | 136,088 | ||||||||
Distributions to non-controlling interests and redeemable non-controlling interests | (26,513) | (3,687) | (26,513) | ||||||||
Total other comprehensive loss | (21,153) | (21,153) | (21,153) | ||||||||
Net loss | (187,234) | (22,447) | (41,501) | (41,501) | (145,733) | ||||||
Balance at Jun. 30, 2020 | $ 187,090 | 114,989 | $ 1,254 | 600,627 | (41,589) | (423,787) | 136,505 | 50,585 | |||
Balance (in Shares) at Jun. 30, 2020 | 125,411 | 125,411 | |||||||||
Balance at Mar. 31, 2020 | $ 212,531 | 116,481 | $ 1,247 | 596,589 | (39,621) | (422,546) | 135,669 | 76,862 | |||
Balance (in Shares) at Mar. 31, 2020 | 124,670 | ||||||||||
Stock-based compensation expense | 4,325 | 4,325 | 4,325 | ||||||||
Issuance of common stock, net of tax withholdings | (280) | $ 7 | (287) | (280) | |||||||
Issuance of common stock, net of tax withholdings (in shares) | 741 | ||||||||||
Contributions from non-controlling interests and redeemable non-controlling interests | 66,042 | 10,036 | 66,042 | ||||||||
Distributions to non-controlling interests and redeemable non-controlling interests | (18,030) | (2,691) | (18,030) | ||||||||
Total other comprehensive loss | (1,968) | (1,968) | (1,968) | ||||||||
Net loss | (75,530) | (8,837) | (1,241) | (1,241) | (74,289) | ||||||
Balance at Jun. 30, 2020 | $ 187,090 | $ 114,989 | $ 1,254 | $ 600,627 | $ (41,589) | $ (423,787) | $ 136,505 | $ 50,585 | |||
Balance (in Shares) at Jun. 30, 2020 | 125,411 | 125,411 |
Organization |
6 Months Ended | ||
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Jun. 30, 2020 | |||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |||
Organization |
Vivint Solar, Inc. and its subsidiaries are collectively referred to as the “Company.” The Company most commonly offers solar energy to residential customers through long-term customer contracts, such as power purchase agreements (“PPAs”) and legal-form leases (“Solar Leases”). The Company also offers its customers the option to purchase solar energy systems (“System Sales”) through third-party loan offerings or a cash purchase. The Company enters into customer contracts through a sales organization that historically has primarily used a direct-to-home sales model. The long-term customer contracts under PPAs and Solar Leases have typically been for 20 years, but beginning in the first quarter of 2020, 25-year contracts are also being offered. These contracts require the customer to make monthly payments to the Company. On July 6, 2020, the Company, Sunrun Inc. (“Sunrun”), and Viking Merger Sub, Inc., a direct wholly owned subsidiary of Sunrun (“Merger Sub”) entered into an Agreement and Plan of Merger (as it may be amended from time to time, the “Merger Agreement”), pursuant to which, subject to the terms and conditions set forth in the Merger Agreement, Merger Sub will merge with and into the Company (the “Merger”), with the Company continuing as the surviving corporation of the Merger as a direct wholly owned subsidiary of Sunrun. The Company has formed various investment funds and entered into long-term debt facilities to monetize the recurring customer payments under its long-term customer contracts and investment tax credits (“ITCs”), accelerated tax depreciation and other incentives associated with residential solar energy systems. The Company uses the cash received from the investment funds, long-term debt facilities and cash generated from operations, including System Sales, to finance a portion of the Company’s variable and fixed costs associated with installing solar energy systems. |
Summary of Significant Accounting Policies |
6 Months Ended | ||
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Jun. 30, 2020 | |||
Accounting Policies [Abstract] | |||
Summary of Significant Accounting Policies |
Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. The unaudited condensed consolidated financial statements were prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, reflect all adjustments (all of which were considered of normal recurring nature) considered necessary to present fairly the Company’s financial results. The results of the six months ended June 30, 2020 are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2020 or for any other interim period or other future year. The unaudited condensed consolidated financial statements reflect the accounts and operations of the Company and those of its subsidiaries in which the Company has a controlling financial interest. The Company uses a qualitative approach in assessing the consolidation requirement for VIEs. This approach focuses on determining whether the Company has the power to direct the activities of the VIE that most significantly affect the VIE’s economic performance and whether the Company has the obligation to absorb losses, or the right to receive benefits, that could potentially be significant to the VIE. All of these determinations involve significant management judgments and estimates. The Company has determined that it is the primary beneficiary in the operational VIEs in which it has an equity interest. The Company evaluates its relationships with the VIEs on an ongoing basis to ensure that it continues to be the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation. For additional information, see Note 14—Investment Funds. Use of Estimates The preparation of the condensed consolidated financial statements requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. The Company regularly makes significant estimates and assumptions including, but not limited to, ITCs; revenue recognition; solar energy systems, net; the impairment analysis of long-lived assets; stock-based compensation; the provision for income taxes; the valuation of derivative financial instruments; the recognition and measurement of loss contingencies; and non-controlling interests and redeemable non-controlling interests. The Company bases its estimates on historical experience and on various other assumptions believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ materially from those estimates. Liquidity The Company requires cash to finance the deployment of solar energy systems. As of the date of this filing, the Company will require additional sources of cash beyond current cash balances and currently available financing facilities to fund long-term planned growth. The impact of COVID-19 has resulted in changes to the capital markets. The timing and type of funding the Company expects to obtain as part of its planned business processes has been disrupted in the recent past as a result of COVID-19 and may be disrupted in the future. Future funding may prove to be more expensive and less favorable than previously expected. If the Company is unable to secure additional financing when needed, or upon desirable terms, the Company may be unable to finance installation of customers’ solar energy systems in a manner consistent with past performance, cost of capital could increase, or the Company may be required to significantly reduce the scope of operations, any of which would have a material adverse effect on its business, financial condition, results of operations and prospects. While the Company believes additional financing is available and will continue to be available to support current levels of operations, the Company believes it has the ability to reduce operations to the level of available financial resources for at least the next 12 months from the date of this report, if necessary. Performance Obligation—Solar Energy System and Product Sales For certain System Sales, the Company provides limited post-sale services to monitor the productivity of the solar energy system for 20 years after it has been placed into service. The Company allocates a portion of the transaction price to the monitoring services by estimating the standalone selling price that the Company would charge for these services if offered separately from the sale of the solar energy system. As of June 30, 2020 and December 31, 2019, the Company had allocated deferred revenue of $5.6 million and $4.7 million to monitoring services that will be recognized over the term of the monitoring services. Measurement of Credit Losses on Financial Instruments The Company adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“Topic 326”) on January 1, 2020. The objective of this update is to provide users of financial statements with more useful information by changing the incurred loss methodology for recognizing credit losses to a more forward-looking methodology that reflects expected credit losses. Under Topic 326, the Company’s accounts receivable and certain contract assets are considered financial assets measured at an amortized cost basis and will be presented at the net amount expected to be collected using this updated methodology. Utilizing the Company’s historical default rate and reviewing current economic conditions, the Company estimated the allowance for credit losses that would be required. The Company applied Topic 326 through a modified retrospective approach with a cumulative-effect adjustment of approximately $0.3 million to retained earnings as of January 1, 2020. The Company evaluates its allowance for credit losses at each reporting period and adjusts as necessary in accordance with principles of Topic 326. Recent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This update provides optional temporary expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or other rates affected by reference rate reform if certain criteria are met. This ASU is effective now through December 31, 2022. The Company has long-term debt facilities and hedging instruments that are linked to LIBOR and currently anticipates using certain of the optional expedients available under this ASU. The Company is still evaluating the impact of this update on its condensed consolidated financial statements and related disclosures. |
Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements |
The following tables set forth the fair value of the Company’s financial assets and liabilities included on the condensed consolidated balance sheets measured on a recurring basis by level within the fair value hierarchy (in thousands):
The interest rate swaps (Level 2) were valued using a discounted cash flow model that incorporates an assessment of the risk of non-performance by the interest rate swap counterparties and the Company. The valuation model uses various observable inputs including contractual terms, interest rate curves, credit spreads and measures of volatility. Financial liabilities as of June 30, 2020 include interest rate swaps for the Warehouse Facility, which are not designated as hedges, and interest rate swaps for the Solar Asset Backed Notes, Series 2018-2, which are designated as hedges. Financial assets as of December 31, 2019 included interest rate swaps for the Warehouse Facility, which are not designated as hedges. Financial liabilities as of December 31, 2019 included interest rate swaps for the Solar Asset Backed Notes, Series 2018-2, which are designated as hedges. See Note 11—Debt Obligations for additional details about these debt instruments. The carrying values and fair values of the Company’s long-term debt were as follows (in thousands):
The Company’s outstanding balance of long-term debt is carried at cost net of unamortized debt issuance costs, where applicable. See Note 11—Debt Obligations. The Company estimated the fair values of its floating-rate debt facilities (Level 2) to approximate their carrying values because their interest rates are variable rates that approximate rates currently available to the Company. The Company’s fixed-rate debt facilities (Level 2) were valued using quoted prices for the fixed rate debt facilities that are publicly traded, or quoted prices for corporate debt with similar terms for debt facilities that are not publicly traded. |
Inventories |
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
Inventories |
Inventories consisted of the following (in thousands):
Solar energy systems held for sale are solar energy systems under construction that have yet to be interconnected to the power grid and that will be sold to customers. Solar energy systems held for sale are stated at the lower of cost, on a first-in, first-out basis, or net realizable value. Photovoltaic installation products are stated at the lower of cost, on an average cost basis, or net realizable value. |
Solar Energy Systems |
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Solar Energy Systems Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Solar Energy Systems |
Solar energy systems, net consisted of the following (in thousands):
Solar energy system inventory represents the solar components and materials used in the installation of solar energy systems prior to being installed on customers’ roofs. As such, no depreciation is recorded related to this line item. The Company recorded depreciation expense related to solar energy systems of $15.8 million and $13.8 million for the three months ended June 30, 2020 and 2019. The Company recorded depreciation expense related to solar energy systems of $30.6 million and $26.9 million for the six months ended June 30, 2020 and 2019. |
Property and Equipment |
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Property Plant And Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment |
Property and equipment, net consisted of the following (in thousands):
The Company recorded depreciation and amortization expense related to property and equipment of $1.2 million and $0.9 million for the three months ended June 30, 2020 and 2019. The Company recorded depreciation and amortization expense related to property and equipment of $2.4 million and $1.0 million for the six months ended June 30, 2020 and 2019. |
Other Non-Current Assets |
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Other Assets Noncurrent Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Non-Current Assets |
Other non-current assets consisted of the following (in thousands):
The Company recorded amortization of costs to obtain contracts of $9.7 million and $7.4 million for the three months ended June 30, 2020 and 2019. The Company recorded amortization of costs to obtain contracts of $15.3 million and $11.3 million for the six months ended June 30, 2020 and 2019. Costs to obtain contracts are amortized over the initial terms of customer contracts, which are either 20 years or 25 years. |
Intangible Assets |
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Goodwill And Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets |
Net intangible assets are included in other non-current assets, net and consisted of the following (in thousands):
The Company recorded $0.1 million and a de minimis amount of amortization expense for the three months ended June 30, 2020 and 2019, which is included within general and administrative expense on the condensed consolidated statements of operations. The Company recorded $0.3 million and $0.1 million of amortization expense for the six months ended June 30, 2020 and 2019. |
Accrued Compensation |
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Accrued Compensation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
Accrued Compensation |
Accrued compensation consisted of the following (in thousands):
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Accrued and Other Current Liabilities |
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Payables And Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued and Other Current Liabilities |
Accrued and other current liabilities consisted of the following (in thousands):
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Debt Obligations |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Obligations |
Debt obligations consisted of the following as of June 30, 2020 (in thousands, except interest rates):
Debt obligations consisted of the following as of December 31, 2019 (in thousands, except interest rates):
The Company’s debt facilities include customary events of default, conditions to borrowing and covenants, including covenants that restrict, subject to certain exceptions, the Company’s ability to incur indebtedness, incur liens, make investments, make fundamental changes to its business, dispose of assets, make certain types of restricted payments or enter into certain related party transactions. Additionally, the Company is required to maintain certain financial measurements and interest rate swaps for certain debt facilities. These restrictions do not impact the Company’s ability to enter into investment funds, including those that are similar to those entered into previously. The Company’s debt facilities are secured by net cash flows from long-term customer contracts. The Company was in compliance with all debt covenants as of June 30, 2020. Solar Asset Backed Notes, Series 2018-1 In June 2018, a wholly owned subsidiary of the Company issued an aggregate principal amount of $400.0 million of Solar Asset Backed Notes, Series 2018-1, Class A (the “2018-1 Class A Notes”) and an aggregate principal amount of $66.0 million of Solar Asset Backed Notes, Series 2018-1, Class B (the “2018-1 Class B Notes” and together with the 2018-1 Class A Notes, the “2018-1 Notes”). The 2018-1 Class A Notes accrue interest at a fixed rate of 4.73% and have an anticipated repayment date of October 30, 2028. The 2018-1 Class B Notes accrue interest at a fixed rate of 7.37% and have an anticipated repayment date of October 30, 2028. In addition to customary events of default and covenants, the 2018-1 Notes are subject to unscheduled prepayment events that generally are customary in nature for solar securitizations of this type, including (1) asset coverage ratios falling below certain levels, (2) a debt service coverage ratio falling below certain levels, (3) the failure to maintain insurance, and (4) the failure to repay the notes in full prior to the anticipated repayment date for such class of notes. The occurrence of an unscheduled prepayment event or an event of default could result in the more rapid repayment of the 2018-1 Notes, and the occurrence of an event of default could, in certain instances, result in the liquidation of the collateral securing the 2018-1 Notes. The 2018-1 Notes are secured by, and payable solely from the cash flow generated by the membership interests in certain indirectly owned subsidiaries of the Company, each of which subsidiaries is the managing member of a project company that owns a pool of photovoltaic systems and related Solar Leases and PPAs and ancillary rights and agreements that were originated by a wholly owned subsidiary of the Company. As of June 30, 2020, the Company had $17.7 million in required reserves outstanding in collateral accounts with the administrative agent, which are included in restricted cash and cash equivalents. Solar Asset Backed Notes, Series 2018-2 In June 2018, a wholly owned subsidiary of the Company issued an aggregate principal amount of $296.0 million of Solar Asset Backed Notes, Series 2018-2, Class A (the “2018-2 Class A Notes”) and an aggregate principal amount of $49.0 million of Solar Asset Backed Notes, Series 2018-2, Class B (the “2018-2 Class B Notes” and together with the 2018-2 Class A Notes, the “2018-2 Notes”). The 2018-2 Class A Notes accrue interest at a variable spread over LIBOR that is intended to result in a weighted average spread for all 2018-2 Notes of 2.95%. The 2018-2 Class B Notes accrue interest at a spread over LIBOR of 4.75% or, if no 2018-2 Class A Notes are outstanding, 2.95%. The Company entered into an interest rate swap concurrent with the issuance of the 2018-2 Notes that results in an implied all-in interest rate of approximately 5.95%. See Note 13—Derivative Financial Instruments. The 2018-2 Notes have a stated maturity of August 29, 2023. The 2018-2 Notes have the same events of default, covenants and unscheduled prepayment events as the 2018-1 Notes. In addition, the 2018-2 Notes are subject to unscheduled prepayment events relating to certain change of control events at the level of the subsidiary entity that entered into the 2018-2 Notes and certain liquidity requirements. As of June 30, 2020, the Company had $27.5 million in required reserves outstanding in collateral accounts with the administrative agent, which are included in restricted cash and cash equivalents. 2017 Term Loan Facility In January 2017, a wholly owned subsidiary of the Company entered into a long-term fixed rate credit agreement (the “2017 Term Loan Facility”). Interest on borrowings accrues at an annual fixed rate equal to 6.0% and is payable in arrears. Certain principal payments are due on a quarterly basis, subject to the occurrence of certain events. As of June 30, 2020, the Company had $20.7 million in required reserves outstanding in collateral accounts with the administrative agent, which were included in restricted cash and cash equivalents. 2018 Forward Flow Loan Facility In August 2018, a subsidiary that is indirectly owned by the Company together with investors, entered into a loan agreement (the “2018 Forward Flow Loan Facility”) pursuant to which the Company borrowed an aggregate principal amount of $124.8 million. The Company was permitted to make multiple borrowings under the 2018 Forward Flow Loan Facility during the availability period. In November 2019, all outstanding loans under the 2018 Forward Flow Facility were aggregated into a single term loan with a maturity date of November 20, 2039. Interest on the aggregated term loan accrues at an annual fixed rate of 4.7%. The interest rate of the aggregated term loan is a blended rate based on weighted draws during the availability period. Upon the occurrence of certain events, the Company will be required to make prepayments of the loans, including payment of a make-whole amount in certain circumstances. As of June 30, 2020, the Company had $6.5 million in required reserves outstanding in collateral accounts with the administrative agent, which were included in restricted cash and cash equivalents. 2019 Forward Flow Loan Facility In May 2019, a subsidiary that is indirectly owned by the Company together with investors, entered into a loan agreement (the “2019 Forward Flow Loan Facility”) pursuant to which the Company may borrow up to an aggregate principal amount of $150.0 million. The Company may make multiple borrowings under the 2019 Forward Flow Loan Facility during the availability period, which will continue no later than November 20, 2020. After the availability period, all outstanding loans under the 2019 Forward Flow Loan Facility will be aggregated into a single term loan with a maturity date 20 years after the date of aggregation. On any anniversary of the date of aggregation occurring from and after the sixth such anniversary, upon notice to the lenders, the Company may borrow additional loans under the 2019 Forward Flow Loan Facility if the Company is projected to have sufficient net cash flow to service such additional debt. If any lender declines to fund such additional loans, the Company will have the right to prepay outstanding loans from such lender in an amount equal to 102.5% of such loans, plus accrued and unpaid interest, without any make-whole amount. Interest on each loan will accrue at an annual rate equal to the greater of (a) 4.70% and (b) the U.S. Treasury rate for the weighted-average life of such loan, plus an applicable margin equal to 2.35%. Scheduled principal payments are due on a quarterly basis, at the end of January, April, July and October of each year. Upon the occurrence of certain events, the Company will be required to make prepayments of the loans, including payment of a make-whole amount in certain circumstances. As of June 30, 2020, the Company had $3.6 million in required reserves outstanding in collateral accounts with the administrative agent, which were included in restricted cash and cash equivalents. HoldCo Financing Facility In May 2020, a wholly owned subsidiary of the Company entered into a loan agreement (the “HoldCo Financing Facility”) under which the Company may incur up to an aggregate principal amount of $300.0 million in term borrowings. The Company drew down $200.0 million of the term borrowings in May 2020 and $100.0 million of delayed draw commitments are available to be drawn upon the satisfaction of certain customary conditions precedent. The HoldCo Financing Facility provides that loans under the facility are intended to be used for general corporate purposes of the Company and its subsidiaries. The HoldCo Financing Facility matures on May 26, 2023. The loans under the HoldCo Financing Facility shall accrue interest at a fixed interest rate equal to 8.0% per annum. Credit Agreement In February 2016, a wholly owned subsidiary of the Company entered into a fixed rate credit agreement (the “Credit Agreement”). Principal and interest payments under the Credit Agreement are paid quarterly over the term of the loan. Interest accrues on borrowings at a fixed rate of 6.50%. Warehouse Facility In August 2019, a wholly owned subsidiary of the Company entered into a floating rate revolving warehouse facility (the “Warehouse Facility”) pursuant to which it may borrow up to an aggregate principal amount of $325.0 million. In May 2020 the Warehouse Facility was amended to increase the revolving advance commitments by $245.0 million. As amended, the Warehouse Facility provides for an aggregate of $570.0 million in revolving advance commitments. Subsequent to the May 2020 amendments, during the period in which the Company may make borrowings under the Warehouse Facility, which is currently anticipated to continue until August 2022, interest on borrowings accrues at an annual rate equal to the applicable adjusted LIBOR rate plus 3.10%. Thereafter, interest will accrue at an annual rate equal to the applicable adjusted LIBOR rate plus 4.10%. In addition, the Company is required to maintain interest rate hedging arrangements such that not less than 90.0% of the aggregate expected amortization profile of all outstanding revolving advances is subject to a fixed interest rate or other interest rate protection. Initially, subject to the terms of the Warehouse Facility, only interest payments are due on a quarterly basis, through the availability period, and then certain principal and interest payments may be due. These payments will occur on the 15th of January, April, July and October of each year, subject to the occurrence of certain events, including a borrowing base deficiency and dispositions with respect to any of the collateral. Principal and interest payable under the Warehouse Facility mature in four years and optional prepayments, in whole or in part, are permitted under the Warehouse Facility no more than once per month, without premium or penalty apart from any customary LIBOR breakage provisions. As of June 30, 2020, the Company had $8.8 million in required reserves outstanding in collateral accounts with the administrative agent, which were included in restricted cash and cash equivalents. Asset Financing Facility In December 2019, a wholly owned subsidiary of the Company entered into a loan and security agreement (the “Asset Financing Facility”), under which the Company may incur up to an aggregate principal amount of $200.0 million in revolver borrowings. The Asset Financing Facility matures in . In addition to the outstanding borrowings as of June 30, 2020, the Company had established letters of credit under the Asset Financing Facility for up to $19.6 million related to insurance and retail contracts. Borrowings under the Asset Financing Facility may be designated as base rate loans or LIBOR loans, subject to certain terms and conditions. Base rate loans accrue interest at a rate per year equal to 2.25% plus the highest of (i) the federal funds rate plus 0.5%, (ii) Bank of America, N.A.’s published “prime rate,” and (iii) LIBOR rate plus 1.0%, subject to a 0.0% floor. LIBOR loans accrue interest at a rate per annum equal to 3.25% plus the fluctuating rate of interest equal to LIBOR or a comparable successor rate approved by the administrative agent, subject to a 0.0% floor. In addition to customary covenants for this type of facility, the Company is subject to a financial covenant and is required to have unencumbered cash and cash equivalents at the end of each fiscal quarter of at least the greater of (i) $30.0 million and (ii) the amount of unencumbered liquidity to be maintained by the Company in accordance with any loan documents governing its recourse debt facilities. As of June 30, 2020, the Company was in compliance with such covenants. Additionally, as of June 30, 2020, the Company had $1.9 million in required reserves outstanding in collateral accounts with the administrative agent, which were included in restricted cash and cash equivalents. |
Leases |
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Lessee Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases |
The Company is the lessee in all of its lease arrangements. The Company did not enter into any leases with related parties during the presented periods. The Company makes significant assumptions and judgments when assessing contracts for lease components, determining lease classifications and calculating right-of-use asset and lease liability values. These assumptions and judgements may include the useful lives and fair values of the leased assets, the implicit rate underlying the Company’s leases, the Company’s incremental borrowing rate or the Company’s intent to exercise or not exercise options available in lease contracts. Lease costs and other information consisted of the following (in thousands, except terms and rates):
Finance Leases The Company’s finance leases relate to fleet vehicles. All of the Company’s fleet vehicles are leased pursuant to master lease agreements for a period of three to four years. The master lease agreements allow for the Company to extend fleet vehicle leases on a month-to-month basis. For administrative convenience, the Company will often commit to extension periods of up to one year. As the extensions are not always utilized and are not contractually bound to a specific period of time, these extensions are not included in the initial right-of-use assets and lease liabilities. Instead, these extensions are treated as new leases. The master lease agreements stipulate minimum residual value guarantees that are not typically recognized as part of the Company’s right-of use assets and lease liabilities as these residual value guarantees are not probable of being owed. The rates implicit in the Company’s fleet vehicle finance leases are determinable, and the Company uses those rates to calculate the present value of its lease liabilities related to fleet vehicles. Future minimum lease payments for the Company’s finance leases as of June 30, 2020 were as follows (in thousands):
Operating Leases The Company has entered into lease agreements for offices, warehouses and related equipment located in states in which the Company conducts operations. The Company’s operating lease agreements typically include options to extend the lease term and typically do not include purchase options. The Company includes lease extension options in the right-of-use asset and lease liability when the Company is reasonably certain it will exercise the options. The rates implicit in the Company’s operating leases are not readily determinable. As such, the Company uses its incremental borrowing rate to calculate the present value of its operating lease liabilities. For all non-cancellable lease arrangements, there are no bargain renewal options, penalties for failure to renew, or any guarantee by the Company of the lessor’s debt or a loan from the Company to the lessor related to the leased property. Future minimum lease payments under non-cancellable operating leases as of June 30, 2020 were as follows (in thousands):
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Derivative Financial Instruments |
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Derivative Instruments And Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments |
Derivative financial instruments at fair value consisted of the following (in thousands):
The Company is exposed to interest rate risk relating to its outstanding debt facilities that have variable interest rates. In connection with the Warehouse Facility, the Company is required to maintain interest rate swaps such that not less than 90% of the aggregate expected amortization profile of all outstanding revolving advances is subject to a fixed interest rate. The Company is required to meet this threshold within five business days after the end of each quarterly period. As of June 30, 2020, the Company had entered into interest rate swaps with an aggregate notional amount of approximately $302.0 million. The Company did not designate these interest rate swaps as hedge instruments and accounts for any changes in fair value in other expense, net. In connection with the 2018-2 Notes, the Company entered into interest rate swaps to offset changes in the variable interest rate for a portion of these notes. As of June 30, 2020, the notional amount of these interest rate swaps was $322.1 million. The notional amount of the interest rate swaps decreases through the maturity of the 2018-2 Notes, similar to the Company’s estimated semi-annual principal payments on the 2018-2 Notes through August 2023. The interest rate swaps are designated as cash flow hedges, and unrealized gains or losses are recorded in other comprehensive income (“OCI”). The amount of accumulated other comprehensive loss (“AOCI”) expected to be reclassified to interest expense within the next 12 months is approximately $8.6 million. The Company will discontinue the hedge accounting designation of these derivatives if interest payments on LIBOR-indexed floating rate loans compared to the payments under the derivatives are no longer highly effective. The Company records derivatives at fair value. The losses on derivatives designated as cash flow hedges recognized in OCI, before tax effect, consisted of the following (in thousands):
The losses on derivative financial instruments recognized in the condensed consolidated statements of operations, before tax effect, consisted of the following (in thousands):
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Investment Funds |
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Summarized Financial Data Of Subsidiary [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Funds |
The Company has formed investment funds for the purpose of funding the purchase of solar energy systems under long-term customer contracts. As of June 30, 2020 and December 31, 2019, the aggregate carrying value of these funds’ assets and liabilities (after elimination of intercompany transactions and balances) in the Company’s condensed consolidated balance sheets were as follows (in thousands):
Under the fund agreements, cash distributions of income and other receipts by the funds, net of agreed-upon expenses and estimated expenses, tax benefits and detriments of income and loss, and tax benefits of tax credits, are assigned to the fund investors and the Company’s subsidiaries as specified in contractual arrangements. As such, the cash held in investment funds is not readily available to the Company due to the timing of distributions. Certain of these fund arrangements have call and put options to acquire the investor’s equity interest as specified in the contractual agreements. Once the investor’s equity interest is acquired by the Company, the assets, liabilities and operations of the investment fund become wholly owned and no longer require an assessment of non-controlling interests. Fund investors for three of the funds are managed indirectly by The Blackstone Group L.P. (the “Sponsor”) and are considered related parties. As of June 30, 2020 and December 31, 2019, the cumulative total of contributions into the VIEs by all investors was $2,111.5 million and $1,949.7 million. Of these contributions, a cumulative total of $110.0 million was contributed by related parties in prior periods. A third-party provider has agreed to perform backup maintenance services for all funds, if necessary. Lease Pass-Through Financing Obligation During 2015, a wholly owned subsidiary of the Company entered into a lease pass-through fund arrangement under which the Company contributed solar energy systems and the investor contributed cash. The net carrying value of the related solar energy systems was $42.9 million and $43.8 million as of June 30, 2020 and December 31, 2019. The Company accounts for the residual of the large upfront payments, net of amounts allocated to the ITCs, and subsequent periodic payments received from the fund investor as a borrowing by recording the proceeds received as a lease pass-through financing obligation, which will be repaid through customer payments that will be received by the investor. Under this approach, the Company continues to account for the arrangement with the customers in its condensed consolidated financial statements, whether the cash generated from the customer arrangements is received by the Company’s wholly owned subsidiary or paid directly to the fund investor. A portion of the amounts received by the fund investor from customer payments is applied to reduce the lease pass-through financing obligation, and the balance is allocated to interest expense. The customer payments are recognized into revenue based on cash receipts during the period as required by GAAP. Interest is calculated on the lease pass-through financing obligation using the effective interest rate method. The effective interest rate is the interest rate that equates the present value of the cash amounts to be received by a fund investor over the master lease term with the present value of the cash amounts paid by the investor to the Company, adjusted for any payments made by the Company. Any additional master lease prepayments by the investor would be recorded as an additional lease pass-through financing obligation, while any refunds of master lease prepayments would reduce the lease pass-through financing obligation. The lease pass-through financing obligation is nonrecourse. As of June 30, 2020 and December 31, 2019, the Company had recorded financing liabilities of $4.3 million and $4.6 million related to this fund arrangement, which was the lease pass-through financing obligation recorded in other liabilities. Guarantees With respect to the investment funds, the Company and the fund investors have entered into guaranty agreements under which the Company guarantees the performance of certain financial obligations of its subsidiaries to the investment funds. These guarantees do not result in the Company being required to make payments to the fund investors unless such payments are mandated by the investment fund governing documents and the investment fund fails to make such payment. Each of the Company’s investment funds and financing subsidiaries maintains separate books and records from each other and from the Company. The assets of each investment fund are not available to satisfy the debts or obligations of any other investment fund, subsidiary or the Company. The Company is contractually obligated to make certain VIE investors whole for losses that the investors may suffer in certain limited circumstances resulting from the disallowance or recapture of ITCs. The Company has concluded that the likelihood of a significant recapture event is remote and consequently has not recorded any liability in the condensed consolidated financial statements for any potential recapture exposure. The maximum potential future payments that the Company could have to make under this obligation would depend on the Internal Revenue Service (“IRS”) successfully asserting upon audit that the fair market values of the solar energy systems sold or transferred to the funds as determined by the Company exceeded the allowable basis for the systems for purposes of claiming ITCs. The fair market values of the solar energy systems and related ITCs are determined and the ITCs are allocated to the fund investors in accordance with the funds’ governing agreements. Due to uncertainties associated with estimating the timing and amounts of distributions, the likelihood of an event that may trigger repayment, forfeiture or recapture of ITCs to such investors, and the fact that the Company cannot determine how the IRS will evaluate system values used in claiming ITCs, the Company cannot determine the potential maximum future payments that are required under these guarantees. As of June 30, 2020, the Company has not made any payments under these guarantees. However, several recent investment funds, the 2018-1 Notes and the 2018-2 Notes have required the Company to prepay insurance premiums to cover the risk of ITC recapture. The Company amortizes this prepaid insurance expense over the ITC recapture period. The Company had prepaid insurance balances of $10.0 million and $8.1 million as of June 30, 2020 and December 31, 2019. From time to time, the Company incurs fees for non-performance, which non-performance may include, but is not limited to, delays in the installation process and interconnection to the power grid of solar energy systems and other factors. Based on the terms of the investment fund agreements, the Company will either reimburse a portion of the fund investor’s capital or pay the fund investor a non-performance fee. No distributions were paid to reimburse fund investors during the three months ended June 30, 2020. Distributions paid to reimburse fund investors totaled $1.1 million during the six months ended June 30, 2020. As of June 30, 2020, the Company accrued an estimated $2.6 million in distributions to reimburse fund investors. Certain tax equity funds and debt facilities require the Company to maintain an aggregate amount of $30.0 million of unencumbered cash and cash equivalents at the end of each month. |
Redeemable Non-Controlling Interests and Equity |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Non-Controlling Interests and Equity |
Common Stock The Company had shares of common stock reserved for issuance as follows (in thousands):
Redeemable Non-Controlling Interests and Non-Controlling Interests Eight of the investment funds include a right for the non-controlling interest holder to require the Company’s wholly owned subsidiary to purchase all of its membership interests in the fund (each, a “Put Option”). The purchase price for the fund investor’s interest in the eight investment funds under the Put Options is the greater of fair market value at the time the option is exercised and a specified amount, ranging from $2.1 million to $4.1 million. The Put Options for these eight investment funds are exercisable beginning on the date that specified conditions are met for each respective fund. The first of the Put Options are expected to become exercisable beginning in the second quarter of 2021. Because the Put Options represent redemption features that are not solely within the control of the Company, the non-controlling interests in these investment funds are presented outside of permanent equity. Redeemable non-controlling interests are recorded using the greater of their carrying value at each reporting date (which is impacted by attribution under the hypothetical liquidation at book value (“HLBV”) method) or their estimated redemption value in each reporting period. In all investment funds except one, the Company’s wholly owned subsidiary has the right to require the non-controlling interest holder to sell all of its membership units to the Company’s wholly owned subsidiary (each, a “Call Option”). The purchase price for the fund investors’ interests under the Call Options varies by fund, but is generally the greater of a specified amount, which ranges from approximately $1.2 million to $7.0 million, the fair market value of such interest at the time the option is exercised, or an amount that causes the fund investor to achieve a specified return on investment. The Call Options are exercisable beginning on the date that specified conditions are met for each respective fund. The first of the Call Options are expected to become exercisable beginning in the third quarter of 2020. |
Equity Compensation Plans |
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Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Compensation Plans |
Equity Incentive Plans 2014 Equity Incentive Plan The Company currently grants equity awards through its 2014 Equity Incentive Plan (the “2014 Plan”). Under the 2014 Plan, the Company may grant stock options, restricted stock, restricted stock units (“RSUs”), stock appreciation rights, performance stock units, performance shares and performance awards to its employees, directors and consultants, and its parent and subsidiary corporations’ employees and consultants. As of June 30, 2020, a total of 16.3 million shares of common stock were available to grant under the 2014 Plan, subject to adjustment in the case of certain events. The number of shares available to grant under the 2014 Plan is subject to an annual increase on the first day of each year. In accordance with the annual increase, an additional 4.9 million shares became available to grant in January 2020 under the 2014 Plan. Stock Options Stock Option Activity Stock option activity for the six months ended June 30, 2020 was as follows (in thousands, except term and per share amounts):
RSUs RSU activity for the six months ended June 30, 2020 was as follows (awards in thousands):
Stock-Based Compensation Expense Stock-based compensation was included in operating expenses as follows (in thousands):
Unrecognized stock-based compensation expense for RSUs and stock options as of June 30, 2020 was as follows (in thousands, except years):
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Income Taxes |
6 Months Ended | ||
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Jun. 30, 2020 | |||
Income Tax Disclosure [Abstract] | |||
Income Taxes |
The income tax expense for the three months ended June 30, 2020 and 2019 was calculated on a discrete basis resulting in a consolidated quarterly effective income tax rate of (62.4)% and (51.9)%. For the six months ended June 30, 2020 and 2019 the Company’s consolidated effective income tax rate was (36.3)% and (48.1)%. The variations between the consolidated effective income tax rate and the U.S. federal statutory rate for the three and six months ended June 30, 2020 and 2019 were primarily attributable to the tax gains recognized on the sale of solar energy systems to investment funds and non-controlling interests and redeemable non-controlling interests. Additionally, the consolidated effective income tax rate for the three and six months ended June 30, 2020 reflects the benefit from the net operating loss carryback provisions pursuant to the CARES Act. The Company sells solar energy systems to its investment funds for income tax purposes. As the investment funds are consolidated by the Company, the gain on the sale of the solar energy systems is eliminated in the condensed consolidated financial statements. However, this gain is recognized for tax reporting purposes. The Company accounts for the income tax consequences of these intra-entity transfers, both current and deferred, as a component of income tax expense during the period in which the transfers occur. The Company recognizes income tax effects directly to continuing operations and AOCI pursuant to applicable intraperiod allocation rules. The Company’s policy is to release income tax effects from AOCI using an item-by-item approach when the circumstances upon which they are premised cease to exist. |
Related Party Transactions |
6 Months Ended | ||
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Jun. 30, 2020 | |||
Related Party Transactions [Abstract] | |||
Related Party Transactions |
The Company’s condensed consolidated statements of operations included related party transactions of $0.3 million and $0.2 million within sales and marketing for the three months ended June 30, 2020 and 2019. The Company’s condensed consolidated statements of operations included related party transactions of $0.6 million and $1.0 million within sales and marketing for the six months ended June 30, 2020 and 2019. Vivint Services The Company has a number of agreements with its sister company, Vivint Smart Home, Inc. (“Vivint”). The Company has a sales dealer agreement with Vivint, pursuant to which each company will act as a non-exclusive dealer for the other party to market, promote and sell each other’s products. The agreement will continue to automatically renew unless written notice of termination is provided by one of the parties to the other. The Company and Vivint have also agreed to non-solicitation provisions under a recruiting services agreement that matches the term of the sales dealer agreement. The Company made payments under agreements with Vivint of $1.1 million and $3.8 million for the three months ended June 30, 2020 and 2019. The Company made payments under these agreements of $2.8 million and $6.2 million for the six months ended June 30, 2020 and 2019. These amounts reflect the level of services provided by Vivint on behalf of the Company. Under agreements with Vivint, the Company recorded payable balances to Vivint of $0.1 million and $2.2 million in accounts payable as of June 30, 2020 and December 31, 2019. Advances Receivable—Related Party Net amounts due from direct-sales professionals were $5.0 million and $6.6 million as of June 30, 2020 and December 31, 2019. The Company provided a reserve of $0.6 million and $0.4 million as of June 30, 2020 and December 31, 2019 related to advances to direct-sales professionals who have terminated their employment agreement with the Company. Investment Funds Fund investors for three of the investment funds are indirectly managed by the Sponsor and accordingly are considered related parties. The Company accrued equity distributions to these entities of $1.1 million and $1.4 million as of June 30, 2020 and December 31, 2019, included in distributions payable to non-controlling and redeemable non-controlling interests. See Note 14—Investment Funds. |
Commitments and Contingencies |
6 Months Ended |
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Jun. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies |
19.Commitments and Contingencies Letters of Credit As of June 30, 2020, the Company had established letters of credit under the Asset Financing Facility for up to $19.6 million related to insurance and retail contracts. Indemnification Obligations From time to time, the Company enters into contracts that contingently require it to indemnify parties against claims. These contracts primarily relate to provisions in the Company’s services agreements with related parties that may require the Company to indemnify the related parties against services rendered; and certain agreements with the Company’s officers and directors under which the Company may be required to indemnify such persons for liabilities. In addition, under the terms of the agreements related to the Company’s investment funds and other material contracts, the Company may also be required to indemnify fund investors and other third parties for liabilities. For further information see Note 14—Investment Funds. Residual Commission Payments The Company pays a portion of sales commissions to its sales professionals on a deferred basis. The amount deferred is based on the value of the system sold by the sales professional and payment is based on the sales professional remaining employed by the Company. As this amount is earned over time, it is not considered an incremental cost of obtaining the contract due to the requirement that the sales professional remain in the Company’s service. As a result, the amount that is earned over time is expensed by the Company over the deferment period. In the second quarter of 2019, this plan was changed such that no new accounts were added to this deferred payment plan. As of June 30, 2020, the total estimated obligation that is currently not recorded in the Company’s condensed consolidated financial statements, but that will be earned and expensed over the deferment period was $0.9 million. Legal Proceedings and Regulatory Matters In February 2018, two former employees, on behalf of themselves and other direct sellers, named the Company in a putative class and Private Attorneys General Act action in San Diego County Superior Court, California, alleging that the Company misclassified those employees and violated other wage and hour laws. The Company disputes the allegations and has retained counsel to defend it in the litigation. On October 7, 2019, the Company entered into a class action settlement agreement, pursuant to which the Company has agreed to pay $7.25 million to settle the claims in the lawsuit, which was accrued by the Company in general and administrative expense in 2019. The settlement is subject to court approval. On July 10, 2020, the court granted final approval of the settlement. In March 2018, the New Mexico Attorney General’s office filed an action against the Company and several of its officers in New Mexico State Court, alleging violation of state consumer protection statutes and other claims. The Company disputes the allegations in the lawsuit and intends to defend itself in the action. On July 14, 2020, the Company and the New Mexico Attorney General’s office entered into a Memorandum of Understanding whereby they will enter into a mutually agreeable settlement document within 35 days to resolve and dismiss the action for a one-time payment of $1.95 million plus other non-monetary consideration, which pending the final settlement documentation, has been accrued in the Company’s condensed consolidated balance sheet as of June 30, 2020. In July 2018, an individual filed a putative class action lawsuit in the U.S. District Court for the District of Columbia, purportedly on behalf of himself and other persons who received certain telephone calls. The lawsuit alleges that the Company violated the Telephone Consumer Protection Act and some of its implementing regulations. The complaint seeks statutory penalties for each alleged violation. The Company disputes the allegations in the complaint, has retained counsel and intends to vigorously defend itself in the litigation. In August 2019, the Company reached a settlement to resolve the class action on a nationwide basis for a payment of approximately $1.0 million (including plaintiff’s attorneys’ fees), which was accrued by the Company in general and administrative expense in 2019. On June 2, 2020, the court granted final approval of the settlement. In October 2018, a former employee filed a representative action in Sacramento County Superior Court, California, pursuant to California’s Private Attorneys General Act alleging that the Company violated California labor and employment laws by, among other things, failing to provide its employees with rest and meal breaks. The Company disputes the allegations in the complaint and has retained counsel to represent it in the litigation. The Company is unable to estimate a range of loss, if any, at this time. If an unfavorable outcome were to occur in the case, it is possible that the impact could be material to the Company’s results of operations in the period(s) in which any such outcome becomes probable and estimable. In October 2018, a former sales professional filed a representative action in Orange County Superior Court, California, pursuant to California’s Private Attorneys General Act alleging that the Company violated California labor and employment laws by, among other things, failing to properly compensate its direct sellers and reimburse them for business expenses. The Company disputes the allegations in the complaint. In November 2019, the parties entered into an agreement pursuant to which the plaintiff agreed that the resolution of the February 2018 class action referenced above would resolve all of the claims in this action. On July 10, 2020, the court dismissed the case with prejudice. In June 2019, a former sales professional filed a representative action in San Diego County Superior Court, California, pursuant to California’s Private Attorneys General Act alleging that the Company violated California labor and employment laws by, among other things, failing to properly compensate its direct sellers and reimburse them for business expenses. The Company disputes the allegations in the complaint. The resolution of the February 2018 class action referenced above resolves the representative claims pursuant to California’s Private Attorneys General Act. In October 2019, two separate, purported stockholders filed separate putative class actions in the U.S. District Court for the Eastern District of New York purportedly on behalf of themselves and all others similarly situated. The lawsuits allege violations of federal securities laws and seek unspecified compensatory damages, attorneys’ fees and costs. In March 2020, the court consolidated the two actions and appointed lead plaintiffs and lead counsel to represent the putative class. The court-appointed lead plaintiffs filed an amended and consolidated complaint in the action. The Company will respond to the amended and consolidated complaint, and it reserves all of its rights and objections with regard to jurisdictional challenges and venue as well as any other objections and motions related to the amended and consolidated complaint. The Company disputes the plaintiffs’ allegations and has retained counsel to represent it in the litigation. The Company is unable to estimate a range of loss, if any, at this time. If an unfavorable outcome were to occur in this case, it is possible that the impact could be material to the Company’s results of operations in the period(s) in which any such outcome becomes probable and estimable. In December 2019, ten customers who signed residential power purchase agreements named the Company in a putative class action lawsuit in the U.S. District Court for the Northern District of California alleging that the agreements contain unlawful termination fee provisions. In March 2020, the court issued an order compelling eight of the plaintiffs to arbitrate their claims. The Company disputes the allegations in the complaint and has retained counsel to represent it in the litigation. The Company is unable to estimate a range of loss, if any, at this time. If an unfavorable outcome were to occur in this case, it is possible that the impact could be material to the Company’s results of operations in the period(s) in which any such outcome becomes probable and estimable. In December 2019, a former installer filed a representative action in San Diego Superior Court, California, asserting various wage and hour claims. The Company disputes the allegations in the complaint and has retained counsel to represent it in the litigation. The Company is unable to estimate a range of loss, if any, at this time. If an unfavorable outcome were to occur in this case, it is possible that the impact could be material to the Company’s results of operations in the period(s) in which any such outcome becomes probable and estimable. In January 2020, the Company entered into a settlement agreement called an Assurance of Discontinuance (“Settlement”) with the New York Attorney General (“NYAG”). The Settlement requires that the Company adopt certain changes to its sales and marketing practices in New York and pay approximately $2.0 million to the State of New York in three payments. The Company accrued this amount in its financial statements as of December 31, 2019 and has paid $1.5 million. The Settlement required that the Company notify New York customers about the Settlement and their potential rights under it, including the potential rights to have the Company remove their system, leave their property in a watertight condition, cancel contracts, and refund amounts paid, and/or to repair property damage. The NYAG will be the final arbiter of any disputes as to the consumer’s eligibility for relief. The Company has accrued another $2.0 million for this potential liability in general and administrative expenses for the period ending December 31, 2019, which represents the Company’s current best estimate of potential loss. Future adjustments to the Company’s current accrual, which currently cannot be estimated, could adversely impact the Company’s operating results in the period(s) in which any such adjustments are made. Actual expenses may deviate materially from the Company’s estimate. In March 2020, a shareholder filed a derivative action against various officers and directors of the Company in the Delaware Chancery Court, alleging that they breached their duties of loyalty, care, and good faith. The Company is named as a nominal defendant. The defendants dispute the allegations in the complaint and have retained counsel to represent them in the litigation. The Company is unable to estimate a range of loss, if any, at this time. If an unfavorable outcome were to occur in this case, it is possible that the impact could be material to the Company’s results of operations in the period(s) in which any such outcome becomes probable and estimable. In addition to the matters discussed above, in the normal course of business, the Company has from time to time been named as a party to various legal claims, actions and complaints. While the outcome of these matters cannot currently be predicted with certainty, the Company does not currently believe that the outcome of any of these claims will have a material adverse effect, individually or in the aggregate, on its consolidated financial position, results of operations or cash flows. The Company accrues for losses that are probable and can be reasonably estimated. The Company evaluates the adequacy of its legal reserves based on its assessment of many factors, including interpretations of the law and assumptions about the future outcome of each case based on available information. |
Basic and Diluted Net Loss Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic and Diluted Net Loss Per Share |
The following table sets forth the computation of the Company’s basic and diluted net loss attributable per share to common stockholders for the six months ended June 30, 2020 and 2019 (in thousands, except per share amounts):
For all periods presented, the Company incurred net losses attributable to common stockholders. As such, the effect of the Company’s outstanding stock options and restricted stock units were not included in the calculations of diluted net loss attributable per share to common stockholders as the effect would have been anti-dilutive. The weighted-average number of potentially dilutive securities that were not included in the diluted per share calculations because they would have been anti-dilutive was as follows (in thousands):
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Subsequent Events |
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Subsequent Events [Abstract] | |||
Subsequent Events |
On July 6, 2020, the Company, Sunrun, and Merger Sub entered into the Merger Agreement, pursuant to which, subject to the terms and conditions set forth in the Merger Agreement, Merger Sub will merge with and into the Company, with the Company continuing as the surviving corporation of the Merger as a direct wholly owned subsidiary of Sunrun. If the Merger is completed, each share of the Company’s common stock issued and outstanding immediately prior to the effective time of the Merger, except for certain specified shares, will be converted automatically into the right to receive 0.55 fully paid and nonassessable shares of Sunrun common stock and, if applicable, an amount in cash, without interest and less any applicable withholding taxes, rounded down to the nearest cent, in lieu of any fractional share interest in Sunrun common stock to which the holder otherwise would have been entitled. The completion of the Merger is subject to customary conditions. The Company anticipates that the Merger will be completed in the fourth quarter of 2020. However, the Company cannot predict with certainty whether and when any of the required closing conditions will be satisfied or if other uncertainties may arise. The Merger Agreement provides for certain termination rights for both parties. If the Merger Agreement is terminated due to the Company’s or Sunrun’s breach of certain representations, warranties, covenants or agreements under certain specified circumstances, the Company would be required to pay Sunrun a termination fee of $54.0 million or Sunrun would be required to pay the Company a termination fee of $107.0 million. The Merger Agreement also provides the Company the right to terminate it if Sunrun breaches certain obligations related to obtaining expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, in which case Sunrun instead would be required to pay the Company a termination fee of $45.0 million. |
Summary of Significant Accounting Policies (Policies) |
6 Months Ended |
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Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation |
Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. The unaudited condensed consolidated financial statements were prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, reflect all adjustments (all of which were considered of normal recurring nature) considered necessary to present fairly the Company’s financial results. The results of the six months ended June 30, 2020 are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2020 or for any other interim period or other future year. The unaudited condensed consolidated financial statements reflect the accounts and operations of the Company and those of its subsidiaries in which the Company has a controlling financial interest. The Company uses a qualitative approach in assessing the consolidation requirement for VIEs. This approach focuses on determining whether the Company has the power to direct the activities of the VIE that most significantly affect the VIE’s economic performance and whether the Company has the obligation to absorb losses, or the right to receive benefits, that could potentially be significant to the VIE. All of these determinations involve significant management judgments and estimates. The Company has determined that it is the primary beneficiary in the operational VIEs in which it has an equity interest. The Company evaluates its relationships with the VIEs on an ongoing basis to ensure that it continues to be the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation. For additional information, see Note 14—Investment Funds. |
Use of Estimates |
Use of Estimates The preparation of the condensed consolidated financial statements requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. The Company regularly makes significant estimates and assumptions including, but not limited to, ITCs; revenue recognition; solar energy systems, net; the impairment analysis of long-lived assets; stock-based compensation; the provision for income taxes; the valuation of derivative financial instruments; the recognition and measurement of loss contingencies; and non-controlling interests and redeemable non-controlling interests. The Company bases its estimates on historical experience and on various other assumptions believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ materially from those estimates. |
Liquidity |
Liquidity The Company requires cash to finance the deployment of solar energy systems. As of the date of this filing, the Company will require additional sources of cash beyond current cash balances and currently available financing facilities to fund long-term planned growth. The impact of COVID-19 has resulted in changes to the capital markets. The timing and type of funding the Company expects to obtain as part of its planned business processes has been disrupted in the recent past as a result of COVID-19 and may be disrupted in the future. Future funding may prove to be more expensive and less favorable than previously expected. If the Company is unable to secure additional financing when needed, or upon desirable terms, the Company may be unable to finance installation of customers’ solar energy systems in a manner consistent with past performance, cost of capital could increase, or the Company may be required to significantly reduce the scope of operations, any of which would have a material adverse effect on its business, financial condition, results of operations and prospects. While the Company believes additional financing is available and will continue to be available to support current levels of operations, the Company believes it has the ability to reduce operations to the level of available financial resources for at least the next 12 months from the date of this report, if necessary. |
Performance Obligation-Solar Energy System and Product Sales |
Performance Obligation—Solar Energy System and Product Sales For certain System Sales, the Company provides limited post-sale services to monitor the productivity of the solar energy system for 20 years after it has been placed into service. The Company allocates a portion of the transaction price to the monitoring services by estimating the standalone selling price that the Company would charge for these services if offered separately from the sale of the solar energy system. As of June 30, 2020 and December 31, 2019, the Company had allocated deferred revenue of $5.6 million and $4.7 million to monitoring services that will be recognized over the term of the monitoring services. |
Measurement of Credit Losses on Financial Instruments |
Measurement of Credit Losses on Financial Instruments The Company adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“Topic 326”) on January 1, 2020. The objective of this update is to provide users of financial statements with more useful information by changing the incurred loss methodology for recognizing credit losses to a more forward-looking methodology that reflects expected credit losses. Under Topic 326, the Company’s accounts receivable and certain contract assets are considered financial assets measured at an amortized cost basis and will be presented at the net amount expected to be collected using this updated methodology. Utilizing the Company’s historical default rate and reviewing current economic conditions, the Company estimated the allowance for credit losses that would be required. The Company applied Topic 326 through a modified retrospective approach with a cumulative-effect adjustment of approximately $0.3 million to retained earnings as of January 1, 2020. The Company evaluates its allowance for credit losses at each reporting period and adjusts as necessary in accordance with principles of Topic 326. |
Recent Accounting Pronouncements |
Recent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This update provides optional temporary expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or other rates affected by reference rate reform if certain criteria are met. This ASU is effective now through December 31, 2022. The Company has long-term debt facilities and hedging instruments that are linked to LIBOR and currently anticipates using certain of the optional expedients available under this ASU. The Company is still evaluating the impact of this update on its condensed consolidated financial statements and related disclosures. |
Fair Value Measurements (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value of Financial Assets and Liabilities Measured on Recurring Basis |
The following tables set forth the fair value of the Company’s financial assets and liabilities included on the condensed consolidated balance sheets measured on a recurring basis by level within the fair value hierarchy (in thousands):
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Schedule of Carrying Values and Fair Values of Company's Long-term Debt |
The carrying values and fair values of the Company’s long-term debt were as follows (in thousands):
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Inventories (Tables) |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Summary of Inventories |
Inventories consisted of the following (in thousands):
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Solar Energy Systems (Tables) |
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Solar Energy Systems Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Solar Energy Systems |
Solar energy systems, net consisted of the following (in thousands):
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Property and Equipment (Tables) |
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Summary of Property and Equipment Net |
Property and equipment, net consisted of the following (in thousands):
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Other Non-Current Assets (Tables) |
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Other Assets Noncurrent Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Non-Current Assets |
Other non-current assets consisted of the following (in thousands):
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Intangible Assets (Tables) |
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Goodwill And Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Net Intangible Assets Included in Other Non Current assets , Net |
Net intangible assets are included in other non-current assets, net and consisted of the following (in thousands):
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Accrued Compensation (Tables) |
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Summary of Accrued Compensation |
Accrued compensation consisted of the following (in thousands):
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Accrued and Other Current Liabilities (Tables) |
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Schedule of Accrued and Other Current Liabilities |
Accrued and other current liabilities consisted of the following (in thousands):
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Debt Obligations (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt |
Debt obligations consisted of the following as of June 30, 2020 (in thousands, except interest rates):
Debt obligations consisted of the following as of December 31, 2019 (in thousands, except interest rates):
|
Leases (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessee Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Lease Costs and Other Information | Lease costs and other information consisted of the following (in thousands, except terms and rates):
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Schedule of Future Minimum Lease Payments for Finance Leases |
Future minimum lease payments for the Company’s finance leases as of June 30, 2020 were as follows (in thousands):
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Schedule of Future Minimum Lease Payments Under Non-cancellable Operating Leases |
Future minimum lease payments under non-cancellable operating leases as of June 30, 2020 were as follows (in thousands):
|
Derivative Financial Instruments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Financial Instruments at Fair Value |
Derivative financial instruments at fair value consisted of the following (in thousands):
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Schedule of Losses on Derivative Financial Instruments Recognized in OCI and Condensed Consolidated Statements of Operations Before Tax Effect |
The Company records derivatives at fair value. The losses on derivatives designated as cash flow hedges recognized in OCI, before tax effect, consisted of the following (in thousands):
The losses on derivative financial instruments recognized in the condensed consolidated statements of operations, before tax effect, consisted of the following (in thousands):
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Investment Funds (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate Carrying Value of Funds Assets and Liabilities |
The Company has formed investment funds for the purpose of funding the purchase of solar energy systems under long-term customer contracts. As of June 30, 2020 and December 31, 2019, the aggregate carrying value of these funds’ assets and liabilities (after elimination of intercompany transactions and balances) in the Company’s condensed consolidated balance sheets were as follows (in thousands):
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Redeemable Non-Controlling Interests and Equity (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Shares of Common Stock Reserved for Issuance |
The Company had shares of common stock reserved for issuance as follows (in thousands):
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Equity Compensation Plans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Stock Option Activity |
Stock option activity for the six months ended June 30, 2020 was as follows (in thousands, except term and per share amounts):
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RSU Activity |
RSU activity for the six months ended June 30, 2020 was as follows (awards in thousands):
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Summary of Stock-Based Compensation Expense |
Stock-based compensation was included in operating expenses as follows (in thousands):
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Summary of Unrecognized Stock-Based Compensation Expense |
Unrecognized stock-based compensation expense for RSUs and stock options as of June 30, 2020 was as follows (in thousands, except years):
|
Basic and Diluted Net Loss Per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation of Basic and Diluted Net Loss Per Share to Common Stockholders |
The following table sets forth the computation of the Company’s basic and diluted net loss attributable per share to common stockholders for the six months ended June 30, 2020 and 2019 (in thousands, except per share amounts):
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Schedule of Shares Excluded from Computation of Net Loss Per Share | The weighted-average number of potentially dilutive securities that were not included in the diluted per share calculations because they would have been anti-dilutive was as follows (in thousands):
|
Organization - Additional Information (Details) |
6 Months Ended |
---|---|
Jun. 30, 2020 | |
Minimum | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Contractual term of customers | 20 years |
Maximum | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Contractual term of customers | 25 years |
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Mar. 31, 2020 |
Jan. 01, 2020 |
Dec. 31, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|---|---|---|---|---|
Summary Of Significant Accounting Policies [Line Items] | |||||||
Cumulative-effect adjustment | $ 187,090 | $ 212,531 | $ 277,216 | $ 320,386 | $ 349,409 | $ 362,212 | |
Cumulative Effect, Period of Adoption, Adjustment | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Cumulative-effect adjustment | (325) | $ (155) | |||||
Monitoring Services | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Deferred revenue | $ 5,600 | $ 4,700 | |||||
ASU 2016-13 | Cumulative Effect, Period of Adoption, Adjustment | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Cumulative-effect adjustment | $ 300 |
Fair Value Measurements - Schedule of Fair Value of Financial Assets and Liabilities Measured on Recurring Basis (Details) - Interest Rate Swaps - Fair Value Measurements, Recurring Basis - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial Liabilities | $ 83,381 | $ 28,070 |
Financial Assets | 3,245 | |
Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial Liabilities | $ 83,381 | 28,070 |
Financial Assets | $ 3,245 |
Fair Value Measurements - Schedule of Carrying Values and Fair Values of Long-term Debt (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long-term debt, Carrying Value | $ 1,852,525 | $ 1,524,815 |
Unamortized debt issuance costs | (32,871) | (25,154) |
Total long-term debt | 1,819,654 | 1,499,661 |
Long-term debt, Fair Value | 1,914,397 | 1,597,802 |
Floating-rate Long-term Debt | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long-term debt, Carrying Value | 907,992 | 894,907 |
Long-term debt, Fair Value | 907,992 | 894,907 |
Fixed-rate Long-term Debt | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long-term debt, Carrying Value | 944,533 | 629,908 |
Long-term debt, Fair Value | $ 1,006,405 | $ 702,895 |
Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Solar energy systems held for sale | $ 12,422 | $ 19,892 |
Photovoltaic installation products | 722 | 684 |
Total inventories | $ 13,144 | $ 20,576 |
Solar Energy Systems (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Capitalized Costs of Equipment Installed Under Customer Agreements [Line Items] | ||
Less: Accumulated depreciation | $ (235,923) | $ (205,338) |
Solar energy systems, net excluding inventory | 1,809,204 | 1,721,471 |
Solar energy system inventory | 63,827 | 38,390 |
Solar energy systems, net | 1,873,031 | 1,759,861 |
System Equipment Costs | ||
Capitalized Costs of Equipment Installed Under Customer Agreements [Line Items] | ||
Solar energy systems, gross | $ 2,045,127 | $ 1,926,809 |
Solar Energy Systems - Additional Information (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Solar Energy System Inventory | ||||
Capitalized Costs of Equipment Installed Under Customer Agreements [Line Items] | ||||
Depreciation | $ 0 | |||
Solar Energy Systems | ||||
Capitalized Costs of Equipment Installed Under Customer Agreements [Line Items] | ||||
Depreciation | $ 15,800,000 | $ 13,800,000 | $ 30,600,000 | $ 26,900,000 |
Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Property Plant And Equipment [Line Items] | ||||
Depreciation and amortization expense | $ 47,745 | $ 39,317 | ||
Property and equipment | ||||
Property Plant And Equipment [Line Items] | ||||
Depreciation and amortization expense | $ 1,200 | $ 900 | $ 2,400 | $ 1,000 |
Other Non-Current Assets - Schedule of Other Non-Current Assets (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Other Assets Noncurrent [Abstract] | ||
Costs to obtain contracts | $ 708,846 | $ 615,385 |
Accumulated amortization of costs to obtain contracts | (85,513) | (70,170) |
Operating lease right-of-use assets | 47,994 | 39,118 |
Sales incentives | 10,073 | 10,008 |
Debt issuance costs | 10,775 | 9,936 |
Prepaid insurance | 8,086 | 6,541 |
Solar Lease straight-line asset | 6,744 | 5,722 |
Advances receivable from sales professionals | 4,855 | 6,395 |
Prepaid inventory | 50,104 | |
Other non-current assets | 4,326 | 7,023 |
Total other non-current assets | $ 716,186 | $ 680,062 |
Other Non-Current Assets - Additional Information (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Other Assets Noncurrent [Line Items] | ||||
Amortization of costs to obtain contracts | $ 9.7 | $ 7.4 | $ 15.3 | $ 11.3 |
Minimum | ||||
Other Assets Noncurrent [Line Items] | ||||
Cost to obtain contracts amortized term | 20 years | 20 years | ||
Maximum | ||||
Other Assets Noncurrent [Line Items] | ||||
Cost to obtain contracts amortized term | 25 years | 25 years |
Intangible Assets - Summary of Net Intangible Assets Included in Other Non Current Assets, Net (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Finite Lived Intangible Assets [Line Items] | ||
Intangible assets, carrying value | $ 3,846 | $ 3,319 |
Intangible assets, accumulated amortization | (956) | (617) |
Total intangible assets, net | 2,890 | 2,702 |
Internal-use software | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible assets, carrying value | 3,123 | 2,596 |
Intangible assets, accumulated amortization | (401) | (105) |
Developed Technology | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible assets, carrying value | 522 | 522 |
Intangible assets, accumulated amortization | (425) | (393) |
Trademarks/Trade Names | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible assets, carrying value | 201 | 201 |
Intangible assets, accumulated amortization | $ (130) | $ (119) |
Intangible Assets - Additional Information (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Amortization of intangible assets | $ 0.1 | $ 0.3 | $ 0.1 |
Accrued Compensation - Summary of Accrued Compensation (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Accrued Compensation Disclosure [Abstract] | ||
Accrued payroll | $ 14,860 | $ 18,633 |
Accrued commissions | 10,575 | 15,516 |
Total accrued compensation | $ 25,435 | $ 34,149 |
Accrued and Other Current Liabilities - Schedule of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Payables And Accruals [Abstract] | ||
Accrued unused commitment fees and interest | $ 20,006 | $ 16,995 |
Litigation Settlement | 13,756 | 12,780 |
Accrued professional fees | 11,459 | 5,546 |
Current portion of operating lease liabilities | 8,921 | 8,436 |
Accrued workers' compensation | 7,869 | 7,166 |
Current portion of lease pass-through financing obligation | 4,840 | 5,147 |
Sales, use and property taxes payable | 4,463 | 4,321 |
Workmanship accrual | 4,246 | 4,217 |
External customer experience services | 824 | 1,984 |
Accrued Inventory | 672 | 4,667 |
Other accrued expenses | 8,791 | 7,280 |
Total accrued and other current liabilities | $ 85,847 | $ 78,539 |
Debt Obligations - Schedule of Debt Obligations (Details) - USD ($) $ in Thousands |
1 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 31, 2020 |
Aug. 31, 2018 |
Jun. 30, 2018 |
Jun. 30, 2020 |
Dec. 31, 2019 |
Feb. 29, 2016 |
|||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal Borrowings Outstanding | $ 1,852,525 | $ 1,524,815 | ||||||||||||||||||
Unamortized Debt Issuance Costs, Current | (387) | (339) | ||||||||||||||||||
Unamortized Debt Issuance Costs, Long-term | (32,484) | (24,815) | ||||||||||||||||||
Current portion of long-term debt | 24,664 | 16,405 | ||||||||||||||||||
Long-term debt, net of current portion | 1,794,990 | 1,483,256 | ||||||||||||||||||
Unused Borrowing Capacity | 429,136 | 223,549 | ||||||||||||||||||
Solar Asset Backed Notes, Series 2018-1 | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal Borrowings Outstanding | [1] | 442,669 | 448,277 | |||||||||||||||||
Unamortized Debt Issuance Costs, Current | [1] | (45) | (69) | |||||||||||||||||
Unamortized Debt Issuance Costs, Long-term | [1] | (8,039) | (8,414) | |||||||||||||||||
Current portion of long-term debt | [1] | 2,445 | 3,639 | |||||||||||||||||
Long-term debt, net of current portion | [1] | $ 432,140 | $ 436,155 | |||||||||||||||||
Interest Rate | [1] | 5.10% | 5.10% | |||||||||||||||||
Maturity Date | [1] | Oct. 31, 2028 | Oct. 31, 2028 | |||||||||||||||||
2017 Term Loan Facility | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal Borrowings Outstanding | $ 176,474 | $ 180,365 | ||||||||||||||||||
Unamortized Debt Issuance Costs, Current | (140) | (164) | ||||||||||||||||||
Unamortized Debt Issuance Costs, Long-term | (4,063) | (4,235) | ||||||||||||||||||
Current portion of long-term debt | 5,746 | 7,882 | ||||||||||||||||||
Long-term debt, net of current portion | $ 166,525 | $ 168,084 | ||||||||||||||||||
Interest Rate | 6.00% | 6.00% | ||||||||||||||||||
Maturity Date | Jan. 31, 2035 | Jan. 31, 2035 | ||||||||||||||||||
Solar Asset Backed Notes, Series 2018-2 | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal Borrowings Outstanding | [2],[3] | $ 336,767 | $ 338,294 | |||||||||||||||||
Unamortized Debt Issuance Costs, Current | [2],[3] | (5) | (5) | |||||||||||||||||
Unamortized Debt Issuance Costs, Long-term | [2],[3] | (5,472) | (6,133) | |||||||||||||||||
Current portion of long-term debt | [2],[3] | 295 | 1,245 | |||||||||||||||||
Long-term debt, net of current portion | [2],[3] | $ 330,995 | $ 330,911 | |||||||||||||||||
Interest Rate | [2],[3] | 5.00% | 5.50% | |||||||||||||||||
Maturity Date | Aug. 29, 2023 | Aug. 31, 2023 | [2],[3] | Aug. 31, 2023 | [2],[3] | |||||||||||||||
2018 Forward Flow Loan Facility | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal Borrowings Outstanding | $ 124,133 | $ 124,800 | ||||||||||||||||||
Unamortized Debt Issuance Costs, Current | (93) | (99) | ||||||||||||||||||
Unamortized Debt Issuance Costs, Long-term | (2,977) | (3,083) | ||||||||||||||||||
Current portion of long-term debt | 3,661 | 3,622 | ||||||||||||||||||
Long-term debt, net of current portion | $ 117,402 | $ 117,996 | ||||||||||||||||||
Interest Rate | 4.70% | 4.70% | ||||||||||||||||||
Maturity Date | Nov. 20, 2039 | Nov. 30, 2039 | Nov. 30, 2039 | |||||||||||||||||
2019 Forward Flow Loan Facility | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal Borrowings Outstanding | [4] | $ 136,226 | $ 82,813 | |||||||||||||||||
Unamortized Debt Issuance Costs, Current | [4] | (7) | ||||||||||||||||||
Unamortized Debt Issuance Costs, Long-term | [4] | (2,759) | (2,857) | |||||||||||||||||
Current portion of long-term debt | [4] | 318 | ||||||||||||||||||
Long-term debt, net of current portion | [4] | 133,142 | 79,956 | |||||||||||||||||
Unused Borrowing Capacity | [4] | $ 13,774 | $ 67,187 | |||||||||||||||||
Interest Rate | [4] | 4.70% | 4.70% | |||||||||||||||||
Credit Agreement | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal Borrowings Outstanding | $ 1,256 | $ 1,266 | ||||||||||||||||||
Unamortized Debt Issuance Costs, Current | (1) | (2) | ||||||||||||||||||
Unamortized Debt Issuance Costs, Long-term | (80) | (93) | ||||||||||||||||||
Current portion of long-term debt | 18 | 17 | ||||||||||||||||||
Long-term debt, net of current portion | $ 1,157 | $ 1,154 | ||||||||||||||||||
Interest Rate | 6.50% | 6.50% | 6.50% | |||||||||||||||||
Maturity Date | Feb. 28, 2023 | Feb. 28, 2023 | ||||||||||||||||||
HoldCo Financing Facility | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal Borrowings Outstanding | $ 200,000 | $ 200,000 | ||||||||||||||||||
Unamortized Debt Issuance Costs, Current | (96) | |||||||||||||||||||
Unamortized Debt Issuance Costs, Long-term | (9,094) | |||||||||||||||||||
Current portion of long-term debt | 2,181 | |||||||||||||||||||
Long-term debt, net of current portion | 188,629 | |||||||||||||||||||
Unused Borrowing Capacity | $ 100,000 | $ 100,000 | ||||||||||||||||||
Interest Rate | 8.00% | 8.00% | ||||||||||||||||||
Maturity Date | May 26, 2023 | May 31, 2023 | ||||||||||||||||||
Revolving Warehouse Facility | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal Borrowings Outstanding | [5] | $ 329,000 | $ 250,000 | |||||||||||||||||
Long-term debt, net of current portion | [5] | 329,000 | 250,000 | |||||||||||||||||
Unused Borrowing Capacity | [5] | $ 241,000 | $ 75,000 | |||||||||||||||||
Interest Rate | [5] | 4.40% | 4.30% | |||||||||||||||||
Maturity Date | [5] | Aug. 31, 2023 | Aug. 31, 2023 | |||||||||||||||||
Asset Financing Facility | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal Borrowings Outstanding | [5],[6] | $ 106,000 | $ 99,000 | |||||||||||||||||
Current portion of long-term debt | [5],[6] | 10,000 | ||||||||||||||||||
Long-term debt, net of current portion | [5],[6] | 96,000 | 99,000 | |||||||||||||||||
Unused Borrowing Capacity | [5],[6] | $ 74,362 | $ 81,362 | |||||||||||||||||
Interest Rate | [5],[6] | 3.60% | 5.20% | |||||||||||||||||
Maturity Date | [5],[6] | Jun. 30, 2023 | Jun. 30, 2023 | |||||||||||||||||
|
Debt Obligations - Additional Information (Details) - USD ($) |
1 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 31, 2020 |
May 31, 2019 |
Aug. 31, 2018 |
Jun. 30, 2018 |
Jun. 30, 2020 |
Dec. 31, 2019 |
Aug. 31, 2019 |
Jan. 31, 2017 |
Feb. 29, 2016 |
|||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Borrowings Outstanding | $ 1,852,525,000 | $ 1,524,815,000 | |||||||||||||||||||||
Restricted cash and cash equivalents | 86,809,000 | 89,892,000 | |||||||||||||||||||||
Unused Borrowing Capacity | 429,136,000 | 223,549,000 | |||||||||||||||||||||
Letter of credit related to insurance contracts | 19,600,000 | ||||||||||||||||||||||
Minimum cash balance requirement | 30,000,000.0 | ||||||||||||||||||||||
Solar Asset Backed Notes, Series 2018-1 | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Borrowings Outstanding | [1] | $ 442,669,000 | $ 448,277,000 | ||||||||||||||||||||
Interest Rate | [1] | 5.10% | 5.10% | ||||||||||||||||||||
Revolving credit facility maturity date | [1] | Oct. 31, 2028 | Oct. 31, 2028 | ||||||||||||||||||||
Solar Asset Backed Notes, Series 2018-1 | Required Reserves | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Restricted cash and cash equivalents | $ 17,700,000 | ||||||||||||||||||||||
Solar Asset Backed Notes, Series 2018-1 | Class A Notes | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Borrowings Outstanding | $ 400,000,000.0 | ||||||||||||||||||||||
Interest Rate | 4.73% | 4.73% | |||||||||||||||||||||
Revolving credit facility maturity date | Oct. 30, 2028 | ||||||||||||||||||||||
Solar Asset Backed Notes, Series 2018-1 | Class B Notes | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Borrowings Outstanding | $ 66,000,000.0 | ||||||||||||||||||||||
Interest Rate | 7.37% | 7.37% | |||||||||||||||||||||
Revolving credit facility maturity date | Oct. 30, 2028 | ||||||||||||||||||||||
Solar Asset Backed Notes, Series 2018-2 | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Borrowings Outstanding | [2],[3] | $ 336,767,000 | $ 338,294,000 | ||||||||||||||||||||
Interest Rate | [2],[3] | 5.00% | 5.50% | ||||||||||||||||||||
Revolving credit facility maturity date | Aug. 29, 2023 | Aug. 31, 2023 | [2],[3] | Aug. 31, 2023 | [2],[3] | ||||||||||||||||||
Solar Asset Backed Notes, Series 2018-2 | Interest Rate Swaps | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Borrowings Outstanding | $ 322,100,000 | ||||||||||||||||||||||
Effective interest rate of principal borrowings | 5.95% | 6.00% | |||||||||||||||||||||
Solar Asset Backed Notes, Series 2018-2 | L I B O R Plus | Weighted Average | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt instrument interest rate | 2.95% | ||||||||||||||||||||||
Solar Asset Backed Notes, Series 2018-2 | Required Reserves | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Restricted cash and cash equivalents | $ 27,500,000 | ||||||||||||||||||||||
Solar Asset Backed Notes, Series 2018-2 | Class A Notes | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Borrowings Outstanding | $ 296,000,000.0 | ||||||||||||||||||||||
Solar Asset Backed Notes, Series 2018-2 | Class A Notes | L I B O R Plus | Weighted Average | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt instrument interest rate | 2.95% | 2.95% | |||||||||||||||||||||
Solar Asset Backed Notes, Series 2018-2 | Class B Notes | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Borrowings Outstanding | $ 49,000,000.0 | ||||||||||||||||||||||
Solar Asset Backed Notes, Series 2018-2 | Class B Notes | L I B O R Plus | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt instrument interest rate | 4.75% | ||||||||||||||||||||||
Solar Asset Backed Notes, Series 2018-2 | Class B Notes | L I B O R Plus | Weighted Average | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt instrument interest rate | 4.75% | ||||||||||||||||||||||
2017 Term Loan Facility | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Borrowings Outstanding | $ 176,474,000 | $ 180,365,000 | |||||||||||||||||||||
Interest Rate | 6.00% | 6.00% | |||||||||||||||||||||
Revolving credit facility maturity date | Jan. 31, 2035 | Jan. 31, 2035 | |||||||||||||||||||||
Interest on borrowings accrue at an annual fixed rate and payable in arrears | 6.00% | ||||||||||||||||||||||
Debt instrument, frequency of periodic payment | quarterly basis | ||||||||||||||||||||||
2017 Term Loan Facility | Required Reserves | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Restricted cash and cash equivalents | $ 20,700,000 | ||||||||||||||||||||||
2018 Forward Flow Loan Facility | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Borrowings Outstanding | $ 124,133,000 | $ 124,800,000 | |||||||||||||||||||||
Interest Rate | 4.70% | 4.70% | |||||||||||||||||||||
Revolving credit facility maturity date | Nov. 20, 2039 | Nov. 30, 2039 | Nov. 30, 2039 | ||||||||||||||||||||
Interest on borrowings accrue at an annual fixed rate and payable in arrears | 4.70% | ||||||||||||||||||||||
Maximum borrowing amount under credit agreement | $ 124,800,000 | ||||||||||||||||||||||
2018 Forward Flow Loan Facility | Required Reserves | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Restricted cash and cash equivalents | $ 6,500,000 | ||||||||||||||||||||||
2019 Forward Flow Loan Facility | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Borrowings Outstanding | [4] | $ 136,226,000 | $ 82,813,000 | ||||||||||||||||||||
Interest Rate | [4] | 4.70% | 4.70% | ||||||||||||||||||||
Maximum borrowing amount under credit agreement | $ 150,000,000.0 | ||||||||||||||||||||||
Debt instrument maturity period | 20 years | 20 years | |||||||||||||||||||||
Debt instrument offering date | Nov. 20, 2020 | ||||||||||||||||||||||
Debt Instrument interest rate description | Interest on each loan will accrue at an annual rate equal to the greater of (a) 4.70% and (b) the U.S. Treasury rate for the weighted-average life of such loan, plus an applicable margin equal to 2.35%. Scheduled principal payments are due on a quarterly basis, at the end of January, April, July and October of each year. | ||||||||||||||||||||||
Prepayment percentage on outstanding loans | 102.50% | ||||||||||||||||||||||
Unused Borrowing Capacity | [4] | $ 13,774,000 | $ 67,187,000 | ||||||||||||||||||||
2019 Forward Flow Loan Facility | Maximum | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Revolving credit facility maturity date | Nov. 20, 2020 | ||||||||||||||||||||||
2019 Forward Flow Loan Facility | Market Index-Based Risk Premium | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt instrument interest rate | 4.70% | ||||||||||||||||||||||
2019 Forward Flow Loan Facility | U.S. Treasury Rate | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt instrument interest rate | 2.35% | ||||||||||||||||||||||
2019 Forward Flow Loan Facility | Required Reserves | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Restricted cash and cash equivalents | $ 3,600,000 | ||||||||||||||||||||||
HoldCo Financing Facility | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Borrowings Outstanding | $ 200,000,000.0 | $ 200,000,000 | |||||||||||||||||||||
Interest Rate | 8.00% | 8.00% | |||||||||||||||||||||
Revolving credit facility maturity date | May 26, 2023 | May 31, 2023 | |||||||||||||||||||||
Maximum borrowing amount under credit agreement | $ 300,000,000.0 | ||||||||||||||||||||||
Unused Borrowing Capacity | 100,000,000.0 | $ 100,000,000 | |||||||||||||||||||||
Credit Agreement | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Borrowings Outstanding | $ 1,256,000 | $ 1,266,000 | |||||||||||||||||||||
Interest Rate | 6.50% | 6.50% | 6.50% | ||||||||||||||||||||
Revolving credit facility maturity date | Feb. 28, 2023 | Feb. 28, 2023 | |||||||||||||||||||||
Revolving Warehouse Facility | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Borrowings Outstanding | [5] | $ 329,000,000 | $ 250,000,000 | ||||||||||||||||||||
Interest Rate | [5] | 4.40% | 4.30% | ||||||||||||||||||||
Revolving credit facility maturity date | [5] | Aug. 31, 2023 | Aug. 31, 2023 | ||||||||||||||||||||
Maximum borrowing amount under credit agreement | 570,000,000.0 | $ 325,000,000.0 | |||||||||||||||||||||
Unused Borrowing Capacity | [5] | $ 241,000,000 | $ 75,000,000 | ||||||||||||||||||||
Increase in revolving advance commitments | $ 245,000,000.0 | ||||||||||||||||||||||
Revolving Warehouse Facility | Minimum | Interest Rate Swaps | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Percentage of outstanding term loans in interest rate hedged | 90.00% | 90.00% | |||||||||||||||||||||
Revolving Warehouse Facility | L I B O R Plus | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt instrument interest rate | 3.10% | ||||||||||||||||||||||
Revolving Warehouse Facility | Required Reserves | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Restricted cash and cash equivalents | $ 8,800,000 | ||||||||||||||||||||||
Revolving Warehouse Facility | After Three Years Term of Facility | L I B O R Plus | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt instrument interest rate | 4.10% | ||||||||||||||||||||||
Asset Financing Facility | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal Borrowings Outstanding | [5],[6] | $ 106,000,000 | $ 99,000,000 | ||||||||||||||||||||
Interest Rate | [5],[6] | 3.60% | 5.20% | ||||||||||||||||||||
Revolving credit facility maturity date | [5],[6] | Jun. 30, 2023 | Jun. 30, 2023 | ||||||||||||||||||||
Restricted cash and cash equivalents | $ 1,900,000 | ||||||||||||||||||||||
Maximum borrowing amount under credit agreement | 200,000,000.0 | ||||||||||||||||||||||
Unused Borrowing Capacity | [5],[6] | 74,362,000 | $ 81,362,000 | ||||||||||||||||||||
Letter of credit related to insurance contracts | 19,600,000 | ||||||||||||||||||||||
Minimum cash balance requirement | $ 30,000,000.0 | ||||||||||||||||||||||
Asset Financing Facility | Base Rate Loans | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Interest Rate | 2.25% | ||||||||||||||||||||||
Debt instrument interest rate | 0.00% | ||||||||||||||||||||||
Asset Financing Facility | LIBOR Loans | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Interest Rate | 3.25% | ||||||||||||||||||||||
Debt instrument interest rate | 0.00% | ||||||||||||||||||||||
Asset Financing Facility | L I B O R Plus | Base Rate Loans | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt instrument interest rate | 1.00% | ||||||||||||||||||||||
Asset Financing Facility | Federal Funds Rate Plus | Base Rate Loans | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt instrument interest rate | 0.50% | ||||||||||||||||||||||
|
Leases - Summary of Lease Costs and Other Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Lease cost | ||||
Amortization of right-of-use assets | $ 823 | $ 366 | $ 1,537 | $ 660 |
Interest on lease liabilities | 157 | 58 | 310 | 84 |
Operating lease cost | 3,574 | 2,770 | 6,967 | 5,540 |
Short-term lease cost | 355 | 579 | 719 | 1,301 |
Total lease cost | 4,909 | 3,773 | 9,533 | 7,585 |
Finance leases: | ||||
Operating cash outflows | 157 | 58 | 310 | 84 |
Financing cash outflows | 920 | 306 | 2,116 | 577 |
Right-of-use assets obtained in exchange for lease liabilities | $ 361 | $ 2,703 | $ 2,025 | $ 3,756 |
Weighted-average remaining lease term (in years) | 3 years 2 months 12 days | 3 years 7 months 6 days | 3 years 2 months 12 days | 3 years 7 months 6 days |
Weighted-average discount rate | 7.00% | 7.70% | 7.00% | 7.70% |
Operating leases: | ||||
Operating cash outflows | $ 3,397 | $ 2,809 | $ 6,738 | $ 5,635 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 1,540 | $ 1,755 | $ 13,770 | $ 8,665 |
Weighted-average remaining lease term (in years) | 8 years 8 months 12 days | 9 years 4 months 24 days | 8 years 8 months 12 days | 9 years 4 months 24 days |
Weighted-average discount rate | 7.30% | 8.00% | 7.30% | 8.00% |
Leases - Additional Information (Details) - Fleet Vehicles Lease |
6 Months Ended |
---|---|
Jun. 30, 2020 | |
Lessee Lease Description [Line Items] | |
Lessee, Finance Lease, Existence of Option to Extend [true false] | true |
Description of finance lease, option to extend | The master lease agreements allow for the Company to extend fleet vehicle leases on a month-to-month basis |
Minimum | |
Lessee Lease Description [Line Items] | |
Finance lease, agreement period | 3 years |
Maximum | |
Lessee Lease Description [Line Items] | |
Finance lease, agreement period | 4 years |
Leases - Schedule of Future Minimum Lease Payments for Finance Leases (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Finance Lease Liabilities Payments Due [Abstract] | ||
2020 | $ 1,518 | |
2021 | 3,034 | |
2022 | 2,908 | |
2023 | 1,938 | |
2024 | 122 | |
Total minimum lease payments | 9,520 | |
Less: interest | 957 | |
Present value of finance lease obligations | 8,563 | |
Less: current portion | 2,534 | $ 2,274 |
Long-term portion | $ 6,029 | $ 6,443 |
Leases - Schedule of Future Minimum Lease Payments Under Non-cancellable Operating Leases (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Operating Lease Liabilities Payments Due [Abstract] | ||
2020 | $ 6,699 | |
2021 | 11,531 | |
2022 | 8,982 | |
2023 | 7,373 | |
2024 | 6,850 | |
Thereafter | 39,375 | |
Total minimum lease payments | 80,810 | |
Less: present value impact | 22,208 | |
Present value of operating lease obligations | 58,602 | |
Less: current portion | 8,921 | $ 8,436 |
Long-term portion | $ 49,681 |
Derivative Financial Instruments - Schedule of Derivative Financial Instruments at Fair Value (Details) - Interest Rate Swaps - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Other Noncurrent Liabilities | ||
Derivatives Fair Value [Line Items] | ||
Fair Value, Derivatives designated as hedging instruments | $ 57,123 | $ 28,070 |
Fair Value, Derivatives not designated as hedging instruments | $ 26,258 | |
Other Noncurrent Assets | ||
Derivatives Fair Value [Line Items] | ||
Fair Value, Derivatives not designated as hedging instruments | $ 3,245 |
Derivative Financial Instruments - Additional Information (Details) - USD ($) |
6 Months Ended | |
---|---|---|
Jun. 30, 2020 |
May 31, 2020 |
|
Revolving Warehouse Facility | Derivatives Not Designated as Hedging Instruments | ||
Derivatives Fair Value [Line Items] | ||
Notional amount | $ 302,000,000.0 | |
Revolving Warehouse Facility | Interest Rate Swaps | Minimum | ||
Derivatives Fair Value [Line Items] | ||
Percentage of outstanding term loans in interest rate hedged | 90.00% | 90.00% |
2018-2 Notes | Interest Rate Swaps | ||
Derivatives Fair Value [Line Items] | ||
Notional amount | $ 322,100,000 | |
Accumulated other comprehensive income, expected amount of cash flow hedge to be reclassified to interest expense within the next 12 months | $ 8,600,000 |
Derivative Financial Instruments - Schedule of Losses on Derivative Financial Instruments Recognized in OCI and Condensed Consolidated Statements of Operations Before Tax Effect (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total amounts presented in the income statement line items, Interest expense | $ 24,712 | $ 19,472 | $ 46,344 | $ 38,599 |
Total losses | 29,503 | 2,750 | ||
Total amounts presented in the income statement line items, Other expense, net | 1,145 | 1,365 | 29,503 | 2,750 |
Interest Expense, Net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total losses | 881 | 238 | 1,775 | 560 |
Other Expense, Net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total losses | 1,145 | 1,366 | 29,503 | 2,750 |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Interest Rate Swaps | Interest Expense, Net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Losses reclassified from AOCI into income | 881 | 238 | 1,775 | 560 |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Interest Rate Swaps | Other Comprehensive Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Losses recognized in OCI | 3,591 | 9,967 | 30,828 | 16,627 |
Derivatives Not Designated as Hedging Instruments | Interest Rate Swaps | Other Expense, Net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Losses recognized in income | $ 1,145 | $ 1,366 | $ 29,503 | $ 2,750 |
Investment Funds - Additional Information (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2020 |
Dec. 31, 2019 |
|
Investment Holdings [Line Items] | |||
Summary of investment fund | The Company has formed investment funds for the purpose of funding the purchase of solar energy systems under long-term customer contracts. | ||
Investors cash contribution to variable interest equity | $ 2,111,500,000 | $ 2,111,500,000 | $ 1,949,700,000 |
Solar energy systems, net | 1,873,031,000 | 1,873,031,000 | 1,759,861,000 |
Prepaid insurance balance | 10,000,000.0 | 10,000,000.0 | 8,100,000 |
Distributions paid to reimburse fund investors | 0 | 1,100,000 | |
Accrued estimated distribution | 2,600,000 | 2,600,000 | |
Minimum cash balance requirement | 30,000,000.0 | 30,000,000.0 | |
Variable Interest Entities | |||
Investment Holdings [Line Items] | |||
Solar energy systems, net | 1,683,849,000 | 1,683,849,000 | 1,587,354,000 |
Investment tax credit repayment | 0 | ||
Financing Obligation | |||
Investment Holdings [Line Items] | |||
Solar energy systems, net | 42,900,000 | 42,900,000 | 43,800,000 |
Financing liabilities | 4,300,000 | 4,300,000 | $ 4,600,000 |
Investor | |||
Investment Holdings [Line Items] | |||
Investors cash contribution to variable interest equity | $ 110,000,000.0 | $ 110,000,000.0 |
Investment Funds - Aggregate Carrying Value of Funds Assets and Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
||
---|---|---|---|---|
Current assets: | ||||
Cash and cash equivalents | $ 336,137 | $ 166,048 | ||
Accounts receivable, net | 32,162 | 24,314 | ||
Prepaid expenses and other current assets | 27,818 | 41,137 | ||
Total current assets | 409,261 | 252,075 | ||
Restricted cash and cash equivalents | 86,809 | 89,892 | ||
Solar energy systems, net | 1,873,031 | 1,759,861 | ||
Other non-current assets, net | 716,186 | 680,062 | ||
TOTAL ASSETS | [1] | 3,105,308 | 2,799,390 | |
Current liabilities: | ||||
Distributions payable to non-controlling interests and redeemable non-controlling interests | 15,458 | 10,253 | ||
Current portion of long-term debt | 24,664 | 16,405 | ||
Current portion of deferred revenue | 20,260 | 40,715 | ||
Accrued and other current liabilities | 85,847 | 78,539 | ||
Total current liabilities | 201,376 | 241,342 | ||
Long-term debt, net of current portion | 1,794,990 | 1,483,256 | ||
Deferred revenue, net of current portion | 24,516 | 17,631 | ||
Other non-current liabilities | 139,449 | 74,423 | ||
Total liabilities | [1] | 2,803,229 | 2,406,790 | |
Variable Interest Entities | ||||
Current assets: | ||||
Cash and cash equivalents | 56,939 | 82,764 | ||
Accounts receivable, net | 23,890 | 8,922 | ||
Prepaid expenses and other current assets | 2,103 | 1,676 | ||
Total current assets | 82,932 | 93,362 | ||
Restricted cash and cash equivalents | 10,092 | 8,890 | ||
Solar energy systems, net | 1,683,849 | 1,587,354 | ||
Other non-current assets, net | 591,560 | 504,668 | ||
TOTAL ASSETS | 2,368,433 | 2,194,274 | ||
Current liabilities: | ||||
Distributions payable to non-controlling interests and redeemable non-controlling interests | 15,458 | 10,253 | ||
Current portion of long-term debt | 3,979 | 3,622 | ||
Current portion of deferred revenue | 2,282 | 2,590 | ||
Accrued and other current liabilities | 6,710 | 6,394 | ||
Total current liabilities | 28,429 | 22,859 | ||
Long-term debt, net of current portion | 250,544 | 197,952 | ||
Deferred revenue, net of current portion | 18,396 | 12,242 | ||
Other non-current liabilities | 260 | 301 | ||
Total liabilities | $ 297,629 | $ 233,354 | ||
|
Redeemable Non-Controlling Interests and Equity - Schedule of Shares of Common Stock Reserved for Issuance (Details) - shares |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Equity [Abstract] | ||
Shares available for grant under equity incentive plans | 16,280,000 | 13,060,000 |
Restricted stock units issued and outstanding | 5,969,000 | 6,271,000 |
Stock options issued and outstanding | 5,069,000 | 5,421,000 |
Long-term incentive plan | 2,706,000 | 2,706,000 |
Total | 30,024,000 | 27,458,000 |
Redeemable Non-Controlling Interests and Equity - Additional Information (Details) $ in Millions |
Jun. 30, 2020
USD ($)
|
---|---|
Put Option | Minimum | |
Redeemable Noncontrolling Interest [Line Items] | |
Purchase price for investors' interest in funds under Put Options | $ 2.1 |
Put Option | Maximum | |
Redeemable Noncontrolling Interest [Line Items] | |
Purchase price for investors' interest in funds under Put Options | 4.1 |
Call Option | Minimum | |
Redeemable Noncontrolling Interest [Line Items] | |
Purchase price for investors' interest in funds under Put Options | 1.2 |
Call Option | Maximum | |
Redeemable Noncontrolling Interest [Line Items] | |
Purchase price for investors' interest in funds under Put Options | $ 7.0 |
Equity Compensation Plans - Additional Information (Details) - shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2020 |
Dec. 31, 2019 |
|
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares available for grant under equity incentive plans | 16,280,000 | 13,060,000 |
2014 Equity Incentive Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares available for grant under equity incentive plans | 16,300,000 | |
Number of additional shares available for issuance | 4,900,000 |
Equity Compensation Plans - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2020 |
Dec. 31, 2019 |
|
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Shares Underlying Options, Outstanding, Balance | 5,421,000 | |
Shares Underlying Options, Granted | 660,000 | |
Shares Underlying Options, Exercised | (978,000) | |
Shares Underlying Options, Cancelled | (34,000) | |
Shares Underlying Options, Outstanding, Balance | 5,069,000 | |
Shares Underlying Options, Options vested and exercisable | 1,669,000 | |
Weighted-Average Exercise Price, Outstanding, Balance | $ 4.21 | |
Weighted-Average Exercise Price, Granted | 8.21 | |
Weighted-Average Exercise Price, Exercised | 1.58 | |
Weighted-Average Exercise Price, Cancelled | 6.36 | |
Weighted-Average Exercise Price, Outstanding, Balance | 5.23 | |
Weighted-Average Exercise Price, Options vested and exercisable | $ 3.86 | |
Weighted-Average Remaining Contractual Term, Outstanding, Balance | 8 years 2 months 12 days | |
Weighted-Average Remaining Contractual Term, Options vested and exercisable | 7 years | |
Aggregate Intrinsic Value | $ 23,874 | $ 17,073 |
Aggregate Intrinsic Value, Options vested and exercisable | $ 10,263 |
Equity Compensation Plans - RSU Activity (Details) |
6 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2020
$ / shares
shares
| ||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||
Number of Awards, Outstanding at December 31, 2019 | shares | 6,271,000 | |||
Number of Awards, Granted | shares | 1,370,000 | |||
Number of Awards, Vested | shares | (1,419,000) | [1] | ||
Number of Awards, Forfeited | shares | (253,000) | |||
Number of Awards, Outstanding at June 30, 2020 | shares | 5,969,000 | |||
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2019 | $ / shares | $ 4.85 | |||
Weighted Average Grant Date Fair Value, Granted | $ / shares | 8.18 | |||
Weighted Average Grant Date Fair Value, Vested | $ / shares | 4.42 | [1] | ||
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 5.15 | |||
Weighted Average Grant Date Fair Value, Outstanding at June 30, 2020 | $ / shares | $ 5.71 | |||
|
Equity Compensation Plans - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Schedule Of Stock Options [Line Items] | ||||
Stock-based compensation expense | $ 4,325 | $ 4,156 | $ 8,264 | $ 7,835 |
Cost of Revenue | ||||
Schedule Of Stock Options [Line Items] | ||||
Stock-based compensation expense | 459 | 404 | 827 | 736 |
Sales and Marketing | ||||
Schedule Of Stock Options [Line Items] | ||||
Stock-based compensation expense | 1,000 | 806 | 1,956 | 1,541 |
General and Administrative | ||||
Schedule Of Stock Options [Line Items] | ||||
Stock-based compensation expense | 2,833 | 2,915 | 5,416 | 5,499 |
Research and Development | ||||
Schedule Of Stock Options [Line Items] | ||||
Stock-based compensation expense | $ 33 | $ 31 | $ 65 | $ 59 |
Equity Compensation Plans - Summary of Unrecognized Stock-Based Compensation Expense (Details) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2020
USD ($)
| |
Schedule Of Stock Options [Line Items] | |
Unrecognized Stock-Based Compensation Expense | $ 30,963 |
RSUs | |
Schedule Of Stock Options [Line Items] | |
Unrecognized Stock-Based Compensation Expense, other than stock options | $ 22,609 |
Weighted- Average Period of Recognition | 1 year 9 months 18 days |
Stock Options | |
Schedule Of Stock Options [Line Items] | |
Unrecognized Stock-Based Compensation Expense, stock options | $ 8,354 |
Weighted- Average Period of Recognition | 1 year 10 months 24 days |
Income Taxes - Additional Information (Details) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | (62.40%) | (51.90%) | (36.30%) | (48.10%) |
Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
|
Related Party Transaction [Line Items] | |||||
Sales and marketing | $ 35,394 | $ 37,037 | $ 75,002 | $ 66,671 | |
Accounts payable-related party | 100 | 100 | $ 2,200 | ||
Accrued equity distributions | 15,458 | 15,458 | 10,253 | ||
Vivint Services | |||||
Related Party Transaction [Line Items] | |||||
Payments made in conjunction with agreements entered | 1,100 | 3,800 | 2,800 | 6,200 | |
Related Party | |||||
Related Party Transaction [Line Items] | |||||
Sales and marketing | 300 | $ 200 | 600 | $ 1,000 | |
Amounts due from direct-sales professionals | 5,000 | 5,000 | 6,600 | ||
Provision for advances to direct-sales professionals | 600 | 400 | |||
Accrued equity distributions | $ 1,100 | $ 1,100 | $ 1,400 |
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands |
1 Months Ended | 6 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Jul. 14, 2020 |
Oct. 07, 2019 |
Jan. 31, 2020 |
Aug. 31, 2019 |
Jun. 30, 2020 |
Dec. 31, 2019 |
|
Other Commitments [Line Items] | ||||||
Standby letter of credit outstanding | $ 19,600 | |||||
Total estimated obligation earned over deferment period | $ 900 | |||||
Litigation settlement payment | $ 1,500 | |||||
Loss contingency, date of dismissal | Jul. 10, 2020 | |||||
Loss contingency, accrual, current | $ 2,000 | |||||
Subsequent Event | ||||||
Other Commitments [Line Items] | ||||||
Litigation settlement payment | $ 1,950 | |||||
General and Administrative | ||||||
Other Commitments [Line Items] | ||||||
Litigation settlement payment | $ 7,250 | $ 1,000 | $ 2,000 |
Basic and Diluted Net Loss Per Share - Computation of Basic and Diluted Net Loss Per Share to Common Stockholders (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Numerator: | ||||
Net loss attributable to common stockholders | $ (1,241) | $ (28,567) | $ (41,501) | $ (54,809) |
Denominator: | ||||
Shares used in computing net loss attributable per share to common stockholders, basic and diluted | 124,844 | 120,869 | 124,383 | 120,589 |
Net loss attributable per share to common stockholders: | ||||
Basic and diluted | $ (0.01) | $ (0.24) | $ (0.33) | $ (0.45) |
Basic and Diluted Net Loss Per Share - Schedule of Shares Excluded from Computation of Net Loss Per Share (Details) - shares shares in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Total shares | 10,341 | 12,186 | 10,529 | 11,632 |
RSUs | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Total shares | 5,692 | 7,040 | 5,810 | 6,850 |
Stock Options | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Total shares | 4,649 | 5,146 | 4,719 | 4,782 |
Subsequent Events - Additional Information (Details) - Sunrun - Subsequent Event $ in Millions |
Jul. 06, 2020
USD ($)
shares
|
---|---|
Subsequent Event [Line Items] | |
Conversion of common stock issued and outstanding into right to receive fully paid and nonassessable shares of common stock | shares | 0.55 |
Termination fee payable | $ 54.0 |
Termination fee receivable | 107.0 |
Hart-Scott-Rodino Antitrust Improvements Act | |
Subsequent Event [Line Items] | |
Termination fee receivable | $ 45.0 |